Financial Accounts of the United States - Z.1
F.208 Debt securities1
Billions of dollars; quarterly figures are seasonally adjusted annual rates
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Net issues (by instrument) | FA894122005 | 3224.3 | 3053.1 | 3198.3 | 4452.5 | 2127.9 | 3125.3 | 2472.6 | 5010.4 | 2184.8 |
| Line 2 | Open market paper | FA893169175 | 15.8 | -8.2 | 148.6 | 83.6 | -105.4 | 335.0 | 273.2 | -41.8 | 27.7 |
| Line 3 | Treasury securities | FA313161105 | 2381.6 | 1912.9 | 1930.2 | 2523.9 | 1966.6 | 1056.2 | 921.8 | 3988.7 | 1753.9 |
| Line 4 | Agency- and GSE-backed securities | FA893161705 | 297.4 | 298.6 | 258.2 | 401.3 | 485.6 | 188.5 | 428.0 | 179.5 | 236.8 |
| Line 5 | Municipal securities | FA383162005 | 24.6 | 119.9 | 188.8 | 166.4 | -68.5 | 187.5 | 352.8 | 199.4 | 15.4 |
| Line 6 | Corporate and foreign bonds | FA893163005 | 504.8 | 729.8 | 672.6 | 1277.4 | -150.5 | 1358.1 | 496.7 | 684.5 | 151.0 |
| Line 7 | Net issues | FA894122005 | 3224.3 | 3053.1 | 3198.3 | 4452.5 | 2127.9 | 3125.3 | 2472.6 | 5010.4 | 2184.8 |
| Line 8 | Domestic nonfinancial sectors | FA384122005 | 2635.5 | 2286.2 | 2377.4 | 2996.7 | 1821.3 | 1851.4 | 1316.6 | 4469.9 | 1871.8 |
| Line 9 | Nonprofit organizations2 | FA163162003 | 2.3 | 8.4 | 16.2 | 7.1 | 2.3 | 8.2 | 24.6 | 13.2 | 18.7 |
| Line 10 | Nonfinancial corporate business | FA104122005 | 227.6 | 266.2 | 272.3 | 327.1 | -102.4 | 640.1 | 83.5 | 272.9 | 92.7 |
| Line 11 | Federal government | FA314122005 | 2382.0 | 1913.2 | 1931.6 | 2524.1 | 1967.4 | 1057.2 | 923.6 | 3992.4 | 1753.2 |
| Line 12 | State and local governments | FA213162005 | 23.6 | 98.5 | 157.3 | 138.4 | -45.9 | 145.9 | 284.8 | 191.4 | 7.2 |
| Line 13 | Domestic financial sectors | FA794122005 | 493.3 | 563.9 | 645.1 | 1377.5 | 258.3 | 963.2 | 1040.9 | 504.5 | 71.9 |
| Line 14 | U.S.-chartered depository institutions | FA764122005 | -3.7 | -27.4 | 16.4 | 57.7 | -128.4 | 97.2 | 173.1 | -89.9 | -114.9 |
| Line 15 | Foreign banking offices in U.S. | FA753169175 | 39.3 | 27.3 | 7.1 | 37.5 | 23.8 | -35.3 | 76.7 | 59.8 | -72.8 |
| Line 16 | Government-sponsored enterprises | FA403161705 | 114.3 | 124.4 | 91.5 | 223.8 | 310.8 | 35.6 | 225.1 | -13.6 | 118.8 |
| Line 17 | Agency- and GSE-backed mortgage pools | FA413065005 | 182.7 | 173.9 | 165.3 | 177.4 | 174.1 | 151.9 | 201.1 | 189.4 | 118.7 |
| Line 18 | ABS issuers | FA674122005 | 37.5 | 122.8 | 185.0 | 209.2 | 129.6 | 208.1 | 156.2 | 285.4 | 90.2 |
| Line 19 | Finance companies | FA614122005 | 93.2 | 64.9 | -6.3 | 94.9 | -2.7 | 33.8 | 18.0 | 12.7 | -89.7 |
| Line 20 | Mortgage REITs | FA644122075 | -0.5 | 1.8 | 27.1 | 9.3 | 20.9 | 4.2 | 8.7 | 30.1 | 65.4 |
| Line 21 | Brokers and dealers | FA663163003 | 0.1 | 91.1 | 35.0 | 272.4 | 0.5 | 123.7 | 75.6 | 15.3 | -74.5 |
| Line 22 | Holding companies | FA734122005 | 19.6 | -14.2 | 85.7 | 220.5 | -192.8 | 259.5 | 117.0 | -67.5 | 33.8 |
| Line 23 | Other financial business | FA504122005 | 10.8 | -0.6 | 38.4 | 74.9 | -77.4 | 84.4 | -10.6 | 82.8 | -3.1 |
| Line 24 | Rest of the world | FA264122005 | 95.5 | 202.9 | 175.8 | 78.4 | 48.3 | 310.7 | 115.2 | 36.0 | 241.2 |
| Line 25 | Net purchases | FA894022005 | 3224.3 | 3053.1 | 3198.3 | 4452.5 | 2127.9 | 3125.3 | 2472.6 | 5010.4 | 2184.8 |
| Line 26 | Domestic nonfinancial sectors | FA384022005 | 1129.5 | 167.2 | -181.8 | 892.6 | -413.5 | -1.3 | 293.6 | -122.3 | -897.2 |
| Line 27 | Household sector | FA154022005 | 1040.1 | 46.7 | -281.0 | 785.1 | -462.9 | -290.7 | 412.6 | -445.0 | -801.0 |
