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Board of Governors of the Federal Reserve System

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

Preliminary Release Highlights Third Quarter 2025

Topic	Description
Federal government investments during the Global Financial Crisis	*Preliminary -- subject to change* Beginning 2008:Q3, debt and equity investments made by the federal government (tables F.106 and L.106) to government-sponsored entities (tables F.125 and L.125) and other financial business (tables F.132 and L.132) during the Global Financial Crisis (GFC) were revised to align with program descriptions and valuations presented in the annual Financial Report of the United States Government.
Federal Government Funds Held Outside of Treasury	*Preliminary -- subject to change* Beginning 2021:Q3, foreign deposits held by the federal government sector (tables F.106, and L.106) include Funds Held Outside of Treasury collected for the Foreign Military Sales Program.
Insurance company holdings of debt securities	*Preliminary -- subject to change* Beginning 2020:Q1, debt security holdings of the insurance company sectors (tables F.115, F.116.g. F.116.s, L.115, L.116.g. L.116.s) have been revised to reflect improved classification methodology.
Owner-occupied residential real estate	*Preliminary -- subject to change* Beginning 2018:Q3, the valuation of owner-occupied residential real estate (table B.101) has been revised to reflect updated valuation estimates from Zillow and housing stock estimates from Census’ American Community Survey.
National Income and Product Accounts annual update	*Preliminary -- subject to change* The statistics in this publication reflect the 2025 annual update of the National Income and Product Accounts (NIPAs) released by BEA on September 25, 2025, as well as information for 2025:Q3 released on December 23, 2025. See the November 2025 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for further details.
Fixed assets annual update	*Preliminary -- subject to change* Investment, depreciation, and capital stock data for private and government sectors have been revised beginning 2020:Q1 to reflect updated annual estimates of fixed assets from BEA.
FEDS Note	*Preliminary -- subject to change* A new FEDS note was published on October 15, 2025: “The Cross-Border Trail of the Treasury Basis Trade” (Daniel Barth, Daniel Beltran, Matthew Hoops, Jay Kahn, Emily Liu, and Maria Perozek).

Last Update: December 19, 2025