Financial Accounts of the United States - Z.1
F.212 Municipal securities
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 | FA383162005 | 24.6 | 119.9 | 188.8 | 166.4 | -68.5 | 187.5 | 352.8 | 199.4 | 15.4 |
| Line 2 | State and local governments | FA213162005 | 23.6 | 98.5 | 157.3 | 138.4 | -45.9 | 145.9 | 284.8 | 191.4 | 7.2 |
| Line 3 | Short-term1 | FA213162400 | 1.4 | 7.5 | 4.1 | 24.2 | -4.4 | -7.1 | 5.7 | 24.8 | -6.8 |
| Line 4 | Long-term | FA213162200 | 22.1 | 90.9 | 153.2 | 114.2 | -41.5 | 153.0 | 279.1 | 166.6 | 14.0 |
| Line 5 | Nonprofit organizations2 | FA163162003 | 2.3 | 8.4 | 16.2 | 7.1 | 2.3 | 8.2 | 24.6 | 13.2 | 18.7 |
| Line 6 | Nonfinancial corporate business (industrial revenue bonds) | FA103162000 | -1.3 | 13.1 | 15.3 | 20.9 | -24.8 | 33.4 | 43.4 | -5.2 | -10.4 |
| Line 7 | Net purchases | FA893062005 | 24.6 | 119.9 | 188.8 | 166.4 | -68.5 | 187.5 | 352.8 | 199.4 | 15.4 |
| Line 8 | Household sector | FA153062005 | 94.7 | 93.9 | 101.9 | 89.9 | -61.4 | 92.4 | 286.7 | 75.0 | -46.5 |
| Line 9 | Nonfinancial corporate business | FA103062003 | -4.1 | 1.1 | 2.2 | 0.8 | 0.2 | 2.0 | 3.1 | 0.9 | 2.7 |
| Line 10 | Nonfinancial noncorporate business | FA113062003 | -0.0 | 0.1 | 0.1 | -0.2 | 0.3 | 0.3 | 0.2 | -0.2 | 0.1 |
| Line 11 | State and local governments | FA213062003 | 1.7 | 2.4 | 2.0 | 4.5 | -1.3 | 9.1 | -0.7 | 3.7 | -4.0 |
| Line 12 | U.S.-chartered depository institutions | FA763062005 | -57.2 | -35.9 | -22.1 | -29.4 | -53.0 | -4.5 | -5.9 | -13.0 | -64.8 |
| Line 13 | Foreign banking offices in U.S. | FA753062003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 14 | Banks in U.S.-affiliated areas | FA743062003 | 0.0 | -0.0 | 0.1 | -0.0 | 0.0 | 0.1 | 0.0 | 0.5 | -0.2 |
| Line 15 | Credit unions | FA473062005 | -0.4 | -0.5 | -0.5 | 0.2 | -2.0 | 0.5 | -0.1 | -1.1 | -1.2 |
| Line 16 | Property-casualty insurance companies | FA513062005 | -29.3 | -10.8 | 0.2 | 2.5 | -13.7 | -7.4 | 6.2 | 1.5 | 0.6 |
| Line 17 | Life insurance companies | FA543062005 | -9.7 | -14.1 | 4.2 | -15.8 | -12.9 | -4.6 | 2.5 | 6.1 | 12.7 |
| Line 18 | Federal government pension funds | FA343062033 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 19 | State and local govt. pension funds | FA223062043 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 20 | Money market funds | FA633062000 | 11.7 | 8.9 | 16.5 | 21.2 | -2.3 | 17.2 | -4.0 | 23.9 | 29.1 |
| Line 21 | Mutual funds | FA653062003 | -1.1 | 50.7 | 37.9 | 68.3 | 48.3 | 45.8 | 16.4 | 60.2 | 29.1 |
| Line 22 | Closed-end funds | FA553062003 | -0.7 | -1.0 | -0.4 | -0.1 | -2.9 | -0.6 | 0.0 | -1.4 | 0.4 |
| Line 23 | Exchange-traded funds | FA563062003 | 14.8 | 17.1 | 45.7 | 26.8 | 29.1 | 22.2 | 34.8 | 41.1 | 84.8 |
| Line 24 | Government-sponsored enterprises | FA403062005 | 0.1 | 0.1 | 0.1 | -0.0 | 0.4 | 0.3 | 0.7 | -0.5 | 0.1 |
| Line 25 | Brokers and dealers | FA663062005 | 0.9 | 2.1 | -2.2 | -9.0 | -1.5 | 8.1 | 6.6 | -3.5 | -19.8 |
| Line 26 | Other financial business | FA503062003 | -2.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 27 | Rest of the world | FA263062003 | 6.2 | 5.7 | 3.0 | 6.8 | 4.5 | 6.8 | 6.3 | 6.3 | -7.5 |
Notes:
- Debt with original maturity of 13 months or less.
- Liability of the households and nonprofit organizations sector (table F.101).
Last Update: 2026-03-19