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For use at 12:00 noon, eastern time December 9, 2022 FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts Third Quarter 2022 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i Recent Developments in Household Net Worth and Domestic Nonfinancial Debt The net worth of households and nonprofits fell to $143.3 trillion during the third quarter of 2022. The value of directly and indirectly held corporate equities decreased $1.9 trillion and the value of real estate increased $0.8 trillion. annual rate of 7 percent, while mortgage debt (excluding charge-offs) grew at an annual rate of 6.6 percent. Nonfinancial business debt rose at an annual rate of 5.3 percent in the third quarter of 2022, down from a 7.7 percent annual rate in the previous quarter. Domestic nonfinancial debt outstanding was $68.5 trillion at the end of the third quarter of 2022, of which household debt was $18.8 trillion, nonfinancial business debt was $19.8 trillion, and total government debt was $29.8 trillion. Domestic nonfinancial debt expanded 4.9 percent at an annual rate in the third quarter of 2022, down from an annual rate of 6.5 percent in the previous quarter. Federal government debt increased 4.2 percent at an annual rate in the third quarter of 2022, down from a 5.6 percent annual rate in the previous quarter. State and local government debt contracted at an annual rate of 0.6 percent in the third quarter of 2022, after expanding at an annual rate of 1.6 percent in the previous quarter. Household debt increased 6.3 percent at an annual rate in the third quarter of 2022. Consumer credit grew at an Household Net Worth and Growth of Domestic Nonfinancial Debt Growth of domestic nonfinancial debt2 Year Household net worth1 Total Households Businesses Federal government State and local gov’ts 2012 72,068 4.7 0.5 5.7 10.1 -0.0 2013 80,649 4.2 2.3 4.9 6.7 -0.2 2014 86,762 3.8 1.2 6.8 5.4 -2.2 2015 89,736 4.4 2.3 7.0 5.0 0.5 2016 94,727 4.3 3.1 5.1 5.6 1.0 2017 103,439 4.2 3.9 6.1 3.7 -0.0 2018 104,041 4.7 3.1 4.5 7.6 -1.2 2019 116,539 4.7 3.3 4.9 6.6 -0.1 2020 131,344 12.4 3.8 9.2 24.1 2.9 2021 150,122 6.3 7.4 5.0 7.1 2.2 Q3 122,606 4.8 5.7 0.3 7.5 5.6 Q4 131,344 5.8 6.1 0.9 9.9 1.6 Q1 136,220 5.2 6.9 4.9 4.6 3.4 Q2 142,159 7.2 7.4 2.4 11.2 3.2 Q3 145,306 3.4 6.4 5.2 0.1 3.0 Q4 150,122 8.8 8.1 7.0 12.1 -1.0 Q1 149,954 8.3 8.2 7.8 10.2 -2.8 Q2 143,670 6.5 7.4 7.7 5.6 1.6 Q3 143,278 4.9 6.3 5.3 4.2 -0.6 2020: 2021: 2022: 1. Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted. 2. Percentage changes calculated as transactions at a seasonally adjusted annual rate divided by previous quarter’s seasonally adjusted level, shown at an annual rate. ii iii Release Highlights Third Quarter 2022 Topic National Income and Product Accounts annual update Fixed assets annual update Nonfinancial corporate business corporate equity issuance U.S.-Chartered depository institutions mutual funds and corporate equities Tax on foreign earnings retained abroad of holding companies and securities brokers and dealers Commercial real estate Financial Soundness Indicators moving to International Monetary Fund webpage Description The statistics in this publication reflect the 2022 annual update of the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on September 29, 2022, as well as information for 2022:Q3 released by BEA on November 30, 2022. See the October 2022 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for details on the 2022 annual update. Investment, depreciation, and capital stock data for private and government sectors have been revised beginning in 2017 to reflect updated annual estimates of fixed assets from BEA. Beginning 2008:Q1, nonfinancial corporate business corporate equity issuance (tables F.223 and L.223) has been revised to incorporate new source data for private equity issuance. Levels are unaffected; however, residually computed revaluations also revised. U.S.-Chartered depository institutions sector (tables F.111 and L.111) holdings of mutual funds and corporate equities have been revised to reflect improved methodology for estimating revaluations. Revaluations and levels outstanding have been adjusted for all periods. Beginning 2009:Q1, tax on foreign earnings retained abroad of securities brokers and dealers (tables F.130 and L.130) has been reassigned to holding companies (tables F.131 and L.131), to align with changes in sector holdings of U.S. direct investment abroad that were incorporated in the September 2022 Z.1 release. Levels and capital gains for commercial real estate (CRE) have been revised beginning 1996:Q2. Capital gains are now estimated using end-of-quarter values of a CRE price index (FI075035503) instead of quarterly averages of that index. The affected series are 115035033 (nonfinancial noncorporate business CRE), 105035033 (nonfinancial corporate business CRE), 165035033 (nonprofit organizations CRE), and 665035003 (security and brokers dealers CRE). Beginning with the March 2023 Z.1 release, Financial Soundness Indicators (FSIs) Table 1 and Annex tables 5-8 will no longer be available on the Financial Accounts Guide International Data Submissions webpage. Beginning late December 2022, FSIs will be updated to conform with guidelines described in the IMF 2019 Financial Soundness Indicators Compilation Guide, and will be available quarterly on the International Monetary Fund’s website. iv v Explanatory Notes Financial Accounts of the United States The Statistical Release Z.1, Financial Accounts of the United States, or Financial Accounts, is organized into the following sections: ■ ■ ■ ■ ■ Matrices summarizing transactions and levels across sectors and tables on debt growth, net national wealth, gross domestic product (GDP), national income, saving, and so on Transactions of financial assets and liabilities, by sector and by financial instrument Levels of financial assets and liabilities, by sector and by financial instrument Balance sheets, including nonfinancial assets, and changes in net worth for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses Supplementary tables including balance sheets for the household sector, nonprofit organization sector, the household and nonprofit organization sector with additional equity and debt detail, and domestic hedge funds, as well as tables detailing stocks and flows of fixed assets Integrated Macroeconomic Accounts (IMA) Concepts of Levels and Transactions in the SNA and the Financial Accounts The level of an asset or liability (also referred to as the “stock” or “outstanding”) measures the value of the asset or liability in existence at a point in time. In the Financial Accounts, the levels are reported as of the end of each calendar quarter. In the SNA2008, the change in the level from one period to the next is called the economic flow, and can be decomposed into three broad elements: transactions, which measure the exchange of assets; revaluations, which measure holding gains and losses; and other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or a change in source data or definition. In practice, other volume changes are relatively rare, and revaluations occur mainly for series carried at market value (such as corporate equities, real estate, and some debt securities), so for many series the change in the level is equal to the transactions element. Growth Rates Growth rates calculated from levels include revaluations and other changes in volume. In order to isolate the effect of transactions on the growth of a given asset or liability, users should calculate the ratio of transactions in a given period to the level in the preceding period. The IMA relate production, income, saving, and capital formation from the Bureau of Economic Analysis’s (BEA) national income and product accounts (NIPA) to changes in net worth from the Financial Accounts on a sector-by-sector basis. The IMA are published jointly by the Federal Reserve Board and BEA and are based on international guidelines and terminology as defined in the System of National Accounts (SNA2008). Growth rates in table D.1 are calculated by dividing transactions at a seasonally adjusted annual rate from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Growth rates calculated from changes in unadjusted levels may differ from those in table D.1. Federal Reserve Board staff have taken many steps over the past several years to conform the Financial Accounts with the SNA2008 guidelines. Nonetheless, a few important differences remain, in particular, the following in the Financial Accounts: Seasonal factors are recalculated and updated with the December release of third-quarter data. Series that exhibit significant seasonal patterns are adjusted. Seasonal factors are generated using the X-13-ARIMA seasonal adjustment program from the U.S. Census Bureau, estimated using the most recent 10 years of transaction data. Due to distortions of seasonal patterns caused by financial crises, seasonal factors for affected series are extrapolated using pre-crisis data until several years of post-crisis data are available. Seasonally adjusted levels shown in table D.3 are derived by carrying forward year-end levels by seasonally adjusted transactions. ■ ■ ■ The purchase of consumer durables is treated as investment rather than as consumption. Nonfinancial noncorporate businesses (which are often small businesses) are shown in a separate sector rather than being included in the household sector. Some debt securities are recorded at book value rather than market value. Seasonal Adjustment vi Data Revisions Data shown for the most recent quarters are based on preliminary and potentially incomplete information. A summary list of the most recent data available for each sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are revised on an ongoing basis. In each release of the Financial Accounts, major revisions are highlighted at the beginning of the publication. Discrepancies The data in the Financial Accounts come from a large variety of sources and are subject to limitations and uncertainty due to measurement errors, missing information, and incompatibilities among data sources. The size of this uncertainty cannot be quantified, but its existence is acknowledged by the inclusion of “statistical discrepancies” for various sectors and financial instruments. The discrepancy for a given sector is defined as the difference between the aggregate value of the sector’s sources of funds and the value of its uses of funds. Sources of funds are gross savings less net capital transfers paid and net increase in liabilities and equity; uses of funds are capital expenditures and the net acquisition of financial assets. If a sector’s sources of funds are greater than its uses of funds, the sector is a net lender of funds in the accounts. In the reverse case, the sector would be a net borrower of funds. Most of the data for deriving gross savings come from the BEA’s NIPA. For a financial instrument category, the discrepancy is defined as the difference between the measurement of funds raised through the financial instrument and funds disbursed through that instrument. The relative size of the statistical discrepancy is one indication of the quality of the underlying source data. Note that differences in seasonal adjustment procedures sometimes result in quarterly discrepancies that partially or completely offset each other in the annual data. Financial Accounts Guide Substantially more detail on the construction of the Financial Accounts is available in the Financial Accounts Guide, which provides interactive, online documentation for each data series. The tools and descriptions in the guide are designed to help users understand the structure and content of the Financial Accounts. Each input and calculated series in the Z.1 is identified according to a unique string of patterned numbers and letters. The series structure page of the guide provides a breakdown of what the letters and numbers represent in the series mnemonics. Some data submissions to international organizations are also available in the guide. The guide is updated with the quarterly release and is available online: www.federalreserve.gov/apps/fof Enhanced Financial Accounts and Data Visualization Additional supplementary information is available online in the Enhanced Financial Accounts, which augment the Financial Accounts with finer detail, additional types of activities, higher-frequency data, and more-disaggregated data. Links to the Enhanced Financial Accounts are available from both the Financial Accounts Guide page and the main release page. In addition, interactive online data visualizations are available for selected components of the Financial Accounts and Enhanced Financial Accounts. Links are available also on the same pages. Production Schedule The Financial Accounts are published four times per year, about 10 weeks following the end of each calendar quarter. The publication is available online: www.federalreserve.gov/releases/Z1 This website also provides CSV files of quarterly data for transactions at a seasonally adjusted annual rate, unadjusted transactions, levels outstanding, balance sheets, debt tables, supplementary tables, and the IMA. In addition, the data are available as customizable datasets through the Federal Reserve Board’s Data Download Program online: www.federalreserve.gov/datadownload/default.htm Print Subscription Information The Federal Reserve Board charges a fee for subscriptions to print versions of statistical releases. Inquiries regarding print versions should be directed to the following office: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3245 vii Description of Most Recent Data Available Sector Table National income and product accounts (NIPA) (various tables) Households and nonprofit organizations sector (tables F.101 and L.101) Available at time of publication Second estimate, seasonally adjusted, for 2022:Q3. Corporate profits through 2022:Q3 (preliminary). Government receipts and expenditures unadjusted transactions from 1952:Q1 forward. GDP and income unadjusted transactions from 2002:Q1 forward. Many BEA series are downloaded via Haver Analytics. Estimates are largely residual, derived from other sectors’ data. Data for consumer credit, which are estimated directly, are available through 2022:Q3. Internal Revenue Service Statistics of Income (IRS/SOI) data for Section 501(c)(3-9) nonprofit organizations and private foundations and Section 4947(a)(1) Nonexempt Charitable Trusts are available through 2018 (table B.101.n). Data on hedge funds from SEC forms PF and ADV through 2022:Q2 (table B.101.f). Nonfinancial corporate business (tables F.103 and L.103) Quarterly Financial Report (QFR) of the Census Bureau through 2022:Q3; IRS/SOI data through 2020. Securities offerings, mortgages, bank loans, commercial paper, and other loans through 2022:Q3. Corporate farm data through 2021; USDA forecast through 2022:Q3. Nonfinancial noncorporate business (tables F.104 and L.104) IRS/SOI data through 2020; bank and finance company loans, and mortgage borrowing through 2022:Q3. Noncorporate farm data through 2021; USDA forecast through 2022:Q3. Federal government (tables F.106 and L.106) Monthly Treasury Statement of Receipts and Outlays and Monthly Statement of the Public Debt through 2022:Q3. Loan program data through 2022:Q2. State and local governments (tables F.107 and L.107) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2022:Q3. Data for total financial assets from Census Bureau through 2019:Q2. Additional financial asset detail from comprehensive annual financial reports of state and local governments through 2011:Q2. Monetary authority (tables F.109 and L.109) All data through 2022:Q3. U.S.-chartered depository institutions (tables F.111 and L.111) All data through 2022:Q3. Foreign banking offices in U.S. (tables F.112 and L.112) All data through 2022:Q3. Banks in U.S.-affiliated areas (tables F.113 and L.113) All data through 2022:Q3. Credit unions (tables F.114 and L.114) Credit Union National Association and corporate Call Reports through 2022:Q3; Natural person Call Reports through 2022:Q2. Property-casualty insurance companies (tables F.115 and L.115) All data through 2022:Q3 (excluding NJ-domiciled firms). viii Sector Table Available at time of publication Life insurance companies (tables F.116 and L.116) All data through 2022:Q3 (NJ-domiciled firms extrapolated). Private pension funds (tables F.118 and L.118) Internal Revenue Service/Department of Labor Form 5500 data through 2020. Investment Company Institute data through 2022:Q2. BEA annual actuarial liability data through 2021:Q4. Federal government retirement funds (tables F.119 and L.119) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2022:Q3. BEA annual actuarial liability data through 2021:Q4. State and local government employee retirement funds (tables F.120 and L.120) Census Bureau Annual Survey of Public Pensions through 2021:Q2. Quarterly Survey of Public Pensions through 2022:Q2. Investment Company Institute data through 2022:Q2. BEA annual actuarial liability data through 2021:Q4. Money market funds (tables F.121 and L.121) All data through 2022:Q3. Mutual funds (tables F.122 and L.122) All data through 2022:Q3. Closed-end funds (tables F.123 and L.123) All data through 2022:Q3. Exchange-traded funds (tables F.124 and L.124) All data through 2022:Q3. Government-sponsored enterprises (GSEs) (tables F.125 and L.125) Data for Fannie Mae, Freddie Mac, REFCORP, Farmer Mac, FCS, and FHLB through 2022:Q3. Agency- and GSE-backed mortgage pools (tables F.126 and L.126) Data for Freddie Mac, Fannie Mae, Farmer Mac, and Ginnie Mae through 2022:Q3. Issuers of asset-backed securities (ABS) (tables F.127 and L.127) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2022:Q3. Finance companies (tables F.128 and L.128) All data through 2022:Q3. Real estate investment trusts (REITs) (tables F.129 and L.129) All data through 2022:Q3. Security brokers and dealers (tables F.130 and L.130) FOCUS reports through 2022:Q3; FOGS reports through 2022:Q2. Holding companies (table F.131 and L.131) All data through 2022:Q3. Other financial business (tables F.132 .and L.132) Estimates are largely residual, derived from other sectors’ data. Financial statements of central clearing parties through 2022:Q3. Rest of the world (tables F.133 and L.133) NIPA estimates, depository institutions’ Call Reports, and Treasury International Capital System through 2022:Q3. International investment position and international transaction accounts through 2022:Q2. ix List of Data Tables Title Table Page Summaries Financial Accounts Matrix—Transactions 1 Financial Accounts Matrix—Levels 3 Debt Growth by Sector D.1 5 Borrowing by Sector D.2 6 Debt Outstanding by Sector D.3 7 Derivation of U.S. Net Wealth B.1 8 Distribution of Gross Domestic Product F.2 9 Distribution of National Income F.3 10 Saving and Investment F.4 11 Net Capital Transfers F.5 12 Derivation of Measures of Personal Saving F.6 13 Assets and Liabilities of the Personal Sector L.6 14 Transactions Title Levels Table Page Table Page F.100 15 L.100 77 Households and Nonprofit Organizations F.101 16 L.101 78 Nonfinancial Business F.102 17 L.102 79 Nonfinancial Corporate Business F.103 18 L.103 80 Nonfinancial Noncorporate Business F.104 19 L.104 81 F.105 20 L.105 82 Federal Government F.106 21 L.106 83 State and Local Governments F.107 22 L.107 84 F.108 23 L.108 85 Monetary Authority F.109 24 L.109 86 Private Depository Institutions F.110 25 L.110 87 U.S.-Chartered Depository Institutions F.111 26 L.111 88 Foreign Banking Offices in U.S. F.112 27 L.112 89 Banks in U.S.-Affiliated Areas F.113 28 L.113 90 Credit Unions F.114 29 L.114 90 Sectors Domestic Nonfinancial General Government Domestic Financial x Sectors Property-Casualty Insurance Companies F.115 29 L.115 91 Life Insurance Companies F.116 30 L.116 92 Life Insurance Companies: General Accounts F.116.g 31 L.116.g 93 Life Insurance Companies: Separate Accounts F.116.s 31 L.116.s 93 F.117 32 L.117 94 F.118 33 L.118 95 Private Pension Funds: Defined Benefit Plans F.118.b 34 L.118.b 96 Private Pension Funds: Defined Contribution Plans F.118.c 34 L.118.c 96 F.119 35 L.119 97 Federal Government Employee Retirement Funds: Defined Benefit Plans F.119.b 36 L.119.b 98 Federal Government Employee Retirement Funds: Defined Contribution Plans F.119.c 37 L.119.c 98 F.120 37 L.120 99 State and Local Government Employee Retirement Funds: Defined Benefit Plans F.120.b 38 L.120.b 100 State and Local Government Employee Retirement Funds: Defined Contribution Plans F.120.c 38 L.120.c 100 Money Market Funds F.121 39 L.121 101 Mutual Funds F.122 39 L.122 101 Closed-End Funds F.123 40 L.123 102 Exchange-Traded Funds F.124 40 L.124 102 Government-Sponsored Enterprises F.125 41 L.125 103 Agency- and GSE-Backed Mortgage Pools F.126 41 L.126 103 Issuers of Asset-Backed Securities F.127 42 L.127 104 Finance Companies F.128 43 L.128 105 Real Estate Investment Trusts (REITs) F.129 44 L.129 106 Equity Real Estate Investment Trusts F.129.e 45 L.129.e 107 Mortgage Real Estate Investment Trusts F.129.m 45 L.129.m 107 Security Brokers and Dealers F.130 46 L.130 108 Holding Companies F.131 47 L.131 109 Other Financial Business F.132 48 L.132 110 F.133 49 L.133 111 Private and Public Pension Funds Private Pension Funds Federal Government Employee Retirement Funds State and Local Government Employee Retirement Funds Rest of the World xi Instruments U.S. Official Reserve Assets and SDR Allocations F.200 50 L.200 112 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 50 L.201 112 U.S. Deposits in Foreign Countries F.202 50 L.202 112 Net Interbank Transactions F.203 51 L.203 113 Checkable Deposits and Currency F.204 52 L.204 114 Time and Savings Deposits F.205 53 L.205 115 Money Market Fund Shares F.206 53 L.206 115 Federal Funds and Security Repurchase Agreements F.207 54 L.207 116 Debt Securities F.208 55 L.208 117 Open Market Paper F.209 56 L.209 118 Treasury Securities F.210 57 L.210 119 Agency- and GSE-Backed Securities F.211 58 L.211 120 Municipal Securities F.212 59 L.212 121 Corporate and Foreign Bonds F.213 60 L.213 122 F.214 61 L.214 123 Depository Institution Loans Not Elsewhere Classified F.215 62 L.215 124 Other Loans and Advances F.216 63 L.216 125 Total Mortgages F.217 64 L.217 126 One-to-four-family Residential Mortgages F.218 65 L.218 127 Multifamily Residential Mortgages F.219 65 L.219 127 Commercial Mortgages F.220 66 L.220 128 Farm Mortgages F.221 66 L.221 128 F.222 67 L.222 129 Corporate Equities F.223 68 L.223 130 Mutual Fund Shares F.224 68 L.224 130 Trade Credit F.225 69 L.225 131 Life Insurance Reserves F.226 69 L.226 131 Pension Entitlements F.227 70 L.227 132 Taxes Payable by Businesses F.228 70 L.228 132 Proprietors' Equity in Noncorporate Business F.229 70 L.229 132 Direct Investment F.230 71 L.230 133 Loans Consumer Credit xii Instruments Total Miscellaneous Financial Claims F.231 72 L.231 134 Identified Miscellaneous Financial Claims—Part I F.232 73 L.232 135 Identified Miscellaneous Financial Claims—Part II F.233 74 L.233 136 Unidentified Miscellaneous Financial Claims F.234 75 L.234 137 Sector Discrepancies F.7 76 Instrument Discrepancies F.8 76 Balance Sheet Title Change in Net Worth Table Page Table Page Households and Nonprofit Organizations B.101 138 R.101 141 Nonfinancial Corporate Business B.103 139 R.103 142 Nonfinancial Noncorporate Business B.104 140 R.104 143 Table Page Balance Sheet and Change in Net Worth Title Supplementary Tables Balance Sheet of Households B.101.h 144 Balance Sheet of Nonprofit Organizations B.101.n 145 Balance Sheet of Households and Nonprofit Organizations with Debt and Equity Holdings Detail B.101.e 146 Balance Sheet of Domestic Hedge Funds B.101.f 147 Gross Fixed Investment F.4.g 148 Consumption of Fixed Capital F.4.c 149 Net Fixed Investment F.4.f 150 Net Stocks of Fixed Assets, current cost L.4.s 151 xiii Title Table Page Total Economy—Current Account S.1.a 152 Selected Aggregates for Total Economy and Sectors S.2.a 153 Households and Nonprofit Institutions Serving Households S.3.a 155 Nonfinancial Noncorporate Business S.4.a 158 Nonfinancial Corporate Business S.5.a 161 Financial Business S.6.a 164 Central Bank S.61.a 167 Private Depository Institutions S.62.a 169 Insurance Companies S.63.a 172 Pension Funds S.64.a 175 Other Financial Business S.65.a 178 Federal Government S.7.a 181 State and Local Governments S.8.a 184 Rest of the World S.9.a 187 Integrated Macroeconomic Accounts for the United States xiv Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets Net lending (+) or net borrowing (-) Net acquisition of financial assets Net increase in liabilities and equity U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment: debt U.S. direct investment: equity Foreign direct investment: debt Foreign direct investment: equity Miscellaneous Sector discrepancies (1 less 4) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 223.8 726.7 514.6 8.2 31.0 325.2 --5.9 ----53.5 -867.5 --679.5 22.6 -102.4 -108.1 96.4 -92.0 6.1 -1.6 ----0.2 -1097.6 788.7 101.4 -- 1627.9 2869.6 -- 4678.5 3050.7 1918.6 925.7 220.6 --14.3 ---- U (1) -- --6.9 --------1.5 -1.6 ----1.6 -1235.0 53.1 95.6 840.3 246.0 ---------- --1241.8 -------- 4902.4 2068.3 2834.1 S (2) Households and Nonprofit Organziations 26.8 -102.8 23.1 598.7 -----39.0 347.0 --386.7 27.0 2.1 19.1 5.0 0.8 -10.5 --10.4 0.0 ---23.8 -219.6 94.1 103.3 -11.9 188.0 1680.0 -- 2830.8 2642.8 -174.2 2481.3 -19.1 6.4 ---- U (3) -- -338.1 -509.9 ---18.9 -21.7 --19.6 360.6 97.7 215.4 6.0 --10.5 198.9 667.4 -123.8 361.8 429.4 -- ---------- --1492.0 -------- 2857.7 2191.6 666.1 S (4) Nonfinancial Business ---- -262.5 -0.0 -10.6 ---137.2 ------84.1 0.0 --0.0 -0.0 176.4 -115.0 6.0 55.4 114.1 -----1323.9 1.4 --- -2723.8 -1242.7 -- -2370.4 353.3 -0.4 362.0 --9.0 U (5) -- --64.5 0.3 --------379.8 1683.4 -1683.8 -0.4 --0.0 -0.0 0.0 -- 112.8 0.0 -0.1 ------- --1481.1 -------- -2632.9 322.7 -2955.6 S (6) Federal Government -2.4 -3.4 1.2 32.0 --5.3 -----65.1 332.4 4.0 383.9 -39.8 3.8 -19.5 7.7 --7.7 -- -----115.8 -31.2 15.3 10.0 173.2 550.0 -- 634.8 461.6 -8.1 436.5 -17.0 ---- U (7) -- --54.3 --------253.1 69.0 ---69.0 -0.5 -0.5 --- ---------- --376.9 -------- 632.4 324.4 308.0 S (8) State and Local Governments -14.2 620.5 538.9 649.5 31.0 325.2 -131.9 -5.9 -39.0 347.0 --421.2 -508.1 6.1 -276.5 -12.3 -97.8 -127.6 290.9 -207.0 30.2 53.8 114.1 --23.5 -109.1 853.0 220.1 -1.9 -734.8 3856.9 -- 5773.7 6508.5 1918.6 1108.5 3500.4 -19.1 0.1 ---- U (9) -- -338.1 -635.6 0.3 --18.9 -21.7 --19.6 360.6 -27.5 1966.2 6.0 1683.8 -0.4 77.9 198.9 1902.8 -70.6 457.9 1269.7 246.0 112.8 0.0 -0.1 ------- --4591.7 -------- 5759.5 4906.9 852.6 S (10) Domestic Nonfinancial Sectors (Billions of dollars; seasonally adjusted) Financial Accounts Matrix--Transactions for 2021 -373.0 86.1 -328.9 35.8 39.5 88.5 ---8.3 79.1 --798.9 3084.5 19.2 1320.7 641.8 174.0 928.8 1791.7 128.2 240.9 1230.4 192.2 -0.1 0.0 0.4 -2.2 609.3 55.0 -130.9 198.7 1116.6 380.5 7513.6 -- 711.3 330.7 -7.6 323.1 --- ---- U (11) -- 843.8 215.7 89.7 48.0 369.7 -9.8 15.8 --4.9 20.1 728.9 799.1 -46.2 -612.9 -232.4 152.7 46.5 115.4 -9.1 -- ----693.3 230.7 758.2 439.5 1732.5 --7133.1 -------- 338.2 288.4 49.8 S (12) Domestic Financial Sectors 525.2 -0.1 -----0.1 ---- U (13) 339.6 -46.1 5.8 80.8 -1.4 -1.6 ----24.5 380.8 3.8 700.8 1.9 639.6 -17.0 1.8 74.5 122.1 -122.1 --- 112.8 ---66.9 66.0 36.2 20.8 281.4 -- 154.8 -3.4 20.7 42.4 ---47.4 426.1 --11.1 511.8 67.4 ---444.4 149.1 152.4 -3.2 --- 114.0 --48.4 -----106.2 --1328.1 -------- 864.9 -864.9 S (14) Rest of the World 525.4 1853.5 -- General Notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, December 9, 2022 -47.6 660.5 215.7 766.1 69.1 412.0 -131.9 -5.9 -47.4 426.1 24.5 380.8 1223.9 3277.1 27.3 1683.8 612.5 77.9 875.6 2204.7 128.2 570.0 1260.5 246.0 226.8 0.0 0.4 21.3 676.2 230.1 758.2 439.5 1396.2 171.2 13224.1 -- 7010.2 6839.1 1918.6 1116.1 3823.5 -19.1 -- ---- U (15) All Sectors ---- -47.6 ---37.3 --103.2 ------511.4 ------------ ---0.5 27.1 17.1 0.6 --230.1 -171.2 --- -47.6 123.5 ------ (17) Summary -- 660.5 215.7 728.7 69.1 412.0 -28.7 -5.9 -47.4 426.1 24.5 380.8 712.5 3277.1 27.3 1683.8 612.5 77.9 875.6 2204.7 128.2 570.0 1260.5 246.0 226.8 0.0 -0.1 48.4 693.3 230.7 758.2 439.5 1626.3 --13052.9 -------- 6962.6 5195.4 1767.2 S (16) Instrument Discrepancy 1 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets Net lending (+) or net borrowing (-) Net acquisition of financial assets Net increase in liabilities and equity U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment: debt U.S. direct investment: equity Foreign direct investment: debt Foreign direct investment: equity Miscellaneous Sector discrepancies (1 less 4) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 ---- 157005005 153064105 153064205 163070005 153040005 153050005 -152090205 ----153090005 154022005 -153061105 153061705 153062005 153063005 154023005 -153069005 153065005 163066223 ---153091003 -153020005 153030005 153034005 -- 155000005 154090005 -- 155090005 155050005 155111003 155012005 165013005 -155420003 U (1) -- --163170005 --------543077073 163162003 ---163162003 -154123005 153168005 153169005 153165005 153166000 ---------- --154190005 -------- 156000105 156300005 156006305 S (2) Households and Nonprofit Organziations ---- 107005005 103064103 103064203 143070005 ----103092305 103092105 --143090005 144022005 103069100 143061105 103061703 143062005 -144023005 --143065005 143066005 ---103091003 -143020005 143030005 143034005 102051003 145000005 144090005 -- 145090005 145050005 -145012005 145013005 145020005 105420005 U (3) -- 103164103 -143170005 --143178005 112090205 --143192305 143192105 143190005 104122005 103169100 --103162000 103163003 144123005 143168005 143169005 143165005 -- ---------- --144194005 -------- 146000105 146300005 146006305 S (4) Nonfinancial Business ---- 317005005 313064105 -313070000 --313078000 -----313090005 314022005 --313061703 -313063763 314023005 -313069005 313065005 313066220 313011005 ----313020005 313030003 --- 315000005 314090005 -- 315090005 315050005 -315012065 315013005 -315420003 U (5) -- --313170005 313140003 -------313190005 314122005 -313161105 313161705 --314123005 -313169003 313165403 -- 313111303 713014003 313112003 ------- --314190005 -------- 316000105 316300001 316006305 S (6) Federal Government ---- 217005005 213064103 213064203 213070003 --213078005 -----213093003 214022005 213069103 213061105 213061703 213062003 213063003 213065005 --213065005 -- -----213020005 213030000 213034003 212051003 215000005 214090005 -- 215090005 215050005 -215012063 215013005 -215420003 U (7) -- --213170003 --------223073045 213162005 ---213162005 -213169203 -213169203 --- ---------- --214190005 -------- 216000105 216300001 216006305 S (8) State and Local Governments ---- 387005005 383064105 383064205 383070005 153040005 153050005 383078005 152090205 103092305 103092105 --383090005 384022005 383069105 383061105 383061705 383062005 383063005 384023005 -383069005 383065005 383066005 313011005 --383091005 -383020005 383030005 383034005 382051005 385000005 384090005 -- 385090005 385050005 155111003 385012005 385013005 145020005 385420005 U (9) -- 103164103 -383170005 313140003 -143178005 112090205 --143192305 143192105 383190005 384122005 103169100 313161105 313161705 383162005 103163003 384123005 383168005 383169005 383165005 153166000 313111303 713014003 313112003 ------- --384194005 -------- 386000105 386300005 386006305 S (10) Domestic Nonfinancial Sectors Financial Accounts Matrix--Transactions ---- 797005005 793064105 793064205 793070005 793040005 543050005 --793092305 793092105 --793090005 794022005 793069175 793061105 793061705 793062005 793063005 794023005 793068005 793069005 793065005 793066005 713011005 713014003 713012003 793091005 794010005 793020005 793030005 793034005 792050005 795000005 794090005 -- 795090005 795019005 -125012063 795013005 --- U (11) S (12) -- 793164105 653164205 793170005 543140005 583150005 793178005 662090003 --793192305 793192105 793190005 794122005 793169175 -423161705 -793163005 794123005 793168005 793169005 123165005 -- ----794110005 793120005 703130005 634090005 792150005 --794194005 -------- 796000105 796300005 796006305 Domestic Financial Sectors General Notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, December 9, 2022 ---- 267005005 263064105 263064203 263070005 543141905 543151905 ----263092303 263092101 263090005 264022005 263069103 263061105 263061705 263062003 263063005 263069500 -263069500 --- 263011005 ---264016005 263020005 263030005 263034003 262051005 265000005 264090005 -- 265090005 265420005 ----265420005 U (13) -- 263164100 -263170005 263140005 263150005 --263192305 263192101 --263190005 264122005 263169105 ---263163005 264123005 263168005 263169005 --- 263111005 --263191005 ----262151003 --264194005 -------- 266000105 -266000105 S (14) Rest of the World ---- 897005005 893064105 653164205 893070005 893140005 893150005 893078005 152090205 263192305 263192101 263092303 263092101 893090005 894122005 893169175 313161105 893161705 383162005 893063005 894123005 793068005 893169005 893065005 153166000 893011005 713014003 713012003 893091005 894010005 893020005 703130005 634090005 892050005 895000005 894090005 -- 895090005 895050005 155111003 885012005 885013005 145020005 -- U (15) S (16) -- 893064105 653164205 893170005 893140005 893150005 893178005 152090205 263192305 263192101 263092303 263092101 893190005 894122005 893169175 313161105 893161705 383162005 893163005 894123005 793068005 893169005 893065005 153166000 893111005 713014003 313112003 263191005 794110005 793120005 703130005 634090005 892150005 --894194005 -------- 896000105 886300005 896006305 All Sectors ---- 907005005 --903070005 --903078005 -----903090005 ------------ --903012005 903091005 904010005 903020005 --902050005 905000005 --- 907005005 906000105 ------ (17) Instrument Discrepancy Summary 2 Total liabilities and equity Total liabilities U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. Funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment: debt U.S. direct investment: equity Foreign direct investment: debt Foreign direct investment: equity Miscellaneous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 1420.3 -- -- -- -- 15531.1 -- 31677.5 1944.9 291.5 12755.8 31940.7 22.4 86.6 1241.7 -- 1350.7 231.3 1806.0 255.2 590.9 -- 2883.4 -- 2803.3 11215.9 4280.2 -- 48.2 -- -- -- -- -- 118143.6 A (1) -- 38.1 -- -- -- -- -- -- -- -- 383.7 -- -- 4430.8 12012.6 869.8 423.8 17737.1 -- 200.1 -- -- -- 200.1 -- -- -- -- -- -- -- -- -- 18358.9 18358.9 L (2) Households and Nonprofit Organizations 9566.2 -- -- 8044.9 13.4 -- -- -- -- 5325.2 446.6 3124.4 35.8 109.8 -- -- 145.7 -- 21.0 28.6 162.1 253.0 464.7 25.1 932.6 1540.6 2353.6 -- 158.8 -- -- -- -- -- 32141.8 -- 10317.2 11341.0 335.5 -- -- 15425.0 431.9 -- -- 3789.5 -- 51408.0 -- 5800.2 2740.0 2642.5 11182.7 6739.4 615.0 -- -- 138.2 7492.7 -- -- -- -- -- -- -- -- -- 33549.5 111723.5 L (4) Nonfinancial Business A (3) Financial Accounts Matrix--Levels for 2021 253.7 -- -- -- -- -- 473.1 -- -- 95.5 -- 33.2 1436.4 133.1 534.9 -- 2104.4 0.5 -- 0.0 -- -- 0.5 -- -- 2.4 410.1 -- -- -- -- 219.9 -- -- 3592.6 A (5) -- 2006.2 -- -- -- -- -- -- -- 52.6 513.0 -- -- -- 0.0 0.0 -- 0.0 -- -- 19.8 25284.7 -- 25304.5 -- -- -- -- -- -- 23.0 5.2 160.8 28065.3 28065.3 L (6) Federal Government 127.0 -- -- -- -- -- 201.7 -- -- 268.4 128.0 306.4 -- 269.0 -- -- 269.0 192.4 22.2 415.3 1440.7 81.1 2151.8 189.2 55.3 382.4 345.6 -- -- -- -- -- -- -- 4424.9 A (7) 3506.6 -- -- -- -- -- -- -- -- 1155.2 -- -- -- -- 22.6 -- 22.6 -- 3251.6 -- -- -- 3251.6 -- -- -- -- -- -- -- -- -- 7936.0 7936.0 -- L (8) State and Local Governments 11367.1 -- -- 8044.9 13.4 15531.1 674.8 31677.5 1944.9 5980.6 13330.4 35404.7 1494.6 598.6 1776.6 -- 3869.8 424.2 1849.3 699.1 2193.7 334.1 5500.4 214.4 3791.2 13141.3 7389.5 -- 207.0 -- -- 219.9 -- -- 158303.0 A (9) -- 15868.1 11341.0 335.5 -- -- 15425.0 431.9 -- 52.6 5841.4 -- 51408.0 4430.8 17812.8 3632.3 3066.4 28942.3 6739.4 4066.7 19.8 25284.7 138.2 36248.9 -- -- -- -- -- -- 23.0 5.2 160.8 87909.7 166083.7 L (10) Domestic Nonfinancial Sectors 16856.5 -- -- 1704.7 2.8 -- -- 380.0 556.1 412.1 7716.4 31165.8 2936.2 17461.6 2512.8 4345.0 27255.6 10643.8 2469.5 8844.1 15700.9 616.9 38275.3 4655.4 1256.5 604.3 758.8 3747.5 19.4 50.8 5.2 31.2 -- -- 135454.4 A (11) L (12) -- 10017.6 1761.4 170.5 -- -- 106.1 139.8 31888.0 2344.0 487.0 22208.8 16624.9 -- 247.4 1630.5 426.1 2304.0 4555.8 -- 10679.4 -- 529.4 15764.6 4681.9 5205.5 14438.3 9359.0 3951.5 -- -- -- -- 122960.5 141452.9 Domestic Financial Sectors (Billions of dollars; amounts outstanding end of period, not seasonally adjusted) 241.0 13102.4 505.9 -- -- -- -- 0.7 0.2 511.1 1162.0 13484.4 -- -- 1026.1 -- 1026.1 4359.9 110.4 1250.3 7747.7 138.3 13606.6 1365.4 157.7 692.7 1209.1 219.8 -- -- -- 160.8 -- -- 47446.0 A (13) 431.6 -- -- 9749.7 16.3 -- -- 170.2 104.6 84.8 -- 12022.1 -- -- 52.6 852.6 905.2 3810.7 -- -- -- 421.7 4232.4 1173.0 -- -- -- -- 857.2 -- -- 240.1 8215.3 29987.0 -- L (14) Rest of the World 28464.6 13102.4 505.9 9749.7 16.3 15531.1 674.8 32058.2 2501.2 6903.8 22208.8 80054.9 4430.8 18060.2 5315.5 4345.0 32151.5 15427.9 4429.2 10793.5 25642.3 1089.4 57382.3 6235.2 5205.5 14438.3 9357.4 3967.2 226.4 50.8 5.2 411.9 -- -- 341203.4 A (15) L (16) -- 26317.3 13102.4 505.9 9749.7 16.3 15531.1 571.8 32058.2 2501.2 6413.2 22208.8 80054.9 4430.8 18060.2 5315.5 4345.0 32151.5 15106.0 4066.7 10699.1 25284.7 1089.4 56245.8 5854.9 5205.5 14438.3 9359.0 3951.5 857.2 23.0 5.2 400.9 219085.5 337523.6 All Sectors -2147.3 -- -- -- -- -- -103.1 -- -- -490.6 -- -- -- -- -- -- -- -321.9 -362.5 -94.3 -357.6 -- -1136.4 -380.3 -- -- 1.6 -15.7 630.8 -27.8 -- -11.0 -- -- -3679.8 (17) Instrument Discrepancy Summary General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 24), equity in noncorporate business (line 30), and foreign direct investment in the U.S. (FDI) equity (line 34) for domestic sectors or U.S. direct investment abroad equity for the rest of the world (line 32). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets 1 Z.1, December 9, 2022 3 Total liabilities and equity Total liabilities U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. Funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment: debt U.S. direct investment: equity Foreign direct investment: debt Foreign direct investment: equity Miscellaneous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 153090005 -- -- -- -- 152090205 -- 153050005 153040005 163070005 153064205 153064105 163066223 153065005 153069005 -- 154023005 153063005 153062005 153061705 153061105 -- 154022005 -- 153034005 153030005 153020005 -- 153091003 -- -- -- -- -- 154090005 A (1) -- 543077073 -- -- -- -- -- -- -- -- 163170005 -- -- 153166000 153165005 153169005 153168005 154123005 -- 163162003 -- -- -- 163162003 -- -- -- -- -- -- -- -- -- 154190005 154190005 L (2) Households and Nonprofit Organizations 143090005 -- -- 103092105 103092305 -- -- -- -- 143070005 103064203 103064103 143066005 143065005 -- -- 144023005 -- 143062005 103061703 143061105 103069100 144022005 102051003 143034005 143030005 143020005 -- 103091003 -- -- -- -- -- 144090005 A (3) -- 143190005 143192105 143192305 -- -- 112090205 143178005 -- -- 143170005 -- 103164103 -- 143165005 143169005 143168005 144123005 103163003 103162000 -- -- 103169100 104122005 -- -- -- -- -- -- -- -- -- 144190005 144194005 L (4) Nonfinancial Business 313090005 -- -- -- -- -- 313078000 -- -- 313070000 -- 313064105 313066220 313065005 313069005 -- 314023005 313063763 -- 313061703 -- -- 314022005 -- -- 313030003 313020005 -- -- -- -- 313011005 -- -- 314090005 A (5) -- 313190005 -- -- -- -- -- -- -- 313140003 313170005 -- -- -- 313165403 313169003 -- 314123005 -- -- 313161705 313161105 -- 314122005 -- -- -- -- -- -- 313112003 713014003 313111303 314190005 314190005 L (6) Federal Government 213093003 -- -- -- -- -- 213078005 -- -- 213070003 213064203 213064103 -- 213065005 -- -- 213065005 213063003 213062003 213061703 213061105 213069103 214022005 212051003 213034003 213030000 213020005 -- -- -- -- -- -- -- 214090005 A (7) -- 223073045 -- -- -- -- -- -- -- -- 213170003 -- -- -- -- 213169203 -- 213169203 -- 213162005 -- -- -- 213162005 -- -- -- -- -- -- -- -- -- 214190005 214190005 L (8) State and Local Governments 383090005 -- -- 103092105 103092305 152090205 383078005 153050005 153040005 383070005 383064205 383064105 383066005 383065005 383069005 -- 384023005 383063005 383062005 383061705 383061105 383069105 384022005 382051005 383034005 383030005 383020005 -- 383091005 -- -- 313011005 -- -- 384090005 A (9) -- 383190005 143192105 143192305 -- -- 112090205 143178005 -- 313140003 383170005 -- 103164103 153166000 383165005 383169005 383168005 384123005 103163003 383162005 313161705 313161105 103169100 384122005 -- -- -- -- -- -- 313112003 713014003 313111303 384190005 384194005 L (10) Domestic Nonfinancial Sectors Financial Accounts Matrix--Levels 793090005 -- -- 793092105 793092305 -- -- 543050005 793040005 793070005 793064205 793064105 793066005 793065005 793069005 793068005 794023005 793063005 793062005 793061705 793061105 793069175 794022005 792050005 793034005 793030005 793020005 794010005 793091005 713012003 713014003 713011005 -- -- 794090005 A (11) L (12) -- 793190005 793192105 793192305 -- -- 662090003 793178005 583150005 543140005 793170005 653164205 793164105 -- 123165005 793169005 793168005 794123005 793163005 -- 423161705 -- 793169175 794122005 792150005 634090005 703130005 793120005 794110005 -- -- -- -- 794190005 794194005 Domestic Financial Sectors 263090005 263092101 263092303 -- -- -- -- 543151905 543141905 263070005 263064203 263064105 -- -- 263069500 -- 263069500 263063005 263062003 263061705 263061105 263069103 264022005 262051005 263034003 263030005 263020005 264016005 -- -- -- 263011005 -- -- 264090005 A (13) L (14) -- 263190005 -- -- 263192101 263192305 -- -- 263150005 263140005 263170005 -- 263164100 -- -- 263169005 263168005 264123005 263163005 -- -- -- 263169105 264122005 262151003 -- -- -- -- 263191005 -- -- 263111005 264190005 264194005 Rest of the World 893090005 263092101 263092303 263192101 263192305 152090205 893078005 893150005 893140005 893070005 653164205 893064105 153166000 893065005 893169005 793068005 894123005 893063005 893062005 893061705 893061105 893169175 894022005 892050005 634090005 703130005 893020005 894010005 893091005 713012003 713014003 893011005 -- -- 894090005 A (15) L (16) -- 893190005 263092101 263092303 263192101 263192305 152090205 893178005 893150005 893140005 893170005 653164205 893064105 153166000 893065005 893169005 793068005 894123005 893163005 383162005 893161705 313161105 893169175 894122005 892150005 634090005 703130005 793120005 794110005 263191005 313112003 713014003 893111005 894190005 894194005 All Sectors General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 24), equity in noncorporate business (line 30), and foreign direct investment in the U.S. (FDI) equity (line 34) for domestic sectors or U.S. direct investment abroad equity for the rest of the world (line 32). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets 1 Z.1, December 9, 2022 903090005 -- -- -- -- -- 903078005 -- -- 903070005 -- -- -- -- -- -- -- 903063003 903062003 903061703 903061103 -- 904022005 902050005 -- -- 903020005 904010005 903091005 903012005 -- 903011005 -- -- 907005015 (17) Instrument Discrepancy Summary 4 5 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total FG384104005 Households One-to-four-family Consumer Total res. mortgages credit FG154104005 FG153165105 FG153166000 Business Total FG144104005 Corporate FG104104005 Federal government FG314104005 State and local governments FG214104005 Domestic financial sectors FG794104005 Rest of the world FG264104005 1988 1989 1990 1991 1992 9.19 7.50 6.56 4.74 4.67 9.76 9.38 6.83 5.63 5.21 11.79 10.94 8.85 7.01 6.49 6.67 6.30 1.87 -1.07 1.13 9.96 6.27 3.62 -2.12 -0.30 10.99 7.30 5.38 -2.10 0.60 8.61 7.63 10.99 11.18 10.92 5.98 5.31 5.00 9.23 1.53 12.68 10.28 8.58 6.87 8.09 0.36 -0.28 5.06 2.74 4.50 1993 1994 1995 1996 1997 5.77 5.20 4.90 5.23 5.57 6.09 7.53 6.98 7.05 6.55 5.51 5.56 4.86 6.18 6.11 7.44 15.23 14.39 9.05 5.52 3.07 5.41 5.87 5.51 8.53 5.23 7.10 6.58 5.26 8.62 8.40 5.11 4.38 4.60 1.46 5.29 -3.95 -5.49 -1.96 4.95 11.43 13.62 11.90 13.04 12.07 15.67 -2.99 15.90 14.19 10.36 1998 1999 2000 2001 2002 6.74 6.70 4.78 5.77 6.70 8.04 9.38 8.82 8.62 9.82 8.08 9.35 8.65 10.55 13.26 7.22 7.80 11.36 8.65 5.56 11.68 10.36 8.95 4.80 2.22 11.01 9.41 8.03 3.28 -0.09 -0.26 -0.68 -6.30 1.35 6.81 6.20 3.26 1.43 8.80 11.09 19.56 16.64 11.33 10.98 8.69 4.93 2.77 7.36 -1.26 7.51 2003 2004 2005 2006 2007 7.83 9.12 8.74 8.56 8.17 12.32 11.57 10.75 10.64 7.14 14.49 13.44 13.76 11.19 7.20 5.30 5.57 4.52 5.18 6.11 1.15 5.77 8.00 9.99 12.54 0.13 3.29 5.37 7.68 11.71 9.50 8.31 6.61 3.92 4.66 8.32 11.55 6.63 4.39 6.32 11.19 9.27 8.97 10.63 13.50 1.73 7.99 7.82 21.42 15.44 2008 2009 2010 2011 2012 5.74 3.65 4.35 3.63 4.72 -0.04 0.43 -0.61 0.13 0.53 0.74 0.88 -1.50 -0.59 -1.09 1.31 -3.58 -1.10 4.13 5.76 5.77 -3.94 -0.72 2.43 5.67 4.10 -4.92 -0.87 4.98 6.40 21.44 20.41 18.53 10.82 10.12 1.40 4.79 2.86 -1.01 -0.05 4.22 -9.73 -4.18 -2.91 -0.56 -10.39 14.53 9.53 7.23 8.26 2013 2014 2015 2016 2017 4.20 3.80 4.37 4.35 4.22 2.35 1.18 2.25 3.10 3.91 -0.12 -0.05 1.27 2.06 3.06 6.10 7.09 7.05 6.95 5.34 4.89 6.79 7.03 5.10 6.09 6.23 6.80 7.85 3.31 4.29 6.67 5.37 5.02 5.56 3.74 -0.17 -2.25 0.48 1.02 -0.03 1.89 2.24 1.66 2.64 2.53 8.82 8.83 -0.66 1.28 11.66 2018 2019 2020 2021 4.75 4.68 12.45 6.31 3.11 3.25 3.84 7.38 2.96 2.81 4.29 7.69 4.51 4.62 -0.29 5.88 4.52 4.88 9.20 4.96 4.07 6.66 10.37 5.45 7.58 6.58 24.06 7.13 -1.24 -0.05 2.93 2.17 1.70 2.75 6.25 5.57 6.55 1.82 2.43 14.66 2017 -- Q1 Q2 Q3 Q4 2.42 4.93 4.54 4.70 3.64 3.90 2.75 5.13 3.41 2.80 2.74 3.18 5.38 4.53 4.62 6.43 5.82 6.97 5.57 5.38 3.95 5.84 3.69 3.32 -0.66 5.18 6.25 4.02 -2.18 -0.57 -0.45 3.08 2.70 3.42 4.40 -0.47 9.59 7.26 7.82 19.08 2018 -- Q1 Q2 Q3 Q4 5.68 4.40 4.50 4.04 3.29 3.15 3.25 2.63 2.76 3.26 3.29 2.42 4.81 2.99 4.74 5.19 4.61 3.37 5.00 4.61 4.34 2.32 4.83 4.22 10.38 7.18 5.92 6.01 -2.65 0.12 0.31 -2.74 1.28 0.65 1.96 2.88 10.56 5.88 6.82 2.62 2019 -- Q1 Q2 Q3 Q4 4.32 3.78 6.33 3.98 2.11 4.05 3.16 3.54 2.36 3.29 3.00 2.47 4.63 4.01 4.91 4.62 6.86 4.17 5.85 2.31 9.84 5.48 8.29 2.45 5.17 4.17 10.42 5.95 -2.20 -1.80 0.79 3.02 1.83 3.58 4.58 0.92 -4.88 9.23 1.78 0.89 2020 -- Q1 Q2 Q3 Q4 10.08 27.37 4.76 5.80 3.68 -0.38 5.74 6.14 3.50 3.04 5.58 4.77 1.08 -6.75 2.38 2.21 19.10 15.66 0.27 0.92 27.40 15.68 -2.87 0.48 9.26 64.61 7.48 9.91 0.96 3.53 5.57 1.55 29.81 -10.82 -0.20 6.71 -9.11 4.60 0.67 13.50 2021 -- Q1 Q2 Q3 Q4 5.22 7.19 3.44 8.82 6.85 7.40 6.42 8.08 5.58 8.01 8.09 8.23 4.18 6.51 5.38 6.94 4.90 2.39 5.23 6.96 5.31 2.33 7.13 6.61 4.55 11.21 0.08 12.06 3.40 3.22 2.97 -0.98 5.90 5.21 3.96 6.76 22.89 8.09 19.02 6.20 2022 -- Q1 Q2 Q3 8.34 6.49 4.86 8.25 7.37 6.26 8.63 8.62 6.61 8.41 8.66 6.96 7.84 7.74 5.33 8.07 7.95 5.29 10.22 5.56 4.19 -2.83 1.61 -0.58 13.26 7.33 6.59 8.79 7.79 7.22 1. Debt securities and loans. Data shown are on an end-of-period basis. Summary Z.1, December 9, 2022 Summary 6 Z.1, December 9, 2022 D.2 Borrowing by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total FA384104005 Households One-to-four-family Consumer Total res. mortgages credit FA154104005 FA153165105 FA153166000 Business Total FA144104005 Corporate FA104104005 Federal government FA314104005 State and local governments FA214104005 Domestic financial sectors FA794104005 Rest of the world FA264104005 1988 1989 1990 1991 1992 823.4 733.3 690.7 532.9 549.8 274.9 290.9 231.3 205.2 200.7 215.6 224.9 200.0 174.5 173.0 46.6 47.0 15.1 -8.8 9.2 310.3 214.1 132.1 -80.0 -11.1 225.5 165.3 132.0 -54.2 15.2 187.9 180.9 280.2 316.6 343.8 50.4 47.4 47.1 91.2 16.5 247.6 226.3 210.8 183.4 230.8 1.1 -1.0 17.9 10.1 16.9 1993 1994 1995 1996 1997 711.5 678.3 672.9 755.3 846.2 247.1 324.0 323.0 349.0 347.9 156.5 166.8 154.0 205.2 216.1 61.4 135.0 147.0 105.7 70.3 113.3 206.4 236.5 235.7 384.1 133.2 191.0 190.2 162.6 279.6 293.2 193.5 174.2 191.1 63.4 57.9 -45.5 -60.8 -20.5 50.8 354.1 470.9 468.5 574.8 601.5 62.0 -14.5 75.3 85.5 71.4 1998 1999 2000 2001 2002 1081.1 1146.1 873.9 1106.0 1357.0 455.2 573.8 590.0 628.6 777.5 303.2 379.4 383.5 508.2 706.2 97.1 112.4 176.5 150.6 105.2 570.5 565.1 542.0 316.8 152.9 387.8 367.9 346.1 153.0 -4.5 -11.4 -30.1 -275.0 55.2 282.1 66.8 37.3 16.9 105.5 144.6 1088.1 1106.8 878.5 949.7 838.8 37.6 22.3 57.2 -10.5 62.3 2003 2004 2005 2006 2007 1692.9 2127.8 2294.3 2443.4 2532.7 1070.8 1131.6 1175.9 1289.7 958.0 874.1 929.4 1081.2 1000.3 715.5 105.9 117.2 100.4 120.1 150.2 80.9 412.2 606.8 818.2 1129.5 6.1 158.2 268.3 403.9 663.5 420.7 402.8 346.9 219.1 270.4 120.5 181.2 164.7 116.4 174.8 1174.3 1069.8 1132.7 1456.4 2042.8 16.3 91.4 98.9 283.9 251.7 2008 2009 2010 2011 2012 1923.7 1287.4 1576.4 1368.4 1836.4 -5.1 60.8 -85.5 17.6 72.8 79.1 92.7 -156.3 -58.7 -107.0 34.3 -94.6 -28.2 109.4 158.7 585.0 -421.9 -73.2 244.5 584.5 259.8 -324.4 -53.9 302.7 408.6 1302.5 1505.8 1645.9 1138.7 1180.6 41.3 142.8 89.2 -32.4 -1.5 730.0 -1744.4 -670.6 -437.5 -81.5 -203.6 227.0 187.7 162.5 204.0 2013 2014 2015 2016 2017 1702.6 1599.7 1907.9 1975.1 1996.4 320.5 163.4 315.9 440.4 570.7 -11.8 -4.8 119.5 196.0 295.7 177.6 219.1 233.5 236.2 194.3 530.2 771.8 852.5 660.1 828.2 420.7 487.2 601.1 271.7 364.1 857.3 735.9 724.6 842.7 598.6 -5.4 -71.5 14.9 31.9 -1.1 270.1 324.7 245.6 391.4 381.5 244.7 255.8 -21.0 39.5 371.1 2018 2019 2020 2021 2349.2 2439.2 6790.9 3869.1 471.5 507.1 618.1 1233.4 294.2 286.5 449.2 839.2 172.7 185.2 -12.0 246.0 658.6 758.9 1500.3 882.9 365.4 645.1 1071.2 621.0 1258.1 1174.9 4581.2 1683.4 -39.0 -1.6 91.2 69.4 262.3 431.0 1005.3 951.9 244.3 70.7 103.3 660.9 2017 -- Q1 Q2 Q3 Q4 1148.2 2350.5 2192.3 2294.6 531.2 574.7 408.6 768.0 329.0 272.2 268.3 313.4 195.7 167.0 172.2 242.3 791.5 965.8 786.0 769.5 335.5 503.9 323.4 293.8 -105.8 827.9 1011.9 660.6 -68.7 -17.9 -14.2 96.4 406.8 518.9 672.5 -72.1 305.2 240.6 267.5 671.1 2018 -- Q1 Q2 Q3 Q4 2809.7 2205.3 2295.5 2086.4 498.6 480.5 499.9 407.1 274.3 325.9 331.4 245.2 184.2 116.0 185.1 205.5 670.9 497.0 758.4 708.0 389.9 210.4 457.0 404.5 1723.7 1224.1 1027.5 1057.1 -83.5 3.8 9.7 -85.8 196.9 100.4 303.1 448.8 393.9 223.8 258.9 100.8 2019 -- Q1 Q2 Q3 Q4 2250.0 1992.8 3364.7 2149.2 328.6 634.4 500.4 564.9 240.7 337.8 310.6 256.8 185.4 162.7 200.9 191.7 1066.7 659.3 935.5 373.9 952.3 543.2 833.6 251.2 923.1 754.8 1904.6 1116.9 -68.5 -55.8 24.3 93.5 286.4 563.2 726.7 147.6 -189.9 362.6 73.0 37.1 2020 -- Q1 Q2 Q3 Q4 5500.8 15309.8 2846.5 3506.4 592.8 -61.4 931.1 1010.1 367.1 321.4 593.4 514.7 45.2 -284.2 98.6 92.1 3115.3 2674.9 48.2 162.9 2829.8 1730.0 -329.2 54.3 1762.8 12586.2 1691.9 2283.8 29.9 110.2 175.3 49.6 4796.9 -1870.5 -33.7 1128.5 -386.9 186.2 28.5 585.6 2021 -- Q1 Q2 Q3 Q4 3201.4 4469.8 2175.2 5629.8 1144.5 1256.9 1110.5 1421.6 608.6 886.6 913.5 948.1 174.8 275.3 231.3 302.5 872.4 431.4 948.9 1278.7 605.1 269.0 827.9 781.9 1075.6 2677.5 18.9 2961.7 108.9 104.0 96.9 -32.1 1008.8 903.7 695.5 1199.3 1032.0 376.3 922.5 312.8 2022 -- Q1 Q2 Q3 5437.6 4317.7 3284.3 1479.1 1342.0 1162.4 1014.2 1027.2 804.8 372.5 391.7 321.5 1464.9 1480.4 1039.7 969.4 980.9 666.6 2586.3 1443.1 1101.2 -92.7 52.2 -18.9 2395.4 1368.8 1253.6 451.8 384.8 343.9 (1) Debt securities and loans. 7 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Total LA384104005 Households One-to-four-family Consumer Total res. mortgages credit LA154104005 LA153165105 LA153166000 Business Total LA144104005 Corporate LA104104005 Federal government LA314104005 State and local governments LA214104005 Domestic financial sectors LA794104005 Rest of the world LA264104005 1988 1989 1990 1991 1992 9777.6 10527.9 11245.9 11775.5 12328.5 3100.6 3384.0 3644.4 3853.2 4053.9 2054.8 2260.1 2489.3 2667.4 2840.4 745.2 809.3 824.4 815.6 824.8 3414.5 3653.1 3783.3 3696.4 3688.4 2265.2 2455.2 2585.4 2526.6 2545.0 2369.6 2550.5 2830.8 3147.4 3491.1 893.0 940.4 987.4 1078.6 1095.1 2200.9 2455.7 2669.7 2852.0 3098.3 351.9 354.8 368.7 375.5 395.5 1993 1994 1995 1996 1997 13054.8 13739.4 14428.1 15185.0 16029.2 4303.3 4627.3 4950.2 5313.3 5661.2 2999.2 3165.9 3319.9 3538.1 3754.2 886.2 1021.2 1168.2 1273.9 1344.2 3814.1 4026.9 4279.2 4502.4 4884.5 2690.7 2888.0 3094.0 3244.2 3521.7 3784.3 3977.8 4152.0 4343.1 4406.5 1153.0 1107.5 1046.7 1026.2 1076.9 3457.8 3936.8 4408.2 4983.0 5564.4 484.8 473.4 602.5 689.1 763.6 1998 1999 2000 2001 2002 17110.2 18288.4 19172.2 20261.2 21618.2 6116.4 6687.9 7287.8 7916.4 8693.8 4057.4 4434.5 4816.8 5324.9 6031.1 1441.3 1553.6 1741.3 1891.8 1997.0 5454.9 6054.5 6596.5 6896.3 7049.2 3909.5 4311.7 4657.8 4793.9 4789.4 4395.1 4365.0 4090.0 4145.2 4427.3 1143.8 1181.0 1197.9 1303.4 1447.9 6652.5 7757.0 8647.6 9653.2 10492.0 806.0 776.7 837.1 829.5 944.5 2003 2004 2005 2006 2007 23343.4 26255.1 28536.4 30997.4 33506.8 9782.8 10939.6 12115.6 13420.8 14350.6 6914.9 7859.1 8940.4 9940.3 10625.0 2102.9 2220.1 2320.6 2456.7 2609.5 7144.2 7580.4 8187.2 9007.5 10141.9 4809.6 4991.9 5260.1 5665.1 6335.1 4848.0 5250.9 5584.8 5803.9 6074.3 1568.4 2484.2 2648.8 2765.2 2940.0 11541.6 12626.2 13704.4 15128.5 17282.0 1144.4 1265.4 1325.7 1630.2 1959.7 2008 2009 2010 2011 2012 35292.0 36260.7 37678.6 38891.6 40549.2 14218.7 14056.6 13865.1 13734.5 13666.8 10577.3 10441.3 9992.3 9785.5 9537.1 2643.8 2555.0 2646.8 2756.2 2912.9 10715.2 10197.4 10065.7 10303.0 10849.2 6589.9 6181.1 6079.0 6381.8 6756.7 7376.8 8882.6 10528.6 11667.3 12847.8 2981.3 3124.0 3219.3 3186.8 3185.4 17931.2 16052.0 15022.8 14506.4 14288.7 1562.1 1968.9 2247.7 2469.8 2775.5 2013 2014 2015 2016 2017 42147.3 43699.6 45423.9 47362.5 49469.3 13899.1 14017.6 14190.1 14600.5 15145.4 9437.0 9387.3 9492.8 9658.8 9928.8 3090.5 3309.5 3400.2 3636.4 3830.8 11363.1 12132.5 12944.8 13598.5 14562.8 7165.9 7653.6 8219.2 8486.3 8988.2 13705.1 14441.1 15165.6 16008.3 16606.9 3179.9 3108.4 3123.3 3155.2 3154.1 14497.9 14803.0 14818.2 15081.8 15426.9 2897.5 3207.8 3101.1 3182.7 3730.0 2018 2019 2020 2021 52128.9 54553.2 61340.0 65191.2 15602.0 16093.3 16708.0 17937.1 10204.4 10475.1 10916.1 11751.1 4007.0 4192.2 4184.9 4430.8 15546.7 16306.4 17806.2 18675.4 9680.2 10327.1 11398.4 12005.9 17865.0 19039.9 23621.1 25304.5 3115.1 3113.5 3204.8 3274.2 15673.9 16094.1 17093.4 18068.6 3891.1 4248.6 4508.7 5137.5 2017 -- Q1 Q2 Q3 Q4 47707.3 48286.9 48828.5 49469.3 14726.7 14862.8 14958.9 15145.4 9734.4 9794.9 9855.9 9928.8 3685.4 3727.1 3770.2 3830.8 13860.7 14101.7 14297.8 14562.8 8635.0 8760.9 8841.8 8988.2 15981.8 16188.8 16441.8 16606.9 3138.0 3133.5 3130.0 3154.1 15157.9 15283.6 15448.1 15426.9 3313.9 3421.4 3518.3 3730.0 2018 -- Q1 Q2 Q3 Q4 50167.9 51036.5 51612.1 52128.9 15266.5 15377.7 15504.8 15602.0 9993.8 10070.3 10147.7 10204.4 3876.8 3901.8 3955.7 4007.0 14730.3 15180.7 15370.0 15546.7 9085.7 9464.8 9579.1 9680.2 17037.9 17343.9 17600.8 17865.0 3133.2 3134.2 3136.6 3115.1 15474.0 15492.1 15564.6 15673.9 3806.3 3795.5 3853.0 3891.1 2019 -- Q1 Q2 Q3 Q4 52687.8 53182.0 54019.5 54553.2 15679.0 15833.8 15955.5 16093.3 10259.4 10340.1 10414.4 10475.1 4053.4 4094.1 4144.3 4192.2 15815.0 15979.5 16213.2 16306.4 9920.1 10055.9 10264.3 10327.1 18095.8 18284.5 18760.7 19039.9 3098.0 3084.1 3090.1 3113.5 15739.0 15880.3 16059.7 16094.1 3929.9 4114.9 4175.4 4248.6 2020 -- Q1 Q2 Q3 Q4 55930.2 59755.7 60465.0 61340.0 16243.5 16226.3 16457.0 16708.0 10564.2 10642.7 10789.0 10916.1 4208.2 4137.2 4161.8 4184.9 17085.1 17753.7 17765.6 17806.2 11034.6 11467.1 11384.8 11398.4 19480.6 22627.1 23050.1 23621.1 3121.0 3148.5 3192.4 3204.8 17291.2 16822.1 16812.2 17093.4 4047.1 4268.7 4338.5 4508.7 2021 -- Q1 Q2 Q3 Q4 62139.2 63255.6 63801.4 65191.2 16993.0 17306.2 17582.9 17937.1 11067.1 11287.8 11515.3 11751.1 4228.5 4297.4 4355.2 4430.8 18024.2 18132.0 18372.2 18675.4 11549.6 11616.9 11826.8 12005.9 23890.0 24559.3 24564.1 25304.5 3232.0 3258.0 3282.2 3274.2 17345.0 17570.5 17735.7 18068.6 4654.5 4850.0 5043.7 5137.5 2022 -- Q1 Q2 Q3 66549.7 67642.9 68463.1 18220.0 18554.6 18844.3 11917.7 12173.6 12374.0 4524.0 4621.9 4702.3 19127.7 19512.4 19772.3 12334.4 12594.4 12761.0 25951.1 26311.8 26587.1 3251.0 3264.1 3259.3 18667.2 19009.2 19322.4 4939.1 4761.8 4666.7 (1) Debt securities and loans. Data are shown on an end-of-period basis. Summary Z.1, December 9, 2022 Summary 8 Z.1, December 9, 2022 B.1 Derivation of U.S. Net Wealth Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 U.S. net wealth (1) Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL892090005 115337.9 136706.6 121444.5 127876.2 130726.9 136706.6 137526.9 131583.8 131464.0 1 2 3 4 5 6 LM152010005 LM155035005 LM165015205 LM165013765 LM155111005 Households’ direct holdings of nonfinancial assets Real estate Equipment (nonprofits) Intellectual property products (nonprofits) Consumer durable goods 43580.9 50337.4 44957.3 46813.0 48629.2 50337.4 52174.4 53809.3 54791.9 36756.7 42479.8 37985.0 39481.9 41024.8 42479.8 44056.3 45540.9 46360.6 482.2 517.4 492.7 493.4 504.1 517.4 532.2 548.8 561.9 207.5 218.6 208.8 211.6 215.1 218.6 221.9 225.9 230.1 6134.4 7121.6 6270.8 6626.1 6885.2 7121.6 7364.1 7493.6 7639.3 2 3 4 5 6 7 8 9 10 11 LM112010005 LM115035005 LM115015205 LM115013765 LM115020005 Nonfin. noncorporate businesses nonfinancial assets Real estate Equipment Intellectual property products Inventories 15577.7 18284.3 15956.6 16640.6 17595.8 18284.3 18745.2 19369.3 19779.4 7 14100.0 16651.7 14436.3 15096.7 16016.9 16651.7 17003.4 17517.5 17834.9 8 913.3 1000.4 937.9 944.1 969.0 1000.4 1087.7 1179.5 1264.0 9 322.4 347.9 325.6 331.2 339.1 347.9 358.7 371.2 383.2 10 242.0 284.3 256.8 268.6 270.8 284.3 295.4 301.2 297.3 11 12 LM662090003 Fin. noncorporate businesses nonfinancial assets (2) 13 14 15 LM882010405 LM102010405 LM792010405 Domestic corporations’ nonfinancial assets Nonfinancial corporations’ nonfinancial assets (3) Financial corporations’ nonfinancial assets (3) 16 17 18 19 LM315015005 LM315015605 LM315013265 LM315013765 Federal government nonfinancial assets (4) Structures Equipment Intellectual property products 20 21 22 23 LM212010095 LM215015605 LM215013265 LM215013765 State and local governments nonfinancial assets (4) Structures Equipment Intellectual property products 24 FL882090265 25 26 27 FL264194005 LM263164100 FL264194035 U.S. financial claims on the rest of the world U.S. holdings of foreign corporate equities Other U.S. financial claims 26313.2 29987.0 27349.5 28885.1 29112.6 29987.0 28587.2 25501.3 23948.6 25 10615.0 12022.1 11098.2 11810.5 11789.4 12022.1 11420.2 9935.5 9180.4 26 15698.2 17965.0 16251.3 17074.6 17323.2 17965.0 17167.0 15565.7 14768.2 27 28 29 30 FL264090005 LM263064105 FL264090035 Less: Foreign financial claims on U.S. Foreign holdings of U.S. corporate equities Other foreign financial claims 40516.5 47446.0 41832.6 44299.9 44819.8 47446.0 45596.6 40992.3 39964.3 28 10673.4 13484.4 11409.0 12336.0 12378.2 13484.4 12616.7 10602.7 10281.4 29 29843.1 33961.6 30423.6 31963.8 32441.5 33961.6 32979.9 30389.6 29682.9 30 31 32 33 FL892090005 FC892090005 PC892090005 A. U.S. net wealth (line 1) Change in U.S. net wealth Percent change in U.S. net wealth 115337.9 136706.6 121444.5 127876.2 130726.9 136706.6 137526.9 131583.8 131464.0 31 10923.4 21368.7 6106.6 6431.7 2850.7 5979.7 820.3 -5943.1 -119.9 32 10.46 18.53 5.29 5.30 2.23 4.57 0.60 -4.32 -0.09 33 34 35 36 FL152090005 FC152090005 PC152090005 B. Household net worth (5) Change in household net worth Percent change in household net worth 131344.3 150122.1 136219.6 142158.8 145305.9 150122.1 149953.8 143670.4 143278.4 34 14805.0 18777.9 4875.3 5939.2 3147.1 4816.3 -168.3 -6283.5 -392.0 35 12.70 14.30 3.71 4.36 2.21 3.31 -0.11 -4.19 -0.27 36 Net U.S. financial claims on the rest of the world 90.3 106.1 93.8 98.0 99.6 106.1 94.9 93.9 97.5 12 53978.6 67189.7 58240.7 62545.4 62463.7 67189.7 64648.4 54236.1 52767.7 13 50888.9 61297.3 53671.3 57445.5 57308.8 61297.3 57910.4 48012.1 46141.0 14 3089.7 5892.3 4569.4 5099.8 5154.9 5892.3 6738.0 6224.0 6626.7 15 3756.8 1724.4 844.3 1188.1 4034.8 1882.7 892.4 1259.6 3805.6 1750.9 854.3 1200.4 3882.6 1798.0 865.5 1219.1 3947.4 1834.6 878.0 1234.8 4034.8 1882.7 892.4 1259.6 4140.0 1943.2 912.8 1284.0 4255.8 2010.8 935.5 1309.5 4321.1 2048.3 937.7 1335.1 16 17 18 19 12556.9 14213.3 12873.6 13311.4 13698.3 14213.3 14733.4 15310.5 15722.0 20 12133.4 13757.0 12445.4 12875.5 13251.5 13757.0 14267.6 14835.2 15238.6 21 268.4 288.9 271.4 276.2 283.6 288.9 295.8 302.8 307.7 22 155.1 167.4 156.9 159.8 163.2 167.4 170.0 172.6 175.7 23 -14203.3 -17459.0 -14483.1 -15414.8 -15707.1 -17459.0 -17009.4 -15491.1 -16015.7 24 Memo: (1) U.S. net wealth measures the value of tangible assets controlled by the household and nonprofit organizations, noncorporate business, and government sectors of the U.S. economy and the market value of domestic nonfinancial and financial corporations, net of U.S. financial obligations to the rest of the world (sum of lines 2+7+12+13+16+20+24). (2) Assumed to be equal to proprietors’ equity in noncorporate brokers and dealers. (3) Estimated as the market value of corporate equity, plus foreign direct investment (equity), plus total liabilities, less total financial assets. (4) Excludes land and nonproduced nonfinancial assets. (5) Household net worth is calculated as the difference between total assets and liabilities of the household and nonprofit organizations sector. See table B.101. Summary 9 Z.1, December 9, 2022 F.2 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Q1 1 FA086902005 2 FA156901001 3 4 5 FA155011001 FA156901035 FA156901041 6 FA835019905 7 FA835019005 8 9 10 11 12 FA835013001 FA165013005 FA105013005 FA115013005 FA795013005 13 14 15 16 17 FA835012001 FA155012005 FA105012005 FA115012005 FA125012063 18 19 20 FA145020005 FA105020005 FA115020005 21 Gross domestic product (GDP) Personal consumption expenditures (2) Durable goods Nondurable goods Services Q2 Q3 Q4 Q1 2022 Q2 Q3 21060.5 23315.1 22313.9 23046.9 23550.4 24349.1 24740.5 25248.5 25699.0 1 14116.2 15902.6 15131.5 15813.5 16147.3 16518.0 16874.8 17261.3 17517.1 2 1646.8 2060.2 3023.3 3436.3 9446.0 10406.1 1990.9 2113.5 2035.0 2101.6 2183.9 2181.8 2198.6 3274.4 3416.4 3482.2 3572.1 3659.3 3771.9 3792.8 9866.2 10283.6 10630.2 10844.3 11031.6 11307.7 11525.7 3 4 5 3642.9 4113.5 3902.3 3943.4 4109.1 4499.2 4671.0 4609.9 4584.8 6 3698.7 4132.6 4004.1 4102.8 4164.3 4259.2 4413.6 4464.6 4499.9 7 Nonresidential Nonprofit organizations (4) Nonfinancial corporate business Nonfinancial noncorporate business Financial institutions 2797.9 209.2 1989.4 302.2 297.2 3025.0 220.6 2157.8 323.5 323.1 2934.6 219.5 2084.1 307.8 323.2 3007.3 210.1 2141.3 328.1 327.8 3046.3 219.1 2175.6 331.1 320.5 3111.8 234.0 2230.0 327.0 320.9 3225.0 240.8 2309.3 342.3 332.5 3292.2 244.3 2358.4 353.5 335.9 3394.1 8 248.9 9 2428.3 10 368.3 11 348.6 12 Residential Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs 900.8 746.5 8.8 142.7 2.8 1107.6 925.7 5.9 168.3 7.6 1069.5 900.9 0.2 166.5 1.9 1095.6 910.9 7.4 166.2 11.1 1118.0 928.5 15.2 167.8 6.6 1147.3 962.6 1.0 172.8 10.9 1188.6 995.0 12.2 178.9 2.5 1172.4 960.1 33.6 173.7 5.0 1105.8 901.2 39.6 165.3 -0.2 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business -55.8 -44.2 -11.6 -19.1 -14.6 -4.5 -101.8 -86.3 -15.5 -159.4 -135.3 -24.1 -55.2 -46.3 -8.9 240.0 209.4 30.6 257.4 225.4 32.0 145.4 130.8 14.6 84.9 18 80.3 19 4.6 20 FA266903005 Net U.S. exports of goods and services -627.5 -861.7 -808.6 -834.4 -889.1 -914.7 -1116.7 -1035.6 -889.5 21 22 23 FA266903011 FA266903001 Exports - Imports 2148.6 2776.1 2539.6 3401.4 2369.1 3177.7 2503.1 3337.5 2553.3 3442.5 2733.0 3647.7 2811.2 3927.9 3038.8 4074.4 3067.6 22 3957.1 23 24 FA366902005 3928.9 4160.7 4088.7 4124.4 4183.1 4246.7 4311.4 4412.8 4486.5 24 25 26 27 FA366901005 FA316901001 FA216901001 Consumption expenditures (5) Federal State and local 3138.4 1169.6 1968.8 3353.7 1246.8 2106.9 3290.7 1263.9 2026.7 3327.4 1249.0 2078.4 3373.1 1230.6 2142.5 3423.8 1243.7 2180.1 3482.1 1243.5 2238.5 3573.9 1248.3 2325.6 3622.9 25 1278.0 26 2344.8 27 28 29 30 FA365019005 FA315019001 FA215019001 Gross investment (5) Federal State and local 790.5 351.0 439.6 807.0 362.4 444.6 798.0 356.3 441.7 797.0 359.0 438.0 810.1 365.0 445.1 822.9 369.1 453.8 829.3 369.6 459.7 838.9 374.4 464.5 863.7 28 378.9 29 484.8 30 197.0 971.3 774.3 173.1 1087.0 913.9 197.3 1057.5 860.1 145.7 1062.8 917.0 167.8 1106.8 939.0 181.5 1120.9 939.5 188.7 1147.1 958.4 207.9 1231.3 1023.3 169.5 31 1291.2 32 1121.7 33 Gross private domestic investment Fixed investment (3) Government consumption expenditures and gross investment 13 14 15 16 17 Memo: 31 32 33 FA266904005 FA266904001 FA266904101 Net U.S. income receipts from rest of world U.S. income receipts - U.S. income payments 34 FA086902105 Gross national product (GNP) = GDP + net U.S. income receipts 35 36 37 38 39 FA155420003 FA105420005 FA315420003 FA215420003 FA265420005 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business Federal government State and local governments Rest of the world 21257.4 23488.2 22511.2 23192.7 23718.3 24530.6 24929.2 25456.4 25868.5 34 -14.0 0.0 -2.9 16.6 0.2 -14.3 6.4 -9.0 17.0 -0.1 -14.1 15.5 -18.0 16.8 -0.2 (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Component of personal outlays, found on table F.101, line 4. (3) Structures, equipment, and intellectual property products. (4) Included in the households and nonprofit organizations sector (table F.101). (5) Government inventory investment is included in consumption expenditures. -14.2 -2.5 -0.1 16.9 -0.2 -14.3 15.3 -18.0 17.1 -0.1 -14.5 -2.7 -0.0 17.2 -0.0 -14.7 321.9 -324.3 17.4 -0.3 -14.8 14.7 -17.3 17.6 -0.1 -14.9 87.8 -90.5 17.6 0.0 35 36 37 38 39 Summary 10 Z.1, December 9, 2022 F.3 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Q1 National income Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA086010005 2 3 4 FA156025105 FA156020101 FA156401101 Compensation of employees Wages and salaries Supplements to wages and salaries 17894.6 19785.5 19054.5 19441.6 19976.1 20669.9 21092.6 21483.6 21619.1 1 11592.7 12538.5 12058.5 12369.8 12681.3 13044.4 13259.7 13415.2 13632.7 9457.4 10290.1 9851.2 10138.5 10422.3 10748.4 10925.5 11058.0 11245.9 2135.4 2248.4 2207.3 2231.3 2259.0 2296.0 2334.2 2357.1 2386.8 2 3 4 5 6 FA146111105 FA116112101 Proprietors’ income with IVA and CCAdj Rental income of persons with CCAdj 1643.1 719.8 1753.6 723.8 1655.0 719.4 1776.9 713.5 1792.7 722.7 1789.8 739.6 1811.4 744.9 1835.4 775.9 1859.0 794.9 5 6 7 FA096060035 Corporate profits with IVA and CCAdj 2260.1 2771.1 2588.2 2786.8 2843.5 2865.9 2869.6 3001.3 2969.7 7 8 FA096060025 Corporate profits with IVA 2373.5 2881.2 2688.6 2883.1 2951.8 3001.4 3081.6 3252.7 3257.6 8 9 10 11 12 FA096060005 FA106060005 FA796060005 FA266060005 Profits before tax Domestic nonfinancial Domestic financial Rest of the world 2399.8 1455.6 514.6 429.6 3138.1 2140.7 585.0 412.4 2938.0 1972.2 530.4 435.4 3209.4 2242.2 587.5 379.7 3214.2 2194.2 608.3 411.7 3190.7 2154.4 613.6 422.7 3328.5 2298.2 593.4 436.9 3521.8 2507.0 552.4 462.3 3316.4 9 2334.0 10 524.8 11 457.6 12 13 14 15 FA096231001 FA106231005 FA796231003 Less: Taxes on corporate income Domestic nonfinancial Domestic financial 288.9 204.0 84.9 388.2 280.9 107.3 350.8 254.6 96.2 385.1 278.7 106.4 387.1 275.6 111.5 430.0 314.9 115.1 495.1 395.9 99.2 478.7 399.7 79.0 452.3 13 360.0 14 92.3 15 16 17 18 19 20 FA096060015 FA096121073 FA106121075 FA796121073 FA266121073 Equals: Profits after tax Net dividends Domestic nonfinancial Domestic financial Rest of the world 2110.9 1541.3 850.2 371.4 319.7 2749.8 1659.3 1042.2 359.4 257.7 2587.2 1567.5 972.8 312.1 282.6 2824.3 1645.6 1071.1 358.4 216.2 2827.1 1693.8 998.3 361.3 334.2 2760.8 1730.2 1126.5 405.8 197.9 2833.4 1743.6 960.4 382.9 400.3 3043.1 1740.4 939.8 398.6 402.0 2864.0 1687.0 925.4 418.2 343.5 16 17 18 19 20 21 22 23 24 FA096006401 FA106006405 FA796006403 FA266006403 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 569.6 401.4 58.3 109.9 1090.6 817.7 118.2 154.7 1019.7 744.8 122.1 152.8 1178.6 892.4 122.7 163.5 1133.3 920.3 135.5 77.5 1030.6 713.1 92.7 224.8 1089.8 941.9 111.3 36.6 1302.7 1167.5 74.8 60.4 1177.0 1048.5 14.3 114.2 21 22 23 24 25 FA105020601 Inventory valuation adjustment (IVA) -26.4 -256.9 -249.4 -326.3 -262.4 -189.4 -246.9 -269.1 -58.8 25 26 27 28 FA096310003 FA106310005 FA796310003 Capital consumption adjustment (CCAdj) Domestic nonfinancial Domestic financial -113.4 -41.9 -71.4 -110.1 -37.3 -72.8 -100.4 -29.1 -71.3 -96.3 -25.6 -70.6 -108.3 -35.6 -72.7 -135.5 -59.0 -76.4 -212.0 -128.9 -83.1 -251.4 -163.3 -88.1 -287.9 26 -194.6 27 -93.4 28 29 FA086130003 Net interest and miscellaneous payments 30 FA366240005 Taxes on production and imports 31 FA366402005 32 33 34 35 36 665.8 644.1 681.1 651.6 622.0 621.5 630.2 608.2 513.8 29 1526.3 1663.4 1583.7 1676.7 1680.0 1713.2 1750.1 1775.5 1791.7 30 Less: Subsidies 657.3 481.9 390.0 702.5 546.3 289.0 145.2 123.5 114.1 31 FA146403005 FA156403101 FA366403145 FA266403101 Business current transfer payments (net) To persons (net) To government (net) To rest of the world (net) 144.1 44.1 97.5 2.5 171.0 71.0 97.4 2.7 158.8 59.5 100.1 -0.7 169.5 76.0 96.9 -3.3 176.9 75.2 96.3 5.3 178.8 73.2 96.3 9.3 170.1 71.1 95.1 3.9 198.7 74.1 117.4 7.2 177.7 69.8 96.8 11.1 FA366402105 Current surplus of government enterprises -0.1 2.1 -0.1 -0.7 3.3 5.8 1.8 -3.0 32 33 34 35 -6.4 36 Memo: Calculation of gross domestic product from National income: 37 FA086010005 National Income, from line 1 above 38 39 40 FA836300005 FA366300005 FA087005005 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 41 FA266904005 Less: Net U.S. income receipts from rest of world 42 FA086902005 Equals: Gross domestic product (2) 17894.6 19785.5 19054.5 19441.6 19976.1 20669.9 21092.6 21483.6 21619.1 37 2971.8 605.9 -214.9 3184.5 647.1 -128.9 3064.4 626.1 -233.8 3136.0 639.4 -24.3 3222.5 653.2 -133.5 3315.2 669.7 -124.2 3422.4 691.2 -277.0 3530.9 711.2 -269.3 3631.2 38 726.4 39 -108.2 40 197.0 173.1 197.3 145.7 167.8 181.5 188.7 207.9 169.5 41 21060.5 23315.1 22313.9 23046.9 23550.4 24349.1 24740.5 25248.5 25699.0 42 (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National income (line 37) to Gross domestic product (line 42) is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. Summary 11 Z.1, December 9, 2022 F.4 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 1 FA886000115 Gross saving 2 3 4 5 6 7 8 9 10 FA896006005 FA836006005 FA826006005 FA106012005 FA796012005 FA156006005 FA366006005 FA316006005 FA216006005 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local 11 12 13 14 15 16 17 18 19 20 FA886300095 FA836300005 FA826300003 FA106300003 FA116300001 FA796300081 FA156300003 FA366300005 FA316300001 FA216300001 Consumption of fixed capital Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 21 FA885090015 22 23 24 25 26 27 28 29 30 31 FA885019905 FA835019905 FA825019905 FA105019985 FA115050085 FA795013005 FA155019005 FA365019005 FA315019001 FA215019001 Gross domestic investment Gross private domestic investment Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Gross government investment Federal State and local 32 33 34 35 36 37 38 39 40 41 FA265430003 FA835430005 FA825430005 FA105430005 FA115440005 FA795440005 FA155430005 FA365430005 FA315430005 FA215430005 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 42 43 44 45 46 47 48 49 50 51 FA885000905 FA835000905 FA825000905 FA105000995 FA115000905 FA795000905 FA155000905 FA365000905 FA315000905 FA215000905 Net lending (+) or net borrowing (-), NIPAs (3) Private Domestic business Nonfinancial corporate business (3) Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 52 FA087005005 Statistical discrepancy (line 21 less line 1) 53 54 55 56 57 58 59 FA895404005 FA835404005 FA825404003 FA155404003 FA365404005 FA315404003 FA215404003 Gross domestic investment, capital account transactions, and net lending, NIPAs Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 4606.1 4055.9 4188.1 4155.4 3920.6 4137.7 4538.6 4667.9 4697.7 478.1 3422.2 429.9 423.1 6.8 2992.3 -2944.1 -2957.4 13.3 356.5 2966.9 723.6 647.3 76.2 2243.4 -2610.5 -2835.3 224.9 464.9 4658.6 669.8 546.3 123.5 3988.7 -4193.7 -4120.3 -73.3 145.2 2734.6 756.0 657.8 98.3 1978.6 -2589.4 -3382.7 793.3 262.1 2431.7 762.6 700.6 62.0 1669.1 -2169.7 -2314.4 144.7 553.7 2042.8 705.7 684.7 21.0 1337.1 -1489.1 -1524.0 34.9 554.2 1415.9 631.0 613.7 17.3 784.9 -861.6 -929.0 67.4 455.6 1373.3 782.2 680.9 101.3 591.1 -917.8 -879.9 -37.9 1 3577.8 2971.8 2340.9 1709.3 364.8 266.8 630.9 605.9 304.7 301.2 3831.6 3184.5 2480.0 1801.3 392.7 286.0 704.5 647.1 322.7 324.4 3690.5 3064.4 2395.6 1745.0 376.4 274.1 668.8 626.1 314.8 311.3 3775.4 3136.0 2443.3 1776.0 386.0 281.2 692.7 639.4 319.5 319.9 3875.7 3222.5 2504.6 1816.9 397.7 289.9 717.9 653.2 325.1 328.0 3984.9 3315.2 2576.6 1867.2 410.7 298.7 738.6 669.7 331.2 338.5 4113.6 3422.4 2652.2 1921.6 425.7 305.0 770.2 691.2 338.3 352.9 4242.1 3530.9 2736.3 1982.0 439.0 315.3 794.6 711.2 345.6 365.5 4357.6 3631.2 2816.7 2040.2 450.6 325.8 814.5 726.4 351.2 375.2 3841.0 4059.1 3921.6 3896.3 4004.2 4414.4 4390.8 4428.3 4497.9 21 4433.4 3642.9 2687.2 1956.8 433.3 297.2 955.7 790.5 351.0 439.6 4920.5 4113.5 2967.1 2156.7 487.4 323.1 1146.4 807.0 362.4 444.6 4700.3 3902.3 2781.9 1990.1 468.6 323.2 1120.4 798.0 356.3 441.7 4740.4 3943.4 2822.5 2029.3 465.4 327.8 1120.9 797.0 359.0 438.0 4919.2 4109.1 2961.6 2158.7 482.4 320.5 1147.5 810.1 365.0 445.1 5322.0 4499.2 3302.6 2448.6 533.0 320.9 1196.6 822.9 369.1 453.8 5500.3 4671.0 3435.2 2549.0 553.7 332.5 1235.8 829.3 369.6 459.7 5448.8 4609.9 3405.5 2531.2 538.5 335.9 1204.4 838.9 374.4 464.5 5448.5 4584.8 3434.8 2558.5 527.7 348.6 1150.0 863.7 378.9 484.8 22 23 24 25 26 27 28 29 30 31 6.0 2.7 13.7 13.7 0.0 0.0 -11.0 3.3 70.4 -67.1 3.6 -42.3 14.1 -3.4 -5.2 22.7 -56.4 45.9 112.0 -66.1 14.1 -198.8 14.9 14.9 0.0 0.0 -213.8 212.9 276.7 -63.8 4.0 8.9 -3.0 -3.0 0.0 0.0 11.9 -4.9 60.4 -65.3 -11.5 9.1 47.4 -22.5 -20.7 90.6 -38.4 -20.6 51.9 -72.5 7.8 11.6 -3.1 -3.1 0.0 0.0 14.6 -3.8 58.9 -62.7 8.0 336.3 321.5 321.5 0.0 0.0 14.8 -328.3 -266.1 -62.2 16.1 133.1 118.4 118.4 0.0 0.0 14.8 -117.0 412.6 -529.6 -20.4 27.0 118.5 52.6 -36.0 101.9 -91.5 -47.4 83.4 -130.9 32 33 34 35 36 37 38 39 40 41 -598.5 2533.5 -145.0 -53.1 -68.4 -23.5 2678.5 -3131.9 -3074.0 -57.9 -865.0 1951.3 93.4 166.5 -89.5 16.4 1857.9 -2816.3 -2987.1 170.8 -792.8 3785.7 34.8 52.5 -92.2 74.5 3750.8 -4578.5 -4438.6 -139.9 -848.1 1894.0 355.6 383.3 -79.4 51.7 1538.4 -2742.2 -3482.6 740.5 -903.5 1402.5 124.6 247.8 -64.0 -59.2 1277.9 -2306.0 -2406.2 100.2 -915.5 723.0 -141.4 -17.8 -122.4 -1.2 864.4 -1638.5 -1620.9 -17.6 -1117.5 -446.0 -750.6 -612.3 -128.0 -10.3 304.5 -671.5 -694.3 22.8 -1036.7 -108.2 -274.7 -255.9 -99.4 80.7 166.6 -928.5 -1321.2 392.7 -930.2 262.1 -14.5 35.4 -41.1 -8.8 276.6 -1192.3 -1148.6 -43.7 42 43 44 45 46 47 48 49 50 51 -214.9 -128.9 -233.8 -24.3 -133.5 -124.2 -277.0 -269.