Financial Accounts of the United States - Z.1
L.208 Debt securities1
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Total debt securities (by instrument) | FL894122005 | 59041.3 | 61900.6 | 65151.1 | 61369.0 | 61900.6 | 62749.3 | 63214.0 | 64522.9 | 65151.1 |
| Line 2 | Open market paper | FL893169175 | 1219.5 | 1218.7 | 1368.0 | 1242.1 | 1218.7 | 1325.8 | 1390.1 | 1355.3 | 1368.0 |
| Line 3 | Treasury securities | FL313161105 | 26226.6 | 28139.5 | 30069.6 | 27586.4 | 28139.5 | 28447.3 | 28518.3 | 29571.6 | 30069.6 |
| Line 4 | Agency- and GSE-backed securities | FL893161705 | 11976.0 | 12274.6 | 12532.8 | 12137.8 | 12274.6 | 12296.5 | 12436.1 | 12458.6 | 12532.8 |
| Line 5 | Municipal securities | FL383162005 | 4095.0 | 4215.0 | 4403.8 | 4202.2 | 4215.0 | 4250.7 | 4322.4 | 4366.8 | 4403.8 |
| Line 6 | Corporate and foreign bonds | FL893163005 | 15524.2 | 16052.9 | 16776.9 | 16200.5 | 16052.9 | 16429.1 | 16547.0 | 16770.5 | 16776.9 |
| Line 7 | Total liabilities | FL894122005 | 59041.3 | 61900.6 | 65151.1 | 61369.0 | 61900.6 | 62749.3 | 63214.0 | 64522.9 | 65151.1 |
| Line 8 | Domestic nonfinancial sectors | FL384122005 | 37971.6 | 40257.0 | 42634.4 | 39710.0 | 40257.0 | 40763.1 | 40894.3 | 42065.4 | 42634.4 |
| Line 9 | Nonprofit organizations2 | FL163162003 | 207.9 | 216.3 | 232.5 | 215.7 | 216.3 | 218.3 | 224.5 | 227.8 | 232.5 |
| Line 10 | Nonfinancial corporate business | FL104122005 | 8253.2 | 8518.5 | 8790.8 | 8538.6 | 8518.5 | 8687.2 | 8685.2 | 8753.4 | 8790.8 |
| Line 11 | Federal government | FL314122005 | 26246.7 | 28159.9 | 30091.5 | 27606.7 | 28159.9 | 28468.0 | 28539.5 | 29593.7 | 30091.5 |
| Line 12 | State and local governments | FL213162005 | 3263.8 | 3362.3 | 3519.6 | 3349.0 | 3362.3 | 3389.6 | 3445.1 | 3490.4 | 3519.6 |
| Line 13 | Domestic financial sectors | FL794122005 | 17342.0 | 17904.6 | 18548.2 | 17816.1 | 17904.6 | 18127.4 | 18420.8 | 18505.3 | 18548.2 |
| Line 14 | U.S.-chartered depository institutions | FL764122005 | 442.9 | 415.5 | 431.8 | 447.5 | 415.5 | 439.7 | 483.0 | 460.5 | 431.8 |
| Line 15 | Foreign banking offices in U.S. | FL753169175 | 146.0 | 173.3 | 180.4 | 167.4 | 173.3 | 164.5 | 183.7 | 198.6 | 180.4 |
| Line 16 | Government-sponsored enterprises | FL403161705 | 9085.1 | 9209.5 | 9301.0 | 9123.1 | 9209.5 | 9197.8 | 9287.9 | 9263.9 | 9301.0 |
| Line 17 | Agency- and GSE-backed mortgage pools | FL413065005 | 2870.7 | 3044.6 | 3209.9 | 2994.4 | 3044.6 | 3078.0 | 3127.1 | 3172.7 | 3209.9 |
