The households and nonprofit organizations sector is the residual holder of Treasury securities. That is, transactions, levels, and seasonal adjustment factors are calculated as total Treasuries issued by the federal government ( FOF series FL313161105), less the holdings of all other sectors. The levels residual calculation also subtracts the Treasury security instrument discrepancy ( FOF series FL903061103), which accounts for valuation differences between issuance and holdings. Beginning 1996:Q4, revaluations are estimated based on the Merrill Lynch AAA Treasury market price index. Other volume changes are calculated as the change in the level, less transactions and revaluations.
Last edited on: 04/29/2019