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 62.0 58.0 38.5 19.5 4.0 0.0 4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 248.0 232.0 154.0 78.0 16.0 0.0 16.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 248.5 2 1350.9 3 830.3 4 714.5 5 115.8 6 520.6 7 -1102.4 8 -1037.5 9 -65.0 10 11 12 13 14 15 16 17 18 19 20 -108.2 52 240.0 228.0 72.0 156.0 12.0 0.0 12.0 (1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Consists of net capital transfers shown on table F.5 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.2. (3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52). 53 54 55 56 57 58 59 Summary 12 Z.1, December 9, 2022 F.5 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Q1 Capital transfers paid, by sector Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA895410005 132.2 210.7 350.8 121.1 244.3 126.7 127.1 602.8 398.2 1 2 3 4 5 6 7 FA825410005 FA795410005 FA515410073 FA795410003 FA105410003 FA115410003 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business 14.5 0.0 0.0 0.0 14.5 0.0 23.7 23.7 23.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 94.8 94.8 94.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 104.0 0.0 0.0 0.0 104.0 0.0 105.8 105.8 98.9 6.8 0.0 0.0 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 FA365410005 FA315410005 FA215400033 FA315410073 FA315410093 FA315410043 FA315410053 FA315410063 FA215410073 FA215410073 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments (2) Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to rest of world (net) State and local Disaster-related insurance benefits 92.4 92.4 76.6 0.0 0.0 0.9 8.8 6.2 0.0 0.0 148.5 148.5 72.6 4.0 0.0 0.5 64.1 7.3 0.0 0.0 319.3 319.3 73.7 0.0 0.0 0.6 231.1 13.9 0.0 0.0 87.2 87.2 75.1 0.0 0.0 0.5 7.8 3.8 0.0 0.0 98.4 98.4 69.3 16.0 0.0 0.4 9.1 3.6 0.0 0.0 89.1 89.1 72.5 0.0 0.0 0.3 8.5 7.8 0.0 0.0 89.1 89.1 72.5 0.0 0.0 0.4 8.5 7.7 0.0 0.0 460.7 460.7 436.4 0.0 0.0 0.3 8.5 15.5 0.0 0.0 216.4 206.4 140.3 40.0 0.0 0.3 10.0 15.8 10.0 10.0 8 9 10 11 12 13 14 15 16 17 18 19 20 FA155410035 FA315400053 FA215400053 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 25.3 19.1 6.1 34.7 27.5 7.2 31.5 24.5 6.9 33.9 26.7 7.2 35.9 28.5 7.4 37.6 30.1 7.5 38.0 30.8 7.1 38.1 30.9 7.2 39.8 18 32.4 19 7.3 20 21 22 23 FA265410005 FA265410073 FA265410003 By the rest of the world Disaster-related insurance benefits Other 0.0 0.0 0.0 3.8 3.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15.2 15.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36.3 21 36.3 22 0.0 23 24 FA895400005 Capital transfers received, by sector 132.2 210.7 350.8 121.1 244.3 126.7 127.1 602.8 398.2 24 25 26 27 28 29 30 31 32 33 34 FA825400005 FA795400005 FA515400073 FA795400003 FA105400005 FA105400073 FA105400003 FA115400005 FA115400075 FA115400003 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Disaster-related insurance benefits Other Noncorporate business Disaster-related insurance benefits Other 0.9 0.0 0.0 0.0 0.9 0.0 0.9 0.0 0.0 0.0 16.0 1.0 1.0 0.0 9.8 9.4 0.5 5.2 5.2 0.0 0.6 0.0 0.0 0.0 0.6 0.0 0.6 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.5 0.0 0.5 0.0 0.0 0.0 62.7 4.2 4.2 0.0 37.9 37.4 0.4 20.7 20.7 0.0 0.3 0.0 0.0 0.0 0.3 0.0 0.3 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.4 0.0 0.4 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.3 0.0 0.3 0.0 0.0 0.0 75.0 3.9 3.9 0.0 35.2 34.9 0.3 36.0 36.0 0.0 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 FA365400005 FA315400005 FA315400053 FA315400003 FA215400005 FA215400073 FA215400053 FA215400033 FA215400003 By government Federal Estate and gift taxes paid by persons Other State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government Other 102.8 19.1 19.1 0.0 83.7 0.0 6.1 76.6 1.0 110.6 27.5 27.5 0.0 83.1 3.2 7.2 72.6 0.0 105.1 24.5 24.5 0.0 80.6 0.0 6.9 73.7 0.0 109.0 26.7 26.7 0.0 82.2 0.0 7.2 75.1 0.0 118.1 28.5 28.5 0.0 89.6 12.9 7.4 69.3 0.0 110.1 30.1 30.1 0.0 79.9 0.0 7.5 72.5 0.0 110.5 30.8 30.8 0.0 79.7 0.0 7.1 72.5 0.0 578.0 30.9 30.9 0.0 547.1 0.0 7.2 436.4 103.5 190.9 32.4 32.4 0.0 158.5 10.9 7.3 140.3 0.0 35 36 37 38 39 40 41 42 43 44 45 46 FA155400005 FA155400073 FA155400003 By persons Disaster-related insurance benefits Other 22.3 0.0 22.3 76.8 12.7 64.1 231.1 0.0 231.1 7.8 0.0 7.8 59.9 50.9 9.1 8.5 0.0 8.5 8.5 0.0 8.5 8.5 0.0 8.5 47 48 49 50 FA265400005 FA265400033 FA265400073 FA265400003 By the rest of the world Capital transfers paid by U.S. government Disaster-related insurance benefits Other 6.2 6.2 0.0 0.0 7.3 7.3 0.0 0.0 13.9 13.9 0.0 0.0 3.8 3.8 0.0 0.0 3.6 3.6 0.0 0.0 7.8 7.8 0.0 0.0 7.7 7.7 0.0 0.0 16.0 15.5 0.0 0.5 15.8 15.8 0.0 0.0 47 48 49 50 13.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13.6 0.0 -10.4 73.3 -83.7 3.0 -6.2 7.7 22.7 22.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -9.8 -5.2 37.9 121.0 -83.1 -42.1 -3.5 -0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.6 0.0 214.2 294.8 -80.6 -199.7 -13.9 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 0.0 -21.8 60.5 -82.2 26.1 -3.8 32.1 90.6 90.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -37.9 -20.7 -19.7 69.9 -89.6 -24.1 11.6 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 0.0 -21.0 59.0 -79.9 29.1 -7.8 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.4 0.0 -21.4 58.3 -79.7 29.5 -7.7 103.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 103.7 0.0 -117.3 429.8 -547.1 29.6 -16.0 30.7 101.9 95.1 0.0 6.8 0.0 0.0 0.0 0.0 0.0 -35.2 -36.0 25.5 174.0 -148.5 -76.6 20.4 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 116.4 44 99.6 45 16.8 46 Addenda: Net capital transfers paid by sector 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 FA825440005 FA795440005 FA515440005 FA545410003 FA765440005 FA405400033 FA615410003 FA735410003 FA735400033 FA505400033 FA105440005 FA115440005 FA365440005 FA315440005 FA215440005 FA155440005 FA265440005 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies Life insurance companies U.S.-chartered depository institutions Government-sponsored enterprises Finance companies Holding companies Holding companies (GMAC) Other financial business (AIG) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-39) By persons (lines 18-44) By the rest of the world (lines 21-47) (1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Series treated as capital losses in the financial corporations sectors rather than as capital transfers in the Financial Accounts of the United States. Summary 13 Z.1, December 9, 2022 F.6 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FA174090005 Net acquisition of financial assets 4061.0 3180.7 2871.0 3788.6 2762.3 3300.9 2780.3 1750.1 1445.9 1 2 3 4 5 FA153091003 FA173020005 FA173030005 FA173034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 7.8 2042.6 628.6 437.5 -0.2 1175.9 884.1 103.8 5.4 1393.5 2018.6 558.8 -5.1 1821.9 -216.3 30.0 -5.1 841.1 477.0 -395.7 3.8 646.9 1257.0 222.1 7.9 784.6 261.8 -116.5 -2.4 1720.3 -1368.5 117.1 5.3 1417.6 -1560.6 82.2 2 3 4 5 6 7 8 9 10 11 12 13 FA174022005 FA173061105 FA153061705 FA173062005 FA153063005 FA174023005 FA153064105 FA153064205 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Corporate equities (2) Mutual fund shares -622.4 -345.1 -298.4 -29.7 50.8 117.3 616.3 -188.4 -864.8 -677.3 22.6 -102.0 -108.1 100.2 726.7 514.6 -3075.7 -1926.1 -252.6 -93.4 -803.6 60.0 931.2 469.5 163.6 -394.6 351.8 -82.3 288.7 65.1 1364.3 73.7 198.5 291.1 -180.9 -88.8 177.1 208.8 474.3 303.8 -745.7 -679.7 172.0 -143.3 -94.7 66.8 136.9 1211.3 469.2 695.4 269.4 -125.5 -370.1 527.9 991.8 -700.2 1682.5 549.3 599.4 147.2 386.6 -219.2 302.4 -1299.5 1610.0 1471.7 973.5 29.1 -864.3 -224.7 -431.5 -380.6 6 7 8 9 10 11 12 13 14 15 16 FA163070005 FA153040005 FA153050005 Trade receivables Life insurance reserves Pension entitlements 8.8 94.2 509.0 8.2 31.0 325.2 8.2 -7.1 232.3 8.2 39.1 254.9 8.2 76.6 432.2 8.2 15.2 381.2 8.5 1.3 409.4 8.5 55.5 374.2 8.5 14 58.4 15 417.0 16 17 FA173099005 Miscellaneous and other assets 409.7 176.2 276.3 189.3 142.4 97.0 134.6 379.0 444.2 17 18 19 20 21 22 23 FA175050005 FA175012005 FA175013005 FA155111003 FA155420003 FA115020005 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 2925.4 889.2 511.4 1550.3 -14.0 -11.6 3538.0 1094.0 544.1 1918.6 -14.3 -4.5 3419.2 1067.4 527.3 1854.0 -14.1 -15.5 3545.1 1077.1 538.2 1968.2 -14.2 -24.1 3518.2 1096.2 550.2 1895.1 -14.3 -8.9 3669.6 1135.4 560.9 1957.1 -14.5 30.6 3808.0 1173.9 583.1 2033.7 -14.7 32.0 3763.1 1133.8 597.8 2031.7 -14.8 14.6 3720.8 1066.5 617.2 2047.4 -14.9 4.6 18 19 20 21 22 23 24 25 26 27 FA176300005 FA176320005 FA176330005 FA156300103 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 2208.6 567.8 428.0 1212.8 2461.0 644.1 453.2 1363.8 2339.1 619.8 425.4 1293.9 2399.9 634.2 444.5 1321.1 2509.4 651.7 463.9 1393.7 2595.6 670.5 478.7 1446.4 2676.5 692.2 503.7 1480.7 2764.7 714.1 519.5 1531.1 2823.1 734.4 530.7 1558.0 24 25 26 27 28 FA172010005 Net investment in nonfinancial assets (3) 716.8 1077.0 1080.0 1145.3 1008.8 1074.0 1131.5 998.4 897.7 28 29 30 31 32 33 FA175012865 FA175013865 FA155111005 FA155420003 FA115020005 321.5 83.4 337.5 -14.0 -11.6 450.0 91.0 554.8 -14.3 -4.5 447.7 101.9 560.1 -14.1 -15.5 442.8 93.7 647.1 -14.2 -24.1 444.5 86.3 501.3 -14.3 -8.9 465.0 82.2 510.7 -14.5 30.6 481.7 79.5 553.0 -14.7 32.0 419.6 78.3 500.7 -14.8 14.6 332.1 86.5 489.4 -14.9 4.6 34 FA174190005 1133.4 1642.3 1576.9 1562.3 1384.8 2045.2 2111.0 1855.5 35 36 37 38 39 FA173165105 FA173165205 FA153166000 FA173169005 FA173199005 478.9 206.6 -12.0 265.1 194.8 893.5 236.8 246.0 152.9 113.2 648.1 188.2 174.8 399.7 166.1 945.6 191.3 275.3 190.4 -40.4 972.4 239.8 231.3 -23.7 -35.0 1008.0 327.7 302.5 45.2 361.9 1083.1 270.4 372.5 104.8 280.1 1097.2 314.7 391.7 -122.2 174.1 40 FA175440005 Net capital transfers paid (4) 3.0 -47.3 -199.7 26.1 -44.7 29.1 29.5 29.6 -112.7 40 41 FA176007025 Personal saving, FOF concept (FOF) 3647.4 2568.1 2174.5 3397.7 2341.6 2358.7 1830.3 922.6 682.7 41 42 43 44 FA155111005 FA313154015 FA156600075 - Net investment in consumer durables - Government insurance and pension fund reserves (5) + Contr. for govt. soc. insur., U.S.-affiliated areas 337.5 -3.6 5.0 554.8 -0.8 5.4 560.1 -0.4 5.2 647.1 -4.1 5.3 501.3 1.4 5.5 510.7 -0.1 5.7 553.0 -1.0 5.8 500.7 -2.3 5.9 489.4 42 -1.4 43 6.0 44 45 FA176007005 = Personal saving, NIPA concept (FOF) (6) 3318.5 2019.6 1620.0 2760.1 1844.3 1853.7 1284.0 430.1 200.6 45 46 FA156007015 Personal saving, NIPA concept (NIPA) 2992.3 2243.4 3988.7 1978.6 1669.1 1337.1 784.9 591.1 520.6 46 47 FA176007085 326.1 -223.8 -2368.7 781.6 175.3 516.7 499.1 -161.0 -320.0 47 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories Net increase in liabilities One-to-four-family residential mortgages Other mortgages Consumer credit Other loans and advances Other liabilities Difference 48 FA156012005 Memo: Disposable personal income 49 50 51 52 FA176007026 FA176007006 FA156007016 FA176007086 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 41) NIPA concept (FOF data) (line 45) NIPA concept (NIPA data) (line 46) Difference (line 47) 29 30 31 32 33 1548.3 34 861.4 221.1 321.5 52.9 91.4 35 36 37 38 39 17595.9 18633.1 19586.5 18277.8 18312.0 18356.1 18174.4 18389.8 18625.6 48 20.73 18.86 17.01 1.85 13.78 10.84 12.04 -1.20 11.10 8.27 20.36 -12.09 18.59 15.10 10.83 4.28 12.79 10.07 9.11 0.96 12.85 10.10 7.28 2.81 10.07 7.06 4.32 2.75 5.02 2.34 3.21 -0.88 3.67 1.08 2.80 -1.72 49 50 51 52 (1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held, and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 15), and pension entitlements (line 16). (3) Line 18 less line 24. (4) Table F.5, line 62 plus line 66. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Lines 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) and including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 28 less line 42) less net increase in liabilities (line 34) plus net capital transfers paid (line 40). Personal saving, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4). Summary 14 Z.1, December 9, 2022 L.6 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 Total financial assets Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL174090005 2 3 4 5 LM153091003 FL173020005 FL173030005 FL173034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 FL174022005 Debt securities 4019.1 2964.1 3418.6 3272.2 3374.0 2964.1 3382.0 3672.9 4392.7 6 7 8 FL173061105 LM153061705 Treasury securities Agency- and GSE-backed securities 1446.5 237.9 667.0 255.2 1132.4 166.6 882.0 272.1 1016.8 209.3 667.0 255.2 1146.4 351.9 1275.7 555.8 1811.2 808.9 7 8 9 10 FL173062005 LM153063005 Municipal securities Corporate and foreign bonds 1933.8 400.8 1810.6 231.3 1893.9 225.8 1889.1 229.0 1836.9 311.1 1810.6 231.3 1655.8 227.9 1616.4 225.1 1549.4 9 223.3 10 11 12 13 14 FL174023005 FL153069005 FL173065005 FL173066005 Loans Other loans and advances Mortgages Consumer credit 1309.3 1149.7 135.5 24.1 1409.5 1241.7 145.3 22.4 1324.3 1161.5 138.9 23.8 1340.6 1176.9 140.4 23.2 1392.8 1226.9 143.2 22.7 1409.5 1241.7 145.3 22.4 1541.4 1373.3 146.1 22.0 1486.7 1318.6 146.5 21.6 1430.5 1262.5 146.9 21.1 15 16 LM153064105 LM153064205 Corporate equities (2) Mutual fund shares 17 18 FL163070005 FL153040005 Trade receivables Life insurance reserves 19 FL153050005 Pension entitlements 20 FL173099005 Miscellaneous and other assets 21 FL174190005 22 23 24 FL173165105 FL173165205 FL153166000 One-to-four-family residential mortgages Other mortgages Consumer credit 25 26 FL173169005 FL173199005 Other loans and advances Other liabilities Total liabilities 98489.0 109465.8 101915.4 105742.2 106491.2 109465.8 107338.9 99260.4 97895.7 1 48.5 48.2 49.8 48.5 47.3 48.2 50.2 49.6 50.9 3575.4 4751.6 3990.4 4362.4 4499.8 4751.6 5011.8 5347.7 5635.3 11587.0 12479.7 12115.3 11957.6 12114.9 12479.7 12566.8 12119.9 11760.8 2819.1 2922.9 2910.4 2893.5 2827.9 2922.9 2844.7 2851.9 2904.7 2 3 4 5 11 12 13 14 26122.9 31940.7 28161.1 30468.1 30740.8 31940.7 30545.3 25424.0 24328.6 15 10960.1 12755.8 11421.3 12032.2 12008.3 12755.8 11781.2 9962.2 9297.9 16 283.3 1867.0 291.5 1944.9 285.3 1872.8 287.4 1910.3 289.4 1926.9 291.5 1944.9 293.6 1919.6 295.8 1887.5 297.9 17 1885.6 18 29794.3 31677.5 30199.0 30957.3 31025.1 31677.5 31094.5 29762.3 29403.6 19 6103.1 6279.4 6167.1 6212.1 6244.0 6279.4 6307.7 6400.0 6507.3 20 26303.3 27965.4 26609.7 27037.0 27410.3 27965.4 28304.7 28768.7 29188.6 21 11632.2 12521.2 11763.3 12001.5 12254.3 12521.2 12675.0 12950.1 13172.8 22 4016.2 4253.0 4063.3 4111.1 4171.1 4253.0 4320.6 4399.3 4454.6 23 4184.9 4430.8 4167.2 4259.1 4337.4 4430.8 4462.6 4583.6 4684.5 24 1126.7 5343.3 1279.6 5480.8 1228.6 5387.3 1274.0 5391.2 1265.5 5382.1 1279.6 5480.8 1307.7 5538.8 1275.0 5560.7 1285.6 25 5591.3 26 (1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 16), life insurance reserves (line 18), and pension entitlements (line 19). 15 Z.1, December 9, 2022 F.100 Domestic Nonfinancial Sectors (1) 2020 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FA386000105 Gross saving less net capital transfers paid 5319.1 5759.5 5635.6 5514.7 5759.8 6127.9 6343.9 6392.1 6500.8 1 2 FA385090005 Gross investment 5432.2 5773.7 4454.0 5837.0 5819.9 6984.0 6677.0 6721.9 5739.6 2 3 4 5 6 7 8 FA385050005 FA155111003 FA385012005 FA385013005 FA145020005 FA385420005 Capital expenditures Consumer durables Fixed residential investment Fixed nonresidential investment Inventory change Nonproduced nonfinancial assets 5683.6 1550.3 905.5 3283.7 -55.8 -0.2 6508.5 1918.6 1108.5 3500.4 -19.1 0.1 6229.5 1854.0 1075.7 3401.3 -101.8 0.2 6369.9 1968.2 1092.7 3468.3 -159.4 0.2 6487.3 1895.1 1120.0 3527.3 -55.2 0.1 6947.3 1957.1 1145.5 3604.8 240.0 0.0 7199.2 2033.7 1195.1 3712.7 257.4 0.3 7139.8 2031.7 1176.6 3786.0 145.4 0.1 7147.6 2047.4 1115.6 3899.7 84.9 0.0 3 4 5 6 7 8 9 FA385000005 Net lending (+) or net borrowing (-) -251.4 -734.8 -1775.5 -532.8 -667.4 36.7 -522.2 -417.9 -1408.0 9 10 FA384090005 Net acqisition of financial assets 6566.1 3856.9 1971.9 4532.7 2693.8 6229.3 5904.2 4385.2 1475.3 10 11 12 FA313011005 FA383091005 U.S. official reserve assets Foreign deposits 8.9 11.9 114.1 23.5 -8.5 109.4 1.8 125.3 450.9 -137.8 12.0 -2.7 3.7 110.3 4.6 -115.5 -2.4 11 -8.1 12 13 14 15 16 FA383020005 FA383030005 FA383034005 FA382051005 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 3892.2 694.4 573.2 39.3 109.1 853.0 220.1 -1.9 -647.6 2041.7 766.8 -48.8 823.3 -263.7 121.0 65.7 -1357.5 547.5 -380.6 -26.7 1618.0 1086.4 373.1 2.4 2054.1 241.4 -187.5 20.6 1703.7 -1458.3 102.1 -9.9 -269.0 -1512.0 75.3 0.7 13 14 15 16 17 18 19 20 21 22 FA384022005 FA383069105 FA383061105 FA383061705 FA383062005 FA383063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -366.7 32.9 -46.3 -366.2 -36.7 49.6 -508.1 6.1 -276.5 -12.3 -97.8 -127.6 -3125.0 -39.7 -1775.7 -349.4 -88.8 -871.3 1076.0 134.8 423.0 334.9 -80.0 263.3 565.6 -78.3 725.2 -188.0 -83.6 190.3 -549.0 7.8 -478.4 153.5 -138.9 -92.9 697.5 -71.4 966.4 318.4 -119.8 -396.1 2524.0 63.6 1268.0 658.3 153.5 380.5 1766.9 -143.0 1703.6 1042.0 35.8 -871.5 17 18 19 20 21 22 23 24 25 26 FA384023005 FA383069005 FA383065005 FA383066005 Loans Other loans and advances Mortgages Consumer credit 384.4 306.8 19.0 58.5 290.9 207.0 30.2 53.8 198.2 76.0 32.1 90.1 126.1 99.7 25.1 1.4 486.7 405.6 33.6 47.6 352.6 246.8 29.9 76.0 782.0 709.3 25.3 47.3 -65.6 -91.6 29.5 -3.5 0.1 -100.5 36.7 63.9 23 24 25 26 27 28 FA383064105 FA383064205 Corporate equities Mutual fund shares 476.8 -176.2 620.5 538.9 833.5 493.7 1259.0 98.0 368.8 328.1 20.5 1235.6 885.6 -676.0 196.2 -1275.2 29 30 31 32 33 34 35 FA383070005 FA153040005 FA153050005 FA383078005 FA152090205 FA103092005 FA383090005 Trade receivables Life insurance reserves Pension entitlements Taxes payable Equity in noncorporate business U.S. direct investment abroad Miscellaneous assets -82.7 94.2 509.0 4.5 53.2 182.6 267.1 649.5 31.0 325.2 -131.9 -5.9 308.0 421.2 700.7 -7.1 232.3 -51.8 -18.2 297.9 204.5 640.5 39.1 254.9 -272.5 54.6 486.7 -103.1 450.4 76.6 432.2 -170.1 9.9 154.8 895.1 806.5 15.2 381.2 -33.2 -70.1 292.6 688.3 859.1 1.3 409.4 10.7 -91.7 203.8 579.9 933.7 55.5 374.2 -345.5 -31.5 375.3 1417.4 -64.7 58.4 417.0 -180.9 -5.4 103.8 1989.4 36 FA384194005 6817.5 4591.7 3747.3 5065.6 3361.2 6192.7 6426.5 4803.1 2883.3 36 37 FA384190005 6733.9 4590.9 3531.6 4956.6 3361.5 6513.9 6800.0 5353.4 3370.5 37 38 39 40 FA313111303 FA713014003 FA313112003 U.S. official reserve assets SDR certificates Treasury currency 0.0 0.0 -0.0 112.8 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 451.3 0.0 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38 0.0 39 -1.7 40 41 42 43 44 45 46 FA384122005 FA103169100 FA313161105 FA313161705 FA383162005 FA103163003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 5316.6 -62.3 4582.2 -1.0 85.4 712.4 1966.2 6.0 1683.8 -0.4 77.9 198.9 1471.1 -212.4 1077.1 -1.5 121.1 486.9 3068.0 124.2 2677.5 -0.0 118.0 148.4 -225.3 51.8 -702.0 -1.3 113.5 312.7 3551.0 60.5 3682.7 1.1 -40.9 -152.5 2659.1 -26.8 2587.8 -1.6 -64.1 163.7 1573.2 268.7 1441.8 1.3 53.4 -192.0 1233.3 151.6 1102.6 -1.5 -31.9 12.4 41 42 43 44 45 46 47 48 49 50 51 FA384123005 FA383168005 FA383169005 FA383165005 FA153166000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 1474.3 271.6 454.2 760.5 -12.0 1902.8 -70.6 457.9 1269.7 246.0 1730.3 31.7 593.8 930.0 174.8 1401.8 -508.5 374.0 1260.9 275.3 2400.5 -315.2 1116.6 1367.8 231.3 2078.8 509.4 -253.0 1519.9 302.5 2778.5 369.3 516.0 1520.7 372.5 2744.5 670.0 100.0 1582.7 391.7 2051.0 322.2 174.7 1232.6 321.5 47 48 49 50 51 52 53 54 55 56 FA383170005 FA313140003 FA143178005 FA143192305 FA383190005 Trade payables Life insurance reserves Taxes payable Foreign direct investment: intercompany debt Miscellaneous liabilities -93.1 0.2 20.7 -64.8 80.0 635.6 0.3 -18.9 19.6 -27.5 591.7 1.1 -24.8 20.7 -258.6 544.6 -3.4 -51.5 -60.9 57.9 439.3 3.7 -6.6 63.8 235.2 966.8 -0.4 7.2 54.8 -144.4 907.0 0.9 167.8 0.1 286.7 797.0 -0.3 -179.8 22.1 396.7 -76.4 1.0 -61.1 35.9 188.5 52 53 54 55 56 57 FA143181105 83.5 0.8 215.7 109.0 -0.3 -321.2 -373.6 -550.4 -487.1 57 58 59 60 FA103164103 FA112090205 FA143192105 -121.6 46.3 158.8 -338.1 -21.7 360.6 -37.9 -32.0 285.6 -281.0 37.8 352.2 -384.7 3.3 381.1 -648.9 -96.0 423.7 -615.8 -47.0 289.3 -741.1 -27.3 218.1 -770.6 58 -19.9 59 303.3 60 61 FA387005005 -113.1 -14.2 1181.5 -322.3 -60.1 -856.1 -333.1 -329.8 761.2 61 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Equity in noncoporate business Foreign direct investment: equity Discrepancy (1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107. -537.7 27 -356.3 28 29 30 31 32 33 34 35 Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 16 Z.1, December 9, 2022 F.101 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 2 3 4 5 FA156010001 FA156210005 FA156012005 FA156900005 FA156007015 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 10 FA313154015 FA156600075 FA155111005 FA156300005 FA155440005 + Government insurance and pension reserves (3) - Contr. for govt. soc. insur., U.S.-affiliated areas + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) -3.6 5.0 337.5 1843.7 3.0 -0.8 5.4 554.8 2068.3 -42.1 -0.4 5.2 560.1 1962.7 -199.7 -4.1 5.3 647.1 2013.8 26.1 1.4 5.5 501.3 2111.7 -24.1 -0.1 5.7 510.7 2185.0 29.1 -1.0 5.8 553.0 2250.9 29.5 -2.3 5.9 500.7 2325.7 29.6 -1.4 6 6.0 7 489.4 8 2372.5 9 -76.6 10 11 FA156000105 = Gross saving less net capital transfers paid 5162.0 4902.4 6705.6 4603.9 4302.0 3997.9 3552.5 3379.6 3451.8 11 12 FA155090005 Gross investment 5488.1 4678.5 4336.9 5385.4 4477.3 4514.5 4051.7 3218.6 3131.8 12 13 14 15 16 17 FA155050005 FA155111003 FA155012005 FA165013005 FA155420003 Capital expenditures Consumer durable goods Residential Nonprofit nonresidential Nonproduced nonfinancial assets 2492.1 1550.3 746.5 209.2 -14.0 3050.7 1918.6 925.7 220.6 -14.3 2960.3 1854.0 900.9 219.5 -14.1 3074.9 1968.2 910.9 210.1 -14.2 3028.2 1895.1 928.5 219.1 -14.3 3139.2 1957.1 962.6 234.0 -14.5 3254.8 2033.7 995.0 240.8 -14.7 3221.3 2031.7 960.1 244.3 -14.8 3182.6 2047.4 901.2 248.9 -14.9 18 FA155000005 Net lending (+) or net borrowing (-) 2996.1 1627.9 1376.6 2310.5 1449.1 1375.3 796.9 -2.7 -50.8 18 19 FA154090005 Net acquisition of financial assets 3621.2 2869.6 2536.5 3571.0 2566.4 2804.6 2290.0 1343.1 1118.6 19 20 21 22 23 FA153091003 FA153020005 FA153030005 FA153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 7.8 1980.7 543.7 428.4 -0.2 1097.6 788.7 101.4 5.4 1352.7 1979.3 555.8 -5.1 1762.3 -275.8 28.4 -5.1 763.9 391.7 -398.0 3.8 511.4 1059.6 219.5 7.9 656.8 87.5 -119.0 -2.4 1667.2 -1366.9 107.3 5.3 1436.6 -1557.5 76.0 20 21 22 23 24 25 26 27 28 FA154022005 FA153061105 FA153061705 FA153062005 FA153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -625.4 -347.8 -298.4 -30.0 50.8 -867.5 -679.5 22.6 -102.4 -108.1 -3083.3 -1932.7 -252.6 -94.3 -803.6 166.9 -391.5 351.8 -82.1 288.7 199.0 292.4 -180.9 -89.6 177.1 -752.5 -686.3 172.0 -143.6 -94.7 465.3 692.2 269.4 -126.1 -370.1 1661.3 529.1 599.4 146.2 386.6 1588.1 1450.8 973.5 28.1 -864.3 24 25 26 27 28 29 30 31 32 FA154023005 FA153069005 FA153065005 FA163066223 Loans Other loans and advances (5) Mortgages Consumer credit (student loans) 113.0 117.8 -1.6 -3.2 96.4 92.0 6.1 -1.6 53.9 47.2 7.6 -0.9 64.4 61.8 5.2 -2.6 203.6 199.7 5.8 -1.9 63.8 59.3 5.7 -1.1 523.3 526.6 -1.5 -1.8 -223.8 -218.9 -3.4 -1.5 -227.7 -224.4 -1.2 -2.1 29 30 31 32 33 34 FA153064105 FA153064205 Corporate equities (6) Mutual fund shares 616.3 -188.4 726.7 514.6 931.2 469.5 1364.3 73.7 474.3 303.8 136.9 1211.3 991.8 -700.2 302.4 -1299.5 35 36 37 38 39 FA163070005 FA153040005 FA153050005 FA152090205 FA153090005 Trade receivables Life insurance reserves Pension entitlements (7) Equity in noncorporate business Miscellaneous assets 8.8 94.2 509.0 53.2 79.9 8.2 31.0 325.2 -5.9 53.5 8.2 -7.1 232.3 -18.2 56.8 8.2 39.1 254.9 54.6 35.0 8.2 76.6 432.2 9.9 106.1 8.2 15.2 381.2 -70.1 16.2 8.5 1.3 409.4 -91.7 49.2 8.5 55.5 374.2 -31.5 90.4 40 FA154190005 625.1 1241.8 1159.9 1260.5 1117.3 1429.3 1493.1 1345.7 1169.4 40 41 FA163162003 Debt securities (municipal securities) -9.9 -1.6 2.3 -0.6 -4.2 -3.9 8.3 -9.5 -2.5 41 42 43 44 45 46 47 FA154123005 FA153165105 FA153166000 FA153168005 FA153169005 FA163165505 Loans One-to-four-family residential mortgages (8) Consumer credit Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages 628.1 449.2 -12.0 20.5 169.0 1.4 1235.0 839.2 246.0 53.1 95.6 1.1 1142.2 608.6 174.8 -1.4 359.2 1.1 1257.5 886.6 275.3 5.4 89.1 1.1 1114.7 913.5 231.3 52.9 -84.0 1.1 1425.4 948.1 302.5 155.7 18.1 1.1 1470.8 1014.2 372.5 53.3 29.3 1.5 1351.5 1027.2 391.7 84.2 -153.1 1.5 48 49 FA163170005 FA543077073 Trade payables Deferred and unpaid life insurance premiums 6.9 0.1 6.9 1.5 6.9 8.5 6.9 -3.3 6.9 -0.1 6.9 0.8 6.9 7.0 6.9 -3.2 6.9 48 0.1 49 50 FA157005005 -326.1 223.8 2368.7 -781.6 -175.3 -516.7 -499.1 161.0 320.0 50 Net increase in liabilities Discrepancy 19832.3 21294.8 22095.5 20916.4 21005.2 21162.1 21319.8 21578.3 21869.6 2236.4 2661.7 2509.0 2638.5 2693.2 2806.1 3145.5 3188.5 3244.0 17595.9 18633.1 19586.5 18277.8 18312.0 18356.1 18174.4 18389.8 18625.6 14603.6 16389.8 15597.8 16299.3 16643.0 17019.0 17389.5 17798.7 18105.0 2992.3 2243.4 3988.7 1978.6 1669.1 1337.1 784.9 591.1 520.6 1 2 3 4 5 13 14 15 16 17 -431.5 33 -380.6 34 8.5 58.4 417.0 -5.4 131.3 1164.8 804.8 321.5 42.1 -5.1 1.5 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary table B.101.n shows estimates of annual year-end outstandings of nonprofit organizations. (2) See table F.6 for derivation of alternative measures of personal saving. (3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (4) Table F.5, line 66. (5) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held corporate equities, including closed-end fund, exchange-traded fund, and real estate investment trust shares. (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table F.218, line 24). (9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF I). 35 36 37 38 39 42 43 44 45 46 47 17 Z.1, December 9, 2022 F.102 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA146110005 Income before taxes 3254.5 4068.3 3800.1 4190.6 4160.5 4122.0 4288.7 4528.9 4384.1 1 2 FA146000105 Gross saving less net capital transfers paid 2481.2 2857.7 2711.3 2835.0 2956.0 2928.4 2939.5 3099.4 3449.1 2 3 FA145090005 Gross investment 2478.7 2830.8 2631.0 2592.7 2986.9 3112.7 2913.1 3088.7 3531.6 3 4 FA145050005 2387.3 2642.8 2472.4 2481.1 2649.9 2968.0 3422.0 3079.3 3174.2 4 5 6 7 FA145019005 FA145012005 FA145013005 Fixed investment Residential Nonresidential 2443.0 151.5 2291.6 2655.5 174.2 2481.3 2558.6 166.7 2392.0 2643.0 173.6 2469.4 2689.7 183.0 2506.7 2730.7 173.8 2556.9 2842.7 191.1 2651.6 2919.3 207.3 2711.9 3001.5 204.9 2796.7 5 6 7 8 9 FA145020005 FA105420005 Change in inventories Nonproduced nonfinancial assets -55.8 0.0 -19.1 6.4 -101.8 15.5 -159.4 -2.5 -55.2 15.3 240.0 -2.7 257.4 321.9 145.4 14.7 84.9 87.8 8 9 10 FA145000005 Net lending (+) or net borrowing (-) 91.4 188.0 158.6 111.6 337.1 144.7 -508.9 9.4 357.4 10 11 FA144090005 Net acquisition of financial assets 880.9 1680.0 1569.1 1113.9 1766.6 2270.3 1844.9 1829.1 671.2 11 12 13 14 FA103091003 FA143020005 FA143030005 Foreign deposits Checkable deposits and currency Time and savings deposits 4.0 494.4 161.6 23.8 219.6 94.1 104.0 195.1 26.8 130.4 -131.8 84.6 -132.7 431.9 189.5 -6.5 383.2 75.4 102.4 204.0 148.5 -113.2 -596.7 -19.1 -13.4 12 -966.5 13 56.7 14 15 16 FA143034005 FA102051003 Money market fund shares Security repurchase agreements 131.3 23.6 103.3 -11.9 194.8 -58.8 80.4 55.7 6.0 -36.7 132.2 -7.6 -60.7 10.6 -2.9 -19.9 -2.0 15 -9.3 16 17 18 19 20 21 FA144022005 FA103069100 FA143061105 FA103061703 FA143062005 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 38.9 33.3 10.2 3.6 -8.1 27.0 2.1 19.1 5.0 0.8 -74.9 -43.7 -20.3 -12.2 1.4 100.7 130.8 -23.7 -6.5 0.1 26.8 -82.3 80.9 26.9 1.2 55.5 3.8 39.6 11.7 0.4 -37.9 -75.4 29.5 7.2 0.8 128.6 59.6 57.4 10.2 1.3 22 23 24 FA144023005 FA143065005 FA143066005 Loans Mortgages Consumer credit 12.3 12.3 -0.0 10.5 10.4 0.0 25.0 12.4 12.5 -62.7 7.3 -70.0 13.4 12.0 1.5 66.2 10.1 56.1 20.9 11.9 9.0 -58.4 12.1 -70.5 9.5 22 10.7 23 -1.2 24 25 26 27 FA103064103 FA103064203 FA143070005 Corporate equities Mutual fund shares Trade receivables -136.0 11.0 -90.0 -102.8 23.1 598.7 -94.2 23.1 642.9 -101.9 23.1 628.9 -102.1 23.1 392.1 -113.0 23.1 730.9 -102.8 23.1 808.5 -102.8 23.1 894.0 -102.8 25 23.1 26 -122.8 27 28 29 FA103092005 FA143090005 U.S. direct investment abroad Miscellaneous assets 182.6 47.1 308.0 386.7 297.9 287.4 486.7 -180.1 154.8 800.7 292.6 638.7 203.8 524.4 375.3 1321.2 103.8 28 1809.4 29 30 FA144194005 789.5 1492.0 1410.5 1002.3 1429.5 2125.7 2353.8 1819.7 313.8 30 31 FA144190005 705.9 1491.2 1194.7 893.3 1429.8 2446.9 2727.4 2370.0 800.9 31 32 33 34 35 FA104122005 FA103169100 FA103162000 FA103163003 Debt securities Commercial paper Municipal securities Corporate bonds 655.1 -62.3 5.1 712.4 215.4 6.0 10.5 198.9 285.0 -212.4 10.6 486.9 287.1 124.2 14.5 148.4 385.0 51.8 20.5 312.7 -95.4 60.5 -3.4 -152.5 157.6 -26.8 20.7 163.7 87.8 268.7 11.1 -192.0 153.8 151.6 -10.2 12.4 32 33 34 35 36 37 38 39 FA144123005 FA143168005 FA143169005 FA143165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 845.2 251.1 284.1 310.0 667.4 -123.8 361.8 429.4 587.4 33.1 234.0 320.3 144.3 -513.9 284.9 373.3 563.8 -368.0 478.6 453.3 1374.1 353.7 449.8 570.7 1307.2 316.1 486.1 505.0 1392.6 585.8 252.7 554.1 885.9 280.0 179.6 426.2 36 37 38 39 40 41 FA143170005 FA143178005 Trade payables Taxes payable -182.9 20.7 509.9 -18.9 488.6 -24.8 409.6 -51.5 319.2 -6.6 822.2 7.2 764.8 167.8 635.9 -179.8 -167.5 40 -61.1 41 42 FA143192305 Foreign direct investment: intercompany debt -64.8 19.6 20.7 -60.9 63.8 54.8 0.1 22.1 35.9 42 43 FA143190005 -567.5 97.7 -162.2 164.6 104.5 284.0 329.8 411.4 -45.9 43 44 FA143181105 83.5 0.8 215.7 109.0 -0.3 -321.2 -373.6 -550.4 -487.1 44 45 46 47 FA103164103 FA112090205 FA143192105 -121.6 46.3 158.8 -338.1 -21.7 360.6 -37.9 -32.0 285.6 -281.0 37.8 352.2 -384.7 3.3 381.1 -648.9 -96.0 423.7 -615.8 -47.0 289.3 -741.1 -27.3 218.1 -770.6 45 -19.9 46 303.3 47 48 FA107005005 2.5 26.8 80.3 242.3 -30.9 -184.3 26.4 10.7 -82.6 48 Capital expenditures Net increase in liabilities and equity Net increase in liabilities Miscellaneous liabilities Net equity issues Corporate equities Equity in noncoporate business Foreign direct investment: equity Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. -114.4 -147.0 30.4 1.1 1.0 17 18 19 20 21 Transactions 2020 18 Z.1, December 9, 2022 F.103 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 2 3 4 5 6 7 FA106060005 FA106231005 FA106121075 FA105020601 FA106300015 FA106006065 FA105440005 Profits before tax - Taxes on corporate income - Net dividends + Inventory valuation adjustment (IVA) + Capital consumption allowance (1) + Foreign earnings retained abroad - Net capital transfers paid (2) 1455.6 204.0 850.2 -26.4 1664.1 90.9 13.6 2140.7 280.9 1042.2 -256.9 1761.5 127.7 -9.8 1972.2 254.6 972.8 -249.4 1712.9 126.0 -0.6 2242.2 278.7 1071.1 -326.3 1747.3 135.1 -0.5 2194.2 275.6 998.3 -262.4 1777.8 64.0 -37.9 2154.4 314.9 1126.5 -189.4 1808.1 185.5 -0.3 2298.2 395.9 960.4 -246.9 1788.3 30.1 -0.4 2507.0 399.7 939.8 -269.1 1815.9 49.8 103.7 2334.0 360.0 925.4 -58.8 1843.6 94.0 -35.2 1 2 3 4 5 6 7 8 FA106000105 = Gross savings less net capital transfers paid 2116.4 2459.8 2334.9 2449.0 2537.6 2517.7 2513.8 2660.4 2962.4 8 9 FA105090005 Gross investment 2113.9 2432.9 2254.6 2206.7 2568.5 2702.0 2487.5 2649.7 3045.0 9 10 11 12 13 FA105050005 FA105019005 FA105020005 FA105420005 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 1954.0 1998.2 -44.2 0.0 2155.5 2163.7 -14.6 6.4 2013.5 2084.3 -86.3 15.5 2010.8 2148.7 -135.3 -2.5 2159.9 2190.8 -46.3 15.3 2437.6 2231.0 209.4 -2.7 2868.8 2321.5 225.4 321.9 2537.5 2392.1 130.8 14.7 2636.0 2467.9 80.3 87.8 10 11 12 13 14 FA105000005 Net lending (+) or net borrowing (-) 159.9 277.5 241.0 195.8 408.6 264.4 -381.3 112.2 409.0 14 15 FA104090005 Net acquisition of financial assets 394.8 1390.6 1266.5 858.5 1567.4 1870.1 1401.6 1449.4 363.7 15 16 17 18 19 20 FA103091003 FA103020000 FA103030003 FA103034000 FA102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 4.0 432.5 76.7 122.2 23.6 23.8 141.3 -1.3 101.0 -11.9 104.0 154.3 -12.5 191.7 -58.8 130.4 -191.3 25.1 78.8 55.7 -132.7 354.6 104.2 3.8 -36.7 -6.5 247.7 -122.0 129.6 -7.6 102.4 76.2 -25.8 -63.3 10.6 -113.2 -649.7 -17.4 -12.7 -19.9 -13.4 -947.5 59.8 -8.3 -9.3 16 17 18 19 20 21 22 23 24 25 26 27 28 FA104022005 FA103069100 FA103061103 FA103061703 FA103062003 FA104023005 FA103065003 FA103066005 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Loans Mortgages Consumer credit 35.9 33.3 7.4 3.6 -8.4 8.0 8.0 -0.0 24.4 2.1 16.9 5.0 0.3 6.7 6.7 0.0 -82.5 -43.7 -27.0 -12.2 0.4 18.9 6.3 12.5 104.0 130.8 -20.5 -6.5 0.3 -63.5 6.5 -70.0 27.3 -82.3 82.2 26.9 0.4 8.3 6.8 1.5 48.7 3.8 33.1 11.7 0.1 63.1 7.0 56.1 -41.8 -75.4 26.3 7.2 0.1 16.3 7.3 9.0 107.4 59.6 37.3 10.2 0.3 -63.0 7.5 -70.5 -136.2 -147.0 9.6 1.1 0.1 6.6 7.8 -1.2 21 22 23 24 25 26 27 28 29 30 31 FA103064103 FA103064203 FA103070005 Corporate equities Mutual fund shares Trade receivables -136.0 11.0 -137.0 -102.8 23.1 552.1 -94.2 23.1 587.6 -101.9 23.1 588.3 -102.1 23.1 351.7 -113.0 23.1 680.9 -102.8 23.1 765.3 -102.8 23.1 824.7 -102.8 29 23.1 30 -167.1 31 32 33 34 FA103092005 FA103090005 FA103072005 U.S. direct investment abroad (4) Miscellaneous assets Of which: PPP subsidies receivable 182.6 -228.8 244.4 308.0 326.3 -171.8 297.9 137.0 -172.1 486.7 -276.9 -157.7 154.8 811.3 -175.6 292.6 633.8 -181.7 203.8 437.5 -106.4 375.3 1097.7 -98.9 103.8 32 1555.3 33 -48.5 34 35 FA104194005 Net increase in liabilities and equity 234.9 1113.1 1025.5 662.7 1158.7 1605.7 1783.0 1337.2 -45.3 35 36 FA104190005 199.2 1090.8 775.9 598.6 1158.8 1830.0 2111.1 1859.4 424.9 36 37 38 39 40 41 42 43 44 FA104122005 FA103169100 FA103162000 FA103163003 FA104123005 FA103168005 FA103169005 FA103165005 Debt securities Commercial paper Municipal securities (5) Corporate bonds (4) Loans Depository institution loans n.e.c. Other loans and advances (6) Mortgages 655.1 -62.3 5.1 712.4 416.1 153.0 188.1 75.0 215.4 6.0 10.5 198.9 405.5 -38.3 304.5 139.4 285.0 -212.4 10.6 486.9 320.1 33.0 193.5 93.6 287.1 124.2 14.5 148.4 -18.1 -325.7 183.6 124.0 385.0 51.8 20.5 312.7 442.9 -131.1 418.3 155.6 -95.4 60.5 -3.4 -152.5 877.3 270.4 422.7 184.2 157.6 -26.8 20.7 163.7 811.8 234.0 410.6 167.2 87.8 268.7 11.1 -192.0 893.1 500.4 221.8 170.9 153.8 151.6 -10.2 12.4 512.8 241.1 121.5 150.1 45 46 FA103170005 FA103178005 Trade payables Taxes payable -155.9 7.7 451.9 -23.9 395.5 -43.6 365.1 -43.7 270.9 -12.4 776.1 4.0 723.5 164.0 601.1 -106.1 47 48 49 50 51 FA103192305 FA103190005 FA573074005 FA573073005 FA103193005 Foreign direct investment: intercompany debt Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other -63.8 -660.0 -2.4 -6.7 -650.9 19.7 22.2 -2.8 26.1 -1.1 21.0 -202.1 -2.5 17.9 -217.5 -60.6 68.8 -2.5 31.5 39.8 64.2 8.3 -3.0 25.8 -14.5 54.2 213.8 -3.3 29.2 187.9 0.3 253.9 -2.7 13.7 242.9 22.7 360.9 -2.6 10.6 352.9 52 FA103181105 35.8 22.3 249.6 64.1 -0.1 -224.2 -328.2 -522.3 -470.1 52 53 54 FA103164103 FA103192105 -121.6 157.4 -338.1 360.5 -37.9 287.5 -281.0 345.1 -384.7 384.6 -648.9 424.7 -615.8 287.7 -741.1 218.9 -770.6 53 300.5 54 55 FA107005005 2.5 26.8 80.3 242.3 -30.9 -184.3 26.4 10.7 -82.6 55 56 FA105005305 -71.5 -176.7 -195.3 -303.1 -313.7 105.5 385.1 -73.1 -232.5 56 Net increase in liabilities Net equity issues Corporate equities Foreign direct investment: equity Discrepancy Memo: Financing gap (7) (1) Consumption of fixed capital plus the capital consumption adjustment. (2) Table F.5, line 61. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 10 and 15 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Industrial revenue bonds issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) The financing gap is the difference between capital expenditures (line 10) and gross savings less net capital transfers paid less foreign earnings retained abroad (line 8 minus line 6). 37 38 39 40 41 42 43 44 -187.7 45 -26.0 46 37.0 -65.1 -3.4 29.5 -91.2 47 48 49 50 51 19 Z.1, December 9, 2022 F.104 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA116300005 Gross saving = consumption of fixed capital 364.8 392.7 376.4 386.0 397.7 410.7 425.7 439.0 450.6 1 2 FA116000105 Gross saving less net capital transfers paid (1) 364.8 397.9 376.4 386.0 418.4 410.7 425.7 439.0 486.6 2 3 FA116000105 Gross investment 364.8 397.9 376.4 386.0 418.4 410.7 425.7 439.0 486.6 3 4 5 6 FA115050005 FA115019005 FA115020005 Capital expenditures Fixed investment (2) Change in inventories 433.3 444.9 -11.6 487.4 491.8 -4.5 458.9 474.3 -15.5 470.2 494.4 -24.1 490.0 498.9 -8.9 530.4 499.8 30.6 553.2 521.2 32.0 541.8 527.2 14.6 538.2 533.6 4.6 4 5 6 7 FA115000005 Net lending (+) or net borrowing (-) -68.5 -89.5 -82.4 -84.2 -71.6 -119.7 -127.6 -102.8 -51.6 7 8 FA114090005 Net acquisition of financial assets 486.1 289.4 302.6 255.4 199.2 400.3 443.3 379.7 307.5 8 9 10 11 FA113020005 FA113030003 FA113034003 Checkable deposits and currency Time and savings deposits Money market funds 61.8 85.0 9.1 78.3 95.4 2.4 40.8 39.3 3.0 59.5 59.5 1.5 77.2 85.3 2.3 135.5 197.4 2.6 127.8 174.3 2.5 53.0 -1.7 9.8 -18.9 9 -3.1 10 6.3 11 12 13 14 FA114022005 FA113061003 FA113062003 Debt securities Treasury securities Municipal securities 3.0 2.7 0.3 2.7 2.2 0.5 7.6 6.6 1.0 -3.3 -3.1 -0.2 -0.5 -1.3 0.8 6.8 6.6 0.3 3.9 3.3 0.6 21.2 20.1 1.0 21.9 12 20.9 13 1.0 14 15 16 17 FA114023005 FA113065005 FA113066003 Loans Mortgages Consumer credit 4.3 4.3 0.0 3.8 3.8 0.0 6.1 6.1 0.0 0.7 0.7 0.0 5.2 5.2 0.0 3.1 3.1 0.0 4.6 4.6 0.0 4.6 4.6 0.0 2.9 15 2.9 16 0.0 17 18 19 20 21 22 23 FA113070003 FA113090005 FA113076005 FA113092405 FA113072003 FA113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) PPP subsidies receivable Other 47.1 275.9 6.9 0.2 134.8 134.0 46.6 60.4 17.2 1.3 -111.3 153.2 55.3 150.4 17.2 0.1 -79.8 212.9 40.6 96.8 17.4 2.2 -42.8 120.0 40.4 -10.7 26.6 0.8 -157.9 119.8 50.0 4.9 7.5 1.9 -164.7 160.2 43.1 86.9 9.0 0.2 -88.3 166.1 69.3 223.5 22.5 0.3 -5.4 206.1 44.3 254.1 24.8 3.6 0.0 225.8 24 FA114194005 554.6 378.8 385.0 339.6 270.8 519.9 570.9 482.5 359.0 24 25 FA114190005 506.8 400.4 418.8 294.7 271.0 616.9 616.2 510.6 376.1 25 26 27 28 29 FA114123005 FA113168005 FA113169005 FA113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 429.1 98.1 96.1 234.9 261.9 -85.4 57.3 290.0 267.2 0.1 40.5 226.6 162.4 -188.2 101.3 249.3 121.0 -236.9 60.3 297.6 496.9 83.3 27.1 386.5 495.4 82.1 75.5 337.9 499.5 85.4 30.9 383.2 373.1 38.9 58.0 276.1 30 31 FA113170005 FA113178003 Trade payables Taxes payable -27.0 13.1 58.0 5.0 93.2 18.8 44.5 -7.8 48.3 5.9 46.1 3.1 41.3 3.8 34.8 -73.7 20.2 30 -35.2 31 32 33 FA115114305 FA113193003 Foreign direct investment: intercompany debt Miscellaneous liabilities -1.0 92.5 -0.1 75.5 -0.3 39.9 -0.2 95.8 -0.4 96.2 0.6 70.2 -0.1 75.9 -0.6 50.5 -1.1 32 19.1 33 34 FA113181115 47.8 -21.5 -33.9 44.9 -0.2 -97.0 -45.4 -28.1 -17.0 34 35 36 FA112090205 FA115114103 46.3 1.4 -21.7 0.2 -32.0 -1.9 37.8 7.1 3.3 -3.5 -96.0 -1.0 -47.0 1.6 -27.3 -0.8 -19.9 35 2.9 36 Net increase in liabilities and equity Net increase in liabilities Net equity issues Proprietors’ net investment Foreign direct investment: equity (1) Net capital transfers paid from table F.5, line 62. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 11 and 16 respectively. (3) Equity in the Farm Credit System. 18 19 20 21 22 23 26 27 28 29 Transactions 2020 20 Z.1, December 9, 2022 F.105 General Government (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 2021 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 7173.6 2509.0 1583.7 337.7 30.0 1496.8 215.7 1000.9 -0.1 8346.6 2638.5 1676.7 371.7 30.0 1527.0 240.8 1862.5 -0.7 1 2 3 4 5 6 7 8 9 FA366010115 FA366210005 FA366240005 FA366231005 FA316231061 FA366601005 FA366150105 FA366403105 FA366402105 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 6829.7 2236.4 1526.3 276.1 27.7 1455.0 220.5 1088.0 -0.1 7887.0 2693.2 1680.0 372.9 30.8 1559.5 253.2 1294.1 3.3 7968.7 2806.1 1713.2 415.3 31.7 1601.5 258.5 1136.7 5.8 8481.0 3145.5 1750.1 479.7 33.6 1640.6 277.8 1152.0 1.8 8578.6 3188.5 1775.5 463.0 35.3 1660.3 259.4 1199.6 -3.0 8558.1 3244.0 1791.7 436.3 33.0 1688.0 201.8 1169.8 -6.4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FA366900015 FA366901005 FA366404005 FA366403005 FA366130005 FA366402005 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 9773.8 10454.4 11367.3 10936.0 10056.7 3138.4 3353.7 3290.7 3327.4 3373.1 4220.9 4577.6 6001.6 4336.4 4092.9 932.7 1174.5 844.2 1705.4 1165.2 824.5 866.7 840.8 864.3 879.1 657.3 481.9 390.0 702.5 546.3 9457.8 3423.8 3879.5 983.0 882.5 289.0 9342.7 3482.1 3825.9 1009.1 880.5 145.2 9496.3 3573.9 3837.7 1040.5 920.7 123.5 9660.5 3622.9 3857.5 1061.2 1004.9 114.1 10 11 12 13 14 15 16 17 18 19 FA366006005 FA366300005 FA313154015 FA365440095 Net saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (2) - Net capital transfers (3) -2944.1 605.9 -3.6 -10.4 -2610.5 647.1 -0.8 37.9 -4193.7 626.1 -0.4 214.2 -2589.4 639.4 -4.1 -21.8 -2169.7 653.2 1.4 -19.7 -1489.1 669.7 -0.1 -21.0 -861.6 691.2 -1.0 -21.4 -917.8 711.2 -2.3 -117.3 -1102.4 726.4 -1.4 25.5 16 17 18 19 20 FA366000105 = Gross saving less net capital transfers -2324.1 -2000.5 -3781.4 -1924.1 -1498.2 -798.4 -148.1 -87.0 -400.1 20 21 22 23 FA365090005 FA365019005 FA365420005 Gross investment Fixed investment Nonproduced nonfinancial assets -2534.7 790.5 13.7 -1735.6 807.0 8.0 -2513.9 798.0 -1.2 -2141.1 797.0 16.9 -1644.4 810.1 -0.9 -643.3 822.9 17.2 -287.8 829.3 -306.9 414.6 838.9 0.3 -923.9 21 863.7 22 -72.9 23 24 FA365000005 Net lending (+) or net borrowing (-) -3338.9 -2550.6 -3310.7 -2955.0 -2453.6 -1483.3 -810.2 -424.6 -1714.7 24 25 FA364090005 Net acquisition of financial assets 2064.0 -692.7 -2133.7 -152.2 -1639.1 1154.4 1769.4 1213.0 -314.5 25 26 27 28 29 30 FA313011005 FA363020005 FA363030005 FA213034003 FA212051003 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 8.9 1417.1 -10.9 13.5 15.7 114.1 -1208.1 -29.8 15.3 10.0 -8.5 -2195.4 35.5 16.3 10.0 1.8 -807.2 -72.5 12.2 10.0 450.9 -2553.3 -33.7 11.3 10.0 12.0 723.5 -48.6 21.4 10.0 3.7 1193.3 5.4 -7.7 10.0 4.6 633.2 -72.4 -2.3 10.0 -2.4 -739.0 -11.1 1.4 10.0 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 FA364022005 FA213069103 FA213061105 FA363061705 FA213062003 FA363063005 FA364023005 FA363065005 FA313066220 FA313069005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Mortgages Consumer credit Other loans and advances 219.8 -0.4 291.3 -71.4 1.5 -1.2 259.1 8.3 61.7 189.0 332.4 4.0 383.9 -39.8 3.8 -19.5 184.0 13.7 55.4 115.0 33.2 4.0 177.3 -84.6 4.1 -67.7 119.3 12.0 78.5 28.8 808.5 4.0 838.2 -10.4 2.1 -25.4 124.4 12.6 74.0 37.8 339.8 4.0 351.9 -34.0 4.8 13.2 269.7 15.9 48.0 205.9 148.0 4.0 168.2 -30.2 4.3 1.8 222.7 14.2 21.0 187.5 270.1 4.0 244.7 41.8 5.5 -26.0 237.7 14.9 40.1 182.8 734.1 4.0 681.5 48.7 6.0 -6.1 216.6 20.7 68.5 127.4 293.2 4.0 222.3 67.3 6.7 -7.2 218.3 27.2 67.2 123.9 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 FA363064105 FA213064203 FA363070005 FA363078005 FA363090005 Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets -3.4 1.2 -1.6 4.5 140.1 -3.4 1.2 42.6 -131.9 -19.0 -3.4 1.2 49.6 -51.8 -139.7 -3.4 1.2 3.4 -272.5 41.9 -3.4 1.2 50.1 -170.1 -11.6 -3.4 1.2 67.4 -33.2 33.4 -3.4 1.2 42.1 10.7 6.2 -3.4 1.2 31.2 -345.5 5.8 -3.4 1.2 49.5 -180.9 48.7 41 42 43 44 45 46 FA364190005 5402.8 1858.0 1177.0 2802.8 814.4 2637.7 2579.6 1637.7 1400.2 46 47 48 49 FA313111303 FA713014003 FA313112003 SDR allocations SDR certificates Treasury currency 0.0 0.0 -0.0 112.8 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 451.3 0.0 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47 0.0 48 -1.7 49 50 51 52 53 54 55 56 FA364122005 FA313161105 FA313161705 FA213162005 FA364123005 FA313165403 FA363169005 Debt securities Treasury securities Budget agency securities Municipal securities Loans Multifamily residential mortgages Other loans and advances 4671.4 4582.2 -1.0 90.2 1.0 0.0 1.0 1752.4 1683.8 -0.4 69.0 0.5 0.0 0.5 1183.9 1077.1 -1.5 108.2 0.7 0.0 0.7 2781.5 2677.5 -0.0 104.0 0.0 0.0 0.0 -606.1 -702.0 -1.3 97.2 722.0 0.0 722.0 3650.3 3682.7 1.1 -33.6 -720.8 0.0 -720.8 2493.1 2587.8 -1.6 -93.2 0.5 0.0 0.5 1494.9 1441.8 1.3 51.8 0.4 0.0 0.4 57 58 59 FA363170005 FA313140003 FA363190005 Trade payables Insurance reserves Miscellaneous liabilities 82.9 0.2 647.4 118.8 0.3 -126.7 96.2 1.1 -104.9 128.0 -3.4 -103.4 113.1 3.7 130.8 137.8 -0.4 -429.2 135.3 0.9 -50.2 154.2 -0.3 -11.5 84.2 57 1.0 58 234.4 59 60 FA367005005 210.5 -264.9 -1267.5 216.9 146.1 -155.1 139.7 -501.5 523.8 60 61 62 FA374090005 FA374190005 1770.2 5109.0 -1080.8 1469.8 -2315.8 994.8 -992.5 1962.5 -1995.5 458.1 980.5 2463.8 1518.6 2328.8 525.2 949.8 -543.8 61 1170.8 62 Net increase in liabilities Discrepancy Memo: Net acquisition of financial assets (consolidated) (4) Net increase in liabilities (consolidated) (4) 7844.0 2661.7 1663.4 374.4 30.6 1546.2 242.0 1323.6 2.1 Q1 1082.0 1102.6 -1.5 -19.2 0.3 0.0 0.3 50 51 52 53 54 55 56 (1) Sum of the federal government and state and local governments sectors. (2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (3) Table F.5, line 63 less line 12. (4) Excludes Treasury securities and municipal securities held by state and local governments (lines 33 and 35) and federal government loans to state and local governments (line 56). 21 Z.1, December 9, 2022 F.106 Federal Government 2020 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 2 3 4 5 6 7 8 9 FA316010105 FA316210001 FA316240001 FA316231001 FA316231061 FA316601001 FA316150105 FA316403105 FA316402101 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 3734.1 1730.4 155.8 201.4 27.7 1434.4 115.9 67.2 1.1 4319.0 2107.9 174.6 278.6 30.6 1523.4 135.3 67.2 1.5 4058.6 1965.4 156.6 249.6 30.0 1474.8 109.6 71.0 1.5 4266.9 2071.9 177.3 281.4 30.0 1504.3 134.4 66.4 1.3 4394.8 2158.8 176.8 278.4 30.8 1536.3 146.3 65.3 2.0 4555.8 2235.2 187.6 304.8 31.7 1578.1 150.9 66.3 1.2 4962.6 2564.1 202.4 313.8 33.6 1617.1 169.7 63.7 -1.8 5055.3 2598.6 209.4 353.2 35.3 1636.8 151.0 75.8 -4.9 5022.6 2638.6 202.6 334.6 33.0 1664.0 92.7 62.5 -5.4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FA316900005 FA316901001 FA316404001 FA316403001 FA316130001 FA316402001 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 6691.5 1169.6 3403.9 932.7 528.6 656.7 7154.4 1246.8 3674.8 1174.5 579.5 478.8 8179.0 1263.9 5133.6 844.2 549.8 387.4 7649.6 1249.0 3426.3 1705.4 575.0 693.9 6709.2 1230.6 3174.9 1165.2 592.9 545.6 6079.8 1243.7 2964.3 983.0 600.4 288.3 5891.6 1243.5 2891.2 1009.1 603.3 144.5 5935.2 1248.3 2875.0 1040.5 648.5 122.9 6060.1 1278.0 2870.8 1061.2 736.7 113.4 10 11 12 13 14 15 16 FA316006005 Net saving, NIPA basis -2957.4 -2835.3 -4120.3 -3382.7 -2314.4 -1524.0 -929.0 -879.9 -1037.5 16 17 18 19 FA316300001 FA313154015 FA315440095 + Consumption of fixed capital - Insurance and pension reserves (1) - Net capital transfers paid (2) 304.7 -3.6 73.3 322.7 -0.8 121.0 314.8 -0.4 294.8 319.5 -4.1 60.5 325.1 1.4 69.9 331.2 -0.1 59.0 338.3 -1.0 58.3 345.6 -2.3 429.8 351.2 17 -1.4 18 174.0 19 20 FA316000105 = Gross saving less net capital transfers paid -2722.3 -2632.9 -4099.9 -3119.5 -2060.6 -1251.7 -648.1 -961.7 -858.9 20 21 22 23 FA315090005 FA315019001 FA315420003 Gross investment Fixed investment Nonproduced nonfinancial assets -2949.5 351.0 -2.9 -2370.4 362.4 -9.0 -2836.5 356.3 -18.0 -3257.4 359.0 -0.1 -2221.9 365.0 -18.0 -1166.0 369.1 -0.0 -882.9 369.6 -324.3 -410.7 374.4 -17.3 -1468.1 21 378.9 22 -90.5 23 24 FA315000005 Net lending (+) or net borrowing (-) -3297.5 -2723.8 -3174.8 -3616.3 -2568.9 -1535.1 -928.2 -767.8 -1756.4 24 25 FA314090005 Net acquisition of financial assets 1709.1 -1242.7 -2412.2 -1224.2 -2159.4 825.1 1432.3 502.7 -653.1 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 FA313011005 FA313020005 FA313030003 FA314022005 FA313061703 FA313063763 FA314023005 FA313069005 FA313065005 FA313066220 FA313064105 FA313070000 FA313078000 FA313090005 8.9 1326.3 -1.3 0.0 0.0 0.0 254.1 189.0 3.3 61.7 0.0 11.3 -12.2 122.0 114.1 -1323.9 1.4 0.0 0.0 0.0 176.4 115.0 6.0 55.4 -0.0 10.6 -137.2 -84.1 -8.5 -2274.6 35.5 0.0 0.0 0.0 111.7 28.8 4.4 78.5 -0.0 29.4 -69.9 -235.7 1.8 -1011.5 -34.4 0.0 0.0 0.0 116.8 37.8 4.9 74.0 0.0 1.3 -260.1 -38.1 450.9 -2654.2 2.0 0.0 0.0 0.0 262.0 205.9 8.2 48.0 0.0 7.4 -178.9 -48.8 12.0 644.7 2.5 0.0 0.0 0.0 215.0 187.5 6.5 21.0 -0.0 4.4 -39.7 -13.7 3.7 1168.1 0.2 0.0 0.0 0.0 230.1 182.8 7.2 40.1 0.0 11.7 10.8 7.7 4.6 579.8 -3.3 0.0 0.0 0.0 208.9 127.4 13.0 68.5 0.0 -15.7 -268.3 -3.2 -2.4 -722.9 0.1 0.0 0.0 0.0 210.6 123.9 19.6 67.2 0.0 -0.2 -149.1 10.8 40 FA314190005 5006.6 1481.1 762.6 2392.1 409.5 2360.2 2360.4 1270.6 1103.3 40 41 42 43 44 45 46 47 48 49 50 51 FA313111303 FA713014003 FA313112003 FA314122005 FA313161105 FA313161205 FA313161305 FA313161705 FA314123005 FA313165403 FA313169003 SDR allocations SDR certificates Treasury currency Debt securities Treasury securities (5) Marketable Nonmarketable Budget agency securities Loans Multifamily residential mortgages Other loans and advances 0.0 0.0 -0.0 4581.2 4582.2 4317.3 264.9 -1.0 0.0 0.0 0.0 112.8 0.0 -0.1 1683.4 1683.8 1611.4 72.5 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 1075.6 1077.1 1137.6 -60.5 -1.5 0.0 0.0 0.0 0.0 0.0 0.0 2677.5 2677.5 2466.1 211.3 -0.0 0.0 0.0 0.0 451.3 0.0 -0.5 -703.3 -702.0 183.4 -885.4 -1.3 722.2 0.0 722.2 0.0 0.0 0.0 3683.9 3682.7 2658.3 1024.4 1.1 -722.2 0.0 -722.2 0.0 0.0 0.0 2586.3 2587.8 2231.8 356.0 -1.6 0.0 0.0 0.0 0.0 0.0 0.0 1443.1 1441.8 1154.2 287.6 1.3 0.0 0.0 0.0 0.0 0.0 -1.7 1101.2 1102.6 992.7 110.0 -1.5 0.0 0.0 0.0 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 FA313170005 FA313140003 FA313190005 FA343073045 FA313172003 FA313190015 Trade payables Insurance reserves Miscellaneous liabilities Claims of pension fund on sponsor PPP subsidies payable Other 33.0 0.2 392.3 -27.3 415.2 4.4 64.5 0.3 -379.8 -90.1 -308.9 19.2 43.8 1.1 -358.0 -77.0 -273.8 -7.2 74.5 -3.4 -356.5 -157.7 -232.9 34.1 58.2 3.7 -122.3 215.3 -361.9 24.3 81.3 -0.4 -682.3 -340.8 -366.9 25.3 76.6 0.9 -303.3 -118.6 -208.5 23.9 92.4 -0.3 -264.6 -187.9 -111.9 35.3 21.6 1.0 -18.7 -11.1 -52.3 44.7 52 53 54 55 56 57 58 FA317005005 227.1 -262.5 -1263.4 137.9 161.3 -85.7 234.8 -551.1 609.2 58 59 FA314000105 1324.3 -1321.2 -2319.3 -940.2 -2772.9 747.6 1017.9 739.3 -864.7 59 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Debt securities Agency- and GSE-backed securities Corporate and foreign bonds Loans Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities Discrepancy Memo: Change in cash balance (6) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.5, line 64 less line 12. (3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price. (5) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds. (6) Time and savings deposits (line 28) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8). 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 22 Z.1, December 9, 2022 F.107 State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 1 FA216010105 2 3 4 5 6 7 8 FA216210001 FA216240001 FA216231001 FA216601001 FA216150105 FA216403105 FA216402101 Current receipts, NIPA basis 9 FA216900005 10 11 12 13 14 FA216901001 FA216404001 FA216403001 FA216130001 FA216402001 15 FA216006005 Net saving, NIPA basis 16 17 FA216300001 FA215440005 18 19 20 21 FA215019001 FA215420003 Fixed investment Nonproduced nonfinancial assets 22 FA215000005 23 FA214090005 24 25 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 3095.6 3525.0 3115.0 4079.6 3492.2 3413.0 3518.4 3523.3 3535.5 1 506.0 1370.5 74.6 20.6 104.5 1020.8 -1.3 553.8 1488.8 95.8 22.8 106.7 1256.3 0.5 543.6 1427.0 88.0 22.0 106.0 930.0 -1.6 566.6 1499.4 90.3 22.7 106.4 1796.2 -2.0 534.4 1503.2 94.4 23.2 106.9 1228.9 1.2 570.8 1525.7 110.5 23.4 107.6 1070.4 4.5 581.3 1547.7 165.9 23.4 108.1 1088.3 3.7 589.8 1566.1 109.8 23.6 108.4 1123.7 1.9 605.4 1589.1 101.6 24.0 109.1 1107.3 -1.1 2 3 4 5 6 7 8 3082.3 3300.1 3188.4 3286.4 3347.5 3378.1 3451.1 3561.2 3600.4 9 1968.8 817.0 0.0 295.9 0.6 2106.9 902.8 0.0 287.2 3.1 2026.7 868.0 0.0 291.0 2.5 2078.4 910.1 0.0 289.3 8.6 2142.5 918.1 0.0 286.2 0.7 2180.1 915.2 0.0 282.1 0.7 2238.5 934.7 0.0 277.2 0.7 2325.6 962.7 0.0 272.2 0.7 2344.8 986.8 0.0 268.2 0.7 10 11 12 13 14 13.3 224.9 -73.3 793.3 144.7 34.9 67.4 -37.9 -65.0 15 + Consumption of fixed capital - Net capital transfers paid (1) 301.2 -83.7 324.4 -83.1 311.3 -80.6 319.9 -82.2 328.0 -89.6 338.5 -79.9 352.9 -79.7 365.5 -547.1 375.2 16 -148.5 17 FA216000105 = Gross saving less net capital transfers paid 398.2 632.4 318.5 1195.4 562.3 453.4 500.0 874.8 458.8 18 FA215090005 Gross investment 414.8 634.8 322.6 1116.3 577.5 522.8 595.1 825.3 544.2 19 439.6 16.6 444.6 17.0 441.7 16.8 438.0 16.9 445.1 17.1 453.8 17.2 459.7 17.4 464.5 17.6 484.8 20 17.6 21 Net lending (+) or net borrowing (-) -41.4 173.2 -135.9 661.4 115.4 51.8 117.9 343.2 41.8 22 Net acquisition of financial assets 354.9 550.0 278.5 1072.0 520.3 329.3 337.1 710.3 338.6 23 FA213020005 FA213030000 Checkable deposits and currency Time and savings deposits 90.8 -9.5 115.8 -31.2 79.2 0.0 204.3 -38.1 100.8 -35.7 78.8 -51.1 25.3 5.1 53.4 -69.1 -16.2 24 -11.2 25 26 27 FA213034003 FA212051003 Money market fund shares Security repurchase agreements 13.5 15.7 15.3 10.0 16.3 10.0 12.2 10.0 11.3 10.0 21.4 10.0 -7.7 10.0 -2.3 10.0 1.4 26 10.0 27 28 29 30 31 32 33 FA214022005 FA213069103 FA213061105 FA213061703 FA213062003 FA213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 219.8 -0.4 291.3 -71.4 1.5 -1.2 332.4 4.0 383.9 -39.8 3.8 -19.5 33.2 4.0 177.3 -84.6 4.1 -67.7 808.5 4.0 838.2 -10.4 2.1 -25.4 339.8 4.0 351.9 -34.0 4.8 13.2 148.0 4.0 168.2 -30.2 4.3 1.8 270.1 4.0 244.7 41.8 5.5 -26.0 734.1 4.0 681.5 48.7 6.0 -6.1 34 FA213065005 Loans (mortgages) 5.0 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.6 34 35 36 FA213064103 FA213064203 Corporate equities Mutual fund shares -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 35 1.2 36 37 38 39 FA213070003 FA213078005 FA213093003 Trade receivables Taxes receivable Miscellaneous assets -12.9 16.7 18.1 32.0 5.3 65.1 20.2 18.1 96.1 2.1 -12.4 80.0 42.6 8.8 37.2 63.0 6.5 47.2 30.4 -0.1 -1.5 47.0 -77.2 9.0 49.7 37 -31.7 38 38.0 39 40 FA214190005 396.3 376.9 414.3 410.7 404.9 277.5 219.1 367.1 296.8 40 41 42 43 FA213162005 FA213162400 FA213162200 Debt securities (municipal securities) Short-term (2) Long-term 90.2 1.7 88.5 69.0 -13.7 82.6 108.2 -12.3 120.6 104.0 -10.8 114.8 97.2 -30.6 127.8 -33.6 -0.9 -32.6 -93.2 -21.6 -71.5 51.8 -2.7 54.5 -19.2 41 3.4 42 -22.6 43 44 FA213169203 Loans (U.S. government loans) 45 46 FA213170003 FA223073045 Trade payables Claims of pension fund on sponsor (3) 47 FA217005005 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Govt. social benefit payments to persons Other current transfer payments Interest payments Subsidies Net increase in liabilities Discrepancy (1) Table F.5, line 65. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. 293.2 4.0 222.3 67.3 6.7 -7.2 28 29 30 31 32 33 1.0 0.5 0.7 0.0 -0.3 1.5 0.5 0.4 0.3 44 49.9 255.1 54.3 253.1 52.3 253.1 53.5 253.1 54.9 253.1 56.5 253.1 58.7 253.1 61.8 253.1 62.6 45 253.1 46 -16.6 -2.4 -4.1 79.1 -15.2 -69.4 -95.1 49.5 -85.4 47 23 Z.1, December 9, 2022 F.108 Domestic Financial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA796000105 Gross saving less net capital transfers paid 275.9 338.2 354.8 364.8 279.0 354.3 344.1 315.3 167.2 1 2 FA795090005 Gross investment 435.3 711.3 1255.5 500.9 780.7 308.0 1317.6 1226.0 1095.8 2 3 4 5 FA795019005 FA125012063 FA795013005 Capital expenditures Fixed residential investment Fixed nonresidential investment 300.0 2.8 297.2 330.7 7.6 323.1 325.0 1.9 323.2 338.9 11.1 327.8 327.1 6.6 320.5 331.8 10.9 320.9 335.1 2.5 332.5 340.9 5.0 335.9 348.3 -0.2 348.6 3 4 5 6 FA795000005 Net lending (+) or net borrowing (-) 135.3 380.5 930.4 161.9 453.6 -23.8 982.5 885.1 747.5 6 7 FA794090005 Net acqisition of financial assets 9831.9 7513.6 10643.8 5975.3 7588.1 5847.4 6800.2 467.7 2736.9 7 8 9 10 11 12 13 14 15 16 FA713011005 FA713014003 FA713012003 FA793091005 FA794010005 FA793020005 FA793030005 FA793034005 FA792050005 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 0.0 0.0 0.4 -14.0 1506.5 224.6 5.6 171.4 -292.3 -0.1 0.0 0.4 -2.2 609.3 55.0 -130.9 198.7 1116.6 0.1 0.0 0.3 27.9 2721.3 359.0 -184.3 358.9 -744.3 0.1 0.0 0.2 -30.5 -666.6 -245.6 -173.5 153.7 1651.5 -0.5 0.0 0.4 -6.9 1289.3 204.7 -66.3 193.4 2447.8 0.0 0.0 0.6 0.6 -906.8 -98.2 -99.5 88.8 1111.6 0.0 0.0 0.6 15.4 -180.5 -36.7 -96.1 43.8 15.5 0.1 0.0 0.7 -56.4 -2569.4 -107.8 166.9 -174.8 819.3 0.2 0.0 0.7 16.5 -340.9 -38.6 179.7 -73.4 892.9 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA794022005 FA793069175 FA793061105 FA793061705 FA793062005 FA793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 6429.1 -45.0 4561.5 1017.7 117.2 777.7 3084.5 19.2 1320.7 641.8 174.0 928.8 5160.5 95.0 2089.6 1107.1 202.5 1666.2 2635.1 -80.7 1691.6 249.5 199.2 575.5 293.9 230.0 -1745.8 847.0 196.3 766.5 4248.3 -167.5 3247.6 363.4 97.8 707.0 2805.7 -41.4 913.7 770.4 44.6 1118.5 -140.3 218.0 40.5 -109.7 -102.6 -186.5 -202.9 401.9 -1084.6 -127.6 -39.5 646.8 17 18 19 20 21 22 23 24 25 26 27 FA794023005 FA793068005 FA793069005 FA793065005 FA793066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 1134.7 413.7 48.4 743.2 -70.6 1791.7 128.2 240.9 1230.4 192.2 1820.6 114.3 747.0 874.6 84.7 1348.6 -182.1 31.2 1225.6 273.9 2019.1 -176.8 702.3 1309.8 183.8 1978.6 757.5 -517.0 1511.6 226.5 2667.9 260.7 568.4 1513.6 325.2 3026.6 851.2 210.4 1569.8 395.2 2504.0 422.4 600.0 1224.0 257.6 23 24 25 26 27 28 29 FA793064105 FA793064205 Corporate equities Mutual fund shares -372.3 -52.2 86.1 -328.9 220.6 -185.5 66.7 -312.7 -115.9 -139.1 173.2 -678.3 319.7 -77.8 -215.6 -269.2 -141.3 28 -261.0 29 30 31 32 33 34 FA793070005 FA793040005 FA543050005 FA793092005 FA793090005 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad Miscellaneous assets 41.1 15.7 91.6 49.4 892.6 35.8 39.5 88.5 70.7 798.9 45.3 34.5 88.5 78.9 841.6 53.1 44.9 88.5 71.1 1290.7 46.6 35.5 88.5 49.9 1247.7 -2.0 43.2 88.5 83.0 -184.4 47.5 15.7 17.1 127.9 1114.3 57.8 24.0 19.7 40.6 -154.7 35 FA794194005 9696.7 7133.1 9713.3 5813.4 7134.5 5871.2 5817.7 -417.5 1989.4 35 36 FA794190005 9181.5 6253.3 8640.3 4782.4 6456.9 5133.6 5278.4 -1026.7 1550.8 36 37 38 39 40 41 FA794110005 FA793120005 FA703130005 FA634090005 FA792150005 Net interbank liabilities Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 1546.3 4272.3 795.5 763.5 -251.4 693.3 230.7 758.2 439.5 1732.5 2623.6 -267.5 1952.5 1155.7 -90.6 -1074.2 742.0 -422.1 304.7 3266.0 1973.8 -1253.3 480.1 -186.7 2719.0 -750.1 1701.6 1022.4 484.4 1035.8 449.0 1986.1 342.9 -157.6 -354.9 -3019.8 1694.6 -1404.1 -79.7 1743.9 88.6 -437.9 -1204.0 8.2 772.8 37 38 39 40 41 42 43 44 45 FA794122005 FA793169175 FA423161705 FA793163005 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 951.7 23.0 658.2 270.6 799.1 -46.2 612.9 232.4 690.3 35.0 699.6 -44.3 857.6 -341.2 600.9 597.9 591.6 -9.1 566.3 34.4 1057.0 130.6 584.7 341.7 1683.2 400.9 1040.8 241.6 1216.5 143.2 948.5 124.8 970.9 59.2 1050.9 -139.2 42 43 44 45 46 47 48 49 FA794123005 FA793168005 FA793169005 FA123165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 53.6 75.8 -24.0 1.8 152.7 46.5 115.4 -9.1 318.5 12.8 329.1 -23.4 46.1 216.5 -160.1 -10.3 103.9 -48.5 176.9 -24.5 142.4 5.2 115.6 21.6 712.2 -122.7 816.6 18.3 152.4 14.1 121.8 16.5 282.7 -49.8 304.5 28.1 46 47 48 49 50 FA653164205 Mutual fund shares -229.1 215.7 357.3 166.7 308.4 30.5 -444.3 -1155.1 51 52 53 54 55 56 FA793170005 FA543140005 FA583150005 FA793178005 FA793192305 FA793190005 Trade payables Life insurance reserves Pension entitlements Taxes payable Foreign direct investment: intercompany debt Miscellaneous liabilities 102.0 85.0 540.0 -6.6 6.1 552.6 89.7 48.0 369.7 -9.8 4.9 728.9 90.4 4.1 276.8 -29.2 -1.4 1559.7 70.7 65.3 299.4 -28.1 10.1 478.2 92.4 86.2 476.7 14.4 -31.0 1081.3 105.3 36.6 425.7 3.9 41.9 -203.8 32.3 14.9 418.8 -208.3 1.2 802.9 25.9 75.3 385.1 -74.6 -40.2 -547.0 57 FA793181125 515.2 879.8 1073.0 1030.9 677.5 737.6 539.3 609.3 438.7 57 58 59 60 FA793164105 FA662090003 FA793192105 499.4 6.9 9.0 843.8 15.8 20.1 1050.6 13.8 8.6 1012.6 16.8 1.5 585.1 6.6 85.8 727.1 25.9 -15.4 576.3 -44.7 7.7 526.0 -4.2 87.4 365.0 58 14.4 59 59.3 60 61 FA797005005 -159.3 -373.0 -900.7 -136.0 -501.7 46.3 -973.5 -910.7 -928.6 61 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Equity in noncorporate business Foreign direct investment: equity Discrepancy (1) Sum of financial sectors shown on tables F.109 through F.132. 26.0 24.0 13.6 97.6 39.9 30 31 32 33 34 -573.2 50 52.3 77.4 424.5 -82.0 -40.7 1211.3 51 52 53 54 55 56 Transactions 2020 24 Z.1, December 9, 2022 F.109 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA716000105 Gross saving 3.3 4.4 -2.3 5.3 8.5 6.3 6.5 6.5 6.5 1 2 FA715013005 Fixed nonresidential investment 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.1 2 3 FA714090005 Net acquisition of financial assets 3083.6 1480.7 1551.9 1593.2 1524.1 1253.6 719.0 -169.1 -526.6 3 4 5 6 FA713011005 FA713014003 FA713012003 U.S. official reserve assets SDR certificates Treasury currency 0.0 0.0 0.4 -0.1 0.0 0.4 0.1 0.0 0.3 0.1 0.0 0.2 -0.5 0.0 0.4 0.0 0.0 0.6 0.0 0.0 0.6 0.1 0.0 0.7 0.2 0.0 0.7 4 5 6 7 8 9 10 11 FA713022003 FA713068705 FA713068703 FA763069143 FA713068725 Federal Reserve float Interbank loans Discount window (2) AMLF and MMLF loans (3) PPPLF loans (4) 0.1 44.5 1.6 2.0 41.0 -0.0 -31.3 -1.0 -2.0 -28.3 -1.9 -12.8 -3.1 -7.5 -2.2 -0.0 1.8 -1.3 -0.4 3.6 1.5 -100.7 1.3 0.0 -102.0 0.5 -13.5 -1.1 0.0 -12.4 -0.4 -17.9 0.1 0.0 -18.0 -0.4 3.1 7.4 0.0 -4.3 12 FA712051000 Security repurchase agreements -255.6 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 13 14 15 16 17 18 19 20 FA714022005 FA713069603 FA713061103 FA713061113 FA713061125 FA713061705 FA713061903 FA713061703 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-baked securities 3217.0 0.0 2554.3 157.5 2396.8 662.7 662.7 -0.0 1537.1 0.0 961.6 0.0 961.5 575.5 575.6 -0.0 1610.4 0.0 1017.8 0.2 1017.6 592.6 592.6 -0.0 1486.6 0.0 958.9 0.1 958.8 527.6 527.7 -0.0 1707.1 0.0 1001.7 -0.0 1001.7 705.4 705.4 -0.0 1344.3 0.0 867.8 -0.2 868.0 476.5 476.5 -0.0 782.3 0.0 400.2 -1.1 401.3 382.0 382.1 -0.0 -150.0 0.0 -107.5 -2.9 -104.7 -42.5 -42.5 -0.0 -523.0 0.0 -467.6 -68.4 -399.2 -55.5 -55.5 -0.0 13 14 15 16 17 18 19 20 21 22 23 24 25 FA713068005 FA713068813 FA713068665 FA713068863 FA713068505 Loans (depository institution loans n.e.c.) Households (TALF I) (5) Brokers and dealers (6) Finance companies (PPPLF) (4) Other financial business (7) 52.2 0.0 2.1 9.4 40.7 -10.1 0.0 -2.1 11.7 -19.6 26.0 0.0 -8.0 41.0 -7.0 109.8 0.0 -0.5 118.4 -8.2 -84.4 0.0 0.0 -24.0 -60.4 -91.6 0.0 0.0 -88.7 -3.0 -32.3 0.0 0.0 -23.4 -8.9 -22.6 0.0 0.0 -18.1 -4.5 -9.3 0.0 0.0 -5.3 -4.0 21 22 23 24 25 26 27 28 29 FA713064103 FA713090005 FA713091103 FA713093005 Corporate equities (8) Miscellaneous assets Nonofficial foreign currencies (9) Other 0.0 25.0 14.2 10.8 0.0 -15.3 -14.5 -0.8 0.0 -70.1 -61.5 -8.6 0.0 -5.2 -7.8 2.5 0.0 0.8 -1.0 1.7 0.0 13.3 12.0 1.3 0.0 -13.3 -11.9 -1.4 0.0 0.1 -0.1 0.2 0.0 -5.4 -0.2 -5.2 26 27 28 29 30 FA714190005 3083.7 1480.7 1554.1 1593.2 1522.6 1253.1 717.8 -171.1 -526.5 30 31 32 FA713113003 FA703025005 Depository institution reserves Vault cash of depository institutions 1446.1 15.8 649.3 -8.7 2711.1 25.0 -644.3 -24.0 1390.5 -1.9 -859.9 -33.8 -187.5 25.3 -2568.0 -4.2 -322.4 31 -28.6 32 33 FA713120005 Checkable deposits and currency 1738.4 -1128.2 -1615.8 -1202.9 -2637.7 943.7 1214.4 702.0 -905.7 33 34 35 36 37 38 39 40 FA713123005 FA713123023 FA713123030 FA713123043 FA713124005 FA713129005 FA713122605 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account Due to government-sponsored enterprises Due to other financial business (10) Due to rest of the world 1324.6 -0.1 1324.7 0.0 38.5 93.0 16.7 -1322.4 0.0 -1322.5 0.0 -17.1 67.6 -12.5 -2353.3 0.2 -2353.5 0.0 332.2 126.2 45.5 -913.9 -0.2 -913.7 0.0 -421.8 61.3 -111.8 -2771.4 0.0 -2771.4 0.0 18.2 33.3 1.8 748.9 0.1 748.8 0.0 3.0 49.7 14.5 1017.3 0.0 1017.3 0.0 -16.6 77.9 -7.4 742.0 0.1 741.9 0.0 -15.4 -82.7 -0.1 -865.8 0.0 -865.8 0.0 -22.4 -59.7 -0.1 41 FA713125005 Currency outside banks 265.7 156.2 233.6 183.2 80.4 127.7 143.1 58.2 42.2 41 42 43 44 FA712151003 FA712151103 FA712151115 Security repurchase agreements Reverse repurchase agreement operations (11) Other (12) -120.6 -54.4 -66.2 1967.0 1894.9 72.1 544.5 498.6 45.9 3635.0 3430.5 204.5 2577.0 2451.8 125.2 1111.5 1198.8 -87.3 -248.2 -130.4 -117.8 1921.0 1831.1 89.9 476.8 42 384.7 43 92.2 44 45 46 47 48 FA713190005 FA313094213 FA713164003 FA713193005 Miscellaneous liabilities Treasury contributions to MMLF Federal Reserve Bank stock Other 4.0 1.5 0.7 1.8 1.3 -1.5 1.5 1.3 -110.6 0.0 0.4 -111.0 -170.6 -6.0 1.4 -166.0 194.7 0.0 1.1 193.7 91.6 0.0 3.2 88.4 -86.2 0.0 1.8 -88.0 -221.9 0.0 2.4 -224.3 253.4 0.0 0.6 252.8 49 FA717005005 2.5 3.5 -1.0 4.4 6.0 4.8 4.3 3.4 Net increase in liabilities Discrepancy 1.6 7 8.6 8 19.1 9 0.0 10 -10.5 11 0.0 12 34 35 36 37 38 39 40 45 46 47 48 5.5 49 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to U.S.-chartered depository institutions through the 2008-2010 Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) and the 2020 Money Market Mutual Fund Liquidity Facility (MMLF). The AMLF was dissolved in 2010:Q1. (4) Loans extended to depository institutions (line 11) and finance companies (line 24) through the Paycheck Protection Program Liquidity Facility (PPPLF). (5) Loans extended to financial institutions such as domestic hedge funds through the 2008 Term Asset-Backed Securities Loan Facility (TALF I). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF), AMLF (2008-2010), and MMLF (2020). (7) Loans extended to Federal Reserve funding, credit, and liquidity facility special purpose vehicles created in response to the 2008 Financial Crisis and COVID-19 pandemic. (8) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assuance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. Series is zero after 2010:Q4. (9) Reciprocal currency arrangements (swap lines) with foreign central banks. (10) Deposits of designated financial market utilities (DFMU) and deposits of Federal Reserve facility LLC’s special purpose vehicles. (11) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). (12) Includes reverse repurchase agreements conducted through the Federal Reserve’s Foreign Repo Pool. 25 Z.1, December 9, 2022 F.110 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA706000105 Gross saving less net capital transfers paid -76.7 -125.8 -117.9 -116.9 -130.3 -138.1 -126.1 -54.9 -117.1 1 2 FA705013005 Fixed nonresidential investment 70.8 76.8 84.5 82.5 72.0 68.3 70.3 68.3 71.7 2 3 FA705000005 Net lending (+) or net borrowing (-) 80.5 189.9 449.6 -72.2 448.9 -66.7 305.8 555.6 501.1 3 4 FA704090005 Net acquisition of financial assets 3231.7 2386.2 4294.9 508.1 3061.0 1680.7 2413.8 -304.4 870.9 4 5 6 7 FA703025005 FA713113003 FA702050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 15.8 1446.1 124.1 -8.7 649.3 -285.3 25.0 2711.1 -1039.7 -24.0 -644.3 -104.0 -1.9 1390.5 42.5 -33.8 -859.9 -39.9 25.3 -187.5 -53.4 -4.2 -2568.0 -29.9 -28.6 -322.4 154.2 5 6 7 8 9 10 11 12 13 FA704022005 FA703069175 FA703061105 FA703061705 FA703062005 FA703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1092.5 1.6 303.2 694.0 72.3 21.5 1335.9 -2.1 467.4 605.9 54.4 210.3 2185.8 -8.2 415.3 1190.6 76.0 512.2 923.3 -0.8 341.2 421.1 58.7 103.0 1025.9 -0.3 384.9 482.3 51.8 107.2 1208.5 1.1 728.0 329.5 31.2 118.7 1085.0 0.8 370.3 245.6 55.5 412.8 46.7 -0.4 267.3 -287.6 54.5 12.9 -556.2 -1.2 -217.8 -459.6 -4.3 126.7 8 9 10 11 12 13 14 15 16 17 18 FA704023005 FA703068005 FA703069005 FA703065005 FA703066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 369.2 361.5 3.0 87.7 -83.0 519.8 138.3 1.9 212.5 167.1 34.4 88.3 -2.2 -85.8 34.1 73.3 -291.9 -5.3 135.1 235.5 462.0 -92.4 10.8 378.7 164.7 1509.7 849.1 4.3 422.1 234.1 982.2 293.0 -16.7 374.6 331.4 2101.9 873.9 0.2 818.6 409.2 1434.8 431.7 -2.2 752.6 252.6 14 15 16 17 18 19 20 FA703064105 FA703064205 Corporate equities Mutual fund shares 2.9 2.4 2.4 3.6 4.1 6.2 3.8 9.9 -2.4 -10.9 4.0 9.2 2.3 -0.5 -7.7 -4.8 -0.9 19 8.8 20 21 FA763040005 Life insurance reserves 6.1 13.3 8.3 18.7 9.3 17.0 8.6 7.7 8.8 21 22 23 FA763092000 FA703090005 U.S. direct investment abroad Miscellaneous assets 1.4 171.1 9.5 146.3 -1.9 361.6 36.9 214.5 -8.7 154.8 11.6 -145.5 17.7 534.1 1.2 152.8 15.5 22 157.0 23 24 FA704194005 3151.2 2196.2 3845.3 580.3 2612.1 1747.3 2108.0 -860.0 369.8 24 25 FA704190005 Net increase in liabilities 3141.4 2195.6 3847.8 602.0 2579.5 1753.2 2134.8 -877.8 367.1 25 26 FA704110005 Net interbank liabilities 27 28 FA703127005 FA703130005 Checkable deposits Time and savings deposits 29 FA702150005 Federal funds and security repos 30 31 32 FA704122005 FA703169175 FA763163005 Debt securities Open market paper Corporate bonds 33 FA703169005 Loans (other loans and advances) 34 35 FA763178000 FA753192305 Taxes payable (net) Foreign direct investment: intercompany debt 36 37 38 39 40 FA703190005 FA763194603 FA763194705 FA753194503 FA703193005 Miscellaneous liabilities Equity investment by holding company parent Other investment by holding company parent Investment by other financial business Other 41 FA703181125 42 43 FA763164103 FA753192103 44 FA707005005 Net increase in liabilities and equity Net equity issues Corporate equities Foreign direct investment: equity Discrepancy 84.4 52.6 -112.4 -405.9 585.3 143.6 611.2 -447.6 439.7 26 2533.9 795.5 1358.9 758.2 1348.3 1952.5 1944.9 -422.1 1384.4 480.1 757.9 1022.4 771.7 342.9 992.6 -1404.1 467.8 27 -1204.0 28 -1.2 -27.4 186.9 -249.3 137.2 -184.3 126.6 -170.1 -31.0 29 103.1 48.4 54.8 -99.8 -50.5 -49.4 -69.5 -29.0 -40.5 -228.7 -127.6 -101.1 -155.6 -87.8 -67.8 54.5 42.6 11.9 232.3 164.9 67.5 246.6 164.7 81.9 14.2 30 8.4 31 5.8 32 -241.6 -67.0 32.7 -247.2 -42.7 -10.8 195.2 413.7 569.8 33 -11.2 -2.3 -8.9 -1.9 -45.4 -1.8 -7.5 -7.2 9.9 0.1 7.5 1.5 -206.2 -0.9 -59.2 -0.8 -72.8 34 -1.9 35 -119.3 106.9 -39.4 -27.6 -159.2 230.8 123.4 24.0 16.6 66.7 556.5 83.9 19.9 169.2 283.5 225.0 213.7 32.2 -69.8 49.0 180.6 103.2 40.3 36.0 1.2 -39.2 93.0 3.7 -69.0 -66.8 62.0 -261.3 -59.6 94.7 288.3 -448.7 -254.8 24.0 -106.6 -111.3 9.8 0.6 -2.5 -21.7 32.6 -5.9 -26.9 17.8 2.6 41 1.9 7.9 2.3 -1.7 -1.4 -1.1 6.4 -28.1 15.1 17.6 -10.9 5.0 -26.6 -0.2 9.0 8.8 3.9 42 -1.3 43 -228.0 -392.5 -652.0 -127.2 -651.2 -139.7 -502.2 -678.8 -689.9 44 0.3 1753.3 0.1 1266.2 -0.4 1332.7 0.6 998.2 -0.1 1375.1 0.5 1358.7 -1.7 364.4 -3.1 -872.5 -3.0 45 -671.6 46 185.4 -218.5 -10.5 44.1 370.2 36 37 38 39 40 Memo: 45 46 FA763066303 FA703139105 Consumer leases not included above (2) Uninsured deposits (3) (1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114). (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. (3) Includes checkable deposits (line 27) and time and savings deposits (line 28) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Transactions 2020 26 Z.1, December 9, 2022 F.111 U.S.