Financial Accounts of the United States - Z.1
L.208 Debt Securities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted| Description | Series code | 2020 | 2021 | 2022 | 2023 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All sectors; total debt securities; liability | FL894122005 | 50376.2 | 53801.1 | 55883.9 | 59100.2 | 56892.1 | 57355.3 | 58129.4 | 59100.2 | 59985.5 | 1 |
| All sectors; open market paper; liability | FL893169175 | 925.5 | 1051.8 | 1227.6 | 1243.5 | 1182.9 | 1191.1 | 1230.6 | 1243.5 | 1294.7 | 2 |
| Federal government; Treasury securities; liability | FL313161105 | 20946.2 | 22557.5 | 23845 | 26226.6 | 24282 | 24772.4 | 25630.2 | 26226.6 | 26808.6 | 3 |
| All sectors; U.S. government agency securities; liability | FL893161705 | 10086.7 | 10699.2 | 11678.6 | 11976 | 12041.3 | 11972.4 | 11938.8 | 11976 | 11973.7 | 4 |
| Domestic nonfinancial sectors; municipal securities; liability | FL383162005 | 4008.2 | 4087.2 | 4035.6 | 4056.9 | 4039.8 | 4055.8 | 4045.5 | 4056.9 | 4081.2 | 5 |
| All sectors; corporate and foreign bonds; liability | FL893163005 | 14409.6 | 15405.4 | 15097.1 | 15597.2 | 15346 | 15363.7 | 15284.4 | 15597.2 | 15827.2 | 6 |
| All sectors; total debt securities; liability | FL894122005 | 50376.2 | 53801.1 | 55883.9 | 59100.2 | 56892.1 | 57355.3 | 58129.4 | 59100.2 | 59985.5 | 7 |
| Domestic nonfinancial sectors; debt securities; liability | FL384122005 | 32050.2 | 33977.1 | 35290.4 | 37924.3 | 35898.2 | 36419.3 | 37289.8 | 37924.3 | 38656.4 | 8 |
| Nonprofit organizations; municipal securities; liability (2) | FL163162003 | 203.9 | 202.9 | 201.9 | 204 | 202 | 204.2 | 204.3 | 204 | 206.4 | 9 |
| Nonfinancial corporate business; debt securities; liability | FL104122005 | 7682.7 | 7931.2 | 8009.4 | 8238.6 | 8176.2 | 8195.4 | 8213.7 | 8238.6 | 8369.5 | 10 |
| Federal government; debt securities; liability | FL314122005 | 20966.4 | 22577.3 | 23864.8 | 26246.7 | 24301.8 | 24790.4 | 25649.7 | 26246.7 | 26828.6 | 11 |
| State and local governments; municipal securities; liability | FL213162005 | 3197.2 | 3265.7 | 3214.3 | 3235 | 3218.2 | 3229.3 | 3222 | 3235 | 3252 | 12 |
| Domestic financial sectors; debt securities; liability | FL794122005 | 14572.1 | 15605.6 | 16880.3 | 17378.1 | 17242.5 | 17210.2 | 17185.5 | 17378.1 | 17460.3 | 13 |
| U.S.-chartered depository institutions; debt securities; liability | FL764122005 | 436.9 | 311.8 | 465.6 | 467.9 | 424 | 454.4 | 462.5 | 467.9 | 459 | 14 |
| Foreign banking offices in the U.S.; open market paper; liability | FL753169175 | 65.3 | 53.7 | 112 | 155.5 | 112.8 | 123.8 | 126.9 | 155.5 | 160.5 | 15 |
| Government-sponsored enterprises; GSE issues; liability | FL403161705 | 7638.1 | 8177.6 | 8970.8 | 9085.1 | 9303.7 | 9189.4 | 9098.3 | 9085.1 | 9047.5 | 16 |
| Agency-and GSE-backed mortgage pools; total mortgages; asset | FL413065005 | 2428.3 | 2501.8 | 2687.9 | 2870.7 | 2717.9 | 2765 | 2820.9 | 2870.7 | 2906.2 | 17 |
