Financial Accounts of the United States - Z.1
L.212 Municipal securities
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 liabilities | FL383162005 | 4095.0 | 4215.0 | 4403.8 | 4202.2 | 4215.0 | 4250.7 | 4322.4 | 4366.8 | 4403.8 |
| Line 2 | State and local governments | FL213162005 | 3263.8 | 3362.3 | 3519.6 | 3349.0 | 3362.3 | 3389.6 | 3445.1 | 3490.4 | 3519.6 |
| Line 3 | Short-term1 | FL213162400 | 26.9 | 34.4 | 38.5 | 32.1 | 34.4 | 32.1 | 31.8 | 36.5 | 38.5 |
| Line 4 | Long-term | FL213162200 | 3236.9 | 3327.8 | 3481.0 | 3316.8 | 3327.8 | 3357.5 | 3413.3 | 3454.0 | 3481.0 |
| Line 5 | Nonprofit organizations2 | FL163162003 | 207.9 | 216.3 | 232.5 | 215.7 | 216.3 | 218.3 | 224.5 | 227.8 | 232.5 |
| Line 6 | Nonfinancial corporate business (industrial revenue bonds) | FL103162000 | 623.4 | 636.4 | 651.7 | 637.5 | 636.4 | 642.8 | 652.8 | 648.5 | 651.7 |
| Line 7 | Total assets | FL893062005 | 4002.4 | 4067.8 | 4284.6 | 4137.7 | 4067.8 | 4059.4 | 4101.4 | 4224.5 | 4284.6 |
| Line 8 | Household sector | LM153062005 | 1869.8 | 1941.1 | 2060.7 | 1977.8 | 1941.1 | 1938.2 | 1975.2 | 2040.7 | 2060.7 |
| Line 9 | Nonfinancial corporate business | LM103062003 | 24.9 | 25.8 | 28.2 | 26.2 | 25.8 | 25.9 | 26.5 | 27.3 | 28.2 |
| Line 10 | Nonfinancial noncorporate business | LM113062003 | 3.3 | 3.4 | 3.5 | 3.4 | 3.4 | 3.4 | 3.4 | 3.5 | 3.5 |
| Line 11 | State and local governments | LM213062003 | 44.1 | 46.0 | 48.5 | 47.2 | 46.0 | 47.7 | 47.1 | 49.1 | 48.5 |
| Line 12 | U.S.-chartered depository institutions | LM763062005 | 414.4 | 374.5 | 362.1 | 387.7 | 374.5 | 367.0 | 361.1 | 366.9 | 362.1 |
| Line 13 | Foreign banking offices in U.S. | LM753062003 | 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 | LM743062003 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.2 |
| Line 15 | Credit unions | LM473062005 | 10.7 | 10.1 | 9.7 | 10.8 | 10.1 | 10.1 | 10.0 | 9.9 | 9.7 |
| Line 16 | Property-casualty insurance companies | LM513062005 | 221.7 | 206.7 | 208.5 | 214.3 | 206.7 | 202.2 | 202.0 | 206.9 | 208.5 |
| Line 17 | Life insurance companies | LM543062005 | 193.4 | 170.9 | 176.5 | 178.8 | 170.9 | 167.6 | 166.8 | 172.1 | 176.5 |
| Line 18 | Federal government pension funds | LM343062033 | 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 | LM223062043 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 20 | Money market funds | FL633062000 | 129.6 | 138.5 | 155.0 | 131.1 | 138.5 | 138.3 | 140.7 | 139.7 | 155.0 |
| Line 21 | Mutual funds | LM653062003 | 756.1 | 799.8 | 836.5 | 809.0 | 799.8 | 803.7 | 805.4 | 828.4 | 836.5 |
| Line 22 | Closed-end funds | LM553062003 | 79.4 | 74.4 | 69.8 | 78.1 | 74.4 | 72.2 | 70.5 | 70.1 | 69.8 |
| Line 23 | Exchange-traded funds | LM563062003 | 122.6 | 137.9 | 184.5 | 133.2 | 137.9 | 142.2 | 149.8 | 162.9 | 184.5 |
| Line 24 | Government-sponsored enterprises | LM403062005 | 2.2 | 2.3 | 2.5 | 2.3 | 2.3 | 2.4 | 2.6 | 2.5 | 2.5 |
| Line 25 | Brokers and dealers | LM663062005 | 13.3 | 15.3 | 13.3 | 15.9 | 15.3 | 17.1 | 18.6 | 18.1 | 13.3 |
| Line 26 | Other financial business | FL503062003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 27 | Rest of the world | LM263062003 | 116.7 | 121.0 | 125.0 | 122.0 | 121.0 | 121.1 | 121.6 | 126.0 | 125.0 |
| Line 28 | Discrepancy3 | LM903062003 | 92.6 | 147.1 | 119.1 | 64.5 | 147.1 | 191.3 | 221.0 | 142.3 | 119.1 |
Notes:
- Debt with original maturity of 13 months or less.
- 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