-Chartered Depository Institutions Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 1 FA766000105 Gross saving less net capital transfers paid 2 FA765013005 Fixed nonresidential investment 3 FA764090005 4 5 6 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 -101.4 -144.5 -137.5 -135.0 -148.3 -157.3 -145.5 -74.9 -137.6 1 53.6 57.6 65.8 63.3 52.6 48.5 49.8 47.4 50.1 2 Net acquisition of financial assets 2940.1 1891.0 3027.3 633.4 2050.8 1852.3 1112.0 -514.2 134.5 3 FA763025000 FA763013005 FA762050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 15.8 1282.4 179.8 -8.8 388.6 -220.8 25.0 1651.1 -975.7 -24.0 -512.1 23.1 -1.9 735.6 -50.5 -34.1 -320.2 119.9 25.6 -914.1 -75.6 -4.1 -2088.8 -70.1 -28.6 -417.6 107.9 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA764022005 FA763069175 FA763061100 FA763061705 FA763061803 FA763061503 FA763061603 FA763061403 FA763061795 FA763062000 FA763063005 FA763063673 FA763063653 FA763063663 FA763063693 FA763063095 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other Municipal securities Corporate and foreign bonds Private residential mortgage pass-through securities Private commercial mortgage pass-through securities Private residential CMOs and other structured MBS Private commercial CMOs and other structured MBS Other 1010.2 2.0 327.8 603.1 381.9 46.8 113.3 54.4 6.7 69.0 8.3 -0.9 0.2 4.7 -0.4 4.7 1239.0 -2.0 449.0 535.0 379.9 36.6 41.4 35.5 41.6 52.1 204.9 1.1 0.4 17.1 13.2 172.9 1903.7 -7.5 406.9 940.8 725.6 49.6 51.6 61.5 52.5 72.4 491.1 2.9 0.5 7.4 7.5 472.7 980.3 -0.4 355.2 439.8 319.6 38.4 0.2 44.7 36.9 56.7 129.0 0.1 0.1 5.9 14.5 108.5 940.2 0.0 348.3 445.9 312.8 31.3 67.1 13.9 20.8 49.2 96.7 0.1 0.4 27.0 11.3 58.0 1132.1 0.0 685.6 313.6 161.5 27.0 46.8 22.1 56.2 30.3 102.5 1.4 0.8 28.2 19.6 52.5 892.6 0.0 273.5 206.4 177.8 8.5 -19.6 -0.6 40.3 53.5 359.3 -2.5 1.1 32.9 17.9 309.9 -194.8 0.0 174.0 -362.2 -253.9 -13.6 -37.6 -84.9 27.8 53.7 -60.3 -0.5 -0.0 11.5 6.8 -78.2 -648.2 0.0 -271.6 -403.4 -148.6 -101.1 -15.5 -153.8 15.7 -7.2 33.9 -0.1 -0.3 -0.6 3.6 31.4 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 FA764023005 FA763068005 FA763069005 FA763065005 FA763066000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 290.3 336.1 3.0 41.1 -90.1 347.5 58.9 1.9 146.4 140.2 48.9 138.1 -2.2 -109.9 22.9 -14.6 -293.8 -5.3 77.1 207.5 232.0 -214.3 10.8 301.8 133.6 1123.4 605.7 4.3 316.8 196.7 668.7 138.6 -16.7 296.5 250.3 1596.2 633.0 0.2 692.3 270.7 973.2 204.1 -2.2 627.0 144.4 23 24 25 26 27 28 29 FA763064103 FA763064203 Corporate equities Mutual fund shares 2.9 1.5 2.4 2.0 4.1 1.7 3.8 7.9 -2.4 -12.9 4.0 11.3 2.3 -3.4 -7.7 -1.9 -0.9 28 7.4 29 30 31 32 FA763040005 FA763092000 FA763090005 Life insurance reserves U.S. direct investment abroad Miscellaneous assets 6.1 1.4 149.7 13.3 9.5 118.3 8.3 -1.9 362.1 18.7 36.9 113.3 9.3 -8.7 210.3 17.0 11.6 -212.6 8.6 17.7 489.7 7.7 1.2 248.3 8.8 30 15.5 31 117.0 32 33 FA764194005 2800.0 1844.7 2682.0 959.0 1786.7 1951.1 794.0 -1009.1 -177.3 33 34 FA764190005 2798.1 1842.4 2683.4 952.5 1771.7 1962.0 820.6 -1018.1 -181.3 34 35 36 37 38 39 FA764110005 FA713022003 FA713068715 FA764112005 FA764116005 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 4.2 0.1 44.1 3.6 -43.6 -52.0 -0.0 -30.9 9.1 -30.2 -221.1 -1.9 -12.1 244.4 -451.4 -183.2 -0.0 2.1 -318.0 132.8 -15.8 1.5 -100.4 95.6 -12.4 211.9 0.5 -13.3 14.7 210.1 96.0 -0.4 -17.8 235.5 -121.3 -457.7 -0.4 3.1 -401.6 -58.9 144.3 1.6 8.6 105.5 28.6 35 36 37 38 39 40 41 42 43 44 45 46 FA763127005 FA763123005 FA763128000 FA763129205 FA763122605 FA763130005 FA762150005 Checkable deposits Federal government State and local government Private domestic Rest of the world Time and savings deposits Federal funds and security repos 2381.0 1.1 90.8 2306.2 -17.1 656.1 3.9 1248.8 -0.1 115.8 1112.7 20.5 631.5 -9.9 947.7 -1.4 79.2 883.1 -13.1 1617.7 66.3 1929.8 8.1 204.3 1646.9 70.5 -460.2 -177.4 1314.0 -3.5 100.8 1195.0 21.7 446.8 30.4 803.7 -3.7 78.8 725.8 2.8 921.5 41.2 616.4 0.3 25.3 557.0 33.8 110.2 -19.8 929.9 0.6 53.4 948.5 -72.6 -1582.9 50.1 446.0 1.0 -16.2 396.8 64.4 -1268.7 33.7 40 41 42 43 44 45 46 47 48 49 FA764122005 FA763169175 FA763163005 Debt securities Open market paper Corporate bonds 109.0 54.2 54.8 -94.9 -45.6 -49.4 -72.5 -32.0 -40.5 -199.3 -98.2 -101.1 -130.6 -62.8 -67.8 22.8 10.8 11.9 134.7 67.2 67.5 169.1 87.2 81.9 11.9 47 6.1 48 5.8 49 50 FA763169305 Loans (other loans and advances) -232.6 -64.4 44.6 -242.7 -43.7 -15.9 188.7 343.3 499.3 50 51 52 53 54 55 FA763178000 FA763190005 FA763194603 FA763194705 FA763193005 Taxes payable (net) Miscellaneous liabilities Equity investment by holding company parents Other investment by holding company parents Other -11.2 -112.2 106.9 -39.4 -179.7 -8.9 192.3 123.4 24.0 44.8 -45.4 346.2 83.9 19.9 242.3 -7.5 293.1 213.7 32.2 47.3 9.9 160.6 103.2 40.3 17.1 7.5 -30.7 93.0 3.7 -127.4 -206.2 -99.4 -261.3 -59.6 221.5 -59.2 -410.7 -254.8 24.0 -179.8 56 FA763164103 57 FA767005005 Net increase in liabilities and equity Net increase in liabilities Net equity issues (corporate equities) Discrepancy -72.8 25.1 -218.5 -10.5 254.0 51 52 53 54 55 1.9 2.3 -1.4 6.4 15.1 -10.9 -26.6 9.0 3.9 56 -295.0 -248.4 -548.6 127.2 -464.9 -107.1 -513.3 -617.1 -499.5 57 0.3 1710.9 0.1 1193.6 -0.4 940.9 0.6 1017.0 -0.1 1385.5 0.5 1430.9 -1.7 78.4 -3.1 -1073.3 -3.0 58 -661.3 59 Memo: 58 59 FA763066303 FA763139105 Consumer leases not included above (1) Uninsured deposits (2) (1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. (2) Includes checkable deposits (line 40) and time and savings deposits (line 45) not insured by the Federal Deposit Insurance Corporation. 27 Z.1, December 9, 2022 F.112 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA756330005 Gross saving 6.6 7.5 7.1 7.3 7.6 7.8 8.0 8.2 8.5 1 2 FA755013005 Fixed nonresidential investment 8.2 9.3 9.1 9.3 9.4 9.6 9.9 10.1 10.5 2 3 FA754090005 Net acquisition of financial assets -8.1 262.7 713.0 -166.0 873.0 -369.3 1022.5 132.5 535.8 3 4 5 FA753025003 FA753013003 Vault cash Reserves at Federal Reserve 0.0 48.3 0.1 227.8 0.0 834.3 0.0 -47.6 0.0 669.9 0.3 -545.5 -0.3 815.3 -0.0 -220.8 0.0 213.2 4 5 6 FA752050005 Federal funds and security repos -55.4 -64.2 -63.8 -126.2 92.9 -159.7 22.3 40.2 46.5 6 7 8 9 10 11 12 FA754022005 FA753069603 FA753061103 FA753061703 FA753062003 FA753063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -12.6 0.0 -27.3 7.9 0.0 6.8 -12.5 0.0 -7.6 -5.7 0.0 0.8 -12.3 0.0 -32.1 11.5 0.0 8.3 -42.4 0.0 -14.0 -16.5 0.0 -11.8 10.1 0.0 9.2 3.3 0.0 -2.3 -5.5 0.0 6.4 -20.9 0.0 9.0 59.1 0.0 31.0 -6.9 0.0 34.9 122.2 0.0 41.6 17.7 0.0 62.9 13 14 15 16 FA754023005 FA753068005 FA753069703 FA753065005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 17.7 17.1 0.0 0.6 84.4 74.3 0.0 10.1 -67.6 -65.2 0.0 -2.4 9.4 5.2 0.0 4.1 128.6 119.2 0.0 9.5 267.3 238.1 0.0 29.2 108.0 92.7 0.0 15.3 189.1 172.6 0.0 16.5 17 18 FA753064103 FA753093005 Corporate equities Miscellaneous assets 0.0 -6.1 0.0 27.1 0.0 22.3 0.0 40.8 0.0 -28.5 0.0 73.8 0.0 18.0 0.0 1.8 0.0 17 57.0 18 19 FA754194005 65.8 138.8 640.9 -431.7 723.2 -377.3 1096.9 108.3 394.6 19 20 FA754190005 Net increase in liabilities 57.9 140.4 642.1 -403.6 705.7 -382.3 1097.2 99.6 395.9 20 21 22 23 FA754110005 FA754116005 FA754112005 Net interbank liabilities To foreign banks To domestic banks 76.1 73.0 3.2 100.3 97.1 3.2 -5.8 -5.7 -0.1 -156.0 -157.1 1.1 632.4 604.6 27.8 -69.6 -53.6 -16.0 448.8 420.5 28.3 98.5 75.4 23.1 331.3 21 326.6 22 4.7 23 24 25 FA753127005 FA753130005 Checkable deposits Time and savings deposits 57.0 -50.8 25.7 4.2 201.8 140.2 -43.1 -29.1 35.4 -75.5 -91.3 -18.8 101.7 181.2 77.4 108.3 -65.8 24 45.4 25 26 FA752150005 Federal funds and security repos -5.1 -17.5 120.6 -72.0 106.8 -225.5 146.3 -220.3 -64.7 26 27 FA753169175 Debt securities (open market paper) -5.8 -4.9 3.1 -29.4 -25.0 31.8 97.7 77.5 2.3 27 28 FA753192305 Foreign direct investment: intercompany debt -2.3 -1.9 -1.8 -7.2 0.1 1.5 -0.9 -0.8 -1.9 28 29 30 31 FA753190005 FA753194503 FA753193005 Miscellaneous liabilities Investment by other financial business Other -11.2 -27.6 16.4 34.6 16.6 18.0 184.1 169.2 14.9 -66.8 -69.8 3.0 31.4 36.0 -4.5 -10.4 -69.0 58.6 122.3 94.7 27.7 -40.9 -106.6 65.7 149.3 29 44.1 30 105.2 31 32 FA753192103 7.9 -1.7 -1.1 -28.1 17.6 5.0 -0.2 8.8 -1.3 32 33 FA757005005 72.3 -125.8 -73.9 -267.7 -151.6 -9.8 72.5 -26.1 -143.3 33 6.2 29.9 342.0 -72.2 -40.1 -110.1 283.0 185.7 -20.5 34 Net increase in liabilities and equity Net equity issues (foreign direct investment) Discrepancy 97.9 7 0.0 8 6.0 9 5.2 10 0.0 11 86.7 12 121.2 106.8 0.0 14.4 13 14 15 16 Memo: 34 FA753139105 Uninsured deposits (2) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). (2) All checkable deposits (line 24) and time and savings deposits (line 25) are considered uninsured according to the Federal Deposit Insurance Act. Transactions 2020 28 Z.1, December 9, 2022 F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA746330005 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 FA745013005 Fixed nonresidential investment 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 2 3 FA744090005 Net acquisition of financial assets 12.2 5.6 46.7 24.8 -32.0 -17.1 -28.8 9.8 27.2 3 4 FA743013003 Reserves at Federal Reserve 10.3 7.2 -0.7 34.7 -3.2 -2.1 -34.4 -5.9 -27.7 4 5 6 7 8 9 10 11 12 13 FA744022003 FA743061103 FA743061703 FA743062003 FA743063005 FA744023003 FA743068005 FA743065103 FA743065505 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Commercial mortgages 6.1 -3.6 7.1 -1.1 3.8 0.9 0.6 0.3 0.0 7.9 6.5 1.9 -0.0 -0.6 -4.4 -2.9 -1.5 0.0 16.9 9.2 7.7 0.0 0.0 -4.7 -2.8 -1.4 -0.5 -7.9 -0.0 1.7 -0.0 -9.6 -3.7 -1.4 -1.8 -0.5 20.5 11.7 0.3 -0.0 8.5 -5.6 -5.4 -1.4 1.2 2.0 5.2 -2.0 0.0 -1.2 -3.6 -2.0 -1.4 -0.2 13.1 4.7 4.7 0.0 3.7 -4.6 -1.7 -2.4 -0.4 22.1 17.2 1.6 0.0 3.4 1.5 1.5 -0.8 0.7 22.9 19.7 1.1 -0.0 2.2 3.8 2.2 -0.4 2.0 5 6 7 8 9 10 11 12 13 14 FA743093005 Miscellaneous assets -5.1 -5.1 35.2 1.7 -43.8 -13.3 -3.0 -7.9 28.2 14 15 FA744190005 14.6 4.0 38.8 29.1 -33.8 -18.1 -39.2 1.1 15.0 15 16 17 18 19 FA744110005 FA743127003 FA743130003 FA743193005 0.3 11.0 3.1 0.2 0.0 7.3 -2.2 -1.1 -0.1 23.1 18.0 -2.2 -0.1 27.1 3.3 -1.2 -0.0 -13.7 -19.9 -0.2 0.3 -7.4 -10.2 -0.8 -0.2 -30.2 -8.6 -0.3 0.1 5.8 -4.9 0.2 20 FA747005005 2.3 -1.7 -7.9 4.2 -1.8 -1.1 -10.5 -8.7 -12.2 20 10.5 8.4 14.0 28.9 -3.7 -5.4 -25.9 5.7 2.9 21 Net increase in liabilities Net interbank liabilities Checkable deposits Time and savings deposits Miscellaneous liabilities Discrepancy -5.6 10.3 11.0 -0.6 16 17 18 19 Memo: 21 FA743139105 Uninsured deposits (2) (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. (2) Includes checkable deposits (line 17) and time and savings deposits (line 18) not insured by the Federal Deposit Insurance Corporation. F.114 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA476000105 Gross saving 17.9 11.1 12.3 10.6 10.3 11.3 11.3 11.5 11.8 1 2 FA475013005 Fixed nonresidential investment 8.7 9.7 9.4 9.7 9.8 9.9 10.3 10.5 10.9 2 3 FA474090005 4 5 FA473013005 FA472050053 Net acquisition of financial assets 287.5 226.9 507.9 15.8 169.3 214.7 308.1 67.5 173.4 3 Reserves at Federal Reserve Federal funds and security repos 105.0 -0.3 25.8 -0.3 226.4 -0.2 -119.3 -0.9 -11.8 0.2 7.9 -0.2 -54.3 -0.1 -252.4 -0.0 -90.3 -0.3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 FA474022005 FA473069153 FA473061105 FA473061705 FA473062005 FA473063005 FA474023000 FA473068005 FA473065100 FA473066000 FA473064205 FA473090005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Consumer credit Mutual fund shares Miscellaneous assets 88.8 -0.4 6.3 75.9 4.4 2.6 60.4 7.7 45.6 7.1 0.9 32.6 101.5 -0.1 19.5 74.6 2.3 5.2 92.3 7.9 57.5 26.9 1.6 6.0 277.5 -0.7 31.4 230.5 3.6 12.8 57.7 18.2 28.4 11.2 4.5 -58.0 -6.7 -0.3 0.0 -3.8 2.0 -4.7 82.2 -1.9 56.2 28.0 2.0 58.6 55.1 -0.3 15.6 32.9 2.7 4.2 106.9 8.1 67.7 31.1 2.1 16.8 79.9 1.1 30.8 38.8 0.9 8.3 122.5 7.3 77.8 37.5 -2.1 6.6 120.2 0.8 61.1 41.4 2.0 14.9 210.1 63.4 65.6 81.0 2.9 29.3 97.2 -0.4 34.6 55.4 0.7 6.9 315.0 66.7 109.8 138.5 -2.9 -89.3 -28.8 -1.2 28.1 -62.5 2.9 3.9 336.6 118.6 109.7 108.3 1.5 -45.3 6 7 8 9 10 11 12 13 14 15 16 17 18 FA474190005 270.7 208.8 483.5 24.0 135.9 191.7 256.3 39.6 19 20 21 22 23 24 FA474110005 FA473127003 FA473130005 FA472150053 FA473169333 FA473193005 3.8 85.0 187.1 -0.0 -9.0 3.8 4.4 77.1 124.8 -0.0 -2.5 5.0 114.5 175.8 176.6 0.0 -11.9 28.5 -66.6 31.1 64.0 -0.0 -4.5 -0.0 -31.3 48.7 128.6 -0.0 1.1 -11.2 1.0 52.9 129.9 0.0 5.1 2.8 66.6 83.8 60.1 0.0 6.5 39.4 -88.4 -20.4 75.4 0.0 70.4 2.7 -30.3 77.3 8.3 0.0 70.6 11.6 25 FA477005005 -7.5 -16.8 -21.6 9.1 -32.9 -21.7 -50.9 -26.9 -35.0 25 25.8 34.3 35.9 24.5 33.4 43.2 28.9 9.4 7.2 26 Net increase in liabilities Net interbank liabilities Checkable deposits Time and savings deposits Federal funds and security repos Loans (other loans and advances) Miscellaneous liabilities Discrepancy 137.5 18 19 20 21 22 23 24 Memo: 26 FA473139103 Uninsured deposits (1) (1) Includes checkable deposits (line 20) and time and savings deposits (line 21) not insured by the National Credit Union Share Insurance Fund. 29 Z.1, December 9, 2022 F.115 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA516000105 Gross saving less net capital transfers paid (1) 74.4 36.3 67.6 57.1 -40.3 61.0 55.2 55.7 -37.8 1 2 FA515013005 Fixed nonresidential investment 36.0 40.1 38.8 40.0 40.6 41.2 42.7 43.7 45.2 2 3 FA514090005 Net acquisition of financial assets 100.1 76.4 82.4 161.6 84.4 -23.0 319.7 292.1 415.6 3 4 5 FA513020005 FA513034005 Checkable deposits and currency Money market fund shares 2.6 9.9 22.5 -3.2 36.1 7.7 -12.9 -23.0 56.7 14.0 10.1 -11.5 -61.2 -33.5 -11.0 -6.4 30.9 10.0 4 5 6 FA512051005 Security repurchase agreements 0.2 -0.0 0.4 1.0 -1.1 -0.4 -3.0 1.1 0.8 6 7 8 9 10 11 12 FA514022005 FA513069105 FA513061105 FA513061705 FA513062005 FA513063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 53.3 -0.8 0.9 3.1 3.0 47.1 71.0 -4.4 31.6 -10.2 -1.1 55.1 91.0 -3.2 48.0 -10.0 -2.5 58.7 122.1 -1.4 78.5 -16.2 -2.5 63.6 36.8 -7.8 -2.6 -1.6 -0.5 49.3 34.2 -5.3 2.7 -13.0 1.0 48.8 21.5 -5.9 -72.6 9.7 6.3 84.0 72.9 1.9 42.8 4.6 1.1 22.5 99.8 7 1.9 8 59.3 9 1.4 10 -9.2 11 46.5 12 13 FA513065505 Loans (commercial mortgages) 1.4 3.4 0.3 4.8 3.6 4.9 7.5 2.7 1.5 13 14 15 FA513064105 FA513064205 Corporate equities Mutual fund shares -21.8 0.9 2.6 -1.0 0.2 1.1 5.8 -5.7 -0.3 -2.8 4.7 3.5 143.6 1.5 4.8 -8.8 20.5 14 2.5 15 16 17 FA513070005 FA513092003 Trade receivables U.S. direct investment abroad 18.1 20.3 22.6 16.2 39.0 25.7 34.7 7.1 40.9 17.6 -23.9 14.4 44.1 13.0 37.5 11.4 4.3 16 9.3 17 18 19 20 21 22 FA513090005 FA513092403 FA513076005 FA513094703 FA513093005 Miscellaneous assets Equity in FHLB Policy payables (2) Receivables due from holding company parents Other 15.3 0.5 3.8 0.0 10.9 -57.9 -0.2 27.4 0.4 -85.5 -119.1 -0.1 27.4 0.0 -146.4 27.6 -0.2 27.4 0.0 0.4 -81.1 -0.2 27.4 0.0 -108.2 -59.0 -0.1 27.4 1.6 -87.9 186.2 -0.3 11.7 -1.6 176.4 187.9 -0.4 38.1 0.8 149.3 235.9 -0.3 49.1 4.2 182.9 23 FA514194005 87.1 156.1 216.8 168.7 260.2 -21.5 190.8 119.4 245.9 23 24 FA514190005 93.5 159.4 220.3 163.3 265.7 -11.6 198.7 124.8 249.4 24 25 FA512151003 Security repurchase agreements 0.1 -0.1 -0.1 -0.0 -0.2 -0.1 0.0 0.1 0.1 25 26 FA513169333 Loans (other loans and advances) 6.4 -3.0 -2.5 -3.9 -3.6 -2.0 -2.7 -2.2 -2.6 26 27 28 29 FA513170005 FA513178005 FA513192305 Trade payables Taxes payable Foreign direct investment: intercompany debt 11.1 0.7 -0.9 19.0 -0.2 -0.2 19.0 6.6 -1.0 19.0 -10.4 -1.4 19.0 -3.2 -0.1 19.0 6.1 1.6 3.7 4.0 0.3 11.9 -10.3 0.2 15.4 27 -2.1 28 0.2 29 30 31 32 FA513190005 FA513194603 FA513194703 Miscellaneous liabilities Equity investment by holding company parent Other investment by holding company parent 76.0 -1.4 -2.5 144.0 1.1 -0.2 198.3 -0.6 3.5 160.1 5.0 -1.9 253.8 1.1 -1.1 -36.0 -1.1 -1.1 193.5 2.3 -1.1 125.0 1.0 -0.0 238.4 30 0.3 31 0.0 32 33 34 FA513176005 FA513193005 Policy payables Other 55.2 24.7 111.2 31.9 126.5 68.9 105.6 51.3 196.7 57.1 16.0 -49.8 50.5 141.8 163.9 -39.8 211.1 33 27.0 34 35 FA513181125 Net equity issues -6.4 -3.4 -3.5 5.4 -5.4 -9.9 -7.9 -5.4 -3.4 35 36 37 FA513164103 FA513192103 -3.3 -3.1 -9.4 6.0 -2.1 -1.4 -5.2 10.6 -12.3 6.9 -18.0 8.1 -17.0 9.1 -18.6 13.3 -17.0 36 13.6 37 38 FA517005005 25.3 75.9 163.2 24.3 94.9 21.3 -116.4 -160.7 -252.7 38 -1.9 39 Net increase in liabilities and equity Net increase in liabilities Corporate equity issues Foreign direct investment: equity Discrepancy 18 19 20 21 22 Memo: 39 FA513200003 Securities lending (3) -0.5 2.4 5.0 7.4 -0.1 -2.6 2.0 2.2 40 41 42 43 FA513176015 FA513176025 FA263176005 FA263076005 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers 50.2 7.1 -3.3 -2.1 94.1 11.2 16.2 6.0 109.3 11.2 16.2 6.0 88.5 11.2 16.2 6.0 179.6 11.2 16.2 6.0 -1.1 11.2 16.2 6.0 42.6 5.7 6.0 2.2 138.2 18.5 19.6 7.1 (1) Net capital transfers paid from table F.5, line 53. (2) Policy payables due from reinsurers. (3) Liability for securities lending collateral, included in line 32. 178.1 23.9 25.2 9.1 40 41 42 43 Transactions 2020 30 Z.1, December 9, 2022 F.116 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA546000105 Gross saving less net capital transfers paid (2) 22.0 13.0 16.7 11.7 12.5 11.1 14.1 13.1 14.4 1 2 FA545013005 Fixed nonresidential investment 28.6 32.2 31.1 32.1 32.6 33.2 34.3 35.2 36.2 2 3 FA544090005 Net acquisition of financial assets 391.1 196.4 99.6 110.7 304.0 271.1 259.7 321.4 417.6 3 4 5 FA543020005 FA543034005 Checkable deposits and currency Money market fund shares 33.0 7.9 -8.3 -2.3 -37.6 -12.0 59.7 23.5 -23.4 -8.4 -32.1 -12.3 -30.3 -9.7 -17.8 45.6 20.2 26.0 4 5 6 FA542051075 Security repurchase agreements 1.9 1.6 -2.2 2.5 4.7 1.3 -3.2 -4.5 4.6 6 7 8 9 10 11 12 FA544022005 FA543069105 FA543061105 FA543061705 FA543062005 FA543063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 184.9 5.2 6.9 -20.2 -2.9 196.0 171.2 7.0 -2.6 -42.3 1.0 208.0 110.0 -7.8 -9.0 -59.4 -1.5 187.8 42.1 5.8 12.8 -40.5 -0.4 64.3 295.0 16.2 12.9 -30.5 3.9 292.4 237.6 13.7 -26.9 -38.6 2.2 287.3 285.0 -11.1 -18.9 -16.9 3.3 328.6 117.1 -15.0 -13.2 -21.9 1.5 165.7 283.0 7 20.5 8 19.6 9 6.8 10 3.1 11 233.1 12 13 14 15 FA544023005 FA543069005 FA543065005 Loans Other loans and advances Mortgages 27.4 1.8 25.5 50.1 3.9 46.2 15.4 2.7 12.7 50.1 3.6 46.5 66.0 7.2 58.8 68.9 2.1 66.8 66.6 -5.2 71.9 63.8 -0.5 64.3 39.9 13 12.3 14 27.6 15 16 17 FA543064105 FA543064205 Corporate equities Mutual fund shares 1.1 -99.2 -79.6 -136.1 -59.5 -112.5 -103.2 -209.5 -67.2 -124.1 -88.6 -98.5 -27.8 -124.5 31.1 -104.9 -42.7 16 -59.0 17 18 19 20 21 FA543070005 FA543040005 FA543050005 FA543092073 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad 22.5 5.6 91.6 -1.2 10.1 22.2 88.5 -0.9 10.1 22.2 88.5 0.7 10.1 22.2 88.5 -1.1 10.1 22.2 88.5 0.7 10.1 22.2 88.5 -4.0 11.4 3.1 17.1 5.8 16.1 12.4 19.7 -5.8 16.4 11.2 13.6 1.2 18 19 20 21 22 23 24 25 26 27 FA543090005 FA543094703 FA543092473 FA543077073 FA543095105 FA543093005 Miscellaneous assets Balances due from holding company parents Equity in FHLB Deferred and unpaid life ins. premiums Other reserves Other 115.7 0.0 2.5 0.1 8.8 104.2 80.0 0.0 1.3 1.5 4.1 73.1 76.4 0.0 3.1 8.5 4.1 60.7 125.8 0.0 0.6 -3.3 4.1 124.4 40.0 0.0 0.2 -0.1 4.1 35.7 78.0 0.0 1.3 0.8 4.1 71.7 66.2 0.0 2.2 7.0 3.4 53.6 148.7 0.0 -2.2 -3.2 3.1 151.0 103.1 0.0 -2.4 0.1 4.6 100.9 22 23 24 25 26 27 28 FA544194005 403.3 126.2 -31.4 29.9 278.1 228.1 157.7 232.8 353.7 28 29 FA544190005 415.2 149.8 -5.7 34.7 312.9 257.1 195.6 255.1 376.2 29 30 FA542151073 Security repurchase agreements 1.1 1.5 -7.0 3.7 8.3 1.0 -6.5 -9.3 9.5 30 31 FA543169373 Loans (other loans and advances) 15.3 6.8 33.3 -14.0 -5.7 13.7 44.7 29.0 12.3 31 32 33 34 FA543170005 FA543140005 FA543150005 Trade payables Life insurance reserves Pension entitlements (3) 88.1 85.0 62.4 66.8 48.0 -46.1 66.8 4.1 -122.5 66.8 65.3 -157.2 66.8 86.2 93.7 66.8 36.6 1.5 30.6 14.9 -30.7 24.6 75.3 45.1 35.6 32 77.4 33 82.0 34 35 36 FA543178075 FA543192375 Taxes payable Foreign direct investment: intercompany debt 1.1 0.3 -0.5 -0.4 4.9 -0.7 -9.4 -0.8 -0.3 -0.9 2.9 0.9 -3.6 -0.8 -4.0 -0.4 0.3 35 -1.8 36 37 38 39 40 41 42 43 FA543190005 FA543194603 FA543194703 FA673090543 FA543195005 FA593095005 FA543193005 Miscellaneous liabilities Equity investment by holding company parent Other investment by holding company parent Funding agreements backing securities (4) Other reserves (5) Unallocated insurance contracts Other 161.9 -5.8 -0.2 23.2 19.2 34.4 91.0 73.5 0.0 0.0 40.5 17.0 22.7 -6.7 15.5 0.0 0.0 44.4 13.9 1.8 -44.7 80.3 0.0 0.0 61.7 6.1 39.9 -27.4 64.7 0.0 0.0 42.9 25.1 18.6 -21.9 133.6 0.0 0.0 12.9 22.9 30.4 67.3 147.0 0.0 0.0 58.0 20.0 3.7 65.2 94.6 0.0 0.0 8.4 -0.4 -1.4 88.0 44 FA543181125 -11.9 -23.6 -25.7 -4.8 -34.8 -29.0 -37.9 -22.3 -22.5 44 45 46 FA543164173 FA543192173 -15.2 3.3 -24.5 1.0 -23.4 -2.3 -20.5 15.7 -29.7 -5.1 -24.4 -4.5 -35.4 -2.5 -30.2 7.9 -31.6 45 9.1 46 47 FA547005005 5.5 -89.4 -145.4 -101.1 -46.0 -65.1 -122.2 -110.7 -85.7 47 3.4 6.4 16.6 12.4 11.9 -15.4 9.3 -26.1 -24.8 48 217.0 112.4 87.7 -21.5 37.8 40.2 139.8 -3.1 -81.6 40.2 139.9 -3.1 -39.2 40.2 139.9 -3.1 202.7 40.2 139.8 -3.1 69.1 40.2 139.8 -3.1 87.4 16.7 22.3 0.1 142.5 32.3 32.9 0.1 179.0 31.2 25.8 0.1 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equity issues Foreign direct investment: equity Discrepancy 161.0 0.0 0.0 -3.0 17.0 11.7 135.3 37 38 39 40 41 42 43 Memo: 48 FA543200073 Securities lending (6) 49 50 51 52 FA543176015 FA543176025 FA543076035 FA543176035 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.116.g and F.116.s. (2) Net capital transfers paid from table F.5, line 54. (3) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 40. (4) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. (5) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. (6) Liability for securities lending collateral, included in line 41. 49 50 51 52 31 Z.1, December 9, 2022 F.116.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA544090075 2 3 4 5 6 7 8 9 10 11 12 13 FA543020075 FA543034075 FA542051075 FA544022075 FA543069175 FA543061175 FA543061775 FA543062075 FA543063075 FA544023075 FA543069075 FA543065075 Net acquisition of financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Other loans and advances Mortgages 14 15 FA543064175 FA543064275 16 17 18 19 20 FA543070075 FA543040075 FA543050075 FA543092073 FA543090075 21 FA544194075 22 FA544190075 23 24 25 26 27 28 29 30 FA542151073 FA543169373 FA543170075 FA543140075 FA543150075 FA543178075 FA543192375 FA543190075 31 FA543181125 32 33 FA543164173 FA543192173 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 428.3 322.6 225.8 431.2 317.1 316.4 288.2 341.1 379.9 1 22.7 3.0 1.9 145.2 0.5 5.6 -21.5 -4.3 164.9 23.3 1.8 21.5 -4.8 1.1 1.6 125.9 1.9 -8.1 -26.7 0.3 158.5 40.3 3.9 36.4 -27.3 -8.1 -2.2 91.7 -9.7 -13.0 -33.5 -0.1 148.1 14.7 2.7 12.0 63.2 29.4 2.5 62.9 1.2 13.2 -20.5 -0.3 69.3 41.3 3.6 37.7 -22.5 -6.1 4.7 217.5 10.1 4.9 -19.5 1.7 220.4 53.0 7.2 45.8 -32.6 -10.9 1.3 131.5 6.1 -37.5 -33.3 -0.0 196.2 52.3 2.1 50.2 -29.3 -24.9 -3.2 144.0 -10.6 -31.0 -29.9 0.0 215.5 68.1 -5.2 73.3 -14.0 34.2 -4.5 80.4 -13.0 -16.4 -20.3 0.9 129.3 69.5 -0.5 70.0 19.6 23.4 4.6 166.6 20.2 7.4 -5.5 0.6 143.9 39.1 12.3 26.7 2 3 4 5 6 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 14.2 -0.4 13.2 -0.7 10.2 -0.8 15.2 0.1 18.7 -2.7 8.7 0.7 6.0 -1.7 6.8 -0.6 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad Miscellaneous assets 22.5 5.6 93.5 -1.2 98.1 10.0 22.2 88.7 -0.9 26.0 10.0 22.2 88.7 0.7 25.8 10.0 22.2 88.7 -1.1 96.9 10.0 22.2 88.7 0.7 -67.1 10.0 22.2 88.7 -4.0 48.4 11.4 3.1 17.1 5.8 91.8 16.1 12.4 19.8 -5.8 126.8 441.6 255.7 98.0 354.2 294.6 275.9 190.6 266.3 323.4 21 453.5 279.2 123.7 359.0 329.4 304.9 228.5 288.6 345.9 22 1.1 15.3 88.7 91.1 95.6 1.1 0.3 160.5 1.5 6.8 66.8 75.0 59.2 -0.5 -0.4 70.8 -7.0 33.3 66.8 31.1 -16.2 4.9 -0.7 11.6 3.7 -14.0 66.8 117.7 100.8 -9.4 -0.8 94.2 8.3 -5.7 66.8 98.6 110.9 -0.3 -0.9 51.6 1.0 13.7 66.8 52.6 41.4 2.9 0.9 125.6 -6.5 44.7 30.6 20.7 1.3 -3.6 -0.8 142.2 -9.3 29.0 24.6 83.1 90.6 -4.0 -0.4 74.9 -11.9 -23.6 -25.7 -4.8 -34.8 -29.0 -37.9 -22.3 -22.5 31 -15.2 3.3 -24.5 1.0 -23.4 -2.3 -20.5 15.7 -29.7 -5.1 -24.4 -4.5 -35.4 -2.5 -30.2 7.9 -31.6 32 9.1 33 Net increase in liabilities and equity Net increase in liabilities Security repurchase agreements Loans (other loans and advances) Trade payables Life insurance reserves Pension entitlements (1) Taxes payable Foreign direct investment: intercompany debt Miscellaneous liabilities Net equity issues Corporate equity issues Foreign direct investment: equity -12.1 14 2.7 15 16.4 11.2 13.6 1.2 93.7 9.5 12.3 35.6 75.1 63.2 0.3 -1.8 151.7 16 17 18 19 20 23 24 25 26 27 28 29 30 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 30). F.116.s Life Insurance Companies: Separate Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA544090085 Net acquisition of financial assets -37.1 -126.3 -126.2 -320.5 -13.1 -45.2 -28.5 -19.7 37.6 1 2 3 FA543020083 FA543034385 Checkable deposits and currency Money market fund shares 10.3 5.0 -3.6 -3.4 -10.3 -3.9 -3.5 -5.9 -1.0 -2.3 0.5 -1.4 -1.0 15.2 -3.8 11.3 0.6 2.6 2 3 4 5 6 7 8 9 FA544022085 FA543069183 FA543061183 FA543061783 FA543062083 FA543063085 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 39.8 4.8 1.3 1.3 1.4 31.0 45.3 5.0 5.5 -15.6 0.7 49.5 18.3 1.9 4.0 -25.9 -1.4 39.7 -20.8 4.6 -0.4 -20.0 -0.0 -4.9 77.5 6.1 8.1 -11.0 2.2 72.1 106.0 7.6 10.5 -5.3 2.2 91.1 141.0 -0.5 12.1 13.0 3.3 113.1 36.7 -2.0 3.2 -1.5 0.7 36.4 116.4 0.3 12.2 12.3 2.5 89.2 4 5 6 7 8 9 10 11 12 FA544023085 FA543069483 FA543065083 Loans Other loans and advances Mortgages 4.1 0.0 4.1 9.7 0.0 9.7 0.7 0.0 0.7 8.8 0.0 8.8 12.9 0.0 12.9 16.6 0.0 16.6 -1.4 0.0 -1.4 -5.7 0.0 -5.7 0.9 10 0.0 11 0.9 12 13 14 FA543064185 FA543064385 Corporate equities Mutual fund shares -13.1 -98.8 -92.8 -135.5 -69.7 -111.7 -118.4 -209.6 -85.8 -121.4 -97.2 -99.2 -33.9 -122.9 24.2 -104.3 -30.6 13 -61.7 14 15 16 17 18 FA543070085 FA543040085 FA543050085 FA543090085 Trade receivables Life insurance reserves Pension entitlements Miscellaneous assets 0.0 -0.0 -1.9 17.6 0.1 0.0 -0.2 54.0 0.1 0.0 -0.2 50.6 0.1 0.0 -0.2 28.9 0.1 0.0 -0.2 107.1 0.1 0.0 -0.2 29.6 -0.0 0.0 -0.0 -25.5 -0.0 0.0 -0.0 21.9 19 FA544190085 Net increase in liabilities -38.3 -129.5 -129.4 -324.3 -16.5 -47.8 -32.9 -33.5 30.3 19 20 21 22 23 FA543170085 FA543140085 FA543150085 FA543190085 Trade payables Life insurance reserves Pension entitlements (1) Miscellaneous liabilities -0.6 -6.1 -33.2 1.5 0.0 -26.9 -105.3 2.8 0.0 -26.9 -106.4 3.9 0.0 -52.4 -258.0 -13.9 0.0 -12.4 -17.2 13.1 0.0 -16.0 -39.8 8.0 -0.0 -5.8 -31.9 4.8 -0.0 -7.7 -45.5 19.7 -0.0 2.2 18.8 9.3 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds which are included in miscellaneous liabilities (line 23). -0.0 0.0 0.0 9.5 15 16 17 18 20 21 22 23 Transactions 2020 32 Z.1, December 9, 2022 F.117 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA596330005 Gross saving 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 1 2 FA595013005 Fixed nonresidential investment 0.6 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7 2 3 FA594090005 Net acquisition of financial assets (2) 477.6 415.8 399.4 456.6 383.1 424.2 449.5 340.0 342.5 3 4 5 FA593020005 FA593030005 Checkable deposits and currency Time and savings deposits 2.1 0.3 1.3 -5.5 -11.0 -4.9 6.2 -5.5 31.7 -7.3 -21.9 -4.2 3.6 -15.3 11.9 2.0 6.5 -7.2 4 5 6 7 FA593034005 FA592051005 Money market fund shares Security repurchase agreements 25.8 3.7 20.0 30.0 24.9 48.2 22.7 30.9 55.0 -26.3 -22.5 67.3 46.2 -34.6 20.0 14.1 28.7 6.4 6 7 8 9 10 11 12 13 FA594022005 FA593069105 FA593061105 FA593061705 FA593062045 FA593063005 Debt securities Open market paper Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 304.4 1.8 149.4 39.0 -0.0 114.1 394.3 7.8 295.1 -1.5 -0.0 92.9 428.3 28.2 240.9 7.7 0.0 151.5 582.4 13.6 469.2 -9.1 0.0 108.8 -767.0 4.1 -770.4 30.2 -0.0 -30.8 1333.6 -14.5 1240.7 -34.7 0.0 142.1 442.9 36.2 234.8 50.9 0.0 121.0 297.0 -3.0 373.4 1.7 -0.0 -75.1 221.8 5.9 140.8 26.1 -0.0 49.0 8 9 10 11 12 13 14 15 16 FA594023005 FA313169003 FA593065005 Loans Other loans and advances Mortgages 0.3 0.0 0.3 1.5 0.0 1.5 2.2 0.0 2.2 -0.3 0.0 -0.3 722.5 722.2 0.3 -718.6 -722.2 3.6 -5.2 0.0 -5.2 2.4 0.0 2.4 0.3 14 0.0 15 0.3 16 17 18 FA593064105 FA593064205 Corporate equities Mutual fund shares -150.8 43.7 -219.8 -195.4 -226.3 -80.4 -310.4 -107.4 -369.4 -1.4 26.8 -592.5 -47.9 45.7 -219.3 -150.7 -183.9 17 -213.4 18 19 20 21 22 23 FA593090005 FA593095005 FA573074005 FA593073005 FA593093005 Miscellaneous assets Unallocated insurance contracts (4) Contributions receivable Claims of pension fund on sponsor (5) Other 248.2 34.4 -2.4 221.1 -5.0 389.4 22.7 -2.8 189.2 180.4 218.2 1.8 -2.5 194.0 24.9 237.9 39.9 -2.5 126.9 73.6 745.3 18.6 -3.0 494.2 235.5 356.3 30.4 -3.3 -58.5 387.6 14.3 3.7 -2.7 148.2 -134.9 362.6 -1.4 -2.6 75.8 290.9 483.4 11.7 -3.4 271.5 203.6 24 FA594190005 477.6 415.8 399.4 456.6 383.1 424.2 449.5 340.0 342.5 24 666.6 272.5 205.1 161.6 27.4 639.2 281.1 134.7 285.5 -62.1 430.3 277.1 122.3 144.6 -113.7 652.6 277.2 179.4 379.6 -183.5 527.7 286.4 96.6 68.5 76.2 946.2 283.5 140.7 549.2 -27.2 495.5 282.9 166.6 16.3 29.7 237.6 281.3 58.7 -244.7 142.3 Net increase in pension entitlements (liabilities) 19 20 21 22 23 Memo: 25 26 27 28 29 FA153050015 FA594190045 FA594090055 FA893131573 FA543150015 Household retirement assets (6) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (7) Annuities at life insurance companies (8) (1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes both marketable and nonmarketable government securities. (4) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (5) Unfunded defined benefit pension entitlements. (6) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (7) IRA assets are not included above. See memo item on table F.227 for a sectoral distribution of IRA accounts. (8) Annuities held in IRAs are excluded. They are included in line 28. ND 282.4 60.2 ND ND 25 26 27 28 29 33 Z.1, December 9, 2022 F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA576330005 Gross saving 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 1 2 FA575013005 Fixed nonresidential investment 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 3 FA574090005 Net acquisition of financial assets (2) 137.6 75.4 58.2 102.8 54.0 86.7 35.0 -1.5 40.4 3 4 5 FA573020005 FA573030005 Checkable deposits and currency Time and savings deposits -4.1 2.3 1.5 -5.9 1.2 -4.9 1.6 -6.0 1.5 -6.0 1.7 -6.8 1.4 -5.4 1.3 -5.1 1.7 -6.8 4 5 6 7 FA573034005 FA572051005 Money market fund shares Security repurchase agreements 25.5 2.6 24.7 7.4 16.8 6.0 30.4 7.7 24.1 7.5 27.7 8.4 20.9 6.6 24.8 6.2 28.3 8.4 6 7 8 9 10 11 12 FA574022005 FA573069105 FA573061105 FA573061705 FA573063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 82.0 5.5 2.9 13.5 60.1 48.3 1.8 31.8 -8.0 22.7 29.0 1.3 22.9 -13.1 17.9 65.9 2.4 40.6 -2.3 25.2 44.1 1.7 29.6 -9.6 22.4 54.4 2.0 34.2 -7.2 25.3 57.8 1.4 24.9 11.9 19.5 70.9 1.3 28.7 10.6 30.3 84.8 8 1.9 9 33.4 10 16.2 11 33.3 12 13 FA573065005 Loans (mortgages) 1.2 0.3 0.3 0.4 0.3 0.4 0.3 0.2 0.4 13 14 15 FA573064105 FA573064205 Corporate equities Mutual fund shares -98.6 34.8 -108.7 -33.8 -79.7 1.5 -124.9 -63.7 -106.4 -44.2 -123.7 -28.6 -113.5 -15.9 -98.0 -109.0 -131.0 14 -85.8 15 16 17 18 19 20 FA573090005 FA573095005 FA573074005 FA573073005 FA573093005 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 91.7 26.7 -2.4 -6.7 74.1 141.5 10.0 -2.8 26.1 108.2 88.0 -5.4 -2.5 17.9 78.1 191.5 24.1 -2.5 31.5 138.4 133.1 9.9 -3.0 25.8 100.4 153.3 11.6 -3.3 29.2 115.8 82.8 -12.9 -2.7 13.7 84.8 107.2 -10.0 -2.6 10.6 109.2 21 FA574190005 137.6 75.4 58.2 102.8 54.0 86.7 35.0 -1.5 40.4 21 -35.7 173.3 -37.9 113.4 -34.1 92.3 -35.7 138.5 -38.7 92.8 -43.3 130.0 -43.3 78.3 -43.3 41.7 -43.3 22 83.6 23 Net increase in pension entitlements (liabilities) 140.4 1.4 -3.4 29.5 112.9 16 17 18 19 20 Memo: 22 23 FA574090045 FA574090055 Net acquisition of financial assets Defined benefit plans (5) Defined contribution plans (6) (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. (5) Additional detail on defined benefit plans is available on table F.118.b. (6) Additional detail on defined contribution plans is available on table F.118.c. Transactions 2020 34 Z.1, December 9, 2022 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Net acquisition of financial assets (1) Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA574090045 -35.7 -37.9 -34.1 -35.7 -38.7 -43.3 -43.3 -43.3 -43.3 1 2 3 FA573020043 FA573030043 Checkable deposits and currency Time and savings deposits 3.3 1.7 1.5 -6.5 1.2 -5.3 1.6 -6.9 1.5 -6.6 1.7 -7.4 1.3 -5.8 1.3 -5.5 1.7 -7.4 2 3 4 5 FA573034043 FA572051043 Money market fund shares Security repurchase agreements 6.9 2.6 8.1 7.4 6.6 6.0 8.5 7.7 8.2 7.5 9.2 8.4 7.3 6.6 6.9 6.2 9.3 8.4 4 5 6 7 8 9 10 FA574022045 FA573069143 FA573061143 FA573061743 FA573063043 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 34.8 4.1 -13.5 0.1 44.1 29.5 0.4 9.8 0.8 18.5 24.0 0.3 8.0 0.7 15.0 31.0 0.4 10.3 0.9 19.4 29.8 0.4 9.9 0.8 18.6 33.4 0.4 11.1 0.9 20.9 26.3 0.4 8.8 0.7 16.4 24.8 0.3 8.3 0.7 15.5 33.6 6 0.4 7 11.2 8 0.9 9 21.0 10 11 FA573065043 Loans (mortgages) 0.4 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 11 12 13 FA573064143 FA573064243 Corporate equities Mutual fund shares -86.3 0.3 -102.7 -21.7 -83.4 -17.6 -107.6 -22.7 -103.5 -21.9 -116.2 -24.5 -91.4 -19.3 -86.4 -18.2 -116.7 12 -24.6 13 14 15 16 17 18 FA573090045 FA573095405 FA573074043 FA573073005 FA573093043 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 0.7 -1.1 -3.8 -6.7 12.3 46.3 -4.6 -4.3 26.1 29.0 34.2 -3.7 -3.5 17.9 23.5 52.6 -4.8 -4.5 31.5 30.4 46.2 -4.6 -4.3 25.8 29.2 52.0 -5.2 -4.8 29.2 32.8 31.7 -4.1 -3.8 13.7 25.8 27.6 -3.8 -3.6 10.6 24.4 19 FA574190043 -35.7 -37.9 -34.1 -35.6 -38.7 -43.3 -43.3 -43.3 Net increase in pension entitlements (liabilities) 52.4 -5.2 -4.9 29.5 32.9 14 15 16 17 18 -43.3 19 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. F.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA574090055 Net acquisition of financial assets 173.3 113.4 92.3 138.5 92.8 130.0 78.3 41.7 83.6 1 2 3 FA573020033 FA573030033 Checkable deposits and currency Time and savings deposits -7.3 0.6 0.0 0.6 0.0 0.4 0.0 0.9 0.0 0.6 0.0 0.6 0.0 0.5 0.0 0.4 0.0 0.6 2 3 4 5 FA573034055 FA572051033 Money market fund shares Security repurchase agreements 18.7 0.0 16.6 0.0 10.2 0.0 21.8 0.0 15.9 0.0 18.5 0.0 13.6 0.0 17.9 0.0 19.0 0.0 4 5 6 7 8 9 10 FA574022035 FA573069133 FA573061133 FA573061733 FA573063033 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 47.2 1.4 16.4 13.4 16.0 18.8 1.4 22.0 -8.9 4.2 5.0 1.0 14.9 -13.7 2.9 34.9 2.0 30.3 -3.2 5.8 14.3 1.3 19.7 -10.5 3.8 20.9 1.5 23.1 -8.1 4.4 31.5 1.1 16.2 11.1 3.1 46.0 0.9 20.4 9.9 14.8 51.2 6 1.5 7 22.2 8 15.3 9 12.3 10 11 FA573065033 Loans (mortgages) 0.8 0.2 0.2 0.3 0.2 0.2 0.2 0.2 0.2 11 12 13 FA573064133 FA573064255 Corporate equities Mutual fund shares -12.3 34.5 -6.0 -12.1 3.7 19.1 -17.3 -41.0 -2.8 -22.3 -7.5 -4.1 -22.1 3.4 -11.7 -90.7 -14.3 12 -61.2 13 14 15 16 17 FA573090055 FA573095505 FA573074033 FA573093055 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 91.1 27.8 1.4 61.8 95.2 14.6 1.5 79.2 53.8 -1.7 1.0 54.5 138.9 28.9 2.0 108.0 86.9 14.5 1.3 71.2 101.3 16.7 1.5 83.0 51.2 -8.9 1.1 59.0 79.6 -6.2 1.0 84.8 88.0 6.6 1.5 80.0 18 FA574090055 173.3 113.4 92.3 138.5 92.8 130.0 78.3 41.7 83.6 18 Net increase in pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. 14 15 16 17 35 Z.1, December 9, 2022 F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 1 FA344090005 2 FA343020033 Net acquisition of financial assets (1) Checkable deposits and currency 3 4 5 6 7 FA344022005 FA343061105 FA343061705 FA343062033 FA343063005 8 Q2 Q3 Q4 2022 Q2 Q1 Q3 96.9 79.8 90.8 97.2 70.2 60.9 158.6 110.5 53.6 1 0.2 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2 Debt securities Treasury securities (2) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 147.8 145.5 1.3 -0.0 0.9 159.1 160.2 0.3 -0.0 -1.4 149.0 148.5 -0.5 0.0 1.0 240.8 241.5 -0.4 0.0 -0.3 -858.2 -852.5 -1.9 -0.0 -3.8 1104.9 1103.5 4.0 0.0 -2.6 308.4 308.9 -0.6 0.0 0.1 280.3 285.1 -2.3 -0.0 -2.5 77.1 79.0 -0.8 -0.0 -1.1 3 4 5 6 7 FA343064105 Corporate equities -23.9 10.2 18.4 13.6 -9.5 18.5 -31.7 17.7 -12.8 8 9 FA313169003 Loans (other loans and advances) (3) 0.0 0.0 0.0 0.0 722.2 -722.2 0.0 0.0 0.0 9 10 FA343073045 -27.3 -90.1 -77.0 -157.7 215.3 -340.8 -118.6 -187.9 -11.1 10 11 FA344090005 96.9 79.8 90.8 97.2 70.2 60.9 158.6 110.5 53.6 11 72.0 24.9 76.4 3.4 73.8 17.1 71.3 26.0 79.8 -9.6 81.0 -20.0 80.3 78.2 78.8 31.8 79.8 12 -26.2 13 Claims of pension fund on sponsor (misc. assets) (4) Net increase in pension entitlements (liabilities) Memo: 12 13 FA344090045 FA344090055 Net acquisition of financial assets Defined benefit plans (5) Defined contibution plans (6) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Comprised primarily of nonmarketable Treasury securities. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. (4) Unfunded defined benefit pension entitlements. (5) Additional detail on defined benefit plans is available on table F.119.b (6) Additional detail on defined contribution plans is available on table F.119.c. Transactions 2020 36 Z.1, December 9, 2022 F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 1 FA344090045 2 FA343020033 Net acquisition of financial assets (2) Checkable deposits and currency 3 4 5 6 7 FA344022045 FA343061165 FA343061733 FA343062033 FA343063033 Debt securities Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 8 FA343064135 Corporate equities 9 FA343073045 Claims of pension fund on sponsor (misc. assets) (4) 10 FA344190045 Net increase in pension entitlements (liabilities) Q2 Q3 Q4 2022 Q2 Q1 Q3 72.0 76.4 73.8 71.3 79.8 81.0 80.3 78.8 79.8 1 0.2 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2 101.0 101.5 -0.2 -0.0 -0.3 166.5 167.0 -0.3 -0.0 -0.2 153.6 151.5 0.2 0.0 1.9 231.5 231.1 0.1 0.0 0.2 -141.3 -136.3 -1.6 -0.0 -3.4 422.2 421.5 0.1 0.0 0.6 200.3 199.7 0.0 0.0 0.6 265.8 266.5 -0.2 -0.0 -0.5 92.0 92.5 -0.1 -0.0 -0.4 3 4 5 6 7 -2.0 -0.5 -3.4 -3.0 5.3 -1.0 -1.9 0.4 -1.6 8 -27.3 -90.1 -77.0 -157.7 215.3 -340.8 -118.6 -187.9 -11.1 9 72.0 76.4 73.8 71.3 79.8 81.0 80.3 78.8 79.8 10 (1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and Disability Fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Comprised primarily of nonmarketable Treasury securities. (4) Unfunded defined benefit pension entitlements. F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA344090055 Net acquisition of financial assets 2 3 4 5 FA344022025 FA343061155 FA343061723 FA343063023 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 6 FA343064125 Corporate equities 7 FA313169003 Loans (other loans and advances) (3) 8 FA344090055 Net increase in pension entitlements (liabilities) 24.9 3.4 17.1 26.0 -9.6 -20.0 78.2 31.8 -26.2 1 46.8 44.0 1.5 1.3 -7.4 -6.7 0.6 -1.3 -4.6 -2.9 -0.8 -0.9 9.3 10.3 -0.5 -0.5 -716.9 -716.3 -0.3 -0.4 682.7 682.0 3.9 -3.2 108.1 109.2 -0.6 -0.6 14.5 18.6 -2.1 -2.0 -14.9 -13.6 -0.7 -0.7 2 3 4 5 -21.9 10.7 21.7 16.6 -14.9 19.5 -29.9 17.3 -11.2 6 0.0 0.0 0.0 0.0 722.2 -722.2 0.0 0.0 0.0 7 24.9 3.4 17.1 26.0 -9.6 -20.0 78.2 31.8 -26.2 8 (1) Thrift Savings Plan. (2) Includes nonmarketable Treasury securities held in the G fund and marketable Treasury securities held in the F fund. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. 37 Z.1, December 9, 2022 F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA226330005 Gross saving 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 1 2 FA225013005 Fixed nonresidential investment 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2 3 FA224090005 Net acquisition of financial assets (1) 243.2 260.6 250.3 256.5 258.8 276.6 255.9 231.0 248.5 3 4 5 FA223020043 FA223030043 Checkable deposits and currency Time and savings deposits 6.0 -2.0 -0.8 0.5 -12.7 0.0 4.1 0.5 29.6 -1.3 -24.1 2.5 1.7 -10.0 10.1 7.1 4.2 -0.4 4 5 6 7 FA223034005 FA222051043 Money market fund shares Security repurchase agreements 0.3 1.1 -4.7 22.6 8.1 42.2 -7.6 23.1 30.9 -33.7 -50.2 58.9 25.3 -41.2 -4.8 7.9 0.4 -2.0 6 7 8 9 10 11 12 13 FA224022045 FA223069143 FA223061143 FA223061743 FA223062043 FA223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 74.6 -3.8 1.0 24.2 0.0 53.2 186.9 6.0 103.0 6.3 0.0 71.6 250.4 26.9 69.5 21.3 0.0 132.7 275.7 11.2 187.1 -6.5 0.0 83.9 47.2 2.4 52.5 41.8 0.0 -49.5 174.3 -16.5 103.0 -31.5 0.0 119.4 76.7 34.8 -99.1 39.6 0.0 101.4 -54.1 -4.2 59.6 -6.6 0.0 -102.9 60.0 4.0 28.5 10.6 0.0 16.8 8 9 10 11 12 13 14 FA223065043 Loans (mortgages) -0.9 1.1 2.0 -0.7 -0.1 3.2 -5.4 2.2 -0.0 14 15 16 FA223064145 FA223064205 Corporate equities Mutual fund shares -28.4 8.8 -121.4 -161.6 -165.0 -81.9 -199.0 -43.6 -253.5 42.8 131.9 -563.8 97.3 61.6 -139.0 -41.8 -40.1 15 -127.6 16 17 18 19 20 FA223090005 FA223095505 FA223073045 FA223093005 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 183.7 7.7 255.1 -79.1 338.0 12.6 253.1 72.2 207.2 7.2 253.1 -53.2 204.1 15.8 253.1 -64.9 396.9 8.7 253.1 135.1 543.8 18.9 253.1 271.8 50.1 16.6 253.1 -219.7 443.4 8.7 253.1 181.6 354.0 10.3 253.1 90.6 21 FA224190005 243.2 260.6 250.3 256.5 258.8 276.5 255.9 231.0 248.5 21 236.3 6.9 242.6 18.0 237.4 12.9 241.6 14.9 245.4 13.5 245.8 30.7 245.8 10.1 245.8 -14.8 245.8 22 2.7 23 Net increase in pension entitlements (liabilities) 17 18 19 20 Memo: 22 23 FA224090045 FA224090055 Net acquisition of financial assets Defined benefit plans (4) Defined contibution plans (5) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. (3) Unfunded defined benefit pension entitlements. (4) Additional detail on defined benefit plans is available on table F.120.b. (5) Additional detail on defined contribution plans is available on table F.120.c. Transactions 2020 38 Z.1, December 9, 2022 F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 Net acquisition of financial assets (1) 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA224090045 236.3 242.6 237.4 241.6 245.4 245.8 245.8 245.8 245.8 1 2 3 FA223020043 FA223030043 Checkable deposits and currency Time and savings deposits 6.0 -2.0 -0.8 0.5 -12.7 0.0 4.1 0.5 29.6 -1.3 -24.1 2.5 1.7 -10.0 10.1 7.1 4.2 -0.4 2 3 4 5 FA223034043 FA222051043 Money market fund shares Security repurchase agreements 0.2 1.1 -4.4 22.6 8.5 42.2 -7.1 23.1 31.0 -33.7 -50.0 58.9 25.3 -41.2 -4.8 7.9 0.4 -2.0 4 5 6 7 8 9 10 11 FA224022045 FA223069143 FA223061143 FA223061743 FA223062043 FA223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 74.6 -3.8 1.0 24.2 0.0 53.2 186.9 6.0 103.0 6.3 0.0 71.6 250.4 26.9 69.5 21.3 0.0 132.7 275.7 11.2 187.1 -6.5 0.0 83.9 47.2 2.4 52.5 41.8 0.0 -49.5 174.3 -16.5 103.0 -31.5 0.0 119.4 76.7 34.8 -99.1 39.6 0.0 101.4 -54.1 -4.2 59.6 -6.6 0.0 -102.9 12 FA223065043 Loans (mortgages) -0.9 1.1 2.0 -0.7 -0.1 3.2 -5.4 2.2 -0.0 12 13 14 FA223064145 FA223064243 Corporate equities Mutual fund shares -28.4 10.1 -121.4 -166.9 -165.0 -87.6 -199.0 -42.9 -253.5 38.3 131.9 -575.4 97.3 68.5 -139.0 -17.9 -40.1 13 -119.5 14 15 16 17 FA223090045 FA223073045 FA223093043 Miscellaneous assets Claims of pension fund on sponsor (2) Other 175.6 255.1 -79.5 324.9 253.1 71.8 199.5 253.1 -53.6 187.8 253.1 -65.3 387.8 253.1 134.7 524.5 253.1 271.4 33.0 253.1 -220.1 434.3 253.1 181.2 343.3 15 253.1 16 90.2 17 18 FA224190043 236.2 242.5 237.4 241.6 245.3 245.8 245.8 245.8 245.8 18 Net increase in pension entitlements (liabilities) 60.0 6 4.0 7 28.5 8 10.6 9 0.0 10 16.8 11 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA224090055 Net acquisition of financial assets 2 FA223034055 Money market fund shares 3 FA223064255 Mutual fund shares 4 5 6 FA223090055 FA223095505 FA223093053 Miscellaneous assets Unallocated insurance contracts (misc. assets) (2) Other 7 FA224090055 Net increase in pension entitlements (liabilities) 6.9 18.0 12.9 14.9 13.5 30.7 10.1 -14.8 2.7 1 0.1 -0.3 -0.4 -0.6 -0.1 -0.2 -0.0 0.0 0.1 2 -1.3 5.3 5.7 -0.7 4.5 11.6 -6.9 -23.9 -8.1 3 8.1 7.7 0.4 13.1 12.6 0.4 7.6 7.2 0.4 16.2 15.8 0.4 9.1 8.7 0.4 19.3 18.9 0.4 17.0 16.6 0.4 9.1 8.7 0.4 10.7 10.3 0.4 4 5 6 6.9 18.0 12.9 14.9 13.5 30.7 10.1 -14.8 2.7 7 (1) Includes 403(b) and 457 type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. 39 Z.1, December 9, 2022 F.121 Money Market Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA634090005 Net acquisition of financial assets 763.5 439.5 1155.7 304.7 -186.7 484.4 -157.6 -79.7 8.2 1 2 3 4 FA633091003 FA633030000 FA632051000 Foreign deposits Time and savings deposits Security repurchase agreements -6.7 -136.0 -173.9 -0.5 -20.5 1427.0 5.8 157.0 828.4 -7.6 -189.4 1689.6 2.4 33.4 2256.4 -2.4 -83.2 933.5 4.1 98.8 -154.9 0.1 -1.5 450.8 -0.4 117.5 664.0 2 3 4 5 6 7 8 9 10 FA634022005 FA633069175 FA633061105 FA633061700 FA633062000 FA633063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1088.7 -91.5 1343.3 -140.1 -14.0 -9.0 -956.4 -6.0 -651.3 -278.3 -14.6 -6.3 294.6 88.1 387.8 -157.2 -23.3 -0.7 -1111.3 -177.3 -569.3 -345.1 -16.6 -3.0 -2822.5 67.5 -2593.9 -278.9 -6.0 -11.2 -186.4 -2.3 170.4 -331.7 -12.4 -10.5 -248.6 -54.9 -305.5 95.5 22.6 -6.2 -565.0 -69.7 -560.0 58.9 13.0 -7.2 -670.2 5 111.5 6 -1044.8 7 248.4 8 4.6 9 10.1 10 11 FA633093005 Miscellaneous assets (net) -8.6 -10.0 -130.2 -76.6 343.6 -177.0 143.1 35.9 -102.6 11 12 FA634090005 763.5 439.5 1155.7 304.7 -186.7 484.4 -157.6 -79.7 8.2 12 757.0 6.5 458.9 -19.3 981.9 173.8 317.9 -13.2 -131.4 -55.3 667.0 -182.6 -340.9 183.3 -9.1 -70.6 -96.2 13 104.3 14 972.7 -180.4 -28.9 549.2 -89.9 -19.7 812.3 66.8 -22.8 282.5 -117.3 -23.6 137.9 -103.6 -18.9 963.9 -205.5 -13.5 -611.1 150.0 2.1 -321.2 20.9 67.2 -238.4 15 464.4 16 -18.8 17 5.6 -5.7 -6.7 -10.2 -3.2 -2.6 15.1 11.5 2.8 18 Net share issues (liabilities) Memo: 13 14 FA634090010 FA634090020 Stable NAV money market funds included above Floating NAV money market funds included above (2) 15 16 17 FA634090033 FA634090043 FA634090053 Government money market funds included above Prime money market funds included above Tax-exempt money market funds included above 18 FA634090503 Variable annuity money market funds included above (1) Open-end investment companies including variable annuity money market funds. (2) Floating NAV data begin 2016:Q4, corresponding to the implementaion of Securities and Exchange Commission money market reforms on October 14, 2016. Some funds used floating NAV prior to this date. F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA656006403 Gross saving -36.1 28.5 25.7 27.7 23.1 2 FA654090000 Net acquisition of financial assets 3 4 FA653034003 FA652051003 Money market funds Security repurchase agreements (net) 5 6 7 8 9 10 FA654022005 FA653069100 FA653061105 FA653061703 FA653062003 FA653063005 11 37.4 45.0 35.0 35.0 1 -229.1 215.7 357.3 166.7 -11.2 26.4 0.2 30.0 108.3 76.3 -34.3 60.9 308.4 30.5 -444.3 -1155.1 -573.2 2 63.5 -30.0 -136.7 12.5 107.9 -13.1 -181.8 40.0 -64.0 -6.8 3 4 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 323.4 -2.6 1.5 8.4 49.7 266.3 595.3 -10.5 343.8 -118.0 109.4 270.5 1163.5 8.1 477.4 -103.0 123.8 657.3 317.4 -15.3 423.2 -238.2 133.3 14.5 630.2 10.4 247.0 22.5 124.8 225.5 269.9 -45.1 227.5 -153.3 55.9 184.8 327.5 17.7 81.3 133.7 -54.5 149.4 -638.0 -34.8 -146.3 53.8 -207.0 -303.6 -122.8 5 6.6 6 -30.4 7 -22.1 8 -53.6 9 -23.2 10 FA653069803 Loans (other loans and advances) -30.2 55.5 63.7 68.3 38.7 51.5 82.4 -42.5 -61.6 11 12 13 FA653064100 FA653093005 Corporate equities Miscellaneous assets -481.4 -56.1 -317.3 -147.9 -590.3 -464.2 -198.7 -46.9 -102.8 -291.2 -377.6 210.9 -522.7 -426.3 -328.3 -4.5 -252.9 12 -65.0 13 14 FA653164205 Net share issues (liabilities) -229.1 215.7 357.3 166.7 308.4 30.5 -444.3 -1155.1 -573.2 14 15 FA657005005 Discrepancy -36.1 28.5 25.7 27.7 23.1 37.4 45.0 35.0 35.0 15 -116.1 -151.4 -126.3 -222.5 -137.4 -119.2 -139.9 -118.4 -76.0 16 -381.6 -140.4 -58.1 295.6 55.5 -331.6 33.2 17.0 397.9 99.3 -318.9 -161.6 2.0 668.2 120.3 -435.9 43.6 20.2 446.4 109.5 -247.5 79.7 44.3 305.0 115.7 -324.3 170.9 1.5 172.1 51.5 -205.4 -15.2 -21.2 -171.5 -99.1 -210.4 -154.7 -71.1 -481.2 -222.1 Memo: 16 FA654090500 17 18 19 20 21 FA654091600 FA654092603 FA654091403 FA654091303 FA654091203 Variable annuity mutual funds included above Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Hybrid funds Taxable bond funds Municipal bond funds (1) Open-end investment companies including variable annuity mutual funds. Quarterly figures for net acquisition of financial assets by investment objective (lines 16 through 20) are not seasonally adjusted and therefore may not sum to total net acquisition of financial assets (line 2). -180.4 -71.1 -56.4 -219.2 -49.3 17 18 19 20 21 Transactions 2020 40 Z.1, December 9, 2022 F.123 Closed-End Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 1 FA554090005 2 3 4 5 FA554022005 FA553061103 FA553062003 FA553063003 6 FA553064103 7 FA554090005 Net acquisition of financial assets Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) Q2 Q3 Q4 2022 Q2 Q1 Q3 2.7 17.2 27.2 16.2 12.6 12.7 1.5 2.2 -2.1 1 0.8 -0.4 -0.3 1.5 9.2 0.3 0.7 8.2 10.4 0.6 1.5 8.3 8.0 0.3 1.1 6.6 10.4 0.1 0.2 10.1 7.9 0.0 0.1 7.8 0.3 -0.0 0.4 -0.1 0.6 2.9 -0.1 -2.2 -2.1 -0.2 -1.8 -0.1 2 3 4 5 1.9 8.0 16.7 8.2 2.2 4.8 1.2 1.6 -0.0 6 2.7 17.2 27.2 16.2 12.6 12.7 1.5 2.2 -2.1 7 2.0 -0.1 0.6 -0.3 0.6 6.0 2.0 6.3 0.7 2.1 16.9 -0.2 0.4 1.5 8.6 6.8 1.4 6.9 1.1 0.0 -0.4 2.7 10.2 0.2 0.0 0.7 4.1 7.8 0.1 -0.1 1.2 0.0 -0.1 0.4 0.0 -0.1 1.7 0.7 -0.1 0.0 500.9 935.5 1075.9 1076.4 719.4 870.2 870.4 556.7 396.0 1 4.6 4.8 -9.4 7.6 27.8 -6.9 -15.6 -23.2 -4.2 2 Memo: 8 9 10 11 12 FA554091603 FA554092603 FA554091303 FA554091203 FA554092303 Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Domestic taxable bond funds Municipal bond funds World bond funds -0.0 8 0.0 9 -0.3 10 -1.8 11 -0.0 12 F.124 Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA564090005 Net acquisition of financial assets 2 FA563034003 Money market funds 3 4 5 6 FA564022005 FA563061103 FA563062003 FA563063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 195.0 32.0 13.7 149.3 202.0 66.1 20.6 115.4 179.8 45.1 21.2 113.5 247.8 62.3 23.9 161.6 176.0 50.7 18.4 106.9 204.6 106.4 18.7 79.5 111.0 71.7 19.0 20.3 213.7 164.4 37.3 12.0 217.5 148.0 1.5 68.1 3 4 5 6 7 FA563064100 Corporate equities 260.2 732.4 922.2 802.6 532.1 672.9 705.5 377.0 225.1 7 8 FA563093003 Miscellaneous assets (1) 41.1 -3.8 -16.8 18.4 -16.5 -0.3 69.5 -10.7 -42.4 8 9 FA564090005 500.9 935.5 1075.9 1076.4 719.4 870.2 870.4 556.7 396.0 9 189.1 62.6 43.7 4.2 187.2 14.2 519.6 211.1 -4.2 6.4 181.7 20.9 637.1 311.8 -19.6 -0.7 151.8 21.1 521.0 210.1 20.4 9.1 224.1 24.2 297.3 164.4 -17.7 10.5 174.5 19.9 622.8 158.2 -0.2 6.7 176.7 18.3 571.0 165.2 74.7 -3.6 76.8 18.0 203.1 86.6 -13.0 -4.2 161.5 36.6 140.8 9.2 -46.0 -1.9 217.2 1.3 10 11 12 13 14 15 Net share issues (liabilities) Memo: 10 11 12 13 14 15 FA564091600 FA564092603 FA564091703 FA564091403 FA564091303 FA564091203 Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Commodity funds (1) Hybrid funds Taxable bond funds Municipal bond funds (1) Investments primarily in commodities, currencies, and futures. 41 Z.1, December 9, 2022 F.125 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA406000105 Gross saving 6.0 5.5 6.5 5.6 5.3 4.6 5.1 5.1 5.1 1 2 FA405013005 Fixed nonresidential investment 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2 3 FA404090005 Net acquisition of financial assets 594.9 594.2 860.3 489.2 495.0 532.4 1122.5 937.9 924.8 3 4 5 6 FA403020005 FA403030005 FA402050005 Checkable deposits and currency Time and savings deposits Federal funds and security repos 57.8 -7.0 17.3 -29.9 -2.2 -2.8 245.7 -6.4 -262.8 -341.1 -3.7 439.9 71.1 0.3 -166.4 -95.2 0.9 -22.0 -40.5 3.5 34.0 7.3 11.3 236.4 -38.2 13.0 108.8 4 5 6 7 8 9 10 11 12 FA404022005 FA403069105 FA403061105 FA403061705 FA403062005 FA403063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 46.7 0.2 78.9 -29.3 -0.5 -2.6 -71.2 -2.6 -43.2 -23.8 -0.4 -1.2 -113.0 -1.3 -74.8 -34.8 -0.2 -2.0 -102.6 -6.3 -67.1 -27.1 -0.3 -1.8 -33.8 -2.7 -17.7 -12.3 -0.6 -0.5 -35.3 -0.1 -13.3 -20.8 -0.3 -0.7 93.5 7.0 78.8 7.5 -0.0 0.2 -60.0 5.7 -85.3 19.0 -1.1 1.8 37.0 7 7.8 8 -14.4 9 41.5 10 -0.0 11 2.1 12 13 FA404023005 Loans 417.7 730.8 958.5 595.3 628.2 741.2 1087.0 840.6 833.4 13 14 15 16 17 FA403069305 FA403069385 FA403069345 FA403069330 Other loans and advances Sallie Mae Farm Credit System FHLB loans -215.1 0.0 13.5 -228.6 -52.3 0.0 11.2 -63.6 64.0 0.0 2.1 61.9 -266.9 0.0 -1.7 -265.1 -43.0 0.0 8.9 -52.0 36.6 0.0 35.7 0.9 280.9 0.0 43.6 237.2 429.3 0.0 -11.1 440.4 593.7 0.0 14.5 579.3 14 15 16 17 18 19 20 21 22 23 24 25 FA403065005 FA403065105 FA403065195 FA403065185 FA403065405 FA403065495 FA403065485 FA403065605 Mortgages One-to-four-family residential Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm 632.9 560.3 532.9 27.4 55.4 51.9 3.5 17.2 783.1 738.9 833.9 -94.9 25.5 36.5 -10.9 18.7 894.5 847.5 870.0 -22.5 29.4 65.9 -36.5 17.7 862.1 852.2 1150.3 -298.1 -9.5 18.2 -27.7 19.4 671.3 614.8 676.9 -62.1 37.7 31.8 5.9 18.8 704.6 641.2 638.3 3.0 44.6 30.0 14.6 18.8 806.2 768.2 823.9 -55.7 25.9 38.3 -12.4 12.0 411.4 379.2 420.2 -41.1 19.1 33.6 -14.5 13.1 239.7 201.8 242.7 -40.9 26.7 25.9 0.8 11.2 18 19 20 21 22 23 24 25 26 FA403066005 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26 27 FA403093005 62.3 -30.5 38.3 -98.5 -4.4 -57.3 -55.0 -97.8 -29.2 27 28 FA404194005 634.9 531.6 594.0 427.7 588.5 516.0 856.7 775.4 989.3 28 29 FA404190005 641.9 533.1 597.5 429.4 593.6 511.7 851.2 752.6 967.6 29 30 FA402150005 Federal funds and security repos 0.0 0.0 0.4 -0.4 0.0 0.0 0.0 0.0 0.0 30 31 32 33 FA403161705 FA403161795 FA403161785 Debt securities (GSE issues) (3) Consolidated trusts (2) Other 635.9 584.8 51.1 539.4 870.3 -330.9 665.9 935.9 -269.9 483.5 1168.5 -685.0 514.8 708.6 -193.8 493.5 668.3 -174.8 888.3 862.3 26.0 747.5 453.8 293.6 841.6 31 268.7 32 572.9 33 34 FA403169283 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34 35 FA403190005 Miscellaneous liabilities 5.9 -6.4 -68.8 -53.6 78.8 18.2 -37.1 5.2 126.0 35 36 FA403164105 Net equity issues (corporate equities) -7.0 -1.5 -3.5 -1.7 -5.1 4.3 5.5 22.8 21.7 36 37 FA407005005 45.6 -57.6 -260.2 -56.4 98.4 -12.3 -261.2 -157.9 69.1 37 Miscellaneous assets Net increase in liabilities and equity Net increase in liabilities Discrepancy (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (F.125). (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Such issues are classified as agency- and GSE-backed securities. F.126 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA413065005 2 3 4 5 FA413065105 FA413065405 FA413065505 FA413065605 6 FA413065005 Net acquisition of financial assets One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages Net increase in pool securities (liabilities)(2) 22.3 73.5 33.7 117.5 51.5 91.2 152.5 201.0 209.3 1 -15.8 38.3 0.0 -0.2 35.4 37.7 0.0 0.3 -28.7 62.8 0.0 -0.4 67.3 50.1 0.0 0.1 32.6 18.8 0.0 0.1 70.6 19.3 0.0 1.3 140.5 12.1 0.0 -0.1 188.2 12.8 0.0 0.0 205.9 3.4 0.0 0.0 2 3 4 5 22.3 73.5 33.7 117.5 51.5 91.2 152.5 201.0 209.3 6 (1) Ginnie Mae, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.125). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. Transactions 2020 42 Z.1, December 9, 2022 F.127 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA676330023 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 FA675013025 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 FA674090005 Net acquisition of financial assets 55.7 158.0 43.7 103.2 211.7 273.5 173.1 107.8 68.8 3 4 5 6 FA674022005 FA673061103 FA673061703 Debt securities Treasury securities Agency- and GSE-backed securities (1) -2.7 -2.7 0.0 1.5 1.5 0.0 -7.0 -7.0 0.0 -4.6 -4.6 0.0 5.2 5.2 0.0 12.5 12.5 0.0 10.5 10.5 0.0 4.8 4.8 0.0 2.5 2.5 0.0 4 5 6 7 8 9 10 11 12 13 FA674023005 FA673069005 FA673065005 FA673065105 FA673065405 FA673065505 FA673066000 Loans Other loans and advances Mortgages (2) One-to-four-family residential Multifamily residential Commercial Consumer credit 34.7 47.4 -11.5 -31.2 5.3 14.4 -1.2 113.0 61.5 51.9 -1.6 12.3 41.1 -0.5 10.1 8.2 3.1 -56.4 5.9 53.6 -1.3 37.7 36.6 1.4 -16.3 1.8 15.9 -0.4 167.9 104.7 66.1 29.3 8.8 28.0 -3.0 236.2 96.6 136.8 37.1 32.9 66.9 2.8 112.6 35.1 79.9 27.9 30.6 21.4 -2.4 90.2 54.6 33.7 19.7 -14.9 28.9 1.8 64.1 52.9 11.7 9.2 -0.7 3.3 -0.5 7 8 9 10 11 12 13 14 15 FA673070003 FA673090543 Trade credit Miscellaneous assets (funding agreements) (3) 0.6 23.2 3.0 40.5 -3.8 44.4 8.4 61.7 -4.3 42.9 11.8 12.9 -8.0 58.0 4.3 8.4 5.2 14 -3.0 15 16 FA674122005 Net increase in liabilities 55.7 158.0 43.7 103.2 211.7 273.5 173.1 107.8 68.8 16 17 18 FA673169105 FA673163005 Commercial paper Corporate bonds (net) (4) 24.6 31.1 -16.7 174.7 -107.0 150.7 -115.8 219.0 3.2 208.5 152.9 120.6 166.7 6.4 56.2 51.6 18.9 17 49.9 18 19 FA677005005 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 0.0 -10.3 0.0 16.4 0.0 -13.1 0.0 44.0 0.0 8.5 0.0 26.3 0.0 23.9 0.0 11.8 0.0 20 -14.1 21 Discrepancy Memo: 20 21 FA675013263 FA643065045 Securitized assets not included above Consumer leases (5) REIT assets (6) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Funding agreements with life insurance companies. (4) Net issuance less net acquisition of corporate bonds held as assets. (5) Receivables from operating leases, such as consumer automobile leases, are recorded as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. (6) Included in table F.129. 43 Z.1, December 9, 2022 F.128 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA616000105 Gross saving less net capital transfers paid (2) 123.9 154.4 146.8 162.9 154.2 153.5 143.7 146.1 150.1 1 2 FA615013005 Fixed nonresidential investment 59.1 63.8 62.2 63.7 64.1 65.4 68.3 69.5 72.1 2 3 FA614090005 Net acquisition of financial assets 39.1 -24.7 59.3 80.1 -62.1 -176.2 -44.1 51.9 59.0 3 4 5 FA613020003 FA613030003 Checkable deposits and currency Time and savings deposits 4.2 12.5 -2.0 -6.1 -2.7 -8.1 2.1 6.4 1.0 3.0 -8.6 -25.9 -16.7 -50.0 -2.0 -6.1 -6.7 -20.1 4 5 6 FA613063003 Debt securities (corporate and foreign bonds) 9.7 29.3 1.3 24.7 28.5 62.8 0.8 0.8 17.9 6 7 8 9 10 FA614023005 FA613069505 FA613065000 FA613066005 Loans Other loans and advances Mortgages Consumer credit -9.9 -16.4 -7.2 13.7 -5.5 -25.3 -5.8 25.6 46.1 8.5 -14.3 51.9 62.9 27.9 -3.8 38.8 -29.9 -47.0 -4.9 22.0 -101.3 -90.8 -0.1 -10.4 -26.3 -8.2 -14.4 -3.7 28.5 44.6 -0.2 -15.9 45.1 7 39.3 8 0.5 9 5.4 10 11 12 FA613092003 FA613090005 U.S. direct investment abroad Miscellaneous assets 9.6 12.9 23.1 -63.4 67.1 -44.4 0.0 -16.1 14.2 -78.9 11.1 -114.3 30.4 17.8 25.9 4.8 39.8 11 -16.9 12 13 FA614194005 24.5 -45.5 -21.8 119.1 -100.0 -179.3 -119.2 31.0 -62.2 13 14 FA614190005 20.9 -52.4 -25.5 107.5 -106.6 -185.1 -124.7 24.2 -68.8 14 15 16 17 FA614122005 FA613169100 FA613163005 Debt securities Open market paper Corporate bonds -20.2 -21.7 1.5 -46.1 -0.5 -45.5 -77.5 2.0 -79.6 11.9 -6.6 18.5 -137.0 4.5 -141.5 18.3 -2.1 20.4 -2.2 -15.3 13.1 64.4 2.5 61.9 126.2 15 26.6 16 99.6 17 18 19 20 FA614123005 FA613168005 FA613169005 Loans Depository institution loans n.e.c. Other loans and advances 24.8 25.3 -0.5 12.7 13.1 -0.4 -11.9 -10.3 -1.6 163.0 162.9 0.0 -28.2 -28.3 0.0 -72.1 -72.1 -0.0 -121.7 -121.7 0.0 -29.7 -29.7 -0.0 -6.2 18 -6.2 19 -0.1 20 21 22 FA613178005 FA613192305 Taxes payable Foreign direct investment: intercompany debt 0.1 -0.8 -0.3 0.5 1.7 0.2 -2.2 -0.2 3.5 0.4 -4.3 1.4 -1.1 0.1 -2.1 -0.1 -6.5 21 -1.1 22 23 24 25 FA613190005 FA613194703 FA613193005 Miscellaneous liabilities Other investment by parent Other 17.1 -5.0 22.0 -19.2 -13.1 -6.1 62.1 -2.7 64.7 -65.0 -42.1 -22.9 54.7 -11.5 66.1 -128.5 4.1 -132.6 0.1 -8.5 8.6 -8.4 6.9 -15.3 -181.1 23 -15.5 24 -165.7 25 26 FA613192103 27 FA617005005 Net increase in liabilities and equity Net increase in liabilities Net equity issues (foreign direct investment) Discrepancy 3.5 6.9 3.8 11.6 6.6 5.8 5.5 6.8 6.5 26 50.2 69.7 3.6 138.2 52.1 85.0 0.3 55.7 -43.3 27 -9.4 -6.6 3.1 4.7 -13.2 -21.2 -26.4 -26.4 -24.6 28 Memo: 28 FA613066303 Consumer leases not included above (3) (1) Includes retail captive finance companies and mortgage companies. (2) Net capital transfers paid from table F.5, line 57. (3) Receivables from operating leases, such as consumer automobile leases, are recorded as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. Transactions 2020 44 Z.1, December 9, 2022 F.129 Real Estate Investment Trusts (REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA646000105 Gross saving -0.1 15.5 7.0 18.9 21.7 14.4 -61.5 -47.8 -48.2 1 2 3 FA125013005 FA125012063 Fixed nonresidential investment Multifamily residential investment 14.7 2.8 15.4 7.6 15.1 1.9 15.3 11.1 15.5 6.6 15.7 10.9 16.2 2.5 16.4 5.0 16.9 -0.2 2 3 4 FA644090005 Net acquisition of financial assets -133.5 55.6 35.7 52.1 14.4 120.2 61.7 -78.2 30.1 4 5 FA643020005 Checkable deposits and currency 6 7 8 FA644022005 FA643061773 FA643063005 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 9 10 11 12 FA643065005 FA643065105 FA643065405 FA643065505 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 13 FA643090005 Miscellaneous assets 14 FA644194005 15 FA644190005 16 FA642151073 Security repurchase agreements 17 18 19 FA644122005 FA643169173 FA643163005 20 21 22 23 Net increase in liabilities and equity Net increase in liabilities 17.6 -2.8 -3.8 7.2 5.2 -19.8 6.3 -32.9 2.0 5 -154.5 -129.4 -25.1 -30.2 -35.2 5.0 -29.0 -25.0 -4.0 -37.6 -46.0 8.4 -73.1 -83.2 10.1 18.8 13.3 5.5 11.9 -12.3 24.3 -58.7 -43.3 -15.4 74.2 40.5 33.7 6 7 8 -8.2 -23.2 -4.4 19.4 64.1 26.0 5.4 32.7 28.1 11.3 3.3 13.5 62.3 24.0 5.9 32.4 84.3 51.9 4.8 27.6 81.6 16.9 7.5 57.2 40.7 -7.8 0.7 47.8 35.8 -0.3 0.2 36.0 -19.2 9 -1.5 10 -2.5 11 -15.2 12 11.6 24.5 40.4 20.2 -2.0 39.5 2.8 -22.4 -26.9 13 -83.9 93.5 42.0 102.9 -2.7 231.8 69.6 71.5 69.6 14 -105.8 54.3 10.7 59.8 -46.5 193.2 28.7 43.7 56.2 15 -154.9 -4.6 -13.3 -30.4 -20.1 45.4 -39.7 -37.9 -1.8 16 Debt securities Open market paper Corporate bonds 42.6 0.0 42.6 56.7 0.0 56.7 27.5 0.0 27.5 102.5 0.0 102.5 22.9 0.0 22.9 73.9 0.0 73.9 35.0 0.0 35.0 38.9 0.0 38.9 -6.8 17 0.0 18 -6.8 19 FA644123005 FA643168005 FA643169373 FA123165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages -6.9 -0.4 -8.2 1.8 0.2 9.4 -0.0 -9.1 -21.9 1.5 0.0 -23.4 -15.8 -5.4 -0.0 -10.3 -39.1 -14.5 -0.1 -24.5 77.5 55.9 0.0 21.6 30.8 12.5 0.0 18.3 27.8 11.3 0.0 16.5 24 FA643193005 Miscellaneous liabilities 13.4 2.0 18.5 3.5 -10.3 -3.6 2.6 14.9 57.6 24 25 FA643164103 21.9 39.2 31.3 43.1 43.8 38.6 40.9 27.8 13.4 25 26 FA647005005 31.9 30.4 -3.6 43.2 -17.5 99.4 -72.4 80.5 -25.4 26 -10.3 0.0 -15.7 -4.6 10.0 16.4 0.0 5.7 2.6 8.1 -13.1 0.0 -8.3 0.2 -5.1 44.0 0.0 8.6 5.3 30.1 8.5 0.0 6.5 2.1 -0.1 26.3 0.0 16.1 2.7 7.4 23.9 0.0 13.8 1.8 8.4 11.8 0.0 6.2 0.9 4.8 -14.1 0.0 2.0 0.6 -16.7 Net equity issues (corporate equity) Discrepancy 7.2 -20.7 -0.2 28.1 20 21 22 23 Memo: 27 28 29 30 31 FA643065045 FA643061743 FA643065163 FA643065443 FA643065543 Securitized assets included above Agency- and GSE-backed securities One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.129.e and F.129.m. 27 28 29 30 31 45 Z.1, December 9, 2022 F.129.e Equity Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA124090005 Net acquisition of financial assets 32.7 38.5 27.1 60.3 32.5 34.1 65.6 -34.5 4.5 1 2 FA123020003 Checkable deposits and currency 11.7 -1.5 -0.0 5.7 9.8 -21.3 7.3 -28.7 -3.8 2 3 FA123063003 Debt securities (corporate and foreign bonds) 1.2 7.7 7.1 8.7 12.4 2.6 20.6 -10.4 -0.8 3 4 5 6 7 FA123065005 FA123065103 FA123065403 FA123065503 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 6.3 0.0 0.9 5.5 5.3 0.2 0.6 4.4 11.7 0.0 2.2 9.5 -2.3 0.0 -0.1 -2.3 -1.0 0.0 -0.3 -0.7 12.6 0.9 0.5 11.2 27.9 0.1 -1.2 29.0 5.9 -0.0 -1.6 7.5 -1.5 0.0 -2.4 0.9 4 5 6 7 8 FA123093005 Miscellaneous assets 13.4 27.0 8.3 48.3 11.3 40.2 9.8 -1.3 10.5 8 9 FA124190005 52.1 43.9 5.9 71.2 -20.9 119.4 24.2 72.7 18.9 9 10 FA123163003 Debt securities (corporate bonds) 43.0 32.9 30.7 51.6 10.0 39.4 12.6 23.5 11 12 13 14 15 FA124123005 FA123168003 FA123165005 FA123165403 FA123165503 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial 0.7 -1.1 1.8 1.0 0.8 -0.3 8.9 -9.1 -1.6 -7.5 -20.5 2.9 -23.4 0.5 -23.9 -15.1 -4.7 -10.3 -1.4 -8.9 -39.5 -15.0 -24.5 0.5 -24.9 74.0 52.4 21.6 -6.1 27.7 32.3 14.0 18.3 -1.4 19.7 25.1 8.6 16.5 -0.1 16.6 16 FA123193005 Miscellaneous liabilities 8.4 11.3 -4.3 34.7 8.6 6.1 -20.7 24.2 -166.2 17.1 8.6 -8.2 -18.1 86.1 -3.8 -43.7 25.6 1 5.8 -1.3 -3.7 1.5 -4.6 1.6 -1.0 -4.2 5.8 2 -155.7 -129.4 -26.3 -37.9 -35.2 -2.7 -36.1 -25.0 -11.1 -46.2 -46.0 -0.3 -85.5 -83.2 -2.3 16.2 13.3 2.9 -8.7 -12.3 3.6 -48.3 -43.3 -5.0 75.0 40.5 34.5 3 4 5 -14.5 -23.2 -5.2 13.9 58.8 25.8 4.8 28.3 16.4 11.3 1.0 4.0 64.6 24.0 6.0 34.6 85.4 51.9 5.2 28.4 68.9 16.0 6.9 46.0 12.8 -7.9 1.9 18.8 30.0 -0.3 1.8 28.5 -17.7 -1.5 -0.1 -16.1 6 7 8 9 Net increase in liabilities 5.1 10 5.3 -22.8 28.1 -6.7 34.8 11 12 13 14 15 8.5 16 F.129.m Mortgage Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA644090075 Net acquisition of financial assets 2 FA643020073 Checkable deposits and currency 3 4 5 FA644022075 FA643061773 FA643063073 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 FA643065075 FA643065173 FA643065473 FA643065573 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 10 FA643090075 11 FA644190075 12 FA642151073 Security repurchase agreements 13 14 15 FA644122075 FA643169173 FA643163075 16 17 18 Miscellaneous assets -1.8 -2.5 32.1 -28.1 -13.4 -0.6 -7.0 -21.1 -37.4 10 -157.9 10.4 4.8 -11.4 -25.6 73.8 4.5 -29.0 37.3 11 -154.9 -4.6 -13.3 -30.4 -20.1 45.4 -39.7 -37.9 -1.8 12 Debt securities Open market paper Corporate bonds -0.5 0.0 -0.5 23.8 0.0 23.8 -3.2 0.0 -3.2 50.9 0.0 50.9 13.0 0.0 13.0 34.6 0.0 34.6 22.4 0.0 22.4 15.5 0.0 15.5 -11.9 13 0.0 14 -11.9 15 FA644123075 FA643168073 FA643169373 Loans Depository institution loans n.e.c. Other loans and advances -7.5 0.7 -8.2 0.5 0.5 -0.0 -1.4 -1.4 0.0 -0.7 -0.7 -0.0 0.4 0.5 -0.1 3.5 3.5 0.0 -1.4 -1.4 0.0 2.7 2.7 0.0 2.0 16 2.2 17 -0.2 18 19 FA643193075 Miscellaneous liabilities 5.0 -9.3 22.8 -31.2 -18.9 -9.7 23.3 -9.2 49.1 19 20 21 22 23 24 FA643065045 FA643061743 FA643065163 FA643065443 FA643065543 -10.3 0.0 -15.7 -4.6 10.0 16.4 0.0 5.7 2.6 8.1 -13.1 0.0 -8.3 0.2 -5.1 44.0 0.0 8.6 5.3 30.1 8.5 0.0 6.5 2.1 -0.1 26.3 0.0 16.1 2.7 7.4 23.9 0.0 13.8 1.8 8.4 11.8 0.0 6.2 0.9 4.8 Net increase in liabilities Memo: Securitized assets included above Agency- and GSE-backed securities One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages -14.1 0.0 2.0 0.6 -16.7 20 21 22 23 24 Transactions 2020 46 Z.1, December 9, 2022 F.130 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA666000105 Gross saving less net capital transfers paid (1) 32.4 41.7 37.5 42.1 48.9 38.3 42.3 40.4 41.7 1 2 FA665013005 Fixed nonresidential investment 46.4 49.6 48.1 49.4 50.2 51.0 52.8 53.9 55.7 2 3 FA664090005 Net acquisition of financial assets 256.8 164.4 228.3 209.7 410.5 -191.0 755.6 -645.9 -138.1 3 4 5 FA663020003 FA662051003 Checkable deposits and currency Security repurchase agreements 13.2 -78.0 2.2 -66.7 -6.3 -336.3 -17.0 -418.4 18.2 311.3 14.1 176.6 23.9 276.1 13.6 84.3 12.6 -60.0 4 5 6 7 8 9 10 11 FA664022005 FA663069103 FA663061105 FA663061705 FA663062003 FA663063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -74.0 -0.3 -8.5 -61.1 -9.9 5.9 -174.4 8.1 -104.3 -22.1 6.0 -62.0 -679.0 4.0 -375.7 -284.8 8.6 -31.0 93.2 9.9 54.2 30.2 7.1 -8.1 28.2 9.3 -6.2 20.8 6.0 -1.7 -139.8 9.3 -89.6 145.2 2.4 -207.1 -127.3 23.7 22.1 -120.8 -3.0 -49.3 153.2 -26.4 27.6 150.3 -1.8 3.6 385.1 6 31.1 7 241.7 8 48.3 9 20.4 10 43.7 11 12 FA663069005 Loans (other loans and advances) 233.1 175.8 460.8 167.5 -10.7 85.5 61.7 -137.0 -57.3 12 13 FA663064103 Corporate equities 6.8 -33.7 154.6 -111.7 -104.0 -73.8 65.7 -74.7 93.6 13 14 15 16 17 18 FA663092003 FA663090005 FA663070605 FA663094705 FA663093005 U.S. direct investment abroad Miscellaneous assets Receivables due from other brokers and dealers Balances due from holding company parent Other 0.0 155.7 47.8 20.3 87.6 0.0 261.2 190.6 39.5 31.1 0.0 634.6 580.9 29.3 24.4 0.0 496.2 332.9 21.2 142.2 0.0 167.7 352.3 96.6 -281.2 0.0 -253.5 -503.6 10.9 239.2 0.0 455.5 617.4 133.4 -295.3 0.0 -685.5 -293.1 117.9 -510.4 0.0 -512.1 -348.5 143.7 -307.3 19 FA664194005 272.7 189.0 205.8 253.0 442.6 -145.5 728.4 -722.4 -137.1 19 20 FA664190005 228.5 136.2 180.8 180.0 387.0 -203.1 829.6 -637.1 -155.0 20 21 FA662151003 Security repurchase agreements 24.2 -203.9 -802.4 -92.4 16.7 62.6 -187.2 40.3 319.2 21 22 FA663163003 Debt securities (corporate bonds) 10.0 33.8 49.8 32.7 40.5 12.3 172.5 -46.4 -102.6 22 23 24 25 FA664123005 FA663168005 FA153067005 Loans Depository institution loans n.e.c. Other loans and advances 131.0 10.2 120.8 145.1 43.7 101.4 108.4 28.6 79.7 132.6 67.2 65.4 253.5 54.6 198.8 85.9 24.3 61.6 518.6 -4.6 523.2 -188.6 37.0 -225.6 -247.7 23 -18.9 24 -228.8 25 26 27 FA663170003 FA663178003 Trade payables Taxes payable 2.8 3.0 3.9 0.5 4.6 3.2 -15.1 2.7 6.6 4.4 19.5 -8.2 -2.0 -1.5 -10.7 2.2 1.3 26 -0.9 27 28 FA663192305 Foreign direct investment: intercompany debt 0.6 1.8 0.3 0.3 2.6 4.0 -1.8 -4.0 -2.2 28 29 30 31 32 33 FA663190005 FA663170605 FA663194605 FA663194015 FA663193005 Miscellaneous liabilities Payables due to other brokers and dealers Equity investment by holding company parents Other investment by parent companies Other 56.9 49.2 6.5 49.8 -48.6 155.0 134.2 -40.5 54.2 7.0 817.0 644.1 20.1 -52.5 205.3 119.3 43.8 -34.5 155.7 -45.7 62.8 180.1 -6.4 45.1 -156.0 -379.2 -331.0 -141.1 68.5 24.4 331.0 287.3 9.4 173.9 -139.5 -429.9 -271.4 314.3 -183.2 -289.6 34 FA663181125 44.2 52.8 24.9 73.0 55.6 57.5 -101.2 -85.3 17.9 34 35 36 37 FA663164103 FA662090003 FA663192103 15.6 6.9 21.8 -4.8 15.8 41.8 4.0 13.8 7.1 1.8 16.8 54.4 -3.2 6.6 52.2 -21.8 25.9 53.4 -28.7 -44.7 -27.8 0.1 -4.2 -81.2 3.6 35 14.4 36 -0.2 37 38 FA667005005 1.9 16.6 -33.1 35.9 30.8 32.8 -37.7 -89.9 -13.0 38 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Proprietors’ net investment Foreign direct investment: equity Discrepancy (1) Net capital transfers paid from table F.5, line 58. -122.1 -70.5 158.2 -115.7 -94.2 14 15 16 17 18 29 30 31 32 33 47 Z.1, December 9, 2022 F.131 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA736000105 Gross saving 126.1 164.1 166.4 149.8 174.8 165.2 219.2 115.3 116.8 1 2 FA735013005 Fixed nonresidential investment 39.6 42.9 41.5 42.8 43.4 44.1 45.7 46.7 48.4 2 3 FA734090005 Net acquisition of financial assets 273.8 134.9 -81.1 381.4 151.9 87.2 3.7 90.3 60.0 3 4 5 6 FA733091003 FA733030005 FA732051003 Foreign deposits Time and savings deposits Security repurchase agreements -7.3 135.9 39.4 -1.8 -96.5 -15.3 22.1 -322.0 -47.7 -22.9 18.7 -54.4 -9.3 -95.6 57.2 3.0 12.8 -16.1 11.3 -133.0 -33.3 -56.4 161.2 23.9 16.9 76.5 21.7 4 5 6 7 8 9 10 FA734022605 FA733061103 FA733061703 FA733063003 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds -8.7 3.1 -9.3 -2.5 29.4 34.2 -8.4 3.6 115.1 104.1 -9.5 20.5 -13.7 4.9 -7.2 -11.3 -16.2 -8.4 -7.8 -0.1 32.4 36.1 -9.0 5.3 46.6 51.2 -4.4 -0.1 97.6 100.2 -2.7 0.1 73.6 7 64.8 8 -3.4 9 12.3 10 11 FA733069005 Loans (other loans and advances) -11.1 23.6 58.3 33.7 -18.1 20.7 81.2 -20.1 20.2 11 12 FA733040005 Life insurance reserves 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 12 13 FA733092003 U.S. direct investment abroad 19.2 22.9 -12.7 28.2 26.1 50.0 61.1 7.8 31.8 13 14 15 16 17 FA733090005 FA733094635 FA733094735 FA733093005 Miscellaneous assets Equity investment in affiliates Other investment in affiliates Other 102.5 106.3 -0.5 -3.3 168.5 84.1 85.8 -1.4 101.8 103.4 -8.5 6.9 387.8 184.2 195.7 7.8 203.9 97.8 113.8 -7.7 -19.6 -49.2 42.4 -12.8 -34.2 -249.6 199.1 16.3 -127.6 60.5 -180.6 -7.5 18 FA734194005 129.1 -44.3 -203.9 149.4 -71.7 -51.1 -80.6 134.4 63.4 18 19 FA734190005 171.7 99.6 -149.2 315.9 76.1 155.7 130.0 46.3 54.8 19 20 FA732151003 Security repurchase agreements 21 22 23 FA734122005 FA733169103 FA733163005 Debt securities Commercial paper Corporate bonds 24 FA733178013 Taxes payable 25 FA733192305 Foreign direct investment: intercompany debt (2) 26 27 28 FA733190005 FA733194735 FA733193005 Miscellaneous liabilities Balances due to affiliates Other 29 FA733181105 30 31 FA733164103 FA733192103 32 FA737005005 Net increase in liabilities and equity Net increase in liabilities Net equity issuance Corporate equity issues Foreign direct investment: equity (2) Discrepancy -184.8 -60.0 -133.9 9.1 14 15 16 17 -0.0 0.0 0.4 -0.2 0.1 -0.3 0.2 -0.2 0.0 20 129.9 -0.7 130.6 65.0 3.0 62.1 -150.8 1.5 -152.3 330.3 4.0 326.3 -28.4 -0.2 -28.3 109.1 6.6 102.5 -55.4 -2.6 -52.8 -57.8 5.4 -63.2 -183.5 21 1.5 22 -185.0 23 -0.3 -0.3 0.0 -1.3 0.0 0.0 0.0 -1.3 0.0 24 9.1 5.1 1.6 19.5 -33.2 32.5 4.4 -35.0 -33.8 25 33.0 42.9 -9.9 29.8 33.5 -3.7 -0.4 9.7 -10.1 -32.3 -8.6 -23.7 137.6 101.3 36.3 14.4 31.7 -17.3 180.9 203.8 -22.9 140.6 101.5 39.1 272.2 26 224.5 27 47.7 28 -42.6 -144.0 -54.7 -166.6 -147.8 -206.8 -210.6 88.1 8.5 29 -18.2 -24.4 -110.1 -33.9 -57.3 2.6 -103.9 -62.7 -155.5 7.7 -123.6 -83.2 -234.2 23.6 -43.8 131.9 -23.0 30 31.5 31 -58.2 -58.1 2.2 -125.0 -92.2 -17.2 89.2 112.6 71.8 32 (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. (2) Investment in U.S. Intermediate Holding Companies. Transactions 2020 48 Z.1, December 9, 2022 F.132 Other Financial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA504090005 Net acquisition of financial assets 400.7 194.5 419.7 147.9 104.9 105.6 143.5 -1.5 174.1 1 2 3 4 FA503020005 FA503034005 FA502051005 Checkable deposits and currency Money market fund shares Security repurchase agreements 94.2 134.4 2.2 72.0 179.2 -1.8 138.5 239.4 -8.9 50.2 157.1 3.4 44.3 41.6 -0.5 55.1 278.6 -1.2 78.2 -51.5 0.9 -76.9 -28.9 2.9 -65.8 -69.9 -0.9 2 3 4 5 6 7 8 9 FA504022005 FA503069105 FA503061105 FA503063005 FA503062003 Debt securities Open market paper Treasury securities Corporate and foreign bonds Municipal securities 152.7 41.4 99.5 5.4 6.3 -59.6 21.9 -79.4 0.1 -2.2 -201.9 -12.8 -180.8 -7.4 -0.9 57.2 91.1 -73.0 44.2 -5.1 63.4 133.2 -49.1 -19.2 -1.6 -157.2 -124.2 -14.7 -17.3 -1.0 -37.1 -55.0 -10.3 33.0 -4.9 327.0 359.7 -30.5 -2.2 0.0 258.9 217.8 14.0 27.0 0.0 5 6 7 8 9 10 FA503069005 Loans (other loans and advances) 35.7 -3.7 83.1 -34.2 -62.5 -1.1 57.2 -118.3 2.8 10 11 FA503064105 Corporate equities 8.8 -8.8 -1.1 -29.8 -4.2 0.0 0.0 0.0 0.0 11 12 13 14 15 FA503090005 FA753194503 FA663194505 FA503093023 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Other -27.2 -27.6 0.0 0.3 17.2 16.6 0.0 0.6 170.6 169.2 0.0 1.4 -56.1 -69.8 0.0 13.7 22.8 36.0 0.0 -13.2 -68.7 -69.0 0.0 0.4 95.8 94.7 0.0 1.1 -107.4 -106.6 0.0 -0.8 16 FA504194005 400.7 194.5 419.7 147.9 104.9 105.6 143.5 -1.5 174.1 16 17 FA504190005 400.7 194.5 419.7 147.9 104.9 105.6 143.5 -1.5 174.1 17 18 19 20 FA504122005 FA503169105 FA503163003 Debt securities Open market paper Corporate bonds -27.5 -27.5 0.0 18.5 18.5 0.0 167.5 167.5 0.0 -95.2 -95.2 0.0 71.2 71.2 0.0 -69.4 -69.4 0.0 87.2 87.2 0.0 -85.6 -85.6 0.0 3.7 18 3.7 19 0.0 20 21 22 23 FA504123005 FA713068505 FA503169005 Loans Depository institution loans n.e.c. Other loans and advances 124.5 40.7 83.9 57.9 -19.6 77.6 180.5 -7.0 187.5 31.5 -8.2 39.7 -30.3 -60.4 30.1 50.1 -3.0 53.1 47.2 -8.9 56.2 -97.5 -4.5 -93.0 -50.1 21 -4.0 22 -46.0 23 24 FA503192003 Foreign direct investment in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24 25 26 27 28 29 30 FA503190005 FA663070653 FA663070675 FA503194305 FA503194205 FA503193005 Miscellaneous liabilities Payables due to brokers and dealers Securities lending (net) Equity interest under PPIP Equity in Federal Reserve facilities (2) Other 303.7 60.5 -1.3 0.0 112.5 192.6 118.1 75.8 56.4 0.0 -91.2 152.9 71.7 150.0 -63.2 0.0 -248.9 383.8 211.7 54.2 289.1 0.0 -40.0 -37.4 64.0 81.1 172.2 0.0 -53.7 -54.5 124.9 17.8 -172.6 0.0 -22.4 319.9 9.1 45.5 330.1 0.0 -0.0 -321.0 181.6 20.9 -21.7 0.0 -13.3 216.5 31 FA503181105 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net increase in liabilities and equity Net increase in liabilities Net equity issuance 49.0 44.1 0.0 4.9 220.5 -34.0 -278.0 0.0 0.0 498.5 12 13 14 15 25 26 27 28 29 30 0.0 31 (1) Includes funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, funds associated with the Public-Private Investment Program (PPIP), Federal Reserve funding, credit, and liquidity facility special purpose vehicles (SPV) created in response to the 2008 Financial Crisis and COVID-19 pandemic, and U.S. central clearing parties. (2) U.S. Treasury Exchange Stabilization Fund Economic Recovery Programs investment in Federal Reserve SPVs. 49 Z.1, December 9, 2022 F.133 Rest of the World 2020 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 2 3 4 FA266905005 FA266903001 FA266904101 FA266400101 Foreign income from U.S. U.S. imports U.S. income payments to rest of world Curr. taxes and trans. payments to rest of world 3882.5 2776.1 774.3 332.1 4664.9 3401.4 913.9 349.6 4383.9 3177.7 860.1 346.0 4584.1 3337.5 917.0 329.5 4751.5 3442.5 939.0 370.1 4939.9 3647.7 939.5 352.7 5242.6 3927.9 958.4 356.4 5471.0 4074.4 1023.3 373.2 5484.6 3957.1 1121.7 405.8 1 2 3 4 5 6 7 8 FA266900005 FA266903011 FA266904001 FA266400201 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world Curr. taxes and trans. payments from rest of world 3290.1 2148.6 971.3 170.2 3803.5 2539.6 1087.0 176.8 3605.1 2369.1 1057.5 178.6 3739.9 2503.1 1062.8 174.1 3836.5 2553.3 1106.8 176.4 4032.3 2733.0 1120.9 178.4 4133.1 2811.2 1147.1 174.9 4450.5 3038.8 1231.3 180.4 4533.9 3067.6 1291.2 175.2 5 6 7 8 9 10 FA265440005 FA266000105 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -6.2 598.6 -3.5 864.9 -13.9 792.6 -3.8 848.0 11.6 903.4 -7.8 915.4 -7.7 1117.2 -16.0 1036.5 20.4 9 930.2 10 11 12 FA265090005 FA265420005 Gross investment Nonproduced nonfinancial assets 518.1 0.2 525.2 -0.1 577.3 -0.2 343.7 -0.2 850.0 -0.1 329.9 -0.0 355.0 -0.3 430.6 -0.1 1690.7 11 0.0 12 13 FA265000005 518.0 525.4 577.5 343.8 850.2 329.9 355.3 430.8 1690.7 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 FA264090005 FA263011205 FA313111303 FA264016005 FA263020005 FA263030005 FA263034003 FA262051005 FA264022005 FA263069103 FA263061105 FA263061705 FA263062003 FA263063005 FA263069500 FA263064105 FA263064203 FA263070005 FA543141905 FA543151905 FA263092001 FA263090005 Net acquisition of financial assets Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Life insurance reserves Pension entitlements Foreign direct investment in U.S. (5) Miscellaneous assets 1490.1 0.0 0.0 29.4 156.1 95.4 18.9 18.0 244.8 -46.2 67.0 5.7 4.8 213.4 73.3 669.2 -0.7 83.5 -9.1 -13.6 109.1 16.0 1853.5 0.0 112.8 66.9 66.0 36.2 20.8 281.4 700.8 1.9 639.6 -17.0 1.8 74.5 122.1 -46.1 5.8 80.8 -1.4 -1.6 405.3 3.8 1996.1 0.0 0.0 -457.0 100.1 95.2 30.0 311.6 1086.2 61.6 763.3 -59.6 7.3 313.5 101.8 307.0 49.1 81.1 -1.4 -1.6 313.5 -19.3 1477.8 0.0 0.0 -24.3 59.0 15.2 30.0 369.1 479.7 -44.3 562.8 16.5 -1.3 -54.1 84.3 -274.5 381.5 73.3 -1.4 -1.6 302.9 -15.4 2891.8 0.0 451.3 592.3 20.7 -1.1 0.5 288.9 278.6 23.1 318.7 -94.0 0.7 30.0 149.4 398.6 119.4 70.7 -1.4 -1.6 499.8 25.8 1048.4 0.0 0.0 156.5 84.3 35.5 22.6 156.2 958.6 -32.7 913.6 69.0 0.2 8.5 152.9 -615.5 -526.8 97.9 -1.4 -1.6 505.0 24.3 1666.8 0.0 0.0 299.2 113.2 197.6 -13.9 -158.9 1260.8 143.4 707.8 -49.6 11.0 448.2 70.8 -817.1 309.5 31.0 0.0 0.0 298.3 76.2 2077.6 0.0 0.0 16.4 -63.7 -112.8 -7.1 128.0 609.6 -29.5 133.3 401.2 2.5 102.2 117.1 679.6 389.3 43.7 0.0 0.0 287.4 -10.1 36 FA264194005 Net increase in liabilities and equity 972.2 1328.1 1418.5 1134.0 2041.6 718.5 1311.5 1646.8 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 FA264190005 FA263111005 FA263191005 FA262151003 FA264122005 FA263169105 FA263163005 FA264123005 FA263168005 FA263169005 FA263170005 FA263140005 FA263150005 FA263192305 FA263190005 FA313092803 FA263191103 FA263194735 FA263195105 FA263176005 Net increase in liabilities U.S. official reserve assets U.S. private deposits Security repurchase agreements Debt securities Commercial paper Bonds Loans Depository institution loans n.e.c. Other loans and advances Trade payables Life insurance reserves Pension entitlements U.S. direct investment abroad: intercompany debt (4,5) Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Other investment by U.S. holding companies Accident and health insurance reserves Policy payables 285.0 9.0 102.0 55.5 38.8 -19.0 57.8 64.5 66.3 -1.8 -0.4 15.5 47.0 -59.2 12.3 1.8 14.2 -6.2 5.8 -3.3 747.3 114.0 48.4 -106.2 511.8 67.4 444.4 149.1 152.4 -3.2 3.4 20.7 42.4 -47.4 11.1 1.2 -14.5 6.0 2.2 16.2 728.9 -8.4 123.3 -518.6 960.3 294.4 665.9 71.8 69.9 1.9 17.3 20.7 42.4 35.7 -15.5 4.7 -61.5 22.8 2.2 16.2 302.8 1.9 -27.3 -170.0 265.2 226.8 38.5 111.1 109.8 1.3 -10.8 20.7 42.4 46.2 23.3 0.0 -7.8 12.6 2.2 16.2 1309.6 450.4 -126.9 42.0 771.8 132.0 639.8 150.7 186.9 -36.2 -0.6 20.7 42.4 -76.2 35.3 0.1 -1.0 17.7 2.2 16.2 647.7 12.1 224.3 221.7 49.9 -383.5 433.4 262.9 242.9 20.1 7.7 20.7 42.4 -195.1 1.2 0.0 12.0 -29.3 2.2 16.2 378.9 3.7 155.4 -125.3 421.8 -343.6 765.3 30.0 14.1 15.9 -23.1 1.1 7.7 -173.2 80.7 0.0 -11.9 85.6 1.0 6.0 463.4 4.7 -38.5 -15.3 203.6 -159.8 363.4 181.2 167.1 14.1 6.2 4.5 8.9 107.7 0.3 0.0 -0.1 -20.1 0.9 19.6 57 58 59 FA263181125 FA263164100 FA263192101 Net equity issues Foreign corporate equities (6) U.S. direct investment abroad: equity (5) 687.2 396.0 291.2 580.9 154.8 426.1 689.6 348.5 341.1 831.2 319.6 511.6 732.0 451.1 280.8 70.8 -500.0 570.7 932.7 427.7 504.9 1183.4 875.3 308.1 804.4 57 481.0 58 323.5 59 60 FA267005005 80.5 339.6 215.3 504.3 53.3 585.5 762.2 605.9 -760.5 60 61 62 63 64 65 FA266903005 FA266904005 FA266400101 FA266400201 FA266000005 -627.5 197.0 332.1 170.2 -592.5 -861.7 173.1 349.6 176.8 -861.4 -808.6 197.3 346.0 178.6 -778.7 -834.4 145.7 329.5 174.1 -844.1 -889.1 167.8 370.1 176.4 -915.0 -914.7 181.5 352.7 178.4 -907.6 -1116.7 188.7 356.4 174.9 -1109.5 -1035.6 207.9 373.2 180.4 -1020.5 Net lending (+) or net borrowing (-) Discrepancy (FOF basis) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (7) - Curr. taxes and trans. payments to rest of world + Curr. taxes and trans. payments from rest of world = Balance on current account, NIPAs (1) Table F.5, line 67. (2) Line 1 minus line 5 minus line 9. Also equal to line 65 with the sign reversed minus line 9. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment reported at market value. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 2678.9 0.0 0.0 355.2 13.7 128.3 6.3 101.3 799.1 38.9 483.6 135.1 -28.2 169.7 14.7 754.4 44.2 28.9 0.0 0.0 357.8 75.2 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 988.2 36 183.8 -2.1 65.4 -134.8 158.8 87.1 71.7 185.1 150.1 35.0 2.4 4.1 6.1 -122.0 20.9 -0.1 -0.2 -5.4 1.3 25.2 -889.5 169.5 405.8 175.2 -950.6 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 61 62 63 64 65 Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 50 Z.1, December 9, 2022 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Net change in liabilities Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA893111005 9.0 226.8 -8.4 1.9 901.7 12.1 3.7 4.7 -2.1 1 2 FA313111303 Federal government: SDR allocations 0.0 112.8 0.0 0.0 451.3 0.0 0.0 0.0 0.0 2 3 4 5 6 FA263111005 FA313011303 FA263111403 FA263111503 Rest of the world SDR holdings Reserve position in IMF Other reserves 9.0 0.1 8.8 0.1 114.0 113.7 0.5 -0.2 -8.4 0.0 -8.6 0.2 1.9 0.0 1.7 0.1 450.4 451.4 0.0 -1.0 12.1 3.3 8.7 0.0 3.7 6.1 -2.4 0.0 4.7 6.1 -1.5 0.1 -2.1 4.0 -6.6 0.5 3 4 5 6 7 FA893011005 9.0 226.8 -8.4 1.9 901.7 12.1 3.7 4.7 -2.1 7 8 9 10 11 12 FA313011005 FA313011205 FA313011303 FA313011405 FA313011505 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 8.9 0.0 0.1 8.8 0.0 114.1 0.0 113.7 0.5 -0.1 -8.5 0.0 0.0 -8.6 0.1 1.8 0.0 0.0 1.7 0.1 450.9 0.0 451.4 0.1 -0.5 12.0 0.0 3.3 8.7 0.0 3.7 0.0 6.1 -2.4 0.0 4.6 0.0 6.1 -1.5 0.1 -2.4 8 0.0 9 4.0 10 -6.6 11 0.2 12 13 14 15 FA263011005 FA263011205 FA313111303 Rest of the world Monetary gold (2) SDR allocations 0.0 0.0 0.0 112.8 0.0 112.8 0.0 0.0 0.0 0.0 0.0 0.0 451.3 0.0 451.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 0.0 14 0.0 15 16 17 18 19 FA713011005 FA713011203 FA713011405 FA713011505 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 0.0 0.0 -0.0 0.0 -0.1 0.0 -0.0 -0.1 0.1 0.0 -0.0 0.1 0.1 0.0 0.0 0.1 -0.5 0.0 -0.0 -0.5 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.2 0.0 0.0 0.2 16 17 18 19 Net change in assets (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 FA713014003 FA713014003 3 4 FA313112003 FA713012003 5 FA903012005 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Liab: Federal government Asset: Monetary authority -0.0 0.4 -0.1 0.4 0.0 0.3 0.0 0.2 -0.5 0.4 0.0 0.6 0.0 0.6 0.0 0.7 -1.7 0.7 3 4 Discrepancy (seigniorage) -0.4 -0.5 -0.3 -0.2 -0.8 -0.6 -0.6 -0.7 -2.4 5 Treasury currency: F.202 U.S. Deposits in Foreign Countries Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA263191005 Total rest of the world liability 102.0 48.4 123.3 -27.3 -126.9 224.3 155.4 -38.5 65.4 1 2 3 4 5 FA153091003 FA103091003 FA633091003 FA733091003 Held by: Household sector Nonfinancial corporate business Money market funds Holding companies 7.8 4.0 -6.7 -7.3 -0.2 23.8 -0.5 -1.8 5.4 104.0 5.8 22.1 -5.1 130.4 -7.6 -22.9 -5.1 -132.7 2.4 -9.3 3.8 -6.5 -2.4 3.0 7.9 102.4 4.1 11.3 -2.4 -113.2 0.1 -56.4 5.3 -13.4 -0.4 16.9 2 3 4 5 6 FA903091005 Discrepancy--unallocated assets 104.1 27.1 -14.0 -122.0 17.8 226.4 29.7 133.4 57.0 6 51 Z.1, December 9, 2022 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 1 FA794110005 2 3 4 5 6 FA714110005 FA764110005 FA754110005 FA744110005 FA474110005 7 FA894010005 8 9 10 11 12 13 FA714010005 FA763020005 FA753020005 FA743013003 FA473013005 FA264016005 14 FA904010005 Net change in liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Net change in assets Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Discrepancy Q2 Q3 Q4 Q1 2022 Q2 Q3 1546.3 693.3 2623.6 -1074.2 1973.8 -750.1 449.0 -3019.8 88.6 1 1461.9 4.2 76.1 0.3 3.8 640.6 -52.0 100.3 0.0 4.4 2736.0 -221.1 -5.8 -0.1 114.5 -668.3 -183.2 -156.0 -0.1 -66.6 1388.5 -15.8 632.4 -0.0 -31.3 -893.7 211.9 -69.6 0.3 1.0 -162.2 96.0 448.8 -0.2 66.6 -2572.1 -457.7 98.5 0.1 -88.4 -351.1 144.3 331.3 -5.6 -30.3 2 3 4 5 6 1535.8 676.2 2264.2 -690.9 1881.6 -750.3 118.7 -2553.0 14.3 7 44.6 1298.2 48.3 10.3 105.0 29.4 -31.3 379.8 227.8 7.2 25.8 66.9 -14.8 1676.1 834.3 -0.7 226.4 -457.0 1.8 -536.1 -47.6 34.7 -119.3 -24.3 -99.2 733.7 669.9 -3.2 -11.8 592.3 -13.1 -354.3 -545.2 -2.1 7.9 156.5 -18.3 -888.5 815.0 -34.4 -54.3 299.2 2.7 -2093.0 -220.8 -5.9 -252.4 16.4 10.2 -446.2 213.2 -27.7 -90.3 355.2 8 9 10 11 12 13 10.4 17.1 359.4 -383.3 92.3 0.1 330.3 -466.8 74.3 14 -28.6 15 -28.6 16 0.0 17 Memo: 15 16 17 FA703025005 FA763025000 FA753025003 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 15.8 15.8 0.0 -8.7 -8.8 0.1 25.0 25.0 0.0 -24.0 -24.0 0.0 -1.9 -1.9 0.0 -33.8 -34.1 0.3 25.3 25.6 -0.3 -4.2 -4.1 -0.0 18 19 20 21 22 FA713113003 FA763013005 FA753013003 FA743013003 FA473013005 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1446.1 1282.4 48.3 10.3 105.0 649.3 388.6 227.8 7.2 25.8 2711.1 1651.1 834.3 -0.7 226.4 -644.3 -512.1 -47.6 34.7 -119.3 1390.5 735.6 669.9 -3.2 -11.8 -859.9 -320.2 -545.5 -2.1 7.9 -187.5 -914.1 815.3 -34.4 -54.3 -2568.0 -2088.8 -220.8 -5.9 -252.4 -322.4 -417.6 213.2 -27.7 -90.3 18 19 20 21 22 23 24 25 26 27 FA714010075 FA713068743 FA714010005 FA713022003 FA713068705 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Credit unions Asset: Monetary authority Federal Reserve float Loans to depository institutions 44.2 0.4 44.6 0.1 44.5 -31.0 -0.4 -31.3 -0.0 -31.3 -14.1 -0.7 -14.8 -1.9 -12.8 2.0 -0.2 1.8 -0.0 1.8 -99.0 -0.2 -99.2 1.5 -100.7 -12.8 -0.3 -13.1 0.5 -13.5 -18.2 -0.1 -18.3 -0.4 -17.9 2.8 -0.1 2.7 -0.4 3.1 10.2 -0.0 10.2 1.6 8.6 23 24 25 26 27 28 29 30 FA764116205 FA763192605 FA763092605 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates -52.7 44.6 97.3 -12.1 32.3 44.4 -434.0 -145.2 288.8 148.4 17.1 -131.3 2.0 58.9 57.0 235.1 198.5 -36.7 -90.2 -55.2 35.0 -50.6 22.2 72.8 2.9 28 -50.5 29 -53.4 30 31 32 33 FA754116205 FA753192605 FA753092605 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 56.6 37.3 -19.3 100.5 73.2 -27.3 -3.9 68.3 72.2 -149.8 -200.9 -51.1 594.4 377.1 -217.3 -38.6 48.3 86.9 417.7 285.2 -132.4 84.8 117.8 33.0 329.6 31 270.4 32 -59.3 33 34 35 36 FA264116205 FA764016205 FA754016205 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 6.8 7.8 -1.0 5.0 4.1 0.9 29.7 17.8 12.0 -4.9 3.0 -7.9 -17.1 -4.2 -12.9 12.3 -0.3 12.6 13.8 13.4 0.4 1.6 -1.7 3.3 -11.9 34 -9.8 35 -2.1 36 37 38 39 FA264135125 FA764035125 FA754035125 Loans to foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -25.1 -11.3 -13.8 7.5 5.7 1.9 -7.4 1.1 -8.5 26.2 13.9 12.3 6.4 5.2 1.2 5.0 2.5 2.5 22.5 28.1 -5.7 31.0 15.9 15.0 -9.8 37 -14.4 38 4.6 39 40 41 42 FA264035125 FA274135123 FA284135125 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 7.1 5.6 1.6 -9.0 -8.4 -0.6 3.2 1.4 1.7 -1.5 1.3 -2.8 -14.9 -13.4 -1.5 -22.7 -22.8 0.1 8.0 10.4 -2.4 14.7 5.8 8.9 0.9 40 1.5 41 -0.6 42 43 FA264016005 29.4 66.9 -457.0 -24.3 592.3 156.5 299.2 16.4 355.2 43 44 45 46 47 48 FA764112005 FA764112205 FA754012205 FA743020005 FA474012205 3.6 3.9 -2.8 -0.3 -3.4 9.1 11.3 -1.1 -0.0 -4.8 244.4 261.6 17.4 0.1 -115.2 -318.0 -327.4 -10.5 0.1 66.3 95.6 110.5 -12.8 0.0 31.0 14.7 0.3 1.7 -0.3 -1.3 235.5 259.0 -4.8 0.2 -66.7 -401.6 -371.5 7.0 -0.1 88.4 49 FA754112205 0.3 2.1 17.3 -9.4 15.0 -14.3 23.5 30.1 12.0 49 50 FA904010005 10.4 17.1 359.4 -383.3 92.3 0.1 330.3 -466.8 74.3 50 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) 105.5 117.5 7.3 5.6 30.3 (1) Sum of lines 28 and 31 less line 34 and line 37 plus line 40. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 13 above. However, the unallocated amount (line 50), which is due to inconsistencies in source data, appears on line 14 as the discrepancy between liabilities and assets. (3) Sum of lines 46, 47, 48, and 50. 44 45 46 47 48 Transactions 2020 52 Z.1, December 9, 2022 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Net change in liabilities Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA793120005 4272.3 230.7 -267.5 742.0 -1253.3 1701.6 1986.1 1694.6 -437.9 1 2 3 4 5 6 7 FA713120005 FA713123005 FA713124005 FA713129005 FA713122605 FA713125005 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Due to other financial business Deposits due to foreign Currency outside banks 1738.4 1324.6 38.5 93.0 16.7 265.7 -1128.2 -1322.4 -17.1 67.6 -12.5 156.2 -1615.8 -2353.3 332.2 126.2 45.5 233.6 -1202.9 -913.9 -421.8 61.3 -111.8 183.2 -2637.7 -2771.4 18.2 33.3 1.8 80.4 943.7 748.9 3.0 49.7 14.5 127.7 1214.4 1017.3 -16.6 77.9 -7.4 143.1 702.0 742.0 -15.4 -82.7 -0.1 58.2 -905.7 -865.8 -22.4 -59.7 -0.1 42.2 2 3 4 5 6 7 8 9 10 11 12 FA763127005 FA763123005 FA763128000 FA763122605 FA763129205 U.S.-chartered depository institutions Federal government deposits State and local government deposits Deposits due to foreign Private domestic deposits 2381.0 1.1 90.8 -17.1 2306.2 1248.8 -0.1 115.8 20.5 1112.7 947.7 -1.4 79.2 -13.1 883.1 1929.8 8.1 204.3 70.5 1646.9 1314.0 -3.5 100.8 21.7 1195.0 803.7 -3.7 78.8 2.8 725.8 616.4 0.3 25.3 33.8 557.0 929.9 0.6 53.4 -72.6 948.5 446.0 8 1.0 9 -16.2 10 64.4 11 396.8 12 13 14 15 FA753127005 FA753122603 FA753129205 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 57.0 35.2 21.8 25.7 9.7 16.0 201.8 27.3 174.5 -43.1 49.7 -92.8 35.4 -32.0 67.4 -91.3 -6.1 -85.1 101.7 17.1 84.6 77.4 -2.6 80.0 -65.8 13 -64.5 14 -1.4 15 16 FA743127003 Banks in U.S.-affiliated areas 11.0 7.3 23.1 27.1 -13.7 -7.4 -30.2 5.8 10.3 16 17 FA473127003 Credit unions 85.0 77.1 175.8 31.1 48.7 52.9 83.8 -20.4 77.3 17 18 FA793120005 19 FA153020005 Household sector 20 21 22 FA143020005 FA103020000 FA113020005 Nonfinancial business Corporate Noncorporate 23 24 FA313020005 FA213020005 Federal government State and local governments 25 FA793020005 Domestic financial sectors 26 27 FA513020005 FA543020005 28 29 30 Net change in assets 4272.3 230.7 -267.5 742.0 -1253.3 1701.6 1986.1 1694.6 -437.9 18 1980.7 1097.6 1352.7 1762.3 763.9 511.4 656.8 1667.2 1436.6 19 494.4 432.5 61.8 219.6 141.3 78.3 195.1 154.3 40.8 -131.8 -191.3 59.5 431.9 354.6 77.2 383.2 247.7 135.5 204.0 76.2 127.8 -596.7 -649.7 53.0 -966.5 20 -947.5 21 -18.9 22 1326.3 90.8 -1323.9 115.8 -2274.6 79.2 -1011.5 204.3 -2654.2 100.8 644.7 78.8 1168.1 25.3 579.8 53.4 -722.9 23 -16.2 24 224.6 55.0 359.0 -245.6 204.7 -98.2 -36.7 -107.8 -38.6 25 Property-casualty insurance companies Life insurance companies 2.6 33.0 22.5 -8.3 36.1 -37.6 -12.9 59.7 56.7 -23.4 10.1 -32.1 -61.2 -30.3 -11.0 -17.8 30.9 26 20.2 27 FA573020005 FA343020033 FA223020043 Private pension funds Federal government retirement funds State and local govt. retirement funds -4.1 0.2 6.0 1.5 0.5 -0.8 1.2 0.5 -12.7 1.6 0.5 4.1 1.5 0.5 29.6 1.7 0.5 -24.1 1.4 0.5 1.7 1.3 0.5 10.1 1.7 28 0.5 29 4.2 30 31 FA403020005 Government-sponsored enterprises 57.8 -29.9 245.7 -341.1 71.1 -95.2 -40.5 7.3 -38.2 31 32 33 34 35 FA613020003 FA643020005 FA663020003 FA503020005 Finance companies REITs Brokers and dealers Other financial business 4.2 17.6 13.2 94.2 -2.0 -2.8 2.2 72.0 -2.7 -3.8 -6.3 138.5 2.1 7.2 -17.0 50.2 1.0 5.2 18.2 44.3 -8.6 -19.8 14.1 55.1 -16.7 6.3 23.9 78.2 -2.0 -32.9 13.6 -76.9 36 37 38 FA263020005 FA263027003 FA263025003 Rest of the world Checkable deposits Currency 156.1 34.7 121.3 66.0 17.7 48.3 100.1 59.7 40.4 59.0 8.4 50.6 20.7 -8.6 29.3 84.3 11.2 73.1 113.2 43.5 69.7 -63.7 -75.4 11.6 13.7 36 -0.2 37 13.9 38 39 FA903020005 Mail float -0.5 0.6 -78.9 105.2 -121.1 97.4 -144.5 162.4 -144.1 39 -6.7 2.0 12.6 -65.8 32 33 34 35 53 Z.1, December 9, 2022 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 1 FA703130005 2 3 4 5 FA763130005 FA753130005 FA743130003 FA473130005 Net change in liabilities 6 FA703130005 7 FA153030005 Household sector 8 9 10 FA143030005 FA103030003 FA113030003 Nonfinancial business Corporate Noncorporate 11 12 FA313030003 FA213030000 Federal government State and local governments 13 FA793030005 Domestic financial sectors 14 15 16 FA573030005 FA223030043 FA633030000 Private pension funds State and local govt. retirement funds Money market funds 17 18 19 FA403030005 FA613030003 FA733030005 Government-sponsored enterprises Finance companies Holding companies 20 FA263030005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Net change in assets Rest of the world Q2 Q3 Q4 2022 Q2 Q1 Q3 795.5 758.2 1952.5 -422.1 480.1 1022.4 342.9 -1404.1 -1204.0 1 656.1 -50.8 3.1 187.1 631.5 4.2 -2.2 124.8 1617.7 140.2 18.0 176.6 -460.2 -29.1 3.3 64.0 446.8 -75.5 -19.9 128.6 921.5 -18.8 -10.2 129.9 110.2 181.2 -8.6 60.1 -1582.9 108.3 -4.9 75.4 -1268.7 45.4 11.0 8.3 2 3 4 5 795.5 758.2 1952.5 -422.1 480.1 1022.4 342.9 -1404.1 -1204.0 6 543.7 788.7 1979.3 -275.8 391.7 1059.6 87.5 -1366.9 -1557.5 7 161.6 76.7 85.0 94.1 -1.3 95.4 26.8 -12.5 39.3 84.6 25.1 59.5 189.5 104.2 85.3 75.4 -122.0 197.4 148.5 -25.8 174.3 -19.1 -17.4 -1.7 56.7 8 59.8 9 -3.1 10 -1.3 -9.5 1.4 -31.2 35.5 0.0 -34.4 -38.1 2.0 -35.7 2.5 -51.1 0.2 5.1 -3.3 -69.1 0.1 11 -11.2 12 5.6 -130.9 -184.3 -173.5 -66.3 -99.5 -96.1 166.9 179.7 13 2.3 -2.0 -136.0 -5.9 0.5 -20.5 -4.9 0.0 157.0 -6.0 0.5 -189.4 -6.0 -1.3 33.4 -6.8 2.5 -83.2 -5.4 -10.0 98.8 -5.1 7.1 -1.5 -6.8 14 -0.4 15 117.5 16 -7.0 12.5 135.9 -2.2 -6.1 -96.5 -6.4 -8.1 -322.0 -3.7 6.4 18.7 0.3 3.0 -95.6 0.9 -25.9 12.8 3.5 -50.0 -133.0 11.3 -6.1 161.2 13.0 17 -20.1 18 76.5 19 95.4 36.2 95.2 15.2 -1.1 35.5 197.6 -112.8 128.3 20 F.206 Money Market Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA634090005 Net issues 763.5 439.5 1155.7 304.7 -186.7 484.4 -157.6 -79.7 8.2 1 2 FA634090005 Net purchases 763.5 439.5 1155.7 304.7 -186.7 484.4 -157.6 -79.7 8.2 2 3 4 5 FA153034005 FA103034000 FA113034003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 428.4 122.2 9.1 101.4 101.0 2.4 555.8 191.7 3.0 28.4 78.8 1.5 -398.0 3.8 2.3 219.5 129.6 2.6 -119.0 -63.3 2.5 107.3 -12.7 9.8 76.0 -8.3 6.3 3 4 5 6 FA213034003 State and local governments 13.5 15.3 16.3 12.2 11.3 21.4 -7.7 -2.3 1.4 6 7 8 FA513034005 FA543034005 Property-casualty insurance companies Life insurance companies 9.9 7.9 -3.2 -2.3 7.7 -12.0 -23.0 23.5 14.0 -8.4 -11.5 -12.3 -33.5 -9.7 -6.4 45.6 10.0 26.0 7 8 9 10 FA573034005 FA223034005 Private pension funds State and local govt. retirement funds 25.5 0.3 24.7 -4.7 16.8 8.1 30.4 -7.6 24.1 30.9 27.7 -50.2 20.9 25.3 24.8 -4.8 28.3 9 0.4 10 11 12 FA653034003 FA563034003 Mutual Funds Exchange-traded funds -11.2 4.6 0.2 4.8 108.3 -9.4 -34.3 7.6 63.5 27.8 -136.7 -6.9 107.9 -15.6 -181.8 -23.2 -64.0 11 -4.2 12 13 FA503034005 Other financial business 134.4 179.2 239.4 157.1 41.6 278.6 -51.5 -28.9 -69.9 13 14 FA263034003 Rest of the world 18.9 20.8 30.0 30.0 0.5 22.6 -13.9 -7.1 6.3 14 Transactions 2020 54 Z.1, December 9, 2022 F.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 1 FA892150005 2 FA712151003 Net change in liabilities Monetary authority 3 4 5 FA762150005 FA762152005 FA762151005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 6 7 8 FA752150005 FA752152005 FA752151005 9 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 -195.9 1626.3 -609.2 3096.0 2761.0 1257.5 -480.3 1728.6 638.0 1 -120.6 1967.0 544.5 3635.0 2577.0 1111.5 -248.2 1921.0 476.8 2 3.9 -17.1 21.0 -9.9 -6.8 -3.1 66.3 -6.6 72.9 -177.4 0.2 -177.5 30.4 -9.8 40.2 41.2 -10.8 52.0 -19.8 10.3 -30.1 50.1 35.9 14.2 33.7 45.5 -11.7 3 4 5 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements -5.1 -6.9 1.8 -17.5 -0.8 -16.7 120.6 48.1 72.5 -72.0 23.5 -95.5 106.8 -15.4 122.2 -225.5 -59.5 -166.0 146.3 59.0 87.4 -220.3 -18.9 -201.4 -64.7 9.0 -73.7 6 7 8 FA472150053 Credit unions -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 9 10 11 FA512151003 FA542151073 Property-casualty insurance companies Life insurance companies 0.1 1.1 -0.1 1.5 -0.1 -7.0 -0.0 3.7 -0.2 8.3 -0.1 1.0 0.0 -6.5 0.1 -9.3 12 13 14 15 FA402150005 FA642151073 FA662151003 FA732151003 Government-sponsored enterprises REITs Brokers and dealers Holding companies 0.0 -154.9 24.2 -0.0 0.0 -4.6 -203.9 0.0 0.4 -13.3 -802.4 0.4 -0.4 -30.4 -92.4 -0.2 0.0 -20.1 16.7 0.1 0.0 45.4 62.6 -0.3 0.0 -39.7 -187.2 0.2 0.0 -37.9 40.3 -0.2 16 FA262151003 17 FA892050005 18 19 FA102051003 FA212051003 Nonfinancial corporate business State and local governments 20 FA712051000 Monetary authority 21 22 23 FA762050005 FA762052005 FA762051005 24 25 26 Rest of the world 0.1 10 9.5 11 0.0 -1.8 319.2 0.0 12 13 14 15 55.5 -106.2 -518.6 -170.0 42.0 221.7 -125.3 -15.3 -134.8 16 -235.0 1396.2 -481.5 2086.3 2710.0 1270.1 -122.8 937.3 994.9 17 23.6 15.7 -11.9 10.0 -58.8 10.0 55.7 10.0 -36.7 10.0 -7.6 10.0 10.6 10.0 -19.9 10.0 -9.3 18 10.0 19 -255.6 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 20 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 179.8 1.2 178.5 -220.8 0.2 -221.0 -975.7 8.6 -984.4 23.1 -0.9 24.1 -50.5 -6.5 -44.1 119.9 -0.4 120.3 -75.6 -12.1 -63.5 -70.1 -18.8 -51.3 107.9 21 7.7 22 100.2 23 FA752050005 FA752052005 FA752051005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements -55.4 0.0 -55.4 -64.2 -0.1 -64.0 -63.8 2.6 -66.4 -126.2 -3.6 -122.6 92.9 0.6 92.2 -159.7 -0.3 -159.4 22.3 1.1 21.2 40.2 -0.5 40.7 46.5 24 -0.3 25 46.9 26 27 28 29 FA472050053 FA472052053 FA472051053 Credit unions Federal funds Security repurchase agreements -0.3 -0.1 -0.1 -0.3 0.0 -0.3 -0.2 -0.0 -0.2 -0.9 0.0 -0.9 0.2 0.2 -0.0 -0.2 -0.2 0.0 -0.1 -0.0 -0.1 -0.0 -0.0 0.0 -0.3 27 -0.1 28 -0.2 29 30 31 32 33 FA512051005 FA542051075 FA572051005 FA222051043 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.2 1.9 2.6 1.1 -0.0 1.6 7.4 22.6 0.4 -2.2 6.0 42.2 1.0 2.5 7.7 23.1 -1.1 4.7 7.5 -33.7 -0.4 1.3 8.4 58.9 -3.0 -3.2 6.6 -41.2 1.1 -4.5 6.2 7.9 0.8 4.6 8.4 -2.0 34 35 FA632051000 FA652051003 Money market funds Mutual funds (net) -173.9 26.4 1427.0 30.0 828.4 76.3 1689.6 60.9 2256.4 -30.0 933.5 12.5 -154.9 -13.1 450.8 40.0 664.0 34 -6.8 35 36 37 FA402050005 FA402052033 Government-sponsored enterprises Of which: FHLB federal funds (3) 17.3 -19.8 -2.8 15.9 -262.8 91.0 439.9 -25.5 -166.4 16.0 -22.0 -18.1 34.0 39.7 236.4 57.5 108.8 36 74.2 37 38 39 40 FA662051003 FA732051003 FA502051005 Brokers and dealers Holding companies Other financial business -78.0 39.4 2.2 -66.7 -15.3 -1.8 -336.3 -47.7 -8.9 -418.4 -54.4 3.4 311.3 57.2 -0.5 176.6 -16.1 -1.2 276.1 -33.3 0.9 84.3 23.9 2.9 -60.0 38 21.7 39 -0.9 40 41 FA262051005 Rest of the world 18.0 281.4 311.6 369.1 288.9 156.2 -158.9 128.0 101.3 41 42 FA902050005 39.1 230.1 -127.7 1009.7 51.0 -12.6 -357.5 791.3 -356.9 42 -54.4 -37.2 -17.2 1894.9 1730.0 164.9 498.6 462.6 36.0 3430.5 2919.1 511.4 2451.8 2335.4 116.4 1198.8 1202.9 -4.1 -130.4 -326.4 195.9 1831.1 1619.3 211.8 384.7 43 630.8 44 -246.1 45 Net change in assets Discrepancy 30 31 32 33 Memo: Federal Reserve’s reverse repurchase agreement operations: 43 44 45 FA712151103 FA632051103 FA792051115 Liability: Monetary authority (4) Asset: Money market funds (5) Other financial institutions (6) (1) Detailed data on federal funds and security repurchase agreements are available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 1997:Q1 for credit unions, and 2000:Q1 for FHLB. (2) Excludes term federal funds. (3) Includes term federal funds. (4) Included in line 2. (5) Included in line 34. (6) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. 55 Z.1, December 9, 2022 F.208 Debt Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 FA894122005 Net issues 6307.2 3277.1 3121.7 4190.8 1138.1 4657.9 4764.1 2993.2 2363.1 1 2 3 4 5 6 FA893169175 FA313161105 FA893161705 FA383162005 FA893163005 -58.4 4582.2 657.2 85.4 1040.7 27.3 1683.8 612.5 77.9 875.6 116.9 1077.1 698.1 121.1 1108.5 9.8 2677.5 600.9 118.0 784.7 174.8 -702.0 565.0 113.5 986.8 -192.4 3682.7 585.8 -40.9 622.6 30.6 2587.8 1039.2 -64.1 1170.6 252.1 1441.8 949.8 53.4 296.1 297.9 1102.6 1049.4 -31.9 -55.0 2 3 4 5 6 7 FA894122005 6307.2 3277.1 3121.7 4190.8 1138.1 4657.9 4764.1 2993.2 2363.1 7 8 FA384122005 5316.6 1966.2 1471.1 3068.0 -225.3 3551.0 2659.1 1573.2 1233.3 8 9 10 FA163162003 FA104122005 Nonprofit organizations (2) Nonfinancial corporate business -9.9 655.1 -1.6 215.4 2.3 285.0 -0.6 287.1 -4.2 385.0 -3.9 -95.4 8.3 157.6 -9.5 87.8 -2.5 9 153.8 10 11 12 FA314122005 FA213162005 Federal government State and local governments 4581.2 90.2 1683.4 69.0 1075.6 108.2 2677.5 104.0 -703.3 97.2 3683.9 -33.6 2586.3 -93.2 1443.1 51.8 1101.2 11 -19.2 12 13 FA794122005 951.7 799.1 690.3 857.6 591.6 1057.0 1683.2 1216.5 970.9 13 14 15 16 17 18 19 FA764122005 FA753169175 FA403161705 FA413065005 FA674122005 FA614122005 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 109.0 -5.8 635.9 22.3 55.7 -20.2 -94.9 -4.9 539.4 73.5 158.0 -46.1 -72.5 3.1 665.9 33.7 43.7 -77.5 -199.3 -29.4 483.5 117.5 103.2 11.9 -130.6 -25.0 514.8 51.5 211.7 -137.0 22.8 31.8 493.5 91.2 273.5 18.3 134.7 97.7 888.3 152.5 173.1 -2.2 169.1 77.5 747.5 201.0 107.8 64.4 11.9 2.3 841.6 209.3 68.8 126.2 14 15 16 17 18 19 20 21 22 23 FA644122005 FA663163003 FA734122005 FA504122005 REITs Brokers and dealers Holding companies Other financial business 42.6 10.0 129.9 -27.5 56.7 33.8 65.0 18.5 27.5 49.8 -150.8 167.5 102.5 32.7 330.3 -95.2 22.9 40.5 -28.4 71.2 73.9 12.3 109.1 -69.4 35.0 172.5 -55.4 87.2 38.9 -46.4 -57.8 -85.6 -6.8 -102.6 -183.5 3.7 20 21 22 23 24 FA264122005 38.8 511.8 960.3 265.2 771.8 49.9 421.8 203.6 158.8 24 25 FA894022005 6307.2 3277.1 3121.7 4190.8 1138.1 4657.9 4764.1 2993.2 2363.1 25 26 FA384022005 27 28 29 FA154022005 FA104022005 FA114022005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -366.7 -508.1 -3125.0 1076.0 565.6 -549.0 697.5 2524.0 1766.9 26 -625.4 35.9 3.0 -867.5 24.4 2.7 -3083.3 -82.5 7.6 166.9 104.0 -3.3 199.0 27.3 -0.5 -752.5 48.7 6.8 465.3 -41.8 3.9 1661.3 107.4 21.2 1588.1 27 -136.2 28 21.9 29 30 31 FA314022005 FA214022005 Federal government State and local governments 0.0 219.8 0.0 332.4 0.0 33.2 0.0 808.5 0.0 339.8 0.0 148.0 0.0 270.1 0.0 734.1 0.0 30 293.2 31 32 FA794022005 33 34 35 36 37 FA714022005 FA764022005 FA754022005 FA744022003 FA474022005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 6429.1 3084.5 5160.5 2635.1 293.9 4248.3 2805.7 -140.3 -202.9 32 3217.0 1010.2 -12.6 6.1 88.8 1537.1 1239.0 -12.5 7.9 101.5 1610.4 1903.7 -12.3 16.9 277.5 1486.6 980.3 -42.4 -7.9 -6.7 1707.1 940.2 10.1 20.5 55.1 1344.3 1132.1 -5.5 2.0 79.9 782.3 892.6 59.1 13.1 120.2 -150.0 -194.8 122.2 22.1 97.2 -523.0 -648.2 97.9 22.9 -28.8 38 39 FA514022005 FA544022005 Property-casualty insurance companies Life insurance companies 53.3 184.9 71.0 171.2 91.0 110.0 122.1 42.1 36.8 295.0 34.2 237.6 21.5 285.0 72.9 117.1 99.8 38 283.0 39 40 41 42 FA574022005 FA344022005 FA224022045 Private pension funds Federal government retirement funds State and local govt. retirement funds 82.0 147.8 74.6 48.3 159.1 186.9 29.0 149.0 250.4 65.9 240.8 275.7 44.1 -858.2 47.2 54.4 1104.9 174.3 57.8 308.4 76.7 70.9 280.3 -54.1 84.8 40 77.1 41 60.0 42 43 44 45 46 FA634022005 FA654022005 FA554022005 FA564022005 Money market funds Mutual funds Closed-end funds Exchange-traded funds 1088.7 323.4 0.8 195.0 -956.4 595.3 9.2 202.0 294.6 1163.5 10.4 179.8 -1111.3 317.4 8.0 247.8 -2822.5 630.2 10.4 176.0 -186.4 269.9 7.9 204.6 -248.6 327.5 0.3 111.0 -565.0 -638.0 0.6 213.7 -670.2 -122.8 -2.1 217.5 43 44 45 46 47 48 49 50 FA404022005 FA674022005 FA613063003 FA644022005 Government-sponsored enterprises ABS issuers Finance companies REITs 46.7 -2.7 9.7 -154.5 -71.2 1.5 29.3 -30.2 -113.0 -7.0 1.3 -29.0 -102.6 -4.6 24.7 -37.6 -33.8 5.2 28.5 -73.1 -35.3 12.5 62.8 18.8 93.5 10.5 0.8 11.9 -60.0 4.8 0.8 -58.7 37.0 2.5 17.9 74.2 47 48 49 50 51 52 53 FA664022005 FA734022605 FA504022005 Brokers and dealers Holding companies Other financial business -74.0 -8.7 152.7 -174.4 29.4 -59.6 -679.0 115.1 -201.9 93.2 -13.7 57.2 28.2 -16.2 63.4 -139.8 32.4 -157.2 -127.3 46.6 -37.1 153.2 97.6 327.0 385.1 51 73.6 52 258.9 53 54 FA264022005 244.8 700.8 1086.2 479.7 278.6 958.6 1260.8 609.6 799.1 54 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds By sector Net issues Domestic nonfinancial sectors Domestic financial sectors Rest of the world Net purchases Domestic nonfinancial sectors Domestic financial sectors Rest of the world (1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. (2) Liability of the households and nonprofit organizations sector (table F.101). 33 34 35 36 37 Transactions By instrument 1 56 Z.1, December 9, 2022 F.209 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 1 FA893169175 2 FA893169105 3 FA103169100 4 5 6 Net issues Q2 Q3 Q4 2022 Q2 Q1 Q3 -58.4 27.3 116.9 9.8 174.8 -192.4 30.6 252.1 297.9 1 -58.4 27.3 116.9 9.8 174.8 -192.4 30.6 252.1 297.9 2 Nonfinancial corporate business -62.3 6.0 -212.4 124.2 51.8 60.5 -26.8 268.7 151.6 3 FA263169105 FA263169110 FA263169123 Foreign issues in U.S. Nonfinancial Financial -19.0 -9.8 -9.2 67.4 9.2 58.2 294.4 -7.4 301.8 226.8 -21.0 247.8 132.0 82.8 49.2 -383.5 -17.5 -366.0 -343.6 -61.9 -281.7 -159.8 -90.1 -69.7 87.1 91.1 -4.0 4 5 6 7 8 9 10 11 12 13 14 FA793169100 FA763169103 FA753169103 FA673169105 FA613169100 FA643169173 FA733169103 FA503169105 Domestic financial sectors U.S.-chartered depository institutions Foreign banking offices in U.S. ABS issuers Finance companies REITs Holding companies Other financial business 23.0 54.2 -5.8 24.6 -21.7 0.0 -0.7 -27.5 -46.2 -45.6 -4.9 -16.7 -0.5 0.0 3.0 18.5 35.0 -32.0 3.1 -107.0 2.0 0.0 1.5 167.5 -341.2 -98.2 -29.4 -115.8 -6.6 0.0 4.0 -95.2 -9.1 -62.8 -25.0 3.2 4.5 0.0 -0.2 71.2 130.6 10.8 31.8 152.9 -2.1 0.0 6.6 -69.4 400.9 67.2 97.7 166.7 -15.3 0.0 -2.6 87.2 143.2 87.2 77.5 56.2 2.5 0.0 5.4 -85.6 59.2 6.1 2.3 18.9 26.6 0.0 1.5 3.7 7 8 9 10 11 12 13 14 15 16 17 FA703169605 FA763169603 FA753169603 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 FA893169175 -58.4 27.3 116.9 9.8 174.8 -192.4 30.6 252.1 297.9 18 19 FA103069100 Nonfinancial corporate business 33.3 2.1 -43.7 130.8 -82.3 3.8 -75.4 59.6 -147.0 19 20 FA213069103 State and local governments -0.4 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 20 21 22 23 24 FA713069603 FA763069175 FA753069603 FA473069153 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 2.0 0.0 -0.4 0.0 -2.0 0.0 -0.1 0.0 -7.5 0.0 -0.7 0.0 -0.4 0.0 -0.3 0.0 0.0 0.0 -0.3 0.0 0.0 0.0 1.1 0.0 0.0 0.0 0.8 0.0 0.0 0.0 -0.4 25 26 FA513069105 FA543069105 Property-casualty insurance companies Life insurance companies -0.8 5.2 -4.4 7.0 -3.2 -7.8 -1.4 5.8 -7.8 16.2 -5.3 13.7 -5.9 -11.1 1.9 -15.0 1.9 25 20.5 26 27 28 FA573069105 FA223069143 Private pension funds State and local govt. retirement funds 5.5 -3.8 1.8 6.0 1.3 26.9 2.4 11.2 1.7 2.4 2.0 -16.5 1.4 34.8 1.3 -4.2 1.9 27 4.0 28 29 30 FA633069175 FA653069100 Money market funds Mutual funds -91.5 -2.6 -6.0 -10.5 88.1 8.1 -177.3 -15.3 67.5 10.4 -2.3 -45.1 -54.9 17.7 -69.7 -34.8 111.5 29 6.6 30 31 32 33 FA403069105 FA663069103 FA503069105 Government-sponsored enterprises Brokers and dealers Other financial business 0.2 -0.3 41.4 -2.6 8.1 21.9 -1.3 4.0 -12.8 -6.3 9.9 91.1 -2.7 9.3 133.2 -0.1 9.3 -124.2 7.0 23.7 -55.0 5.7 -26.4 359.7 7.8 31 31.1 32 217.8 33 34 FA263069103 Rest of the world -46.2 1.9 61.6 -44.3 23.1 -32.7 143.4 -29.5 38.9 34 Commercial paper Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Net purchases (1) Excludes banks’ holdings of own acceptances. 0.0 15 0.0 16 0.0 17 0.0 0.0 0.0 -1.2 21 22 23 24 57 Z.1, December 9, 2022 F.210 Treasury Securities (1) 2020 2021 2021 Q1 Net issues Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA313161105 4582.2 1683.8 1077.1 2677.5 -702.0 3682.7 2587.8 1441.8 1102.6 1 2 3 4 5 FA313161205 FA313161110 FA313161275 FA313161283 Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) 4317.3 2546.6 1772.2 -1.5 1611.4 -1195.1 2807.7 -1.2 1137.6 -1408.8 2546.4 0.0 2466.1 -919.0 3390.0 -4.8 183.4 -2407.4 2590.8 0.0 2658.3 -45.2 2703.6 0.0 2231.8 423.7 1808.1 0.0 1154.2 -966.3 2125.3 -4.8 992.7 305.3 687.3 0.0 2 3 4 5 6 7 8 9 10 11 12 FA313161305 FA313161400 FA213061120 FA343061123 FA343061145 FA503061303 FA313161375 Nonmarketable Treasury securities U.S. savings securities State and local government series (SLGS) Thrift Savings Plan G Fund Federal govt. defined benefit pension plans Held by Federal Reserve credit facility LLCs Other nonmarketable securities 264.9 -4.3 38.0 42.0 103.6 95.7 -10.0 72.5 -0.9 -6.1 -7.0 168.2 -77.6 -4.1 -60.5 -5.0 27.7 -1.8 151.0 -212.4 -19.9 211.3 -4.5 28.4 11.0 235.8 -34.0 -25.4 -885.4 -4.2 21.2 -715.8 -135.5 -47.2 -3.9 1024.4 10.0 -101.7 678.5 421.3 -16.8 32.9 356.0 14.6 38.7 110.0 199.7 0.0 -7.0 287.6 42.6 -12.0 21.4 271.6 -11.1 -24.8 13 FA893061105 4582.2 1683.8 1077.1 2677.5 -702.0 3682.7 2587.8 1441.8 1102.6 13 14 15 16 FA153061105 FA313161400 FA153061185 Household sector U.S. savings securities (line 7) Other Treasury securities -347.8 -4.3 -343.5 -679.5 -0.9 -678.6 -1932.7 -5.0 -1927.8 -391.5 -4.5 -387.0 292.4 -4.2 296.6 -686.3 10.0 -696.3 692.2 14.6 677.5 529.1 42.6 486.5 1450.8 14 23.3 15 1427.5 16 17 18 FA103061103 FA113061003 Nonfinancial corporate business Nonfinancial noncorporate business 7.4 2.7 16.9 2.2 -27.0 6.6 -20.5 -3.1 82.2 -1.3 33.1 6.6 26.3 3.3 37.3 20.1 9.6 17 20.9 18 19 20 21 FA213061105 FA213061120 FA213061103 State and local governments SLGS (line 8) Other Treasury securities 291.3 38.0 253.3 383.9 -6.1 390.0 177.3 27.7 149.7 838.2 28.4 809.7 351.9 21.2 330.6 168.2 -101.7 269.8 244.7 38.7 206.0 681.5 -12.0 693.5 222.3 19 4.9 20 217.4 21 22 23 24 FA713061103 FA713061113 FA713061125 Monetary authority Treasury bills Other Treasury securities 2554.3 157.5 2396.8 961.6 0.0 961.5 1017.8 0.2 1017.6 958.9 0.1 958.8 1001.7 -0.0 1001.7 867.8 -0.2 868.0 400.2 -1.1 401.3 -107.5 -2.9 -104.7 -467.6 22 -68.4 23 -399.2 24 25 26 27 28 FA763061100 FA753061103 FA743061103 FA473061105 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 327.8 -27.3 -3.6 6.3 449.0 -7.6 6.5 19.5 406.9 -32.1 9.2 31.4 355.2 -14.0 -0.0 0.0 348.3 9.2 11.7 15.6 685.6 6.4 5.2 30.8 273.5 31.0 4.7 61.1 174.0 41.6 17.2 34.6 29 30 31 FA513061105 FA513061115 FA513061125 Property-casualty insurance companies Treasury bills Other Treasury securities 0.9 14.5 -13.6 31.6 2.5 29.2 48.0 11.5 36.5 78.5 28.4 50.2 -2.6 -23.3 20.6 2.7 -6.8 9.5 -72.6 -72.4 -0.1 42.8 28.8 13.9 59.3 29 23.2 30 36.0 31 32 33 34 FA543061105 FA543061115 FA543061125 Life insurance companies Treasury bills Other Treasury securities 6.9 6.3 0.6 -2.6 -6.2 3.7 -9.0 -12.7 3.7 12.8 -4.1 16.9 12.9 -1.9 14.8 -26.9 -6.2 -20.8 -18.9 -3.1 -15.8 -13.2 -3.6 -9.6 19.6 32 7.3 33 12.3 34 35 36 37 FA573061105 FA573061143 FA573061133 Private pension funds Defined benefit plans Defined contribution plans 2.9 -13.5 16.4 31.8 9.8 22.0 22.9 8.0 14.9 40.6 10.3 30.3 29.6 9.9 19.7 34.2 11.1 23.1 24.9 8.8 16.2 28.7 8.3 20.4 33.4 35 11.2 36 22.2 37 38 39 40 FA343061105 FA343061165 FA343061155 Federal government retirement funds (3) Defined benefit plans Defined contribution plans 145.5 101.5 44.0 160.2 167.0 -6.7 148.5 151.5 -2.9 241.5 231.1 10.3 -852.5 -136.3 -716.3 1103.5 421.5 682.0 308.9 199.7 109.2 285.1 266.5 18.6 79.0 38 92.5 39 -13.6 40 41 FA223061143 State and local govt. retirement funds 1.0 103.0 69.5 187.1 52.5 103.0 -99.1 59.6 28.5 41 42 43 44 FA633061105 FA633061110 FA633061120 Money market funds Treasury bills Other Treasury securities 1343.3 1399.4 -56.1 -651.3 -878.2 226.9 387.8 -2.8 390.5 -569.3 -748.9 179.6 -2593.9 -2822.8 228.9 170.4 61.8 108.6 -305.5 -267.2 -38.4 -560.0 -483.2 -76.8 -1044.8 42 -760.6 43 -284.2 44 45 46 47 FA653061105 FA653061113 FA653061125 Mutual funds Treasury bills Other Treasury securities 1.5 0.4 1.1 343.8 1.8 342.0 477.4 -11.0 488.4 423.2 -11.2 434.4 247.0 -16.7 263.7 227.5 46.1 181.4 81.3 -28.3 109.6 -146.3 -10.6 -135.7 -30.4 45 -29.1 46 -1.4 47 48 49 50 51 FA553061103 FA563061103 FA403061105 FA673061103 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers -0.4 32.0 78.9 -2.7 0.3 66.1 -43.2 1.5 0.6 45.1 -74.8 -7.0 0.3 62.3 -67.1 -4.6 0.1 50.7 -17.7 5.2 0.0 106.4 -13.3 12.5 -0.0 71.7 78.8 10.5 2.9 164.4 -85.3 4.8 -0.2 148.0 -14.4 2.5 52 53 54 FA663061105 FA733061103 FA503061105 Brokers and dealers Holding companies Other financial business -8.5 3.1 99.5 -104.3 34.2 -79.4 -375.7 104.1 -180.8 54.2 4.9 -73.0 -6.2 -8.4 -49.1 -89.6 36.1 -14.7 22.1 51.2 -10.3 27.6 100.2 -30.5 241.7 52 64.8 53 14.0 54 55 56 57 FA263061105 FA263061110 FA263061120 Rest of the world Treasury bills Other Treasury securities 67.0 311.3 -244.2 639.6 -55.4 695.0 763.3 -297.0 1060.3 562.8 -188.6 751.4 318.7 13.8 304.8 913.6 250.2 663.4 707.8 23.9 683.9 133.3 -452.1 585.4 483.6 55 125.9 56 357.7 57 Net purchases 110.0 6 23.3 7 4.9 8 -12.6 9 92.7 10 0.3 11 1.4 12 -271.6 6.0 19.7 28.1 (1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt. (2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market. (3) Comprised primarily of nonmarketable Treasury securities. 25 26 27 28 48 49 50 51 Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 58 Z.1, December 9, 2022 F.211 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 Net issues 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA893161705 2 3 4 FA313161705 FA403161705 FA413065005 5 FA893061705 6 7 FA153061705 FA103061703 Household sector Nonfinancial corporate business 8 9 FA313061703 FA213061703 Federal government State and local governments 10 FA713061705 Monetary authority 662.7 575.5 592.6 527.6 705.4 476.5 382.0 -42.5 11 12 13 14 FA763061705 FA753061703 FA743061703 FA473061705 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 603.1 7.9 7.1 75.9 535.0 -5.7 1.9 74.6 940.8 11.5 7.7 230.5 439.8 -16.5 1.7 -3.8 445.9 3.3 0.3 32.9 313.6 -20.9 -2.0 38.8 206.4 -6.9 4.7 41.4 -362.2 17.7 1.6 55.4 15 16 FA513061705 FA543061705 Property-casualty insurance companies Life insurance companies 3.1 -20.2 -10.2 -42.3 -10.0 -59.4 -16.2 -40.5 -1.6 -30.5 -13.0 -38.6 9.7 -16.9 4.6 -21.9 1.4 15 6.8 16 17 18 19 FA573061705 FA343061705 FA223061743 Private pension funds Federal government retirement funds State and local govt. retirement funds 13.5 1.3 24.2 -8.0 0.3 6.3 -13.1 -0.5 21.3 -2.3 -0.4 -6.5 -9.6 -1.9 41.8 -7.2 4.0 -31.5 11.9 -0.6 39.6 10.6 -2.3 -6.6 16.2 17 -0.8 18 10.6 19 20 21 22 FA633061700 FA653061703 FA403061705 Money market funds Mutual funds Government-sponsored enterprises -140.1 8.4 -29.3 -278.3 -118.0 -23.8 -157.2 -103.0 -34.8 -345.1 -238.2 -27.1 -278.9 22.5 -12.3 -331.7 -153.3 -20.8 95.5 133.7 7.5 58.9 53.8 19.0 248.4 20 -22.1 21 41.5 22 23 24 FA673061703 FA643061773 ABS issuers REITs 0.0 -129.4 0.0 -35.2 0.0 -25.0 0.0 -46.0 0.0 -83.2 0.0 13.3 0.0 -12.3 0.0 -43.3 0.0 23 40.5 24 25 26 FA663061705 FA733061703 Brokers and dealers Holding companies -61.1 -9.3 -22.1 -8.4 -284.8 -9.5 30.2 -7.2 20.8 -7.8 145.2 -9.0 -120.8 -4.4 150.3 -2.7 48.3 25 -3.4 26 27 FA263061705 Rest of the world 5.7 -17.0 -59.6 16.5 -94.0 69.0 -49.6 401.2 135.1 27 Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 657.2 612.5 698.1 600.9 565.0 585.8 1039.2 949.8 1049.4 1 -1.0 635.9 22.3 -0.4 539.4 73.5 -1.5 665.9 33.7 -0.0 483.5 117.5 -1.3 514.8 51.5 1.1 493.5 91.2 -1.6 888.3 152.5 1.3 747.5 201.0 -1.5 841.6 209.3 2 3 4 657.2 612.5 698.1 600.9 565.0 585.8 1039.2 949.8 1049.4 5 -298.4 3.6 22.6 5.0 -252.6 -12.2 351.8 -6.5 -180.9 26.9 172.0 11.7 269.4 7.2 599.4 10.2 973.5 1.1 6 7 0.0 -71.4 0.0 -39.8 0.0 -84.6 0.0 -10.4 0.0 -34.0 0.0 -30.2 0.0 41.8 0.0 48.7 0.0 67.3 8 9 -55.5 10 -403.4 5.2 1.1 -62.5 11 12 13 14 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by Ginnie Mae, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.106, line 48. 59 Z.1, December 9, 2022 F.212 Municipal Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates Net issues 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA383162005 85.4 77.9 121.1 118.0 113.5 -40.9 -64.1 53.4 -31.9 1 2 3 4 FA213162005 FA213162400 FA213162200 State and local governments Short-term (1) Long-term 90.2 1.7 88.5 69.0 -13.7 82.6 108.2 -12.3 120.6 104.0 -10.8 114.8 97.2 -30.6 127.8 -33.6 -0.9 -32.6 -93.2 -21.6 -71.5 51.8 -2.7 54.5 -19.2 3.4 -22.6 2 3 4 5 6 FA163162003 FA103162000 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) -9.9 5.1 -1.6 10.5 2.3 10.6 -0.6 14.5 -4.2 20.5 -3.9 -3.4 8.3 20.7 -9.5 11.1 -2.5 -10.2 5 6 7 FA893062005 85.4 77.9 121.1 118.0 113.5 -40.9 -64.1 53.4 -31.9 7 8 9 10 FA153062005 FA103062003 FA113062003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -30.0 -8.4 0.3 -102.4 0.3 0.5 -94.3 0.4 1.0 -82.1 0.3 -0.2 -89.6 0.4 0.8 -143.6 0.1 0.3 -126.1 0.1 0.6 146.2 0.3 1.0 11 FA213062003 State and local governments 1.5 3.8 4.1 2.1 4.8 4.3 5.5 6.0 12 13 14 15 FA763062000 FA753062003 FA743062003 FA473062005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 69.0 0.0 -1.1 4.4 52.1 0.0 -0.0 2.3 72.4 0.0 0.0 3.6 56.7 0.0 -0.0 2.0 49.2 0.0 -0.0 2.7 30.3 0.0 0.0 0.9 53.5 0.0 0.0 2.0 53.7 0.0 0.0 0.7 16 17 FA513062005 FA543062005 Property-casualty insurance companies Life insurance companies 3.0 -2.9 -1.1 1.0 -2.5 -1.5 -2.5 -0.4 -0.5 3.9 1.0 2.2 6.3 3.3 1.1 1.5 -9.2 16 3.1 17 18 19 FA343062033 FA223062043 Federal government retirement funds State and local govt. retirement funds -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 18 0.0 19 20 21 22 23 FA633062000 FA653062003 FA553062003 FA563062003 Money market funds Mutual funds Closed-end funds Exchange-traded funds -14.0 49.7 -0.3 13.7 -14.6 109.4 0.7 20.6 -23.3 123.8 1.5 21.2 -16.6 133.3 1.1 23.9 -6.0 124.8 0.2 18.4 -12.4 55.9 0.1 18.7 22.6 -54.5 0.4 19.0 13.0 -207.0 -0.1 37.3 24 25 26 FA403062005 FA663062003 FA503062003 Government-sponsored enterprises Brokers and dealers Other financial business -0.5 -9.9 6.3 -0.4 6.0 -2.2 -0.2 8.6 -0.9 -0.3 7.1 -5.1 -0.6 6.0 -1.6 -0.3 2.4 -1.0 -0.0 -3.0 -4.9 -1.1 -1.8 0.0 -0.0 24 20.4 25 0.0 26 27 FA263062003 Rest of the world 4.8 1.8 7.3 -1.3 0.7 0.2 11.0 2.5 -28.2 27 Net purchases (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (table F.101). 28.1 8 0.1 9 1.0 10 6.7 11 -7.2 0.0 -0.0 2.9 4.6 -53.6 -1.8 1.5 12 13 14 15 20 21 22 23 Transactions 2020 60 Z.1, December 9, 2022 F.213 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Net issues Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA893163005 1040.7 875.6 1108.5 784.7 986.8 622.6 1170.6 296.1 -55.0 1 2 FA103163003 Nonfinancial corporate business 712.4 198.9 486.9 148.4 312.7 -152.5 163.7 -192.0 12.4 2 3 FA793163005 Domestic financial sectors 270.6 232.4 -44.3 597.9 34.4 341.7 241.6 124.8 -139.2 3 4 5 6 7 FA763163005 FA673163005 FA613163005 FA643163005 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs 54.8 31.1 1.5 42.6 -49.4 174.7 -45.5 56.7 -40.5 150.7 -79.6 27.5 -101.1 219.0 18.5 102.5 -67.8 208.5 -141.5 22.9 11.9 120.6 20.4 73.9 67.5 6.4 13.1 35.0 81.9 51.6 61.9 38.9 5.8 49.9 99.6 -6.8 4 5 6 7 8 9 10 FA663163003 FA733163005 FA503163003 Brokers and dealers Holding companies Other financial business 10.0 130.6 0.0 33.8 62.1 0.0 49.8 -152.3 0.0 32.7 326.3 0.0 40.5 -28.3 0.0 12.3 102.5 0.0 172.5 -52.8 0.0 -46.4 -63.2 0.0 11 FA263163005 57.8 444.4 665.9 38.5 639.8 433.4 765.3 363.4 71.7 11 12 FA893063005 Net purchases (3) 1040.7 875.6 1108.5 784.7 986.8 622.6 1170.6 296.1 -55.0 12 13 FA153063005 Household sector 50.8 -108.1 -803.6 288.7 177.1 -94.7 -370.1 386.6 -864.3 13 14 15 FA313063763 FA213063003 Federal government State and local governments 0.0 -1.2 0.0 -19.5 0.0 -67.7 0.0 -25.4 0.0 13.2 0.0 1.8 0.0 -26.0 0.0 -6.1 0.0 14 -7.2 15 16 17 18 FA763063005 FA763063605 FA763063095 U.S.-chartered depository institutions MBS and other ABS Other 8.3 3.6 4.7 204.9 31.9 172.9 491.1 18.4 472.7 129.0 20.6 108.5 96.7 38.8 58.0 102.5 50.0 52.5 359.3 49.4 309.9 -60.3 17.9 -78.2 33.9 16 2.6 17 31.4 18 19 20 FA753063005 FA743063005 Foreign banking offices in U.S. Banks in U.S.-affiliated areas 6.8 3.8 0.8 -0.6 8.3 0.0 -11.8 -9.6 -2.3 8.5 9.0 -1.2 34.9 3.7 62.9 3.4 86.7 19 2.2 20 21 22 23 FA473063005 FA473063605 FA473063095 Credit unions MBS and other ABS Other 2.6 2.5 0.1 5.2 4.9 0.3 12.8 12.2 0.6 -4.7 -4.8 0.1 4.2 3.9 0.3 8.3 8.1 0.2 14.9 14.6 0.4 6.9 6.8 0.1 3.9 21 3.7 22 0.1 23 24 25 26 FA513063005 FA513063605 FA513063095 Property-casualty insurance companies MBS and other ABS Other 47.1 11.0 36.1 55.1 12.0 43.2 58.7 12.7 46.0 63.6 13.8 49.8 49.3 10.7 38.6 48.8 10.6 38.3 84.0 18.2 65.8 22.5 0.0 22.5 46.5 24 10.1 25 36.4 26 27 28 29 FA543063005 FA543063675 FA543063095 Life insurance companies MBS and other ABS Other 196.0 32.2 163.8 208.0 30.6 177.4 187.8 28.7 159.1 64.3 14.1 50.2 292.4 42.4 250.0 287.3 37.2 250.1 328.6 39.2 289.3 165.7 0.0 165.7 233.1 27 24.4 28 208.7 29 30 31 32 FA573063005 FA343063005 FA223063045 Private pension funds Federal government retirement funds State and local govt. retirement funds 60.1 0.9 53.2 22.7 -1.4 71.6 17.9 1.0 132.7 25.2 -0.3 83.9 22.4 -3.8 -49.5 25.3 -2.6 119.4 19.5 0.1 101.4 30.3 -2.5 -102.9 33.3 30 -1.1 31 16.8 32 33 34 35 36 FA633063005 FA653063005 FA553063003 FA563063003 Money market funds Mutual funds Closed-end funds Exchange-traded funds -9.0 266.3 1.5 149.3 -6.3 270.5 8.2 115.4 -0.7 657.3 8.3 113.5 -3.0 14.5 6.6 161.6 -11.2 225.5 10.1 106.9 -10.5 184.8 7.8 79.5 -6.2 149.4 -0.1 20.3 -7.2 -303.6 -2.2 12.0 37 38 39 FA403063005 FA403063605 FA403063095 Government-sponsored enterprises MBS and other ABS Other -2.6 -2.2 -0.3 -1.2 -0.9 -0.3 -2.0 -1.7 -0.3 -1.8 -1.3 -0.4 -0.5 -0.2 -0.3 -0.7 -0.3 -0.3 0.2 0.6 -0.4 1.8 2.2 -0.4 2.1 37 2.5 38 -0.4 39 40 41 FA613063003 FA643063005 Finance companies REITs 9.7 -25.1 29.3 5.0 1.3 -4.0 24.7 8.4 28.5 10.1 62.8 5.5 0.8 24.3 0.8 -15.4 17.9 40 33.7 41 42 43 44 FA663063005 FA733063003 FA503063005 Brokers and dealers Holding companies Other financial business 5.9 -2.5 5.4 -62.0 3.6 0.1 -31.0 20.5 -7.4 -8.1 -11.3 44.2 -1.7 -0.1 -19.2 -207.1 5.3 -17.3 -49.3 -0.1 33.0 3.6 0.1 -2.2 43.7 42 12.3 43 27.0 44 45 46 47 FA263063005 FA263063603 FA263063095 Rest of the world (4) MBS and other ABS Other 213.4 28.8 184.5 74.5 16.1 58.4 313.5 73.5 240.0 -54.1 -10.2 -43.9 30.0 -16.6 46.6 8.5 17.5 -9.0 448.2 25.0 423.3 102.2 29.3 72.8 169.7 45 6.8 46 162.8 47 Rest of the world (2) (1) Net issuance less net acquisition of corporate bonds held as assets. (2) Net purchases of foreign issues by U.S. residents. (3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Net purchases of U.S. issues by foreign residents. -102.6 8 -185.0 9 0.0 10 10.1 -23.2 -0.1 68.1 33 34 35 36 61 Z.1, December 9, 2022 F.214 Loans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 FA894123005 2 3 FA793068005 FA893169005 4 5 6 7 8 9 Net change in total loans 1592.3 2204.7 2120.5 1559.0 2655.2 2484.1 3520.7 3078.1 2518.8 1 Depository institution loans n.e.c. Other loans and advances 413.7 428.4 128.2 570.0 114.3 924.8 -182.1 215.2 -176.8 1257.3 757.5 -117.3 260.7 1348.5 851.2 236.0 422.4 514.2 2 3 FA893065005 FA893065105 FA893065405 FA893065505 FA893065603 Mortgages One-to-four-family residential Multifamily residential Commercial Farm 762.3 478.4 132.5 130.7 20.7 1260.5 895.6 130.7 198.5 35.7 906.6 648.7 112.9 109.8 35.2 1250.6 948.6 102.3 164.1 35.6 1343.4 976.3 112.4 218.7 36.0 1541.5 1008.7 195.3 301.5 36.0 1539.0 1086.8 159.8 269.2 23.2 1599.2 1100.9 168.0 306.9 23.4 1260.7 865.7 160.2 211.0 23.7 4 5 6 7 8 FA153166000 Consumer credit -12.0 246.0 174.8 275.3 231.3 302.5 372.5 391.7 321.5 9 By sector 10 FA894123005 11 FA384123005 Net change in liabilities 12 13 14 FA154123005 FA104123005 FA114123005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FA314123005 FA213169203 Federal government State and local governments 17 FA794123005 18 19 20 21 FA763169305 FA473169333 FA513169333 FA543169373 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies 22 23 24 25 26 FA403169283 FA614123005 FA644123005 FA664123005 FA504123005 Government-sponsored enterprises Finance companies REITs Brokers and dealers Other financial business 27 FA264123005 28 FA894123005 29 FA384023005 30 31 32 FA154023005 FA104023005 FA114023005 33 34 FA314023005 FA213065005 35 FA794023005 36 37 38 39 40 FA713068005 FA764023005 FA754023005 FA744023003 FA474023000 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 41 42 43 44 45 FA513065505 FA544023005 FA573065005 FA313169003 FA223065043 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 46 47 48 49 50 FA653069803 FA404023005 FA413065005 FA674023005 FA614023005 51 52 53 54 FA643065005 FA663069005 FA733069005 FA503069005 55 FA263069500 Domestic nonfinancial sectors Domestic financial sectors Rest of the world 1592.3 2204.7 2120.5 1559.0 2655.2 2484.1 3520.7 3078.1 2518.8 10 1474.3 1902.8 1730.3 1401.8 2400.5 2078.8 2778.5 2744.5 2051.0 11 628.1 416.1 429.1 1235.0 405.5 261.9 1142.2 320.1 267.2 1257.5 -18.1 162.4 1114.7 442.9 121.0 1425.4 877.3 496.9 1470.8 811.8 495.4 1351.5 893.1 499.5 1164.8 12 512.8 13 373.1 14 0.0 1.0 0.0 0.5 0.0 0.7 0.0 0.0 722.2 -0.3 -722.2 1.5 0.0 0.5 0.0 0.4 0.0 15 0.3 16 53.6 152.7 318.5 46.1 103.9 142.4 712.2 152.4 282.7 17 -232.6 -9.0 6.4 15.3 -64.4 -2.5 -3.0 6.8 44.6 -11.9 -2.5 33.3 -242.7 -4.5 -3.9 -14.0 -43.7 1.1 -3.6 -5.7 -15.9 5.1 -2.0 13.7 188.7 6.5 -2.7 44.7 343.3 70.4 -2.2 29.0 499.3 70.6 -2.6 12.3 18 19 20 21 0.0 24.8 -6.9 131.0 124.5 0.0 12.7 0.2 145.1 57.9 0.0 -11.9 -21.9 108.4 180.5 0.0 163.0 -15.8 132.6 31.5 0.0 -28.2 -39.1 253.5 -30.3 0.0 -72.1 77.5 85.9 50.1 0.0 -121.7 30.8 518.6 47.2 0.0 -29.7 27.8 -188.6 -97.5 0.0 -6.2 7.2 -247.7 -50.1 22 23 24 25 26 64.5 149.1 71.8 111.1 150.7 262.9 30.0 181.2 185.1 27 1592.3 2204.7 2120.5 1559.0 2655.2 2484.1 3520.7 3078.1 2518.8 28 384.4 290.9 198.2 126.1 486.7 352.6 782.0 -65.6 0.1 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 113.0 8.0 4.3 96.4 6.7 3.8 53.9 18.9 6.1 64.4 -63.5 0.7 203.6 8.3 5.2 63.8 63.1 3.1 523.3 16.3 4.6 -223.8 -63.0 4.6 -227.7 30 6.6 31 2.9 32 Federal government State and local governments 254.1 5.0 176.4 7.7 111.7 7.7 116.8 7.7 262.0 7.7 215.0 7.7 230.1 7.7 208.9 7.7 210.6 33 7.6 34 1134.7 1791.7 1820.6 1348.6 2019.1 1978.6 2667.9 3026.6 2504.0 35 52.2 290.3 17.7 0.9 60.4 -10.1 347.5 84.4 -4.4 92.3 26.0 48.9 -67.6 -4.7 57.7 109.8 -14.6 9.4 -3.7 82.2 -84.4 232.0 128.6 -5.6 106.9 -91.6 1123.4 267.3 -3.6 122.5 -32.3 668.7 108.0 -4.6 210.1 -22.6 1596.2 189.1 1.5 315.0 -9.3 973.2 121.2 3.8 336.6 36 37 38 39 40 1.4 27.4 1.2 0.0 -0.9 3.4 50.1 0.3 0.0 1.1 0.3 15.4 0.3 0.0 2.0 4.8 50.1 0.4 0.0 -0.7 3.6 66.0 0.3 722.2 -0.1 4.9 68.9 0.4 -722.2 3.2 7.5 66.6 0.3 0.0 -5.4 2.7 63.8 0.2 0.0 2.2 1.5 39.9 0.4 0.0 -0.0 41 42 43 44 45 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies -30.2 417.7 22.3 34.7 -9.9 55.5 730.8 73.5 113.0 -5.5 63.7 958.5 33.7 10.1 46.1 68.3 595.3 117.5 37.7 62.9 38.7 628.2 51.5 167.9 -29.9 51.5 741.2 91.2 236.2 -101.3 82.4 1087.0 152.5 112.6 -26.3 -42.5 840.6 201.0 90.2 28.5 -61.6 833.4 209.3 64.1 45.1 46 47 48 49 50 REITs Brokers and dealers Holding companies Other financial business -8.2 233.1 -11.1 35.7 64.1 175.8 23.6 -3.7 28.1 460.8 58.3 83.1 62.3 167.5 33.7 -34.2 84.3 -10.7 -18.1 -62.5 81.6 85.5 20.7 -1.1 40.7 61.7 81.2 57.2 35.8 -137.0 -20.1 -118.3 -19.2 -57.3 20.2 2.8 51 52 53 54 73.3 122.1 101.8 84.3 149.4 152.9 70.8 117.1 Net change in assets Domestic nonfinancial sectors Domestic financial sectors Rest of the world (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. 14.7 55 Transactions By instrument 1 62 Z.1, December 9, 2022 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 1 FA793068005 2 3 4 FA153168005 FA103168005 FA113168005 Net change in liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 FA793168005 Domestic financial sectors 6 7 8 FA613168005 FA643168005 FA663168005 9 FA713068505 10 11 12 13 FA263168005 FA263168465 FA263168485 FA263168495 14 FA793068005 15 FA713068005 Monetary authority (3) 16 17 18 19 FA763068005 FA753068005 FA743068005 FA473068005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 413.7 128.2 114.3 -182.1 -176.8 757.5 260.7 851.2 422.4 1 20.5 153.0 98.1 53.1 -38.3 -85.4 -1.4 33.0 0.1 5.4 -325.7 -188.2 52.9 -131.1 -236.9 155.7 270.4 83.3 53.3 234.0 82.1 84.2 500.4 85.4 42.1 241.1 38.9 2 3 4 75.8 46.5 12.8 216.5 -48.5 5.2 -122.7 14.1 -49.8 5 Finance companies REITs Brokers and dealers 25.3 -0.4 10.2 13.1 9.4 43.7 -10.3 1.5 28.6 162.9 -5.4 67.2 -28.3 -14.5 54.6 -72.1 55.9 24.3 -121.7 12.5 -4.6 -29.7 11.3 37.0 -6.2 -20.7 -18.9 6 7 8 Other financial business (2) 40.7 -19.6 -7.0 -8.2 -60.4 -3.0 -8.9 -4.5 -4.0 9 66.3 -0.9 -8.9 76.0 152.4 1.0 12.8 138.6 69.9 3.3 10.2 56.3 109.8 -1.5 -8.7 120.0 186.9 -0.1 23.3 163.7 242.9 2.0 26.5 214.3 14.1 -0.5 24.9 -10.3 167.1 -1.8 12.0 157.0 150.1 0.7 8.2 141.2 10 11 12 13 413.7 128.2 114.3 -182.1 -176.8 757.5 260.7 851.2 422.4 14 52.2 -10.1 26.0 109.8 -84.4 -91.6 -32.3 -22.6 -9.3 15 336.1 17.1 0.6 7.7 58.9 74.3 -2.9 7.9 138.1 -65.2 -2.8 18.2 -293.8 5.2 -1.4 -1.9 -214.3 119.2 -5.4 8.1 605.7 238.1 -2.0 7.3 138.6 92.7 -1.7 63.4 633.0 172.6 1.5 66.7 Rest of the world Foreign official institutions Foreign nonfinancial corporations Foreign nondepository financial institutions Net change in assets (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to Federal Reserve funding, credit, and liquidity facility special purpose vehicles. (3) Loans from Federal Reserve banks to the household, broker and dealer, finance companies, and other financial business sectors. 204.1 106.8 2.2 118.6 16 17 18 19 63 Z.1, December 9, 2022 F.216 Other Loans and Advances (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA893169005 Total other loans and advances 428.4 570.0 924.8 215.2 1257.3 -117.3 1348.5 236.0 514.2 1 2 3 4 FA163069005 FA153169055 FA163069043 Nonprofit organization loans Liab.: Household sector Nonfinancial noncorporate business -0.1 -0.9 0.8 -0.7 -1.4 0.7 -0.7 -1.4 0.7 -0.7 -1.4 0.7 -0.7 -1.4 0.7 -0.7 -1.4 0.7 -0.4 -1.1 0.8 -0.4 -1.1 0.8 -0.4 -1.1 0.8 2 3 4 5 6 7 8 9 10 11 12 13 FA313069205 FA153169203 FA103169205 FA113169205 FA213169203 FA403169283 FA313069223 FA503169205 FA263169203 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Other financial business Rest of the world 189.0 10.2 110.5 67.7 1.0 0.0 0.0 0.0 -0.4 115.0 8.7 66.9 41.1 0.5 0.0 0.0 0.0 -2.2 28.8 4.0 13.8 9.5 0.7 0.0 0.0 0.0 0.9 37.8 9.4 19.2 11.2 0.0 0.0 0.0 0.0 -1.9 205.9 13.1 123.5 72.1 -0.3 0.0 0.0 0.0 -2.5 187.5 8.3 111.3 71.7 1.5 0.0 0.0 0.0 -5.3 182.8 7.6 113.8 67.3 0.5 0.0 0.0 0.0 -6.5 127.4 8.1 75.1 47.0 0.4 0.0 0.0 0.0 -3.2 123.8 5.8 77.3 46.1 0.3 0.0 0.0 0.0 -5.6 5 6 7 8 9 10 11 12 13 14 15 16 FA153169405 FA313069403 FA543069405 Policy loans (Household liability) Asset: Federal government Life insurance companies -0.6 -0.1 -0.5 -1.8 0.0 -1.8 -3.0 0.0 -3.0 -3.0 0.0 -3.0 0.1 0.0 0.1 -1.3 0.0 -1.3 -9.3 0.0 -9.3 1.1 0.0 1.0 1.4 14 0.0 15 1.4 16 17 18 FA313169003 FA313169003 Federal government retirement funds loans Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 722.2 722.2 -722.2 -722.2 0.0 0.0 0.0 0.0 0.0 17 0.0 18 19 20 21 22 23 24 25 26 27 28 29 30 FA403069330 FA763169335 FA473169333 FA513169333 FA543169373 FA613169333 FA643169373 FA403069395 FA153169305 FA183169305 FA113169305 FA763169383 Federal Home Loan Banks advances (2) Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Real estate investment trusts Government-sponsored enterprise (GSE) loans (3) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) -228.6 -232.6 -9.0 6.4 15.3 -0.5 -8.2 13.5 0.0 1.8 11.7 0.0 -63.6 -64.4 -2.5 -3.0 6.8 -0.4 -0.0 11.2 0.0 1.3 10.0 0.0 61.9 44.6 -11.9 -2.5 33.3 -1.6 0.0 2.1 0.0 3.0 -0.9 0.0 -265.1 -242.7 -4.5 -3.9 -14.0 0.0 -0.0 -1.7 0.0 -1.5 -0.3 0.0 -52.0 -43.7 1.1 -3.6 -5.7 0.0 -0.1 8.9 0.0 -1.8 10.7 0.0 0.9 -15.9 5.1 -2.0 13.7 -0.0 0.0 35.7 0.0 5.3 30.3 0.0 237.2 188.7 6.5 -2.7 44.7 0.0 0.0 43.6 0.0 15.9 27.8 0.0 440.4 343.3 70.4 -2.2 29.0 -0.0 0.0 -11.1 0.0 -5.7 -5.5 0.0 31 32 FA663067003 FA663067003 Margin accounts at brokers and dealers Liab.: Household sector 156.7 156.7 92.4 92.4 365.3 365.3 86.1 86.1 -95.1 -95.1 13.1 13.1 32.5 32.5 -160.6 -160.6 -10.9 31 -10.9 32 33 34 FA153067005 FA153067005 Cash accounts at brokers and dealers Asset: Household sector 120.8 120.8 101.4 101.4 79.7 79.7 65.4 65.4 198.8 198.8 61.6 61.6 523.2 523.2 -225.6 -225.6 -228.8 33 -228.8 34 35 36 37 38 FA503169023 FA763069023 FA663069025 FA503069025 Clearing funds at other financial business Asset: U.S.-chartered depository institutions Brokers and dealers Other financial business 83.9 3.0 67.7 13.1 77.6 1.9 75.0 0.7 187.5 -2.2 98.0 91.7 39.7 -5.3 74.1 -29.1 30.1 10.8 80.4 -61.2 53.1 4.3 47.5 1.3 56.2 -16.7 15.2 57.6 -93.0 0.2 28.4 -121.6 -46.0 -2.2 -50.6 6.7 35 36 37 38 39 40 41 42 43 44 45 FA103169803 FA153069803 FA543069873 FA653069803 FA673069803 FA663069803 FA503069805 Loans to nonfinancial corporate business (4) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Other financial business 28.0 -2.9 2.4 -30.2 47.4 8.8 2.6 114.9 -8.7 5.7 55.5 55.1 8.4 -1.1 40.4 -31.8 5.8 63.7 8.2 -2.5 -2.9 114.0 -2.8 6.6 68.3 36.6 7.3 -2.0 132.2 1.6 7.1 38.7 80.2 4.0 0.6 173.3 -1.6 3.4 51.5 95.2 24.9 -0.0 144.5 3.7 4.1 82.4 36.7 14.0 3.6 24.3 7.1 -1.6 -42.5 58.3 -4.8 7.7 13.7 4.8 10.9 -61.6 55.3 4.2 0.2 39 40 41 42 43 44 45 46 47 FA673069505 FA673069505 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 0.0 0.0 6.5 6.5 0.0 0.0 0.0 0.0 24.5 24.5 1.4 1.4 -1.6 -1.6 -3.7 -3.7 -2.5 46 -2.5 47 48 49 50 FA613069505 FA103169535 FA113169535 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business -16.4 -21.8 5.3 -25.3 -31.5 6.1 8.5 -22.7 31.2 27.9 -62.5 90.4 -47.0 -24.5 -22.5 -90.8 -16.1 -74.7 -8.2 9.8 -18.0 44.6 53.5 -9.0 39.3 48 43.3 49 -4.0 50 51 52 53 FA733069005 FA733069013 FA733069023 Holding company loans Liab.: Nonfinancial corporate business Rest of the world -11.1 -9.7 -1.4 23.6 24.7 -1.0 58.3 57.3 1.0 33.7 30.5 3.2 -18.1 15.6 -33.7 20.7 -4.7 25.3 81.2 58.8 22.4 -20.1 -37.5 17.4 20.2 51 -20.4 52 40.6 53 54 55 56 57 58 FA503069075 FA503069003 FA503069013 FA503069023 FA503069033 Other financial business loans (5) Liab.: Household sector (TALF II) Nonfinancial corporate business (MSLF) Nonfinancial noncorporate business (MSLF) Nonprofit organizations (MSLF) 20.1 3.6 6.0 10.5 0.0 -3.3 -2.2 -0.4 -0.6 -0.0 -5.7 -5.7 -0.1 -0.0 0.0 -3.1 -2.1 -0.4 -0.7 -0.0 -1.9 -0.7 -0.4 -0.8 -0.0 -2.4 -0.4 -0.8 -0.9 -0.2 -4.0 -0.3 -1.3 -2.3 0.0 -4.4 -0.6 -1.4 -2.5 0.0 59 60 FA263069500 FA263069500 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 73.3 73.3 122.1 122.1 101.8 101.8 84.3 84.3 149.4 149.4 152.9 152.9 70.8 70.8 117.1 117.1 579.3 499.3 70.6 -2.6 12.3 -0.1 -0.2 14.5 0.0 -3.1 17.6 0.0 (1) Customers’ liability on acceptances outstanding are inlcuded elsewhere beginning 2008q3 and are no longer shown on the table. These are assets of U.S.-chatered depository institutions and foreign banking offices in U.S., and liabilties of nonfinancial corporate business and rest of the world. (2) The Federal Home Loan Banks are included in the governmnet-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies. (3) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 19. (4) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. (5) 2020 Term Asset-Backed Securities Loan Facility (TALF II) loans to domestic hedge funds and private equity funds and Main Street Lending Facility (MSLF) loans. -4.1 -0.3 -1.4 -2.4 0.0 19 20 21 22 23 24 25 26 27 28 29 30 54 55 56 57 58 14.7 59 14.7 60 Transactions 2020 64 Z.1, December 9, 2022 F.217 Total Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 1 FA893065005 2 3 4 5 FA893065105 FA893065405 FA893065505 FA893065603 Net change in mortgages 6 FA893065005 7 FA153165005 Household sector 8 9 10 FA143165005 FA103165005 FA113165005 Nonfinancial business Corporate Noncorporate 11 12 FA313165403 FA123165005 13 FA893065005 14 15 16 FA153065005 FA103065003 FA113065005 17 18 19 20 21 22 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 762.3 1260.5 906.6 1250.6 1343.4 1541.5 1539.0 1599.2 1260.7 1 478.4 132.5 130.7 20.7 895.6 130.7 198.5 35.7 648.7 112.9 109.8 35.2 948.6 102.3 164.1 35.6 976.3 112.4 218.7 36.0 1008.7 195.3 301.5 36.0 1086.8 159.8 269.2 23.2 1100.9 168.0 306.9 23.4 865.7 160.2 211.0 23.7 2 3 4 5 762.3 1260.5 906.6 1250.6 1343.4 1541.5 1539.0 1599.2 1260.7 6 450.6 840.3 609.7 887.7 914.6 949.2 1015.7 1028.7 806.3 7 310.0 75.0 234.9 429.4 139.4 290.0 320.3 93.6 226.6 373.3 124.0 249.3 453.3 155.6 297.6 570.7 184.2 386.5 505.0 167.2 337.9 554.1 170.9 383.2 426.2 8 150.1 9 276.1 10 Federal government REITs 0.0 1.8 0.0 -9.1 0.0 -23.4 0.0 -10.3 0.0 -24.5 0.0 21.6 0.0 18.3 0.0 16.5 0.0 11 28.1 12 Net change in assets 762.3 1260.5 906.6 1250.6 1343.4 1541.5 1539.0 1599.2 1260.7 13 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -1.6 8.0 4.3 6.1 6.7 3.8 7.6 6.3 6.1 5.2 6.5 0.7 5.8 6.8 5.2 5.7 7.0 3.1 -1.5 7.3 4.6 -3.4 7.5 4.6 -1.2 14 7.8 15 2.9 16 FA313065005 FA313065015 FA313065075 FA313065035 FA313065065 FA313065095 Federal government Ginnie Mae Farmers Home Administration (FmHA) (2) Federal Housing Administration (FHA) Federal Deposit Insurance Corporation Other (3) 3.3 -0.2 2.5 1.1 -0.0 0.0 6.0 -0.3 3.4 2.9 0.0 0.0 4.4 -0.3 2.7 1.9 0.0 0.0 4.9 -0.3 1.6 3.6 0.0 0.0 8.2 -0.4 3.8 4.7 0.0 0.0 6.5 -0.3 5.4 1.4 0.0 0.0 7.2 -0.3 2.1 5.4 0.0 0.0 13.0 -0.2 4.3 9.0 -0.0 0.0 19.6 -0.2 3.1 16.7 -0.0 0.0 23 FA213065005 State and local governments 5.0 7.7 7.7 7.7 7.7 7.7 7.7 7.7 24 25 26 27 28 FA703065005 FA763065005 FA753065005 FA743065003 FA473065100 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 87.7 41.1 0.6 0.3 45.6 212.5 146.4 10.1 -1.5 57.5 -85.8 -109.9 -2.4 -1.9 28.4 135.1 77.1 4.1 -2.3 56.2 378.7 301.8 9.5 -0.2 67.7 422.1 316.8 29.2 -1.6 77.8 374.6 296.5 15.3 -2.8 65.6 818.6 692.3 16.5 -0.0 109.8 29 30 FA513065505 FA543065005 Property-casualty insurance companies Life insurance companies 1.4 25.5 3.4 46.2 0.3 12.7 4.8 46.5 3.6 58.8 4.9 66.8 7.5 71.9 2.7 64.3 1.5 29 27.6 30 31 32 FA573065005 FA223065043 Private pension funds State and local govt. retirement funds 1.2 -0.9 0.3 1.1 0.3 2.0 0.4 -0.7 0.3 -0.1 0.4 3.2 0.3 -5.4 0.2 2.2 0.4 31 -0.0 32 33 34 35 36 37 38 FA403065005 FA403065015 FA403065025 FA403065045 FA403065035 FA403065653 Government-sponsored enterprises Fannie Mae Freddie Mac Farm Credit System FHLB Farmer Mac 632.9 290.4 335.3 14.9 -9.7 1.9 783.1 309.6 462.9 16.9 -7.3 1.1 894.5 354.8 536.6 12.9 -10.0 0.3 862.1 452.0 400.9 18.7 -11.4 1.8 671.3 170.5 489.3 14.0 -3.7 1.1 704.6 261.0 424.9 21.8 -4.1 1.0 806.2 377.7 415.7 8.0 4.1 0.7 411.4 221.6 176.5 10.3 1.2 1.7 239.7 43.5 189.2 8.4 -1.0 -0.4 33 34 35 36 37 38 39 40 41 42 43 44 FA413065005 FA413065015 FA413065025 FA413065045 FA413065653 FA413065035 Agency- and GSE-backed mortgage pools Ginnie Mae Freddie Mac Fannie Mae Farmer Mac Farmers Home Administration (FmHA) (2) 22.3 -14.2 37.7 -1.1 -0.2 0.0 73.5 45.8 28.0 -0.6 0.3 0.0 33.7 -12.1 46.5 -0.4 -0.4 0.0 117.5 73.9 44.3 -0.8 0.1 0.0 51.5 44.3 8.0 -0.8 0.1 0.0 91.2 77.1 13.2 -0.4 1.3 0.0 152.5 153.0 -0.3 -0.1 -0.1 0.0 201.0 193.0 8.0 -0.0 0.0 0.0 209.3 215.5 -6.0 -0.2 0.0 0.0 39 40 41 42 43 44 45 46 47 FA673065005 FA613065000 FA643065005 ABS issuers Finance companies REITs -11.5 -7.2 -8.2 51.9 -5.8 64.1 3.1 -14.3 28.1 1.4 -3.8 62.3 66.1 -4.9 84.3 136.8 -0.1 81.6 79.9 -14.4 40.7 33.7 -0.2 35.8 One-to-four-family residential Multifamily residential Commercial Farm Net borrowing 17 18 19 20 21 22 7.6 23 752.6 627.0 14.4 1.6 109.7 24 25 26 27 28 11.7 45 0.5 46 -19.2 47 (1) Sum of one-to-four-family residential mortgages (table L.218), multifamily residential mortgages (table L.219), commercial mortgages (table L.220), and farm mortgages (table L.221). (2) FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. (3) Other includes Department of Veterans Affairs, Federal Financing Bank, Public Housing Administration, and Resolution Trust Corporation. 65 Z.1, December 9, 2022 F.218 One-to-four-family Residential Mortgages (1) 2020 1 FA893065105 2 3 4 FA153165105 FA103165105 FA113165105 Net borrowing 5 FA893065105 6 7 8 FA153065103 FA103065105 FA113065103 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 9 10 FA313065105 FA213065103 Federal government State and local governments 11 12 13 14 FA763065105 FA753065103 FA743065103 FA473065100 15 16 17 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 478.4 895.6 648.7 948.6 976.3 1008.7 1086.8 1100.9 865.7 1 449.2 -0.5 29.7 839.2 2.1 54.3 608.6 0.6 39.5 886.6 3.0 59.0 913.5 3.9 59.0 948.1 0.7 59.9 1014.2 3.7 69.0 1027.2 3.8 70.0 804.8 4.3 56.6 2 3 4 478.4 895.6 648.7 948.6 976.3 1008.7 1086.8 1100.9 865.7 5 -3.5 4.8 1.6 -3.5 4.0 1.4 -3.5 3.8 2.2 -3.5 3.9 0.3 -3.5 4.1 1.9 -3.5 4.2 1.1 -3.5 4.4 1.7 -3.5 4.5 1.7 -3.5 4.7 1.1 6 7 8 1.2 1.8 2.2 3.6 0.9 3.6 3.5 3.6 3.6 3.6 0.8 3.6 4.8 3.6 8.5 3.6 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -55.4 -0.2 0.3 45.6 25.6 -0.0 -1.5 57.5 -153.7 -0.7 -1.4 28.4 -49.6 0.0 -1.8 56.2 161.0 0.8 -1.4 67.7 144.6 -0.2 -1.4 77.8 90.2 -0.4 -2.4 65.6 383.6 0.0 -0.8 109.8 FA543065105 FA573065103 FA223065143 Life insurance companies Private pension funds State and local govt. retirement funds 0.7 -0.1 -0.3 10.9 -0.1 0.4 7.7 -0.1 0.7 10.4 -0.1 -0.3 12.1 -0.1 -0.0 13.2 -0.1 1.2 7.5 -0.1 -2.0 5.7 -0.1 0.8 1.8 15 -0.1 16 -0.0 17 18 19 FA403065105 FA413065105 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 560.3 -15.8 738.9 35.4 847.5 -28.7 852.2 67.3 614.8 32.6 641.2 70.6 768.2 140.5 379.2 188.2 201.8 18 205.9 19 20 21 22 FA673065105 FA613065105 FA643065105 ABS issuers Finance companies REITs -31.2 -8.2 -23.2 -1.6 -3.6 26.0 -56.4 -12.8 11.3 -16.3 -1.2 24.0 29.3 -2.0 51.9 37.1 1.7 16.9 27.9 -11.5 -7.8 19.7 0.5 -0.3 9.2 20 0.4 21 -1.5 22 23 FV893065153 24 25 26 27 28 29 FA893065125 FA763065125 FA753065203 FA473065125 FA673065123 FA613065123 Household sector Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets Memo: Charge-offs (2) Home equity loans included above (3) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies 8.7 4.5 1.2 1.1 1.0 1.2 0.8 0.9 -58.4 -48.0 -0.2 -7.0 -1.5 -1.7 -42.8 -41.0 -0.0 0.2 -1.3 -0.7 -80.6 -64.9 -0.0 -13.2 -1.7 -0.8 -40.4 -39.5 -0.1 2.0 -2.1 -0.8 -30.3 -35.5 -0.0 7.8 -1.8 -0.7 -19.9 -24.0 -0.0 4.2 0.5 -0.6 -34.5 -17.3 -0.0 -15.3 -1.4 -0.5 63.2 27.3 0.0 37.5 -1.2 -0.4 16.3 9 3.6 10 317.1 -0.3 -0.4 109.7 11 12 13 14 0.9 23 56.2 23.3 -0.1 34.2 -1.0 -0.3 24 25 26 27 28 29 (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Charge-offs are excluded from transactions (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1. (3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans held by U.S.-chartered depository institutions exclude charge-offs. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893065405 Net borrowing 132.5 130.7 112.9 102.3 112.4 195.3 159.8 168.0 160.2 1 2 3 4 5 FA103165405 FA113165405 FA313165403 FA123165403 6.6 125.0 0.0 1.0 6.6 125.7 0.0 -1.6 5.6 106.7 0.0 0.5 5.2 98.5 0.0 -1.4 5.6 106.3 0.0 0.5 10.1 191.4 0.0 -6.1 8.1 153.2 0.0 -1.4 8.4 159.7 0.0 -0.1 8.3 158.6 0.0 -6.7 2 3 4 5 6 FA893065405 132.5 130.7 112.9 102.3 112.4 195.3 159.8 168.0 160.2 6 7 8 9 FA153065403 FA103065403 FA113065403 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.1 1.5 0.0 0.1 1.3 0.0 0.1 2.1 0.0 0.1 0.2 0.0 0.1 1.8 0.0 0.1 1.0 0.0 0.1 1.6 0.0 0.1 1.6 0.0 0.1 1.0 7 8 9 10 11 FA313065405 FA213065403 Federal government State and local governments -0.5 2.5 -0.3 3.6 0.1 3.6 -0.1 3.6 -0.2 3.6 -0.7 3.6 -0.3 3.6 -0.3 3.6 -0.2 10 3.6 11 12 13 FA763065403 FA753065403 U.S.-chartered depository institutions Foreign banking offices in U.S. 24.8 2.6 34.1 1.8 5.9 0.1 40.7 1.6 24.8 -0.5 64.9 6.0 70.3 -0.1 120.7 9.6 113.7 12 7.7 13 14 15 16 FA543065405 FA573065403 FA223065443 Life insurance companies Private pension funds State and local govt. retirement funds 7.7 -0.3 -0.3 9.2 -0.3 0.3 -0.5 -0.3 0.6 8.5 -0.3 -0.2 13.2 -0.3 -0.0 15.7 -0.3 1.0 17.5 -0.3 -1.6 15.4 -0.3 0.7 8.1 14 -0.3 15 -0.0 16 17 18 FA403065405 FA413065405 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 55.4 38.3 25.5 37.7 29.4 62.8 -9.5 50.1 37.7 18.8 44.6 19.3 25.9 12.1 19.1 12.8 26.7 17 3.4 18 19 20 21 FA673065405 FA613065403 FA643065405 ABS issuers Finance companies REITs 5.3 -0.2 -4.4 12.3 -0.2 5.4 5.9 -0.2 3.3 1.8 -0.2 5.9 8.8 -0.2 4.8 32.9 -0.2 7.5 30.6 -0.2 0.7 -14.9 -0.2 0.2 -0.7 19 -0.3 20 -2.5 21 Nonfinancial corporate business Nonfinancial noncorporate business Federal government REITs Net change in assets Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 66 Z.1, December 9, 2022 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 1 FA893065505 2 3 4 5 FA163165505 FA103165505 FA113165505 FA123165503 Net borrowing 6 FA893065505 7 8 9 FA153065505 FA103065503 FA113065503 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 10 11 FA313065505 FA213065503 Federal government State and local governments 12 13 14 FA763065503 FA753065503 FA743065505 15 16 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 130.7 198.5 109.8 164.1 218.7 301.5 269.2 306.9 211.0 1 1.4 63.0 65.4 0.8 1.1 120.4 84.5 -7.5 1.1 76.0 56.6 -23.9 1.1 106.0 65.9 -8.9 1.1 135.6 106.9 -24.9 1.1 164.2 108.5 27.7 1.5 149.6 98.3 19.7 1.5 152.9 135.9 16.6 1.5 132.1 42.6 34.8 2 3 4 5 130.7 198.5 109.8 164.1 218.7 301.5 269.2 306.9 211.0 6 0.1 3.1 1.2 0.1 2.6 1.0 0.0 2.4 1.7 0.1 2.5 0.2 0.1 2.6 1.4 0.2 2.7 0.8 0.1 2.8 1.3 0.1 2.9 1.3 0.1 3.0 0.8 7 8 9 1.3 0.5 2.8 0.4 2.4 0.4 0.0 0.4 3.5 0.4 5.3 0.4 2.1 0.4 3.6 0.4 2.2 10 0.4 11 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 72.8 -1.8 0.0 82.8 8.3 0.0 34.0 -1.6 -0.5 82.0 2.5 -0.5 112.0 8.6 1.2 103.2 23.7 -0.2 128.8 15.9 -0.4 180.7 6.7 0.7 188.7 12 7.0 13 2.0 14 FA513065505 FA543065505 Property-casualty insurance companies Life insurance companies 1.4 15.7 3.4 24.2 0.3 3.6 4.8 25.6 3.6 31.5 4.9 36.0 7.5 45.4 2.7 41.7 1.5 15 16.2 16 17 18 FA573065505 FA223065545 Private pension funds State and local govt. retirement funds 1.6 -0.3 0.7 0.4 0.7 0.7 0.8 -0.2 0.7 -0.0 0.8 1.1 0.7 -1.8 0.6 0.7 0.8 17 -0.0 18 19 20 FA413065505 FA673065505 Agency- and GSE-backed mortgage pools ABS issuers 0.0 14.4 0.0 41.1 0.0 53.6 0.0 15.9 0.0 28.0 0.0 66.9 0.0 21.4 0.0 28.9 0.0 19 3.3 20 21 22 FA613065503 FA643065505 Finance companies REITs 1.3 19.4 -2.0 32.7 -1.3 13.5 -2.4 32.4 -2.7 27.6 -1.5 57.2 -2.7 47.8 -0.4 36.0 0.4 21 -15.2 22 20.7 35.7 35.2 35.6 36.0 36.0 23.2 23.4 23.7 1 5.9 14.8 10.2 25.5 11.4 23.8 9.8 25.8 10.5 25.5 9.3 26.7 5.7 17.4 5.8 17.6 5.3 18.4 2 3 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business REITs Net change in assets (1) Liability of the households and nonprofit organizations sector (table F.101). F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893065603 Net borrowing 2 3 FA183165605 FA233165605 4 FA893065603 20.7 35.7 35.2 35.6 36.0 36.0 23.2 23.4 23.7 4 5 6 FA153065605 FA113065603 Household sector Nonfinancial noncorporate business 1.9 0.1 9.5 0.1 11.1 0.1 8.6 0.0 9.2 0.1 9.0 0.1 1.9 0.1 -0.0 0.1 2.2 0.1 5 6 7 8 FA313065605 FA213065603 Federal government State and local governments 1.4 0.1 1.2 0.1 1.0 0.1 1.6 0.1 1.2 0.1 1.1 0.1 0.6 0.1 1.2 0.1 1.3 0.1 7 8 9 10 FA763065633 FA753065603 U.S.