| Issuers of asset-backed securities; debt securities; liability | FL674122005 | 1226.3 | 1388.3 | 1469.4 | 1507.3 | 1483.8 | 1487.3 | 1498.3 | 1507.3 | 1531.8 | 18 |
| Finance companies; debt securities; liability | FL614122005 | 815.2 | 1085.3 | 1062.4 | 1155.6 | 1068.5 | 1103 | 1112.7 | 1155.6 | 1174.9 | 19 |
| Mortgage real estate investment trusts; debt securities; liability | FL644122075 | 180 | 203.8 | 216.8 | 215.2 | 216.3 | 211.6 | 208.7 | 215.2 | 213.7 | 20 |
| Security brokers and dealers; corporate and foreign bonds; liability | FL663163003 | 183.9 | 217.7 | 236.1 | 236.2 | 229.3 | 211.2 | 221 | 236.2 | 258.2 | 21 |
| Holding companies; debt securities; liability | FL734122005 | 1479.9 | 1544.9 | 1541.8 | 1556.3 | 1548 | 1541.2 | 1486.4 | 1556.3 | 1558.2 | 22 |
| Other financial business; debt securities; liability | FL504122005 | 118.2 | 120.6 | 117.4 | 128.2 | 138.3 | 123.3 | 149.8 | 128.2 | 150.3 | 23 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; liability | LM264122005 | 3753.9 | 4218.4 | 3713.2 | 3797.8 | 3751.3 | 3725.8 | 3654.1 | 3797.8 | 3868.8 | 24 |
| All sectors; total debt securities; asset | FL894022005 | 53178.5 | 55196.4 | 51049.1 | 55355.4 | 52825.1 | 52806.5 | 52240.4 | 55355.4 | 55882.9 | 25 |
| Domestic nonfinancial sectors; debt securities; asset | FL384022005 | 6066.9 | 5577.5 | 7026.9 | 8471.3 | 7797.2 | 7939.5 | 8018.4 | 8471.3 | 8401.5 | 26 |
| Households and nonprofit organizations; debt securities; asset | LM154022005 | 3829 | 3049.5 | 4435.9 | 5729 | 5100.7 | 5232 | 5330.6 | 5729 | 5676.6 | 27 |
| Nonfinancial corporate business; debt securities; asset | LM104022005 | 377.2 | 409.6 | 382.2 | 384.4 | 383.5 | 394.2 | 434.2 | 384.4 | 385.6 | 28 |
| Nonfinancial noncorporate business; debt securities; asset | LM114022005 | 77.8 | 75.9 | 76.9 | 78.4 | 77 | 77.8 | 78.5 | 78.4 | 78.8 | 29 |
| Federal government; debt securities; asset | FL314022005 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 30 |
| State and local governments; debt securities; asset | LM214022005 | 1782.3 | 2042.1 | 2131.4 | 2279.1 | 2235.5 | 2235 | 2174.6 | 2279.1 | 2260.1 | 31 |
| Domestic financial sectors; debt securities; asset | FL794022005 | 33857.4 | 35967.3 | 31419.1 | 33007.5 | 32076.6 | 31751.9 | 31239.4 | 33007.5 | 33475.8 | 32 |
| Monetary authority; debt securities; asset | LM714022005 | 7422.2 | 8733.2 | 7349.1 | 6523.8 | 7243.2 | 6902.1 | 6393.6 | 6523.8 | 6204.8 | 33 |
| U.S.-chartered depository institutions; debt securities; asset | LM764022005 | 5202.1 | 6319.8 | 5620.5 | 5361.6 | 5575.3 | 5406.8 | 5169.2 | 5361.6 | 5470.2 | 34 |
| Foreign banking offices in the U.S.; debt securities; asset | LM754022005 | 313.5 | 286.1 | 297.8 | 271.5 | 280.4 | 290 | 275.7 | 271.5 | 283.9 | 35 |
| Banks in U.S.-affiliated areas; debt securities; asset | LM744022003 | 41.3 | 47.5 | 50.9 | 73.2 | 50 | 49.6 | 68.9 | 73.2 | 74.1 | 36 |