| Line 18 | ABS issuers | FL674122005 | 1508.0 | 1629.5 | 1813.0 | 1590.9 | 1629.5 | 1674.6 | 1713.5 | 1783.7 | 1813.0 |
| Line 19 | Finance companies | FL614122005 | 1155.6 | 1220.5 | 1214.2 | 1217.1 | 1220.5 | 1229.7 | 1233.8 | 1232.2 | 1214.2 |
| Line 20 | Mortgage REITs | FL644122075 | 212.9 | 214.7 | 241.8 | 209.5 | 214.7 | 215.8 | 217.9 | 225.5 | 241.8 |
| Line 21 | Brokers and dealers | FL663163003 | 236.2 | 327.3 | 362.4 | 327.2 | 327.3 | 358.3 | 377.2 | 381.0 | 362.4 |
| Line 22 | Holding companies | FL734122005 | 1556.3 | 1542.1 | 1627.8 | 1590.3 | 1542.1 | 1607.0 | 1636.2 | 1619.3 | 1627.8 |
| Line 23 | Other financial business | FL504122005 | 128.2 | 127.6 | 166.0 | 148.8 | 127.6 | 162.1 | 160.6 | 167.9 | 166.0 |
| Line 24 | Rest of the world | LM264122005 | 3727.7 | 3739.1 | 3968.4 | 3842.9 | 3739.1 | 3858.8 | 3898.9 | 3952.2 | 3968.4 |
| Line 25 | Total assets | FL894022005 | 55081.5 | 57729.7 | 62874.4 | 58603.7 | 57729.7 | 59361.9 | 60095.3 | 62014.8 | 62874.4 |
| Line 26 | Domestic nonfinancial sectors | FL384022005 | 8473.5 | 8830.8 | 9347.9 | 8977.6 | 8830.8 | 8948.2 | 9120.0 | 9272.3 | 9347.9 |
| Line 27 | Household sector | LM154022005 | 5556.9 | 5812.9 | 6147.4 | 5888.8 | 5812.9 | 5811.9 | 6002.6 | 6051.6 | 6147.4 |
| Line 28 | Nonfinancial corporate business | LM104022005 | 400.1 | 408.5 | 438.1 | 421.1 | 408.5 | 418.6 | 414.3 | 430.2 | 438.1 |
| Line 29 | Nonfinancial noncorporate business | LM114022005 | 87.8 | 90.0 | 92.6 | 89.3 | 90.0 | 90.6 | 91.0 | 91.7 | 92.6 |
| Line 30 | Federal government | FL314022005 | 3.9 | 6.5 | 5.5 | 3.2 | 6.5 | 8.7 | 8.6 | 5.4 | 5.5 |
| Line 31 | State and local governments | LM214022005 | 2424.8 | 2512.8 | 2664.4 | 2575.1 | 2512.8 | 2618.4 | 2603.5 | 2693.4 | 2664.4 |
| Line 32 | Domestic financial sectors | FL794022005 | 32796.4 | 34416.1 | 37765.3 | 34828.6 | 34416.1 | 35319.2 | 35655.2 | 37041.9 | 37765.3 |
| Line 33 | Monetary authority | LM714022005 | 6527.6 | 5695.4 | 5624.6 | 6066.3 | 5695.4 | 5710.7 | 5643.3 | 5641.5 | 5624.6 |
| Line 34 | U.S.-chartered depository institutions | LM764022005 | 5244.1 | 5336.5 | 5639.8 | 5467.3 | 5336.5 | 5499.3 | 5574.3 | 5685.0 | 5639.8 |
| Line 35 | Foreign banking offices in U.S. | LM754022005 | 271.5 | 298.5 | 333.4 | 297.3 | 298.5 | 295.1 | 316.5 | 319.0 | 333.4 |
| Line 36 | Banks in U.S.-affiliated areas | LM744022003 | 73.2 | 79.2 | 75.8 | 77.1 | 79.2 | 80.8 | 81.8 | 78.7 | 75.8 |
| Line 37 | Credit unions | LM474022005 | 352.3 | 344.8 | 364.2 | 352.7 | 344.8 | 354.6 | 359.3 | 363.5 | 364.2 |