-chartered depository institutions Foreign banking offices in U.S. -1.1 -0.1 4.0 0.0 3.9 -0.2 4.0 -0.1 4.0 0.5 4.0 -0.3 7.2 -0.1 7.3 0.2 7.4 9 -0.0 10 11 12 FA543065633 FA223065643 Life insurance companies State and local govt. retirement funds 1.4 0.0 1.9 0.0 1.9 0.0 1.9 0.0 1.9 0.0 1.9 0.0 1.5 0.0 1.5 0.0 1.5 11 0.0 12 13 14 FA403065605 FA413065605 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 17.2 -0.2 18.7 0.3 17.7 -0.4 19.4 0.1 18.8 0.1 18.8 1.3 12.0 -0.1 13.1 0.0 11.2 13 0.0 14 Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets (1) Excludes mortgages on farm houses. 67 Z.1, December 9, 2022 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FA153166000 Net change in liabilities (Households) -12.0 246.0 174.8 275.3 231.3 302.5 372.5 391.7 321.5 1 2 FA153166000 Net change in assets -12.0 246.0 174.8 275.3 231.3 302.5 372.5 391.7 321.5 2 3 4 5 FA163066223 FA103066005 FA113066003 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business -3.2 -0.0 0.0 -1.6 0.0 0.0 -0.9 12.5 0.0 -2.6 -70.0 0.0 -1.9 1.5 0.0 -1.1 56.1 0.0 -1.8 9.0 0.0 -1.5 -70.5 0.0 -2.1 -1.2 0.0 3 4 5 6 7 8 FA313066220 FA763066000 FA473066000 Federal government (2) U.S.-chartered depository institutions Credit unions 61.7 -90.1 7.1 55.4 140.2 26.9 78.5 22.9 11.2 74.0 207.5 28.0 48.0 133.6 31.1 21.0 196.7 37.5 40.1 250.3 81.0 68.5 270.7 138.5 67.2 144.4 108.3 6 7 8 9 10 11 FA403066005 FA673066000 FA613066005 Government-sponsored enterprises ABS issuers Finance companies 0.0 -1.2 13.7 0.0 -0.5 25.6 0.0 -1.3 51.9 0.0 -0.4 38.8 0.0 -3.0 22.0 0.0 2.8 -10.4 0.0 -2.4 -3.7 0.0 1.8 -15.9 12 13 14 15 FA153166100 FA153166400 FA153166220 FA153166205 -122.1 40.3 56.0 13.8 67.1 89.7 39.6 49.6 -6.6 93.3 47.0 41.1 64.9 116.4 44.8 49.3 82.1 76.8 36.8 35.7 128.0 72.6 29.6 72.2 177.4 99.9 3.8 91.3 159.1 116.8 29.5 86.3 0.0 9 -0.5 10 5.4 11 Memo: Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. Assets of the households and nonprofit organizations sector (table F.101). (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. 141.0 99.6 50.7 30.2 12 13 14 15 Transactions 2020 68 Z.1, December 9, 2022 F.223 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 1 FA893064105 2 FA103164103 Net issues Nonfinancial corporate business 3 FA793164105 Domestic financial sectors 4 5 6 7 8 FA763164103 FA513164103 FA543164173 FA554090005 FA564090005 9 10 11 12 13 FA643164103 FA403164105 FA663164103 FA733164103 FA503164105 14 FA263164100 15 FA893064105 16 17 FA153064105 FA103064103 Household sector Nonfinancial corporate business 18 19 FA313064105 FA213064103 Federal government State and local governments 20 21 22 FA713064103 FA763064103 FA753064103 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 23 24 25 26 27 FA513064105 FA543064105 FA573064105 FA343064105 FA223064145 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 28 29 30 FA653064100 FA553064103 FA563064100 Mutual funds Closed-end funds Exchange-traded funds 31 32 FA663064103 FA503064105 Brokers and dealers Other financial business 33 FA263064105 Rest of the world (3) 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 773.7 660.5 1361.2 1051.2 651.5 -421.8 388.2 660.2 75.4 1 -121.6 -338.1 -37.9 -281.0 -384.7 -648.9 -615.8 -741.1 -770.6 2 499.4 843.8 1050.6 1012.6 585.1 727.1 576.3 526.0 365.0 3 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 1.9 -3.3 -15.2 2.7 500.9 2.3 -9.4 -24.5 17.2 935.5 -1.4 -2.1 -23.4 27.2 1075.9 6.4 -5.2 -20.5 16.2 1076.4 15.1 -12.3 -29.7 12.6 719.4 -10.9 -18.0 -24.4 12.7 870.2 -26.6 -17.0 -35.4 1.5 870.4 9.0 -18.6 -30.2 2.2 556.7 3.9 -17.0 -31.6 -2.1 396.0 4 5 6 7 8 REITs Government-sponsored enterprises Brokers and dealers Holding companies Other financial business 21.9 -7.0 15.6 -18.2 0.0 39.2 -1.5 -4.8 -110.1 0.0 31.3 -3.5 4.0 -57.3 0.0 43.1 -1.7 1.8 -103.9 0.0 43.8 -5.1 -3.2 -155.5 0.0 38.6 4.3 -21.8 -123.6 0.0 40.9 5.5 -28.7 -234.2 0.0 27.8 22.8 0.1 -43.8 0.0 13.4 21.7 3.6 -23.0 0.0 9 10 11 12 13 396.0 154.8 348.5 319.6 451.1 -500.0 427.7 875.3 481.0 14 773.7 660.5 1361.2 1051.2 651.5 -421.8 388.2 660.2 75.4 15 616.3 -136.0 726.7 -102.8 931.2 -94.2 1364.3 -101.9 474.3 -102.1 136.9 -113.0 991.8 -102.8 302.4 -102.8 -431.5 16 -102.8 17 0.0 -3.4 -0.0 -3.4 -0.0 -3.4 0.0 -3.4 0.0 -3.4 -0.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 18 -3.4 19 0.0 2.9 0.0 0.0 2.4 0.0 0.0 4.1 0.0 0.0 3.8 0.0 0.0 -2.4 0.0 0.0 4.0 0.0 0.0 2.3 0.0 0.0 -7.7 0.0 0.0 20 -0.9 21 0.0 22 -21.8 1.1 -98.6 -23.9 -28.4 2.6 -79.6 -108.7 10.2 -121.4 0.2 -59.5 -79.7 18.4 -165.0 5.8 -103.2 -124.9 13.6 -199.0 -0.3 -67.2 -106.4 -9.5 -253.5 4.7 -88.6 -123.7 18.5 131.9 143.6 -27.8 -113.5 -31.7 97.3 4.8 31.1 -98.0 17.7 -139.0 20.5 -42.7 -131.0 -12.8 -40.1 -481.4 1.9 260.2 -317.3 8.0 732.4 -590.3 16.7 922.2 -198.7 8.2 802.6 -102.8 2.2 532.1 -377.6 4.8 672.9 -522.7 1.2 705.5 -328.3 1.6 377.0 -252.9 28 -0.0 29 225.1 30 6.8 8.8 -33.7 -8.8 154.6 -1.1 -111.7 -29.8 -104.0 -4.2 -73.8 0.0 65.7 0.0 -74.7 0.0 93.6 31 0.0 32 669.2 -46.1 307.0 -274.5 398.6 -615.5 -817.1 679.6 754.4 33 Rest of the world (2) Net purchases 23 24 25 26 27 (1) Includes shares of exchange-traded funds, closed-end funds, and real estate investment trusts. Excludes mutual fund shares shown on table L.224. (2) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (3) Net purchases of U.S. issues by foreign residents. F.224 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA653164205 Net issues -229.1 215.7 357.3 166.7 308.4 30.5 -444.3 -1155.1 -573.2 1 2 FA653164205 Net purchases -229.1 215.7 357.3 166.7 308.4 30.5 -444.3 -1155.1 -573.2 2 3 4 FA153064205 FA103064203 Household sector Nonfinancial corporate business -188.4 11.0 514.6 23.1 469.5 23.1 73.7 23.1 303.8 23.1 1211.3 23.1 -700.2 23.1 -1299.5 23.1 -380.6 23.1 3 4 5 FA213064203 State and local governments 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 5 6 7 FA763064203 FA473064205 U.S.-chartered depository institutions Credit unions 1.5 0.9 2.0 1.6 1.7 4.5 7.9 2.0 -12.9 2.1 11.3 -2.1 -3.4 2.9 -1.9 -2.9 7.4 1.5 6 7 8 9 FA513064205 FA543064205 Property-casualty insurance companies Life insurance companies 0.9 -99.2 -1.0 -136.1 1.1 -112.5 -5.7 -209.5 -2.8 -124.1 3.5 -98.5 1.5 -124.5 -8.8 -104.9 2.5 -59.0 8 9 10 11 FA573064205 FA223064205 Private pension funds State and local govt. retirement funds 34.8 8.8 -33.8 -161.6 1.5 -81.9 -63.7 -43.6 -44.2 42.8 -28.6 -563.8 -15.9 61.6 -109.0 -41.8 -85.8 10 -127.6 11 12 FA263064203 Rest of the world -0.7 5.8 49.1 381.5 119.4 -526.8 309.5 389.3 44.2 12 (1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds. 69 Z.1, December 9, 2022 F.225 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FA893170005 Net change in trade payables 8.6 728.7 699.4 604.5 531.1 1079.9 916.2 829.0 -21.8 1 2 FA163170005 Nonprofit organizations (1) 6.9 6.9 6.9 6.9 6.9 6.9 6.9 6.9 6.9 2 3 4 FA103170005 FA113170005 Nonfinancial corporate business Nonfinancial noncorporate business -155.9 -27.0 451.9 58.0 395.5 93.2 365.1 44.5 270.9 48.3 776.1 46.1 723.5 41.3 601.1 34.8 -187.7 20.2 3 4 5 6 FA313170005 FA213170003 Federal government State and local governments 33.0 49.9 64.5 54.3 43.8 52.3 74.5 53.5 58.2 54.9 81.3 56.5 76.6 58.7 92.4 61.8 21.6 62.6 5 6 7 8 9 FA513170005 FA543170005 FA663170003 Property-casualty insurance companies Life insurance companies Brokers and dealers 11.1 88.1 2.8 19.0 66.8 3.9 19.0 66.8 4.6 19.0 66.8 -15.1 19.0 66.8 6.6 19.0 66.8 19.5 3.7 30.6 -2.0 11.9 24.6 -10.7 15.4 35.6 1.3 7 8 9 10 FA263170005 11 FA893070005 12 FA163070005 Nonprofit organizations (1) 13 14 FA103070005 FA113070003 Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FA313070000 FA213070003 Federal government State and local governments 17 18 19 20 FA513070005 FA543070005 FA673070003 FA263070005 Property-casualty insurance companies Life insurance companies ABS issuers Rest of the world 21 FA903070005 Rest of the world Net change in trade receivables Discrepancy -0.4 3.4 17.3 -10.8 -0.6 7.7 -23.1 6.2 2.4 10 41.9 766.1 827.0 767.0 567.8 902.4 937.6 1035.2 -9.8 11 8.8 8.2 8.2 8.2 8.2 8.2 8.5 8.5 8.5 12 -137.0 47.1 552.1 46.6 587.6 55.3 588.3 40.6 351.7 40.4 680.9 50.0 765.3 43.1 824.7 69.3 -167.1 13 44.3 14 11.3 -12.9 10.6 32.0 29.4 20.2 1.3 2.1 7.4 42.6 4.4 63.0 11.7 30.4 -15.7 47.0 -0.2 15 49.7 16 18.1 22.5 0.6 83.5 22.6 10.1 3.0 80.8 39.0 10.1 -3.8 81.1 34.7 10.1 8.4 73.3 40.9 10.1 -4.3 70.7 -23.9 10.1 11.8 97.9 44.1 11.4 -8.0 31.0 37.5 16.1 4.3 43.7 -33.4 -37.3 -127.6 -162.5 -36.7 177.5 -21.5 -206.2 100.7 69.1 26.0 82.6 110.7 56.9 16.9 79.6 82.5 1 0.2 85.0 15.5 0.3 48.0 20.7 1.1 4.1 20.7 -3.4 65.3 20.7 3.7 86.2 20.7 -0.4 36.6 20.7 0.9 14.9 1.1 -0.3 75.3 4.5 1.0 77.4 4.1 2 3 4 100.7 69.1 26.0 82.6 110.7 56.9 16.9 79.6 82.5 5 94.2 6.1 5.6 4.0 -9.1 31.0 13.3 22.2 4.0 -1.4 -7.1 8.3 22.2 4.0 -1.4 39.1 18.7 22.2 4.0 -1.4 76.6 9.3 22.2 4.0 -1.4 15.2 17.0 22.2 4.0 -1.4 1.3 8.6 3.1 4.0 0.0 55.5 7.7 12.4 4.0 0.0 58.4 6 8.8 7 11.2 8 4.0 9 0.0 10 4.3 16.4 5.2 28.9 17 18 19 20 -11.9 21 (1) Included in the households and nonprofit organizations sector (table F.101). F.226 Life Insurance Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893140005 2 3 4 FA313140003 FA543140005 FA263140005 5 FA893140005 6 7 8 9 10 FA153040005 FA763040005 FA543040005 FA733040005 FA543141905 Net change in liabilities Federal government Life insurance companies Rest of the world Net change in assets Household sector U.S.-chartered depository institutions Life insurance companies Holding companies Rest of the world Transactions 2020 70 Z.1, December 9, 2022 F.227 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 1 FA893150005 2 3 4 5 6 FA543150005 FA574190005 FA344090005 FA224190005 FA263150005 7 FA893150005 8 9 10 FA153050005 FA543050005 FA543151905 Net change in liabilities Life insurance companies (1) Private pension funds (2) Federal government retirement funds (3) State and local govt. retirement funds Rest of the world Net change in assets Households (4) Life insurance companies Rest of the world Q2 Q3 Q4 Q1 2022 Q2 Q3 587.0 412.0 319.2 341.8 519.1 468.1 426.5 394.0 430.6 1 62.4 137.6 96.9 243.2 47.0 -46.1 75.4 79.8 260.6 42.4 -122.5 58.2 90.8 250.3 42.4 -157.2 102.8 97.2 256.5 42.4 93.7 54.0 70.2 258.8 42.4 1.5 86.7 60.9 276.5 42.4 -30.7 35.0 158.6 255.9 7.7 45.1 -1.5 110.5 231.0 8.9 82.0 40.4 53.6 248.5 6.1 2 3 4 5 6 587.0 412.0 319.2 341.8 519.1 468.1 426.5 394.0 430.6 7 509.0 91.6 -13.6 325.2 88.5 -1.6 232.3 88.5 -1.6 254.9 88.5 -1.6 432.2 88.5 -1.6 381.2 88.5 -1.6 409.4 17.1 0.0 374.2 19.7 0.0 417.0 8 13.6 9 0.0 10 161.6 124.2 2.9 35.0 77.0 29.5 -107.0 285.5 -8.4 -0.7 15.9 -26.0 164.0 140.7 144.6 -167.4 1.8 -8.9 -44.0 222.7 140.3 379.6 92.2 -0.2 26.3 -60.0 187.2 134.0 68.5 -113.9 -1.1 17.5 0.0 93.5 72.5 549.2 155.3 -3.2 28.8 0.0 152.5 215.9 16.3 -55.3 0.5 -60.4 56.0 -99.9 175.4 -244.7 230.2 -0.2 -97.2 80.0 -263.2 -194.3 Memo: 11 12 13 14 15 16 17 FA893131573 FA763131573 FA473131573 FA543131503 FA633131573 FA653131573 FA153131575 Individual Retirement Accounts (IRAs): (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market funds Mutual funds Other self-directed accounts ND ND ND ND ND ND ND 11 12 13 14 15 16 17 (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Includes public and private defined benefit and defined contribution pension plans, and annuities at life insurance companies. Annuities include those held in individual retirement accounts (IRAs). Social security is excluded. (5) Asset of the household and nonprofit organizations sector (table F.101). Figures for depositories (lines 12 and 13) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 14) and excluded from the money market fund and mutual fund sectors (lines 15 and 16). F.228 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893178005 Net change in taxes payable by all businesses 2 3 FA103178005 FA113178003 Nonfinancial corporate business Nonfinancial noncorporate business 4 FA763178000 U.S.-chartered depository institutions 5 6 FA513178005 FA543178075 Property-casualty insurance companies Life insurance companies 7 8 9 FA613178005 FA663178003 FA733178013 Finance companies Brokers and dealers Holding companies 10 FA893078005 11 12 FA313078000 FA213078005 13 FA903078005 Net change in business taxes receivable Federal government State and local governments Discrepancy 14.1 -28.7 -54.0 -79.7 7.8 11.1 -40.6 -254.4 -143.2 1 7.7 13.1 -23.9 5.0 -43.6 18.8 -43.7 -7.8 -12.4 5.9 4.0 3.1 164.0 3.8 -106.1 -73.7 -26.0 -35.2 2 3 -11.2 -8.9 -45.4 -7.5 9.9 7.5 -206.2 -59.2 -72.8 4 0.7 1.1 -0.2 -0.5 6.6 4.9 -10.4 -9.4 -3.2 -0.3 6.1 2.9 4.0 -3.6 -10.3 -4.0 -2.1 0.3 5 6 0.1 3.0 -0.3 -0.3 0.5 -0.3 1.7 3.2 0.0 -2.2 2.7 -1.3 3.5 4.4 0.0 -4.3 -8.2 0.0 -1.1 -1.5 0.0 -2.1 2.2 -1.3 -6.5 -0.9 0.0 7 8 9 4.5 -131.9 -51.8 -272.5 -170.1 -33.2 10.7 -345.5 -180.9 10 -12.2 16.7 -137.2 5.3 -69.9 18.1 -260.1 -12.4 -178.9 8.8 -39.7 6.5 10.8 -0.1 -268.3 -77.2 -149.1 11 -31.7 12 9.6 103.2 -2.2 192.8 177.9 44.3 -51.2 91.2 37.7 13 F.229 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA152090205 2 3 FA112090205 FA662090003 Total household investment Nonfinancial noncorporate business Brokers and dealers 53.2 -5.9 -18.2 54.6 9.9 -70.1 -91.7 -31.5 -5.4 1 46.3 6.9 -21.7 15.8 -32.0 13.8 37.8 16.8 3.3 6.6 -96.0 25.9 -47.0 -44.7 -27.3 -4.2 -19.9 14.4 2 3 71 Z.1, December 9, 2022 F.230 Direct Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 1 FA263192005 U.S. direct investment abroad (1, 2) 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 232.0 378.7 376.8 557.8 204.7 375.6 331.8 415.8 201.4 1 2 3 4 5 2 3 4 5 FA263192101 FA263192113 FA263192125 FA263192193 Liab.: Rest of the world (1) Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment 291.2 133.4 157.8 27.5 426.1 91.7 334.3 28.8 341.1 54.2 286.9 28.4 511.6 156.4 355.3 28.7 280.8 4.4 276.4 28.9 570.7 152.0 418.7 29.0 504.9 300.8 204.2 29.4 308.1 48.6 259.5 29.6 323.5 82.4 241.0 29.9 6 7 8 9 10 11 12 FA103092105 FA763092100 FA513092103 FA543092173 FA613092103 FA663092103 FA733092103 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies 232.9 3.8 21.6 -0.5 12.3 0.0 21.2 347.0 11.3 17.7 -0.4 25.2 0.0 25.2 268.5 -3.1 24.5 0.5 64.9 0.0 -14.2 447.5 35.5 5.9 -1.4 -1.8 0.0 25.9 219.7 -7.6 19.9 1.6 17.6 0.0 29.6 452.3 20.6 20.5 -2.1 20.0 0.0 59.5 349.2 23.5 18.0 7.2 37.7 0.0 69.4 274.4 0.2 10.1 -6.2 24.0 0.0 5.6 234.3 6 13.8 7 7.8 8 0.6 9 37.5 10 0.0 11 29.5 12 13 14 15 FA263192305 FA263192313 FA263092313 Liab.: Rest of the world (1, 2) U.S. parents’ claims Less: U.S. parents’ liabilities -59.2 -55.2 4.0 -47.4 13.1 60.5 35.7 53.3 17.6 46.2 177.0 130.9 -76.2 79.3 155.5 -195.1 -257.3 -62.1 -173.2 15.5 188.7 107.7 65.9 -41.8 -122.0 13 -80.5 14 41.6 15 16 17 18 19 20 21 22 FA103092305 FA763092305 FA513092305 FA543092375 FA613092305 FA663092305 FA733092305 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies -50.2 -2.3 -1.3 -0.7 -2.7 0.0 -2.0 -39.0 -1.9 -1.5 -0.6 -2.1 0.0 -2.3 29.4 1.2 1.2 0.2 2.1 0.0 1.5 39.1 1.4 1.3 0.2 1.8 0.0 2.3 -64.9 -1.1 -2.3 -0.9 -3.4 0.0 -3.5 -159.8 -9.0 -6.1 -1.8 -8.9 0.0 -9.5 -145.3 -5.8 -5.1 -1.4 -7.4 0.0 -8.3 100.8 1.0 1.3 0.4 1.9 0.0 2.2 -130.4 1.7 1.5 0.6 2.3 0.0 2.3 23 FA263092001 109.1 405.3 313.5 302.9 499.8 505.0 298.3 287.4 357.8 23 24 25 26 27 28 29 30 31 32 FA103192105 FA115114103 FA753192103 FA513192103 FA543192173 FA613192103 FA663192103 FA733192103 FA503192103 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business 157.4 1.4 7.9 -3.1 3.3 3.5 21.8 -24.4 0.0 360.5 0.2 -1.7 6.0 1.0 6.9 41.8 -33.9 0.0 287.5 -1.9 -1.1 -1.4 -2.3 3.8 7.1 2.6 0.0 345.1 7.1 -28.1 10.6 15.7 11.6 54.4 -62.7 0.0 384.6 -3.5 17.6 6.9 -5.1 6.6 52.2 7.7 0.0 424.7 -1.0 5.0 8.1 -4.5 5.8 53.4 -83.2 0.0 287.7 1.6 -0.2 9.1 -2.5 5.5 -27.8 23.6 0.0 218.9 -0.8 8.8 13.3 7.9 6.8 -81.2 131.9 0.0 300.5 2.9 -1.3 13.6 9.1 6.5 -0.2 31.5 0.0 24 25 26 27 28 29 30 31 32 33 34 35 36 FA263092101 FA263092113 FA263092125 FA263092193 Asset: Rest of the world (1) Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment 167.8 87.5 80.3 14.1 380.8 168.9 211.9 16.1 294.2 127.8 166.4 15.4 353.7 129.7 224.0 16.0 466.9 235.8 231.1 16.4 408.3 182.2 226.1 16.6 297.0 97.2 199.7 16.5 305.5 74.3 231.2 16.5 362.6 121.3 241.2 16.5 33 34 35 36 37 38 39 40 41 42 43 44 45 FA103192305 FA115114305 FA753192305 FA513192305 FA543192375 FA613192305 FA663192305 FA733192305 FA503192305 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business -63.8 -1.0 -2.3 -0.9 0.3 -0.8 0.6 9.1 0.0 19.7 -0.1 -1.9 -0.2 -0.4 0.5 1.8 5.1 0.0 21.0 -0.3 -1.8 -1.0 -0.7 0.2 0.3 1.6 0.0 -60.6 -0.2 -7.2 -1.4 -0.8 -0.2 0.3 19.5 0.0 64.2 -0.4 0.1 -0.1 -0.9 0.4 2.6 -33.2 0.0 54.2 0.6 1.5 1.6 0.9 1.4 4.0 32.5 0.0 0.3 -0.1 -0.9 0.3 -0.8 0.1 -1.8 4.4 0.0 22.7 -0.6 -0.8 0.2 -0.4 -0.1 -4.0 -35.0 0.0 37.0 -1.1 -1.9 0.2 -1.8 -1.1 -2.2 -33.8 0.0 37 38 39 40 41 42 43 44 45 46 47 48 FA263092303 FA263092323 FA263192323 Asset: Rest of the world (1) U.S. affiliates’ liabilities Less: U.S. affiliates’ claims -58.7 -22.9 35.7 24.5 7.1 -17.4 19.3 -20.8 -40.1 -50.8 -17.3 33.5 32.8 23.5 -9.4 96.7 42.9 -53.8 1.4 17.0 15.6 -18.1 4.4 22.5 Intercompany debt: Foreign direct investment in U.S. (1) 16 17 18 19 20 21 22 Equity: Intercompany debt: (1) Direct investment is presented on a directional basis and reported at market value. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. -4.8 46 19.8 47 24.6 48 Transactions Equity: 72 Z.1, December 9, 2022 F.231 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2020 1 FA893190005 2 3 4 FA543077073 FA103190005 FA113193003 Net change in liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 FA313190005 FA223073045 Federal government State and local governments 7 8 9 10 11 FA713190005 FA763190005 FA753190005 FA743193005 FA473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 12 13 FA513190005 FA543190005 Property-casualty insurance companies Life insurance companies 14 15 16 FA403190005 FA613190005 FA643193005 Government-sponsored enterprises Finance companies REITs 17 18 19 FA663190005 FA733190005 FA503190005 Brokers and dealers Holding companies Other financial business 20 FA263190005 Rest of the world 21 FA893090005 22 23 24 FA153090005 FA103090005 FA113090005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 FA313090005 FA213093003 27 28 29 30 31 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 644.9 712.5 1285.6 559.5 1351.8 -347.0 1170.3 -149.9 1420.7 1 0.1 -660.0 92.5 1.5 22.2 75.5 8.5 -202.1 39.9 -3.3 68.8 95.8 -0.1 8.3 96.2 0.8 213.8 70.2 7.0 253.9 75.9 -3.2 360.9 50.5 0.1 -65.1 19.1 2 3 4 392.3 255.1 -379.8 253.1 -358.0 253.1 -356.5 253.1 -122.3 253.1 -682.3 253.1 -303.3 253.1 -264.6 253.1 -18.7 253.1 5 6 4.0 -112.2 -11.2 0.2 3.8 1.3 192.3 34.6 -1.1 5.0 -110.6 346.2 184.1 -2.2 28.5 -170.6 293.1 -66.8 -1.2 -0.0 194.7 160.6 31.4 -0.2 -11.2 91.6 -30.7 -10.4 -0.8 2.8 -86.2 -99.4 122.3 -0.3 39.4 -221.9 -410.7 -40.9 0.2 2.7 253.4 7 25.1 8 149.3 9 -0.6 10 11.6 11 76.0 161.9 144.0 73.5 198.3 15.5 160.1 80.3 253.8 64.7 -36.0 133.6 193.5 147.0 125.0 94.6 238.4 12 161.0 13 5.9 17.1 13.4 -6.4 -19.2 2.0 -68.8 62.1 18.5 -53.6 -65.0 3.5 78.8 54.7 -10.3 18.2 -128.5 -3.6 -37.1 0.1 2.6 5.2 -8.4 14.9 126.0 14 -181.1 15 57.6 16 56.9 33.0 303.7 155.0 29.8 118.1 817.0 -0.4 71.7 119.3 -32.3 211.7 62.8 137.6 64.0 -379.2 14.4 124.9 331.0 180.9 9.1 -429.9 140.6 181.6 -122.1 17 272.2 18 220.5 19 12.3 11.1 -15.5 23.3 35.3 1.2 80.7 0.3 20.9 20 1175.7 1223.9 1026.8 1172.1 2168.6 528.2 1770.4 1252.7 2104.5 21 79.9 -228.8 275.9 53.5 326.3 60.4 56.8 137.0 150.4 35.0 -276.9 96.8 106.1 811.3 -10.7 16.2 633.8 4.9 49.2 437.5 86.9 90.4 1097.7 223.5 131.3 22 1555.3 23 254.1 24 Federal government State and local governments 122.0 18.1 -84.1 65.1 -235.7 96.1 -38.1 80.0 -48.8 37.2 -13.7 47.2 7.7 -1.5 -3.2 9.0 10.8 25 38.0 26 FA713090005 FA763090005 FA753093005 FA743093005 FA473090005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 25.0 149.7 -6.1 -5.1 32.6 -15.3 118.3 27.1 -5.1 6.0 -70.1 362.1 22.3 35.2 -58.0 -5.2 113.3 40.8 1.7 58.6 0.8 210.3 -28.5 -43.8 16.8 13.3 -212.6 73.8 -13.3 6.6 -13.3 489.7 18.0 -3.0 29.3 0.1 248.3 1.8 -7.9 -89.3 -5.4 117.0 57.0 28.2 -45.3 32 33 FA513090005 FA543090005 Property-casualty insurance companies Life insurance companies 15.3 115.7 -57.9 80.0 -119.1 76.4 27.6 125.8 -81.1 40.0 -59.0 78.0 186.2 66.2 187.9 148.7 235.9 32 103.1 33 34 35 36 FA573090005 FA343073045 FA223090005 Private pension funds Federal government retirement funds State and local govt. retirement funds 91.7 -27.3 183.7 141.5 -90.1 338.0 88.0 -77.0 207.2 191.5 -157.7 204.1 133.1 215.3 396.9 153.3 -340.8 543.8 82.8 -118.6 50.1 107.2 -187.9 443.4 140.4 34 -11.1 35 354.0 36 37 38 39 FA633093005 FA653093005 FA563093003 Money market funds Mutual funds Exchange-traded funds -8.6 -56.1 41.1 -10.0 -147.9 -3.8 -130.2 -464.2 -16.8 -76.6 -46.9 18.4 343.6 -291.2 -16.5 -177.0 210.9 -0.3 143.1 -426.3 69.5 35.9 -4.5 -10.7 -102.6 37 -65.0 38 -42.4 39 40 41 42 43 FA403093005 FA673090543 FA613090005 FA643090005 Government-sponsored enterprises ABS issuers Finance companies REITs 62.3 23.2 12.9 11.6 -30.5 40.5 -63.4 24.5 38.3 44.4 -44.4 40.4 -98.5 61.7 -16.1 20.2 -4.4 42.9 -78.9 -2.0 -57.3 12.9 -114.3 39.5 -55.0 58.0 17.8 2.8 -97.8 8.4 4.8 -22.4 44 45 46 FA663090005 FA733090005 FA503090005 Brokers and dealers Holding companies Other financial business 155.7 102.5 -27.2 261.2 168.5 17.2 634.6 101.8 170.6 496.2 387.8 -56.1 167.7 203.9 22.8 -253.5 -19.6 -68.7 455.5 -34.2 95.8 -685.5 -127.6 -107.4 -512.1 44 -184.8 45 49.0 46 47 FA263090005 Rest of the world 16.0 3.8 -19.3 -15.4 25.8 24.3 76.2 -10.1 75.2 47 48 FA903090005 -530.8 -511.4 258.9 -612.6 -816.8 -875.2 -600.2 -1402.6 -683.9 48 Net change in assets Discrepancy -29.2 -3.0 -16.9 -26.9 27 28 29 30 31 40 41 42 43 73 Z.1, December 9, 2022 F.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 Federal government equity in IBRD, etc.: 1 2 FA313092803 FA313092803 Liab.: Rest of the world Asset: Federal government 1.8 1.8 1.2 1.2 4.7 4.7 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 1 2 0.7 0.7 1.5 1.5 0.4 0.4 1.4 1.4 1.1 1.1 3.2 3.2 1.8 1.8 2.4 2.4 0.6 0.6 3 4 -6.8 0.1 0.2 0.0 -9.6 -0.1 0.5 2.5 -0.0 -0.5 -0.9 0.2 1.3 0.0 -3.9 0.4 -0.2 1.3 -0.0 0.0 -2.3 0.5 0.1 0.0 -5.6 -0.2 -0.1 3.1 -0.1 0.0 -1.3 -0.1 2.2 0.0 -4.4 0.6 -0.2 0.6 0.0 0.0 -3.5 -0.3 0.8 0.0 -4.6 0.6 -0.2 0.2 0.0 -0.0 3.4 0.5 1.9 0.0 -0.9 0.7 -0.1 1.3 0.0 0.0 5.8 1.4 0.2 0.0 2.2 0.1 -0.3 2.2 0.0 -0.0 24.6 -0.6 0.3 0.0 24.4 3.1 -0.4 -2.2 -0.0 -0.0 23.3 -0.2 3.6 0.0 20.6 2.1 -0.3 -2.4 -0.0 -0.0 5 6 7 8 9 10 11 12 13 14 -218.5 0.3 0.0 158.2 15 16 17 18 3 4 FA713164003 FA713164003 5 6 7 8 9 10 11 12 13 14 FA403192405 FA103092405 FA113092405 FA313092403 FA763092405 FA473092403 FA513092403 FA543092473 FA613092403 FA643092473 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in govt.-sponsored enterprises: Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Property-casualty insurance companies (FHLB) Life insurance companies (FHLB) Finance companies Real estate investment trusts (FHLB) Holding company equity investment in affiliates: 15 16 17 18 FA763194603 FA513194603 FA543194603 FA663194605 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Brokers and dealers 106.9 -1.4 -5.8 6.5 123.4 1.1 0.0 -40.5 83.9 -0.6 0.0 20.1 213.7 5.0 0.0 -34.5 103.2 1.1 0.0 -6.4 93.0 -1.1 0.0 -141.1 -261.3 2.3 0.0 9.4 -254.8 1.0 0.0 314.3 19 FA733094635 Asset: Holding companies 106.3 84.1 103.4 184.2 97.8 -49.2 -249.6 60.5 -39.4 -2.5 -0.2 -2.0 49.8 -6.2 24.0 -0.2 0.0 1.8 54.2 6.0 19.9 3.5 0.0 -2.3 -52.5 22.8 32.2 -1.9 0.0 -3.0 155.7 12.6 40.3 -1.1 0.0 11.9 45.1 17.7 3.7 -1.1 0.0 0.6 68.5 -29.3 -59.6 -1.1 0.0 0.3 173.9 85.6 24.0 -0.0 0.0 -1.2 -183.2 -20.1 -10.5 0.0 0.0 -2.4 -115.7 -5.4 -0.5 85.8 -8.5 195.7 113.8 42.4 199.1 -180.6 -133.9 26 -60.0 19 Holding company other investment in affiliates: 20 21 22 23 24 25 FA763194705 FA513194703 FA543194703 FA613194733 FA663194705 FA263194735 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 26 FA733094735 Asset: Holding companies 20 21 22 23 24 25 Holding company balances due to affiliates: 27 FA733194735 Liab.: Holding companies 42.9 33.5 9.7 -8.6 101.3 31.7 203.8 101.5 224.5 27 28 29 30 31 32 FA763094703 FA513094703 FA543094703 FA663094705 FA263094733 Asset: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Brokers and dealers Rest of the world 4.4 0.0 0.0 20.3 18.1 -4.3 0.4 0.0 39.5 -2.1 5.8 0.0 0.0 29.3 -25.3 -8.5 0.0 0.0 21.2 -21.4 -15.2 0.0 0.0 96.6 19.8 0.8 1.6 0.0 10.9 18.3 -2.0 -1.6 0.0 133.4 74.0 -0.1 0.8 0.0 117.9 -17.2 10.4 4.2 0.0 143.7 66.1 -3.0 -3.0 -14.9 -14.9 -0.4 -0.4 -39.2 -39.2 -23.4 -23.4 3.4 3.4 -8.8 -8.8 8.1 8.1 -13.1 33 -13.1 34 -27.6 0.0 -27.6 16.6 0.0 16.6 169.2 0.0 169.2 -69.8 0.0 -69.8 36.0 0.0 36.0 -69.0 0.0 -69.0 94.7 0.0 94.7 -106.6 0.0 -106.6 44.1 35 0.0 36 44.1 37 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38 0.0 39 0.0 40 1.5 112.5 114.0 -1.5 -91.2 -92.7 0.0 -248.9 -248.9 -6.0 -40.0 -46.0 0.0 -53.7 -53.7 0.0 -22.4 -22.4 0.0 -0.0 -0.0 0.0 -13.3 -13.3 0.0 41 0.0 42 0.0 43 28 29 30 31 32 NFC other investment in finance company affiliates: 33 34 FA103094705 FA103094705 Liab.: Finance companies Asset: Nonfinancial corporate business Other financial business investment in affiliates: 35 36 37 FA753194503 FA663194505 FA503094505 38 39 40 FA503194305 FA153094305 FA313094303 Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Other financial business Equity investment under Public-Private Inv. Program: Liab.: Other financial business Asset: Households (1) Federal government Federal gov’t investment in Federal Reserve facilities: 41 42 43 FA313094213 FA503194205 FA313094205 Liab.: Monetary authority Other financial business Asset: Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). Transactions Federal Reserve Bank stock: 74 Z.1, December 9, 2022 F.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 2 3 FA263191103 FA313091105 FA713091103 Nonofficial foreign currencies: Liab.: Rest of the world Asset: Federal government Monetary authority (1) 14.2 0.0 14.2 -14.5 -0.0 -14.5 -61.5 0.0 -61.5 -7.8 0.0 -7.8 -1.0 -0.0 -1.0 12.0 0.0 12.0 -11.9 0.0 -11.9 -0.1 0.0 -0.1 -0.2 0.0 -0.2 1 2 3 4 5 FA313131003 FA313131003 Postal Savings System deposits: Liab.: Federal government Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 6 7 FA403197033 FA403197033 Deposits at Federal Home Loan Banks: Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions 4.9 4.9 -1.0 -1.0 9.2 9.2 -8.3 -8.3 -0.1 -0.1 -5.0 -5.0 -0.8 -0.8 -3.2 -3.2 -5.2 -5.2 6 7 8 9 10 11 12 FA313172003 FA163072003 FA103072005 FA113072003 FA613072003 Paycheck Protection Program subsidies payable: Liab.: Federal government Asset: Nonprofit organizations Nonfinancial corporate business Nonfinancial noncorporate business Finance companies 415.2 34.1 244.4 134.8 1.9 -308.9 -23.9 -171.8 -111.3 -1.9 -273.8 -19.9 -172.1 -79.8 -1.9 -232.9 -29.8 -157.7 -42.8 -2.7 -361.9 -26.1 -175.6 -157.9 -2.2 -366.9 -19.8 -181.7 -164.7 -0.6 -208.5 -13.7 -106.4 -88.3 0.0 -111.9 -7.6 -98.9 -5.4 0.0 -52.3 8 -3.8 9 -48.5 10 0.0 11 0.0 12 13 14 FA673090543 FA673090543 Funding agreements backing securities: Liab.: Life insurance companies (2) Asset: ABS issuers 23.2 23.2 40.5 40.5 44.4 44.4 61.7 61.7 42.9 42.9 12.9 12.9 58.0 58.0 8.4 8.4 -3.0 13 -3.0 14 15 16 FA543077073 FA543077073 Deferred and unpaid life insurance premiums: Liab.: Household sector Asset: Life insurance companies 0.1 0.1 1.5 1.5 8.5 8.5 -3.3 -3.3 -0.1 -0.1 0.8 0.8 7.0 7.0 -3.2 -3.2 0.1 15 0.1 16 17 18 19 20 FA543195005 FA263195105 FA153095105 FA543095105 Life insurance company reserves: Liab.: Life insurance companies Rest of the world Asset: Household sector Life insurance companies 19.2 5.8 16.2 8.8 17.0 2.2 15.1 4.1 13.9 2.2 12.0 4.1 6.1 2.2 4.2 4.1 25.1 2.2 23.2 4.1 22.9 2.2 21.1 4.1 20.0 1.0 17.7 3.4 -0.4 0.9 -2.6 3.1 17.0 1.3 13.8 4.6 17 18 19 20 21 22 23 24 25 26 27 FA513176005 FA263176005 FA153076005 FA103076005 FA113076005 FA513076005 FA263076005 Policy payables: Liab.: Property-casualty insurance companies Rest of the world Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Property-casualty insurance companies Rest of the world 55.2 -3.3 21.3 22.0 6.9 3.8 -2.1 111.2 16.2 40.9 36.0 17.2 27.4 6.0 126.5 16.2 50.2 41.9 17.2 27.4 6.0 105.6 16.2 37.0 34.0 17.4 27.4 6.0 196.7 16.2 82.6 70.4 26.6 27.4 6.0 16.0 16.2 -6.5 -2.1 7.5 27.4 6.0 50.5 6.0 17.2 16.4 9.0 11.7 2.2 163.9 19.6 64.7 51.0 22.5 38.1 7.1 211.1 25.2 89.3 64.0 24.8 49.1 9.1 21 22 23 24 25 26 27 28 29 30 FA593095005 FA573095005 FA223095505 Unallocated insurance company contracts: Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds 34.4 26.7 7.7 22.7 10.0 12.6 1.8 -5.4 7.2 39.9 24.1 15.8 18.6 9.9 8.7 30.4 11.6 18.9 3.7 -12.9 16.6 -1.4 -10.0 8.7 11.7 28 1.4 29 10.3 30 31 32 FA573074005 FA573074005 Pension fund contributions payable: Liab.: Nonfinancial corporate business Asset: Private pension funds -2.4 -2.4 -2.8 -2.8 -2.5 -2.5 -2.5 -2.5 -3.0 -3.0 -3.3 -3.3 -2.7 -2.7 -2.6 -2.6 -3.4 31 -3.4 32 33 34 35 FA663170605 FA663070675 FA663070605 Securities brokers and dealers payables: Liab.: Brokers and dealers Other financial business Asset: Brokers and dealers 49.2 -1.3 47.8 134.2 56.4 190.6 644.1 -63.2 580.9 43.8 289.1 332.9 180.1 172.2 352.3 -331.0 -172.6 -503.6 287.3 330.1 617.4 -271.4 -21.7 -293.1 -70.5 33 -278.0 34 -348.5 35 36 37 FA313195105 FA313195105 Retiree health care funds: Liab.: Federal government (3) Asset: Household sector 8.2 8.2 21.4 21.4 14.5 14.5 23.6 23.6 26.3 26.3 21.4 21.4 28.1 28.1 36.0 36.0 32.1 36 32.1 37 38 39 40 41 42 43 FA573073005 FA343073045 FA223073045 FA573073005 FA343073045 FA223073045 Claims of pension fund on sponsor: Liab.: Nonfinancial corporate business Federal government State and local governments Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds -6.7 -27.3 255.1 -6.7 -27.3 255.1 26.1 -90.1 253.1 26.1 -90.1 253.1 17.9 -77.0 253.1 17.9 -77.0 253.1 31.5 -157.7 253.1 31.5 -157.7 253.1 25.8 215.3 253.1 25.8 215.3 253.1 29.2 -340.8 253.1 29.2 -340.8 253.1 13.7 -118.6 253.1 13.7 -118.6 253.1 10.6 -187.9 253.1 10.6 -187.9 253.1 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities are included in foreign direct investment in the U.S. See tables F.133 and F.230. (3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 29.5 -11.1 253.1 29.5 -11.1 253.1 38 39 40 41 42 43 75 Z.1, December 9, 2022 F.234 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893193005 2 3 FA103193005 FA113193003 Net change in liabilities Nonfinancial corporate business Nonfinancial noncorporate business 4 FA313193005 Federal government 5 6 7 8 9 FA713193005 FA763193005 FA753193005 FA743193005 FA473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 10 11 FA513193005 FA543193005 12 13 14 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 -426.6 313.0 583.9 -117.3 273.7 511.7 207.5 64.9 1177.9 1 -650.9 92.5 -1.1 75.5 -217.5 39.9 39.8 95.8 -14.5 96.2 187.9 70.2 242.9 75.9 352.9 50.5 -91.2 19.1 2 3 -3.8 -2.3 -21.6 10.6 -2.0 3.9 -4.2 -0.7 12.6 4 1.8 -179.7 16.4 0.2 3.8 1.3 44.8 18.0 -1.1 5.0 -111.0 242.3 14.9 -2.2 28.5 -166.0 47.3 3.0 -1.2 -0.0 193.7 17.1 -4.5 -0.2 -11.2 88.4 -127.4 58.6 -0.8 2.8 -88.0 221.5 27.7 -0.3 39.4 -224.3 -179.8 65.7 0.2 2.7 252.8 254.0 105.2 -0.6 11.6 5 6 7 8 9 Property-casualty insurance companies Life insurance companies 24.7 91.0 31.9 -6.7 68.9 -44.7 51.3 -27.4 57.1 -21.9 -49.8 67.3 141.8 65.2 -39.8 88.0 27.0 10 135.3 11 FA403193005 FA613193005 FA643193005 Government-sponsored enterprises Finance companies REITs 7.8 22.0 13.4 -4.4 -6.1 2.0 -75.8 64.7 18.5 -44.1 -22.9 3.5 82.4 66.1 -10.3 19.8 -132.6 -3.6 -42.2 8.6 2.6 -16.2 -15.3 14.9 108.0 12 -165.7 13 57.6 14 15 16 17 FA663193005 FA733193005 FA503193005 Brokers and dealers Holding companies Other financial business -48.6 -9.9 192.6 7.0 -3.7 152.9 205.3 -10.1 383.8 -45.7 -23.7 -37.4 -156.0 36.3 -54.5 24.4 -17.3 319.9 -139.5 -22.9 -321.0 -289.6 39.1 216.5 -94.2 15 47.7 16 498.5 17 18 FA893093005 104.2 824.5 325.0 495.4 1090.5 1387.0 807.6 1467.5 1861.7 18 19 20 FA103093005 FA113093005 Nonfinancial corporate business Nonfinancial noncorporate business -492.2 134.0 476.8 153.2 267.0 212.9 -113.9 120.0 940.3 119.8 813.7 160.2 535.0 166.1 1138.2 206.1 1553.0 19 225.8 20 21 22 FA313093003 FA213093003 Federal government State and local governments 6.1 18.1 7.5 65.1 8.5 96.1 7.9 80.0 4.8 37.2 8.7 47.2 7.7 -1.5 10.0 9.0 10.8 21 38.0 22 23 24 25 26 27 FA713093005 FA763093005 FA753093005 FA743093005 FA473093005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 10.8 149.3 -6.1 -5.1 32.7 -0.8 125.9 27.1 -5.1 5.6 -8.6 352.4 22.3 35.2 -57.8 2.5 133.1 40.8 1.7 58.0 1.7 229.1 -28.5 -43.8 16.2 1.3 -210.7 73.8 -13.3 5.9 -1.4 488.5 18.0 -3.0 29.2 0.2 224.8 1.8 -7.9 -92.5 -5.2 90.7 57.0 28.2 -47.4 28 29 FA513093005 FA543093005 Property-casualty insurance companies Life insurance companies 10.9 104.2 -85.5 73.1 -146.4 60.7 0.4 124.4 -108.2 35.7 -87.9 71.7 176.4 53.6 149.3 151.0 182.9 28 100.9 29 30 31 FA573093005 FA223093005 Private pension funds State and local govt. retirement funds 74.1 -79.1 108.2 72.2 78.1 -53.2 138.4 -64.9 100.4 135.1 115.8 271.8 84.8 -219.7 109.2 181.6 112.9 30 90.6 31 32 33 34 FA633093005 FA653093005 FA563093003 Money market funds (net) Mutual funds Exchange-traded funds -8.6 -56.1 41.1 -10.0 -147.9 -3.8 -130.2 -464.2 -16.8 -76.6 -46.9 18.4 343.6 -291.2 -16.5 -177.0 210.9 -0.3 143.1 -426.3 69.5 35.9 -4.5 -10.7 -102.6 32 -65.0 33 -42.4 34 35 36 37 FA403093005 FA613093005 FA643093005 Government-sponsored enterprises Finance companies REITs 62.3 11.1 12.1 -30.5 -61.5 24.5 38.3 -42.3 40.4 -98.5 -13.4 20.2 -4.4 -76.7 -2.0 -57.3 -113.6 39.5 -55.0 17.8 2.8 -97.8 4.8 -22.4 -29.2 35 -16.9 36 -26.9 37 38 39 40 FA663093005 FA733093005 FA503093023 Brokers and dealers Holding companies Other financial business 87.6 -3.3 0.3 31.1 -1.4 0.6 24.4 6.9 1.4 142.2 7.8 13.7 -281.2 -7.7 -13.2 239.2 -12.8 0.4 -295.3 16.3 1.1 -510.4 -7.5 -0.8 -307.3 38 9.1 39 4.9 40 41 FA903090005 -530.8 -511.4 258.9 -612.6 -816.8 -875.2 -600.2 -1402.6 -683.9 41 Net change in assets Discrepancy 23 24 25 26 27 Transactions 2020 76 Z.1, December 9, 2022 F.7 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 2021 2021 Transactions Q1 1 FA897005005 2 3 FA157005005 FA107005005 All sectors Household sector Nonfinancial corporate business 4 5 FA317005005 FA217005005 Federal government State and local governments 6 FA797005005 Domestic financial sectors 7 FA717005005 Monetary authority 8 9 10 11 FA767005005 FA757005005 FA747005005 FA477005005 U.S.-chartered depository institutions Foreign banking officed in U.S. Banks in U.S.-affiliated areas Credit unions 12 13 FA517005005 FA547005005 Property-casualty insurance companies Life insurance companies 14 15 FA657005005 FA407005005 Mutual funds Government-sponsored enterprises 16 17 18 FA677005005 FA617005005 FA647005005 Issuers of asset-backed securities Finance companies REITs 19 20 FA667005005 FA737005005 Brokers and dealers Holding companies 21 FA267005005 Rest of the world Q2 Q3 Q4 2022 Q2 Q1 Q3 -191.9 -47.6 496.1 46.0 -508.4 -224.2 -544.3 -634.6 -927.9 1 -326.1 2.5 223.8 26.8 2368.7 80.3 -781.6 242.3 -175.3 -30.9 -516.7 -184.3 -499.1 26.4 161.0 10.7 320.0 -82.6 2 3 227.1 -16.6 -262.5 -2.4 -1263.4 -4.1 137.9 79.1 161.3 -15.2 -85.7 -69.4 234.8 -95.1 -551.1 49.5 609.2 -85.4 4 5 -159.3 -373.0 -900.7 -136.0 -501.7 46.3 -973.5 -910.7 -928.6 6 2.5 3.5 -1.0 4.4 6.0 4.8 4.3 3.4 5.5 7 -295.0 72.3 2.3 -7.5 -248.4 -125.8 -1.7 -16.8 -548.6 -73.9 -7.9 -21.6 127.2 -267.7 4.2 9.1 -464.9 -151.6 -1.8 -32.9 -107.1 -9.8 -1.1 -21.7 -513.3 72.5 -10.5 -50.9 -617.1 -26.1 -8.7 -26.9 -499.5 8 -143.3 9 -12.2 10 -35.0 11 25.3 5.5 75.9 -89.4 163.2 -145.4 24.3 -101.1 94.9 -46.0 21.3 -65.1 -116.4 -122.2 -160.7 -110.7 -252.7 12 -85.7 13 -36.1 45.6 28.5 -57.6 25.7 -260.2 27.7 -56.4 23.1 98.4 37.4 -12.3 45.0 -261.2 35.0 -157.9 35.0 14 69.1 15 0.0 50.2 31.9 0.0 69.7 30.4 0.0 3.6 -3.6 0.0 138.2 43.2 0.0 52.1 -17.5 0.0 85.0 99.4 0.0 0.3 -72.4 0.0 55.7 80.5 0.0 16 -43.3 17 -25.4 18 1.9 -58.2 16.6 -58.1 -33.1 2.2 35.9 -125.0 30.8 -92.2 32.8 -17.2 -37.7 89.2 -89.9 112.6 -13.0 19 71.8 20 80.5 339.6 215.3 504.3 53.3 585.5 762.2 605.9 -760.5 21 -191.9 -47.6 496.1 46.0 -508.4 -224.2 -544.3 -634.6 -927.9 1 -0.4 104.1 -0.5 27.1 -0.3 -14.0 -0.2 -122.0 -0.8 17.8 -0.6 226.4 -0.6 29.7 -0.7 133.4 -2.4 57.0 2 3 F.8 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA907005005 All types 2 3 FA903012005 FA903091005 Treasury currency Foreign deposits 4 5 FA904010005 FA902050005 Net interbank transactions Security repurchase agreements 10.4 39.1 17.1 230.1 359.4 -127.7 -383.3 1009.7 92.3 51.0 0.1 -12.6 330.3 -357.5 -466.8 791.3 74.3 -356.9 4 5 6 7 8 9 FA903020005 FA903023005 FA903028003 FA903029200 Mail floats Federal government State and local governments Private domestic -0.5 -0.7 0.0 0.2 0.6 1.3 0.0 -0.7 -78.9 -80.2 0.0 1.2 105.2 105.7 0.0 -0.5 -121.1 -120.7 0.0 -0.4 97.4 100.5 0.0 -3.1 -144.5 -150.4 0.0 5.8 162.4 162.9 0.0 -0.4 -144.1 -141.9 0.0 -2.2 6 7 8 9 10 11 FA903070005 FA903078005 Trade credit Taxes payable -33.4 9.6 -37.3 103.2 -127.6 -2.2 -162.5 192.8 -36.7 177.9 177.5 44.3 -21.5 -51.2 -206.2 91.2 -11.9 10 37.7 11 12 FA903090005 Miscellaneous -530.8 -511.4 258.9 -612.6 -816.8 -875.2 -600.2 -1402.6 -683.9 12 13 FA906000105 Nonfinancial 210.0 123.5 228.6 18.9 128.0 118.5 271.2 263.4 102.2 13 14 15 FA087005005 FA156600075 -214.9 5.0 -128.9 5.4 -233.8 5.2 -24.3 5.3 -133.5 5.5 -124.2 5.7 -277.0 5.8 -269.3 5.9 -108.2 14 6.0 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas 77 Z.1, December 9, 2022 L.100 Domestic Nonfinancial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2021 Q1 Total financial assets Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL384090005 2 3 FL313011005 FL383091005 U.S. official reserve assets Foreign deposits 4 5 6 7 FL383020005 FL383030005 FL383034005 FL382051005 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 8 9 10 11 12 13 FL384022005 FL383069105 FL383061105 FL383061705 FL383062005 FL383063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 6282.1 328.0 2631.3 728.7 1968.8 625.2 5500.4 334.1 2193.7 699.1 1849.3 424.2 5579.7 313.7 2294.1 622.1 1929.6 420.3 5678.8 348.2 2253.4 729.0 1925.8 422.4 5860.8 330.2 2488.9 662.1 1874.4 505.2 5500.4 334.1 2193.7 699.1 1849.3 424.2 5843.4 311.1 2653.7 787.3 1693.2 398.1 6282.6 328.6 2924.1 995.6 1653.8 380.5 6938.2 294.2 3439.2 1250.6 1586.8 367.4 8 9 10 11 12 13 14 15 16 17 FL384023005 FL383069005 FL383065005 FL383066005 Loans Other loans and advances Mortgages Consumer credit 3579.0 1569.6 568.5 1440.9 3869.8 1776.6 598.6 1494.6 3633.7 1588.6 576.5 1468.6 3668.1 1613.5 582.8 1471.9 3800.2 1714.9 591.1 1494.2 3869.8 1776.6 598.6 1494.6 4070.4 1953.9 604.9 1511.6 4056.7 1931.0 612.3 1513.4 4067.7 1905.9 621.4 1540.4 14 15 16 17 18 19 LM383064105 LM383064205 Corporate equities Mutual fund shares 28949.3 35404.7 31133.6 33653.8 33905.7 35404.7 33810.6 28129.1 26866.9 18 11449.6 13330.4 11932.1 12577.8 12556.3 13330.4 12325.5 10442.6 9757.8 19 20 21 22 FL383070005 FL153040005 FL153050005 Trade receivables Life insurance reserves Pension entitlements 5331.1 5980.6 5511.3 5670.1 5783.0 5980.6 6204.4 6426.5 6410.6 20 1867.0 1944.9 1872.8 1910.3 1926.9 1944.9 1919.6 1887.5 1885.6 21 29794.3 31677.5 30199.0 30957.3 31025.1 31677.5 31094.5 29762.3 29403.6 22 23 24 25 FL383078005 LM152090205 LM103092005 Taxes payable Equity in noncorporate business U.S. direct investment abroad 631.6 674.8 672.8 576.2 708.7 674.8 728.3 599.5 540.0 23 12948.1 15531.1 13293.1 13959.0 14901.2 15531.1 15942.4 16553.6 16946.8 24 6782.8 8058.4 7185.7 7749.6 7688.2 8058.4 7545.5 6411.6 5819.1 25 26 FL383090005 Miscellaneous assets 11913.5 11367.1 11680.2 11184.5 11410.7 11367.1 12113.9 13675.3 14689.6 26 27 FL384190005 28 29 30 LM313111303 FL713014003 FL313112003 U.S. official reserve assets SDR certificates Treasury currency 31 32 33 34 35 36 FL384122005 FL103169100 FL313161105 FL313161705 FL383162005 FL103163003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 34282.6 36248.9 34784.7 35191.4 35226.5 36248.9 37050.2 37040.4 37455.4 31 132.2 138.2 144.0 132.0 122.4 138.2 188.7 188.1 199.1 32 23600.9 25284.7 23943.0 24301.5 24249.9 25284.7 26016.5 26050.7 26468.7 33 20.2 19.8 19.8 19.8 19.5 19.8 19.4 19.7 19.4 34 3988.8 4066.7 4015.5 4038.7 4057.0 4066.7 4045.2 4049.5 4032.8 35 6540.6 6739.4 6662.3 6699.4 6777.6 6739.4 6780.3 6732.4 6735.5 36 37 38 39 40 41 FL384123005 FL383168005 FL383169005 FL383165005 FL153166000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 27057.4 28942.3 27396.3 27763.7 28377.0 28942.3 29544.3 30257.9 30779.1 37 3137.0 3066.4 3140.9 3010.3 2925.0 3066.4 3241.0 3403.1 3478.5 38 3174.5 3632.3 3332.1 3420.5 3687.0 3632.3 3771.7 3790.8 3820.8 39 16561.1 17812.8 16756.0 17073.8 17427.5 17812.8 18069.1 18480.4 18795.4 40 4184.9 4430.8 4167.2 4259.1 4337.4 4430.8 4462.6 4583.6 4684.5 41 42 FL383170005 Trade payables 43 44 45 FL313140003 FL143178005 LM143192305 Life insurance reserves Taxes payable Foreign direct investment: intercompany debt 46 FL383190005 Miscellaneous liabilities 47 48 49 LM103164103 LM112090205 LM143192105 Total liabilities 143168.7 158303.0 146786.8 151698.3 153535.6 158303.0 157016.8 149485.9 148237.7 111.7 183.5 219.9 207.0 107.0 210.8 108.1 242.2 218.7 207.7 219.9 207.0 217.6 234.6 209.5 205.7 1 202.3 203.7 2 3 7278.2 7389.5 7063.1 7208.3 6872.6 7389.5 7849.2 8204.2 8152.9 12279.8 13141.3 12806.4 12632.2 12808.8 13141.3 13214.8 12741.3 12396.6 3571.1 3791.2 3701.5 3701.7 3647.1 3791.2 3682.6 3680.8 3739.1 216.2 214.4 204.0 220.5 213.8 214.4 219.5 217.0 217.2 4 5 6 7 84076.6 87909.7 84827.9 85518.4 86445.7 87909.7 89780.3 91278.2 92507.9 27 50.9 5.2 23.1 160.8 5.2 23.0 50.1 5.2 23.1 50.4 5.2 23.1 161.8 5.2 23.0 160.8 5.2 23.0 158.8 5.2 23.0 152.5 5.2 23.0 147.0 28 5.2 29 22.6 30 5205.8 5841.4 5315.4 5469.6 5614.0 5841.4 6029.9 6246.9 6262.5 42 52.4 450.9 331.1 52.6 431.9 335.5 52.7 457.5 338.3 51.8 431.9 310.7 52.7 432.5 322.2 52.6 431.9 335.5 52.9 486.4 319.0 52.8 428.9 320.5 53.0 43 416.0 44 329.5 45 16617.3 15868.1 16404.6 16220.7 16230.9 15868.1 16110.5 16750.1 17037.6 46 Memo: Corporate equities (market value) Equity in noncorporate business Foreign direct investment: equity (1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107. 42498.0 51408.0 44980.3 48277.7 48151.5 51408.0 48188.9 39427.4 37736.5 47 12857.8 15425.0 13199.3 13861.0 14801.6 15425.0 15847.4 16459.7 16849.3 48 8791.9 11341.0 9341.7 10157.8 10215.8 11341.0 10757.1 8970.3 8586.9 49 Levels 2020 78 Z.1, December 9, 2022 L.101 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Levels Q1 Total financial assets Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL154090005 2 3 4 5 LM153091003 FL153020005 FL153030005 FL153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 7 8 9 10 LM154022005 LM153061105 LM153061705 LM153062005 LM153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3936.8 1368.5 237.9 1929.6 400.8 2883.4 590.9 255.2 1806.0 231.3 3338.8 1057.0 166.6 1889.4 225.8 3192.3 806.4 272.1 1884.7 229.0 3294.8 942.1 209.3 1832.3 311.1 2883.4 590.9 255.2 1806.0 231.3 3305.2 1074.1 351.9 1651.4 227.9 3594.1 1201.4 555.8 1611.9 225.1 4305.9 6 1729.0 7 808.9 8 1544.8 9 223.3 10 11 12 13 14 FL154023005 FL153069005 FL153065005 FL163066223 Loans Other loans and advances (2) Mortgages Consumer credit (student loans) 1254.3 1149.7 80.5 24.1 1350.7 1241.7 86.6 22.4 1267.8 1161.5 82.4 23.8 1283.9 1176.9 83.7 23.2 1334.8 1226.9 85.2 22.7 1350.7 1241.7 86.6 22.4 1481.5 1373.3 86.2 22.0 1425.6 1318.6 85.4 21.6 1368.7 1262.5 85.1 21.1 15 16 LM153064105 LM153064205 Corporate equities (3) Mutual fund shares 26122.9 31940.7 28161.1 30468.1 30740.8 31940.7 30545.3 25424.0 24328.6 15 10960.1 12755.8 11421.3 12032.2 12008.3 12755.8 11781.2 9962.2 9297.9 16 17 18 19 20 21 FL163070005 FL153040005 FL153050005 FL593073005 FL153050025 Trade receivables Life insurance reserves Pension entitlements (4) Claims of pension fund on sponsor Funded pension entitlements 283.3 291.5 285.3 287.4 289.4 291.5 293.6 295.8 297.9 1867.0 1944.9 1872.8 1910.3 1926.9 1944.9 1919.6 1887.5 1885.6 29794.3 31677.5 30199.0 30957.3 31025.1 31677.5 31094.5 29762.3 29403.6 5769.8 4985.2 5691.7 5335.5 5448.9 4985.2 5515.0 6400.9 6862.0 24024.6 26692.2 24507.3 25621.8 25576.2 26692.2 25579.5 23361.4 22541.7 22 23 LM152090205 FL153090005 Equity in noncorporate business Miscellaneous assets 12948.1 15531.1 13293.1 13959.0 14901.2 15531.1 15942.4 16553.6 16946.8 22 1366.8 1420.3 1375.9 1382.3 1405.1 1420.3 1427.3 1447.5 1476.5 23 24 FL154190005 25 FL163162003 Debt securities (municipal securities) 26 27 28 29 30 31 FL154123005 FL153165105 FL153166000 FL153168005 FL153169005 FL163165505 Loans One-to-four-family residential mortgages (5) Consumer credit Depository institution loans n.e.c. (6) Other loans and advances Commercial mortgages 32 33 FL163170005 FL543077073 Trade payables Deferred and unpaid life insurance premiums Total liabilities 104884.7 118143.6 108581.4 113005.1 114645.4 118143.6 116333.2 108775.3 107720.9 1 48.5 48.2 49.8 48.5 47.3 48.2 50.2 49.6 50.9 3182.2 4280.2 3587.0 3944.2 4062.2 4280.2 4508.4 4831.1 5123.3 10418.6 11215.9 10937.0 10764.5 10900.5 11215.9 11259.5 10812.9 10454.7 2701.9 2803.3 2792.5 2775.2 2709.0 2803.3 2724.5 2729.2 2780.5 2 3 4 5 11 12 13 14 17 18 19 20 21 17121.3 18358.9 17319.1 17659.2 17968.7 18358.9 18553.8 18914.2 19234.4 24 201.7 200.1 202.2 202.1 201.0 200.1 202.1 199.8 199.1 25 16506.3 17737.1 16699.7 17039.1 17347.9 17737.1 17926.4 18288.3 18607.4 26 10916.1 11751.1 11037.5 11261.0 11499.1 11751.1 11887.7 12145.4 12354.0 27 4184.9 4430.8 4167.2 4259.1 4337.4 4430.8 4462.6 4583.6 4684.5 28 370.7 423.8 370.3 371.7 384.9 423.8 437.1 458.2 468.7 29 774.3 869.8 864.1 886.3 865.3 869.8 877.2 838.9 837.6 30 260.4 261.5 260.7 261.0 261.2 261.5 261.9 262.3 262.6 31 376.7 36.6 383.7 38.1 378.5 38.7 380.2 37.9 381.9 37.9 383.7 38.1 385.4 39.8 387.1 39.0 388.9 32 39.1 33 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary balance sheet table B.101.n shows estimates of annual year-end outstandings of nonprofit organizations. (2) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held corporate equities, including closed-end fund, exchange-traded fund, and real estate investment trust shares. (4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security. (5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23). (6) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF I). 79 Z.1, December 9, 2022 L.102 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2021 Q1 1 FL144090005 2 3 4 5 6 FL103091003 FL143020005 FL143030005 FL143034005 FL102051003 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 8 9 10 11 LM144022005 FL103069100 LM143061105 LM103061703 LM143062005 12 13 14 Q2 Q3 Q4 Q1 2022 Q2 Q3 29739.9 32141.8 30250.2 30791.1 31202.8 32141.8 32368.2 32299.7 32276.5 158.8 2353.6 1540.6 932.6 25.1 161.0 2110.1 1453.2 864.9 22.3 193.6 2111.8 1474.4 879.4 36.2 160.4 2272.8 1521.8 888.2 27.0 158.8 2353.6 1540.6 932.6 25.1 184.4 2333.8 1577.7 904.8 27.8 156.1 2222.7 1573.0 898.8 22.8 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 446.6 250.9 151.0 24.3 20.5 464.7 253.0 162.1 28.6 21.0 414.3 235.5 137.5 20.7 20.6 442.5 269.1 133.3 19.2 20.9 449.5 250.1 152.6 26.0 20.9 464.7 253.0 162.1 28.6 21.0 437.5 229.0 159.6 29.1 19.8 462.9 245.4 167.2 31.0 19.3 431.6 7 210.0 8 172.7 9 30.2 10 18.7 11 FL144023005 FL143065005 FL143066005 Loans Mortgages Consumer credit 135.2 99.4 35.8 145.7 109.8 35.8 137.2 102.5 34.7 139.1 104.3 34.7 142.4 107.3 35.0 145.7 109.8 35.8 147.5 112.8 34.7 150.6 115.9 34.8 153.6 12 118.5 13 35.0 14 15 16 17 LM103064103 LM103064203 FL143070005 Corporate equities Mutual fund shares Trade receivables 2543.2 376.7 4726.5 3124.4 446.6 5325.2 2675.0 394.2 4892.6 2868.1 422.1 5047.4 2849.3 425.0 5144.8 3124.4 446.6 5325.2 2944.1 424.1 5536.7 2434.3 375.4 5747.4 2280.1 15 360.3 16 5715.9 17 18 19 LM103092005 FL143090005 U.S. direct investment abroad Miscellaneous assets 6782.8 10147.1 8058.4 9566.2 7185.7 9939.5 7749.6 9427.0 7688.2 9633.3 8058.4 7545.5 6411.6 5819.1 18 9566.2 10304.3 11844.2 12817.2 19 20 FL144190005 21 22 23 24 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities Corporate bonds 25 26 27 28 FL144123005 FL143168005 FL143169005 FL143165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 29 30 FL143170005 FL143178005 Trade payables Taxes payable 31 32 LM143192305 FL143190005 Foreign direct investment: intercompany debt Miscellaneous liabilities Total liabilities 152.8 2032.9 1587.2 905.5 20.5 1 135.0 2134.0 1446.5 829.3 37.0 2 3 4 5 6 32058.9 33549.5 32356.8 32580.8 32938.4 33549.5 34230.4 34823.7 35024.2 20 7277.3 132.2 604.5 6540.6 7492.7 138.2 615.0 6739.4 7412.2 144.0 605.9 6662.3 7442.1 132.0 610.7 6699.4 7512.9 122.4 612.9 6777.6 7492.7 138.2 615.0 6739.4 7587.9 188.7 618.8 6780.3 7542.7 188.1 622.2 6732.4 7551.2 199.1 616.7 6735.5 21 22 23 24 10529.0 11182.7 10674.4 10702.4 10826.3 11182.7 11595.2 11946.8 12148.9 25 2766.3 2642.5 2770.6 2638.6 2540.1 2642.5 2803.9 2944.9 3009.8 26 2378.1 2740.0 2445.8 2511.9 2618.9 2740.0 2871.8 2929.1 2960.3 27 5384.5 5800.2 5457.9 5551.8 5667.3 5800.2 5919.5 6072.8 6178.8 28 3279.6 450.9 3789.5 431.9 3356.8 457.5 3477.2 431.9 3595.7 432.5 3789.5 431.9 3936.0 486.4 4112.3 428.9 4109.5 29 416.0 30 331.1 335.5 338.3 310.7 322.2 335.5 319.0 320.5 329.5 31 10191.1 10317.2 10117.5 10216.5 10248.9 10317.2 10305.8 10472.6 10469.1 32 Memo: 33 34 35 LM103164103 LM112090205 LM143192105 Corporate equities (market value) Equity in noncorporate business Foreign direct investment: equity 42498.0 51408.0 44980.3 48277.7 48151.5 51408.0 48188.9 39427.4 37736.5 33 12857.8 15425.0 13199.3 13861.0 14801.6 15425.0 15847.4 16459.7 16849.3 34 8791.9 11341.0 9341.7 10157.8 10215.8 11341.0 10757.1 8970.3 8586.9 35 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Levels 2020 80 Z.1, December 9, 2022 L.103 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Levels Q1 Total financial assets Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL104090005 2 3 4 5 6 FL103091003 FL103020000 FL103030003 FL103034000 FL102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 23277.9 25394.6 23716.9 24193.0 24555.4 25394.6 25515.1 25354.9 25252.4 7 8 9 10 11 LM104022005 FL103069100 LM103061103 LM103061703 LM103062003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 12 13 14 FL104023005 FL103065003 FL103066005 Loans Mortgages Consumer credit 15 16 17 LM103064103 LM103064203 FL103070005 18 19 20 21 22 23 24 25 FL104190005 26 27 28 29 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities (2) Corporate bonds (1) 7277.3 132.2 604.5 6540.6 7492.7 138.2 615.0 6739.4 7412.2 144.0 605.9 6662.3 7442.1 132.0 610.7 6699.4 7512.9 122.4 612.9 6777.6 7492.7 138.2 615.0 6739.4 7587.9 188.7 618.8 6780.3 7542.7 188.1 622.2 6732.4 7551.2 199.1 616.7 6735.5 26 27 28 29 30 31 32 33 FL104123005 FL103168005 FL103169005 FL103165005 Loans Depository institution loans n.e.c. Other loans and advances (3) Mortgages 4121.1 1182.8 2025.7 912.6 4513.2 1144.4 2330.2 1038.6 4201.7 1191.0 2081.3 929.4 4187.4 1102.1 2124.3 961.1 4283.1 1062.1 2218.8 1002.2 4513.2 1144.4 2330.2 1038.6 4803.7 1288.9 2441.3 1073.5 5028.5 1404.5 2493.0 1131.1 5139.6 1459.2 2512.4 1168.1 30 31 32 33 34 35 FL103170005 FL103178005 Trade payables Taxes payable 2764.6 275.4 3216.5 251.5 2817.2 277.3 2927.4 253.6 3031.5 252.8 3216.5 251.5 3351.6 305.0 3520.0 265.9 3509.7 34 261.8 35 36 LM103192305 Foreign direct investment: intercompany debt 37 38 39 40 FL103190005 FL573074005 FL573073005 FL103193005 Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 158.8 1882.2 276.8 813.1 25.1 161.0 1706.7 275.0 747.0 22.3 193.6 1693.5 281.3 761.1 36.2 160.4 1835.3 307.3 769.3 27.0 158.8 1882.2 276.8 813.1 25.1 184.4 1830.4 270.4 784.6 27.8 156.1 1706.0 266.1 776.2 22.8 364.3 250.9 72.9 24.3 16.3 384.0 253.0 85.9 28.6 16.4 334.5 235.5 62.1 20.7 16.2 362.5 269.1 57.7 19.2 16.5 370.3 250.1 77.9 26.0 16.3 384.0 253.0 85.9 28.6 16.4 360.7 229.0 87.3 29.1 15.3 384.1 245.4 92.9 31.0 14.7 344.8 7 210.0 8 90.5 9 30.2 10 14.1 11 80.3 44.4 35.8 87.0 51.1 35.8 80.7 46.0 34.7 82.4 47.7 34.7 84.4 49.4 35.0 87.0 51.1 35.8 87.6 52.9 34.7 89.6 54.8 34.8 91.8 12 56.8 13 35.0 14 Corporate equities Mutual fund shares Trade receivables 2543.2 376.7 3916.2 3124.4 446.6 4468.3 2675.0 394.2 4068.5 2868.1 422.1 4213.1 2849.3 425.0 4300.5 3124.4 446.6 4468.3 2944.1 424.1 4669.1 2434.3 375.4 4862.5 2280.1 15 360.3 16 4819.9 17 LM103092005 U.S. direct investment abroad (1) 6782.8 8058.4 7185.7 7749.6 7688.2 8058.4 7545.5 6411.6 5819.1 18 FL103090005 FL103076005 FL103092405 FL103094705 FL103072005 FL103093005 Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance company affiliates PPP subsidies receivable Other 6311.3 414.0 1.4 109.5 244.4 5542.0 5670.0 450.0 1.5 94.6 72.7 5051.2 6066.2 424.5 1.5 109.4 201.4 5329.4 5529.4 433.0 1.5 99.6 162.0 4833.4 5738.4 450.6 1.4 93.8 118.1 5074.6 5670.0 450.0 1.5 94.6 72.7 5051.2 6386.5 454.1 1.9 92.4 46.1 5792.0 7870.5 466.9 1.7 94.4 21.3 7286.1 8780.0 482.9 1.7 91.2 9.2 8195.1 Total liabilities 152.8 1520.9 281.0 781.3 20.5 1 135.0 1740.9 278.1 712.1 37.0 2 3 4 5 6 19 20 21 22 23 24 22998.5 24089.3 23192.5 23342.1 23631.8 24089.3 24617.1 25081.9 25188.2 25 325.1 329.8 332.4 305.0 316.7 329.8 313.7 315.4 8235.1 77.7 118.9 8038.4 8285.7 74.9 -76.2 8287.0 8151.6 77.1 112.2 7962.3 8226.6 76.5 -16.6 8166.7 8234.9 75.7 31.4 8127.8 8285.7 74.9 -76.2 8287.0 8255.2 74.2 151.0 8030.0 8409.4 73.5 542.0 7793.9 324.6 36 8401.2 72.7 703.2 7625.3 37 38 39 40 Memo: 41 42 LM103164103 LM103192105 Corporate equities (market value) Foreign direct investment: equity 43 44 45 FL104001005 FL104150005 FL104001006 Total liquid assets (4) Total short-term liabilities (5) Liquid assets/short-term liabilities (percent) 46 FL104140006 Short-term debt/total debt (percent) (6) 42498.0 51408.0 44980.3 48277.7 48151.5 51408.0 48188.9 39427.4 37736.5 41 8670.3 11194.7 9215.4 10018.8 10080.8 11194.7 10619.5 8857.6 8468.8 42 6187.3 6380.7 96.97 7110.9 7080.8 100.43 6315.8 6510.9 97.00 6618.5 6539.3 101.21 6743.9 6687.6 100.84 7110.9 7080.8 100.43 6826.5 7575.5 90.11 6120.8 7871.5 77.76 5741.6 43 7942.1 44 72.29 45 29.31 30.09 29.42 28.88 28.85 30.09 31.63 32.50 32.86 46 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) Sum of lines 2 through 7 and lines 15 and 16. (5) Sum of lines 27, 31, 32, 34, and 35. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (6) Short-term debt is the sum of lines 27, 31, and 32. Total debt is the sum of lines 26 and 30. 81 Z.1, December 9, 2022 L.104 Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL114090005 2 3 4 FL113020005 FL113030003 FL113034003 Total financial assets Checkable deposits and currency Time and savings deposits Money market fund shares 5 6 7 LM114022005 LM113061003 LM113062003 8 9 10 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 6462.1 6747.2 6533.3 6598.2 6647.4 6747.2 6853.1 6944.8 7024.1 1 393.2 1168.4 117.2 471.5 1263.8 119.5 403.4 1178.2 117.9 418.3 1193.1 118.3 437.6 1214.4 118.9 471.5 1263.8 119.5 503.4 1307.3 120.2 516.7 1306.9 122.6 511.9 1306.2 124.2 2 3 4 Debt securities Treasury securities Municipal securities 82.3 78.1 4.2 80.8 76.1 4.6 79.8 75.4 4.4 80.0 75.5 4.4 79.3 74.7 4.6 80.8 76.1 4.6 76.8 72.3 4.5 78.8 74.3 4.5 86.8 82.2 4.6 5 6 7 FL114023005 FL113065005 FL113066003 Loans Mortgages Consumer credit 55.0 55.0 0.0 58.7 58.7 0.0 56.5 56.5 0.0 56.7 56.7 0.0 58.0 58.0 0.0 58.7 58.7 0.0 59.9 59.9 0.0 61.0 61.0 0.0 61.8 8 61.8 9 0.0 10 11 12 13 14 15 16 FL113070003 FL113090005 FL113076005 FL113092405 FL113072003 FL113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) PPP subsidies receivable Other 810.3 3835.7 135.9 13.0 134.8 3552.1 856.9 3896.1 153.2 14.3 23.4 3705.3 824.1 3873.4 140.3 13.0 114.8 3605.3 834.3 3897.6 144.6 13.6 104.1 3635.3 844.4 3894.9 151.3 13.8 64.6 3665.2 856.9 3896.1 153.2 14.3 23.4 3705.3 867.7 3917.8 155.4 14.3 1.4 3746.8 885.0 3973.7 161.0 14.4 0.0 3798.3 896.1 4037.2 167.2 15.3 0.0 3854.8 17 FL114190005 9060.4 9460.2 9164.3 9238.7 9306.6 9460.2 9613.3 9741.8 9836.1 17 18 19 20 21 FL114123005 FL113168005 FL113169005 FL113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 6407.9 1583.5 352.4 4471.9 6669.5 1498.1 409.8 4761.6 6472.6 1579.6 364.6 4528.5 6515.0 1536.6 387.7 4590.7 6543.2 1478.0 400.2 4665.1 6669.5 1498.1 409.8 4761.6 6791.5 1514.9 430.6 4846.0 6918.2 1540.4 436.1 4941.8 7009.3 1550.6 447.9 5010.7 22 23 FL113170005 FL113178003 Trade payables Taxes payable 515.0 175.5 573.0 180.5 539.6 180.2 549.9 178.2 564.2 179.7 573.0 180.5 584.5 181.4 592.3 163.0 599.8 22 154.2 23 24 25 LM115114305 FL113193003 Foreign direct investment: intercompany debt Miscellaneous liabilities 6.0 1956.0 5.7 2031.5 6.0 1966.0 5.7 1990.0 5.5 2014.0 5.7 2031.5 5.3 2050.5 5.1 2063.2 4.8 24 2067.9 25 Total liabilities 11 12 13 14 15 16 18 19 20 21 Memo: 26 27 LM112090205 LM115114103 Equity in noncorporate business Foreign direct investment: equity (1) Equity in the Farm Credit System. 12857.8 15425.0 13199.3 13861.0 14801.6 15425.0 15847.4 16459.7 16849.3 26 121.6 146.4 126.3 139.1 135.0 146.4 137.6 112.7 118.1 27 Levels 2020 82 Z.1, December 9, 2022 L.105 General Government (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 Total financial assets 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL364090005 8544.1 8017.5 7955.2 7902.1 7687.5 8017.5 8315.3 8410.9 8240.3 1 2 3 4 5 6 FL313011005 FL363020005 FL363030005 FL213034003 FL212051003 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 111.7 1962.0 414.6 40.0 179.2 219.9 755.7 384.8 55.3 189.2 107.0 1366.0 416.1 44.1 181.7 108.1 1152.3 393.2 47.1 184.2 218.7 537.6 386.6 49.9 186.7 219.9 755.7 384.8 55.3 189.2 217.6 1007.0 377.6 53.4 191.7 209.5 1150.4 355.4 52.8 194.2 202.3 996.7 354.8 53.1 196.8 2 3 4 5 6 7 8 9 10 11 12 FL364022005 FL213069103 FL213061105 FL363061705 FL213062003 FL363063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1898.6 77.1 1111.9 466.5 18.6 224.4 2152.2 81.1 1440.7 415.3 22.2 192.9 1826.6 78.1 1099.6 434.8 19.5 194.5 2044.1 79.1 1313.7 437.7 20.2 193.3 2116.5 80.1 1394.2 426.9 21.1 194.2 2152.2 81.1 1440.7 415.3 22.2 192.9 2100.7 82.1 1420.0 406.3 22.1 170.2 2225.6 83.2 1555.5 408.9 22.7 155.4 2200.7 7 84.2 8 1537.4 9 411.6 10 23.3 11 144.1 12 13 14 15 16 FL364023005 FL363065005 FL313066220 FL313069005 Loans Mortgages Consumer credit Other loans and advances 2189.4 388.6 1381.0 419.9 2373.4 402.1 1436.4 534.9 2228.7 391.6 1410.1 427.1 2245.1 394.7 1413.9 436.5 2323.0 398.6 1436.4 488.0 2373.4 402.1 1436.4 534.9 2441.4 405.8 1455.0 580.6 2480.5 411.0 1457.1 612.4 2545.5 417.8 1484.3 643.4 17 18 LM363064105 LM213064203 Corporate equities Mutual fund shares 283.2 112.8 339.5 128.0 297.6 116.6 317.7 123.4 315.6 123.0 339.5 128.0 321.1 120.2 270.8 105.1 258.2 17 99.5 18 19 20 21 FL363070005 FL363078005 FL363090005 Trade receivables Taxes receivable Miscellaneous assets 321.3 631.6 399.7 363.9 674.8 380.7 333.4 672.8 364.7 335.4 576.2 375.2 348.7 708.7 372.3 363.9 674.8 380.7 374.1 728.3 382.2 383.4 599.5 383.7 396.8 19 540.0 20 395.9 21 22 FL364190005 23 24 25 LM313111303 FL713014003 FL313112003 SDR allocations SDR certificates Treasury currency 26 27 28 29 FL364122005 FL313161105 FL313161705 FL213162005 Debt securities Treasury securities Budget agency securities Municipal securities 30 31 32 FL364123005 FL313165403 FL363169005 Loans Multifamily residential mortgages Other loans and advances 33 34 35 FL363170005 FL313140003 FL363190005 Trade payables Insurance reserves Miscellaneous liabilities Total liabilities 13 14 15 16 34896.4 36001.3 35152.0 35278.4 35538.6 36001.3 36996.1 37540.2 38249.2 22 50.9 5.2 23.1 160.8 5.2 23.0 50.1 5.2 23.1 50.4 5.2 23.1 161.8 5.2 23.0 160.8 5.2 23.0 158.8 5.2 23.0 152.5 5.2 23.0 147.0 23 5.2 24 22.6 25 26803.7 28556.1 27170.2 27547.2 27512.5 28556.1 29260.2 29297.9 29705.0 26 23600.9 25284.7 23943.0 24301.5 24249.9 25284.7 26016.5 26050.7 26468.7 27 20.2 19.8 19.8 19.8 19.5 19.8 19.4 19.7 19.4 28 3182.7 3251.6 3207.4 3225.8 3243.1 3251.6 3224.3 3227.6 3216.9 29 22.1 0.0 22.1 22.6 0.0 22.6 22.3 0.0 22.3 22.3 0.0 22.3 202.8 0.0 202.8 22.6 0.0 22.6 22.7 0.0 22.7 22.8 0.0 22.8 22.8 30 0.0 31 22.8 32 1549.4 52.4 6389.6 1668.2 52.6 5512.8 1580.2 52.7 6248.4 1612.2 51.8 5966.3 1636.4 52.7 5944.1 1668.2 52.6 5512.8 1708.5 52.9 5764.9 1747.5 52.8 6238.5 1764.1 33 53.0 34 6529.4 35 Memo: 36 37 FL374090005 FL374190005 Total financial assets (consolidated) (2) Total liabilities (consolidated) (2) 7391.4 6532.1 6813.9 6546.0 6249.9 6532.1 6850.6 6810.0 6656.6 36 33743.8 34515.8 34010.7 33922.3 34101.0 34515.8 35531.4 35939.2 36665.6 37 (1) Sum of the federal government and state and local governments sectors. (2) Excludes Treasury securities and municipal securities held by state and local governments (lines 9 and 11) and federal government loans to state and local governments (line 32). 83 Z.1, December 9, 2022 L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 FL314090005 2 3 4 FL313011005 FL313020005 FL313030003 Total financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits 5 6 7 FL314022005 FL313061703 FL313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 8 9 10 11 FL314023005 FL313069005 FL313065005 FL313066220 Loans Other loans and advances Mortgages Consumer credit (1) 12 LM313064105 13 14 15 FL313070000 FL313078000 FL313090005 16 FL314190005 17 18 19 LM313111303 FL713014003 FL313112003 SDR allocations SDR certificates Treasury currency 20 21 22 23 24 FL314122005 FL313161105 FL313161205 FL313161305 FL313161705 Debt securities Treasury securities (3) Marketable Nonmarketable Budget agency securities 25 26 27 FL314123005 FL313165403 FL313169003 Loans Multifamily residential mortgages Other loans and advances 28 29 FL313170005 FL313140003 Trade payables Insurance reserves 30 31 32 33 FL313190005 FL343073045 FL313172003 FL313190015 Miscellaneous liabilities Claims of pension fund on sponsor PPP subsidies payable Other Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 4664.1 3592.6 4074.7 3718.0 3390.1 3592.6 3959.3 4007.5 3870.3 1 111.7 1732.1 1.0 219.9 410.1 2.4 107.0 1117.1 9.9 108.1 855.7 1.3 218.7 219.1 1.7 219.9 410.1 2.4 217.6 655.9 2.4 209.5 789.5 1.6 202.3 643.3 1.6 2 3 4 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 5 6 7 1928.0 419.9 127.2 1381.0 2104.4 534.9 133.1 1436.4 1965.4 427.1 128.2 1410.1 1979.9 436.5 129.5 1413.9 2055.9 488.0 131.5 1436.4 2104.4 534.9 133.1 1436.4 2170.5 580.6 134.9 1455.0 2207.7 612.4 138.2 1457.1 2270.8 8 643.4 9 143.1 10 1484.3 11 Corporate equities (2) 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 12 Trade receivables Taxes receivable Miscellaneous assets 84.9 435.1 337.7 95.5 473.1 253.7 91.9 471.0 278.8 93.4 376.7 269.3 96.0 507.8 257.1 95.5 473.1 253.7 98.0 525.6 255.6 95.6 415.2 254.8 96.6 13 364.5 14 257.5 15 Total liabilities 26585.2 28065.3 26899.0 27227.5 27422.3 28065.3 28786.4 28814.7 29188.6 16 50.9 5.2 23.1 160.8 5.2 23.0 50.1 5.2 23.1 50.4 5.2 23.1 161.8 5.2 23.0 160.8 5.2 23.0 158.8 5.2 23.0 152.5 5.2 23.0 147.0 17 5.2 18 22.6 19 23621.1 25304.5 23962.8 24321.4 24269.4 25304.5 26035.9 26070.4 26488.1 20 23600.9 25284.7 23943.0 24301.5 24249.9 25284.7 26016.5 26050.7 26468.7 21 20946.2 22557.5 21347.4 21699.0 21846.1 22557.5 23246.1 23253.4 23616.7 22 2654.7 2727.2 2595.6 2602.5 2403.8 2727.2 2770.4 2797.3 2852.0 23 20.2 19.8 19.8 19.8 19.5 19.8 19.4 19.7 19.4 24 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 180.6 0.0 180.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 0.0 26 0.0 27 448.5 52.4 513.0 52.6 466.2 52.7 484.8 51.8 495.3 52.7 513.0 52.6 538.6 52.9 562.1 52.8 563.1 28 53.0 29 2384.0 1645.2 415.2 323.6 2006.2 1554.8 106.3 345.1 2339.0 1670.1 346.7 322.2 2290.8 1676.6 288.5 325.7 2234.2 1707.6 198.0 328.6 2006.2 1554.8 106.3 345.1 1972.1 1571.1 54.2 346.8 1948.6 1569.1 26.2 353.3 (1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price. (3) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds. 1909.6 1538.9 13.1 357.6 30 31 32 33 Levels 1 2021 84 Z.1, December 9, 2022 L.107 State and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 Total financial assets 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL214090005 3880.0 4424.9 3880.5 4184.1 4297.4 4424.9 4356.1 4403.4 4370.0 1 2 3 FL213020005 FL213030000 Checkable deposits and currency Time and savings deposits 229.9 413.6 345.6 382.4 248.9 406.2 296.6 392.0 318.5 384.8 345.6 382.4 351.1 375.2 360.9 353.8 353.4 353.1 2 3 4 5 FL213034003 FL212051003 Money market fund shares Security repurchase agreements 40.0 179.2 55.3 189.2 44.1 181.7 47.1 184.2 49.9 186.7 55.3 189.2 53.4 191.7 52.8 194.2 53.1 196.8 4 5 6 7 8 9 10 11 LM214022005 FL213069103 LM213061105 LM213061703 LM213062003 LM213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1898.1 77.1 1111.9 466.5 18.6 223.9 2151.8 81.1 1440.7 415.3 22.2 192.4 1826.1 78.1 1099.6 434.8 19.5 194.0 2043.6 79.1 1313.7 437.7 20.2 192.8 2116.0 80.1 1394.2 426.9 21.1 193.7 2151.8 81.1 1440.7 415.3 22.2 192.4 2100.2 82.1 1420.0 406.3 22.1 169.7 2225.1 83.2 1555.5 408.9 22.7 155.0 2200.2 6 84.2 7 1537.4 8 411.6 9 23.3 10 143.7 11 12 FL213065005 Loans (mortgages) 261.4 269.0 263.3 265.2 267.1 269.0 270.9 272.8 274.7 12 13 14 LM213064103 LM213064203 Corporate equities Mutual fund shares 250.0 112.8 306.4 128.0 264.4 116.6 284.5 123.4 282.4 123.0 306.4 128.0 288.0 120.2 237.7 105.1 225.1 13 99.5 14 15 16 17 FL213070003 FL213078005 FL213093003 Trade receivables Taxes receivable Miscellaneous assets 236.5 196.5 61.9 268.4 201.7 127.0 241.5 201.8 85.9 242.0 199.5 105.9 252.7 200.9 115.2 268.4 201.7 127.0 276.0 202.7 126.7 287.8 184.2 128.9 300.2 15 175.5 16 138.4 17 18 FL214190005 8311.3 7936.0 8253.1 8050.9 8116.3 7936.0 8209.7 8725.5 9060.6 18 19 20 21 FL213162005 FL213162400 FL213162200 Debt securities (municipal securities) Short-term (1) Long-term 3182.7 46.6 3136.1 3251.6 32.9 3218.7 3207.4 43.2 3164.2 3225.8 36.9 3189.0 3243.1 30.8 3212.2 3251.6 32.9 3218.7 3224.3 27.1 3197.2 3227.6 23.3 3204.2 3216.9 19 25.1 20 3191.8 21 22 FL213169203 Loans (U.S. government loans) 23 24 FL213170003 FL223073045 Trade payables Claims of pension fund on sponsor (2) Total liabilities (1) Debt with original maturity of 13 months or less. (2) Included in miscellaneous liabilities. 