| Credit unions; debt securities; asset | LM474022005 | 311.1 | 403.1 | 385.4 | 353.9 | 381.3 | 370.6 | 356.1 | 353.9 | 345 | 37 |
| Property-casualty insurance companies; debt securities; asset | LM514022005 | 1270.2 | 1320.1 | 1241.7 | 1363.7 | 1287.1 | 1283.4 | 1291.9 | 1363.7 | 1408.2 | 38 |
| Life insurance companies; debt securities; asset | LM544022005 | 4546.3 | 4569.2 | 3904.9 | 4013.9 | 4021.8 | 3967.4 | 3811.9 | 4013.9 | 4057 | 39 |
| Private pension funds; debt securities; asset | LM574022005 | 1715.3 | 1821 | 1681.3 | 1897.3 | 1780.6 | 1820 | 1783 | 1897.3 | 1910.6 | 40 |
| Federal government retirement funds; debt securities; asset | LM344022005 | 53 | 48.9 | 39.7 | 42.6 | 40.9 | 42.1 | 40.4 | 42.6 | 42.6 | 41 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1098.2 | 1195.8 | 1043.2 | 1152.8 | 1119.6 | 1099.3 | 1068.9 | 1152.8 | 1159.3 | 42 |
| Money market funds; debt securities; asset | FL634022005 | 3525.2 | 2568.8 | 2022 | 3414.8 | 2206.9 | 2392.5 | 2881.2 | 3414.8 | 3742 | 43 |
| Mutual funds; debt securities; asset (market value) | LM654022005 | 5539.2 | 5897.2 | 4793.9 | 5065.7 | 4931.1 | 4975.7 | 4861.3 | 5065.7 | 5158.7 | 44 |
| Closed-end funds; debt securities; asset | LM554022005 | 175.7 | 186.6 | 152.5 | 154.2 | 153.1 | 151.4 | 145.3 | 154.2 | 155.5 | 45 |
| Exchange-traded funds; debt securities; asset | LM564022005 | 1041.8 | 1215.3 | 1258.7 | 1493.5 | 1336.9 | 1371.7 | 1367.3 | 1493.5 | 1532 | 46 |
| Government-sponsored enterprises; debt securities; asset | LM404022005 | 520.1 | 430.2 | 395.6 | 456.4 | 407.9 | 421.6 | 427.2 | 456.4 | 451.5 | 47 |
| Issuers of asset-backed securities; debt securities; asset | FL674022005 | 30.3 | 31.9 | 36.4 | 31.4 | 36.4 | 34.5 | 33.2 | 31.4 | 29.2 | 48 |
| Finance companies; corporate and foreign bonds; asset | LM613063003 | 73.6 | 68.3 | 52 | 28.3 | 40.9 | 38.3 | 35.3 | 28.3 | 27.5 | 49 |
| Mortgage real estate investment trusts; debt securities; asset | LM644022075 | 223.9 | 180.4 | 159 | 187.4 | 181.3 | 181.8 | 191.1 | 187.4 | 188.7 | 50 |
| Security brokers and dealers; debt securities; asset | LM664022005 | 389.1 | 196.6 | 311.4 | 447.7 | 420.5 | 405 | 435.4 | 447.7 | 541.5 | 51 |
| Holding companies; long-term debt securities; asset | LM734022605 | 122.4 | 146.4 | 181.7 | 182.4 | 168.6 | 166.3 | 174.2 | 182.4 | 170.8 | 52 |
| Other financial business; debt securities; asset | FL504022005 | 242.6 | 301 | 441.4 | 491.5 | 412.7 | 382 | 428.2 | 491.5 | 522.7 | 53 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; asset | LM264022005 | 13254.2 | 13651.6 | 12603.1 | 13876.6 | 12951.3 | 13115.1 | 12982.6 | 13876.6 | 14005.5 | 54 |
| Instrument discrepancies; debt securities (level) (3) | LM904022005 | -2802.3 | -1395.4 | 4834.8 | 3744.8 | 4066.9 | 4548.8 | 5889 | 3744.8 | 4102.6 | 55 |
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: June 7, 2024