| Line 38 | Property-casualty insurance companies | LM514022005 | 1363.7 | 1557.0 | 1762.1 | 1642.0 | 1557.0 | 1659.8 | 1653.3 | 1771.5 | 1762.1 |
| Line 39 | Life insurance companies | LM544022005 | 4015.8 | 4189.0 | 4623.8 | 4323.9 | 4189.0 | 4291.5 | 4389.8 | 4539.6 | 4623.8 |
| Line 40 | Private pension funds | LM574022005 | 1634.1 | 1695.5 | 1860.7 | 1735.6 | 1695.5 | 1747.5 | 1786.2 | 1839.0 | 1860.7 |
| Line 41 | Federal government pension funds | LM344022005 | 43.2 | 44.7 | 48.2 | 45.6 | 44.7 | 46.0 | 46.5 | 47.6 | 48.2 |
| Line 42 | State and local govt. pension funds | LM224022045 | 1111.6 | 1253.7 | 1398.9 | 1287.3 | 1253.7 | 1284.3 | 1315.3 | 1380.2 | 1398.9 |
| Line 43 | Money market funds | FL634022005 | 3414.8 | 4326.5 | 5021.2 | 3887.4 | 4326.5 | 4252.3 | 4069.4 | 4697.5 | 5021.2 |
| Line 44 | Mutual funds | LM654022005 | 5065.5 | 5408.6 | 5880.1 | 5493.5 | 5408.6 | 5556.0 | 5580.8 | 5757.5 | 5880.1 |
| Line 45 | Closed-end funds | LM554022005 | 150.5 | 147.0 | 144.5 | 152.8 | 147.0 | 145.4 | 144.4 | 145.4 | 144.5 |
| Line 46 | Exchange-traded funds | LM564022005 | 1493.2 | 1756.4 | 2230.0 | 1740.5 | 1756.4 | 1883.0 | 1972.6 | 2104.6 | 2230.0 |
| Line 47 | Government-sponsored enterprises | LM404022005 | 456.4 | 520.7 | 577.2 | 490.8 | 520.7 | 535.4 | 570.7 | 571.6 | 577.2 |
| Line 48 | ABS issuers | FL674022005 | 31.4 | 26.2 | 19.2 | 25.9 | 26.2 | 22.6 | 20.4 | 19.0 | 19.2 |
| Line 49 | Finance companies | LM613063003 | 28.3 | 21.0 | 21.2 | 23.5 | 21.0 | 21.2 | 20.8 | 21.0 | 21.2 |
| Line 50 | Mortgage REITs | LM644022075 | 187.4 | 205.9 | 279.0 | 213.1 | 205.9 | 222.8 | 231.2 | 253.9 | 279.0 |
| Line 51 | Brokers and dealers | LM664022005 | 853.6 | 1028.7 | 1298.8 | 1025.1 | 1028.7 | 1172.9 | 1279.3 | 1255.6 | 1298.8 |
| Line 52 | Holding companies | LM734022605 | 182.4 | 177.1 | 167.7 | 178.8 | 177.1 | 182.5 | 175.4 | 172.9 | 167.7 |
| Line 53 | Other financial business | FL504022005 | 295.7 | 303.7 | 394.7 | 302.1 | 303.7 | 355.5 | 424.0 | 377.3 | 394.7 |
| Line 54 | Rest of the world | LM264022005 | 13811.7 | 14482.7 | 15761.2 | 14797.5 | 14482.7 | 15094.5 | 15320.1 | 15700.6 | 15761.2 |
| Line 55 | Discrepancy3 | LM904022005 | 3959.7 | 4171.0 | 2276.7 | 2765.4 | 4171.0 | 3387.4 | 3118.7 | 2508.1 | 2276.7 |
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 (tables L.101 and B.101).
- The accumulated valuation difference between issuance and holdings.
Last Update: 2026-03-19