22.1 22.6 22.3 22.3 22.2 22.6 22.7 22.8 22.8 22 1100.9 4005.6 1155.2 3506.6 1114.0 3909.4 1127.4 3675.4 1141.1 3709.9 1155.2 3506.6 1169.9 3792.8 1185.4 4289.8 1201.0 23 4619.9 24 85 Z.1, December 9, 2022 L.108 Domestic Financial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2021 Q1 Total financial assets Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL794090005 2 3 4 5 6 FL713011005 FL713014003 FL713012003 FL793091005 FL794010005 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 33.1 5.2 50.5 21.7 3138.1 31.2 5.2 50.8 19.4 3747.5 31.9 5.2 50.5 28.6 3810.6 32.0 5.2 50.6 21.0 3644.9 31.7 5.2 50.7 19.3 3964.7 31.2 5.2 50.8 19.4 3747.5 30.5 5.2 51.0 23.3 3694.6 29.0 5.2 51.2 9.2 3053.3 27.9 5.2 51.3 13.3 2965.4 7 8 9 10 FL793020005 FL793030005 FL793034005 FL792050005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 704.2 735.2 1057.8 3538.8 758.8 604.3 1256.5 4655.4 794.0 700.2 1134.1 3271.7 732.6 665.8 1161.8 3782.1 783.3 643.9 1220.0 4378.7 758.8 604.3 1256.5 4655.4 749.6 586.9 1253.8 4579.2 722.7 641.3 1199.1 4890.4 713.0 7 679.8 8 1191.1 9 5094.5 10 11 12 13 14 15 16 FL794022005 FL793069175 FL793061105 FL793061705 FL793062005 FL793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 36105.6 38275.3 36345.6 37214.5 37082.7 38275.3 36980.3 35168.5 33689.6 11 511.2 616.9 694.7 648.9 599.1 616.9 692.2 707.0 729.5 12 14727.7 15700.9 14762.6 15111.5 14715.0 15700.9 15303.7 14673.8 14020.8 13 8412.6 8844.1 8502.6 8610.1 8801.8 8844.1 8565.5 8248.6 7856.6 14 2316.5 2469.5 2338.0 2406.5 2426.4 2469.5 2324.9 2212.6 2114.4 15 10137.7 10643.8 10047.7 10437.4 10540.5 10643.8 10094.1 9326.5 8968.4 16 17 18 19 20 21 FL794023005 FL793068005 FL793069005 FL793065005 FL793066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 25451.3 27255.6 25767.5 26159.9 26666.5 27255.6 27786.2 28608.9 29236.1 17 4216.8 4345.0 4241.4 4192.3 4141.6 4345.0 4492.5 4699.9 4800.4 18 2271.9 2512.8 2427.8 2471.6 2636.6 2512.8 2626.6 2714.6 2854.7 19 16218.6 17461.6 16399.8 16708.6 17045.0 17461.6 17716.1 18124.3 18437.1 20 2744.0 2936.2 2698.5 2787.2 2843.2 2936.2 2951.0 3070.2 3144.0 21 22 23 LM793064105 LM793064205 Corporate equities Mutual fund shares 25900.5 31165.8 27385.7 29345.2 29084.5 31165.8 29350.9 24704.3 23189.0 22 7088.7 7716.4 7270.8 7658.2 7573.3 7716.4 7206.9 6203.7 5797.3 23 24 25 26 27 FL793070005 FL793040005 FL543050005 LM793092005 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad 28 FL793090005 Miscellaneous assets 29 FL794190005 30 FL794110005 Net interbank liabilities 31 32 33 34 FL793120005 FL703130005 FL634090005 FL792150005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 9128.3 9359.0 9036.0 9128.0 8847.5 9359.0 9838.6 10148.4 10090.7 31 13680.1 14438.3 14195.4 13990.4 14136.6 14438.3 14543.8 14096.3 13822.1 32 4765.9 5205.5 4980.0 5015.4 5019.2 5205.5 5090.7 5032.4 5084.2 33 2949.4 4681.9 2909.1 3728.1 4407.5 4681.9 4573.6 5012.7 5205.3 34 35 36 37 38 FL794122005 FL793169175 FL423161705 FL793163005 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 14971.3 15764.6 15117.2 15362.7 15479.7 15764.6 16161.4 16497.3 16709.4 35 575.6 529.4 600.1 521.6 501.8 529.4 644.9 689.5 685.9 36 10066.5 10679.4 10206.5 10387.6 10516.4 10679.4 10907.4 11175.7 11423.1 37 4329.3 4555.8 4310.6 4453.4 4461.5 4555.8 4609.2 4632.1 4600.5 38 39 40 41 42 FL794123005 FL793168005 FL793169005 FL123165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 43 LM653164205 Mutual fund shares 19562.6 22208.8 20271.3 21459.7 21374.9 22208.8 20698.1 17759.6 16617.5 43 44 45 46 FL793170005 FL543140005 FL583150005 Trade payables Life insurance reserves Pension entitlements 397.2 487.0 419.8 437.5 460.6 487.0 495.0 501.4 514.4 44 2248.9 2344.0 2257.6 2301.6 2320.7 2344.0 2322.0 2294.9 2297.7 45 29960.2 31888.0 30376.0 31145.5 31224.4 31888.0 31307.2 29977.7 29620.8 46 47 48 FL793178005 LM793192305 Taxes payable Foreign direct investment: intercompany debt 49 FL793190005 Miscellaneous liabilities Total liabilities 123287.0 135454.4 126315.0 130322.9 131789.8 135454.4 133018.4 126687.2 124467.5 376.3 516.6 291.3 1443.1 412.1 556.1 380.0 1707.6 387.6 525.2 313.4 1528.8 400.9 536.4 335.7 1630.5 412.6 545.3 357.8 1622.6 412.1 556.1 380.0 1707.6 424.0 560.0 384.1 1617.8 438.4 566.0 388.9 1357.1 444.9 572.0 392.3 1252.8 1 2 3 4 5 6 24 25 26 27 16829.1 16856.5 16963.6 16945.6 17346.9 16856.5 17733.9 18650.0 19151.9 28 112506.5 122960.5 115513.5 118548.9 119893.3 122960.5 121938.7 117466.5 116362.7 29 3258.2 2122.0 380.8 1515.1 226.1 149.6 173.6 3951.5 2304.0 426.1 1630.5 247.4 3829.3 2166.8 384.0 1562.6 220.2 3654.8 2216.4 438.2 1560.5 217.7 139.8 170.5 136.9 174.3 129.9 170.4 9139.2 10017.6 9643.9 9808.5 4128.0 2232.8 424.8 1599.4 208.6 137.7 160.2 3951.5 2304.0 426.1 1630.5 247.4 139.8 170.5 3977.3 2449.1 395.4 1801.8 252.0 81.9 162.4 3311.0 2524.4 399.0 1869.3 256.1 63.6 150.3 3315.0 30 2590.7 386.5 1941.1 263.1 39 40 41 42 46.9 47 140.2 48 9963.4 10017.6 10237.5 10096.3 10307.6 49 Memo: 50 51 52 LM793164105 LM662090003 LM793192105 Corporate equities (market value) (2) Equity in noncorporate business Foreign direct investment: equity 12410.2 16624.9 13849.8 15246.9 15427.5 16624.9 16169.1 14073.1 13420.4 50 90.3 106.1 93.8 98.0 99.6 106.1 94.9 93.9 97.5 51 1460.0 1761.4 1521.1 1626.9 1623.9 1761.4 1648.5 1371.6 1311.2 52 (1) Sum of financial sectors shown on tables L.109 through L.132. (1) Corporate equities outstanding detail is not available for financial subsectors and not shown on tables L.109 through L.132. Levels 2020 86 Z.1, December 9, 2022 L.109 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 Total financial assets 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL714090005 7656.1 8910.6 7767.6 8256.7 8612.4 8910.6 8632.0 8200.3 7663.3 1 2 3 4 FL713011005 FL713014003 FL713012003 U.S. official reserve assets SDR certificates Treasury currency 33.1 5.2 50.5 31.2 5.2 50.8 31.9 5.2 50.5 32.0 5.2 50.6 31.7 5.2 50.7 31.2 5.2 50.8 30.5 5.2 51.0 29.0 5.2 51.2 27.9 5.2 51.3 2 3 4 5 6 7 8 9 FL713022003 FL713068705 FL713068703 FL763069143 FL713068725 Federal Reserve float Interbank loans Discount window (2) AMLF and MMLF loans (3) PPPLF loans (4) -0.6 44.6 1.6 2.0 41.0 -0.6 13.3 0.6 0.0 12.7 -1.1 41.4 0.8 0.1 40.4 -1.1 41.8 0.5 0.0 41.3 -0.7 16.6 0.8 0.0 15.8 -0.6 13.3 0.6 0.0 12.7 -0.7 8.8 0.6 0.0 8.2 -0.8 9.6 2.4 0.0 7.1 -0.4 11.7 7.2 0.0 4.5 5 6 7 8 9 10 FL712051000 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 13 14 15 16 17 18 LM714022005 FL713069603 LM713061103 LM713061113 LM713061125 LM713061705 LM713061903 LM713061703 7422.2 0.0 5254.6 326.0 4928.6 2167.7 2164.1 3.5 8733.2 0.0 6052.1 325.9 5726.1 2681.1 2677.8 3.3 7548.3 0.0 5273.2 326.0 4947.2 2275.1 2271.8 3.3 8010.8 0.0 5596.5 326.0 5270.5 2414.3 2410.9 3.4 8412.3 0.0 5831.3 326.0 5505.3 2581.0 2577.7 3.3 8733.2 0.0 6052.1 325.9 5726.1 2681.1 2677.8 3.3 8470.4 0.0 5851.4 325.4 5526.0 2618.9 2615.9 3.1 8043.4 0.0 5563.8 324.5 5239.3 2479.6 2476.7 2.9 7507.3 0.0 5186.5 307.4 4879.1 2320.8 2318.0 2.7 11 12 13 14 15 16 17 18 19 20 21 22 23 FL713068005 FL713068813 FL713068665 FL713068863 FL713068505 Loans (depository institution loans n.e.c.) Households (TALF I) (6) Brokers and dealers (7) Finance companies (PPPLF) (4) Other financial business (8) 52.2 0.0 2.1 9.4 40.7 42.2 0.0 0.0 21.1 21.0 58.7 0.0 0.1 19.7 38.9 86.2 0.0 0.0 49.3 36.9 65.1 0.0 0.0 43.3 21.8 42.2 0.0 0.0 21.1 21.0 34.1 0.0 0.0 15.3 18.8 28.4 0.0 0.0 10.8 17.7 26.1 0.0 0.0 9.4 16.6 19 20 21 22 23 24 25 26 27 FL713064103 FL713090005 FL713091103 FL713093005 Corporate equities (9) Miscellaneous assets Nonofficial foreign currencies (10) Other 0.0 48.9 17.9 31.1 0.0 35.4 3.3 32.0 0.0 32.6 2.5 30.1 0.0 31.2 0.6 30.6 0.0 31.5 0.3 31.2 0.0 35.4 3.3 32.0 0.0 32.8 0.4 32.4 0.0 34.3 0.3 33.9 0.0 34.2 0.3 33.9 24 25 26 27 28 FL714190005 7300.3 8781.0 7688.8 8087.1 8467.7 8781.0 8960.4 8917.7 8786.0 28 29 30 FL713113003 FL703025005 Depository institution reserves Vault cash of depository institutions 2994.9 99.2 3644.3 90.5 3672.7 97.6 3511.6 92.5 3859.2 89.5 3644.3 90.5 3597.4 89.1 2955.4 89.1 2874.8 29 79.3 30 31 FL713120005 Checkable deposits and currency 3945.7 2817.5 3521.6 3178.0 2571.1 2817.5 3109.2 3229.3 3069.8 31 32 33 34 35 36 37 38 FL713123005 FL713123023 FL713123030 FL713123043 FL713124005 FL713129005 FL713122605 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account Due to government-sponsored enterprises Due to other financial business (11) Due to rest of the world 1728.6 0.0 1728.6 0.0 51.0 154.2 21.9 406.2 0.1 406.1 0.0 33.9 221.9 9.4 1122.0 0.1 1122.0 0.0 134.1 185.8 33.2 852.0 0.0 851.9 0.0 28.6 201.1 5.3 215.2 0.1 215.2 0.0 33.2 209.5 5.7 406.2 0.1 406.1 0.0 33.9 221.9 9.4 651.6 0.1 651.5 0.0 29.8 241.4 7.5 782.5 0.1 782.4 0.0 25.9 220.7 7.5 39 FL713125005 Currency outside banks 1989.9 2146.2 2046.5 2091.0 2107.5 2146.2 2178.9 2192.7 2200.2 39 40 41 42 FL712151003 FL712151103 FL712151115 Security repurchase agreements Reverse repurchase agreement operations (12) Other (13) 216.1 9.7 206.4 2183.0 1904.6 278.5 352.2 134.3 217.9 1260.9 991.9 269.0 1905.2 1604.9 300.3 2183.0 1904.6 278.5 2121.0 1872.0 249.0 2601.2 2329.7 271.5 2720.4 40 2425.9 41 294.5 42 43 44 45 46 FL713190005 FL313094213 FL713164003 FL713193005 Miscellaneous liabilities Treasury contributions to MMLF Federal Reserve Bank stock Other 44.4 1.5 32.4 10.5 45.7 0.0 33.9 11.8 44.7 1.5 32.5 10.7 44.0 0.0 32.8 11.2 42.7 0.0 33.1 9.6 45.7 0.0 33.9 11.8 43.8 0.0 34.3 9.4 42.6 0.0 34.9 7.7 7068.2 4955.9 2112.3 8605.3 5917.4 2687.9 7470.8 5210.3 2260.5 7842.5 5450.1 2392.4 8269.2 5700.5 2568.8 8605.3 5917.4 2687.9 8800.9 6017.5 2783.4 8763.4 5990.6 2772.8 Debt securities (5) Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities Total liabilities 0.0 10 636.1 0.1 636.0 0.0 20.3 205.8 7.5 41.7 0.0 35.1 6.7 32 33 34 35 36 37 38 43 44 45 46 Memo: 47 48 49 FL714022065 FL713061163 FL713061765 Amortized cost of debt securities Treasury securities Agency- and GSE-backed securities 8632.6 47 5873.7 48 2758.9 49 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) and the Money Market Mutual Fund Liquidity Facility (MMLF). The AMLF was dissolved in 2010:Q1. (4) Loans extended to depository institutions (line 9) and finance companies (line 22) through the Paycheck Protection Program Liquidity Facility (PPPLF). (5) Shown at estimated fair value. (6) Loans extended to financial institutions such as domestic hedge funds through the 2008 Term Asset-Backed Securities Loan Facility (TALF I). (7) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF), AMLF (2008-2010), and MMLF (2020). (8) Loans extended to Federal Reserve funding, credit, and liquidity, facility special purpose vehicles created in response to the 2008 Financial Crisis and COVID-19 pandemic. (9) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assuance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. Series is zero after 2010:Q4. (10) Reciprocal currency arrangements (swap lines) with foreign central banks. (11) Deposits of designated financial market utilities (DFMU) and deposits of Federal Reserve facility LLC’s special purpose vehicles. (12) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). (13) Includes reverse repurchase agreements conducted through the Federal Reserve’s Foreign Repo Pool. 87 Z.1, December 9, 2022 L.110 Private Depository Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 Q3 Q4 Q1 2022 Q2 Q3 1 FL704090005 2 3 4 FL703025005 FL713113003 FL702050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 99.2 2994.9 862.4 90.5 3644.3 577.2 97.6 3672.7 602.5 92.5 3511.6 576.5 89.5 3859.2 587.1 90.5 3644.3 577.2 89.1 3597.4 563.8 89.1 2955.4 556.3 79.3 2874.8 594.9 5 6 7 8 9 10 LM704022005 FL703069175 LM703061105 LM703061705 LM703062005 LM703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 5868.2 2.3 1203.6 3375.7 593.9 692.7 7055.4 0.3 1641.3 3883.0 642.8 888.0 6280.7 0.3 1263.7 3606.3 602.2 808.2 6532.6 0.1 1346.5 3728.1 619.0 838.9 6779.2 0.0 1456.5 3831.9 628.2 862.6 7055.4 0.3 1641.3 3883.0 642.8 888.0 6985.4 0.5 1654.3 3746.6 620.7 963.4 6788.8 0.4 1687.0 3550.3 610.6 940.6 6419.0 5 0.1 6 1609.5 7 3273.3 8 591.0 9 945.2 10 11 12 13 14 15 FL704023005 FL703068005 FL703069005 FL703065005 FL703066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 16 17 LM703064105 LM703064205 Corporate equities Mutual fund shares 18 FL763040005 Life insurance reserves 184.8 198.1 186.9 191.6 193.9 198.1 200.3 202.2 204.4 18 19 20 LM763092000 FL703090005 U.S. direct investment abroad Miscellaneous assets 325.4 949.5 378.3 977.7 338.3 941.0 367.2 962.6 363.9 990.5 378.3 977.7 354.0 1110.4 293.8 1221.1 273.7 19 1310.3 20 21 FL704190005 22 FL704110005 Net interbank liabilities 23 24 FL703127005 FL703130005 Checkable deposits Time and savings deposits 25 FL702150005 Federal funds and security repos 715.9 688.5 745.0 685.1 719.1 688.5 700.5 661.2 652.8 25 26 27 28 FL704122005 FL703169175 FL763163005 Debt securities Open market paper Corporate bonds 502.1 245.7 256.5 402.3 195.2 207.1 484.8 238.4 246.4 427.6 206.5 221.1 388.7 184.6 204.1 402.3 195.2 207.1 460.4 236.4 224.0 522.1 277.6 244.4 525.6 26 279.7 27 245.9 28 29 FL703169005 Loans (other loans and advances) 295.6 228.6 268.9 245.1 229.1 228.6 244.5 385.0 523.1 29 30 31 FL763178000 LM753192305 Taxes payable (net) Foreign direct investment: intercompany debt 113.0 20.8 104.1 18.0 96.3 20.5 94.4 17.9 101.1 17.7 104.1 18.0 46.7 16.9 32.3 16.5 17.9 30 16.0 31 32 33 34 35 36 FL703190005 FL763194603 FL763194705 FL753194503 FL703193005 Miscellaneous liabilities Equity investment by holding company parent Other investment by holding company parent Investment by other financial business Other 2820.7 2120.1 118.9 92.0 489.8 3051.4 2243.5 142.9 108.5 556.5 2943.6 2141.1 123.8 134.2 544.5 3017.4 2194.5 131.9 116.8 574.2 3093.6 2220.3 142.0 125.8 605.6 3051.4 2243.5 142.9 108.5 556.5 3047.3 2178.2 128.0 132.2 608.9 2956.0 2114.5 134.0 105.6 602.0 422.7 467.2 433.9 438.8 434.1 467.2 436.1 362.4 Total liabilities 23456.9 25628.9 24226.7 24394.0 25136.0 25628.9 25771.1 25513.4 25522.7 1 2 3 4 12112.6 12631.3 12040.7 12085.6 12203.5 12631.3 12797.1 13345.7 13707.5 11 4164.6 4302.9 4182.7 4106.2 4076.6 4302.9 4458.4 4671.4 4774.3 12 16.2 18.1 15.7 14.4 17.1 18.1 14.0 14.0 13.5 13 5741.1 5952.5 5706.2 5751.8 5846.1 5952.5 5947.8 6162.4 6349.1 14 2190.7 2357.8 2136.1 2213.3 2263.8 2357.8 2376.9 2497.9 2570.6 15 43.7 16.3 54.1 22.0 47.9 18.4 51.8 21.9 49.9 19.0 54.1 22.0 53.1 20.5 44.2 16.7 40.9 16 18.0 17 23494.9 25689.6 24327.7 24478.6 25141.6 25689.6 26080.4 25855.1 25971.1 21 164.1 216.7 59.0 50.7 179.3 216.7 290.7 266.5 361.0 22 5182.6 6541.5 5514.4 5950.1 6276.4 6541.5 6729.4 6919.1 7020.9 23 13680.1 14438.3 14195.4 13990.4 14136.6 14438.3 14543.8 14096.3 13822.1 24 3031.6 2059.9 131.4 116.6 723.8 32 33 34 35 36 Memo: 37 LM753192103 Foreign direct investment: equity 38 FL763066303 Consumer leases not included above (2) 39 FL703139105 Uninsured deposits (3) 343.3 37 13.5 13.6 13.4 13.5 13.5 13.6 13.2 12.4 11.6 38 8469.6 9735.8 8802.9 9054.0 9396.7 9735.8 9827.1 9610.4 9441.3 39 (1) U.S.-chartered depository institutions (L.111), foreign banking offices (L.112), banks in U.S.-affiliated areas (L.113), and credit unions (L.114). (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (3) Includes checkable deposits (line 23) and time and savings deposits (line 24) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Levels Total financial assets Q2 88 Z.1, December 9, 2022 L.111 U.S.-Chartered Depository Institutions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Levels Q1 Total financial assets Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL764090005 2 3 4 FL763025000 FL763013005 FL762050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 19421.6 21123.8 19902.5 20091.3 20585.2 21123.8 20997.5 20719.0 20579.5 99.2 2189.8 538.3 90.4 2578.4 317.4 97.6 2602.5 294.3 92.5 2474.5 300.1 89.5 2658.4 287.5 90.4 2578.4 317.4 89.1 2349.8 298.5 89.1 1827.6 281.0 79.2 1723.2 308.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 LM764022005 FL763069175 LM763061100 LM763061705 LM763061803 LM763061503 LM763061603 LM763061403 LM763061795 LM763062000 LM763063005 LM763063673 LM763063653 LM763063663 LM763063693 LM763063095 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other Municipal securities Corporate and foreign bonds Priv. residential mortgage pass-through securities Priv. commercial mortgage pass-through securities Priv. residential CMOs and other structured MBS Priv. commercial CMOs and other structured MBS Other 5202.1 2.0 1044.4 3061.0 1943.3 201.9 547.8 238.9 129.2 583.7 511.0 4.2 2.9 39.0 42.6 422.2 6318.7 0.0 1472.3 3505.5 2265.2 231.4 575.6 265.9 167.4 630.4 710.5 5.3 3.3 55.4 54.8 591.7 5568.0 0.1 1111.3 3233.7 2083.7 207.8 554.9 247.7 139.6 591.3 631.6 4.9 3.0 40.7 43.9 539.0 5825.0 0.0 1195.7 3357.3 2170.7 220.9 554.7 261.1 150.0 607.5 664.4 4.9 3.0 42.1 47.8 566.6 6055.2 0.0 1297.6 3453.9 2240.1 226.6 569.6 262.8 154.7 616.1 687.7 4.9 3.1 48.8 50.3 580.5 6318.7 0.0 1472.3 3505.5 2265.2 231.4 575.6 265.9 167.4 630.4 710.5 5.3 3.3 55.4 54.8 591.7 6242.0 0.0 1471.3 3374.6 2182.4 221.4 547.3 253.8 169.7 608.7 787.5 4.5 3.5 61.2 57.3 661.0 6016.2 0.0 1488.5 3169.0 2036.2 212.8 521.7 226.6 171.8 598.9 759.8 4.2 3.4 61.9 57.6 632.6 5659.3 0.0 1407.7 2920.3 1891.0 180.2 495.6 184.1 169.4 579.1 752.2 4.1 3.3 59.6 57.4 627.9 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 FL764023005 FL763068005 FL763069005 FL763065005 FL763066000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 26 27 LM763064103 LM763064203 Corporate equities Mutual fund shares 28 29 FL763040005 LM763092000 30 FL763090005 31 FL764190005 32 33 34 35 36 FL764110005 FL713022003 FL713068715 FL764112005 FL764116005 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 37 38 39 40 41 FL763127005 FL763123005 FL763128000 FL763129205 FL763122605 Checkable deposits Federal government State and local government Private domestic Rest of the world 42 43 FL763130005 FL762150005 Time and savings deposits Federal funds and security repos 44 45 46 FL764122005 FL763169175 FL763163005 Debt securities Open market paper Corporate bonds 436.9 180.4 256.5 342.0 134.9 207.1 418.8 172.4 246.4 368.9 147.9 221.1 336.3 132.2 204.1 342.0 134.9 207.1 375.6 151.7 224.0 417.9 173.5 244.4 420.9 44 175.0 45 245.9 46 47 FL763169305 Loans (other loans and advances) 252.3 187.9 228.6 205.9 189.6 187.9 202.1 325.1 445.6 47 48 FL763178000 Taxes payable (net) 113.0 104.1 96.3 94.4 101.1 104.1 46.7 32.3 17.9 48 49 50 51 52 FL763190005 FL763194603 FL763194705 FL763193005 Miscellaneous liabilities Equity investment by holding company parents Other investment by holding company parents Other 2607.0 2120.1 118.9 368.0 2799.3 2243.5 142.9 412.8 2685.1 2141.1 123.8 420.2 2773.3 2194.5 131.9 446.9 2839.6 2220.3 142.0 477.3 2799.3 2243.5 142.9 412.8 2763.4 2178.2 128.0 457.1 2678.7 2114.5 134.0 430.2 13.5 13.6 13.4 13.5 13.5 13.6 13.2 12.4 11.6 53 7191.7 8385.3 7427.0 7682.9 8028.1 8385.3 8405.1 8138.2 7971.7 54 10091.7 10438.1 10033.7 10056.0 10117.1 10438.1 10535.5 10957.8 11205.5 21 3362.7 3421.7 3394.8 3320.9 3263.7 3421.7 3453.4 3609.9 3658.8 22 16.2 18.1 15.7 14.4 17.1 18.1 14.0 14.0 13.5 23 5027.1 5172.5 4990.0 5019.9 5094.6 5172.5 5238.5 5420.3 5575.7 24 1685.6 1825.8 1633.2 1700.8 1741.8 1825.8 1829.6 1913.6 1957.5 25 43.7 11.5 54.1 14.9 47.9 12.3 51.8 15.0 49.9 11.6 54.1 14.9 53.1 13.1 44.2 11.0 40.9 26 12.2 27 Life insurance reserves U.S. direct investment abroad 184.8 325.4 198.1 378.3 186.9 338.3 191.6 367.2 193.9 363.9 198.1 378.3 200.3 354.0 202.2 293.8 204.4 28 273.7 29 Miscellaneous assets 735.2 735.4 720.9 717.6 758.1 735.4 861.9 996.1 1073.0 30 Total liabilities 19626.0 21468.4 20186.9 20419.7 20879.6 21468.4 21564.0 21296.5 21273.4 31 11.9 -0.6 44.2 -3.4 -28.3 -40.1 -0.6 13.2 5.7 -58.5 -98.0 -1.1 41.1 3.0 -141.1 -62.9 -1.1 41.7 4.4 -107.9 -91.4 -0.7 16.5 3.8 -111.0 -40.1 -0.6 13.2 5.7 -58.5 -61.3 -0.7 8.8 19.4 -88.8 -100.6 -0.8 9.6 -5.8 -103.6 -87.3 -0.4 11.7 -2.2 -96.4 32 33 34 35 36 4572.5 2.7 229.9 4278.0 61.9 5821.2 2.6 345.6 5390.7 82.4 4804.0 2.4 248.9 4494.1 58.6 5235.9 4.5 296.6 4858.7 76.2 5544.7 3.6 318.5 5140.9 81.6 5821.2 2.6 345.6 5390.7 82.4 5970.3 2.8 351.1 5525.6 90.8 6144.3 2.9 360.9 5707.7 72.6 6240.6 3.2 353.4 5795.3 88.7 37 38 39 40 41 11461.5 12092.9 11864.7 11661.0 11809.0 12092.9 12111.1 11630.1 11350.1 42 170.9 161.0 187.5 143.1 150.7 161.0 156.1 168.6 177.0 43 2708.6 2059.9 131.4 517.3 49 50 51 52 Memo: 53 FL763066303 Consumer leases not included above (1) 54 FL763139105 Uninsured deposits (2) (1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (2) Includes checkable deposits (line 37) and time and savings deposits (line 42) not insured by the Federal Deposit Insurance Corporation. 89 Z.1, December 9, 2022 L.112 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL754090005 2102.7 2350.4 2265.2 2225.1 2438.3 2350.4 2586.3 2599.2 2714.8 1 2 3 4 FL753025003 FL753013003 FL752050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 0.0 602.5 323.7 0.1 830.2 259.5 0.0 811.0 307.7 0.0 799.1 276.2 0.0 966.6 299.4 0.1 830.2 259.5 0.0 1034.0 265.1 0.0 978.8 275.1 0.0 1032.1 286.7 2 3 4 5 6 7 8 9 10 LM754022005 FL753069603 LM753061103 LM753061703 LM753062003 LM753063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 313.5 0.0 99.8 60.7 0.0 153.0 286.1 0.0 86.9 53.5 0.0 145.6 294.7 0.0 86.2 62.2 0.0 146.3 289.4 0.0 83.8 58.6 0.0 147.0 289.5 0.0 85.5 59.3 0.0 144.6 286.1 0.0 86.9 53.5 0.0 145.6 280.8 0.0 89.4 49.3 0.0 142.1 295.5 0.0 96.0 52.6 0.0 146.9 304.4 5 0.0 6 92.5 7 52.1 8 0.0 9 159.8 10 11 12 13 14 FL754023005 FL753068005 FL753069703 FL753065005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 785.4 704.5 0.0 81.0 869.9 778.8 0.0 91.1 768.6 688.2 0.0 80.4 767.0 685.7 0.0 81.4 796.5 712.8 0.0 83.8 869.9 778.8 0.0 91.1 897.2 802.4 0.0 94.9 940.1 841.1 0.0 99.0 967.7 865.1 0.0 102.6 15 FL753064103 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FL753093005 Miscellaneous assets 77.6 104.7 83.2 93.4 86.3 104.7 109.2 109.7 123.9 16 17 FL754190005 2121.4 2260.9 2264.4 2165.2 2341.1 2260.9 2514.8 2542.6 2640.9 17 18 19 20 FL754110005 FL754116005 FL754112005 Net interbank liabilities To foreign banks To domestic banks 188.7 181.2 7.5 289.0 278.3 10.7 187.3 179.8 7.5 148.3 140.5 7.8 306.4 291.7 14.7 289.0 278.3 10.7 401.2 383.4 17.8 425.8 402.3 23.6 508.6 18 483.9 19 24.7 20 21 22 FL753127005 FL753130005 Checkable deposits Time and savings deposits 256.3 858.0 282.0 862.2 306.8 893.1 296.0 885.8 304.9 866.9 282.0 862.2 307.5 907.5 326.8 934.6 310.4 21 945.9 22 23 FL752150005 Federal funds and security repos 545.0 527.5 557.5 542.0 568.4 527.5 544.5 492.6 475.8 23 24 FL753169175 Debt securities (open market paper) 65.3 60.4 66.0 58.7 52.4 60.4 84.8 104.1 104.7 24 25 LM753192305 Foreign direct investment: intercompany debt 20.8 18.0 20.5 17.9 17.7 18.0 16.9 16.5 16.0 25 26 27 28 FL753190005 FL753194503 FL753193005 Miscellaneous liabilities Investment by other financial business Other 187.3 92.0 95.3 221.8 108.5 113.3 233.3 134.2 99.0 216.6 116.8 99.8 224.4 125.8 98.6 221.8 108.5 113.3 252.4 132.2 120.2 242.2 105.6 136.6 279.5 26 116.6 27 162.9 28 422.7 467.2 433.9 438.8 434.1 467.2 436.1 362.4 343.3 29 1114.4 1144.3 1199.9 1181.8 1171.8 1144.3 1215.0 1261.4 1256.3 30 Total liabilities 11 12 13 14 Memo: 29 LM753192103 Foreign direct investment: equity 30 FL753139105 Uninsured deposits (2) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). (2) All checkable deposits (line 21) and time and savings deposits (line 22) are considered uninsured according to the Federal Deposit Insurance Act. Levels 2020 90 Z.1, December 9, 2022 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 Total financial assets 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL744090005 109.5 113.3 119.3 126.1 117.9 113.3 103.2 103.6 107.9 1 2 FL743013003 Reserves at Federal Reserve 14.7 21.9 14.5 23.2 22.4 21.9 13.3 11.8 4.9 2 3 4 5 6 7 LM744022003 LM743061103 LM743061703 LM743062003 LM743063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 41.3 13.8 15.0 0.1 12.5 47.5 19.6 16.5 0.1 11.3 43.8 15.3 16.6 0.1 11.8 42.4 15.5 17.1 0.1 9.7 47.3 18.4 17.2 0.1 11.7 47.5 19.6 16.5 0.1 11.3 47.8 19.6 16.9 0.1 11.3 51.3 23.0 16.9 0.1 11.2 54.5 26.8 16.6 0.1 11.1 3 4 5 6 7 8 9 10 11 FL744023003 FL743068005 FL743065103 FL743065505 Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Commercial mortgages 41.6 18.7 13.5 9.4 37.2 15.8 12.0 9.4 40.4 18.0 13.1 9.3 39.5 17.6 12.7 9.2 38.1 16.3 12.3 9.5 37.2 15.8 12.0 9.4 36.0 15.3 11.4 9.3 36.4 15.7 11.2 9.5 37.3 8 16.3 9 11.1 10 10.0 11 12 FL743093005 13 FL744190005 14 15 16 17 FL744110005 FL743127003 FL743130003 FL743193005 18 FL743139105 Miscellaneous assets Total liabilities Net interbank liabilities Checkable deposits Time and savings deposits Miscellaneous liabilities 11.9 6.8 20.7 21.1 10.2 6.8 6.1 4.1 11.1 12 101.5 105.5 111.2 118.4 110.0 105.5 95.7 95.9 99.7 13 -1.4 56.7 42.9 3.2 -1.3 64.0 40.7 2.1 -1.4 62.5 47.4 2.7 -1.4 69.3 48.2 2.4 -1.4 65.9 43.2 2.3 -1.3 64.0 40.7 2.1 -1.4 56.5 38.6 2.0 -1.4 57.9 37.3 2.1 -2.8 60.5 40.1 1.9 44.0 52.5 47.5 54.8 53.8 52.5 46.0 47.4 48.2 18 14 15 16 17 Levels Memo: Uninsured deposits (2) (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. (2) Includes checkable deposits (line 15) and time and savings deposits (line 16) not insured by the Federal Deposit Insurance Corporation. L.114 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL474090005 2 3 FL473013005 FL472050053 4 5 6 7 8 9 Total financial assets 1823.2 2041.3 1939.6 1951.5 1994.5 2041.3 2084.1 2091.6 2120.6 1 Reserves at Federal Reserve Federal funds and security repos 188.0 0.5 213.8 0.2 244.6 0.5 214.8 0.3 211.9 0.3 213.8 0.2 200.3 0.2 137.2 0.2 114.6 0.2 2 3 LM474022005 FL473069153 LM473061105 LM473061705 LM473062005 LM473063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 311.1 0.3 45.5 239.0 10.1 16.2 403.1 0.3 62.6 307.5 12.3 20.6 374.2 0.2 50.8 293.9 10.9 18.5 375.9 0.1 51.5 295.1 11.5 17.8 387.2 0.0 55.0 301.5 12.0 18.7 403.1 0.3 62.6 307.5 12.3 20.6 414.7 0.5 74.0 305.7 11.9 22.6 425.8 0.4 79.5 311.8 11.6 22.6 400.8 0.1 82.5 284.3 11.8 22.2 4 5 6 7 8 9 10 11 12 13 FL474023000 FL473068005 FL473065100 FL473066000 Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Consumer credit 1193.9 78.7 610.1 505.1 1286.2 86.6 667.5 532.0 1198.0 81.7 613.4 502.9 1223.1 82.0 628.7 512.4 1251.8 83.9 645.9 522.0 1286.2 86.6 667.5 532.0 1328.3 187.3 593.8 547.2 1411.4 204.7 622.4 584.3 1497.0 234.2 649.7 613.1 10 11 12 13 14 15 LM473064205 FL473090005 Mutual fund shares Miscellaneous assets 4.8 124.8 7.1 130.8 6.1 116.2 6.9 130.5 7.4 136.0 7.1 130.8 7.4 133.2 5.7 111.3 5.8 14 102.2 15 16 FL474190005 1646.1 1854.9 1765.3 1775.2 1810.9 1854.9 1905.9 1920.0 1957.0 16 17 18 19 20 21 22 FL474110005 FL473127003 FL473130005 FL472150053 FL473169333 FL473193005 -35.2 297.1 1317.7 0.0 43.3 23.3 -30.8 374.2 1442.5 0.0 40.7 28.3 -28.9 341.1 1390.2 0.0 40.3 22.6 -33.3 348.8 1395.4 0.0 39.2 25.2 -34.3 361.0 1417.4 0.0 39.4 27.4 -30.8 374.2 1442.5 0.0 40.7 28.3 -47.8 395.2 1486.6 0.0 42.3 29.5 -57.4 390.1 1494.3 0.0 59.9 33.1 -57.6 409.4 1486.0 0.0 77.6 41.6 119.5 153.8 128.5 134.6 143.0 153.8 161.0 163.3 Total liabilities Net interbank liabilities Checkable deposits Time and savings deposits Federal funds and security repos Loans (other loans and advances) Miscellaneous liabilities 17 18 19 20 21 22 Memo: 23 FL473139103 Uninsured deposits (1) (1) Includes checkable deposits (line 18) and time and savings deposits (line 19) not insured by the National Credit Union Share Insurance Fund. 165.1 23 91 Z.1, December 9, 2022 L.115 Property-Casualty Insurance Companies 2020 1 FL514090005 2 3 4 FL513020005 FL513034005 FL512051005 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM514022005 FL513069105 LM513061105 LM513061705 LM513062005 LM513063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 FL513065505 Loans (commercial mortgages) 12 13 LM513064105 LM513064205 14 15 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 2879.0 3100.2 2898.5 3022.3 3038.1 3100.2 3057.1 2926.2 2914.2 1 50.2 34.7 2.2 72.7 31.5 2.2 59.2 36.6 2.3 55.9 30.8 2.5 70.1 34.4 2.3 72.7 31.5 2.2 57.4 23.1 1.4 54.6 21.5 1.7 62.3 24.0 1.9 2 3 4 1270.2 8.9 157.5 145.3 297.9 660.7 1320.1 4.5 187.9 136.0 289.4 702.4 1249.7 8.1 164.7 140.6 293.1 643.2 1308.4 7.8 186.7 138.8 294.6 680.5 1311.6 5.8 186.3 139.4 289.5 690.6 1320.1 4.5 187.9 136.0 289.4 702.4 1231.8 3.0 161.6 132.0 270.9 664.3 1179.5 3.5 167.0 130.0 260.0 619.1 1144.9 5 4.0 6 175.4 7 125.9 8 246.2 9 593.5 10 24.3 27.7 24.3 25.5 26.4 27.7 29.5 30.2 30.6 11 Corporate equities Mutual fund shares 518.6 29.7 642.8 36.2 546.1 31.7 584.4 33.3 588.4 33.1 642.8 36.2 674.0 34.2 594.5 27.2 568.6 12 26.4 13 FL513070005 LM513092003 Trade receivables U.S. direct investment abroad 210.7 256.7 233.4 307.1 220.5 275.4 229.2 291.8 239.4 291.8 233.4 307.1 244.4 288.0 253.8 243.0 254.9 14 221.4 15 16 17 18 19 20 FL513090005 FL513092403 FL513076005 FL513094703 FL513093005 Miscellaneous assets Equity in FHLB Policy payables (1) Receivables due from holding company parents Other 481.9 0.7 322.4 0.0 158.7 426.6 0.6 349.8 0.4 75.8 452.7 0.7 329.3 0.0 122.8 460.3 0.7 336.1 0.0 123.5 440.7 0.6 343.0 0.0 97.1 426.6 0.6 349.8 0.4 75.8 473.2 0.5 352.8 0.0 119.9 520.1 0.4 362.3 0.2 157.2 579.1 0.3 374.5 1.3 203.0 21 FL514190005 1802.2 1961.1 1857.4 1897.7 1964.0 1961.1 2010.2 2041.3 2103.6 21 22 23 FL512151003 FL513169333 Security repurchase agreements Loans (other loans and advances) 0.2 10.0 0.1 7.0 0.2 9.3 0.2 8.4 0.2 7.5 0.1 7.0 0.1 6.3 0.1 5.8 0.2 22 5.1 23 24 25 26 FL513170005 FL513178005 LM513192305 Trade payables Taxes payable Foreign direct investment: intercompany debt 90.5 10.5 11.8 109.5 10.3 11.0 95.3 12.2 11.6 100.0 9.6 10.8 104.8 8.8 10.7 109.5 10.3 11.0 110.5 11.3 10.6 113.4 8.7 10.5 117.3 24 8.2 25 10.5 26 27 28 29 FL513190005 FL513194603 FL513194703 Miscellaneous liabilities Equity investment by holding company parent Other investment by holding company parent 1679.1 2.5 0.4 1823.2 3.6 0.3 1728.7 2.3 1.3 1768.7 3.6 0.8 1832.2 3.9 0.5 1823.2 3.6 0.3 1871.5 4.2 0.0 1902.8 4.4 0.0 1962.4 27 4.5 28 0.0 29 30 31 FL513176005 FL513193005 1393.5 282.8 1504.7 314.6 1425.1 300.0 1451.5 312.8 1500.7 327.1 1504.7 314.6 1517.3 350.1 1558.3 340.1 1611.0 30 346.9 31 239.3 285.6 246.0 265.3 261.4 285.6 272.0 229.8 221.3 32 Total liabilities Policy payables Other 16 17 18 19 20 Memo: 32 LM513192103 Foreign direct investment: equity 33 FL513200003 Securities lending (2) 34 35 FL514090023 FL514090033 Financial guaranty insurers’ total assets (3) Mortgage guaranty insurers’ total assets (3) 36 37 38 39 FL513176015 FL513176025 FL263176005 FL263076005 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers 5.5 7.9 6.7 8.6 8.5 7.9 8.4 8.9 8.5 33 20.9 30.1 20.8 32.1 21.6 31.0 21.0 31.7 20.2 32.0 20.8 32.1 21.0 32.2 19.9 31.9 19.7 34 32.5 35 1175.2 159.1 163.3 59.1 1269.3 170.3 179.5 65.1 1202.5 161.9 167.3 60.6 1224.6 164.7 171.4 62.1 1269.5 167.5 175.5 63.6 1269.3 170.3 179.5 65.1 1279.9 171.7 181.0 65.7 1314.5 176.4 185.9 67.4 1359.0 182.3 192.2 69.7 (1) Policy payables due from reinsurers. (2) Liability for securities lending collateral, included in line 29. (3) Total nonfinancial and financial assets of financial guaranty insurers and mortgage guaranty insurers as reported in statutory financial statements, with securities reported at book/adjusted carrying value. 36 37 38 39 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 92 Z.1, December 9, 2022 L.116 Life Insurance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 1 FL544090005 2 3 4 FL543020005 FL543034005 FL542051075 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM544022005 FL543069105 LM543061105 LM543061705 LM543062005 LM543063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 FL544023005 FL543069005 FL543065005 Loans Other loans and advances Mortgages 14 15 LM543064105 LM543064205 Corporate equities Mutual fund shares 16 17 18 19 FL543070005 FL543040005 FL543050005 LM543092073 20 21 22 23 24 25 FL543090005 FL543094703 FL543092473 FL543077073 FL543095105 FL543093005 26 FL544190005 27 28 FL542151073 FL543169373 Security repurchase agreements Loans (other loans and advances) 29 30 31 FL543170005 FL543140005 FL543150005 Trade payables Life insurance reserves Pension entitlements (2) 32 33 FL543178075 LM543192375 Taxes payable Foreign direct investment: intercompany debt 34 35 36 37 38 39 40 FL543190005 FL543194603 FL543194703 FL673090543 FL543195005 FL593095005 FL543193005 Miscellaneous liabilities Equity investment by holding company parent Other investment by holding company parent Funding agreements backing securities (3) Other reserves (4) Unallocated insurance contracts Other 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 9420.3 9862.8 9314.7 9657.3 9695.9 9862.8 9404.6 8844.6 8608.3 1 127.7 66.5 8.2 119.3 64.2 9.8 118.3 63.5 7.7 133.2 69.4 8.3 127.3 67.3 9.4 119.3 64.2 9.8 111.8 61.7 9.0 107.3 73.1 7.8 112.3 79.6 9.0 2 3 4 4431.1 34.0 240.7 366.4 234.2 3555.8 4452.1 41.0 231.4 312.3 234.9 3632.5 4247.6 32.6 227.2 342.5 232.0 3413.3 4368.4 34.8 234.4 334.4 234.9 3529.8 4412.2 38.7 237.5 325.8 233.3 3576.9 4452.1 41.0 231.4 312.3 234.9 3632.5 4170.6 39.0 213.2 293.5 219.4 3405.5 3912.5 36.3 201.2 281.1 210.8 3183.2 3760.0 5 40.8 6 196.1 7 273.1 8 202.2 9 3047.7 10 808.2 163.5 644.7 858.3 167.4 690.9 811.0 164.2 646.8 822.7 165.1 657.6 839.9 166.9 673.0 858.3 167.4 690.9 874.2 166.1 708.1 888.9 166.0 722.9 899.8 11 169.0 12 730.7 13 730.6 1701.3 763.4 1842.9 740.0 1731.5 770.9 1827.6 759.2 1785.9 763.4 1842.9 714.7 1694.8 612.1 1444.2 565.3 14 1353.9 15 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad 130.4 262.7 291.3 92.4 140.5 284.9 380.0 83.0 133.0 268.3 313.4 92.2 135.5 273.8 335.7 91.9 138.0 279.4 357.8 85.9 140.5 284.9 380.0 83.0 143.4 285.7 384.1 78.6 147.4 288.8 388.9 63.9 151.5 291.6 392.3 57.9 16 17 18 19 Miscellaneous assets Balances due from holding company parent Equity in FHLB Deferred and unpaid life ins. premiums Other reserves Other 769.8 0.0 7.8 36.6 86.4 639.1 864.4 0.0 9.1 38.1 90.6 726.7 788.4 0.0 8.5 38.7 87.5 653.6 820.0 0.0 8.7 37.9 88.5 684.9 833.7 0.0 8.7 37.9 89.5 697.6 864.4 0.0 9.1 38.1 90.6 726.7 876.0 0.0 9.6 39.8 91.4 735.2 909.6 0.0 9.1 39.0 92.2 769.3 935.2 0.0 8.5 39.1 93.3 794.3 20 21 22 23 24 25 8383.1 8888.4 8438.7 8656.2 8715.3 8888.4 8738.4 8446.1 8411.0 26 18.6 103.9 20.1 110.8 16.8 112.3 17.7 108.8 19.8 107.3 20.1 110.8 18.5 121.9 16.1 129.2 18.5 27 132.2 28 288.1 2248.9 3793.8 355.0 2344.0 4016.9 304.8 2257.6 3807.3 321.6 2301.6 3926.7 338.3 2320.7 3936.5 355.0 2344.0 4016.9 362.6 2322.0 3865.4 368.7 2294.9 3619.1 377.6 29 2297.7 30 3546.5 31 7.5 13.1 7.0 12.1 8.7 13.0 6.3 12.3 6.3 11.9 7.0 12.1 6.1 11.3 5.1 11.1 5.2 32 10.6 33 1909.1 0.0 0.0 114.9 445.8 889.8 458.6 2022.5 0.0 0.0 155.4 462.8 936.2 468.1 1918.3 0.0 0.0 126.0 449.3 893.1 449.8 1961.2 0.0 0.0 141.5 450.8 916.6 452.3 1974.5 0.0 0.0 152.2 457.1 919.3 445.9 2022.5 0.0 0.0 155.4 462.8 936.2 468.1 2030.6 0.0 0.0 169.9 467.8 918.5 474.3 2001.9 0.0 0.0 172.0 467.7 885.3 476.8 265.3 313.5 274.8 301.1 292.0 313.5 291.3 243.1 232.8 41 48.1 54.5 52.3 55.4 58.3 54.5 56.8 50.3 44.1 42 7099.6 860.9 549.1 5.4 7477.2 917.1 689.8 2.3 7133.8 873.6 584.2 4.6 7323.9 893.0 619.6 3.9 7356.5 902.2 654.6 3.1 7477.2 917.1 689.8 2.3 7311.0 912.7 694.9 2.3 7010.5 905.3 702.5 2.4 Total liabilities 2022.6 0.0 0.0 171.3 472.0 876.8 502.6 34 35 36 37 38 39 40 Memo: 41 LM543192173 Foreign direct investment: equity 42 FL543200073 Securities lending (5) 43 44 45 46 FL543176015 FL543176025 FL543076035 FL543176035 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables L.116.g and L.116.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 37. (3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. (4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. (5) Liability for securities lending collateral, included in line 38. 6934.1 907.6 708.7 2.4 43 44 45 46 93 Z.1, December 9, 2022 L.116.g Life Insurance Companies: General Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL544090075 2 3 4 FL543020075 FL543034075 FL542051075 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM544022075 FL543069175 LM543061175 LM543061775 LM543062075 LM543063075 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 FL544023075 FL543069075 FL543065075 14 15 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 6361.3 6573.9 6230.3 6443.6 6504.5 6573.9 6321.1 6121.9 6005.4 1 90.3 36.3 8.2 85.6 37.4 9.8 83.5 34.3 7.7 99.3 41.6 8.3 93.7 40.1 9.4 85.6 37.4 9.8 78.2 31.1 9.0 74.7 39.7 7.8 79.6 45.6 9.0 2 3 4 3917.0 20.9 187.0 266.9 221.5 3220.6 3916.3 22.8 175.0 230.8 221.6 3266.0 3753.4 19.0 175.5 251.8 219.7 3087.4 3869.9 20.1 182.2 248.0 222.6 3197.1 3898.9 22.5 183.6 242.1 220.6 3230.1 3916.3 22.8 175.0 230.8 221.6 3266.0 3638.6 21.0 157.2 212.5 206.2 3041.6 3404.0 18.8 146.8 202.4 198.0 2838.1 3249.2 5 23.2 6 141.5 7 194.0 8 189.4 9 2701.0 10 Loans Other loans and advances Mortgages 767.2 163.5 603.7 807.5 167.4 640.1 769.9 164.2 605.7 779.4 165.1 614.3 793.3 166.9 626.4 807.5 167.4 640.1 823.8 166.1 657.7 839.9 166.0 674.0 850.6 11 169.0 12 681.6 13 LM543064175 LM543064275 Corporate equities Mutual fund shares 110.3 7.8 133.4 7.9 118.7 7.8 126.0 8.3 138.5 7.5 133.4 7.9 141.0 7.0 130.4 5.9 116.7 14 6.3 15 16 17 18 19 20 FL543070075 FL543040075 FL543050075 LM543092073 FL543090075 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad Miscellaneous assets 130.4 262.7 289.8 92.4 648.7 140.4 284.9 378.5 83.0 689.2 132.9 268.3 312.0 92.2 649.7 135.4 273.8 334.2 91.9 675.4 137.9 279.4 356.3 85.9 663.5 140.4 284.9 378.5 83.0 689.2 143.3 285.7 382.8 78.6 702.1 147.3 288.8 387.7 63.9 731.7 151.4 291.6 391.1 57.9 756.4 21 FL544190075 5309.8 5588.5 5340.9 5430.1 5512.3 5588.5 5645.0 5717.0 5803.5 21 22 23 24 25 26 27 28 29 FL542151073 FL543169373 FL543170075 FL543140075 FL543150075 FL543178075 LM543192375 FL543190075 18.6 103.9 287.5 1835.4 1519.2 7.5 13.1 1524.8 20.1 110.8 354.3 1910.4 1578.4 7.0 12.1 1595.5 16.8 112.3 304.2 1843.1 1515.1 8.7 13.0 1527.7 17.7 108.8 320.9 1872.6 1540.3 6.3 12.3 1551.2 19.8 107.3 337.6 1897.2 1568.0 6.3 11.9 1564.1 20.1 110.8 354.3 1910.4 1578.4 7.0 12.1 1595.5 18.5 121.9 361.9 1915.5 1578.7 6.1 11.3 1631.1 16.1 129.2 368.1 1936.3 1601.4 5.1 11.1 1649.8 18.5 132.2 377.0 1955.1 1617.2 5.2 10.6 1687.7 265.3 313.5 274.8 301.1 292.0 313.5 291.3 243.1 Total liabilities Security repurchase agreements Loans (other loans and advances) Trade payables Life insurance reserves Pension entitlements (1) Taxes payable Foreign direct investment: intercompany debt Miscellaneous liabilities 16 17 18 19 20 22 23 24 25 26 27 28 29 Memo: 30 LM543192173 Foreign direct investment: equity 232.8 30 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 29). L.116.s Life Insurance Companies: Separate Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL544090085 Total financial assets 2 3 FL543020083 FL543034385 Checkable deposits and currency Money market fund shares 4 5 6 7 8 9 LM544022085 FL543069183 LM543061183 LM543061783 LM543062083 LM543063085 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 10 11 12 FL544023085 FL543069483 FL543065083 Loans Other loans and advances Mortgages 13 14 LM543064185 LM543064385 Corporate equities Mutual fund shares 15 16 17 18 FL543070085 FL543040085 FL543050085 FL543090085 Trade receivables Life insurance reserves Pension entitlements Miscellaneous assets 19 FL544190085 20 21 22 23 FL543170085 LM543140085 LM543150085 FL543190085 Total liabilities Trade payables Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 3059.0 3288.9 3084.4 3213.6 3191.4 3288.9 3083.5 2722.7 2602.9 1 37.3 30.2 33.8 26.8 34.8 29.2 33.9 27.7 33.6 27.2 33.8 26.8 33.5 30.6 32.6 33.4 32.7 34.1 2 3 514.1 13.1 53.7 99.5 12.7 335.2 535.8 18.1 56.4 81.5 13.3 366.5 494.1 13.5 51.7 90.7 12.2 325.9 498.5 14.7 52.2 86.5 12.3 332.7 513.3 16.2 53.9 83.7 12.7 346.8 535.8 18.1 56.4 81.5 13.3 366.5 532.0 18.0 56.0 81.0 13.2 363.9 508.5 17.5 54.4 78.7 12.8 345.2 510.8 17.6 54.6 79.0 12.9 346.7 4 5 6 7 8 9 41.0 0.0 41.0 50.7 0.0 50.7 41.2 0.0 41.2 43.3 0.0 43.3 46.6 0.0 46.6 50.7 0.0 50.7 50.4 0.0 50.4 48.9 0.0 48.9 49.2 10 0.0 11 49.2 12 620.3 1693.5 630.0 1835.1 621.4 1723.7 644.8 1819.3 620.6 1778.4 630.0 1835.1 573.7 1687.9 481.7 1438.3 448.5 13 1347.6 14 0.0 0.0 1.4 121.2 0.1 0.0 1.4 175.2 0.0 0.0 1.4 138.7 0.1 0.0 1.5 144.6 0.1 0.0 1.4 170.2 0.1 0.0 1.4 175.2 0.1 0.0 1.4 174.0 0.1 0.0 1.2 177.9 3073.2 3299.9 3097.8 3226.1 3203.0 3299.9 3093.4 2729.1 2607.5 19 0.6 413.6 2274.6 384.4 0.7 433.6 2438.5 427.0 0.7 414.4 2292.1 390.6 0.7 429.0 2386.4 409.9 0.7 423.4 2368.5 410.4 0.7 433.6 2438.5 427.0 0.7 406.5 2286.7 399.5 0.6 358.6 2017.8 352.1 0.6 342.6 1929.3 334.9 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 23). 0.1 0.0 1.1 178.7 15 16 17 18 20 21 22 23 Levels 2020 94 Z.1, December 9, 2022 L.117 Private and Public Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Levels Q1 Total financial assets (2) Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL594090005 2 3 FL593020005 FL593030005 Checkable deposits and currency Time and savings deposits 49.0 19.0 50.3 13.5 46.3 17.8 47.9 16.4 55.8 14.6 50.3 13.5 51.2 9.7 54.2 10.2 55.8 8.4 2 3 4 5 FL593034005 FL592051005 Money market fund shares Security repurchase agreements 229.2 26.2 249.2 56.2 235.4 38.2 241.1 46.0 254.8 39.4 249.2 56.2 260.8 47.6 265.7 51.1 272.9 52.7 4 5 6 7 8 9 10 11 LM594022005 FL593069105 LM593061105 LM593061705 LM593062045 LM593063005 Debt securities Open market paper Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 5120.7 49.3 3107.1 437.8 0.0 1526.5 5377.0 57.1 3357.6 425.5 0.0 1536.8 5040.5 56.3 3077.2 429.8 0.0 1477.1 5190.2 59.7 3158.7 431.0 0.0 1540.7 4996.5 60.8 2982.7 438.3 0.0 1514.7 5377.0 57.1 3357.6 425.5 0.0 1536.8 5237.0 66.2 3314.9 418.3 0.0 1437.6 5110.4 65.4 3327.4 408.8 0.0 1308.8 5057.7 6 66.9 7 3347.2 8 401.2 9 0.0 10 1242.3 11 12 13 14 FL594023005 FL313169003 FL593065005 Loans Other loans and advances Mortgages 31.4 0.0 31.4 32.8 0.0 32.8 31.9 0.0 31.9 31.8 0.0 31.8 212.5 180.6 31.9 32.8 0.0 32.8 31.5 0.0 31.5 32.1 0.0 32.1 32.2 12 0.0 13 32.2 14 15 16 LM593064105 LM593064205 Corporate equities Mutual fund shares 6657.8 5341.4 8010.1 5815.2 6991.3 5489.3 7452.1 5775.4 7381.5 5735.4 8010.1 5815.2 7592.8 5457.3 6477.5 4715.6 6062.2 15 4399.0 16 17 18 19 20 21 FL593090005 FL593095005 FL573074005 FL593073005 FL593093005 Miscellaneous assets Unallocated insurance contracts (4) Contributions receivable Claims of pension fund on sponsor (5) Other 8519.9 889.8 77.7 5769.8 1782.7 8058.2 936.2 74.9 4985.2 2061.9 8488.6 893.1 77.1 5691.7 1826.7 8218.5 916.6 76.5 5335.5 1890.0 8392.9 919.3 75.7 5448.9 1949.0 8058.2 936.2 74.9 4985.2 2061.9 8524.3 918.5 74.2 5515.0 2016.5 9433.3 885.3 73.5 6400.9 2073.5 9922.7 876.8 72.7 6862.0 2111.3 22 FL594190005 Pension entitlements (liabilities) (6) 25994.6 27662.6 26379.2 27019.3 27083.4 27662.6 27212.0 26150.2 25863.7 1 17 18 19 20 21 26166.4 27871.1 26568.7 27218.8 27287.9 27871.1 27441.8 26358.6 26074.3 22 Memo: 23 24 25 FL594190045 FL592000075 FL593073045 26 27 28 29 30 FL153050015 FL594190045 FL594090055 LM893131573 FL543150015 Funded status of defined benefit plans: Pension entitlements Funded by assets (7) Unfunded (line 20) Household retirement assets (8) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (9) Annuities at life insurance companies (10) 16456.7 16849.1 16554.2 16651.9 16750.8 16849.1 16945.9 17040.6 17136.5 23 10686.9 11863.8 10862.5 11316.4 11301.9 11863.8 11430.9 10639.6 10274.5 24 5769.8 4985.2 5691.7 5335.5 5448.9 4985.2 5515.0 6400.9 6862.0 25 41547.2 16456.7 9709.7 12333.0 3047.8 45013.0 16849.1 11022.0 13913.0 3228.9 42323.0 16554.2 10014.6 12695.0 3059.3 43771.5 16651.9 10566.9 13396.0 3156.7 43787.4 16750.8 10537.1 13336.0 3163.5 45013.0 16849.1 11022.0 13913.0 3228.9 43716.2 40935.7 ND 26 16945.9 17040.6 17136.5 27 10496.0 9318.0 8937.9 28 13168.0 11669.0 ND 29 3106.4 2908.1 ND 30 (1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes both marketable and nonmarketable government securities. (4) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (8) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (9) IRA assets are not included above. See memo items on table L.227 for a sectoral distribution of IRA accounts. (10) Annuities held in IRAs are excluded. They are included in line 29. 95 Z.1, December 9, 2022 L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2021 Q1 Total financial assets (2) Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL574090005 2 3 FL573020005 FL573030005 Checkable deposits and currency Time and savings deposits 20.0 16.8 21.6 10.9 20.4 15.6 20.8 14.1 21.1 12.6 21.6 10.9 21.9 9.5 22.2 8.3 22.7 6.6 2 3 4 5 FL573034005 FL572051005 Money market fund shares Security repurchase agreements 205.5 18.4 230.2 25.8 209.7 19.9 217.3 21.8 223.3 23.7 230.2 25.8 235.4 27.4 241.6 29.0 248.7 31.1 4 5 6 7 8 9 10 LM574022005 FL573069105 LM573061105 LM573061705 LM573063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 1719.6 40.7 462.8 236.2 979.9 1684.4 42.5 469.9 222.4 949.6 1639.6 41.0 442.7 227.6 928.3 1686.4 41.6 458.4 228.9 957.4 1682.7 42.0 462.7 226.3 951.7 1684.4 42.5 469.9 222.4 949.6 1579.9 42.9 447.6 214.9 874.5 1506.6 43.2 435.7 212.5 815.1 11 FL573065005 Loans (mortgages) 24.4 24.8 24.5 24.6 24.7 24.8 24.8 24.9 25.0 11 12 13 LM573064105 LM573064205 Corporate equities Mutual fund shares 3395.7 4917.5 4093.9 5500.8 3582.1 5072.4 3835.1 5345.5 3791.6 5297.7 4093.9 5500.8 3830.9 5147.6 3148.7 4453.5 2960.2 12 4183.7 13 14 15 16 17 18 FL573090005 FL573095005 FL573074005 FL573073005 FL573093005 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 1783.3 631.6 77.7 118.9 955.0 1722.2 660.4 74.9 -76.2 1063.2 1796.2 632.4 77.1 112.2 974.5 1718.1 649.0 76.5 -16.6 1009.1 1791.1 649.8 75.7 31.4 1034.2 1722.2 660.4 74.9 -76.2 1063.2 1951.1 641.5 74.2 151.0 1084.4 2338.5 611.4 73.5 542.0 1111.7 2518.4 602.6 72.7 703.2 1139.9 19 FL574190005 Pension entitlements (liabilities) (5) 12101.2 13314.5 12380.2 12883.6 12868.5 13314.5 12828.6 11773.3 11445.3 1 1449.0 6 43.7 7 421.7 8 209.2 9 774.4 10 14 15 16 17 18 12137.7 13351.0 12416.8 12920.1 12905.0 13351.0 12865.1 11809.8 11481.8 19 Memo: 20 21 22 FL574190043 FL572000075 FL573073005 23 24 FL574090045 FL574090055 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) Total financial assets Defined benefit plans (7) Defined contribution plans (8) 3656.5 3537.6 118.9 3702.6 3778.8 -76.2 3669.0 3556.9 112.2 3681.1 3697.7 -16.6 3692.4 3661.0 31.4 3702.6 3778.8 -76.2 3712.8 3561.8 151.0 3723.0 3181.0 542.0 3733.2 20 3030.0 21 703.2 22 3620.0 8481.2 3666.1 9648.4 3632.5 8747.8 3644.6 9239.0 3655.9 9212.6 3666.1 9648.4 3676.3 9152.3 3686.5 8086.8 3696.7 23 7748.6 24 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (7) Additional detail on defined benefit plans is available on tables L.118.b. (8) Additional detail on defined contribution plans is available on table L.118.c. Levels 2020 96 Z.1, December 9, 2022 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 Total financial assets (1) 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL574090045 3620.0 3666.1 3632.5 3644.6 3655.9 3666.1 3676.3 3686.5 3696.7 1 2 3 FL573020043 FL573030043 Checkable deposits and currency Time and savings deposits 12.2 11.9 13.7 5.3 12.5 10.6 12.9 8.8 13.3 7.2 13.7 5.3 14.0 3.9 14.3 2.5 14.8 0.6 2 3 4 5 FL573034043 FL572051043 Money market fund shares Security repurchase agreements 48.6 18.4 56.8 25.8 50.3 19.9 52.4 21.8 54.5 23.7 56.8 25.8 58.6 27.4 60.3 29.0 62.6 31.1 4 5 6 7 8 9 10 LM574022045 FL573069143 LM573061143 LM573061743 LM573063043 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 1192.8 29.2 268.8 132.4 762.4 1163.5 29.6 264.3 130.0 739.6 1137.2 29.3 255.8 129.6 722.5 1167.0 29.4 261.6 130.9 745.2 1163.7 29.5 262.3 131.0 741.0 1163.5 29.6 264.3 130.0 739.6 1085.6 29.7 250.4 124.1 681.5 1026.1 29.8 241.8 121.3 633.2 979.8 6 29.9 7 232.2 8 117.4 9 600.4 10 11 FL573065043 Loans (mortgages) 14.5 14.6 14.5 14.6 14.6 14.6 14.7 14.7 14.7 11 12 13 LM573064143 LM573064243 Corporate equities Mutual fund shares 1331.1 406.6 1539.9 434.4 1391.1 414.9 1474.6 432.5 1442.2 424.1 1539.9 434.4 1428.8 402.1 1161.9 345.9 1075.3 12 320.5 13 14 15 16 17 18 FL573090045 FL573095405 FL573074043 FL573073005 FL573093043 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 583.9 64.2 37.6 118.9 363.2 412.1 62.8 33.3 -76.2 392.2 581.6 63.6 36.7 112.2 369.1 460.0 64.2 35.6 -16.6 376.7 512.7 62.8 34.5 31.4 384.0 412.1 62.8 33.3 -76.2 392.2 641.2 59.1 32.4 151.0 398.7 1031.8 53.6 31.5 542.0 404.8 1197.3 50.9 30.2 703.2 413.0 19 FL574190043 3656.5 3702.6 3669.0 3681.1 3692.4 3702.6 3712.8 3723.0 3733.2 19 Pension entitlements (liabilities) (4) 14 15 16 17 18 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. L.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL574090055 Total financial assets 8481.2 9648.4 8747.8 9239.0 9212.6 9648.4 9152.3 8086.8 7748.6 1 2 3 FL573020033 FL573030033 Checkable deposits and currency Time and savings deposits 7.9 4.9 7.9 5.5 7.9 5.0 7.9 5.2 7.9 5.4 7.9 5.5 7.9 5.7 7.9 5.8 7.9 5.9 2 3 4 5 FL573034055 FL572051033 Money market fund shares Security repurchase agreements 156.8 0.0 173.4 0.0 159.4 0.0 164.8 0.0 168.8 0.0 173.4 0.0 176.8 0.0 181.3 0.0 186.1 0.0 4 5 6 7 8 9 10 LM574022035 FL573069133 LM573061133 LM573061733 LM573063033 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 526.8 11.5 194.1 103.8 217.5 520.9 12.9 205.6 92.4 209.9 502.4 11.7 186.9 98.0 205.7 519.4 12.2 196.9 98.0 212.3 519.0 12.5 200.4 95.4 210.7 520.9 12.9 205.6 92.4 209.9 494.3 13.2 197.2 90.9 193.0 480.5 13.4 193.9 91.2 181.9 469.2 6 13.8 7 189.5 8 91.9 9 174.1 10 11 FL573065033 Loans (mortgages) 9.9 10.1 9.9 10.0 10.1 10.1 10.2 10.2 10.3 11 12 13 LM573064133 LM573064255 Corporate equities Mutual fund shares 2064.6 4510.8 2554.0 5066.4 2191.0 4657.5 2360.6 4913.0 2349.4 4873.6 2554.0 5066.4 2402.1 4745.5 1986.8 4107.6 1885.0 12 3863.2 13 14 15 16 17 FL573090055 FL573095505 FL573074033 FL573093055 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 1199.3 567.4 40.1 591.8 1310.1 597.6 41.6 671.0 1214.6 568.8 40.4 605.4 1258.1 584.8 40.9 632.4 1278.4 587.0 41.2 650.2 1310.1 597.6 41.6 671.0 1309.9 582.3 41.8 685.7 1306.7 557.7 42.1 706.9 1321.1 551.7 42.4 726.9 18 FL574090055 8481.2 9648.4 8747.8 9239.0 9212.6 9648.4 9152.3 8086.8 7748.6 18 Pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. 14 15 16 17 97 Z.1, December 9, 2022 L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 1 FL344090005 2 FL343020033 Total financial assets (1) Checkable deposits and currency 3 4 5 6 7 LM344022005 LM343061105 LM343061705 LM343062033 LM343063005 8 Q2 Q3 Q4 Q1 2022 Q2 Q3 4391.3 4563.9 4438.1 4498.0 4513.7 4563.9 4570.4 4516.2 4505.8 1 1.0 1.5 1.1 1.2 1.3 1.5 1.6 1.7 1.9 2 Debt securities Treasury securities (2) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 2326.6 2297.5 11.7 0.0 17.3 2483.6 2456.8 11.7 0.0 15.0 2317.7 2289.7 11.3 0.0 16.6 2332.6 2304.3 11.3 0.0 16.9 2140.4 2113.7 10.8 0.0 15.8 2483.6 2456.8 11.7 0.0 15.0 2512.1 2487.3 11.0 0.0 13.7 2535.2 2512.9 10.2 0.0 12.0 2580.0 2559.2 9.7 0.0 11.1 3 4 5 6 7 FL313169003 Loans (other loans and advances) (3) 0.0 0.0 0.0 0.0 180.6 0.0 0.0 0.0 0.0 8 9 LM343064105 Corporate equities 418.6 524.0 449.2 487.6 483.8 524.0 485.6 410.1 385.1 9 10 FL343073045 1645.2 1554.8 1670.1 1676.6 1707.6 1554.8 1571.1 1569.1 1538.9 10 11 FL344090005 4391.3 4563.9 4438.1 4498.0 4513.7 4563.9 4570.4 4516.2 4505.8 11 3656.7 2011.5 1645.2 3737.0 2182.2 1554.8 3676.5 2006.4 1670.1 3695.8 2019.2 1676.6 3716.3 2008.7 1707.6 3737.0 2182.2 1554.8 3756.3 2185.2 1571.1 3773.5 2204.4 1569.1 3791.9 12 2253.0 13 1538.9 14 3656.7 734.6 3737.0 826.9 3676.5 761.5 3695.8 802.2 3716.3 797.4 3737.0 826.9 3756.3 814.1 3773.5 742.7 3791.9 15 713.9 16 Claims of pension fund on sponsor (misc. assets) (4) Pension entitlements (liabilities) (5) 12 13 14 FL344090045 FL342000075 FL343073045 15 16 FL344090045 FL344090055 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 10) Total financial assets Defined benefit plans (7) Defined contribution plans (8) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Comprised primarily of nonmarketable Treasury securities. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of projected pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor. (7) Additional detail on defined benefit plans is available on table L.119.b. (8) Additional detail on defined contribution plans is available on table L.119.c. Levels Memo: 98 Z.1, December 9, 2022 L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 1 FL344090045 2 FL343020033 Total financial assets (2) Checkable deposits and currency 3 4 5 6 7 LM344022045 LM343061165 LM343061733 LM343062033 LM343063033 Debt securities Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 8 LM343064135 Corporate equities 9 FL343073045 Claims of pension fund on sponsor (misc. assets) (4) 10 FL344190045 Pension entitlements (liabilities) (5) Q2 Q3 Q4 Q1 2022 Q2 Q3 3656.7 3737.0 3676.5 3695.8 3716.3 3737.0 3756.3 3773.5 3791.9 1 1.0 1.5 1.1 1.2 1.3 1.5 1.6 1.7 1.9 2 1994.7 1989.3 0.9 0.0 4.5 2160.9 2156.2 0.5 0.0 4.1 1988.8 1983.1 0.9 0.0 4.7 2000.9 1995.0 0.9 0.0 4.9 1988.1 1983.5 0.5 0.0 4.0 2160.9 2156.2 0.5 0.0 4.1 2164.7 2160.2 0.5 0.0 3.9 2185.8 2181.8 0.5 0.0 3.5 2235.8 2232.2 0.4 0.0 3.2 3 4 5 6 7 15.8 19.8 16.5 17.2 19.2 19.8 18.9 16.8 15.3 8 1645.2 1554.8 1670.1 1676.6 1707.6 1554.8 1571.1 1569.1 1538.9 9 3656.7 3737.0 3676.5 3695.8 3716.3 3737.0 3756.3 3773.5 3791.9 10 Levels (1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and Disability Fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Comprised primarily of nonmarketable Treasury securities. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector. L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL344090055 2 3 4 5 LM344022025 LM343061155 LM343061723 LM343063023 6 Total financial assets 734.6 826.9 761.5 802.2 797.4 826.9 814.1 742.7 713.9 1 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 331.8 308.2 10.9 12.8 322.7 300.6 11.2 10.8 328.8 306.6 10.4 11.8 331.7 309.3 10.4 12.0 152.3 130.2 10.3 11.7 322.7 300.6 11.2 10.8 347.4 327.0 10.5 9.8 349.4 331.1 9.8 8.5 344.2 327.0 9.3 7.8 2 3 4 5 FL313169003 Loans (other loans and advances) (3) 0.0 0.0 0.0 0.0 180.6 0.0 0.0 0.0 0.0 6 7 LM343064125 Corporate equities 402.8 504.2 432.7 470.4 464.6 504.2 466.7 393.3 369.8 7 8 FL344090055 734.6 826.9 761.5 802.2 797.4 826.9 814.1 742.7 713.9 8 Pension entitlements (liabilities) (1) Thrift Savings Plan. (2) Includes nonmarketable Treasury securities held in the G fund and marketable Treasury securities held in the F fund. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. 99 Z.1, December 9, 2022 L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets (1) 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL224090005 9502.1 9784.1 9560.9 9637.8 9701.3 9784.1 9813.1 9860.7 9912.6 1 2 3 FL223020043 FL223030043 Checkable deposits and currency Time and savings deposits 28.0 2.2 27.3 2.7 24.9 2.2 25.9 2.3 33.3 2.0 27.3 2.7 27.7 0.2 30.2 1.9 31.3 1.8 2 3 4 5 FL223034005 FL222051043 Money market fund shares Security repurchase agreements 23.7 7.8 19.0 30.5 25.7 18.4 23.8 24.2 31.5 15.7 19.0 30.5 25.3 20.2 24.1 22.1 24.2 21.6 4 5 6 7 8 9 10 11 LM224022045 FL223069143 LM223061143 LM223061743 LM223062043 LM223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1074.6 8.6 346.8 189.8 0.0 529.3 1209.1 14.6 430.9 191.3 0.0 572.2 1083.2 15.3 344.8 190.9 0.0 532.2 1171.2 18.1 395.9 190.8 0.0 566.3 1173.4 18.7 406.3 201.1 0.0 547.3 1209.1 14.6 430.9 191.3 0.0 572.2 1144.9 23.3 380.0 192.3 0.0 549.4 1068.6 22.2 378.7 186.1 0.0 481.6 12 FL223065043 Loans (mortgages) 6.9 8.1 7.4 7.3 7.2 8.1 6.7 7.2 7.2 12 13 14 LM223064145 LM223064205 Corporate equities Mutual fund shares 2843.5 423.9 3392.2 314.4 2959.9 416.8 3129.3 430.0 3106.2 437.7 3392.2 314.4 3276.3 309.7 2918.7 262.1 2716.9 13 215.3 14 15 16 17 18 FL223090005 FL223095505 FL223073045 FL223093005 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 5091.4 258.2 4005.6 827.6 4781.1 275.8 3506.6 998.7 5022.3 260.8 3909.4 852.1 4823.9 267.6 3675.4 880.8 4894.2 269.5 3709.9 914.8 4781.1 275.8 3506.6 998.7 5002.0 277.0 3792.8 932.2 5525.6 274.0 4289.8 961.8 5865.4 274.2 4619.9 971.3 19 FL224190005 9637.4 9956.1 9713.9 9800.7 9869.2 9956.1 10006.4 10032.6 10086.7 19 9143.4 5137.8 4005.6 9409.4 5902.8 3506.6 9208.6 5299.2 3909.4 9274.9 5599.5 3675.4 9342.1 5632.2 3709.9 9409.4 5902.8 3506.6 9476.7 5683.9 3792.8 9544.1 5254.2 4289.8 9611.4 20 4991.5 21 4619.9 22 9008.2 493.9 9237.4 546.7 9055.7 505.3 9112.0 525.8 9174.2 527.1 9237.4 546.7 9283.4 529.6 9372.1 488.5 9437.2 23 475.4 24 Pension entitlements (liabilities) (4) 1028.8 6 23.3 7 366.3 8 182.3 9 0.0 10 456.8 11 15 16 17 18 Memo: 20 21 22 FL224190043 FL222000075 FL223073045 23 24 FL224090045 FL224090055 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 17) Total financial assets Defined benefit plans (6) Defined contribution plans (7) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of projected pension entitlements. These liabilities are assets of the household sector. (5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (6) Additional detail on defined benefit plans is available on table L.120.b. (7) Additional detail on defined contribution plans is available on table L.120.c. Levels 2020 100 Z.1, December 9, 2022 L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 Total financial assets (1) 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL224090045 9008.2 9237.4 9055.7 9112.0 9174.2 9237.4 9283.4 9372.1 9437.2 1 2 3 FL223020043 FL223030043 Checkable deposits and currency Time and savings deposits 28.0 2.2 27.3 2.7 24.9 2.2 25.9 2.3 33.3 2.0 27.3 2.7 27.7 0.2 30.2 1.9 31.3 1.8 2 3 4 5 FL223034043 FL222051043 Money market fund shares Security repurchase agreements 21.3 7.8 16.9 30.5 23.4 18.4 21.6 24.2 29.4 15.7 16.9 30.5 23.2 20.2 22.0 22.1 22.1 21.6 4 5 6 7 8 9 10 11 LM224022045 FL223069143 LM223061143 LM223061743 LM223062043 LM223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1074.6 8.6 346.8 189.8 0.0 529.3 1209.1 14.6 430.9 191.3 0.0 572.2 1083.2 15.3 344.8 190.9 0.0 532.2 1171.2 18.1 395.9 190.8 0.0 566.3 1173.4 18.7 406.3 201.1 0.0 547.3 1209.1 14.6 430.9 191.3 0.0 572.2 1144.9 23.3 380.0 192.3 0.0 549.4 1068.6 22.2 378.7 186.1 0.0 481.6 12 FL223065043 Loans (mortgages) 6.9 8.1 7.4 7.3 7.2 8.1 6.7 7.2 7.2 12 13 14 LM223064145 LM223064243 Corporate equities Mutual fund shares 2843.5 196.9 3392.2 52.3 2959.9 181.1 3129.3 180.5 3106.2 188.9 3392.2 52.3 3276.3 66.1 2918.7 56.6 2716.9 13 23.4 14 15 16 17 FL223090045 FL223073045 LM223093043 Miscellaneous assets Claims of pension fund on sponsor (2) Other 4826.9 4005.6 821.3 4498.6 3506.6 992.0 4755.1 3909.4 845.7 4549.7 3675.4 874.3 4618.0 3709.9 908.1 4498.6 3506.6 992.0 4718.1 3792.8 925.3 5244.7 4289.8 954.8 5584.1 15 4619.9 16 964.3 17 18 FL224190043 9143.4 9409.4 9208.6 9274.9 9342.1 9409.4 9476.7 9544.1 9611.4 18 Pension entitlements (liabilities) (3) 1028.8 6 23.3 7 366.3 8 182.3 9 0.0 10 456.8 11 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. L.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL224090055 Total financial assets 2 FL223034055 Money market fund shares 2.4 2.1 2.3 2.2 2.1 2.1 2.1 3 LM223064255 Mutual fund shares 227.0 262.1 235.7 249.4 248.8 262.1 243.6 4 5 6 FL223090055 FL223095505 FL223093053 Miscellaneous assets Unallocated insurance contracts (misc. assets) (2) Other 264.5 258.2 6.3 282.5 275.8 6.8 267.2 260.8 6.4 274.2 267.6 6.6 276.2 269.5 6.7 282.5 275.8 6.8 283.9 277.0 6.9 7 FL224090055 493.9 546.7 505.3 525.8 527.1 546.7 529.6 Pension entitlements (liabilities) 493.9 546.7 (1) Includes 403(b) and 457 type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. 505.3 525.8 527.1 546.7 529.6 488.5 475.4 1 2.1 2.1 2 205.5 191.9 3 281.0 274.0 7.0 281.3 274.2 7.1 4 5 6 488.5 475.4 7 101 Z.1, December 9, 2022 L.121 Money Market Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 Total financial assets 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL634090005 4765.9 5205.5 4980.0 5015.4 5019.2 5205.5 5090.7 5032.4 5084.2 1 2 3 4 FL633091003 FL633030000 FL632051000 Foreign deposits Time and savings deposits Security repurchase agreements 0.7 164.1 1068.7 0.3 143.6 2495.7 2.2 214.5 1194.8 0.3 176.1 1714.7 0.9 179.1 2263.5 0.3 143.6 2495.7 1.3 174.9 2376.9 1.3 187.2 2595.9 1.2 210.1 2742.9 2 3 4 5 6 7 8 9 10 FL634022005 FL633069175 FL633061105 FL633061700 FL633062000 FL633063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3525.2 232.3 2465.9 688.1 125.4 13.5 2568.8 226.2 1814.7 409.9 110.9 7.2 3606.1 275.9 2583.2 616.8 117.0 13.3 3185.2 236.1 2288.1 535.9 112.5 12.6 2534.5 249.6 1694.7 474.0 106.3 9.8 2568.8 226.2 1814.7 409.9 110.9 7.2 2514.9 233.0 1759.4 403.4 113.4 5.6 2224.6 221.1 1459.0 423.5 117.3 3.8 2113.2 5 245.4 6 1256.1 7 492.2 8 113.2 9 6.3 10 11 FL633093005 Miscellaneous assets (net) 7.1 -2.9 -37.5 -60.9 41.3 -2.9 22.8 23.4 16.9 11 12 FL634090005 4765.9 5205.5 4980.0 5015.4 5019.2 5205.5 5090.7 5032.4 5084.2 12 Total shares outstanding (liabilities) 13 14 FL634090010 FL634090020 Stable NAV money market funds included above Floating NAV money market funds included above (2) 4127.6 638.3 4586.5 619.0 4298.2 681.8 4336.9 678.5 4354.6 664.7 4586.5 619.0 4425.9 664.8 4385.3 647.2 4411.0 13 673.3 14 15 16 17 FL634090033 FL634090043 FL634090053 Government money market funds included above Prime money market funds included above Tax-exempt money market funds included above 3755.1 896.9 113.9 4304.3 807.0 94.2 3958.2 913.6 108.2 4028.8 884.3 102.3 4063.3 858.4 97.6 4304.3 807.0 94.2 4151.5 844.5 94.7 4071.2 849.7 111.5 4011.6 15 965.8 16 106.8 17 18 FL634090503 Variable annuity money market funds included above 40.8 35.2 39.2 36.6 35.8 35.2 38.9 41.8 42.5 18 (1) Open-end investment companies including variable annuity money market funds. (2) Floating NAV data begin 2016:Q4, corresponding to the implementation of Securities and Exchange Commission money market reforms on October 14, 2016. Some funds used floating NAV prior to this date. L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM654090000 Total financial assets 19562.6 22208.8 20271.3 21459.7 21374.9 22208.8 20698.1 17759.6 16617.5 1 2 3 FL653034003 FL652051003 Money market funds Security repurchase agreements (net) 267.2 -10.4 267.4 19.6 294.3 8.7 285.7 23.9 301.6 16.4 267.4 19.6 294.4 16.3 248.9 26.3 232.9 24.6 2 3 4 5 6 7 8 9 LM654022005 FL653069100 LM653061105 LM653061703 LM653062003 LM653063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 5539.5 50.0 1315.9 674.3 891.3 2608.0 5897.7 39.5 1592.3 541.0 990.8 2734.1 5586.2 53.8 1365.5 634.0 913.3 2619.6 5762.3 49.7 1487.5 579.3 956.1 2689.7 5861.0 49.0 1539.6 584.6 974.9 2713.0 5897.7 39.5 1592.3 541.0 990.8 2734.1 5559.5 45.2 1521.3 550.5 911.0 2531.6 5085.8 36.8 1423.3 551.6 823.1 2251.0 4785.2 34.5 1346.3 528.0 774.5 2101.8 4 5 6 7 8 9 10 FL653069803 Loans (other loans and advances) 88.7 144.2 104.6 121.6 131.3 144.2 164.8 154.2 11 LM653064100 Corporate equities 12 FL653093005 Miscellaneous assets 13 LM654090000 Total shares outstanding (liabilities) 138.8 10 13391.1 15533.8 13977.9 14919.4 14716.4 15533.8 14328.6 11894.4 11109.3 11 286.6 346.2 299.6 346.8 348.3 346.2 334.5 350.0 326.7 12 19562.6 22208.8 20271.3 21459.7 21374.9 22208.8 20698.1 17759.6 16617.5 13 Memo: 14 LM654090500 15 16 17 18 19 LM654091600 LM654092603 LM654091403 LM654091303 LM654091203 Variable annuity mutual funds included above Total financial assets by investment objective: Domestic equity funds World equity funds Hybrid funds Taxable bond funds Municipal bond funds (1) Open-end investment companies including variable annuity mutual funds. 1942.1 2109.9 1978.3 2089.7 2042.4 2109.9 1940.0 1648.1 1541.3 14 9524.1 11256.9 10033.7 10714.4 10596.8 11256.9 10499.7 3192.5 3458.3 3245.8 3456.7 3383.5 3458.3 3154.0 1570.3 1807.8 1624.7 1739.9 1737.3 1807.8 1732.2 4337.1 4647.6 4398.9 4570.8 4637.5 4647.6 4361.4 876.6 977.1 902.6 941.6 962.5 977.1 891.3 8704.3 2669.2 1538.7 3995.1 799.6 8247.2 2402.6 1434.5 3776.7 756.5 15 16 17 18 19 Levels Memo: 102 Z.1, December 9, 2022 L.123 Closed-End Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 1 LM554090005 2 3 4 5 LM554022005 LM553061103 LM553062003 LM553063003 6 LM553064103 7 LM554090005 Total financial assets Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 281.6 310.0 293.3 304.5 307.7 310.0 289.2 259.2 244.3 1 175.7 3.0 94.9 77.8 186.6 3.1 98.3 85.3 178.3 3.0 95.0 80.3 183.1 3.1 96.7 83.3 185.7 3.1 96.7 85.9 186.6 3.1 98.3 85.3 173.4 2.9 90.0 80.5 159.0 3.5 85.8 69.7 151.0 3.3 80.5 67.3 2 3 4 5 105.9 123.4 115.0 121.4 122.0 123.4 115.7 100.2 93.3 6 281.6 310.0 293.3 304.5 307.7 310.0 289.2 259.2 244.3 7 76.6 29.3 59.4 94.9 21.4 90.5 32.8 64.5 98.3 23.8 85.1 29.8 59.6 95.0 23.6 89.5 31.9 62.2 96.7 24.2 89.6 32.4 64.9 96.7 24.1 90.5 32.8 64.5 98.3 23.8 86.7 29.0 61.3 90.0 22.1 75.3 24.9 53.7 85.8 19.5 5449.4 7190.5 5909.7 6491.3 6580.6 7190.5 7013.8 6155.9 5891.6 1 33.9 38.6 31.5 33.4 40.4 38.6 34.8 28.9 27.9 2 Memo: 8 9 10 11 12 LM554091603 LM554092603 LM554091303 LM554091203 LM554092303 Total financial assets by investment objective: Domestic equity funds World equity funds Domestic taxable bond funds Municipal bond funds World bond funds 70.6 8 22.7 9 52.0 10 80.5 11 18.5 12 Levels L.124 Exchange-Traded Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM564090005 Total financial assets 2 FL563034003 Money market funds 3 4 5 6 LM564022005 LM563061103 LM563062003 LM563063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 1041.5 270.1 63.0 708.3 1214.4 331.2 83.3 799.9 1057.7 274.0 67.8 715.9 1133.5 292.5 74.5 766.4 1173.0 305.0 78.5 789.5 1214.4 331.2 83.3 799.9 1179.3 335.5 83.0 760.7 1172.0 361.9 89.9 720.3 1177.0 381.1 87.1 708.7 3 4 5 6 7 LM563064100 Corporate equities 4229.7 5804.4 4693.0 5185.2 5235.2 5804.4 5635.0 4803.8 4557.2 7 8 LM563093003 Miscellaneous assets (1) 144.3 133.1 127.5 139.2 132.0 133.1 164.8 151.2 129.6 8 9 LM564090005 5449.4 7190.5 5909.7 6491.3 6580.6 7190.5 7013.8 6155.9 5891.6 9 3182.3 1029.0 150.3 34.5 989.1 64.2 4521.2 1261.5 138.7 42.2 1142.2 84.7 3543.6 1130.5 132.8 34.4 999.5 68.9 3930.0 1234.4 145.0 37.9 1068.3 75.7 3992.5 1222.8 137.5 39.9 1107.7 80.1 4521.2 1261.5 138.7 42.2 1142.2 84.7 4393.7 1222.0 171.7 38.2 1104.0 84.3 3725.3 1062.2 157.5 33.4 1086.6 91.0 3585.1 956.6 135.0 31.7 1095.1 88.2 10 11 12 13 14 15 Total shares outstanding (liabilities) Memo: 10 11 12 13 14 15 LM564091600 LM564092603 LM564091703 LM564091403 LM564091303 LM564091203 Total financial assets by investment objective: Domestic equity funds World equity funds Commodity funds (1) Hybrid funds Taxable bond funds Municipal bond funds (1) Investments primarily in commodities, currencies, and futures. 103 Z.1, December 9, 2022 L.125 Government-Sponsored Enterprises (GSEs) (1) 2020 Total financial assets 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL404090005 7729.5 8303.5 7879.0 8032.5 8154.6 8303.5 8517.6 8765.5 8982.8 1 2 3 4 FL403020005 FL403030005 FL402050005 Checkable deposits and currency Time and savings deposits Federal funds and security repos 92.5 8.8 212.5 62.6 6.6 209.7 153.9 7.2 146.8 68.6 6.3 256.8 86.4 6.3 215.2 62.6 6.6 209.7 52.5 7.5 218.2 54.3 10.3 277.3 44.7 13.5 304.5 2 3 4 5 6 7 8 9 10 LM404022005 FL403069105 LM403061105 LM403061705 LM403062005 LM403063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 520.1 7.3 259.2 237.3 2.8 13.5 430.2 4.7 202.4 208.4 2.4 12.3 471.9 7.0 224.9 224.4 2.7 13.0 450.5 5.4 210.9 218.9 2.6 12.7 440.1 4.7 205.1 215.3 2.5 12.5 430.2 4.7 202.4 208.4 2.4 12.3 432.8 6.4 210.4 201.5 2.4 12.1 404.3 7.9 180.6 201.6 2.1 12.2 398.8 5 9.8 6 168.3 7 206.2 8 2.1 9 12.4 10 11 FL404023005 Loans 6706.0 7435.2 6899.9 7075.7 7233.1 7435.2 7661.2 7898.3 8107.6 11 12 13 14 15 FL403069305 FL403069385 FL403069345 FL403069330 Other loans and advances Sallie Mae Farm Credit System FHLB 563.5 0.0 153.2 410.3 511.2 0.0 164.4 346.7 547.4 0.0 156.5 390.9 515.4 0.0 152.8 362.6 496.4 0.0 152.1 344.3 511.2 0.0 164.4 346.7 551.0 0.0 177.9 373.1 692.3 0.0 172.0 520.3 833.4 0.0 172.6 660.8 12 13 14 15 16 17 18 19 20 21 22 23 FL403065005 FL403065105 FL403065195 FL403065185 FL403065405 FL403065495 FL403065485 FL403065605 Mortgages One-to-four-family residential Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm 6142.5 5575.3 5303.8 271.5 419.4 384.6 34.9 147.8 6924.1 6312.7 6136.1 176.6 445.0 421.0 23.9 166.4 6352.5 5773.5 5499.1 274.4 426.8 401.0 25.7 152.2 6560.3 5978.9 5772.0 206.8 424.4 405.6 18.8 157.0 6736.7 6141.1 5950.9 190.2 433.8 413.5 20.3 161.7 6924.1 6312.7 6136.1 176.6 445.0 421.0 23.9 166.4 7110.2 6489.3 6316.6 172.7 451.5 430.6 20.8 169.4 7206.0 6577.1 6406.8 170.3 456.2 439.0 17.2 172.7 7274.2 6635.8 6477.5 158.3 462.9 445.5 17.4 175.5 16 17 18 19 20 21 22 23 24 FL403066005 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 FL403093005 26 FL404190005 27 FL402150005 28 29 30 Miscellaneous assets 0.0 24 189.7 159.2 199.3 174.6 173.5 159.2 145.5 121.0 113.7 25 7758.3 8291.4 7889.3 8035.2 8152.1 8291.4 8489.8 8716.1 8923.3 26 Federal funds and security repos 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 27 FL403161705 FL403161795 FL403161785 Debt securities (GSE issues) (3) Consolidated trusts (2) Other 7638.1 5688.3 1949.8 8177.6 6557.1 1620.4 7775.1 5900.1 1875.0 7928.1 6177.6 1750.4 8041.7 6364.5 1677.3 8177.6 6557.1 1620.4 8372.6 6747.2 1625.4 8591.9 6845.8 1746.1 8785.7 28 6923.0 29 1862.7 30 31 FL403169283 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31 32 FL403190005 Miscellaneous liabilities 120.2 113.8 114.1 107.1 110.4 113.8 117.2 124.2 137.6 32 Total liabilities (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (L.125). (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Such issues are classified as agency- and GSE-backed securities. L.126 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL413065005 2 3 4 5 FL413065105 FL413065405 FL413065505 FL413065605 6 FL413065005 Total financial assets One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages Total pool securities (liabilities) (2) 2428.3 2501.8 2431.4 2459.6 2474.7 2501.8 2534.7 2583.8 2637.4 1 2009.0 418.4 0.0 0.9 2044.4 456.2 0.0 1.2 1996.4 434.1 0.0 0.8 2012.1 446.7 0.0 0.9 2022.4 451.4 0.0 0.9 2044.4 456.2 0.0 1.2 2074.3 459.2 0.0 1.2 2120.2 462.4 0.0 1.2 2172.9 463.2 0.0 1.2 2 3 4 5 2428.3 2501.8 2431.4 2459.6 2474.7 2501.8 2534.7 2583.8 2637.4 6 (1) Ginnie Mae, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table L.125). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 104 Z.1, December 9, 2022 L.127 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 1 FL674090005 2 3 4 FL674022005 FL673061103 FL673061703 Total financial assets Debt securities Treasury securities Agency- and GSE-backed securities (1) 5 6 7 8 9 10 11 FL674023005 FL673069005 FL673065005 FL673065105 FL673065405 FL673065505 FL673066000 Loans Other loans and advances (2) Mortgages (3) One-to-four-family residential Multifamily residential Commercial Consumer credit 12 13 FL673070003 FL673090543 Trade credit Miscellaneous assets (funding agreements) (4) 14 FL674122005 15 16 17 FL674122005 FL673169105 FL673163005 Total liabilities Debt securities Commercial paper Corporate bonds (net) (5) 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1223.7 1379.9 1228.7 1255.5 1307.2 1379.9 1417.3 1445.1 1461.2 1 30.3 30.3 0.0 31.9 31.9 0.0 28.6 28.6 0.0 27.4 27.4 0.0 28.7 28.7 0.0 31.9 31.9 0.0 34.5 34.5 0.0 35.7 35.7 0.0 36.3 36.3 0.0 2 3 4 1043.3 210.7 830.7 407.6 51.6 371.6 1.9 1154.5 272.3 880.8 404.3 63.9 412.7 1.4 1039.9 212.8 825.3 392.9 53.0 379.4 1.9 1050.3 221.9 826.7 388.4 53.5 384.8 1.7 1091.1 248.1 841.4 395.3 55.7 390.4 1.5 1154.5 272.3 880.8 404.3 63.9 412.7 1.4 1176.8 281.0 894.5 411.0 71.6 411.9 1.3 1200.2 294.7 904.0 415.7 67.8 420.5 1.4 1215.1 5 307.9 6 905.3 7 417.7 8 67.7 9 419.9 10 1.9 11 35.1 114.9 38.2 155.4 34.2 126.0 36.3 141.5 35.2 152.2 38.2 155.4 36.2 169.9 37.2 172.0 38.6 12 171.3 13 1223.7 1379.9 1228.7 1255.5 1307.2 1379.9 1417.3 1445.1 1461.2 14 1223.7 164.8 1058.9 1379.9 148.1 1231.9 1228.7 139.7 1089.0 1255.5 118.4 1137.1 1307.2 114.4 1192.8 1379.9 148.1 1231.9 1417.3 190.9 1226.4 1445.1 214.1 1231.0 1461.2 15 214.5 16 1246.7 17 0.0 141.7 0.0 158.1 0.0 138.4 0.0 149.4 0.0 151.5 0.0 158.1 0.0 164.1 0.0 167.1 0.0 18 163.5 19 180.4 134.9 172.4 147.9 132.2 134.9 151.7 173.5 175.0 20 Levels Memo: 18 19 FL675013263 FL643065045 20 FL763169103 Securitized assets not included above Consumer leases (6) REIT assets (7) Securitized liabilities not included above Commercial paper (8) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Includes loans backing domestically-issued collateralized loan obligation (CLO) securities; loans backing U.S. CLO securities issued outside the U.S. are shown in line 15 of table L.133. (3) Mortgages backing privately issued pool securities and privately issued CMOs. (4) Funding agreements with life insurance companies. (5) Liabilities net of assets. (6) Receivables from operating leases, such as consumer automobile leases, are recorded as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (7) Included on table L.129. (8) Included on table L.111 line 44. 