| Line 28 | Nonfinancial corporate business | FA104022005 | 12.7 | 11.1 | 23.8 | 63.4 | -36.1 | 56.6 | -33.0 | 53.2 | 18.3 |
| Line 29 | Nonfinancial noncorporate business | FA114022005 | 0.0 | 3.2 | -0.7 | -13.1 | 16.3 | -6.2 | 0.9 | -0.8 | 3.4 |
| Line 30 | Federal government | FA314022005 | -0.0 | -0.1 | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 | 0.3 |
| Line 31 | State and local governments | FA214022005 | 76.6 | 106.3 | 75.9 | 57.2 | 69.2 | 239.1 | -87.2 | 270.1 | -118.2 |
| Line 32 | Domestic financial sectors | FA794022005 | 843.9 | 1871.7 | 2419.6 | 2052.9 | 1880.2 | 1635.9 | 1492.6 | 3995.4 | 2554.8 |
| Line 33 | Monetary authority | FA714022005 | -957.2 | -719.6 | -282.0 | -599.5 | -515.4 | -492.2 | -269.5 | -281.0 | -85.3 |
| Line 34 | U.S.-chartered depository institutions | FA764022005 | -386.7 | 99.5 | 131.0 | 248.1 | -83.4 | 397.0 | 237.3 | 218.4 | -328.8 |
| Line 35 | Foreign banking offices in U.S. | FA754022005 | -36.7 | 29.0 | 24.7 | -28.3 | 47.3 | -34.7 | 79.4 | -4.7 | 58.8 |
| Line 36 | Banks in U.S.-affiliated areas | FA744022003 | 19.4 | 6.5 | -6.1 | -11.8 | 19.1 | 0.8 | 2.3 | -16.2 | -11.5 |
| Line 37 | Credit unions | FA474022005 | -40.4 | -8.2 | 9.9 | -23.3 | 3.2 | 14.2 | 20.0 | 4.5 | 1.1 |
| Line 38 | Property-casualty insurance companies | FA514022005 | 87.8 | 200.1 | 162.9 | 338.1 | -172.7 | 349.5 | -51.8 | 387.7 | -33.9 |
| Line 39 | Life insurance companies | FA544022005 | 80.1 | 229.3 | 292.6 | 239.6 | 112.5 | 182.5 | 260.9 | 340.3 | 386.6 |
| Line 40 | Private pension funds | FA574022005 | 91.6 | 76.3 | 107.9 | 87.8 | 83.9 | 92.9 | 115.7 | 126.2 | 96.9 |
| Line 41 | Federal government pension funds | FA344022005 | 2.5 | 1.8 | 2.1 | 7.2 | 1.9 | 2.1 | 1.3 | 2.6 | 2.4 |
| Line 42 | State and local govt. pension funds | FA224022045 | 28.1 | 152.8 | 103.2 | 113.7 | 50.2 | 33.2 | 96.8 | 202.1 | 80.9 |
| Line 43 | Money market funds | FA634022005 | 1392.9 | 911.6 | 694.8 | 891.4 | 1521.9 | -359.1 | -214.9 | 2297.5 | 1055.5 |
| Line 44 | Mutual funds | FA654022005 | 137.9 | 361.1 | 314.9 | 266.2 | 286.5 | 303.9 | -9.2 | 467.8 | 497.1 |
| Line 45 | Closed-end funds | FA554022005 | -0.9 | -1.3 | 0.7 | -1.1 | -3.7 | -0.5 | 2.2 | -0.6 | 1.5 |
| Line 46 | Exchange-traded funds | FA564022005 | 203.5 | 294.8 | 437.7 | 391.9 | 315.8 | 408.6 | 340.2 | 455.7 | 546.2 |
| Line 47 | Government-sponsored enterprises | FA404022005 | 56.0 | 61.5 | 54.6 | 57.6 | 160.4 | 25.9 | 137.8 | 0.3 | 54.3 |
| Line 48 | ABS issuers | FA674022005 | -5.0 | -5.2 | -7.1 | -3.8 | 1.3 | -14.7 | -8.8 | -5.3 | 0.5 |
| Line 49 | Finance companies | FA613063003 | -25.8 | -7.6 | -0.6 | -62.0 | -6.2 | -0.4 | -2.6 | -0.3 | 1.0 |
| Line 50 | Mortgage REITs | FA644022075 | 23.8 | 17.6 | 67.6 | 51.8 | -11.4 | 56.3 | 30.2 | 84.9 | 99.0 |
| Line 51 | Brokers and dealers | FA664022005 | 222.5 | 176.8 | 237.4 | 109.0 | 125.5 | 504.6 | 411.0 | -134.1 | 168.2 |
| Line 52 | Holding companies | FA734022605 | -4.9 | -3.6 | -14.6 | -9.6 | 19.1 | 10.3 | -30.6 | -16.9 | -21.0 |
| Line 53 | Other financial business | FA504022005 | -44.7 | -1.4 | 88.1 | -9.8 | -75.5 | 155.7 | 345.0 | -133.4 | -14.7 |
| Line 54 | Rest of the world | FA264022005 | 1250.9 | 1014.2 | 960.4 | 1507.0 | 661.1 | 1490.7 | 686.4 | 1137.3 | 527.2 |
Notes:
- Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.
- Liability of the households and nonprofit organizations sector (table F.101).
Last Update: 2026-03-19