105 Z.1, December 9, 2022 L.128 Finance Companies (1) 2020 Total financial assets 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL614090005 1740.2 1766.9 1762.0 1806.3 1784.4 1766.9 1706.0 1643.7 1618.4 1 2 3 FL613020003 FL613030003 Checkable deposits and currency Time and savings deposits 16.4 49.3 14.4 43.1 15.7 47.2 16.3 48.8 16.5 49.6 14.4 43.1 10.2 30.6 9.7 29.1 8.0 24.1 2 3 4 LM613063003 Debt securities (corporate and foreign bonds) 73.6 98.7 69.7 77.6 83.8 98.7 90.6 83.9 83.3 4 5 6 7 8 FL614023005 FL613069505 FL613065000 FL613066005 Loans Other loans and advances Mortgages Consumer credit 1031.7 370.3 110.0 551.4 1026.1 344.9 104.3 577.0 1042.8 373.6 108.6 560.5 1061.1 381.9 107.0 572.3 1051.2 367.8 105.4 578.0 1026.1 344.9 104.3 577.0 1020.7 345.0 102.9 572.8 1030.6 357.6 102.2 570.8 1038.1 364.7 101.9 571.5 5 6 7 8 9 LM613092003 U.S. direct investment abroad 365.5 444.2 403.4 425.6 423.5 444.2 420.2 357.0 331.8 9 10 FL613090005 11 FL614190005 12 13 14 FL614122005 FL613169100 FL613163005 15 16 17 Miscellaneous assets 203.8 140.4 183.1 176.9 159.8 140.4 133.6 133.4 133.1 10 1307.3 1254.9 1290.9 1318.3 1291.8 1254.9 1213.7 1221.1 1204.1 11 Debt securities Open market paper Corporate bonds 815.2 41.8 773.4 769.1 41.3 727.9 795.0 41.5 753.5 799.0 40.9 758.1 761.7 38.9 722.7 769.1 41.3 727.9 768.2 37.1 731.1 785.0 38.4 746.6 812.9 12 41.4 13 771.5 14 FL614123005 FL613168005 FL613169005 Loans Depository institution loans n.e.c. Other loans and advances 178.4 177.9 0.5 191.1 191.0 0.1 175.4 175.3 0.1 216.2 216.1 0.1 209.1 209.0 0.1 191.1 191.0 0.1 160.7 160.6 0.1 153.3 153.2 0.1 151.7 15 151.6 16 0.1 17 18 FL613178005 Taxes payable 9.2 8.8 9.6 9.0 9.9 8.8 8.6 8.1 6.4 18 19 LM613192305 Foreign direct investment: intercompany debt 7.7 7.8 7.8 7.5 7.5 7.8 7.5 7.3 7.0 19 20 21 22 FL613190005 FL613194703 FL613193005 Miscellaneous liabilities Other investment by parent Other 296.8 117.7 179.1 278.0 104.6 173.4 303.1 117.0 186.1 286.6 106.5 180.1 303.7 103.6 200.1 278.0 104.6 173.4 268.8 102.5 166.2 267.5 104.2 163.2 226.0 20 100.4 21 125.6 22 Total liabilities Memo: 23 LM613192103 Foreign direct investment: equity 156.5 202.4 165.4 182.8 183.2 202.4 192.1 161.1 154.4 23 24 FL613066303 Consumer leases not included above (2) 182.1 175.4 182.8 184.0 180.7 175.4 168.8 162.2 156.1 24 (1) Includes retail captive finance companies and mortgage companies. (2) Receivables from operating leases, such as consumer automobile leases, are recorded as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 106 Z.1, December 9, 2022 L.129 Real Estate Investment Trusts (REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 1 FL644090005 2 FL643020005 Total financial assets Checkable deposits and currency 3 4 5 LM644022005 LM643061773 LM643063005 6 7 8 9 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 764.6 835.0 773.5 786.5 788.0 835.0 850.5 845.6 853.1 1 62.5 59.3 61.6 63.4 64.2 59.3 60.9 52.6 53.1 2 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 236.8 208.5 28.4 200.2 168.4 31.7 223.2 197.5 25.7 216.1 187.6 28.5 197.3 166.7 30.6 200.2 168.4 31.7 192.6 157.5 35.1 171.5 142.9 28.6 183.4 148.1 35.3 3 4 5 FL643065005 FL643065105 FL643065405 FL643065505 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 265.7 52.8 10.7 202.2 346.7 78.8 16.0 251.8 272.7 55.7 11.5 205.5 288.3 61.7 13.0 213.6 309.3 74.6 14.2 220.5 346.7 78.8 16.0 251.8 356.9 76.9 16.2 263.8 380.5 76.8 16.3 287.5 375.7 76.4 15.6 283.7 6 7 8 9 10 FL643090005 Miscellaneous assets 199.6 228.8 216.0 218.8 217.1 228.8 240.1 240.9 240.8 10 11 FL644190005 1223.7 1303.3 1226.4 1241.3 1219.6 1303.3 1310.5 1321.5 1335.5 11 12 FL642151073 Security repurchase agreements 224.4 219.8 221.1 213.5 208.4 219.8 209.9 200.4 199.9 12 13 14 15 FL644122005 FL643169173 FL643163005 Debt securities Open market paper Corporate bonds 581.9 0.0 581.9 634.5 0.0 634.5 588.7 0.0 588.7 614.4 0.0 614.4 616.0 0.0 616.0 634.5 0.0 634.5 643.2 0.0 643.2 653.0 0.0 653.0 651.3 13 0.0 14 651.3 15 16 17 18 19 FL644123005 FL643168005 FL643169373 FL123165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 256.4 30.0 0.3 226.1 285.8 38.1 0.3 247.4 250.9 30.4 0.3 220.2 247.0 29.0 0.3 217.7 233.0 24.2 0.3 208.6 285.8 38.1 0.3 247.4 293.5 41.3 0.3 252.0 300.4 44.1 0.3 256.1 302.2 38.9 0.2 263.1 20 FL643193005 Miscellaneous liabilities 161.1 163.3 165.7 166.6 162.2 163.3 163.9 167.7 182.1 20 141.7 0.0 28.9 5.2 107.6 158.1 0.0 34.7 7.8 115.7 138.4 0.0 26.9 5.2 106.3 149.4 0.0 29.0 6.6 113.8 151.5 0.0 30.6 7.1 113.8 158.1 0.0 34.7 7.8 115.7 164.1 0.0 38.1 8.2 117.7 167.1 0.0 39.7 8.5 118.9 163.5 0.0 40.2 8.6 114.8 Total liabilities 16 17 18 19 Memo: 21 22 23 24 25 FL643065045 FL643061743 FL643065163 FL643065443 FL643065543 Securitized assets included above Agency- and GSE-backed securities One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.129.e and L.129.m. 21 22 23 24 25 107 Z.1, December 9, 2022 L.129.e Equity Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL124090005 249.4 302.8 256.2 271.3 277.3 302.8 319.2 325.2 326.3 1 2 FL123020003 Checkable deposits and currency 44.6 42.7 44.6 46.0 48.1 42.7 44.6 37.4 36.4 2 3 LM123063003 Debt securities (corporate and foreign bonds) 12.9 19.8 13.9 16.4 19.3 19.8 23.3 18.9 17.6 3 4 5 6 7 FL123065005 FL123065103 FL123065403 FL123065503 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 37.4 0.2 1.7 35.4 59.6 0.5 2.3 56.9 40.3 0.2 2.3 37.8 39.7 0.2 2.2 37.3 39.5 0.2 2.2 37.1 59.6 0.5 2.3 56.9 66.6 0.5 2.0 64.1 82.8 0.5 1.6 80.7 82.4 0.5 1.0 80.9 4 5 6 7 8 FL123093005 Miscellaneous assets 154.5 180.6 157.3 169.0 170.4 180.6 184.7 186.1 189.9 8 9 FL124190005 790.0 859.3 791.5 809.3 794.0 859.3 865.3 883.5 888.2 9 10 FL123163003 Debt securities (corporate bonds) 401.9 430.7 409.5 422.4 420.8 430.7 433.8 439.7 441.0 10 11 12 13 14 15 FL124123005 FL123168003 FL123165005 FL123165403 FL123165503 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial 253.5 27.4 226.1 23.7 202.3 282.4 35.0 247.4 22.1 225.3 248.3 28.1 220.2 23.9 196.4 244.6 26.9 217.7 23.5 194.1 230.5 21.9 208.6 23.6 185.0 282.4 35.0 247.4 22.1 225.3 290.5 38.5 252.0 21.7 230.2 296.8 40.7 256.1 21.7 234.4 298.1 35.0 263.1 20.1 243.0 16 FL123193005 Miscellaneous liabilities 134.7 146.2 133.6 142.3 142.6 146.2 141.0 147.0 149.2 16 515.2 532.3 517.3 515.3 510.7 532.3 531.3 520.4 526.8 1 17.9 16.5 16.9 17.3 16.2 16.5 16.3 15.3 16.7 2 Total liabilities 11 12 13 14 15 Levels Total financial assets 2021 L.129.m Mortgage Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL644090075 Total financial assets 2 FL643020073 Checkable deposits and currency 3 4 5 LM644022075 LM643061773 LM643063073 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 223.9 208.5 15.5 180.4 168.4 11.9 209.3 197.5 11.8 199.6 187.6 12.0 178.0 166.7 11.3 180.4 168.4 11.9 169.3 157.5 11.8 152.6 142.9 9.7 165.8 148.1 17.7 3 4 5 6 7 8 9 FL643065075 FL643065173 FL643065473 FL643065573 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 228.3 52.6 9.0 166.7 287.1 78.4 13.8 195.0 232.4 55.4 9.2 167.7 248.5 61.4 10.7 176.4 269.9 74.4 12.0 183.5 287.1 78.4 13.8 195.0 290.3 76.4 14.2 199.7 297.8 76.3 14.7 206.8 293.3 75.9 14.6 202.8 6 7 8 9 10 FL643090075 11 FL644190075 12 FL642151073 13 14 15 Miscellaneous assets 45.1 48.2 58.7 49.8 46.7 48.2 55.4 54.8 50.9 10 433.7 444.1 434.9 432.0 425.6 444.1 445.2 437.9 447.3 11 Security repurchase agreements 224.4 219.8 221.1 213.5 208.4 219.8 209.9 200.4 199.9 12 FL644122075 FL643169173 FL643163075 Debt securities Open market paper Corporate bonds 180.0 0.0 180.0 203.8 0.0 203.8 179.2 0.0 179.2 191.9 0.0 191.9 195.2 0.0 195.2 203.8 0.0 203.8 209.4 0.0 209.4 213.3 0.0 213.3 210.3 13 0.0 14 210.3 15 16 17 18 FL644123075 FL643168073 FL643169373 Loans Depository institution loans n.e.c. Other loans and advances 2.9 2.6 0.3 3.4 3.1 0.3 2.6 2.3 0.3 2.4 2.1 0.3 2.5 2.2 0.3 3.4 3.1 0.3 3.0 2.7 0.3 3.7 3.4 0.3 4.2 16 3.9 17 0.2 18 19 FL643193075 Miscellaneous liabilities 26.4 17.1 32.1 24.3 19.5 17.1 22.9 20.6 32.9 19 20 21 22 23 24 FL643065045 FL643061743 FL643065163 FL643065443 FL643065543 141.7 0.0 28.9 5.2 107.6 158.1 0.0 34.7 7.8 115.7 138.4 0.0 26.9 5.2 106.3 149.4 0.0 29.0 6.6 113.8 151.5 0.0 30.6 7.1 113.8 158.1 0.0 34.7 7.8 115.7 164.1 0.0 38.1 8.2 117.7 167.1 0.0 39.7 8.5 118.9 Total liabilities Memo: Securitized assets included above Agency- and GSE-backed securities One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages 163.5 0.0 40.2 8.6 114.8 20 21 22 23 24 108 Z.1, December 9, 2022 L.130 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 1 FL664090005 2 3 FL663020003 FL662051003 Total financial assets Checkable deposits and currency Security repurchase agreements 4 5 6 7 8 9 LM664022005 FL663069103 LM663061105 LM663061705 LM663062003 LM663063005 10 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 4198.8 4380.3 4245.1 4289.2 4392.2 4380.3 4572.7 4432.5 4424.2 1 138.4 1322.1 140.7 1255.4 136.9 1238.0 132.6 1133.4 137.1 1211.2 140.7 1255.4 146.6 1324.4 150.1 1345.5 153.2 1330.5 2 3 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 389.1 8.2 215.2 77.8 6.8 81.2 196.6 16.3 99.0 53.8 12.7 14.8 187.2 9.2 95.5 4.8 8.8 68.8 216.3 11.7 113.0 12.4 10.7 68.4 204.4 14.0 93.5 17.6 12.1 67.2 196.6 16.3 99.0 53.8 12.7 14.8 138.9 22.2 83.3 21.0 11.0 1.2 175.5 15.6 89.5 58.1 10.1 2.0 246.2 23.4 127.0 68.2 14.8 12.8 4 5 6 7 8 9 FL663069005 Loans (other loans and advances) 664.3 840.0 779.5 821.4 818.7 840.0 855.5 821.2 806.9 10 11 LM663064103 Corporate equities 214.3 233.9 265.9 259.1 232.0 233.9 236.9 177.6 192.2 11 12 LM663092003 U.S. direct investment abroad 13 14 15 16 FL663090005 FL663070605 FL663094705 FL663093005 Miscellaneous assets Receivables due from other brokers and dealers Balances due from holding company parent Other 17 FL664190005 3930.2 4083.5 3964.7 4001.2 4098.4 4083.5 4294.4 4156.4 4143.8 17 18 FL662151003 Security repurchase agreements 1774.2 1570.4 1573.6 1550.5 1554.7 1570.4 1523.6 1533.6 1613.4 18 19 FL663163003 Debt securities (corporate bonds) 183.9 217.7 196.3 204.5 214.6 217.7 260.8 249.2 223.6 19 20 21 22 FL664123005 FL663168005 FL153067005 Loans Depository institution loans n.e.c. Other loans and advances 1037.0 132.3 904.8 1182.1 176.0 1006.1 1064.1 139.4 924.7 1097.2 156.2 941.0 1160.6 169.9 990.7 1182.1 176.0 1006.1 1311.7 174.8 1136.9 1264.6 184.0 1080.5 1202.7 20 179.3 21 1023.4 22 23 24 FL663170003 FL663178003 Trade payables Taxes payable 18.5 6.3 22.4 6.8 19.7 7.1 15.9 7.7 17.6 8.8 22.4 6.8 21.9 6.4 19.3 6.9 19.6 23 6.7 24 25 LM663192305 Foreign direct investment: intercompany debt 14.5 15.7 14.7 14.2 14.7 15.7 14.4 13.3 12.7 25 26 27 28 29 30 FL663190005 FL663170605 FL663194605 FL663194015 FL663193005 Miscellaneous liabilities Payables due to other brokers and dealers Equity investment by holding company parents Other investment by parent companies Other 895.7 522.7 253.0 661.7 -541.7 1068.4 656.9 204.8 715.9 -509.2 1089.1 683.7 256.1 648.6 -499.3 1111.1 694.7 245.6 687.5 -516.7 1127.4 739.7 242.0 698.8 -553.1 1068.4 656.9 204.8 715.9 -509.2 1155.5 728.8 207.1 759.4 -539.8 1069.4 660.9 285.7 713.6 -590.8 90.3 295.4 106.1 405.7 93.8 311.5 98.0 348.5 99.6 360.2 106.1 405.7 94.9 372.2 93.9 291.3 Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1470.6 1152.1 251.0 67.5 1713.7 1342.7 290.5 80.6 1637.7 1297.3 258.3 82.1 1726.4 1380.5 263.6 82.3 1788.8 1468.6 287.7 32.5 1713.7 1342.7 290.5 80.6 1870.4 1497.0 323.8 49.5 1762.7 1423.8 353.3 -14.4 0.0 12 1695.2 1336.7 389.2 -30.7 1065.1 643.3 325.3 684.7 -588.1 13 14 15 16 26 27 28 29 30 Memo: 31 32 LM662090003 LM663192103 Equity in noncorporate business Foreign direct investment: equity 97.5 31 276.2 32 109 Z.1, December 9, 2022 L.131 Holding Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL734090005 4606.2 4796.9 4597.9 4720.8 4752.8 4796.9 4755.3 4691.5 4658.8 1 2 3 4 FL733091003 FL733030005 FL732051003 Foreign deposits Time and savings deposits Security repurchase agreements 20.9 494.0 41.4 19.2 397.5 26.1 26.5 413.5 29.4 20.7 418.2 15.8 18.4 394.3 30.1 19.2 397.5 26.1 22.0 364.2 17.8 7.9 404.5 23.8 12.1 423.6 29.2 2 3 4 5 6 7 8 LM734022605 LM733061103 LM733061703 LM733063003 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 122.4 61.6 33.8 27.0 146.4 92.6 24.7 29.2 145.5 84.2 30.7 30.5 144.1 86.5 29.1 28.5 139.1 83.8 27.2 28.1 146.4 92.6 24.7 29.2 148.9 99.8 22.4 26.7 166.4 120.6 21.2 24.7 176.4 130.6 19.6 26.2 5 6 7 8 9 FL733069005 Loans (other loans and advances) 106.6 130.2 121.2 129.6 125.1 130.2 150.5 145.5 150.5 9 10 FL733040005 Life insurance reserves 69.0 73.0 70.0 71.0 72.0 73.0 74.0 75.0 11 LM733092003 U.S. direct investment abroad 403.1 495.0 419.5 454.1 457.5 495.0 476.9 399.4 12 13 14 15 FL733090005 FL733094635 FL733094735 FL733093005 Miscellaneous assets Equity investment in affiliates Other investment in affiliates Other 3348.8 2375.6 932.2 41.0 3509.5 2451.9 1018.1 39.5 3372.3 2399.5 930.1 42.7 3467.3 2443.6 979.0 44.6 3516.3 2466.2 1007.5 42.7 3509.5 2451.9 1018.1 39.5 3500.9 2389.5 1067.8 43.6 3469.0 2404.6 1022.7 41.7 3422.8 2389.6 989.2 44.0 16 FL734190005 2030.5 2130.1 1993.2 2072.2 2091.2 2130.1 2162.6 2174.2 2187.9 16 17 FL732151003 Security repurchase agreements 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.0 0.0 17 18 19 20 FL734122005 FL733169103 FL733163005 Debt securities Commercial paper Corporate bonds 1479.9 5.2 1474.8 1544.9 8.1 1536.8 1442.2 5.5 1436.7 1524.8 6.5 1518.3 1517.7 6.5 1511.2 1544.9 8.1 1536.8 1531.1 7.5 1523.6 1516.6 8.8 1507.8 1470.7 18 9.2 19 1461.6 20 21 FL733178013 Taxes payable 3.1 2.8 3.1 2.8 2.8 2.8 2.8 2.5 2.5 21 22 LM733192305 Foreign direct investment: intercompany debt (2) 105.7 105.8 106.7 107.7 97.8 105.8 101.7 91.7 83.2 22 23 24 25 FL733190005 FL733194735 FL733193005 Miscellaneous liabilities Balances due to affiliates Other 441.7 440.2 1.5 476.5 473.7 2.8 441.0 442.6 -1.7 436.8 440.5 -3.7 472.7 465.8 7.0 476.5 473.7 2.8 526.9 524.7 2.2 563.3 550.0 13.3 631.4 23 606.2 24 25.2 25 80.9 87.0 89.6 90.3 92.9 87.0 84.9 84.0 83.2 26 Total liabilities 76.0 10 368.0 11 12 13 14 15 Memo: 26 LM733192103 Foreign direct investment: equity (2) (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. (2) Investment in U.S. Intermediate Holding Companies. Levels 2020 110 Z.1, December 9, 2022 L.132 Other Financial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 Total financial assets 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL504090005 1129.2 1410.2 1356.4 1352.0 1287.6 1410.2 1495.5 1437.7 1421.7 1 2 3 4 FL503020005 FL503034005 FL502051005 Checkable deposits and currency Money market fund shares Security repurchase agreements 167.6 426.4 5.4 239.6 605.6 3.6 202.2 472.8 3.2 214.7 501.4 4.1 225.8 521.7 3.9 239.6 605.6 3.6 259.1 579.1 3.9 239.9 560.9 4.6 223.5 553.8 4.4 2 3 4 5 6 7 8 9 FL504022005 FL503069105 FL503061105 FL503063005 FL503062003 Debt securities Open market paper Treasury securities Corporate and foreign bonds Municipal securities 339.1 119.0 143.0 70.8 6.3 366.0 227.4 63.6 70.9 4.1 424.4 251.5 97.8 69.0 6.1 408.0 243.7 79.5 80.1 4.8 323.4 176.5 67.3 75.2 4.4 366.0 227.4 63.6 70.9 4.1 419.8 276.7 61.0 79.2 2.9 455.0 320.1 53.4 78.6 2.9 449.9 304.7 56.9 85.4 2.9 5 6 7 8 9 10 FL503069005 Loans (other loans and advances) 88.2 84.5 108.9 100.4 84.8 84.5 98.8 69.2 69.9 10 11 FL503064105 Corporate equities 8.8 0.0 8.5 1.1 0.0 0.0 0.0 0.0 0.0 11 12 13 14 15 FL503090005 FL753194503 FL663194505 FL503093023 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Other 93.7 92.0 0.0 1.8 110.9 108.5 0.0 2.4 136.4 134.2 0.0 2.1 122.4 116.8 0.0 5.6 128.1 125.8 0.0 2.3 110.9 108.5 0.0 2.4 134.8 132.2 0.0 2.6 108.0 105.6 0.0 2.4 16 FL504190005 1129.2 1410.2 1356.4 1352.0 1287.6 1410.2 1495.5 1437.7 1421.7 16 17 18 19 FL504122005 FL503169105 FL503163003 Debt securities Open market paper Corporate bonds 118.2 118.2 0.0 136.7 136.7 0.0 174.9 174.9 0.0 149.3 149.3 0.0 157.5 157.5 0.0 136.7 136.7 0.0 173.0 173.0 0.0 150.6 150.6 0.0 141.0 17 141.0 18 0.0 19 20 21 22 FL504123005 FL713068505 FL503169005 Loans Depository institution loans n.e.c. Other loans and advances 240.8 40.7 200.1 298.7 21.0 277.7 285.9 38.9 247.0 293.7 36.9 256.9 286.2 21.8 264.4 298.7 21.0 277.7 310.5 18.8 291.7 286.1 17.7 268.5 273.6 20 16.6 21 257.0 22 23 FL503192305 Foreign direct investment: intercompany debt 24 25 26 27 28 FL503190005 FL663070675 LM503194305 FL503194205 FL503193005 Miscellaneous liabilities Securities lending (net) Equity interest under PPIP Equity in Federal Reserve facilities (2) Other Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 770.3 629.4 0.0 112.5 28.4 974.9 685.8 0.0 21.3 267.9 895.6 613.6 0.0 50.3 231.7 909.0 685.9 0.0 40.3 182.8 844.0 728.9 0.0 26.9 88.3 974.9 685.8 0.0 21.3 267.9 1012.1 768.3 0.0 21.3 222.5 1001.0 762.9 0.0 17.9 220.2 120.3 116.6 0.0 3.7 12 13 14 15 0.0 23 1007.1 693.4 0.0 17.9 295.8 (1) Includes funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, funds associated with the Public-Private Investment Program (PPIP), Federal Reserve funding, credit, and liquidity facility special purpose vehicles (SPV) created in response to the 2008 Financial Crisis and COVID-19 pandemic, and U.S. central clearing parties. (2) U.S. Treasury Exchange Stabilization Fund Economic Recovery Programs investment in Federal Reserve SPVs. 24 25 26 27 28 111 Z.1, December 9, 2022 L.133 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL264090005 Total financial assets 2 3 LM313111303 FL264016005 SDR allocations Net interbank assets 4 5 FL263020005 FL263030005 U.S. checkable deposits and currency U.S. time deposits 6 7 8 9 10 11 12 13 FL263034003 FL262051005 LM264022005 LM263069103 LM263061105 LM263061705 FL263062003 LM263063005 Money market fund shares Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (1) 14 15 FL263069500 FL263069563 Loans to U.S. corporate business Of which: loans held by CLOs (2) 16 17 LM263064105 LM263064203 U.S. corporate equities Mutual fund shares 10673.4 13484.4 11409.0 12336.0 12378.2 13484.4 12616.7 10602.7 10281.4 16 1024.3 1162.0 1068.4 1223.8 1245.4 1162.0 1165.7 1113.3 1062.5 17 18 19 20 21 22 23 24 LM263070005 FL543141905 FL543151905 LM263092001 FL263090005 FL263076005 FL263094733 Trade receivables Life insurance reserves Pension entitlements Foreign direct investment in U.S. (3) Miscellaneous assets Insurance receivables Balances due from U.S. holding companies 430.0 511.1 450.1 468.5 486.1 511.1 518.3 529.1 536.3 18 1.6 0.2 1.2 0.9 0.5 0.2 0.2 0.2 0.2 19 2.4 0.7 2.0 1.6 1.1 0.7 0.7 0.8 0.8 20 10756.6 13608.4 11375.4 12265.8 12322.1 13608.4 12887.1 10812.8 10367.7 21 237.2 241.0 232.4 228.5 235.0 241.0 260.1 257.6 276.4 22 59.1 65.1 60.6 62.1 63.6 65.1 65.7 67.4 69.7 23 178.1 175.9 171.8 166.4 171.4 175.9 194.4 190.2 206.7 24 25 FL264190005 7535.9 8215.3 7609.2 7778.5 8077.5 8215.3 7979.8 7783.6 7652.3 25 26 27 LM263111005 LM263191005 U.S. official reserve assets (4) U.S. private deposits 133.7 836.8 240.1 857.2 127.9 871.3 129.1 864.4 239.4 832.7 240.1 857.2 237.1 875.1 227.5 865.2 219.1 26 881.6 27 28 FL262151003 Security repurchase agreements 1279.2 1173.0 1149.6 1107.1 1117.6 1173.0 1141.7 1137.9 1104.2 28 29 30 31 32 LM264122005 FL263169105 LM263163005 LM263163063 Debt securities Commercial paper Bonds Of which: CLO securities (2) 3753.9 217.7 3536.2 400.0 4232.4 421.7 3810.7 483.4 3885.3 365.7 3519.7 418.9 4044.5 436.4 3608.1 434.3 4210.2 451.8 3758.4 455.3 4232.4 421.7 3810.7 483.4 4029.7 343.6 3686.0 492.7 3796.3 323.9 3472.5 507.4 3666.6 314.4 3352.2 521.5 33 34 35 FL264123005 FL263168005 FL263169005 Loans Depository institution loans n.e.c. Other loans and advances 754.8 698.9 55.9 905.2 852.6 52.6 772.7 716.4 56.3 800.5 743.9 56.7 839.4 791.8 47.6 905.2 852.6 52.6 912.7 856.1 56.6 958.0 897.8 60.1 1004.3 33 935.4 34 68.9 35 36 LM263170005 Trade payables 81.6 84.8 85.8 83.2 82.9 84.8 78.8 80.1 80.6 36 37 38 FL263140005 FL263150005 Life insurance reserves Pension entitlements 83.8 127.8 104.6 170.2 89.0 138.4 94.2 149.0 99.4 159.6 104.6 170.2 104.9 172.1 106.0 174.3 107.0 37 175.8 38 39 LM263192305 U.S. direct investment abroad: debt (1,3) 63.6 16.3 72.5 84.1 65.0 16.3 -24.0 -13.5 -44.0 39 40 41 42 43 44 45 FL263190005 FL313092803 FL263191103 FL263194735 FL263195105 FL263176005 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Other investment by U.S. holding companies Accident and health insurance reserves Policy payables 420.5 69.3 20.5 143.0 24.4 163.3 431.6 70.5 6.0 148.9 26.7 179.5 416.6 70.5 5.1 148.7 25.0 167.3 422.5 70.5 3.2 151.8 25.6 171.4 431.3 70.5 3.0 156.3 26.1 175.5 431.6 70.5 6.0 148.9 26.7 179.5 451.8 70.5 3.0 170.3 26.9 181.0 451.9 70.5 3.0 165.3 27.1 185.9 457.1 70.5 2.9 164.0 27.5 192.2 10615.0 12022.1 11098.2 11810.5 11789.4 12022.1 11420.2 8162.3 9749.7 8642.0 9296.0 9245.8 9749.7 9187.2 9935.5 7782.1 9180.4 46 7115.9 47 2334.2 2405.7 ND 48 ND 49 Total liabilities 40516.5 47446.0 41832.6 44299.9 44819.8 47446.0 45596.6 40992.3 39964.3 1 50.9 152.9 160.8 219.8 50.1 38.7 50.4 32.6 161.8 180.7 160.8 219.8 158.8 294.6 152.5 298.7 147.0 387.5 2 3 1143.1 665.1 1209.1 692.7 1168.1 688.8 1182.9 692.4 1188.0 683.9 1209.1 692.7 1237.4 742.1 1221.5 713.7 1224.9 745.8 4 5 137.0 157.7 144.5 152.0 152.1 157.7 154.2 152.5 154.0 6 1084.0 1365.4 1161.8 1254.1 1326.4 1365.4 1325.7 1357.7 1383.0 7 13254.2 13606.6 13107.3 13457.8 13476.0 13606.6 13185.6 12704.8 12326.7 8 86.3 138.3 101.4 92.8 146.7 138.3 173.9 165.9 175.6 9 7291.6 7747.7 7295.9 7518.9 7570.9 7747.7 7613.6 7430.8 7296.9 10 1276.4 1250.3 1253.5 1268.0 1242.2 1250.3 1170.2 1216.5 1175.4 11 108.6 110.4 110.5 110.2 110.3 110.4 113.2 113.8 106.7 12 4491.3 4359.9 4346.0 4468.0 4405.9 4359.9 4114.7 3777.9 3572.1 13 1026.1 644.5 934.7 577.1 952.6 595.8 982.5 617.5 1026.1 644.5 1049.5 662.1 1074.6 670.2 1070.2 14 680.6 15 29 30 31 32 40 41 42 43 44 45 Memo: 46 47 LM263164100 LM263192101 48 49 FL263098013 FL263198013 Foreign equities held by U.S. residents (5) U.S. direct investment abroad: equity (3) Financial derivatives (6) Gross positive fair value Gross negative fair value 2552.7 2546.0 1967.6 1987.5 2125.8 2158.9 2068.3 2106.1 2013.0 2046.5 1967.6 1987.5 2196.1 2258.5 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Collateralized loan obligations. (3) Direct investment reported at market value. (4) Does not include monetary gold. (5) Includes American Depositary Receipts (ADRs). (6) Financial derivatives are not included above. Levels 904.0 566.0 112 Z.1, December 9, 2022 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 1 LM893111005 2 LM313111303 Total liabilities Federal government: SDR allocations 3 4 5 6 LM263111005 LM313011303 LM263111403 LM263111503 Rest of the world SDR holdings Reserve position in IMF Other reserves 7 FL893011005 8 9 10 11 12 FL313011005 FL313011205 LM313011303 LM313011405 LM313011505 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 13 LM313111303 14 15 16 17 FL713011005 FL713011203 FL713011405 LM713011505 18 FL903011005 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 184.6 400.9 177.9 179.4 401.2 400.9 395.9 380.0 366.2 1 50.9 160.8 50.1 50.4 161.8 160.8 158.8 152.5 147.0 2 133.7 52.9 36.4 44.4 240.1 163.6 35.8 40.6 127.9 52.1 33.7 42.1 129.1 52.4 34.3 42.3 239.4 163.9 33.9 41.6 240.1 163.6 35.8 40.6 237.1 163.1 34.8 39.2 227.5 158.2 33.1 36.2 219.1 153.2 32.0 34.0 3 4 5 6 195.6 411.9 189.0 190.5 412.3 411.9 406.9 391.0 377.2 7 111.7 0.0 52.9 36.6 22.1 219.9 0.0 163.6 36.1 20.2 107.0 0.0 52.1 33.9 21.0 108.1 0.0 52.4 34.6 21.1 218.7 0.0 163.9 34.2 20.6 219.9 0.0 163.6 36.1 20.2 217.6 0.0 163.1 35.1 19.4 209.5 0.0 158.2 33.3 18.0 202.3 8 0.0 9 153.2 10 32.3 11 16.9 12 Rest of the world: SDR allocations 50.9 160.8 50.1 50.4 161.8 160.8 158.8 152.5 147.0 13 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 33.1 11.0 -0.3 22.3 31.2 11.0 -0.3 20.5 31.9 11.0 -0.3 21.2 32.0 11.0 -0.3 21.2 31.7 11.0 -0.3 21.0 31.2 11.0 -0.3 20.5 30.5 11.0 -0.3 19.8 29.0 11.0 -0.3 18.3 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 Total assets Discrepancy: monetary gold 27.9 11.0 -0.3 17.1 14 15 16 17 -11.0 18 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 FL713014003 FL713014003 3 4 FL313112003 FL713012003 5 FL903012005 Liab: Federal government Asset: Monetary authority 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Liab: Federal government Asset: Monetary authority 23.1 50.5 23.0 50.8 23.1 50.5 23.1 50.6 23.0 50.7 23.0 50.8 23.0 51.0 23.0 51.2 22.6 51.3 3 4 Discrepancy (seigniorage) -27.3 -27.8 -27.4 -27.5 -27.7 -27.8 -28.0 -28.2 -28.8 5 Treasury currency: L.202 U.S. Deposits in Foreign Countries Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM263191005 Total rest of the world liability 836.8 857.2 871.3 864.4 832.7 857.2 875.1 865.2 881.6 1 2 3 4 5 LM153091003 FL103091003 FL633091003 FL733091003 Held by: Household sector Nonfinancial corporate business Money market funds Holding companies 48.5 135.0 0.7 20.9 48.2 158.8 0.3 19.2 49.8 161.0 2.2 26.5 48.5 193.6 0.3 20.7 47.3 160.4 0.9 18.4 48.2 158.8 0.3 19.2 50.2 184.4 1.3 22.0 49.6 156.1 1.3 7.9 50.9 152.8 1.2 12.1 2 3 4 5 6 FL903091005 Discrepancy--unallocated assets 631.7 630.8 631.8 601.3 605.7 630.8 617.3 650.3 664.6 6 113 Z.1, December 9, 2022 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 1 FL794110005 2 3 4 5 6 FL714110005 FL764110005 FL754110005 FL744110005 FL474110005 7 FL894010005 8 9 10 11 12 13 FL714010005 FL763020005 FL753020005 FL743013003 FL473013005 FL264016005 14 FL904010005 Total liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Discrepancy 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 3258.2 3951.5 3829.3 3654.8 4128.0 3951.5 3977.3 3311.0 3315.0 1 3094.1 11.9 188.7 -1.4 -35.2 3734.8 -40.1 289.0 -1.3 -30.8 3770.3 -98.0 187.3 -1.4 -28.9 3604.1 -62.9 148.3 -1.4 -33.3 3948.8 -91.4 306.4 -1.4 -34.3 3734.8 -40.1 289.0 -1.3 -30.8 3686.5 -61.3 401.2 -1.4 -47.8 3044.5 -100.6 425.8 -1.4 -57.4 2954.1 -87.3 508.6 -2.8 -57.6 2 3 4 5 6 3291.1 3967.2 3849.3 3677.5 4145.4 3967.2 3989.2 3352.0 3352.9 7 44.0 2288.9 602.5 14.7 188.0 152.9 12.7 2668.8 830.3 21.9 213.8 219.8 40.3 2700.1 811.0 14.5 244.6 38.7 40.8 2567.0 799.1 23.2 214.8 32.6 16.0 2747.9 966.6 22.4 211.9 180.7 12.7 2668.8 830.3 21.9 213.8 219.8 8.1 2438.9 1034.1 13.3 200.3 294.6 8.8 1916.7 978.8 11.8 137.2 298.7 11.3 1802.5 1032.1 4.9 114.6 387.5 8 9 10 11 12 13 -32.9 -15.7 -20.0 -22.7 -17.3 -15.7 -12.0 -41.0 -37.8 14 79.3 15 79.2 16 0.0 17 15 16 17 FL703025005 FL763025000 FL753025003 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 99.2 99.2 0.0 90.5 90.4 0.1 97.6 97.6 0.0 92.5 92.5 0.0 89.5 89.5 0.0 90.5 90.4 0.1 89.1 89.1 0.0 89.1 89.1 0.0 18 19 20 21 22 FL713113003 FL763013005 FL753013003 FL743013003 FL473013005 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2994.9 2189.8 602.5 14.7 188.0 3644.3 2578.4 830.2 21.9 213.8 3672.7 2602.5 811.0 14.5 244.6 3511.6 2474.5 799.1 23.2 214.8 3859.2 2658.4 966.6 22.4 211.9 3644.3 2578.4 830.2 21.9 213.8 3597.4 2349.8 1034.0 13.3 200.3 2955.4 1827.6 978.8 11.8 137.2 2874.8 1723.2 1032.1 4.9 114.6 18 19 20 21 22 23 24 25 26 27 FL714010075 FL713068743 FL714010005 FL713022003 FL713068705 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Credit unions Asset: Monetary authority Federal Reserve float Loans to depository institutions 43.6 0.4 44.0 -0.6 44.6 12.6 0.0 12.7 -0.6 13.3 40.1 0.2 40.3 -1.1 41.4 40.6 0.2 40.8 -1.1 41.8 15.8 0.1 16.0 -0.7 16.6 12.6 0.0 12.7 -0.6 13.3 8.1 0.0 8.1 -0.7 8.8 8.8 0.0 8.8 -0.8 9.6 11.3 0.0 11.3 -0.4 11.7 23 24 25 26 27 28 29 30 FL764116205 FL763192605 FL763092605 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates -5.1 414.4 419.5 -17.2 446.7 463.9 -113.6 378.1 491.7 -76.5 382.4 458.9 -76.0 397.1 473.1 -17.2 446.7 463.9 -39.8 432.9 472.7 -52.4 438.5 490.9 -51.7 28 425.9 29 477.5 30 31 32 33 FL754116205 FL753192605 FL753092605 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 207.8 1019.4 811.6 308.3 1092.6 784.3 206.8 1036.5 829.7 169.4 986.2 816.9 318.0 1080.5 762.6 308.3 1092.6 784.3 412.7 1163.9 751.2 433.9 1193.4 759.4 516.4 31 1261.0 32 744.6 33 34 35 36 FL264116205 FL764016205 FL754016205 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 33.6 23.0 10.6 38.6 27.1 11.6 41.0 27.4 13.6 39.8 28.2 11.7 35.5 27.1 8.4 38.6 27.1 11.6 42.1 30.4 11.7 42.5 30.0 12.5 39.5 34 27.5 35 12.0 36 37 38 39 FL264135125 FL764035125 FL754035125 Loans to foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 44.6 17.6 27.0 52.1 23.3 28.9 42.7 17.9 24.8 49.3 21.4 27.9 50.9 22.7 28.2 52.1 23.3 28.9 57.8 30.3 27.4 65.5 34.3 31.2 63.1 37 30.7 38 32.3 39 40 41 42 FL264035125 FL274135123 FL284135125 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 28.4 17.4 11.0 19.4 9.0 10.4 29.2 17.7 11.5 28.8 18.1 10.8 25.1 14.7 10.4 19.4 9.0 10.4 21.4 11.6 9.8 25.1 13.1 12.0 25.3 40 13.5 41 11.9 42 43 FL264016005 152.9 219.8 38.7 32.6 180.7 219.8 294.6 298.7 387.5 43 44 45 46 47 48 FL764112005 FL764112205 FL754012205 FL743020005 FL474012205 -3.4 27.7 23.6 1.4 35.6 5.7 39.0 22.6 1.3 30.8 3.0 38.5 28.0 1.4 29.1 4.4 37.5 25.3 1.4 33.5 3.8 40.6 22.1 1.4 34.4 5.7 39.0 22.6 1.3 30.8 19.4 58.6 21.3 1.4 47.8 -5.8 40.9 23.1 1.4 57.4 -2.2 47.4 24.9 2.8 57.6 49 FL754112205 31.1 33.3 35.4 33.1 36.8 33.3 39.1 46.6 49.7 49 50 FL904010005 -32.9 -15.7 -20.0 -22.7 -17.3 -15.7 -12.0 -41.0 -37.8 50 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 28 and 31 less line 34 and line 37 plus line 40. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 13 above. However, the unallocated amount (line 50), which is due to inconsistencies in source data, appears on line 14 as the discrepancy between liabilities and assets. (3) Sum of lines 46, 47, 48, and 50. 44 45 46 47 48 Levels Memo: 114 Z.1, December 9, 2022 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 Total liabilities 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL793120005 9128.3 9359.0 9036.0 9128.0 8847.5 9359.0 9838.6 10148.4 10090.7 1 2 3 4 5 6 7 FL713120005 FL713123005 FL713124005 FL713129005 FL713122605 FL713125005 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Due to other financial business Deposits due to foreign Currency outside banks 3945.7 1728.6 51.0 154.2 21.9 1989.9 2817.5 406.2 33.9 221.9 9.4 2146.2 3521.6 1122.0 134.1 185.8 33.2 2046.5 3178.0 852.0 28.6 201.1 5.3 2091.0 2571.1 215.2 33.2 209.5 5.7 2107.5 2817.5 406.2 33.9 221.9 9.4 2146.2 3109.2 651.6 29.8 241.4 7.5 2178.9 3229.3 782.5 25.9 220.7 7.5 2192.7 3069.8 636.1 20.3 205.8 7.5 2200.2 2 3 4 5 6 7 8 9 10 11 12 FL763127005 FL763123005 FL763128000 FL763122605 FL763129205 U.S.-chartered depository institutions Federal government deposits State and local government deposits Deposits due to foreign Private domestic deposits 4572.5 2.7 229.9 61.9 4278.0 5821.2 2.6 345.6 82.4 5390.7 4804.0 2.4 248.9 58.6 4494.1 5235.9 4.5 296.6 76.2 4858.7 5544.7 3.6 318.5 81.6 5140.9 5821.2 2.6 345.6 82.4 5390.7 5970.3 2.8 351.1 90.8 5525.6 6144.3 2.9 360.9 72.6 5707.7 6240.6 8 3.2 9 353.4 10 88.7 11 5795.3 12 13 14 15 FL753127005 FL753122603 FL753129205 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 256.3 112.8 143.5 282.0 122.5 159.5 306.8 119.6 187.2 296.0 132.1 164.0 304.9 124.0 180.8 282.0 122.5 159.5 307.5 126.8 180.7 326.8 126.1 200.7 310.4 13 110.0 14 200.3 15 16 FL743127003 Banks in U.S.-affiliated areas 56.7 64.0 62.5 69.3 65.9 64.0 56.5 57.9 60.5 16 17 FL473127003 Credit unions 297.1 374.2 341.1 348.8 361.0 374.2 395.2 390.1 409.4 17 18 FL793120005 9128.3 9359.0 9036.0 9128.0 8847.5 9359.0 9838.6 10148.4 10090.7 18 19 FL153020005 Household sector 3182.2 4280.2 3587.0 3944.2 4062.2 4280.2 4508.4 4831.1 5123.3 19 20 21 22 FL143020005 FL103020000 FL113020005 Nonfinancial business Corporate Noncorporate 2134.0 1740.9 393.2 2353.6 1882.2 471.5 2110.1 1706.7 403.4 2111.8 1693.5 418.3 2272.8 1835.3 437.6 2353.6 1882.2 471.5 2333.8 1830.4 503.4 2222.7 1706.0 516.7 2032.9 20 1520.9 21 511.9 22 23 24 FL313020005 FL213020005 Federal government State and local governments 1732.1 229.9 410.1 345.6 1117.1 248.9 855.7 296.6 219.1 318.5 410.1 345.6 655.9 351.1 789.5 360.9 643.3 23 353.4 24 25 FL793020005 Domestic financial sectors 704.2 758.8 794.0 732.6 783.3 758.8 749.6 722.7 713.0 25 26 27 FL513020005 FL543020005 Property-casualty insurance companies Life insurance companies 50.2 127.7 72.7 119.3 59.2 118.3 55.9 133.2 70.1 127.3 72.7 119.3 57.4 111.8 54.6 107.3 62.3 26 112.3 27 28 29 30 FL573020005 FL343020033 FL223020043 Private pension funds Federal government retirement funds State and local govt. retirement funds 20.0 1.0 28.0 21.6 1.5 27.3 20.4 1.1 24.9 20.8 1.2 25.9 21.1 1.3 33.3 21.6 1.5 27.3 21.9 1.6 27.7 22.2 1.7 30.2 22.7 28 1.9 29 31.3 30 31 FL403020005 Government-sponsored enterprises 92.5 62.6 153.9 68.6 86.4 62.6 52.5 54.3 44.7 31 32 33 34 35 FL613020003 FL643020005 FL663020003 FL503020005 Finance companies REITs Brokers and dealers Other financial business 16.4 62.5 138.4 167.6 14.4 59.3 140.7 239.6 15.7 61.6 136.9 202.2 16.3 63.4 132.6 214.7 16.5 64.2 137.1 225.8 14.4 59.3 140.7 239.6 10.2 60.9 146.6 259.1 9.7 52.6 150.1 239.9 36 37 38 FL263020005 FL263027003 FL263025003 Rest of the world Checkable deposits Currency 1143.1 196.5 946.5 1209.1 214.2 994.9 1168.1 211.5 956.6 1182.9 213.6 969.3 1188.0 211.4 976.6 1209.1 214.2 994.9 1237.4 225.1 1012.3 1221.5 206.3 1015.2 1224.9 36 206.2 37 1018.7 38 39 FL903020005 Mail float 2.8 1.6 10.8 4.3 3.5 1.6 2.4 0.0 -0.1 39 Total assets 8.0 53.1 153.2 223.5 32 33 34 35 115 Z.1, December 9, 2022 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2021 Q1 1 FL703130005 2 3 4 5 FL763130005 FL753130005 FL743130003 FL473130005 Total liabilities 6 FL703130005 7 FL153030005 Household sector 8 9 10 FL143030005 FL103030003 FL113030003 Nonfinancial business Corporate Noncorporate 11 12 FL313030003 FL213030000 13 FL793030005 14 15 16 FL573030005 FL223030043 FL633030000 17 18 19 FL403030005 FL613030003 FL733030005 20 FL263030005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Q2 Q3 Q4 Q1 2022 Q2 Q3 13680.1 14438.3 14195.4 13990.4 14136.6 14438.3 14543.8 14096.3 13822.1 1 11461.5 12092.9 11864.7 11661.0 11809.0 12092.9 12111.1 11630.1 11350.1 858.0 862.2 893.1 885.8 866.9 862.2 907.5 934.6 945.9 42.9 40.7 47.4 48.2 43.2 40.7 38.6 37.3 40.1 1317.7 1442.5 1390.2 1395.4 1417.4 1442.5 1486.6 1494.3 1486.0 2 3 4 5 13680.1 14438.3 14195.4 13990.4 14136.6 14438.3 14543.8 14096.3 13822.1 6 10418.6 11215.9 10937.0 10764.5 10900.5 11215.9 11259.5 10812.9 10454.7 7 1446.5 278.1 1168.4 1540.6 276.8 1263.8 1453.2 275.0 1178.2 1474.4 281.3 1193.1 1521.8 307.3 1214.4 1540.6 276.8 1263.8 1577.7 270.4 1307.3 1573.0 266.1 1306.9 1587.2 8 281.0 9 1306.2 10 Federal government State and local governments 1.0 413.6 2.4 382.4 9.9 406.2 1.3 392.0 1.7 384.8 2.4 382.4 2.4 375.2 1.6 353.8 1.6 11 353.1 12 Domestic financial sectors 735.2 604.3 700.2 665.8 643.9 604.3 586.9 641.3 679.8 13 Private pension funds State and local govt. retirement funds Money market funds 16.8 2.2 164.1 10.9 2.7 143.6 15.6 2.2 214.5 14.1 2.3 176.1 12.6 2.0 179.1 10.9 2.7 143.6 9.5 0.2 174.9 8.3 1.9 187.2 6.6 14 1.8 15 210.1 16 Government-sponsored enterprises Finance companies Holding companies 8.8 49.3 494.0 6.6 43.1 397.5 7.2 47.2 413.5 6.3 48.8 418.2 6.3 49.6 394.3 6.6 43.1 397.5 7.5 30.6 364.2 10.3 29.1 404.5 13.5 17 24.1 18 423.6 19 665.1 692.7 688.8 692.4 683.9 692.7 742.1 713.7 745.8 20 4765.9 5205.5 4980.0 5015.4 5019.2 5205.5 5090.7 5032.4 5084.2 1 2701.9 712.1 117.2 2803.3 813.1 119.5 2792.5 747.0 117.9 2775.2 761.1 118.3 2709.0 769.3 118.9 2803.3 813.1 119.5 2724.5 784.6 120.2 2729.2 776.2 122.6 2780.5 781.3 124.2 2 3 4 40.0 34.7 66.5 55.3 31.5 64.2 44.1 36.6 63.5 47.1 30.8 69.4 49.9 34.4 67.3 55.3 31.5 64.2 53.4 23.1 61.7 52.8 21.5 73.1 53.1 24.0 79.6 5 6 7 8 9 Rest of the world L.206 Money Market Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL634090005 2 3 4 FL153034005 FL103034000 FL113034003 Total assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 7 FL213034003 FL513034005 FL543034005 State and local governments Property-casualty insurance companies Life insurance companies 8 9 FL573034005 FL223034005 Private pension funds State and local govt. retirement funds 205.5 23.7 230.2 19.0 209.7 25.7 217.3 23.8 223.3 31.5 230.2 19.0 235.4 25.3 241.6 24.1 248.7 24.2 10 11 FL653034003 FL563034003 Mutual Funds Exchange-traded funds 267.2 33.9 267.4 38.6 294.3 31.5 285.7 33.4 301.6 40.4 267.4 38.6 294.4 34.8 248.9 28.9 232.9 10 27.9 11 12 FL503034005 Other financial business 426.4 605.6 472.8 501.4 521.7 605.6 579.1 560.9 553.8 12 13 FL263034003 Rest of the world 137.0 157.7 144.5 152.0 152.1 157.7 154.2 152.5 154.0 13 Levels 2020 116 Z.1, December 9, 2022 L.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 Total liabilities 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL892150005 4228.6 5854.9 4058.7 4835.2 5525.1 5854.9 5715.3 6150.6 6309.5 1 2 FL712151003 Monetary authority 216.1 2183.0 352.2 1260.9 1905.2 2183.0 2121.0 2601.2 2720.4 2 3 4 5 FL762150005 FL762152005 FL762151005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 170.9 21.5 149.4 161.0 14.8 146.3 187.5 19.9 167.6 143.1 19.9 123.2 150.7 17.5 133.3 161.0 14.8 146.3 156.1 17.3 138.7 168.6 26.3 142.3 177.0 37.7 139.4 3 4 5 6 7 8 FL752150005 FL752152005 FL752151005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 545.0 12.3 532.6 527.5 11.5 515.9 557.5 24.4 533.1 542.0 30.2 511.7 568.4 26.4 542.0 527.5 11.5 515.9 544.5 26.3 518.2 492.6 21.5 471.0 475.8 23.8 452.0 6 7 8 9 FL472150053 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 11 FL512151003 FL542151073 Property-casualty insurance companies Life insurance companies 0.2 18.6 0.1 20.1 0.2 16.8 0.2 17.7 0.2 19.8 0.1 20.1 0.1 18.5 0.1 16.1 12 13 14 15 FL402150005 FL642151073 FL662151003 FL732151003 Government-sponsored enterprises REITs Brokers and dealers Holding companies 0.0 224.4 1774.2 0.0 0.0 219.8 1570.4 0.0 0.1 221.1 1573.6 0.1 0.0 213.5 1550.5 0.1 0.0 208.4 1554.7 0.1 0.0 219.8 1570.4 0.0 0.0 209.9 1523.6 0.1 0.0 200.4 1533.6 0.0 0.0 199.9 1613.4 0.0 16 FL262151003 Rest of the world 1279.2 1173.0 1149.6 1107.1 1117.6 1173.0 1141.7 1137.9 1104.2 16 17 FL892050005 4839.0 6235.2 4637.5 5256.7 5918.9 6235.2 6124.4 6465.1 6694.7 17 18 19 FL102051003 FL212051003 Nonfinancial corporate business State and local governments 37.0 179.2 25.1 189.2 22.3 181.7 36.2 184.2 27.0 186.7 25.1 189.2 27.8 191.7 22.8 194.2 20.5 18 196.8 19 20 FL712051000 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 21 22 23 FL762050005 FL762052005 FL762051005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 538.3 25.4 512.8 317.4 25.6 291.8 294.3 27.6 266.7 300.1 27.3 272.7 287.5 25.7 261.7 317.4 25.6 291.8 298.5 22.6 275.9 281.0 17.9 263.1 308.0 21 19.8 22 288.2 23 24 25 26 FL752050005 FL752052005 FL752051005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 323.7 0.3 323.3 259.5 0.2 259.3 307.7 1.0 306.7 276.2 0.1 276.1 299.4 0.3 299.1 259.5 0.2 259.3 265.1 0.5 264.6 275.1 0.3 274.8 286.7 24 0.3 25 286.5 26 27 28 29 FL472050053 FL472052053 FL472051053 Credit unions Federal funds Security repurchase agreements 0.5 0.1 0.4 0.2 0.1 0.1 0.5 0.1 0.4 0.3 0.1 0.1 0.3 0.2 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.2 27 0.1 28 0.1 29 30 31 32 33 FL512051005 FL542051075 FL572051005 FL222051043 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 2.2 8.2 18.4 7.8 2.2 9.8 25.8 30.5 2.3 7.7 19.9 18.4 2.5 8.3 21.8 24.2 2.3 9.4 23.7 15.7 2.2 9.8 25.8 30.5 1.4 9.0 27.4 20.2 1.7 7.8 29.0 22.1 34 35 FL632051000 FL652051003 Money market funds Mutual funds (net) 1068.7 -10.4 2495.7 19.6 1194.8 8.7 1714.7 23.9 2263.5 16.4 2495.7 19.6 2376.9 16.3 2595.9 26.3 2742.9 34 24.6 35 36 37 FL402050005 FL402052033 Government-sponsored enterprises Of which: FHLB federal funds (3) 212.5 31.5 209.7 47.4 146.8 54.3 256.8 47.9 215.2 51.9 209.7 47.4 218.2 57.3 277.3 71.7 304.5 36 90.2 37 38 39 40 FL662051003 FL732051003 FL502051005 Brokers and dealers Holding companies Other financial business 1322.1 41.4 5.4 1255.4 26.1 3.6 1238.0 29.4 3.2 1133.4 15.8 4.1 1211.2 30.1 3.9 1255.4 26.1 3.6 1324.4 17.8 3.9 1345.5 23.8 4.6 1330.5 38 29.2 39 4.4 40 41 FL262051005 Rest of the world 1084.0 1365.4 1161.8 1254.1 1326.4 1365.4 1325.7 1357.7 1383.0 41 42 FL902050005 -610.4 -380.3 -578.9 -421.5 -393.7 -380.3 -409.1 -314.5 -385.3 42 0.09 0.08 0.07 0.08 0.08 0.08 0.20 1.21 2.56 43 9.7 9.7 0.0 1904.6 1739.7 164.9 134.3 125.3 9.0 991.9 855.1 136.8 1604.9 1438.9 165.9 1904.6 1739.7 164.9 1872.0 1658.1 213.9 2329.7 2062.9 266.9 2425.9 44 2220.6 45 205.3 46 Total assets Discrepancy 0.2 10 18.5 11 1.9 9.0 31.1 21.6 12 13 14 15 30 31 32 33 Memo: 43 FL072052006 Effective federal funds rate (percent) (4) Federal Reserve’s reverse repurchase agreement operations: 44 45 46 FL712151103 FL632051103 FL792051115 Liability: Monetary authority (5) Asset: Money market funds (6) Other financial institutions (7) (1) Detailed data on federal funds and security repurchase agreements are available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 1997:Q1 for credit unions, and 2000:Q1 for FHLB. (2) Excludes term federal funds. (3) Includes term federal funds. (4) The effective federal funds rate is a weighted average of rates on brokered trades. Annualized using a 360-day year. (5) Included in line 2. (6) Included in line 34. (7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. 117 Z.1, December 9, 2022 L.208 Debt Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 By instrument 1 FL894122005 Total debt securities 2 3 4 5 6 FL893169175 FL313161105 FL893161705 FL383162005 FL893163005 7 FL894122005 8 FL384122005 9 10 FL163162003 FL104122005 Nonprofit organizations (2) Nonfinancial corporate business 11 12 FL314122005 FL213162005 Federal government State and local governments 13 FL794122005 14 15 16 17 18 19 FL764122005 FL753169175 FL403161705 FL413065005 FL674122005 FL614122005 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 436.9 65.3 7638.1 2428.3 1223.7 815.2 342.0 60.4 8177.6 2501.8 1379.9 769.1 418.8 66.0 7775.1 2431.4 1228.7 795.0 368.9 58.7 7928.1 2459.6 1255.5 799.0 336.3 52.4 8041.7 2474.7 1307.2 761.7 342.0 60.4 8177.6 2501.8 1379.9 769.1 375.6 84.8 8372.6 2534.7 1417.3 768.2 417.9 104.1 8591.9 2583.8 1445.1 785.0 420.9 104.7 8785.7 2637.4 1461.2 812.9 14 15 16 17 18 19 20 21 22 23 FL644122005 FL663163003 FL734122005 FL504122005 REITs Brokers and dealers Holding companies Other financial business 581.9 183.9 1479.9 118.2 634.5 217.7 1544.9 136.7 588.7 196.3 1442.2 174.9 614.4 204.5 1524.8 149.3 616.0 214.6 1517.7 157.5 634.5 217.7 1544.9 136.7 643.2 260.8 1531.1 173.0 653.0 249.2 1516.6 150.6 651.3 223.6 1470.7 141.0 20 21 22 23 24 LM264122005 3753.9 4232.4 3885.3 4044.5 4210.2 4232.4 4029.7 3796.3 3666.6 24 25 FL894022005 26 FL384022005 27 28 29 30 31 LM154022005 LM104022005 LM114022005 FL314022005 LM214022005 32 FL794022005 33 34 35 36 37 LM714022005 LM764022005 LM754022005 LM744022003 LM474022005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 7422.2 5202.1 313.5 41.3 311.1 8733.2 6318.7 286.1 47.5 403.1 7548.3 5568.0 294.7 43.8 374.2 8010.8 5825.0 289.4 42.4 375.9 8412.3 6055.2 289.5 47.3 387.2 8733.2 6318.7 286.1 47.5 403.1 8470.4 6242.0 280.8 47.8 414.7 8043.4 6016.2 295.5 51.3 425.8 7507.3 5659.3 304.4 54.5 400.8 33 34 35 36 37 38 39 40 41 42 LM514022005 LM544022005 LM574022005 LM344022005 LM224022045 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 1270.2 4431.1 1719.6 2326.6 1074.6 1320.1 4452.1 1684.4 2483.6 1209.1 1249.7 4247.6 1639.6 2317.7 1083.2 1308.4 4368.4 1686.4 2332.6 1171.2 1311.6 4412.2 1682.7 2140.4 1173.4 1320.1 4452.1 1684.4 2483.6 1209.1 1231.8 4170.6 1579.9 2512.1 1144.9 1179.5 3912.5 1506.6 2535.2 1068.6 1144.9 3760.0 1449.0 2580.0 1028.8 38 39 40 41 42 43 44 45 46 FL634022005 LM654022005 LM554022005 LM564022005 Money market funds Mutual funds Closed-end funds Exchange-traded funds 3525.2 5539.5 175.7 1041.5 2568.8 5897.7 186.6 1214.4 3606.1 5586.2 178.3 1057.7 3185.2 5762.3 183.1 1133.5 2534.5 5861.0 185.7 1173.0 2568.8 5897.7 186.6 1214.4 2514.9 5559.5 173.4 1179.3 2224.6 5085.8 159.0 1172.0 2113.2 4785.2 151.0 1177.0 43 44 45 46 47 48 49 50 LM404022005 FL674022005 LM613063003 LM644022005 Government-sponsored enterprises ABS issuers Finance companies REITs 520.1 30.3 73.6 236.8 430.2 31.9 98.7 200.2 471.9 28.6 69.7 223.2 450.5 27.4 77.6 216.1 440.1 28.7 83.8 197.3 430.2 31.9 98.7 200.2 432.8 34.5 90.6 192.6 404.3 35.7 83.9 171.5 398.8 36.3 83.3 183.4 47 48 49 50 51 52 53 LM664022005 LM734022605 FL504022005 Brokers and dealers Holding companies Other financial business 389.1 122.4 339.1 196.6 146.4 366.0 187.2 145.5 424.4 216.3 144.1 408.0 204.4 139.1 323.4 196.6 146.4 366.0 138.9 148.9 419.8 175.5 166.4 455.0 246.2 51 176.4 52 449.9 53 54 LM264022005 Rest of the world 13254.2 13606.6 13107.3 13457.8 13476.0 13606.6 13185.6 12704.8 12326.7 54 55 LM904022005 Discrepancy (3) -2634.0 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 53007.9 56245.8 53787.2 54598.5 54916.3 56245.8 57241.3 57334.0 57831.4 1 925.5 1089.4 1109.8 1090.0 1076.0 1089.4 1177.2 1201.5 1199.3 23600.9 25284.7 23943.0 24301.5 24249.9 25284.7 26016.5 26050.7 26468.7 10086.7 10699.1 10226.4 10407.5 10535.9 10699.1 10926.8 11195.4 11442.4 3988.8 4066.7 4015.5 4038.7 4057.0 4066.7 4045.2 4049.5 4032.8 14406.1 15106.0 14492.6 14760.9 14997.5 15106.0 15075.6 14836.9 14688.2 2 3 4 5 6 53007.9 56245.8 53787.2 54598.5 54916.3 56245.8 57241.3 57334.0 57831.4 7 34282.6 36248.9 34784.7 35191.4 35226.5 36248.9 37050.2 37040.4 37455.4 8 By sector Domestic nonfinancial sectors Domestic financial sectors Rest of the world Total assets Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfinancial noncorporate business Federal government State and local governments Domestic financial sectors 201.7 7277.3 200.1 7492.7 202.2 7412.2 202.1 7442.1 201.0 7512.9 200.1 7492.7 202.1 7587.9 199.8 7542.7 199.1 9 7551.2 10 23621.1 25304.5 23962.8 24321.4 24269.4 25304.5 26035.9 26070.4 26488.1 11 3182.7 3251.6 3207.4 3225.8 3243.1 3251.6 3224.3 3227.6 3216.9 12 14971.3 15764.6 15117.2 15362.7 15479.7 15764.6 16161.4 16497.3 16709.4 13 55641.9 57382.3 55032.6 56351.1 56419.6 57382.3 56009.3 54156.0 52954.5 25 6282.1 5500.4 5579.7 5678.8 5860.8 5500.4 5843.4 6282.6 6938.2 26 3936.8 364.3 82.3 0.5 1898.1 2883.4 384.0 80.8 0.5 2151.8 3338.8 334.5 79.8 0.5 1826.1 3192.3 362.5 80.0 0.5 2043.6 3294.8 370.3 79.3 0.5 2116.0 2883.4 384.0 80.8 0.5 2151.8 3305.2 360.7 76.8 0.5 2100.2 3594.1 384.1 78.8 0.5 2225.1 4305.9 344.8 86.8 0.5 2200.2 27 28 29 30 31 36105.6 38275.3 36345.6 37214.5 37082.7 38275.3 36980.3 35168.5 33689.6 32 -1136.4 -1245.4 -1752.6 -1503.3 (1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. (2) Liability of the households and nonprofit organizations sector (tables L.101 and B.101). (3) The accumulated valuation difference between issuance and holdings. -1136.4 1232.0 3178.0 4876.9 55 Levels Total liabilities 118 Z.1, December 9, 2022 L.209 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 1 FL893169175 2 FL893169105 3 FL103169100 4 5 6 Total liabilities 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 925.5 1089.4 1109.8 1090.0 1076.0 1089.4 1177.2 1201.5 1199.3 1 925.5 1089.4 1109.8 1090.0 1076.0 1089.4 1177.2 1201.5 1199.3 2 Nonfinancial corporate business 132.2 138.2 144.0 132.0 122.4 138.2 188.7 188.1 199.1 3 FL263169105 FL263169110 FL263169123 Foreign issues in U.S. Nonfinancial Financial 217.7 17.4 200.3 421.7 38.3 383.4 365.7 29.1 336.5 436.4 37.9 398.5 451.8 41.0 410.7 421.7 38.3 383.4 343.6 30.6 313.0 323.9 28.3 295.6 314.4 25.6 288.8 4 5 6 7 8 9 10 11 12 13 14 FL793169100 FL763169103 FL753169103 FL673169105 FL613169100 FL643169173 FL733169103 FL503169105 Financial business U.S.-chartered depository institutions Foreign banking offices in U.S. ABS issuers Finance companies REITs Holding companies Other financial business 575.6 180.4 65.3 164.8 41.8 0.0 5.2 118.2 529.4 134.9 60.4 148.1 41.3 0.0 8.1 136.7 600.1 172.4 66.0 139.7 41.5 0.0 5.5 174.9 521.6 147.9 58.7 118.4 40.9 0.0 6.5 149.3 501.8 132.2 52.4 114.4 38.9 0.0 6.5 157.5 529.4 134.9 60.4 148.1 41.3 0.0 8.1 136.7 644.9 151.7 84.8 190.9 37.1 0.0 7.5 173.0 689.5 173.5 104.1 214.1 38.4 0.0 8.8 150.6 685.9 175.0 104.7 214.5 41.4 0.0 9.2 141.0 7 8 9 10 11 12 13 14 15 FL703169605 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 17 FL763169603 FL753169603 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 0.0 17 18 FL893169175 925.5 1089.4 1109.8 1090.0 1076.0 1089.4 1177.2 1201.5 1199.3 18 19 FL103069100 Nonfinancial corporate business 250.9 253.0 235.5 269.1 250.1 253.0 229.0 245.4 210.0 19 20 FL213069103 State and local governments 77.1 81.1 78.1 79.1 80.1 81.1 82.1 83.2 84.2 20 21 22 23 24 FL713069603 FL763069175 FL753069603 FL473069153 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 2.0 0.0 0.3 0.0 0.0 0.0 0.3 0.0 0.1 0.0 0.2 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.4 25 26 FL513069105 FL543069105 Property-casualty insurance companies Life insurance companies 8.9 34.0 4.5 41.0 8.1 32.6 7.8 34.8 5.8 38.7 4.5 41.0 3.0 39.0 3.5 36.3 4.0 25 40.8 26 27 28 FL573069105 FL223069143 Private pension funds State and local govt. retirement funds 40.7 8.6 42.5 14.6 41.0 15.3 41.6 18.1 42.0 18.7 42.5 14.6 42.9 23.3 43.2 22.2 43.7 27 23.3 28 29 30 FL633069175 FL653069100 Money market funds Mutual funds 232.3 50.0 226.2 39.5 275.9 53.8 236.1 49.7 249.6 49.0 226.2 39.5 233.0 45.2 221.1 36.8 245.4 29 34.5 30 31 32 33 FL403069105 FL663069103 FL503069105 Government-sponsored enterprises Brokers and dealers Other financial business 7.3 8.2 119.0 4.7 16.3 227.4 7.0 9.2 251.5 5.4 11.7 243.7 4.7 14.0 176.5 4.7 16.3 227.4 6.4 22.2 276.7 7.9 15.6 320.1 9.8 31 23.4 32 304.7 33 34 LM263069103 Rest of the world 86.3 138.3 101.4 92.8 146.7 138.3 173.9 165.9 175.6 34 Commercial paper Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Total assets (1) Excludes banks’ holdings of own acceptances. 0.0 0.0 0.0 0.1 21 22 23 24 119 Z.1, December 9, 2022 L.210 Treasury Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 FL313161105 2 3 4 5 FL313161205 FL313161110 FL313161275 FL313161283 Total liabilities Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) 6 7 8 9 10 11 12 FL313161305 FL313161400 FL213061120 FL343061123 FL343061145 FL503061303 FL313161375 Nonmarketable Treasury securities U.S. savings securities State and local government series (SLGS) Thrift Savings Plan G Fund Federal govt. defined benefit pension plans Held by Federal Reserve credit facility LLCs Other nonmarketable securities 13 FL893061105 14 15 16 LM153061105 FL313161400 LM153061185 Household sector U.S. savings securities (line 7) Other Treasury securities 17 18 LM103061103 LM113061003 Nonfinancial corporate business Nonfinancial noncorporate business 19 20 21 LM213061105 FL213061120 LM213061103 22 23 24 Total assets Q3 Q4 Q1 2022 Q2 Q3 23600.9 25284.7 23943.0 24301.5 24249.9 25284.7 26016.5 26050.7 26468.7 1 20946.2 22557.5 21347.4 21699.0 21846.1 22557.5 23246.1 23253.4 23616.7 4963.1 3768.0 4667.8 4273.7 3713.0 3768.0 3927.3 3522.6 3643.7 15975.8 18783.5 16672.3 17419.3 18127.1 18783.5 19312.8 19725.9 19968.2 7.3 6.1 7.3 6.1 6.1 6.1 6.1 4.8 4.8 2 3 4 5 2654.7 147.0 115.8 292.7 1980.8 95.7 22.7 2727.2 146.1 109.7 285.7 2149.0 18.1 18.6 2595.6 145.7 121.7 292.3 1974.6 42.6 18.8 2602.5 144.6 122.8 295.0 1987.6 34.1 18.5 2403.8 143.6 127.0 116.1 1976.3 22.3 18.5 2727.2 146.1 109.7 285.7 2149.0 18.1 18.6 2770.4 149.7 118.3 313.2 2153.1 18.1 18.1 2797.3 160.3 108.2 318.5 2176.0 15.3 18.9 2852.0 6 166.2 7 109.2 8 315.4 9 2226.4 10 15.4 11 19.4 12 24650.6 25642.3 24352.6 24883.8 24774.8 25642.3 25570.9 25028.7 24756.8 13 1368.5 147.0 1221.4 590.9 146.1 444.8 1057.0 145.7 911.3 806.4 144.6 661.8 942.1 143.6 798.6 590.9 146.1 444.8 1074.1 149.7 924.4 1201.4 160.3 1041.1 1729.0 14 166.2 15 1562.9 16 72.9 78.1 85.9 76.1 62.1 75.4 57.7 75.5 77.9 74.7 85.9 76.1 87.3 72.3 92.9 74.3 90.5 17 82.2 18 State and local governments SLGS (line 8) Other Treasury securities 1111.9 115.8 996.1 1440.7 109.7 1331.0 1099.6 121.7 977.9 1313.7 122.8 1190.9 1394.2 127.0 1267.2 1440.7 109.7 1331.0 1420.0 118.3 1301.7 1555.5 108.2 1447.3 1537.4 19 109.2 20 1428.2 21 LM713061103 LM713061113 LM713061125 Monetary authority Treasury bills Other Treasury securities 5254.6 326.0 4928.6 6052.1 325.9 5726.1 5273.2 326.0 4947.2 5596.5 326.0 5270.5 5831.3 326.0 5505.3 6052.1 325.9 5726.1 5851.4 325.4 5526.0 5563.8 324.5 5239.3 5186.5 22 307.4 23 4879.1 24 25 26 27 28 LM763061100 LM753061103 LM743061103 LM473061105 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1044.4 99.8 13.8 45.5 1472.3 86.9 19.6 62.6 1111.3 86.2 15.3 50.8 1195.7 83.8 15.5 51.5 1297.6 85.5 18.4 55.0 1472.3 86.9 19.6 62.6 1471.3 89.4 19.6 74.0 1488.5 96.0 23.0 79.5 1407.7 92.5 26.8 82.5 25 26 27 28 29 30 31 32 33 34 LM513061105 LM513061115 LM513061125 LM543061105 LM543061115 LM543061125 Property-casualty insurance companies Treasury bills Other Treasury securities Life insurance companies Treasury bills Other Treasury securities 157.5 51.9 105.6 240.7 15.6 225.1 187.9 54.3 133.6 231.4 9.4 222.0 164.7 54.7 109.9 227.2 12.4 214.8 186.7 61.8 124.9 234.4 11.4 223.0 186.3 56.0 130.3 237.5 10.9 226.5 187.9 54.3 133.6 231.4 9.4 222.0 161.6 36.2 125.4 213.2 8.6 204.6 167.0 43.4 123.6 201.2 7.7 193.5 175.4 49.2 126.2 196.1 9.5 186.6 29 30 31 32 33 34 35 36 37 LM573061105 LM573061143 LM573061133 Private pension funds Defined benefit plans Defined contribution plans 462.8 268.8 194.1 469.9 264.3 205.6 442.7 255.8 186.9 458.4 261.6 196.9 462.7 262.3 200.4 469.9 264.3 205.6 447.6 250.4 197.2 435.7 241.8 193.9 421.7 35 232.2 36 189.5 37 38 39 40 LM343061105 LM343061165 LM343061155 Federal government retirement funds (3) Defined benefit plans Defined contribution plans 2297.5 1989.3 308.2 2456.8 2156.2 300.6 2289.7 1983.1 306.6 2304.3 1995.0 309.3 2113.7 1983.5 130.2 2456.8 2156.2 300.6 2487.3 2160.2 327.0 2512.9 2181.8 331.1 2559.2 38 2232.2 39 327.0 40 41 LM223061143 State and local govt. retirement funds 346.8 430.9 344.8 395.9 406.3 430.9 380.0 378.7 366.3 41 42 43 44 FL633061105 FL633061110 FL633061120 Money market funds Treasury bills Other Treasury securities 2465.9 2075.3 390.7 1814.7 1197.1 617.6 2583.2 2098.8 484.4 2288.1 1784.0 504.1 1694.7 1130.7 564.0 1814.7 1197.1 617.6 1759.4 1155.5 603.9 1459.0 902.5 556.5 1256.1 42 767.0 43 489.2 44 45 46 47 LM653061105 LM653061113 LM653061125 Mutual funds Treasury bills Other Treasury securities 1315.9 45.7 1270.2 1592.3 47.5 1544.8 1365.5 43.0 1322.5 1487.5 40.2 1447.4 1539.6 36.0 1503.6 1592.3 47.5 1544.8 1521.3 40.4 1480.9 1423.3 37.8 1385.5 1346.3 45 30.5 46 1315.8 47 48 49 50 51 LM553061103 LM563061103 LM403061105 FL673061103 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers 3.0 270.1 259.2 30.3 3.1 331.2 202.4 31.9 3.0 274.0 224.9 28.6 3.1 292.5 210.9 27.4 3.1 305.0 205.1 28.7 3.1 331.2 202.4 31.9 2.9 335.5 210.4 34.5 3.5 361.9 180.6 35.7 3.3 381.1 168.3 36.3 52 53 54 LM663061105 LM733061103 FL503061105 Brokers and dealers Holding companies Other financial business 215.2 61.6 143.0 99.0 92.6 63.6 95.5 84.2 97.8 113.0 86.5 79.5 93.5 83.8 67.3 99.0 92.6 63.6 83.3 99.8 61.0 89.5 120.6 53.4 127.0 52 130.6 53 56.9 54 55 56 57 LM263061105 LM263061110 LM263061120 Rest of the world Treasury bills Other Treasury securities 7291.6 1027.3 6264.3 7747.7 987.4 6760.3 7295.9 966.5 6329.4 7518.9 926.7 6592.1 7570.9 928.4 6642.5 7747.7 987.4 6760.3 7613.6 1008.4 6605.2 7430.8 894.5 6536.4 7296.9 55 919.6 56 6377.3 57 58 LM903061103 Discrepancy (4) -1049.7 -357.6 -409.6 -582.2 -524.9 -357.6 445.6 1021.9 1711.9 58 Levels 1 Q2 48 49 50 51 (1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt. (2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market. (3) Comprised primarily of nonmarketable Treasury securities. (4) The accumulated valuation difference between issuance and holdings. 120 Z.1, December 9, 2022 L.211 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Levels Q1 Total liabilities Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL893161705 2 3 4 FL313161705 FL403161705 FL413065005 5 FL893061705 6 7 LM153061705 LM103061703 Household sector Nonfinancial corporate business 237.9 24.3 255.2 28.6 166.6 20.7 272.1 19.2 209.3 26.0 255.2 28.6 351.9 29.1 555.8 31.0 808.9 30.2 6 7 8 9 FL313061703 LM213061703 Federal government State and local governments 0.0 466.5 0.0 415.3 0.0 434.8 0.0 437.7 0.0 426.9 0.0 415.3 0.0 406.3 0.0 408.9 0.0 411.6 8 9 10 LM713061705 Monetary authority 2167.7 2681.1 2275.1 2414.3 2581.0 2681.1 2618.9 2479.6 2320.8 10 11 12 13 14 LM763061705 LM753061703 LM743061703 LM473061705 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 3061.0 60.7 15.0 239.0 3505.5 53.5 16.5 307.5 3233.7 62.2 16.6 293.9 3357.3 58.6 17.1 295.1 3453.9 59.3 17.2 301.5 3505.5 53.5 16.5 307.5 3374.6 49.3 16.9 305.7 3169.0 52.6 16.9 311.8 2920.3 52.1 16.6 284.3 15 16 LM513061705 LM543061705 Property-casualty insurance companies Life insurance companies 145.3 366.4 136.0 312.3 140.6 342.5 138.8 334.4 139.4 325.8 136.0 312.3 132.0 293.5 130.0 281.1 125.9 15 273.1 16 17 18 19 LM573061705 LM343061705 LM223061743 Private pension funds Federal government retirement funds State and local govt. retirement funds 236.2 11.7 189.8 222.4 11.7 191.3 227.6 11.3 190.9 228.9 11.3 190.8 226.3 10.8 201.1 222.4 11.7 191.3 214.9 11.0 192.3 212.5 10.2 186.1 209.2 17 9.7 18 182.3 19 20 21 22 FL633061700 LM653061703 LM403061705 Money market funds Mutual funds Government-sponsored enterprises 688.1 674.3 237.3 409.9 541.0 208.4 616.8 634.0 224.4 535.9 579.3 218.9 474.0 584.6 215.3 409.9 541.0 208.4 403.4 550.5 201.5 423.5 551.6 201.6 492.2 20 528.0 21 206.2 22 23 24 FL673061703 LM643061773 ABS issuers REITs 0.0 208.5 0.0 168.4 0.0 197.5 0.0 187.6 0.0 166.7 0.0 168.4 0.0 157.5 0.0 142.9 0.0 23 148.1 24 25 26 LM663061705 LM733061703 Brokers and dealers Holding companies 77.8 33.8 53.8 24.7 4.8 30.7 12.4 29.1 17.6 27.2 53.8 24.7 21.0 22.4 58.1 21.2 68.2 25 19.6 26 27 LM263061705 Rest of the world 1276.4 1250.3 1253.5 1268.0 1242.2 1250.3 1170.2 1216.5 1175.4 27 28 LM903061703 Discrepancy (2) -331.1 -94.3 -151.9 -199.7 -170.2 -94.3 403.7 734.7 1159.8 28 Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 10086.7 10699.1 10226.4 10407.5 10535.9 10699.1 10926.8 11195.4 11442.4 20.2 7638.1 2428.3 19.8 8177.6 2501.8 19.8 7775.1 2431.4 19.8 7928.1 2459.6 19.5 8041.7 2474.7 19.8 8177.6 2501.8 19.4 8372.6 2534.7 19.7 8591.9 2583.8 1 19.4 8785.7 2637.4 2 3 4 10417.7 10793.5 10378.2 10607.1 10706.1 10793.5 10523.1 10460.7 10282.6 5 11 12 13 14 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by Ginnie Mae, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown on table L.106, line 20. (2) The accumulated valuation difference between issuance and holdings. 121 Z.1, December 9, 2022 L.212 Municipal Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2021 Q1 Total liabilities Q2 Q3 Q4 2022 Q2 Q1 Q3 1 FL383162005 2 3 4 FL213162005 FL213162400 FL213162200 State and local governments Short-term (1) Long-term 5 6 FL163162003 FL103162000 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 FL893062005 8 9 10 LM153062005 LM103062003 LM113062003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 LM213062003 State and local governments 18.6 22.2 19.5 20.2 21.1 22.2 22.1 22.7 12 13 14 15 LM763062000 LM753062003 LM743062003 LM473062005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 583.7 0.0 0.1 10.1 630.4 0.0 0.1 12.3 591.3 0.0 0.1 10.9 607.5 0.0 0.1 11.5 616.1 0.0 0.1 12.0 630.4 0.0 0.1 12.3 608.7 0.0 0.1 11.9 598.9 0.0 0.1 11.6 579.1 0.0 0.1 11.8 16 17 LM513062005 LM543062005 Property-casualty insurance companies Life insurance companies 297.9 234.2 289.4 234.9 293.1 232.0 294.6 234.9 289.5 233.3 289.4 234.9 270.9 219.4 260.0 210.8 246.2 16 202.2 17 18 19 LM343062033 LM223062043 Federal government retirement funds State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 0.0 19 20 21 22 23 FL633062000 LM653062003 LM553062003 LM563062003 Money market funds Mutual funds Closed-end funds Exchange-traded funds 125.4 891.3 94.9 63.0 110.9 990.8 98.3 83.3 117.0 913.3 95.0 67.8 112.5 956.1 96.7 74.5 106.3 974.9 96.7 78.5 110.9 990.8 98.3 83.3 113.4 911.0 90.0 83.0 117.3 823.1 85.8 89.9 24 25 26 LM403062005 LM663062003 FL503062003 Government-sponsored enterprises Brokers and dealers Other financial business 2.8 6.8 6.3 2.4 12.7 4.1 2.7 8.8 6.1 2.6 10.7 4.8 2.5 12.1 4.4 2.4 12.7 4.1 2.4 11.0 2.9 2.1 10.1 2.9 2.1 24 14.8 25 2.9 26 27 FL263062003 Rest of the world 108.6 110.4 110.5 110.2 110.3 110.4 113.2 113.8 106.7 27 28 LM903062003 Discrepancy (3) -405.1 -362.5 -362.5 -403.8 -354.0 -362.5 -86.0 69.3 224.9 28 Total assets (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables L.101 and B.101). (3) The accumulated valuation difference between issuance and holdings. 3988.8 4066.7 4015.5 4038.7 4057.0 4066.7 4045.2 4049.5 4032.8 1 3182.7 46.6 3136.1 3251.6 32.9 3218.7 3207.4 43.2 3164.2 3225.8 36.9 3189.0 3243.1 30.8 3212.2 3251.6 32.9 3218.7 3224.3 27.1 3197.2 3227.6 23.3 3204.2 3216.9 25.1 3191.8 2 3 4 201.7 604.5 200.1 615.0 202.2 605.9 202.1 610.7 201.0 612.9 200.1 615.0 202.1 618.8 199.8 622.2 199.1 616.7 5 6 4393.9 4429.2 4378.0 4442.5 4411.1 4429.2 4131.2 3980.2 3807.9 7 1929.6 16.3 4.2 1806.0 16.4 4.6 1889.4 16.2 4.4 1884.7 16.5 4.4 1832.3 16.3 4.6 1806.0 16.4 4.6 1651.4 15.3 4.5 1611.9 14.7 4.5 1544.8 8 14.1 9 4.6 10 23.3 11 113.2 774.5 80.5 87.1 12 13 14 15 20 21 22 23 Levels 2020 122 Z.1, December 9, 2022 L.213 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Levels Q1 Total liabilities Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL893163005 2 FL103163003 Nonfinancial corporate business 6540.6 6739.4 6662.3 6699.4 6777.6 6739.4 6780.3 6732.4 6735.5 2 3 FL793163005 Domestic financial sectors 4329.3 4555.8 4310.6 4453.4 4461.5 4555.8 4609.2 4632.1 4600.5 3 4 5 6 7 FL763163005 FL673163005 FL613163005 FL643163005 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs 256.5 1058.9 773.4 581.9 207.1 1231.9 727.9 634.5 246.4 1089.0 753.5 588.7 221.1 1137.1 758.1 614.4 204.1 1192.8 722.7 616.0 207.1 1231.9 727.9 634.5 224.0 1226.4 731.1 643.2 244.4 1231.0 746.6 653.0 245.9 1246.7 771.5 651.3 4 5 6 7 8 9 10 FL663163003 FL733163005 FL503163003 Brokers and dealers Holding companies Other financial business 183.9 1474.8 0.0 217.7 1536.8 0.0 196.3 1436.7 0.0 204.5 1518.3 0.0 214.6 1511.2 0.0 217.7 1536.8 0.0 260.8 1523.6 0.0 249.2 1507.8 0.0 223.6 8 1461.6 9 0.0 10 11 LM263163005 3536.2 3810.7 3519.7 3608.1 3758.4 3810.7 3686.0 3472.5 3352.2 11 12 FL893063005 13 LM153063005 Household sector 400.8 231.3 225.8 229.0 311.1 231.3 227.9 225.1 223.3 13 14 15 FL313063763 LM213063003 Federal government State and local governments 0.5 223.9 0.5 192.4 0.5 194.0 0.5 192.8 0.5 193.7 0.5 192.4 0.5 169.7 0.5 155.0 0.5 14 143.7 15 16 17 18 LM763063005 LM763063605 LM763063095 U.S.-chartered depository institutions MBS and other ABS Other 511.0 88.7 422.2 710.5 118.8 591.7 631.6 92.6 539.0 664.4 97.8 566.6 687.7 107.2 580.5 710.5 118.8 591.7 787.5 126.5 661.0 759.8 127.2 632.6 752.2 16 124.3 17 627.9 18 19 20 LM753063005 LM743063005 Foreign banking offices in U.S. Banks in U.S.-affiliated areas 153.0 12.5 145.6 11.3 146.3 11.8 147.0 9.7 144.6 11.7 145.6 11.3 142.1 11.3 146.9 11.2 159.8 19 11.1 20 21 22 23 LM473063005 LM473063605 LM473063095 Credit unions MBS and other ABS Other 16.2 15.7 0.6 20.6 19.7 0.8 18.5 17.9 0.7 17.8 17.1 0.7 18.7 17.9 0.8 20.6 19.7 0.8 22.6 21.7 0.9 22.6 21.7 0.8 22.2 21 21.4 22 0.8 23 24 25 26 LM513063005 LM513063605 LM513063095 Property-casualty insurance companies MBS and other ABS Other 660.7 154.2 506.5 702.4 152.4 550.1 643.2 147.2 496.0 680.5 152.9 527.6 690.6 152.4 538.2 702.4 152.4 550.1 664.3 144.1 520.2 619.1 133.1 486.0 593.5 24 127.6 25 465.9 26 27 28 29 LM543063005 LM543063675 LM543063095 Life insurance companies MBS and other ABS Other 3555.8 625.3 2930.5 3632.5 616.0 3016.5 3413.3 595.1 2818.1 3529.8 611.9 2917.9 3576.9 613.6 2963.2 3632.5 616.0 3016.5 3405.5 573.9 2831.6 3183.2 530.0 2653.2 3047.7 27 504.2 28 2543.5 29 30 31 32 LM573063005 LM343063005 LM223063045 Private pension funds Federal government retirement funds State and local govt. retirement funds 979.9 17.3 529.3 949.6 15.0 572.2 928.3 16.6 532.2 957.4 16.9 566.3 951.7 15.8 547.3 949.6 15.0 572.2 874.5 13.7 549.4 815.1 12.0 481.6 774.4 30 11.1 31 456.8 32 33 34 35 36 FL633063005 LM653063005 LM553063003 LM563063003 Money market funds Mutual funds Closed-end funds Exchange-traded funds 13.5 2608.0 77.8 708.3 7.2 2734.1 85.3 799.9 13.3 2619.6 80.3 715.9 12.6 2689.7 83.3 766.4 9.8 2713.0 85.9 789.5 7.2 2734.1 85.3 799.9 5.6 2531.6 80.5 760.7 3.8 2251.0 69.7 720.3 6.3 2101.8 67.3 708.7 33 34 35 36 37 38 39 40 41 LM403063005 LM403063605 LM403063095 LM613063003 LM643063005 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs 13.5 10.2 3.3 73.6 28.4 12.3 9.3 3.0 98.7 31.7 13.0 9.8 3.3 69.7 25.7 12.7 9.5 3.2 77.6 28.5 12.5 9.4 3.1 83.8 30.6 12.3 9.3 3.0 98.7 31.7 12.1 9.2 2.9 90.6 35.1 12.2 9.5 2.7 83.9 28.6 12.4 9.8 2.6 83.3 35.3 37 38 39 40 41 42 43 44 LM663063005 LM733063003 FL503063005 Brokers and dealers Holding companies Other financial business 81.2 27.0 70.8 14.8 29.2 70.9 68.8 30.5 69.0 68.4 28.5 80.1 67.2 28.1 75.2 14.8 29.2 70.9 1.2 26.7 79.2 2.0 24.7 78.6 12.8 42 26.2 43 85.4 44 45 46 47 LM263063005 LM263063603 LM263063095 Rest of the world (4) MBS and other ABS Other 4491.3 362.9 4128.5 4359.9 364.6 3995.3 4346.0 375.4 3970.6 4468.0 367.4 4100.6 4405.9 362.9 4043.0 4359.9 364.6 3995.3 4114.7 363.7 3751.0 3777.9 366.1 3411.8 3572.1 45 366.3 46 3205.8 47 48 LM903063003 Discrepancy (5) -848.1 -321.9 -321.4 -566.9 -454.2 -321.9 468.7 1352.1 1780.3 48 Rest of the world (2) Total assets (3) 14406.1 15106.0 14492.6 14760.9 14997.5 15106.0 15075.6 14836.9 14688.2 1 15254.2 15427.9 14814.0 15327.8 15451.6 15427.9 14606.9 13484.9 12907.9 12 (1) Liabilities net of assets. (2) Holdings of foreign issues by U.S. residents. (3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Holdings of U.S. issues by foreign residents. (5) The accumulated valuation difference between issuance and holdings. 123 Z.1, December 9, 2022 L.214 Loans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 By instrument 1 FL894123005 Total loans 2 3 FL793068005 FL893169005 Depository institution loans n.e.c. Other loans and advances 4 5 6 7 8 FL893065005 FL893065105 FL893065405 FL893065505 FL893065603 Mortgages One-to-four-family residential Multifamily residential Commercial Farm 9 FL153166000 Consumer credit 29934.3 32151.5 30335.9 30780.6 31449.2 32151.5 32906.2 33740.2 34374.1 4216.8 4745.5 4800.4 5830.8 2 3 16787.1 18060.2 16976.3 17291.4 17636.1 18060.2 18321.0 18736.5 19058.5 11648.9 12540.0 11780.2 12019.2 12272.9 12540.0 12694.7 12970.8 13194.5 1754.6 1885.3 1782.8 1808.4 1836.5 1885.3 1925.2 1967.2 2007.3 3095.0 3310.5 3115.9 3157.5 3211.4 3310.5 3371.0 3462.5 3514.8 288.6 324.3 297.4 306.3 315.3 324.3 330.1 336.0 341.9 4 5 6 7 8 4184.9 4345.0 5315.5 4430.8 4241.4 4951.0 4167.2 4192.3 5037.7 4259.1 4141.6 5334.0 4337.4 4345.0 5315.5 4430.8 4492.5 5630.0 4462.6 4699.9 5720.2 1 4583.6 4684.5 9 By sector FL894123005 11 FL384123005 Total liabilities 12 13 14 FL154123005 FL104123005 FL114123005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FL314123005 FL213169203 Federal government State and local governments 17 FL794123005 18 19 20 21 FL763169305 FL473169333 FL513169333 FL543169373 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies 22 23 24 25 26 FL403169283 FL614123005 FL644123005 FL664123005 FL504123005 Government-sponsored enterprises Finance companies REITs Brokers and dealers Other financial business 27 FL264123005 28 FL894123005 29 FL384023005 30 31 32 FL154023005 FL104023005 FL114023005 33 34 FL314023005 FL213065005 35 FL794023005 36 37 38 39 40 FL713068005 FL764023005 FL754023005 FL744023003 FL474023000 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 41 42 43 44 45 FL513065505 FL544023005 FL573065005 FL313169003 FL223065043 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 46 47 48 49 50 FL653069803 FL404023005 FL413065005 FL674023005 FL614023005 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 51 52 53 54 FL643065005 FL663069005 FL733069005 FL503069005 REITs Brokers and dealers Holding companies Other financial business 55 FL263069500 Domestic nonfinancial sectors Domestic financial sectors Rest of the world Total assets Domestic nonfinancial sectors 29934.3 32151.5 30335.9 30780.6 31449.2 32151.5 32906.2 33740.2 34374.1 10 27057.4 28942.3 27396.3 27763.7 28377.0 28942.3 29544.3 30257.9 30779.1 11 16506.3 17737.1 16699.7 17039.1 17347.9 17737.1 17926.4 18288.3 18607.4 12 4121.1 4513.2 4201.7 4187.4 4283.1 4513.2 4803.7 5028.5 5139.6 13 6407.9 6669.5 6472.6 6515.0 6543.2 6669.5 6791.5 6918.2 7009.3 14 0.0 22.1 0.0 22.6 0.0 22.3 0.0 22.3 180.6 22.2 0.0 22.6 0.0 22.7 0.0 22.8 0.0 15 22.8 16 2122.0 2304.0 2166.8 2216.4 2232.8 2304.0 2449.1 2524.4 2590.7 17 252.3 43.3 10.0 103.9 187.9 40.7 7.0 110.8 228.6 40.3 9.3 112.3 205.9 39.2 8.4 108.8 189.6 39.4 7.5 107.3 187.9 40.7 7.0 110.8 202.1 42.3 6.3 121.9 325.1 59.9 5.8 129.2 445.6 77.6 5.1 132.2 18 19 20 21 0.0 178.4 256.4 1037.0 240.8 0.0 191.1 285.8 1182.1 298.7 0.0 175.4 250.9 1064.1 285.9 0.0 216.2 247.0 1097.2 293.7 0.0 209.1 233.0 1160.6 286.2 0.0 191.1 285.8 1182.1 298.7 0.0 160.7 293.5 1311.7 310.5 0.0 153.3 300.4 1264.6 286.1 0.0 151.7 302.2 1202.7 273.6 22 23 24 25 26 754.8 905.2 772.7 800.5 839.4 905.2 912.7 958.0 1004.3 27 29934.3 32151.5 30335.9 30780.6 31449.2 32151.5 32906.2 33740.2 34374.1 28 3579.0 3869.8 3633.7 3668.1 3800.2 3869.8 4070.4 4056.7 4067.7 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1254.3 80.3 55.0 1350.7 87.0 58.7 1267.8 80.7 56.5 1283.9 82.4 56.7 1334.8 84.4 58.0 1350.7 87.0 58.7 1481.5 87.6 59.9 1425.6 89.6 61.0 1368.7 30 91.8 31 61.8 32 Federal government State and local governments 1928.0 261.4 2104.4 269.0 1965.4 263.3 1979.9 265.2 2055.9 267.1 2104.4 269.0 2170.5 270.9 2207.7 272.8 2270.8 33 274.7 34 Domestic financial sectors Rest of the world 25451.3 27255.6 25767.5 26159.9 26666.5 27255.6 27786.2 28608.9 29236.1 35 52.2 42.2 58.7 86.2 65.1 42.2 34.1 28.4 26.1 36 10091.7 10438.1 10033.7 10056.0 10117.1 10438.1 10535.5 10957.8 11205.5 37 785.4 869.9 768.6 767.0 796.5 869.9 897.2 940.1 967.7 38 41.6 37.2 40.4 39.5 38.1 37.2 36.0 36.4 37.3 39 1193.9 1286.2 1198.0 1223.1 1251.8 1286.2 1328.3 1411.4 1497.0 40 24.3 808.2 24.4 0.0 6.9 27.7 858.3 24.8 0.0 8.1 24.3 811.0 24.5 0.0 7.4 25.5 822.7 24.6 0.0 7.3 26.4 839.9 24.7 180.6 7.2 27.7 858.3 24.8 0.0 8.1 29.5 874.2 24.8 0.0 6.7 30.2 888.9 24.9 0.0 7.2 30.6 899.8 25.0 0.0 7.2 41 42 43 44 45 88.7 6706.0 2428.3 1043.3 1031.7 144.2 7435.2 2501.8 1154.5 1026.1 104.6 6899.9 2431.4 1039.9 1042.8 121.6 7075.7 2459.6 1050.3 1061.1 131.3 7233.1 2474.7 1091.1 1051.2 144.2 7435.2 2501.8 1154.5 1026.1 164.8 7661.2 2534.7 1176.8 1020.7 154.2 7898.3 2583.8 1200.2 1030.6 138.8 8107.6 2637.4 1215.1 1038.1 46 47 48 49 50 265.7 664.3 106.6 88.2 346.7 840.0 130.2 84.5 272.7 779.5 121.2 108.9 288.3 821.4 129.6 100.4 309.3 818.7 125.1 84.8 346.7 840.0 130.2 84.5 356.9 855.5 150.5 98.8 380.5 821.2 145.5 69.2 375.7 806.9 150.5 69.9 51 52 53 54 904.0 1026.1 934.7 952.6 982.5 1026.1 1049.5 1074.6 (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. 1070.2 55 Levels 10 124 Z.1, December 9, 2022 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 1 FL793068005 2 3 4 FL153168005 FL103168005 FL113168005 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 FL793168005 Domestic financial sectors 6 7 8 FL613168005 FL643168005 FL663168005 Finance companies REITs Brokers and dealers 9 FL713068505 Other financial business (2) 10 11 12 13 FL263168005 FL263168465 FL263168485 FL263168495 14 FL793068005 15 FL713068005 Monetary authority (3) 16 17 18 19 FL763068005 FL753068005 FL743068005 FL473068005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Foreign official institutions Foreign nonfinancial corporations Foreign nondepository financial institutions Total assets 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 4216.8 4345.0 4241.4 4192.3 4141.6 4345.0 4492.5 4699.9 4800.4 1 370.7 1182.8 1583.5 423.8 1144.4 1498.1 370.3 1191.0 1579.6 371.7 1102.1 1536.6 384.9 1062.1 1478.0 423.8 1144.4 1498.1 437.1 1288.9 1514.9 458.2 1404.5 1540.4 468.7 1459.2 1550.6 2 3 4 380.8 426.1 384.0 438.2 424.8 426.1 395.4 399.0 386.5 5 177.9 30.0 132.3 191.0 38.1 176.0 175.3 30.4 139.4 216.1 29.0 156.2 209.0 24.2 169.9 191.0 38.1 176.0 160.6 41.3 174.8 153.2 44.1 184.0 151.6 38.9 179.3 6 7 8 40.7 21.0 38.9 36.9 21.8 21.0 18.8 17.7 16.6 9 698.9 2.5 186.5 509.9 852.6 3.5 199.3 649.8 716.4 3.4 189.0 524.0 743.9 3.0 186.8 554.0 791.8 3.0 192.7 596.2 852.6 3.5 199.3 649.8 856.1 3.4 205.5 647.2 897.8 2.9 208.5 686.4 935.4 3.1 210.6 721.7 10 11 12 13 4216.8 4345.0 4241.4 4192.3 4141.6 4345.0 4492.5 4699.9 4800.4 14 52.2 42.2 58.7 86.2 65.1 42.2 34.1 28.4 26.1 15 3362.7 704.5 18.7 78.7 3421.7 778.8 15.8 86.6 3394.8 688.2 18.0 81.7 3320.9 685.7 17.6 82.0 3263.7 712.8 16.3 83.9 3421.7 778.8 15.8 86.6 3453.4 802.4 15.3 187.3 3609.9 841.1 15.7 204.7 (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to Federal Reserve funding, credit, and liquidity facility special purpose vehicles. (3) Loans from Federal Reserve banks to the household, broker and dealer, finance companies, and other financial business sectors. 3658.8 865.1 16.3 234.2 16 17 18 19 125 Z.1, December 9, 2022 L.216 Other Loans and Advances (1) 2020 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL893169005 Total other loans and advances 4745.5 5315.5 4951.0 5037.7 5334.0 5315.5 5630.0 5720.2 5830.8 1 2 3 4 FL163069005 FL153169055 FL163069043 Nonprofit organization loans Liab.: Household sector Nonfinancial noncorporate business 139.3 108.4 30.9 138.6 106.9 31.7 139.1 108.0 31.1 138.9 107.7 31.3 138.8 107.3 31.5 138.6 106.9 31.7 138.5 106.7 31.8 138.4 106.4 32.0 138.3 106.1 32.2 2 3 4 5 6 7 8 9 10 11 12 13 FL313069205 FL153169203 FL103169205 FL113169205 FL213169203 FL403169283 FL313069223 FL503169205 FL263169203 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Other financial business Rest of the world 419.7 49.1 188.9 128.6 22.1 0.0 0.0 2.4 28.6 534.7 57.8 255.8 169.7 22.6 0.0 0.0 2.4 26.5 426.9 50.1 192.3 131.0 22.3 0.0 0.0 2.4 28.9 436.4 52.5 197.1 133.8 22.3 0.0 0.0 2.4 28.4 487.9 55.8 228.0 151.8 22.2 0.0 0.0 2.4 27.8 534.7 57.8 255.8 169.7 22.6 0.0 0.0 2.4 26.5 580.4 59.7 284.3 186.5 22.7 0.0 0.0 2.4 24.8 612.3 61.8 303.1 198.3 22.8 0.0 0.0 2.4 24.0 643.2 63.2 322.4 209.8 22.8 0.0 0.0 2.4 22.6 5 6 7 8 9 10 11 12 13 14 15 16 FL153169405 FL313069403 FL543069405 Policy loans (Household liability) Asset: Federal government Life insurance companies 130.8 0.1 130.6 129.0 0.2 128.8 130.0 0.1 129.9 129.3 0.2 129.1 129.3 0.2 129.1 129.0 0.2 128.8 126.6 0.2 126.5 126.9 0.2 126.7 127.3 14 0.2 15 127.1 16 17 18 FL313169003 FL313169003 Federal government retirement funds loans Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 180.6 180.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 0.0 18 19 20 21 22 23 24 25 26 27 28 29 30 FL403069330 FL763169335 FL473169333 FL513169333 FL543169373 FL613169333 FL643169373 FL403069395 FL153169305 FL183169305 FL113169305 FL763169383 Federal Home Loan Banks advances (2) Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Real estate investment trusts Government-sponsored enterprise (GSE) loans (3) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) 410.3 252.3 43.3 10.0 103.9 0.5 0.3 153.2 0.0 14.8 138.4 0.0 346.7 187.9 40.7 7.0 110.8 0.1 0.3 164.4 0.0 16.1 148.4 0.0 390.9 228.6 40.3 9.3 112.3 0.1 0.3 156.5 0.0 16.4 140.1 0.0 362.6 205.9 39.2 8.4 108.8 0.1 0.3 152.8 0.0 15.2 137.6 0.0 344.3 189.6 39.4 7.5 107.3 0.1 0.3 152.1 0.0 14.2 138.0 0.0 346.7 187.9 40.7 7.0 110.8 0.1 0.3 164.4 0.0 16.1 148.4 0.0 373.1 202.1 42.3 6.3 121.9 0.1 0.3 177.9 0.0 20.9 157.0 0.0 520.3 325.1 59.9 5.8 129.2 0.1 0.3 172.0 0.0 18.6 153.3 0.0 660.8 445.6 77.6 5.1 132.2 0.1 0.2 172.6 0.0 17.2 155.3 0.0 31 32 FL663067003 FL663067003 Margin accounts at brokers and dealers Liab.: Household sector 482.4 482.4 574.7 574.7 573.7 573.7 595.2 595.2 571.5 571.5 574.7 574.7 582.9 582.9 542.7 542.7 540.0 31 540.0 32 33 34 FL153067005 FL153067005 Cash accounts at brokers and dealers Asset: Household sector 904.8 904.8 1006.1 1006.1 924.7 924.7 941.0 941.0 990.7 990.7 1006.1 1006.1 1136.9 1136.9 1080.5 1080.5 1023.4 33 1023.4 34 35 36 37 38 FL503169023 FL763069023 FL663069025 FL503069025 Clearing funds at other financial business Asset: U.S.-chartered depository institutions Brokers and dealers Other financial business 197.7 16.2 124.5 57.0 275.3 18.1 199.5 57.7 244.6 15.7 149.0 80.0 254.5 14.4 167.5 72.7 262.1 17.1 187.6 57.4 275.3 18.1 199.5 57.7 289.4 14.0 203.3 72.1 266.1 14.0 210.4 41.7 254.6 13.5 197.7 43.4 35 36 37 38 39 40 41 42 43 44 45 FL103169803 FL153069803 FL543069873 FL653069803 FL673069803 FL663069803 FL503069805 Loans to nonfinancial corporate business (4) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Other financial business 506.4 105.6 32.9 88.7 210.7 57.4 11.1 621.3 97.0 38.6 144.2 265.8 65.8 10.0 516.5 97.7 34.3 104.6 212.8 56.8 10.3 545.0 97.0 36.0 121.6 221.9 58.6 9.8 578.0 97.4 37.8 131.3 242.0 59.6 10.0 621.3 97.0 38.6 144.2 265.8 65.8 10.0 657.5 97.9 39.6 164.8 275.0 69.3 10.9 663.6 99.7 39.2 154.2 289.6 68.1 12.8 667.0 100.8 41.9 138.8 303.4 69.2 12.9 39 40 41 42 43 44 45 46 47 FL673069505 FL673069505 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 0.0 0.0 6.5 6.5 0.0 0.0 0.0 0.0 6.1 6.1 6.5 6.5 6.1 6.1 5.1 5.1 4.5 46 4.5 47 48 49 50 FL613069505 FL103169535 FL113169535 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 370.3 326.2 44.0 344.9 294.8 50.1 373.6 321.7 51.9 381.9 307.2 74.7 367.8 299.0 68.8 344.9 294.8 50.1 345.0 299.1 45.9 357.6 313.8 43.8 364.7 48 322.2 49 42.5 50 51 52 53 FL733069005 FL733069013 FL733069023 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 106.6 79.4 27.2 130.2 104.1 26.2 121.2 93.7 27.5 129.6 101.3 28.3 125.1 105.2 19.8 130.2 104.1 26.2 150.5 118.8 31.8 145.5 109.4 36.1 150.5 51 104.3 52 46.3 53 54 55 56 57 58 FL503069075 FL503069003 FL503069013 FL503069023 FL503069033 Other financial business loans (5) Liab.: Household sector (TALF II) Nonfinancial corporate business (MSLF) Nonfinancial noncorporate business (MSLF) Nonprofit organizations (MSLF) 20.1 3.6 6.0 10.5 0.0 16.8 1.3 5.5 9.9 0.0 18.6 2.1 5.9 10.5 0.0 17.9 1.6 5.9 10.3 0.0 17.4 1.5 5.7 10.1 0.0 16.8 1.3 5.5 9.9 0.0 15.8 1.3 5.2 9.3 0.0 14.7 1.1 4.9 8.7 0.0 59 60 FL263069500 FL263069500 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 904.0 904.0 1026.1 1026.1 934.7 934.7 952.6 952.6 982.5 982.5 1026.1 1026.1 1049.5 1049.5 1074.6 1074.6 13.7 1.1 4.5 8.1 0.0 19 20 21 22 23 24 25 26 27 28 29 30 54 55 56 57 58 1070.2 59 1070.2 60 (1) Customers’ liability on acceptances outstanding are inlcuded elsewhere beginning 2008q3 and are no longer shown on the table. These are assets of U.S.-chatered depository institutions and foreign banking offices in U.S., and liabilties of nonfinancial corporate business and rest of the world. (2) The Federal Home Loan Banks are included in the governmnet-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies. (3) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 19. (4) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. (5) 2020 Term Asset-Backed Securities Loan Facility (TALF II) loans to domestic hedge funds and private equity funds and Main Street Lending Facility (MSLF) loans. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 126 Z.1, December 9, 2022 L.217 Total Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Levels Q1 Total mortgages Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL893065005 2 3 4 5 FL893065105 FL893065405 FL893065505 FL893065603 6 FL893065005 7 FL153165005 Household sector 8 9 10 FL143165005 FL103165005 FL113165005 Nonfinancial business Corporate Noncorporate 11 12 FL313165403 FL123165005 Federal government REITs 13 FL893065005 14 15 16 FL153065005 FL103065003 FL113065005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 17 18 19 20 21 22 FL313065005 FL313065015 FL313065075 FL313065035 FL313065065 FL313065095 Federal government Ginnie Mae Farmers Home Administration (FmHA) (2) Federal Housing Administration (FHA) Federal Deposit Insurance Corporation Other (3) 23 FL213065005 State and local governments 261.4 269.0 263.3 265.2 267.1 269.0 270.9 272.8 24 25 26 27 28 FL703065005 FL763065005 FL753065005 FL743065003 FL473065100 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 5741.1 5027.1 81.0 22.9 610.1 5952.5 5172.5 91.1 21.4 667.5 5706.2 4990.0 80.4 22.4 613.4 5751.8 5019.9 81.4 21.9 628.7 5846.1 5094.6 83.8 21.8 645.9 5952.5 5172.5 91.1 21.4 667.5 5947.8 5238.5 94.9 20.7 593.8 6162.4 5420.3 99.0 20.7 622.4 29 30 FL513065505 FL543065005 Property-casualty insurance companies Life insurance companies 24.3 644.7 27.7 690.9 24.3 646.8 25.5 657.6 26.4 673.0 27.7 690.9 29.5 708.1 30.2 722.9 30.6 29 730.7 30 31 32 FL573065005 FL223065043 Private pension funds State and local govt. retirement funds 24.4 6.9 24.8 8.1 24.5 7.4 24.6 7.3 24.7 7.2 24.8 8.1 24.8 6.7 24.9 7.2 25.0 31 7.2 32 33 34 35 36 37 38 FL403065005 FL403065015 FL403065025 FL403065045 FL403065035 FL403065653 Government-sponsored enterprises Fannie Mae Freddie Mac Farm Credit System FHLB Farmer Mac 6142.5 3589.9 2328.0 154.6 62.8 7.3 6924.1 3899.0 2789.8 171.4 55.5 8.3 6352.5 3675.0 2453.0 157.8 59.4 7.3 6560.3 3782.6 2550.9 162.5 56.5 7.8 6736.7 3833.2 2673.4 166.0 56.1 8.1 6924.1 3899.0 2789.8 171.4 55.5 8.3 7110.2 3989.5 2883.3 173.4 55.5 8.5 7206.0 4039.7 2925.5 176.0 55.8 8.9 7274.2 4058.7 2972.6 178.1 56.1 8.8 33 34 35 36 37 38 39 40 41 42 43 44 FL413065005 FL413065015 FL413065025 FL413065045 FL413065653 FL413065035 Agency- and GSE-backed mortgage pools Ginnie Mae Freddie Mac Fannie Mae Farmer Mac Farmers Home Administration (FmHA) (2) 2428.3 2103.4 318.7 5.3 0.9 0.0 2501.8 2149.2 346.7 4.7 1.2 0.0 2431.4 2095.0 330.3 5.2 0.8 0.0 2459.6 2112.3 341.4 5.0 0.9 0.0 2474.7 2125.6 343.4 4.8 0.9 0.0 2501.8 2149.2 346.7 4.7 1.2 0.0 2534.7 2182.3 346.6 4.7 1.2 0.0 2583.8 2229.4 348.6 4.7 1.2 0.0 2637.4 2284.5 347.1 4.6 1.2 0.0 39 40 41 42 43 44 45 46 47 FL673065005 FL613065000 FL643065005 ABS issuers Finance companies REITs 830.7 110.0 265.7 880.8 104.3 346.7 825.3 108.6 272.7 826.7 107.0 288.3 841.4 105.4 309.3 880.8 104.3 346.7 894.5 102.9 356.9 904.0 102.2 380.5 One-to-four-family residential Multifamily residential Commercial Farm Total liabilities Total assets 16787.1 18060.2 16976.3 17291.4 17636.1 18060.2 18321.0 18736.5 19058.5 1 11648.9 12540.0 11780.2 12019.2 12272.9 12540.0 12694.7 12970.8 13194.5 1754.6 1885.3 1782.8 1808.4 1836.5 1885.3 1925.2 1967.2 2007.3 3095.0 3310.5 3115.9 3157.5 3211.4 3310.5 3371.0 3462.5 3514.8 288.6 324.3 297.4 306.3 315.3 324.3 330.1 336.0 341.9 2 3 4 5 16787.1 18060.2 16976.3 17291.4 17636.1 18060.2 18321.0 18736.5 19058.5 6 11176.5 12012.6 11298.1 11522.0 11760.3 12012.6 12149.6 12407.6 12616.6 7 5384.5 912.6 4471.9 5800.2 1038.6 4761.6 5457.9 929.4 4528.5 5551.8 961.1 4590.7 5667.3 1002.2 4665.1 5800.2 1038.6 4761.6 5919.5 1073.5 4846.0 6072.8 1131.1 4941.8 6178.8 8 1168.1 9 5010.7 10 0.0 226.1 0.0 247.4 0.0 220.2 0.0 217.7 0.0 208.6 0.0 247.4 0.0 252.0 0.0 256.1 0.0 11 263.1 12 16787.1 18060.2 16976.3 17291.4 17636.1 18060.2 18321.0 18736.5 19058.5 13 80.5 44.4 55.0 86.6 51.1 58.7 82.4 46.0 56.5 83.7 47.7 56.7 85.2 49.4 58.0 86.6 51.1 58.7 86.2 52.9 59.9 85.4 54.8 61.0 127.2 2.3 108.3 16.6 0.0 0.0 133.1 2.0 111.7 19.5 0.0 0.0 128.2 2.2 109.0 17.1 0.0 0.0 129.5 2.1 109.4 18.0 0.0 0.0 131.5 2.0 110.3 19.2 0.0 0.0 133.1 2.0 111.7 19.5 0.0 0.0 134.9 1.9 112.2 20.9 0.0 0.0 138.2 1.8 113.3 23.1 0.0 0.0 85.1 14 56.8 15 61.8 16 143.1 1.8 114.0 27.3 0.0 0.0 17 18 19 20 21 22 274.7 23 6349.1 5575.7 102.6 21.1 649.7 24 25 26 27 28 905.3 45 101.9 46 375.7 47 (1) Sum of one-to-four-family residential mortgages (table L.218), multifamily residential mortgages (table L.219), commercial mortgages (table L.220), and farm mortgages (table L.221). (2) FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. (3) Other includes Department of Veterans Affairs, Federal Financing Bank, Public Housing Administration, and Resolution Trust Corporation. 127 Z.1, December 9, 2022 L.218 One-to-four-family Residential Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2021 Q1 1 FL893065105 2 3 4 FL153165105 FL103165105 FL113165105 Total liabilities 5 FL893065105 6 7 8 FL153065103 FL103065105 FL113065103 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 9 10 FL313065105 FL213065103 Federal government State and local governments 11 12 13 14 FL763065105 FL753065103 FL743065103 FL473065100 15 16 17 Household sector Nonfinancial corporate business Nonfinancial noncorporate business Total assets Q2 Q3 Q4 Q1 2022 Q2 Q3 11648.9 12540.0 11780.2 12019.2 12272.9 12540.0 12694.7 12970.8 13194.5 1 10916.1 11751.1 11037.5 11261.0 11499.1 11751.1 11887.7 12145.4 12354.0 16.7 18.8 16.9 17.7 18.6 18.8 19.7 20.7 21.8 716.0 770.1 725.8 740.5 755.2 770.1 787.3 804.7 818.8 2 3 4 11648.9 12540.0 11780.2 12019.2 12272.9 12540.0 12694.7 12970.8 13194.5 5 68.3 26.7 20.0 64.8 30.7 21.4 67.4 27.6 20.6 66.6 28.6 20.7 65.7 29.6 21.1 64.8 30.7 21.4 64.0 31.8 21.8 63.1 32.9 22.2 30.4 133.8 32.6 137.4 30.6 134.7 31.5 135.6 32.4 136.5 32.6 137.4 33.8 138.2 36.0 139.1 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2581.5 1.2 13.5 610.1 2606.0 1.2 12.0 667.5 2533.4 1.1 13.1 613.4 2531.6 1.1 12.7 628.7 2571.2 1.3 12.3 645.9 2606.0 1.2 12.0 667.5 2620.4 1.1 11.4 593.8 2725.0 1.1 11.2 622.4 FL543065105 FL573065103 FL223065143 Life insurance companies Private pension funds State and local govt. retirement funds 38.6 0.5 2.5 49.4 0.4 2.9 40.5 0.5 2.7 43.1 0.5 2.6 46.1 0.4 2.6 49.4 0.4 2.9 51.3 0.3 2.4 52.7 0.3 2.6 53.2 15 0.3 16 2.6 17 18 19 FL403065105 FL413065105 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 5575.3 2009.0 6312.7 2044.4 5773.5 1996.4 5978.9 2012.1 6141.1 2022.4 6312.7 2044.4 6489.3 2074.3 6577.1 2120.2 6635.8 18 2172.9 19 20 21 22 FL673065105 FL613065105 FL643065105 ABS issuers Finance companies REITs 407.6 77.1 52.8 404.3 73.6 78.8 392.9 76.1 55.7 388.4 75.1 61.7 395.3 74.3 74.6 404.3 73.6 78.8 411.0 72.9 76.9 415.7 72.4 76.8 417.7 20 72.0 21 76.4 22 23 24 25 26 27 28 FL893065125 FL763065125 FL753065203 FL473065125 FL673065123 FL613065123 441.8 334.5 0.1 86.0 5.8 15.4 398.4 292.9 0.0 86.2 4.5 14.7 421.5 318.2 0.1 82.7 5.4 15.2 411.3 308.2 0.1 83.2 4.8 15.0 403.6 299.2 0.0 85.1 4.4 14.9 398.4 292.9 0.0 86.2 4.5 14.7 389.6 288.5 0.0 82.4 4.2 14.6 405.3 295.2 0.0 91.7 3.9 14.5 419.3 301.0 0.0 100.3 3.6 14.4 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies 62.2 34.1 22.5 6 7 8 40.0 9 140.0 10 2803.0 1.0 11.1 649.7 11 12 13 14 23 24 25 26 27 28 (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893065405 2 3 FL103165405 FL113165405 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business 1754.6 1885.3 1782.8 1808.4 1836.5 1885.3 1925.2 1967.2 2007.3 1 86.5 1644.3 93.2 1770.0 87.9 1671.0 89.2 1695.6 90.6 1722.2 93.2 1770.0 95.2 1808.3 97.3 1848.2 99.4 1887.9 2 3 4 5 FL313165403 FL123165403 Federal government REITs 0.0 23.7 0.0 22.1 0.0 23.9 0.0 23.5 0.0 23.6 0.0 22.1 0.0 21.7 0.0 21.7 0.0 20.1 4 5 6 FL893065405 7 8 9 FL153065403 FL103065403 FL113065403 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1754.6 1885.3 1782.8 1808.4 1836.5 1885.3 1925.2 1967.2 2007.3 6 0.0 0.7 18.8 0.0 0.8 20.1 0.0 0.7 19.3 0.0 0.7 19.4 0.0 0.7 19.8 0.0 0.8 20.1 0.0 0.8 20.5 0.0 0.8 20.9 0.0 0.9 21.1 7 8 9 10 11 FL313065405 FL213065403 Federal government State and local governments 11.1 105.1 10.9 108.7 11.1 106.0 11.1 106.9 11.0 107.8 10.9 108.7 10.8 109.6 10.7 110.5 10.6 10 111.4 11 12 13 FL763065403 FL753065403 U.S.-chartered depository institutions Foreign banking offices in U.S. 526.7 14.0 560.8 15.9 528.2 14.1 538.4 14.5 544.6 14.4 560.8 15.9 578.4 15.8 608.6 18.2 637.0 12 20.2 13 14 15 16 FL543065405 FL573065403 FL223065443 Life insurance companies Private pension funds State and local govt. retirement funds 169.8 0.6 2.1 179.1 0.3 2.4 169.7 0.5 2.2 171.8 0.5 2.2 175.2 0.4 2.2 179.1 0.3 2.4 183.4 0.3 2.0 187.3 0.2 2.2 189.3 14 0.1 15 2.2 16 17 18 FL403065405 FL413065405 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 419.4 418.4 445.0 456.2 426.8 434.1 424.4 446.7 433.8 451.4 445.0 456.2 451.5 459.2 456.2 462.4 462.9 17 463.2 18 19 20 21 FL673065405 FL613065403 FL643065405 ABS issuers Finance companies REITs 51.6 5.5 10.7 63.9 5.3 16.0 53.0 5.4 11.5 53.5 5.4 13.0 55.7 5.3 14.2 63.9 5.3 16.0 71.6 5.2 16.2 67.8 5.1 16.3 67.7 19 5.1 20 15.6 21 Total assets Levels 2020 128 Z.1, December 9, 2022 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2020 1 FL893065505 2 3 4 5 FL163165505 FL103165505 FL113165505 FL123165503 Total liabilities 6 FL893065505 7 8 9 FL153065505 FL103065503 FL113065503 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 10 11 FL313065505 FL213065503 Federal government State and local governments 12 13 14 FL763065503 FL753065503 FL743065505 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 15 16 FL513065505 FL543065505 Property-casualty insurance companies Life insurance companies 17 18 FL573065505 FL223065545 Private pension funds State and local govt. retirement funds 19 20 FL413065505 FL673065505 21 22 FL613065503 FL643065505 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 3095.0 3310.5 3115.9 3157.5 3211.4 3310.5 3371.0 3462.5 3514.8 1 260.4 733.6 1898.7 202.3 261.5 840.6 1983.1 225.3 260.7 746.0 1912.8 196.4 261.0 773.1 1929.3 194.1 261.2 809.3 1956.0 185.0 261.5 840.6 1983.1 225.3 261.9 871.2 2007.7 230.2 262.3 924.2 2041.7 234.4 262.6 956.7 2052.3 243.0 2 3 4 5 3095.0 3310.5 3115.9 3157.5 3211.4 3310.5 3371.0 3462.5 3514.8 6 1.2 17.1 15.0 1.3 19.7 16.1 1.2 17.7 15.4 1.3 18.3 15.5 1.3 19.0 15.8 1.3 19.7 16.1 1.3 20.4 16.4 1.4 21.1 16.7 1.4 21.9 16.9 7 8 9 75.4 21.0 78.2 21.4 76.0 21.1 76.0 21.2 76.8 21.3 78.2 21.4 78.7 21.5 79.6 21.6 80.2 10 21.7 11 1822.1 65.5 9.4 1904.9 73.8 9.4 1830.6 65.1 9.3 1851.1 65.8 9.2 1879.1 67.9 9.5 1904.9 73.8 9.4 1937.1 77.8 9.3 1982.3 79.5 9.5 2029.5 12 81.3 13 10.0 14 24.3 417.1 27.7 441.3 24.3 417.0 25.5 422.6 26.4 431.1 27.7 441.3 29.5 451.8 30.2 461.1 30.6 15 466.0 16 23.3 2.4 24.1 2.7 23.5 2.5 23.7 2.5 23.9 2.5 24.1 2.7 24.2 2.3 24.4 2.5 24.6 17 2.5 18 Agency- and GSE-backed mortgage pools ABS issuers 0.0 371.6 0.0 412.7 0.0 379.4 0.0 384.8 0.0 390.4 0.0 412.7 0.0 411.9 0.0 420.5 0.0 19 419.9 20 Finance companies REITs 27.4 202.2 25.5 251.8 27.1 205.5 26.5 213.6 25.8 220.5 25.5 251.8 24.8 263.8 24.7 287.5 24.8 21 283.7 22 288.6 324.3 297.4 306.3 315.3 324.3 330.1 336.0 341.9 1 75.7 212.9 86.0 238.3 78.6 218.8 81.0 225.3 83.6 231.7 86.0 238.3 87.4 242.7 88.9 247.1 90.2 251.7 2 3 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business REITs Total assets (1) Liability of the households and nonprofit organizations sector (tables L.101 and B.101). L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893065603 Total liabilities 2 3 FL183165605 FL233165605 4 FL893065603 288.6 324.3 297.4 306.3 315.3 324.3 330.1 336.0 341.9 4 5 6 FL153065605 FL113065603 Household sector Nonfinancial noncorporate business 11.0 1.1 20.5 1.2 13.8 1.1 15.9 1.1 18.2 1.2 20.5 1.2 20.9 1.2 20.9 1.2 21.5 1.2 5 6 7 8 FL313065605 FL213065603 Federal government State and local governments 10.3 1.4 11.5 1.5 10.5 1.4 10.9 1.4 11.2 1.5 11.5 1.5 11.7 1.5 11.9 1.5 12.3 1.5 7 8 9 10 FL763065633 FL753065603 U.S.-chartered depository institutions Foreign banking offices in U.S. 96.8 0.1 100.8 0.1 97.8 0.1 98.8 0.1 99.8 0.2 100.8 0.1 102.6 0.1 104.4 0.2 106.3 9 0.2 10 11 12 FL543065633 FL223065643 Life insurance companies State and local govt. retirement funds 19.2 0.0 21.1 0.0 19.7 0.0 20.1 0.0 20.6 0.0 21.1 0.0 21.5 0.0 21.9 0.0 22.2 11 0.0 12 13 14 FL403065605 FL413065605 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 147.8 0.9 166.4 1.2 152.2 0.8 157.0 0.9 161.7 0.9 166.4 1.2 169.4 1.2 172.7 1.2 175.5 13 1.2 14 Nonfinancial corporate business Nonfinancial noncorporate business Total assets (1) Excludes mortgages on farm houses. 129 Z.1, December 9, 2022 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FL153166000 Total liabilities (Households) 4184.9 4430.8 4167.2 4259.1 4337.4 4430.8 4462.6 4583.6 4684.5 1 2 FL153166000 Total assets 4184.9 4430.8 4167.2 4259.1 4337.4 4430.8 4462.6 4583.6 4684.5 2 3 4 5 FL163066223 FL103066005 FL113066003 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business 24.1 35.8 0.0 22.4 35.8 0.0 23.8 34.7 0.0 23.2 34.7 0.0 22.7 35.0 0.0 22.4 35.8 0.0 22.0 34.7 0.0 21.6 34.8 0.0 21.1 35.0 0.0 3 4 5 6 7 8 FL313066220 FL763066000 FL473066000 Federal government (2) U.S.-chartered depository institutions Credit unions 1381.0 1685.6 505.1 1436.4 1825.8 532.0 1410.1 1633.2 502.9 1413.9 1700.8 512.4 1436.4 1741.8 522.0 1436.4 1825.8 532.0 1455.0 1829.6 547.2 1457.1 1913.6 584.3 1484.3 1957.5 613.1 6 7 8 9 10 11 FL403066005 FL673066000 FL613066005 Government-sponsored enterprises ABS issuers Finance companies 0.0 1.9 551.4 0.0 1.4 577.0 0.0 1.9 560.5 0.0 1.7 572.3 0.0 1.5 578.0 0.0 1.4 577.0 0.0 1.3 572.8 0.0 1.4 570.8 12 13 14 15 FL153166100 FL153166400 FL153166220 FL153166205 974.6 1224.4 1693.9 292.0 1041.7 1314.2 1733.4 341.5 911.1 1240.7 1718.7 296.6 950.9 1275.2 1719.1 313.9 971.2 1300.4 1739.4 326.4 1041.7 1314.2 1733.4 341.5 1024.2 1332.2 1747.5 358.7 1087.6 1366.8 1744.0 385.3 0.0 9 1.9 10 571.5 11 Memo: (1) Student loans originated under the Federal Family Education Loan Program. Asset of the households and nonprofit organizations sector (tables L.101 and B.101). (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. 1122.6 1397.7 1767.9 396.4 12 13 14 15 Levels Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) 130 Z.1, December 9, 2022 L.223 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Levels Q1 Issues at market value Q2 Q3 Q4 Q1 2022 Q2 Q3 1 LM893064105 2 LM883164105 65523.2 80054.9 69928.3 75335.1 75368.4 80054.9 75778.2 63436.1 60337.3 1 54908.2 68032.8 58830.1 63524.6 63579.0 68032.8 64358.0 53500.5 51156.9 2 3 4 5 LM103164103 LM103164113 LM103164123 Nonfinancial corporate business Publicly traded Closely held 42498.0 51408.0 44980.3 48277.7 48151.5 51408.0 48188.9 39427.4 37736.5 35190.0 43527.7 37141.3 40271.8 40119.1 43527.7 40660.4 33128.8 31510.6 7308.0 7880.2 7839.0 8005.9 8032.5 7880.2 7528.5 6298.7 6225.9 3 4 5 6 7 8 LM793164105 LM793164115 LM793164123 Financial corporations Publicly traded (2) Closely held 12410.2 16624.9 13849.8 15246.9 15427.5 16624.9 16169.1 14073.1 13420.4 11748.3 15737.4 13069.5 14424.2 14574.6 15737.4 15321.4 13364.1 12719.8 661.9 887.5 780.3 822.7 852.8 887.5 847.7 709.0 700.6 6 7 8 9 LM263164100 10615.0 12022.1 11098.2 11810.5 11789.4 12022.1 11420.2 9 10 LM893064105 11 12 13 14 LM153064105 LM103064103 LM313064105 LM213064103 Household sector Nonfinancial corporate business Federal government State and local governments 15 16 17 FL713064103 LM763064103 FL753064103 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 18 19 20 21 22 LM513064105 LM543064105 LM573064105 LM343064105 LM223064145 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 23 24 25 26 27 LM653064100 LM553064103 LM563064100 LM663064103 FL503064105 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Other financial business 13391.1 15533.8 13977.9 14919.4 14716.4 15533.8 14328.6 11894.4 11109.3 23 105.9 123.4 115.0 121.4 122.0 123.4 115.7 100.2 93.3 24 4229.7 5804.4 4693.0 5185.2 5235.2 5804.4 5635.0 4803.8 4557.2 25 214.3 233.9 265.9 259.1 232.0 233.9 236.9 177.6 192.2 26 8.8 0.0 8.5 1.1 0.0 0.0 0.0 0.0 0.0 27 28 LM263064105 Rest of the world (4) 10673.4 13484.4 11409.0 12336.0 12378.2 13484.4 12616.7 10602.7 10281.4 28 29 30 31 32 LM883164115 LM883164125 LM883164133 LM883164135 Publicly traded equity at market value (5) Closely held equity at market value (6) S corporations C corporations 33 PC073164013 Percent change in Dow Jones U.S. Total Market Index Domestic sectors Rest of the world (3) Holdings at market value 9935.5 9180.4 65523.2 80054.9 69928.3 75335.1 75368.4 80054.9 75778.2 63436.1 60337.3 10 26122.9 31940.7 28161.1 30468.1 30740.8 31940.7 30545.3 25424.0 24328.6 11 2543.2 3124.4 2675.0 2868.1 2849.3 3124.4 2944.1 2434.3 2280.1 12 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 13 250.0 306.4 264.4 284.5 282.4 306.4 288.0 237.7 225.1 14 0.0 43.7 0.0 0.0 54.1 0.0 0.0 47.9 0.0 0.0 51.8 0.0 0.0 49.9 0.0 0.0 54.1 0.0 0.0 53.1 0.0 0.0 44.2 0.0 518.6 730.6 3395.7 418.6 2843.5 642.8 763.4 4093.9 524.0 3392.2 546.1 740.0 3582.1 449.2 2959.9 584.4 770.9 3835.1 487.6 3129.3 588.4 759.2 3791.6 483.8 3106.2 642.8 763.4 4093.9 524.0 3392.2 674.0 714.7 3830.9 485.6 3276.3 594.5 612.1 3148.7 410.1 2918.7 0.0 15 40.9 16 0.0 17 568.6 565.3 2960.2 385.1 2716.9 18 19 20 21 22 Memo: 46938.2 59265.1 50210.8 54696.0 54693.7 59265.1 55981.9 46492.8 44230.4 29 7969.9 8767.7 8619.3 8828.6 8885.3 8767.7 8376.2 7007.7 6926.5 30 5848.2 6452.6 6303.1 6578.3 6557.5 6452.6 6064.0 5100.0 5067.1 31 2121.7 2315.1 2316.3 2250.3 2327.8 2315.1 2312.1 1907.7 1859.3 32 18.72 24.01 6.08 7.94 -0.44 8.79 -5.73 -17.17 -4.95 33 (1) Includes shares of exchange-traded funds, closed-end funds, and real estate investment trusts. Excludes mutual fund shares shown on table L.224. (2) Includes corporate equities issued by financial corporations under the federal financial stabilization programs. (3) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (4) Holdings of U.S. issues by foreign residents. (5) Equal to the sum of lines 4 and 7. (6) Equal to the sum of lines 5 and 8. L.224 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM653164205 Shares at market value 19562.6 22208.8 20271.3 21459.7 21374.9 22208.8 20698.1 17759.6 16617.5 1 2 LM653164205 Holdings at market value 19562.6 22208.8 20271.3 21459.7 21374.9 22208.8 20698.1 17759.6 16617.5 2 3 4 5 LM153064205 LM103064203 LM213064203 Household sector Nonfinancial corporate business State and local governments 10960.1 12755.8 11421.3 12032.2 12008.3 12755.8 11781.2 376.7 446.6 394.2 422.1 425.0 446.6 424.1 112.8 128.0 116.6 123.4 123.0 128.0 120.2 6 7 LM763064203 LM473064205 U.S.-chartered depository institutions Credit unions 8 9 10 11 LM513064205 LM543064205 LM573064205 LM223064205 12 LM263064203 9962.2 375.4 105.1 9297.9 360.3 99.5 3 4 5 12.2 5.8 6 7 11.5 4.8 14.9 7.1 12.3 6.1 15.0 6.9 11.6 7.4 14.9 7.1 13.1 7.4 11.0 5.7 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 29.7 1701.3 4917.5 423.9 36.2 1842.9 5500.8 314.4 31.7 1731.5 5072.4 416.8 33.3 1827.6 5345.5 430.0 33.1 1785.9 5297.7 437.7 36.2 1842.9 5500.8 314.4 34.2 1694.8 5147.6 309.7 27.2 1444.2 4453.5 262.1 26.4 8 1353.9 9 4183.7 10 215.3 11 Rest of the world 1024.3 1162.0 1068.4 1223.8 1245.4 1162.0 1165.7 1113.3 1062.5 12 (1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds. 131 Z.1, December 9, 2022 L.225 Trade Credit 2020 1 FL893170005 2 FL163170005 Total trade payables Nonprofit organizations (1) 3 4 FL103170005 FL113170005 5 6 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 5684.6 6413.2 5821.1 5990.3 6157.6 6413.2 6603.7 6828.4 6857.5 1 376.7 383.7 378.5 380.2 381.9 383.7 385.4 387.1 388.9 2 Nonfinancial corporate business Nonfinancial noncorporate business 2764.6 515.0 3216.5 573.0 2817.2 539.6 2927.4 549.9 3031.5 564.2 3216.5 573.0 3351.6 584.5 3520.0 592.3 3509.7 599.8 3 4 FL313170005 FL213170003 Federal government State and local governments 448.5 1100.9 513.0 1155.2 466.2 1114.0 484.8 1127.4 495.3 1141.1 513.0 1155.2 538.6 1169.9 562.1 1185.4 563.1 1201.0 5 6 7 8 9 FL513170005 FL543170005 FL663170003 Property-casualty insurance companies Life insurance companies Brokers and dealers 90.5 288.1 18.5 109.5 355.0 22.4 95.3 304.8 19.7 100.0 321.6 15.9 104.8 338.3 17.6 109.5 355.0 22.4 110.5 362.6 21.9 113.4 368.7 19.3 117.3 377.6 19.6 7 8 9 10 LM263170005 11 FL893070005 12 FL163070005 Nonprofit organizations (1) 13 14 FL103070005 FL113070003 Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FL313070000 FL213070003 17 18 19 20 FL513070005 FL543070005 FL673070003 LM263070005 21 FL903070005 Rest of the world 81.6 84.8 85.8 83.2 82.9 84.8 78.8 80.1 80.6 10 6137.3 6903.8 6349.1 6539.6 6681.7 6903.8 7146.7 7394.0 7391.8 11 283.3 291.5 285.3 287.4 289.4 291.5 293.6 295.8 297.9 12 3916.2 810.3 4468.3 856.9 4068.5 824.1 4213.1 834.3 4300.5 844.4 4468.3 856.9 4669.1 867.7 4862.5 885.0 4819.9 13 896.1 14 Federal government State and local governments 84.9 236.5 95.5 268.4 91.9 241.5 93.4 242.0 96.0 252.7 95.5 268.4 98.0 276.0 95.6 287.8 96.6 15 300.2 16 Property-casualty insurance companies Life insurance companies ABS issuers Rest of the world 210.7 130.4 35.1 430.0 233.4 140.5 38.2 511.1 220.5 133.0 34.2 450.1 229.2 135.5 36.3 468.5 239.4 138.0 35.2 486.1 233.4 140.5 38.2 511.1 244.4 143.4 36.2 518.3 253.8 147.4 37.2 529.1 254.9 151.5 38.6 536.3 -452.7 -490.6 -528.0 -549.3 -524.1 -490.6 -543.0 -565.7 -534.3 21 2385.1 2501.2 2399.2 2447.6 2472.8 2501.2 2479.7 2453.7 2457.8 1 52.4 2248.9 83.8 52.6 2344.0 104.6 52.7 2257.6 89.0 51.8 2301.6 94.2 52.7 2320.7 99.4 52.6 2344.0 104.6 52.9 2322.0 104.9 52.8 2294.9 106.0 53.0 2297.7 107.0 2 3 4 2385.1 2501.2 2399.2 2447.6 2472.8 2501.2 2479.7 2453.7 2457.8 5 1867.0 184.8 262.7 69.0 1.6 1944.9 198.1 284.9 73.0 0.2 1872.8 186.9 268.3 70.0 1.2 1910.3 191.6 273.8 71.0 0.9 1926.9 193.9 279.4 72.0 0.5 1944.9 198.1 284.9 73.0 0.2 1919.6 200.3 285.7 74.0 0.2 1887.5 202.2 288.8 75.0 0.2 1885.6 6 204.4 7 291.6 8 76.0 9 0.2 10 Total trade receivables Discrepancy 17 18 19 20 (1) Included in the households and nonprofit organizations sector (tables L.101 and B.101). L.226 Life Insurance Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893140005 2 3 4 FL313140003 FL543140005 FL263140005 5 FL893140005 6 7 8 9 10 FL153040005 FL763040005 FL543040005 FL733040005 FL543141905 Total liabilities Federal government Life insurance companies Rest of the world Total assets Household sector U.S.-chartered depository institutions Life insurance companies Holding companies Rest of the world Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 132 Z.1, December 9, 2022 L.227 Pension Entitlements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 1 FL893150005 2 3 FL543150005 FL574190005 Total liabilities Life insurance companies (1) Private pension funds (2) 4 5 6 FL344090005 FL224190005 FL263150005 Federal government retirement funds (3) State and local govt. retirement funds Rest of the world 7 FL893150005 8 9 10 FL153050005 FL543050005 FL543151905 Total assets Households (4) Life insurance companies Rest of the world Q2 Q3 Q4 2022 Q2 Q1 Q3 30088.0 32058.2 30514.4 31294.5 31384.0 32058.2 31479.3 30152.0 29796.7 1 3793.8 4016.9 3807.3 3926.7 3936.5 4016.9 3865.4 3619.1 3546.5 12137.7 13351.0 12416.8 12920.1 12905.0 13351.0 12865.1 11809.8 11481.8 2 3 4391.3 9637.4 127.8 4563.9 9956.1 170.2 4438.1 9713.9 138.4 4498.0 9800.7 149.0 4513.7 9869.2 159.6 4563.9 4570.4 4516.2 4505.8 9956.1 10006.4 10032.6 10086.7 170.2 172.1 174.3 175.8 4 5 6 30088.0 32058.2 30514.4 31294.5 31384.0 32058.2 31479.3 30152.0 29796.7 7 29794.3 31677.5 30199.0 30957.3 31025.1 31677.5 31094.5 29762.3 29403.6 8 291.3 380.0 313.4 335.7 357.8 380.0 384.1 388.9 392.3 9 2.4 0.7 2.0 1.6 1.1 0.7 0.7 0.8 0.8 10 Memo: Levels 11 12 13 14 15 16 17 LM893131573 FL763131573 FL473131573 LM543131503 FL633131573 LM653131573 LM153131575 Individual Retirement Accounts (IRAs): (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market funds Mutual funds Other self-directed accounts 12333.0 13913.0 12695.0 13396.0 13336.0 13913.0 13168.0 11669.0 600.7 592.2 558.8 581.9 553.4 592.2 578.4 635.9 84.6 83.9 85.1 85.0 84.7 83.9 84.1 84.0 746.0 788.0 748.0 770.0 773.0 788.0 759.0 711.0 391.0 365.0 380.0 365.0 365.0 365.0 379.0 399.0 4836.0 5605.0 5042.0 5372.0 5359.0 5605.0 5225.0 4488.0 5674.7 6478.9 5881.1 6222.1 6200.9 6478.9 6142.6 5351.1 ND ND ND ND ND ND ND 11 12 13 14 15 16 17 (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Includes public and private defined benefit and defined contribution pension plans, and annuities at life insurance companies. Annuities include those held in individual retirement accounts (IRAs). Social security is excluded. (5) Asset of the household and nonprofit organizations sector (tables L.101 and B.101). Figures for depositories (lines 12 and 13) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 14) and excluded from the money market fund and mutual fund sectors (lines 15 and 16). L.228 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893178005 Total taxes payable by all businesses 600.5 571.8 594.4 561.7 570.2 571.8 568.3 492.5 462.9 1 2 3 FL103178005 FL113178003 Nonfinancial corporate business Nonfinancial noncorporate business 275.4 175.5 251.5 180.5 277.3 180.2 253.6 178.2 252.8 179.7 251.5 180.5 305.0 181.4 265.9 163.0 261.8 154.2 2 3 4 FL763178000 U.S.-chartered depository institutions 113.0 104.1 96.3 94.4 101.1 104.1 46.7 32.3 17.9 4 5 6 FL513178005 FL543178075 Property-casualty insurance companies Life insurance companies 10.5 7.5 10.3 7.0 12.2 8.7 9.6 6.3 8.8 6.3 10.3 7.0 11.3 6.1 8.7 5.1 8.2 5.2 5 6 7 8 9 FL613178005 FL663178003 FL733178013 Finance companies Brokers and dealers Holding companies 9.2 6.3 3.1 8.8 6.8 2.8 9.6 7.1 3.1 9.0 7.7 2.8 9.9 8.8 2.8 8.8 6.8 2.8 8.6 6.4 2.8 8.1 6.9 2.5 6.4 6.7 2.5 7 8 9 10 FL893078005 631.6 674.8 672.8 576.2 708.7 674.8 728.3 599.5 540.0 10 11 12 FL313078000 FL213078005 435.1 196.5 473.1 201.7 471.0 201.8 376.7 199.5 507.8 200.9 473.1 201.7 525.6 202.7 415.2 184.2 364.5 11 175.5 12 13 FL903078005 -31.1 -103.1 -78.4 -14.4 -138.6 -103.1 -159.9 -106.9 -77.1 13 Total business taxes receivable Federal government State and local governments Discrepancy L.229 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM152090205 2 3 LM112090205 LM662090003 Total household equity Nonfinancial noncorporate business Brokers and dealers 12948.1 15531.1 13293.1 13959.0 14901.2 15531.1 15942.4 16553.6 16946.8 1 12857.8 15425.0 13199.3 13861.0 14801.6 15425.0 15847.4 16459.7 16849.3 90.3 106.1 93.8 98.0 99.6 106.1 94.9 93.9 97.5 2 3 133 Z.1, December 9, 2022 L.230 Direct Investment Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 1 LM263192005 U.S. direct investment abroad (1, 2) 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 8225.9 9765.9 8714.6 9380.1 9310.8 9765.9 9163.3 7768.6 7071.9 1 Equity: 2 LM263192101 Liab.: Rest of the world (1) 8162.3 9749.7 8642.0 9296.0 9245.8 9749.7 9187.2 7782.1 7115.9 2 3 4 5 6 7 8 9 LM103092105 LM763092100 LM513092103 LM543092173 LM613092103 LM663092103 LM733092103 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies 6730.4 322.8 254.7 91.7 362.7 0.0 400.0 8044.9 377.7 306.6 82.9 443.4 0.0 494.1 7125.9 335.5 273.1 91.4 400.1 0.0 416.0 7680.1 363.9 289.2 91.1 421.8 0.0 450.0 7634.5 361.4 289.7 85.3 420.5 0.0 454.3 8044.9 377.7 306.6 82.9 443.4 0.0 494.1 7565.2 355.0 288.8 78.8 421.3 0.0 478.2 6422.7 294.3 243.4 64.0 357.6 0.0 400.1 5862.3 274.3 221.4 57.8 331.8 0.0 368.2 3 4 5 6 7 8 9 63.6 746.5 682.9 16.3 759.6 743.4 72.5 759.8 687.3 84.1 804.1 720.0 65.0 823.9 758.9 16.3 759.6 743.4 -24.0 766.6 790.5 -13.5 774.0 787.4 -44.0 10 753.8 11 797.8 12 52.5 2.5 2.0 0.7 2.8 0.0 3.1 13.4 0.6 0.5 0.1 0.7 0.0 0.8 59.8 2.8 2.3 0.8 3.4 0.0 3.5 69.5 3.3 2.6 0.8 3.8 0.0 4.1 53.7 2.5 2.0 0.6 3.0 0.0 3.2 13.4 0.6 0.5 0.1 0.7 0.0 0.8 -19.7 -0.9 -0.8 -0.2 -1.1 0.0 -1.2 -11.1 -0.5 -0.4 -0.1 -0.6 0.0 -0.7 -43.2 -0.6 -0.0 0.0 -0.0 0.0 -0.1 10 11 12 LM263192305 LM263192313 LM263092313 Liab.: Rest of the world (1, 2) U.S. parents’ claims Less: U.S. parents’ liabilities 13 14 15 16 17 18 19 LM103092305 LM763092305 LM513092305 LM543092375 LM613092305 LM663092305 LM733092305 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies 20 LM263092001 Foreign direct investment in U.S. (1) 13 14 15 16 17 18 19 10756.6 13608.4 11375.4 12265.8 12322.1 13608.4 12887.1 10812.8 10367.7 20 Equity: 21 22 23 24 25 26 27 28 29 LM103192105 LM115114103 LM753192103 LM513192103 LM543192173 LM613192103 LM663192103 LM733192103 LM503192103 30 LM263092101 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business Asset: Rest of the world (1) 8670.3 11194.7 121.6 146.4 422.7 467.2 239.3 285.6 265.3 313.5 156.5 202.4 295.4 405.7 80.9 87.0 0.0 0.0 9215.4 10018.8 10080.8 11194.7 10619.5 126.3 139.1 135.0 146.4 137.6 433.9 438.8 434.1 467.2 436.1 246.0 265.3 261.4 285.6 272.0 274.8 301.1 292.0 313.5 291.3 165.4 182.8 183.2 202.4 192.1 311.5 348.5 360.2 405.7 372.2 89.6 90.3 92.9 87.0 84.9 0.0 0.0 0.0 0.0 0.0 8857.6 112.7 362.4 229.8 243.1 161.1 291.3 84.0 0.0 10251.9 13102.4 10862.8 11784.7 11839.7 13102.4 12405.6 10341.9 8468.8 118.1 343.3 221.3 232.8 154.4 276.2 83.2 0.0 21 22 23 24 25 26 27 28 29 9898.1 30 Intercompany debt: 31 32 33 34 35 36 37 38 39 LM103192305 LM115114305 LM753192305 LM513192305 LM543192375 LM613192305 LM663192305 LM733192305 LM503192305 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business 325.1 6.0 20.8 11.8 13.1 7.7 14.5 105.7 0.0 329.8 5.7 18.0 11.0 12.1 7.8 15.7 105.8 0.0 332.4 6.0 20.5 11.6 13.0 7.8 14.7 106.7 0.0 305.0 5.7 17.9 10.8 12.3 7.5 14.2 107.7 0.0 316.7 5.5 17.7 10.7 11.9 7.5 14.7 97.8 0.0 329.8 5.7 18.0 11.0 12.1 7.8 15.7 105.8 0.0 313.7 5.3 16.9 10.6 11.3 7.5 14.4 101.7 0.0 315.4 5.1 16.5 10.5 11.1 7.3 13.3 91.7 0.0 324.6 4.8 16.0 10.5 10.6 7.0 12.7 83.2 0.0 40 41 42 LM263092303 LM263092323 LM263192323 Asset: Rest of the world (1) U.S. affiliates’ liabilities Less: U.S. affiliates’ claims 504.6 962.6 458.0 505.9 967.3 461.3 512.6 965.9 453.3 481.1 959.5 478.4 482.4 955.8 473.5 505.9 967.3 461.3 481.4 952.4 470.9 470.9 952.5 481.7 469.7 40 957.5 41 487.8 42 (1) Direct investment is presented on a directional basis and reported at market value. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. 31 32 33 34 35 36 37 38 39 Levels Intercompany debt: 134 Z.1, December 9, 2022 L.231 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Levels Q1 Total liabilities Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL893190005 2 3 4 FL543077073 FL103190005 FL113193003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 36.6 8235.1 1956.0 38.1 8285.7 2031.5 38.7 8151.6 1966.0 37.9 8226.6 1990.0 37.9 8234.9 2014.0 38.1 8285.7 2031.5 39.8 8255.2 2050.5 39.0 8409.4 2063.2 39.1 8401.2 2067.9 2 3 4 5 6 FL313190005 FL223073045 Federal government State and local governments 2384.0 4005.6 2006.2 3506.6 2339.0 3909.4 2290.8 3675.4 2234.2 3709.9 2006.2 3506.6 1972.1 3792.8 1948.6 4289.8 1909.6 4619.9 5 6 7 8 9 10 11 FL713190005 FL763190005 FL753190005 FL743193005 FL473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 44.4 2607.0 187.3 3.2 23.3 45.7 2799.3 221.8 2.1 28.3 44.7 2685.1 233.3 2.7 22.6 44.0 2773.3 216.6 2.4 25.2 42.7 2839.6 224.4 2.3 27.4 45.7 2799.3 221.8 2.1 28.3 43.8 2763.4 252.4 2.0 29.5 42.6 2678.7 242.2 2.1 33.1 41.7 7 2708.6 8 279.5 9 1.9 10 41.6 11 12 13 FL513190005 FL543190005 Property-casualty insurance companies Life insurance companies 1679.1 1909.1 1823.2 2022.5 1728.7 1918.3 1768.7 1961.2 1832.2 1974.5 1823.2 2022.5 1871.5 2030.6 1902.8 2001.9 1962.4 12 2022.6 13 14 15 16 FL403190005 FL613190005 FL643193005 Government-sponsored enterprises Finance companies REITs 120.2 296.8 161.1 113.8 278.0 163.3 114.1 303.1 165.7 107.1 286.6 166.6 110.4 303.7 162.2 113.8 278.0 163.3 117.2 268.8 163.9 124.2 267.5 167.7 137.6 14 226.0 15 182.1 16 17 18 19 FL663190005 FL733190005 FL503190005 Brokers and dealers Holding companies Other financial business 895.7 441.7 770.3 1068.4 476.5 974.9 1089.1 441.0 895.6 1111.1 436.8 909.0 1127.4 472.7 844.0 1068.4 476.5 974.9 1155.5 526.9 1012.1 1069.4 563.3 1001.0 1065.1 17 631.4 18 1007.1 19 20 FL263190005 Rest of the world 420.5 431.6 416.6 422.5 431.3 431.6 451.8 451.9 457.1 20 21 FL893090005 22 23 24 FL153090005 FL103090005 FL113090005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 FL313090005 FL213093003 27 28 29 30 31 Total assets 26177.0 26317.3 26465.1 26451.7 26625.6 26317.3 26799.8 27298.3 27802.2 1 28979.8 28464.6 28876.2 28358.7 28992.6 28464.6 30107.9 32582.9 34117.8 21 1366.8 6311.3 3835.7 1420.3 5670.0 3896.1 1375.9 6066.2 3873.4 1382.3 5529.4 3897.6 1405.1 5738.4 3894.9 1420.3 5670.0 3896.1 1427.3 6386.5 3917.8 1447.5 7870.5 3973.7 1476.5 22 8780.0 23 4037.2 24 Federal government State and local governments 337.7 61.9 253.7 127.0 278.8 85.9 269.3 105.9 257.1 115.2 253.7 127.0 255.6 126.7 254.8 128.9 257.5 25 138.4 26 FL713090005 FL763090005 FL753093005 FL743093005 FL473090005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 48.9 735.2 77.6 11.9 124.8 35.4 735.4 104.7 6.8 130.8 32.6 720.9 83.2 20.7 116.2 31.2 717.6 93.4 21.1 130.5 31.5 758.1 86.3 10.2 136.0 35.4 735.4 104.7 6.8 130.8 32.8 861.9 109.2 6.1 133.2 34.3 996.1 109.7 4.1 111.3 32 33 FL513090005 FL543090005 Property-casualty insurance companies Life insurance companies 481.9 769.8 426.6 864.4 452.7 788.4 460.3 820.0 440.7 833.7 426.6 864.4 473.2 876.0 520.1 909.6 579.1 32 935.2 33 34 35 36 FL573090005 FL343073045 FL223090005 Private pension funds Federal government retirement funds State and local govt. retirement funds 1783.3 1645.2 5091.4 1722.2 1554.8 4781.1 1796.2 1670.1 5022.3 1718.1 1676.6 4823.9 1791.1 1707.6 4894.2 1722.2 1554.8 4781.1 1951.1 1571.1 5002.0 2338.5 1569.1 5525.6 2518.4 34 1538.9 35 5865.4 36 37 38 39 FL633093005 FL653093005 LM563093003 Money market funds Mutual funds Exchange-traded funds 7.1 286.6 144.3 -2.9 346.2 133.1 -37.5 299.6 127.5 -60.9 346.8 139.2 41.3 348.3 132.0 -2.9 346.2 133.1 22.8 334.5 164.8 23.4 350.0 151.2 16.9 37 326.7 38 129.6 39 40 41 42 43 FL403093005 FL673090543 FL613090005 FL643090005 Government-sponsored enterprises ABS issuers Finance companies REITs 189.7 114.9 203.8 199.6 159.2 155.4 140.4 228.8 199.3 126.0 183.1 216.0 174.6 141.5 176.9 218.8 173.5 152.2 159.8 217.1 159.2 155.4 140.4 228.8 145.5 169.9 133.6 240.1 121.0 172.0 133.4 240.9 113.7 171.3 133.1 240.8 44 45 46 FL663090005 FL733090005 FL503090005 Brokers and dealers Holding companies Other financial business 1470.6 3348.8 93.7 1713.7 3509.5 110.9 1637.7 3372.3 136.4 1726.4 3467.3 122.4 1788.8 3516.3 128.1 1713.7 3509.5 110.9 1870.4 3500.9 134.8 1762.7 3469.0 108.0 1695.2 44 3422.8 45 120.3 46 47 FL263090005 Rest of the world 237.2 241.0 232.4 228.5 235.0 241.0 260.1 257.6 276.4 47 48 FL903090005 -2802.8 -2147.3 -2411.0 -1907.0 -2367.0 -2147.3 -3308.1 -5284.7 -6315.6 48 Discrepancy 34.2 1073.0 123.9 11.1 102.2 27 28 29 30 31 40 41 42 43 135 Z.1, December 9, 2022 L.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 Federal government equity in IBRD, etc.: 1 2 FL313092803 FL313092803 Liab.: Rest of the world Asset: Federal government 69.3 69.3 70.5 70.5 70.5 70.5 70.5 70.5 70.5 70.5 70.5 70.5 70.5 70.5 70.5 70.5 70.5 70.5 1 2 32.4 32.4 33.9 33.9 32.5 32.5 32.8 32.8 33.1 33.1 33.9 33.9 34.3 34.3 34.9 34.9 35.1 35.1 3 4 Federal Reserve Bank stock: 3 4 FL713164003 FL713164003 Liab.: Monetary authority Asset: U.S.-chartered depository institutions 5 FL403192405 Liab.: Government-sponsored enterprises 41.8 40.9 41.2 40.9 40.0 40.9 42.3 48.5 54.3 5 6 7 8 9 10 11 12 13 14 FL103092405 FL113092405 FL313092403 FL763092405 FL473092403 FL513092403 FL543092473 FL613092403 FL643092473 Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Property-casualty insurance companies (FHLB) Life insurance companies (FHLB) Finance companies Real estate investment trusts (FHLB) 1.4 13.0 0.0 14.9 3.9 0.7 7.8 0.0 0.0 1.5 14.3 0.0 11.1 4.3 0.6 9.1 0.0 0.0 1.5 13.0 0.0 13.6 3.8 0.7 8.5 0.0 0.0 1.5 13.6 0.0 12.5 4.0 0.7 8.7 0.0 0.0 1.4 13.8 0.0 11.3 4.1 0.6 8.7 0.0 0.0 1.5 14.3 0.0 11.1 4.3 0.6 9.1 0.0 0.0 1.9 14.3 0.0 11.6 4.3 0.5 9.6 0.0 0.0 1.7 14.4 0.0 17.7 5.1 0.4 9.1 0.0 0.0 1.7 15.3 0.0 22.9 5.6 0.3 8.5 0.0 0.0 6 7 8 9 10 11 12 13 14 15 16 17 18 Equity in government-sponsored enterprises: 15 16 17 18 FL763194603 FL513194603 FL543194603 FL663194605 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Brokers and dealers 2120.1 2.5 0.0 253.0 2243.5 3.6 0.0 204.8 2141.1 2.3 0.0 256.1 2194.5 3.6 0.0 245.6 2220.3 3.9 0.0 242.0 2243.5 3.6 0.0 204.8 2178.2 4.2 0.0 207.1 2114.5 4.4 0.0 285.7 2059.9 4.5 0.0 325.3 19 FL733094635 Asset: Holding companies 2375.6 2451.9 2399.5 2443.6 2466.2 2451.9 2389.5 2404.6 2389.6 19 Holding company other investment in affiliates: 20 21 22 23 24 25 FL763194705 FL513194703 FL543194703 FL613194733 FL663194705 FL263194735 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 118.9 0.4 0.0 8.2 661.7 143.0 142.9 0.3 0.0 10.0 715.9 148.9 123.8 1.3 0.0 7.6 648.6 148.7 131.9 0.8 0.0 6.9 687.5 151.8 142.0 0.5 0.0 9.9 698.8 156.3 142.9 0.3 0.0 10.0 715.9 148.9 128.0 0.0 0.0 10.1 759.4 170.3 134.0 0.0 0.0 9.8 713.6 165.3 131.4 0.0 0.0 9.2 684.7 164.0 20 21 22 23 24 25 26 FL733094735 Asset: Holding companies 932.2 1018.1 930.1 979.0 1007.5 1018.1 1067.8 1022.7 989.2 26 27 FL733194735 Liab.: Holding companies 440.2 473.7 442.6 440.5 465.8 473.7 524.7 550.0 606.2 27 28 29 30 31 32 FL763094703 FL513094703 FL543094703 FL663094705 FL263094733 Asset: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Brokers and dealers Rest of the world 11.2 0.0 0.0 251.0 178.1 6.9 0.4 0.0 290.5 175.9 12.6 0.0 0.0 258.3 171.8 10.5 0.0 0.0 263.6 166.4 6.7 0.0 0.0 287.7 171.4 6.9 0.4 0.0 290.5 175.9 6.4 0.0 0.0 323.8 194.4 6.4 0.2 0.0 353.3 190.2 9.0 1.3 0.0 389.2 206.7 33 34 FL103094705 FL103094705 109.5 109.5 94.6 94.6 109.4 109.4 99.6 99.6 93.8 93.8 94.6 94.6 92.4 92.4 94.4 94.4 91.2 33 91.2 34 Liab.: Foreign banking offices in U.S. Brokers and dealers 92.0 0.0 108.5 0.0 134.2 0.0 116.8 0.0 125.8 0.0 108.5 0.0 132.2 0.0 105.6 0.0 116.6 35 0.0 36 Asset: Other financial business 92.0 108.5 134.2 116.8 125.8 108.5 132.2 105.6 116.6 37 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38 0.0 39 0.0 40 1.5 112.5 114.0 0.0 21.3 21.3 1.5 50.3 51.8 0.0 40.3 40.3 0.0 26.9 26.9 0.0 21.3 21.3 0.0 21.3 21.3 0.0 17.9 17.9 0.0 41 17.9 42 17.9 43 Holding company balances due to affiliates: 28 29 30 31 32 NFC other investment in finance company affiliates: Liab.: Finance companies Asset: Nonfinancial corporate business Other financial business investment in affiliates: 35 36 FL753194503 FL663194505 37 FL503094505 Equity investment under Public-Private Inv. Program: 38 39 40 LM503194305 LM153094305 LM313094303 Liab.: Other financial business Asset: Households (1) Federal government Federal gov’t investment in Federal Reserve facilities: 41 42 43 FL313094213 FL503194205 FL313094205 Liab.: Monetary authority Other financial business Asset: Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). Levels Holding company equity investment in affiliates: 136 Z.1, December 9, 2022 L.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Levels Q1 Q2 Q3 Q4 2022 Q2 Q1 Q3 1 2 3 FL263191103 FL313091105 FL713091103 Nonofficial foreign currencies: Liab.: Rest of the world Asset: Federal government Monetary authority (1) 20.5 2.6 17.9 6.0 2.6 3.3 5.1 2.6 2.5 3.2 2.6 0.6 3.0 2.6 0.3 6.0 2.6 3.3 3.0 2.6 0.4 3.0 2.6 0.3 2.9 2.6 0.3 1 2 3 4 5 FL313131003 FL313131003 Postal Savings System deposits: Liab.: Federal government Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 6 7 FL403197033 FL403197033 Deposits at Federal Home Loan Banks: Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions 15.3 15.3 14.3 14.3 17.6 17.6 15.6 15.6 15.6 15.6 14.3 14.3 14.1 14.1 13.3 13.3 12.0 12.0 6 7 8 9 10 11 12 FL313172003 FL163072003 FL103072005 FL113072003 FL613072003 Paycheck Protection Program subsidies payable: Liab.: Federal government Asset: Nonprofit organizations Nonfinancial corporate business Nonfinancial noncorporate business Finance companies 415.2 34.1 244.4 134.8 1.9 106.3 10.2 72.7 23.4 0.0 346.7 29.1 201.4 114.8 1.4 288.5 21.7 162.0 104.1 0.7 198.0 15.1 118.1 64.6 0.2 106.3 10.2 72.7 23.4 0.0 54.2 6.8 46.1 1.4 0.0 26.2 4.9 21.3 0.0 0.0 13.1 8 3.9 9 9.2 10 0.0 11 0.0 12 13 14 FL673090543 FL673090543 Funding agreements backing securities: Liab.: Life insurance companies (2) Asset: ABS issuers 114.9 114.9 155.4 155.4 126.0 126.0 141.5 141.5 152.2 152.2 155.4 155.4 169.9 169.9 172.0 172.0 171.3 13 171.3 14 15 16 FL543077073 FL543077073 Deferred and unpaid life insurance premiums: Liab.: Household sector Asset: Life insurance companies 36.6 36.6 38.1 38.1 38.7 38.7 37.9 37.9 37.9 37.9 38.1 38.1 39.8 39.8 39.0 39.0 39.1 15 39.1 16 17 18 19 20 FL543195005 FL263195105 FL153095105 FL543095105 Life insurance company reserves: Liab.: Life insurance companies Rest of the world Asset: Household sector Life insurance companies 445.8 24.4 383.8 86.4 462.8 26.7 398.9 90.6 449.3 25.0 386.8 87.5 450.8 25.6 387.9 88.5 457.1 26.1 393.7 89.5 462.8 26.7 398.9 90.6 467.8 26.9 403.3 91.4 467.7 27.1 402.7 92.2 472.0 27.5 406.1 93.3 17 18 19 20 21 22 23 24 25 26 27 FL513176005 FL263176005 FL153076005 FL103076005 FL113076005 FL513076005 FL263076005 Policy payables: Liab.: Property-casualty insurance companies Rest of the world Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Property-casualty insurance companies Rest of the world 1393.5 163.3 625.2 414.0 135.9 322.4 59.1 1504.7 179.5 666.1 450.0 153.2 349.8 65.1 1425.1 167.3 637.8 424.5 140.3 329.3 60.6 1451.5 171.4 647.1 433.0 144.6 336.1 62.1 1500.7 175.5 667.7 450.6 151.3 343.0 63.6 1504.7 179.5 666.1 450.0 153.2 349.8 65.1 1517.3 181.0 670.4 454.1 155.4 352.8 65.7 1558.3 185.9 686.6 466.9 161.0 362.3 67.4 1611.0 192.2 708.9 482.9 167.2 374.5 69.7 21 22 23 24 25 26 27 28 29 30 FL593095005 FL573095005 FL223095505 Unallocated insurance company contracts: Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds 889.8 631.6 258.2 936.2 660.4 275.8 893.1 632.4 260.8 916.6 649.0 267.6 919.3 649.8 269.5 936.2 660.4 275.8 918.5 641.5 277.0 885.3 611.4 274.0 876.8 28 602.6 29 274.2 30 31 32 FL573074005 FL573074005 Pension fund contributions payable: Liab.: Nonfinancial corporate business Asset: Private pension funds 77.7 77.7 74.9 74.9 77.1 77.1 76.5 76.5 75.7 75.7 74.9 74.9 74.2 74.2 73.5 73.5 72.7 31 72.7 32 33 34 35 FL663170605 FL663070675 FL663070605 Securities brokers and dealers payables: Liab.: Brokers and dealers Other financial business Asset: Brokers and dealers 522.7 629.4 1152.1 656.9 685.8 1342.7 683.7 613.6 1297.3 694.7 685.9 1380.5 739.7 728.9 1468.6 656.9 685.8 1342.7 728.8 768.3 1497.0 660.9 762.9 1423.8 643.3 33 693.4 34 1336.7 35 36 37 FL313195105 FL313195105 Retiree health care funds: Liab.: Federal government (3) Asset: Household sector 323.6 323.6 345.1 345.1 322.2 322.2 325.7 325.7 328.6 328.6 345.1 345.1 346.8 346.8 353.3 353.3 357.6 36 357.6 37 38 39 40 41 42 43 FL573073005 FL343073045 FL223073045 FL573073005 FL343073045 FL223073045 Claims of pension fund on sponsor: Liab.: Nonfinancial corporate business Federal government State and local governments Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds 118.9 1645.2 4005.6 118.9 1645.2 4005.6 -76.2 1554.8 3506.6 -76.2 1554.8 3506.6 112.2 1670.1 3909.4 112.2 1670.1 3909.4 -16.6 1676.6 3675.4 -16.6 1676.6 3675.4 31.4 1707.6 3709.9 31.4 1707.6 3709.9 -76.2 1554.8 3506.6 -76.2 1554.8 3506.6 151.0 1571.1 3792.8 151.0 1571.1 3792.8 542.0 1569.1 4289.8 542.0 1569.1 4289.8 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities are included in foreign direct investment in the U.S. See tables L.133 and L.230. (3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 703.2 1538.9 4619.9 703.2 1538.9 4619.9 38 39 40 41 42 43 137 Z.1, December 9, 2022 L.234 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 FL893193005 2 3 FL103193005 FL113193003 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business 4 FL313193013 Federal government 5 6 7 8 9 FL713193005 FL763193005 FL753193005 FL743193005 FL473193005 10 11 Q3 Q4 2022 Q2 Q1 Q3 11127.6 11826.2 11371.0 11567.0 11489.2 11826.2 11599.1 11319.6 11385.0 1 8038.4 1956.0 8287.0 2031.5 7962.3 1966.0 8166.7 1990.0 8127.8 2014.0 8287.0 2031.5 8030.0 2050.5 7793.9 2063.2 7625.3 2067.9 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 10.5 368.0 95.3 3.2 23.3 11.8 412.8 113.3 2.1 28.3 10.7 420.2 99.0 2.7 22.6 11.2 446.9 99.8 2.4 25.2 9.6 477.3 98.6 2.3 27.4 11.8 412.8 113.3 2.1 28.3 9.4 457.1 120.2 2.0 29.5 7.7 430.2 136.6 2.1 33.1 6.7 517.3 162.9 1.9 41.6 5 6 7 8 9 FL513193005 FL543193005 Property-casualty insurance companies Life insurance companies 282.8 458.6 314.6 468.1 300.0 449.8 312.8 452.3 327.1 445.9 314.6 468.1 350.1 474.3 340.1 476.8 346.9 10 502.6 11 12 13 14 FL403193005 FL613193005 FL643193005 Government-sponsored enterprises Finance companies REITs 63.1 179.1 161.1 58.7 173.4 163.3 55.2 186.1 165.7 50.6 180.1 166.6 54.8 200.1 162.2 58.7 173.4 163.3 60.8 166.2 163.9 62.4 163.2 167.7 71.3 12 125.6 13 182.1 14 15 16 17 FL663193005 FL733193005 FL503193005 Brokers and dealers Holding companies Other financial business -541.7 1.5 28.4 -509.2 2.8 267.9 -499.3 -1.7 231.7 -516.7 -3.7 182.8 -553.1 7.0 88.3 -509.2 2.8 267.9 -539.8 2.2 222.5 -590.8 13.3 220.2 -588.1 15 25.2 16 295.8 17 18 FL893093005 19 20 FL103093005 FL113093005 Nonfinancial corporate business Nonfinancial noncorporate business 21 22 FL313093003 FL213093003 23 24 25 26 27 Total assets 13930.4 13973.5 13782.0 13474.0 13856.2 13973.5 14907.2 16604.3 17700.6 18 5542.0 3552.1 5051.2 3705.3 5329.4 3605.3 4833.4 3635.3 5074.6 3665.2 5051.2 3705.3 5792.0 3746.8 7286.1 3798.3 8195.1 19 3854.8 20 Federal government State and local governments 151.8 61.9 159.3 127.0 153.9 85.9 155.9 105.9 157.1 115.2 159.3 127.0 161.2 126.7 163.7 128.9 166.4 21 138.4 22 FL713093005 FL763093005 FL753093005 FL743093005 FL473093005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 31.1 661.4 77.6 11.9 120.9 32.0 669.2 104.7 6.8 126.5 30.1 644.7 83.2 20.7 112.4 30.6 646.3 93.4 21.1 126.5 31.2 691.5 86.3 10.2 131.9 32.0 669.2 104.7 6.8 126.5 32.4 795.5 109.2 6.1 128.9 33.9 923.7 109.7 4.1 106.2 33.9 994.1 123.9 11.1 96.6 28 29 FL513093005 FL543093005 Property-casualty insurance companies Life insurance companies 158.7 639.1 75.8 726.7 122.8 653.6 123.5 684.9 97.1 697.6 75.8 726.7 119.9 735.2 157.2 769.3 203.0 28 794.3 29 30 31 FL573093005 FL223093005 Private pension funds State and local govt. retirement funds 955.0 827.6 1063.2 998.7 974.5 852.1 1009.1 880.8 1034.2 914.8 1063.2 998.7 1084.4 932.2 1111.7 961.8 1139.9 30 971.3 31 32 33 34 FL633093005 FL653093005 LM563093003 Money market funds (net) Mutual funds Exchange-traded funds 7.1 286.6 144.3 -2.9 346.2 133.1 -37.5 299.6 127.5 -60.9 346.8 139.2 41.3 348.3 132.0 -2.9 346.2 133.1 22.8 334.5 164.8 23.4 350.0 151.2 16.9 32 326.7 33 129.6 34 35 36 37 FL403093005 FL613093005 FL643093005 Government-sponsored enterprises Finance companies REITs 189.7 201.9 199.6 159.2 140.3 228.8 199.3 181.7 216.0 174.6 176.2 218.8 173.5 159.7 217.1 159.2 140.3 228.8 145.5 133.6 240.1 121.0 133.4 240.9 113.7 35 133.1 36 240.8 37 38 39 40 FL663093005 FL733093005 FL503093023 Brokers and dealers Holding companies Other financial business 67.5 41.0 1.8 80.6 39.5 2.4 82.1 42.7 2.1 82.3 44.6 5.6 32.5 42.7 2.3 80.6 39.5 2.4 49.5 43.6 2.6 -14.4 41.7 2.4 -30.7 38 44.0 39 3.7 40 41 FL903090005 -2802.8 -2147.3 -2411.0 -1907.0 -2367.0 -2147.3 -3308.1 -5284.7 -6315.6 41 Discrepancy 23 24 25 26 27 Levels 1 Q2 138 Z.1, December 9, 2022 B.101 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Balance Sheets Q1 Assets Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL152000005 2 LM152010005 3 4 5 6 7 8 LM155035005 LM155035015 LM165035005 LM165015205 LM165013765 LM155111005 9 FL154090005 10 11 12 13 LM153091003 FL153020005 FL153030005 FL153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 14 15 16 17 18 LM154022005 LM153061105 LM153061705 LM153062005 LM153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3936.8 1368.5 237.9 1929.6 400.8 2883.4 590.9 255.2 1806.0 231.3 3338.8 1057.0 166.6 1889.4 225.8 3192.3 806.4 272.1 1884.7 229.0 3294.8 942.1 209.3 1832.3 311.1 2883.4 590.9 255.2 1806.0 231.3 3305.2 1074.1 351.9 1651.4 227.9 3594.1 1201.4 555.8 1611.9 225.1 4305.9 1729.0 808.9 1544.8 223.3 14 15 16 17 18 19 20 21 22 FL154023005 FL153069005 FL153065005 FL163066223 Loans Other loans and advances (4) Mortgages Consumer credit (student loans) (5) 1254.3 1149.7 80.5 24.1 1350.7 1241.7 86.6 22.4 1267.8 1161.5 82.4 23.8 1283.9 1176.9 83.7 23.2 1334.8 1226.9 85.2 22.7 1350.7 1241.7 86.6 22.4 1481.5 1373.3 86.2 22.0 1425.6 1318.6 85.4 21.6 1368.7 1262.5 85.1 21.1 19 20 21 22 23 24 25 26 27 28 29 LM153064105 LM153064205 FL163070005 FL153040005 FL153050005 LM152090205 FL153090005 Corporate equities Mutual fund shares Trade receivables (5) Life insurance reserves Pension entitlements (6) Equity in noncorporate business (7) Miscellaneous assets 26122.9 10960.1 283.3 1867.0 29794.3 12948.1 1366.8 31940.7 12755.8 291.5 1944.9 31677.5 15531.1 1420.3 28161.1 11421.3 285.3 1872.8 30199.0 13293.1 1375.9 30468.1 12032.2 287.4 1910.3 30957.3 13959.0 1382.3 30740.8 12008.3 289.4 1926.9 31025.1 14901.2 1405.1 31940.7 12755.8 291.5 1944.9 31677.5 15531.1 1420.3 30 FL154190005 31 32 33 34 35 36 37 FL163162003 FL154123005 FL153165105 FL153166000 FL153168005 FL153169005 FL163165505 Debt securities (municipal securities) (5) Loans One-to-four-family residential mortgages (8) Consumer credit Depository institution loans n.e.c. Other loans and advances Commercial mortgages (5) 38 39 FL163170005 FL543077073 Trade payables (5) Deferred and unpaid life insurance premiums 40 FL152090005 Nonfinancial assets Real estate Households (2) Nonprofit organizations Equipment (nonprofits) (3) Intellectual property products (nonprofits) (3) Consumer durable goods (3) Financial assets Liabilities Net worth 148465.6 168481.0 153538.7 159818.0 163274.6 168481.0 168507.6 162584.6 162512.8 1 43580.9 50337.4 44957.3 46813.0 48629.2 50337.4 52174.4 53809.3 54791.9 2 36756.7 42479.8 37985.0 39481.9 41024.8 42479.8 44056.3 45540.9 46360.6 32996.4 38113.4 34186.0 35557.8 36820.6 38113.4 39738.1 41193.9 41909.0 3760.3 4366.4 3799.0 3924.1 4204.2 4366.4 4318.2 4347.0 4451.6 482.2 517.4 492.7 493.4 504.1 517.4 532.2 548.8 561.9 207.5 218.6 208.8 211.6 215.1 218.6 221.9 225.9 230.1 6134.4 7121.6 6270.8 6626.1 6885.2 7121.6 7364.1 7493.6 7639.3 3 4 5 6 7 8 104884.7 118143.6 108581.4 113005.1 114645.4 118143.6 116333.2 108775.3 107720.9 9 48.5 48.2 49.8 48.5 47.3 48.2 50.2 49.6 50.9 10 3182.2 4280.2 3587.0 3944.2 4062.2 4280.2 4508.4 4831.1 5123.3 11 10418.6 11215.9 10937.0 10764.5 10900.5 11215.9 11259.5 10812.9 10454.7 12 2701.9 2803.3 2792.5 2775.2 2709.0 2803.3 2724.5 2729.2 2780.5 13 30545.3 25424.0 24328.6 23 11781.2 9962.2 9297.9 24 293.6 295.8 297.9 25 1919.6 1887.5 1885.6 26 31094.5 29762.3 29403.6 27 15942.4 16553.6 16946.8 28 1427.3 1447.5 1476.5 29 17121.3 18358.9 17319.1 17659.2 17968.7 18358.9 18553.8 18914.2 19234.4 30 201.7 200.1 202.2 202.1 201.0 200.1 202.1 199.8 199.1 31 16506.3 17737.1 16699.7 17039.1 17347.9 17737.1 17926.4 18288.3 18607.4 32 10916.1 11751.1 11037.5 11261.0 11499.1 11751.1 11887.7 12145.4 12354.0 33 4184.9 4430.8 4167.2 4259.1 4337.4 4430.8 4462.6 4583.6 4684.5 34 370.7 423.8 370.3 371.7 384.9 423.8 437.1 458.2 468.7 35 774.3 869.8 864.1 886.3 865.3 869.8 877.2 838.9 837.6 36 260.4 261.5 260.7 261.0 261.2 261.5 261.9 262.3 262.6 37 376.7 36.6 383.7 38.1 378.5 38.7 380.2 37.9 381.9 37.9 383.7 38.1 385.4 39.8 387.1 39.0 388.9 38 39.1 39 131344.3 150122.1 136219.6 142158.8 145305.9 150122.1 149953.8 143670.4 143278.4 40 Memo: 41 42 43 44 FL893131573 FL154023205 LM154023223 FL154023213 Assets held in IRAs (9) Assets held in 529 college plans (9) College savings plans Prepaid tuition plans 45 46 47 48 LM155012605 LM155012665 LM165012665 LM165013665 Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 49 50 51 52 FA156012005 FL152090006 FL155035065 FL155035066 Disposable personal income (DPI) (SAAR) Net worth/DPI (percent) (line 40/line 49) Owners’ equity in real estate (line 4 less line 33) Owners’ equity/real estate (percent) (line 51/line 4) 12333.0 13913.0 12695.0 13396.0 13336.0 13913.0 13168.0 11669.0 425.3 480.2 438.4 464.4 458.5 480.2 457.7 412.5 398.6 452.6 412.3 437.2 431.1 452.6 431.7 388.2 26.7 27.7 26.0 27.2 27.3 27.7 26.0 24.2 ND 411.1 388.2 22.9 41 42 43 44 20307.4 23972.4 21129.5 22121.3 23095.8 23972.4 25139.1 26154.4 26730.9 45 19985.9 23609.4 20799.1 21779.4 22742.4 23609.4 24759.6 25760.6 26328.9 46 321.5 363.0 330.4 341.9 353.4 363.0 379.6 393.8 402.0 47 2061.0 2321.6 2079.7 2132.3 2196.0 2321.6 2415.0 2516.3 2635.3 48 17595.9 18633.1 19586.5 18277.8 18312.0 18356.1 18174.4 18389.8 18625.6 49 746.45 805.67 695.48 777.77 793.50 817.83 825.08 781.25 769.26 50 22080.3 26362.2 23148.5 24296.8 25321.6 26362.2 27850.4 29048.6 29555.1 51 66.92 69.17 67.71 68.33 68.77 69.17 70.08 70.52 70.52 52 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary balance sheet tables B.101.h and B.101.n show estimates of annual year-end outstandings of households and nonprofit organizations, respectively. Detail on the sector’s indirect holdings of debt securities and equity is shown on table B.101.e. (2) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. At market value. (3) At replacement (current) cost. (4) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (5) Student loans and trade receivables are financial assets of nonprofit organizations; municipal securities, commercial mortgages, and trade payables are liabilities. (6) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security. (7) Net worth of nonfinancial noncorporate business (table B.104, line 35) and owners’ equity in unincorporated security brokers and dealers. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23). (9) Included in assets shown on the household balance sheet. 139 Z.1, December 9, 2022 B.103 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Q1 Q3 Q4 Q1 2022 Q2 Q3 1 FL102000005 49147.1 54528.3 49960.4 51035.7 52717.2 54528.3 54742.0 54988.8 55499.5 1 2 3 4 5 6 LM102010005 LM105035005 LM105015205 LM105013765 LM105020015 Nonfinancial assets Real estate (market value) Equipment (replacement cost) Intellectual property products (replacement cost) Inventories (replacement cost) 25869.2 29133.7 26243.5 26842.7 28161.8 29133.7 29226.9 29633.9 30247.1 14787.3 16936.4 14878.7 15281.8 16340.3 16936.4 16604.8 16598.2 17035.2 5344.8 5785.0 5470.1 5490.8 5619.0 5785.0 5924.2 6085.5 6201.0 3066.8 3302.3 3105.9 3162.0 3233.5 3302.3 3381.6 3474.2 3562.3 2670.4 3110.0 2788.8 2908.2 2969.0 3110.0 3316.3 3476.0 3448.6 2 3 4 5 6 7 FL104090005 Financial assets 23277.9 25394.6 23716.9 24193.0 24555.4 25394.6 25515.1 25354.9 25252.4 7 8 9 10 11 12 FL103091003 FL103020000 FL103030003 FL103034000 FL102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 13 14 15 16 17 LM104022005 FL103069100 LM103061103 LM103061703 LM103062003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 18 19 20 FL104023005 FL103065003 FL103066005 Loans Mortgages Consumer credit 21 22 23 24 25 LM103064103 LM103064203 FL103070005 LM103092005 FL103090005 Corporate equities Mutual fund shares Trade receivables U.S. direct investment abroad (1) Miscellaneous assets 26 FL104190005 27 28 29 30 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities (2) Corporate bonds (1) 7277.3 132.2 604.5 6540.6 7492.7 138.2 615.0 6739.4 7412.2 144.0 605.9 6662.3 7442.1 132.0 610.7 6699.4 7512.9 122.4 612.9 6777.6 7492.7 138.2 615.0 6739.4 7587.9 188.7 618.8 6780.3 7542.7 188.1 622.2 6732.4 7551.2 199.1 616.7 6735.5 27 28 29 30 31 32 33 34 FL104123005 FL103168005 FL103169005 FL103165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 4121.1 1182.8 2025.7 912.6 4513.2 1144.4 2330.2 1038.6 4201.7 1191.0 2081.3 929.4 4187.4 1102.1 2124.3 961.1 4283.1 1062.1 2218.8 1002.2 4513.2 1144.4 2330.2 1038.6 4803.7 1288.9 2441.3 1073.5 5028.5 1404.5 2493.0 1131.1 5139.6 1459.2 2512.4 1168.1 31 32 33 34 35 36 37 38 FL103170005 FL103178005 LM103192305 FL103190005 Trade payables Taxes payable Foreign direct investment: intercompany debt Miscellaneous liabilities 2764.6 275.4 325.1 8235.1 3216.5 251.5 329.8 8285.7 2817.2 277.3 332.4 8151.6 2927.4 253.6 305.0 8226.6 3031.5 252.8 316.7 8234.9 3216.5 251.5 329.8 8285.7 3351.6 305.0 313.7 8255.2 3520.0 265.9 315.4 8409.4 3509.7 261.8 324.6 8401.2 35 36 37 38 39 FL102090005 40 41 42 43 44 45 46 LM103164103 LM103164113 LM103164123 LM103192105 FL103164106 FL104104016 FL104104006 Liabilities Net worth Memo: Corporate equities (market value) Public issues Private issues Foreign direct investment: equity Equities/net worth (percent) (3) Debt/equities (percent) (3) Debt/net worth (percent) (3) 135.0 1740.9 278.1 712.1 37.0 158.8 1882.2 276.8 813.1 25.1 161.0 1706.7 275.0 747.0 22.3 193.6 1693.5 281.3 761.1 36.2 160.4 1835.3 307.3 769.3 27.0 158.8 1882.2 276.8 813.1 25.1 184.4 1830.4 270.4 784.6 27.8 156.1 1706.0 266.1 776.2 22.8 364.3 250.9 72.9 24.3 16.3 384.0 253.0 85.9 28.6 16.4 334.5 235.5 62.1 20.7 16.2 362.5 269.1 57.7 19.2 16.5 370.3 250.1 77.9 26.0 16.3 384.0 253.0 85.9 28.6 16.4 360.7 229.0 87.3 29.1 15.3 384.1 245.4 92.9 31.0 14.7 80.3 44.4 35.8 87.0 51.1 35.8 80.7 46.0 34.7 82.4 47.7 34.7 84.4 49.4 35.0 87.0 51.1 35.8 87.6 52.9 34.7 89.6 54.8 34.8 2543.2 376.7 3916.2 6782.8 6311.3 3124.4 446.6 4468.3 8058.4 5670.0 2675.0 394.2 4068.5 7185.7 6066.2 2868.1 422.1 4213.1 7749.6 5529.4 2849.3 425.0 4300.5 7688.2 5738.4 3124.4 446.6 4468.3 8058.4 5670.0 2944.1 424.1 4669.1 7545.5 6386.5 2434.3 375.4 4862.5 6411.6 7870.5 152.8 8 1520.9 9 281.0 10 781.3 11 20.5 12 344.8 210.0 90.5 30.2 14.1 13 14 15 16 17 91.8 18 56.8 19 35.0 20 2280.1 360.3 4819.9 5819.1 8780.0 21 22 23 24 25 22998.5 24089.3 23192.5 23342.1 23631.8 24089.3 24617.1 25081.9 25188.2 26 26148.6 30439.0 26768.0 27693.6 29085.4 30439.0 30124.9 29906.9 30311.3 39 42498.0 51408.0 44980.3 48277.7 48151.5 51408.0 48188.9 39427.4 37736.5 40 35190.0 43527.7 37141.3 40271.8 40119.1 43527.7 40660.4 33128.8 31510.6 41 7308.0 7880.2 7839.0 8005.9 8032.5 7880.2 7528.5 6298.7 6225.9 42 8670.3 11194.7 9215.4 10018.8 10080.8 11194.7 10619.5 8857.6 8468.8 43 195.68 205.67 202.46 210.51 200.21 205.67 195.22 161.45 152.44 44 22.28 19.18 21.43 19.95 20.26 19.18 21.07 26.04 27.47 45 43.59 39.44 43.39 41.99 40.56 39.44 41.13 42.03 41.87 46 With nonfinancial assets stated at historical cost: 47 48 49 50 51 52 FL102000115 FL102010115 FL105035045 FL105013213 FL105013715 FL105020000 Assets (sum of lines 7 and 48) Nonfinancial assets Real estate Equipment Intellectual property products Inventories 40019.8 42966.5 40687.1 41351.6 41913.9 42966.5 43437.9 43526.5 43661.1 47 16741.9 17571.9 16970.2 17158.6 17358.5 17571.9 17922.8 18171.6 18408.7 48 6717.3 6865.1 6758.0 6798.0 6819.5 6865.1 6917.1 6945.4 7001.1 49 5101.4 5233.0 5130.7 5164.1 5197.4 5233.0 5275.4 5315.7 5359.9 50 2763.0 2978.2 2813.9 2868.2 2923.0 2978.2 3035.2 3094.3 3153.1 51 2160.3 2495.6 2267.5 2328.4 2418.6 2495.6 2695.1 2816.1 2894.6 52 53 FL102090115 Net worth (historical cost) (line 47 less line 26) 17021.3 18877.2 17494.6 18009.5 18282.1 18877.2 18820.8 18444.5 18472.9 53 54 55 FL105012613 FL105013613 Memo: Historical-cost value of structures: Residential Nonresidential 122.2 5974.3 130.1 6144.9 124.2 6015.3 126.2 6057.6 128.1 6100.6 130.1 6144.9 132.2 6192.9 134.2 6239.8 135.9 54 6288.0 55 (1) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Debt is calculated as the sum of debt securities (line 27) and loans (line 31). The ratios on line 44 and 45 use the sum of corporate equities (line 40) and foreign direct investment: equity (line 43). Balance Sheets Assets Q2 140 Z.1, December 9, 2022 B.104 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 2021 2021 Balance Sheets Q1 Assets Q2 Q3 Q4 Q1 2022 Q2 Q3 1 FL112000005 22039.8 25031.6 22489.9 23238.8 24243.2 25031.6 25598.3 26314.1 26803.5 1 2 LM112010005 Nonfinancial assets 15577.7 18284.3 15956.6 16640.6 17595.8 18284.3 18745.2 19369.3 19779.4 2 3 4 5 LM115035005 LM115035023 LM115035035 Real estate (1) Residential Nonresidential 14100.0 16651.7 14436.3 15096.7 16016.9 16651.7 17003.4 17517.5 17834.9 8055.8 9789.0 8331.9 8821.8 9378.7 9789.0 10199.1 10658.3 10782.5 6044.3 6862.7 6104.4 6274.9 6638.2 6862.7 6804.4 6859.1 7052.4 3 4 5 6 7 8 LM115015205 LM115012265 LM115013265 Equipment (2) Residential (3) Nonresidential 913.3 65.7 847.6 1000.4 75.6 924.9 937.9 67.2 870.7 944.1 70.0 874.1 969.0 73.1 895.9 1000.4 75.6 924.9 1087.7 79.4 1008.3 1179.5 80.8 1098.7 9 10 LM115013765 LM115020005 Intellectual property products (2) Inventories (2) 322.4 242.0 347.9 284.3 325.6 256.8 331.2 268.6 339.1 270.8 347.9 284.3 358.7 295.4 371.2 301.2 383.2 9 297.3 10 11 FL114090005 6462.1 6747.2 6533.3 6598.2 6647.4 6747.2 6853.1 6944.8 7024.1 11 12 13 14 FL113020005 FL113030003 FL113034003 Checkable deposits and currency Time and savings deposits Money market fund shares 393.2 1168.4 117.2 471.5 1263.8 119.5 403.4 1178.2 117.9 418.3 1193.1 118.3 437.6 1214.4 118.9 471.5 1263.8 119.5 503.4 1307.3 120.2 516.7 1306.9 122.6 511.9 12 1306.2 13 124.2 14 15 16 17 LM114022005 LM113061003 LM113062003 Debt securities Treasury securities Municipal securities 82.3 78.1 4.2 80.8 76.1 4.6 79.8 75.4 4.4 80.0 75.5 4.4 79.3 74.7 4.6 80.8 76.1 4.6 76.8 72.3 4.5 78.8 74.3 4.5 86.8 15 82.2 16 4.6 17 18 19 20 FL114023005 FL113065005 FL113066003 Loans Mortgages Consumer credit 55.0 55.0 0.0 58.7 58.7 0.0 56.5 56.5 0.0 56.7 56.7 0.0 58.0 58.0 0.0 58.7 58.7 0.0 59.9 59.9 0.0 61.0 61.0 0.0 61.8 18 61.8 19 0.0 20 21 22 23 24 25 26 FL113070003 FL113090005 FL113076005 FL113092405 FL113072003 FL113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) PPP subsidies receivable Other 810.3 3835.7 135.9 13.0 134.8 3552.1 856.9 3896.1 153.2 14.3 23.4 3705.3 824.1 3873.4 140.3 13.0 114.8 3605.3 834.3 3897.6 144.6 13.6 104.1 3635.3 844.4 3894.9 151.3 13.8 64.6 3665.2 856.9 3896.1 153.2 14.3 23.4 3705.3 867.7 3917.8 155.4 14.3 1.4 3746.8 885.0 3973.7 161.0 14.4 0.0 3798.3 896.1 4037.2 167.2 15.3 0.0 3854.8 27 FL114190005 9060.4 9460.2 9164.3 9238.7 9306.6 9460.2 9613.3 9741.8 9836.1 27 28 29 30 31 FL114123005 FL113168005 FL113169005 FL113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 6407.9 1583.5 352.4 4471.9 6669.5 1498.1 409.8 4761.6 6472.6 1579.6 364.6 4528.5 6515.0 1536.6 387.7 4590.7 6543.2 1478.0 400.2 4665.1 6669.5 1498.1 409.8 4761.6 6791.5 1514.9 430.6 4846.0 6918.2 1540.4 436.1 4941.8 7009.3 1550.6 447.9 5010.7 32 33 FL113170005 FL113178003 Trade payables Taxes payable 515.0 175.5 573.0 180.5 539.6 180.2 549.9 178.2 564.2 179.7 573.0 180.5 584.5 181.4 592.3 163.0 599.8 32 154.2 33 34 35 LM115114305 FL113193003 Foreign direct investment: intercompany debt Miscellaneous liabilities 6.0 1956.0 5.7 2031.5 6.0 1966.0 5.7 1990.0 5.5 2014.0 5.7 2031.5 5.3 2050.5 5.1 2063.2 4.8 34 2067.9 35 36 FL112090005 Financial assets Liabilities Net worth 1264.0 79.7 1184.3 6 7 8 21 22 23 24 25 26 28 29 30 31 12979.4 15571.4 13325.6 14000.1 14936.6 15571.4 15985.1 16572.3 16967.4 36 Memo: 37 38 LM112090205 LM115114103 Proprietors’ net investment (5) Foreign direct investment: equity 39 40 FL115012665 FL115013665 Replacement-cost value of structures: Residential Nonresidential 41 FL114104006 Debt/net worth (percent) (line 27/line 36) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Included in table B.101, line 28. 12857.8 15425.0 13199.3 13861.0 14801.6 15425.0 15847.4 16459.7 16849.3 37 121.6 146.4 126.3 139.1 135.0 146.4 137.6 112.7 118.1 38 4148.8 2411.0 4686.1 2795.0 4263.6 2439.0 4414.3 2512.5 4558.7 2602.9 4686.1 2795.0 4907.5 3081.0 5099.2 3392.4 5209.0 39 3742.9 40 49.37 42.83 48.57 46.54 43.81 42.83 42.49 41.75 41.31 41 141 Z.1, December 9, 2022 R.101 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 1 FC152090005 2 FU155060005 3 FU155061005 4 FU155050005 5 6 7 8 FU155012005 FU165013005 FU155111003 FU155420003 9 FU156300005 10 11 12 FU156320005 FU166330005 FU156300103 13 14 15 FU155000005 FU154090005 FU154190005 16 FR158000005 17 FR152010085 18 19 20 21 FR155035005 FR165015205 FR165013765 FR155111005 22 FR154090005 23 24 25 26 27 28 29 30 FR154022005 FR153064105 FR153064205 FR153040005 FR153050005 FR152090205 FR153094305 FR153030005 31 FV158090005 Change in net worth (1) 2021 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 4875.3 5939.2 3147.1 4816.3 -168.3 -6283.5 -392.0 1 3644.4 2610.3 740.0 537.2 610.8 722.3 595.1 -113.8 240.8 2 Net physical investment 648.4 982.4 249.4 265.3 229.1 238.6 251.0 223.9 202.5 3 Capital expenditures 2492.1 3050.7 740.1 768.7 757.1 784.8 813.7 805.3 795.7 4 746.5 209.2 1550.3 -14.0 925.7 220.6 1918.6 -14.3 225.2 54.9 463.5 -3.5 227.7 52.5 492.0 -3.5 232.1 54.8 473.8 -3.6 240.7 58.5 489.3 -3.6 248.7 60.2 508.4 -3.7 240.0 61.1 507.9 -3.7 225.3 62.2 511.9 -3.7 5 6 7 8 - Consumption of fixed capital 1843.7 2068.3 490.7 503.5 527.9 546.2 562.7 581.4 593.1 9 Residential Nonprofit nonresidential Consumer durable goods 459.4 171.5 1212.8 522.8 181.7 1363.8 124.1 43.1 323.5 128.5 44.7 330.3 133.2 46.3 348.4 137.0 47.6 361.6 142.9 49.7 370.2 147.4 51.2 382.8 151.1 10 52.5 11 389.5 12 2996.1 3621.2 625.1 1627.9 2869.6 1241.8 490.5 689.5 198.9 271.9 613.0 341.1 381.7 692.1 310.4 483.7 875.0 391.3 344.2 626.0 281.9 -337.7 23.6 361.3 38.2 13 359.3 14 321.0 15 11030.6 16130.6 Net investment Residential Nonprofit nonresidential Consumer durable goods Nonproduced nonfinancial assets Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities Net holding gains Nonfinancial assets Real estate Equipment (2) Intellectual property products (2) Consumer durable goods (2) Financial assets Debt securities Corporate equities Mutual fund shares Life insurance reserves Pension entitlements Equity in noncorporate business Equity investment under PPIP Other financial assets Other volume changes (3) 14805.0 18777.9 Q1 3891.7 5490.2 2502.3 4246.3 -1276.7 -6331.0 -1016.2 16 3049.8 5792.5 1127.3 1590.4 1604.7 1470.0 1586.6 1409.3 820.1 17 2970.1 6.7 7.4 65.5 5342.3 14.4 3.3 432.4 1127.7 4.3 -1.1 -3.6 1399.2 -3.7 1.5 193.5 1462.9 6.1 1.9 133.8 1352.5 7.7 1.1 108.8 1472.3 8.9 1.1 104.2 1391.7 11.2 2.0 4.4 787.0 7.4 2.4 23.3 7980.8 10338.1 2764.4 3899.8 897.6 2776.3 -2863.3 -7740.3 197.0 4400.1 1139.6 41.5 1212.3 990.7 0.0 -0.5 -122.4 5081.1 1281.1 47.0 1450.8 2601.7 0.0 -1.3 -124.8 1821.8 331.7 7.6 319.6 409.1 0.0 -0.5 39.6 1947.1 587.4 27.7 667.7 631.0 0.0 -0.7 -33.6 152.4 -83.4 -2.5 -66.9 931.8 0.0 -0.1 -3.6 1159.8 445.4 14.2 530.5 629.9 0.0 0.1 -189.6 -1626.3 -807.0 -25.7 -712.4 497.3 0.0 0.3 -129.7 -5205.7 -1500.0 -45.9 -1452.6 592.9 0.0 0.6 130.0 37.0 243.6 -88.1 33.9 -152.3 513.2 161.4 18 19 20 21 -1836.3 22 -165.0 -990.9 -554.9 -16.5 -489.6 380.3 0.0 0.4 23 24 25 26 27 28 29 30 383.5 31 Memo: 32 33 FL152090005 FA156012005 Net worth outstanding (4) Disposable personal income 131344.3 150122.1 136219.6 142158.8 145305.9 150122.1 149953.8 143670.4 143278.4 32 17595.9 18633.1 19586.5 18277.8 18312.0 18356.1 18174.4 18389.8 18625.6 33 (1) Sum of net investment (line 2), net holding gains (line 16), and other volume changes (line 31). (2) Valued at current cost. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.101, line 40. Balance Sheets 2020 142 Z.1, December 9, 2022 R.103 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted Balance Sheets 2020 1 FC102090005 2 FU105060005 Change in net worth (1) 3 FU105061005 4 5 6 7 FU105050005 FU105019005 FU105020005 FU105420005 8 9 10 FU106300005 FU106320005 FU106330005 - Consumption of fixed capital Residential Nonresidential 11 FU105020601 12 13 14 FU105000005 FU104090005 FU104194005 15 16 FU103164103 FU103192105 Net corporate equity issues Foreign direct investment: equity 17 FR108000005 18 FR102010005 19 20 21 22 FR105035005 FR105015205 FR105013765 FR105020015 23 FR108080095 24 25 26 27 28 FR104022005 FR103064103 FR103064203 FR103092005 FR103090005 29 FR108100005 30 31 32 FR103192305 FR573073005 FR103193005 33 FV108090005 2021 2021 Q1 Q2 Q3 Q4 Q1 2022 Q2 Q3 2033.2 4290.4 619.3 925.6 1391.8 1353.7 -314.1 -218.0 404.4 1 470.0 913.3 252.7 197.1 242.0 221.5 107.0 95.9 142.3 2 274.3 613.5 170.0 112.5 172.5 158.5 323.8 177.3 195.2 3 1954.0 1998.2 -44.2 0.0 2155.5 2163.7 -14.6 6.4 543.1 521.1 18.2 3.9 474.1 537.2 -62.4 -0.6 560.3 547.7 8.8 3.8 577.9 557.7 20.9 -0.7 741.3 580.4 80.5 80.5 604.8 598.0 3.1 3.7 690.1 617.0 51.2 21.9 4 5 6 7 1706.0 4.3 1701.7 1798.9 6.0 1792.8 435.5 1.2 434.3 443.2 1.3 441.9 453.4 1.3 452.1 466.8 2.2 464.6 479.3 1.2 478.1 494.8 1.7 493.1 509.5 8 1.9 9 507.6 10 - Inventory valuation adjustment -26.4 -256.9 -62.3 -81.6 -65.6 -47.3 -61.7 -67.3 -14.7 11 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities and equity 159.9 394.8 234.9 277.5 1390.6 1113.1 21.2 276.7 255.6 66.6 234.2 167.7 68.4 359.2 290.7 121.3 520.5 399.2 -134.4 311.0 445.4 46.7 383.5 336.8 64.2 12 53.3 13 -10.9 14 -121.6 157.4 -338.1 360.5 -9.5 71.1 -70.2 88.3 -96.2 97.2 -162.2 103.9 -154.0 71.6 -185.3 57.2 -192.6 15 75.5 16 1509.8 3471.3 380.5 740.2 1210.5 1140.1 -334.8 -281.9 298.1 17 1107.2 2745.2 218.2 498.4 1207.3 821.4 -144.3 261.8 453.9 18 882.6 41.4 141.5 41.7 2140.2 339.7 68.0 197.3 81.2 99.9 -0.8 37.8 392.6 -7.8 13.4 100.3 1083.1 108.8 28.9 -13.5 583.3 138.8 26.5 72.8 -351.3 107.4 35.6 64.0 -6.0 131.3 47.2 89.3 418.3 85.4 43.4 -93.3 402.6 726.1 162.3 241.8 3.2 318.7 -190.5 -543.7 1.8 361.4 39.4 326.2 -326.2 -4.7 684.0 46.8 959.1 -959.1 -4.8 155.4 11.7 323.7 -323.7 1.1 218.6 22.1 430.5 -430.5 -0.6 6.7 -2.9 -113.7 113.7 -0.4 303.4 15.8 318.6 -318.6 -7.7 -154.6 -28.3 -588.6 588.6 -5.0 -484.2 -54.5 -1251.9 1251.9 -0.0 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 29 -3.3 -310.5 313.8 -15.0 -305.3 320.2 2.0 -32.2 30.2 -12.2 -157.6 169.8 -4.4 20.5 -16.1 -0.4 -135.9 136.3 -16.2 202.8 -186.6 -3.9 367.3 -363.3 0.0 30 132.9 31 -132.9 32 53.5 -94.2 -13.9 -11.6 -60.7 -7.9 -86.3 -32.0 -36.0 33 Net investment Net physical investment Capital expenditures Fixed investment Inventory change + IVA Nonproduced nonfinancial assets Net holding gains Nonfinancial assets Real estate Equipment (2) Intellectual property products (2) Inventories (2,3) Financial assets Debt securities Corporate equities Mutual fund shares Direct investment abroad Miscellaneous assets Less: liabilities Foreign direct investment: intercompany debt Claims of pension fund on sponsor Miscellaneous liabilities Other volume changes (4) 19 20 21 22 -155.8 23 -6.5 -128.5 -20.8 -631.2 631.2 24 25 26 27 28 Memo: 34 FL102090005 Net worth outstanding (5) 26148.6 30439.0 26768.0 27693.6 29085.4 30439.0 30124.9 29906.9 30311.3 34 (1) Sum of net investment (line 2), net holding gains (line 17), and other volume changes (line 33). (2) Valued at current cost. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 36. 143 Z.1, December 9, 2022 R.104 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2021 2021 Q1 1 FC112090005 2 FU115440005 Change in net worth (1) Net capital transfers paid 3 FU115060005 Net investment 4 FU115061005 Net physical investment 5 6 7 FU115050005 FU115019005 FU115020005 Capital expenditures Fixed investment Change in inventories 8 9 10 FU116300005 FU116320005 FU116330005 - Consumption of fixed capital Residential Nonresidential 11 12 13 FU115000005 FU114090005 FU114194005 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities and equity 14 15 FU112090205 FU115114103 Proprietor’s net investment (2) Foreign direct investment: equity 16 FR118000005 17 FR112010005 18 19 20 21 22 23 FR115035023 FR115035035 FR115012265 FR115013265 FR115013765 FR115020005 24 FR114022005 25 Q2 Q3 Q4 2022 Q2 Q1 Q3 1052.4 2592.0 346.2 674.5 936.5 634.8 413.6 587.3 395.1 1 0.0 -5.2 0.0 0.0 -5.2 0.0 0.0 0.0 -9.0 2 47.8 -16.4 -67.9 32.6 25.6 -6.6 -74.6 19.1 24.8 3 68.5 94.6 -39.6 43.4 43.9 46.9 -32.0 52.8 42.2 4 433.3 444.9 -11.6 487.4 491.8 -4.5 54.5 58.4 -3.9 139.9 146.0 -6.0 143.3 145.5 -2.2 149.6 142.0 7.7 74.4 66.4 8.0 162.5 158.9 3.7 154.9 153.8 1.1 5 6 7 364.8 108.4 256.4 392.7 121.3 271.5 94.1 30.9 63.2 96.5 30.0 66.5 99.4 29.7 69.7 102.7 30.6 72.1 106.4 30.2 76.3 109.8 31.1 78.6 112.7 8 32.5 9 80.2 10 -68.5 486.1 554.6 -89.5 289.4 378.8 39.6 75.6 36.0 -43.4 63.9 107.3 -38.7 49.8 88.5 -46.9 100.1 147.0 32.0 110.8 78.8 -52.8 94.9 147.7 -33.2 11 76.9 12 110.1 13 46.3 1.4 -21.7 0.2 -67.5 -0.5 30.8 1.8 21.3 -0.9 -6.4 -0.2 -75.0 0.4 19.2 -0.2 15.0 14 0.7 15 1004.1 2620.5 414.0 641.8 923.2 641.4 488.2 568.2 376.1 16 1000.7 2624.4 418.5 640.6 923.7 641.6 492.8 571.4 373.6 17 634.8 313.7 6.1 36.7 12.3 -2.8 1697.6 779.4 5.8 87.4 7.3 46.8 300.0 55.9 0.2 42.0 1.7 18.7 463.9 156.7 1.7 -1.3 1.7 17.8 532.9 352.5 2.3 29.5 2.0 4.5 400.9 214.3 1.5 17.2 1.8 5.9 434.4 -59.0 2.9 107.3 4.2 3.1 430.1 43.9 1.1 89.2 5.1 2.1 102.0 181.2 -1.3 92.7 4.0 -5.1 Financial assets (debt securities) 3.4 -4.2 -4.4 1.0 -0.6 -0.2 -4.9 -3.3 2.5 24 FR115114305 Less: liabilities (foreign direct investment: intercompany debt) -0.1 -0.3 0.0 -0.2 -0.1 -0.0 -0.3 -0.1 0.0 25 26 FV118090005 Other volume changes (4) 0.5 -6.9 0.1 0.1 -7.1 0.1 0.1 0.1 3.3 26 27 LM112090005 Net holding gains Nonfinancial assets Residential real estate Nonresidential real estate Residential equipment (3) Nonresidential equipment (3) Intellectual property products (3) Inventories (3) 18 19 20 21 22 23 Memo: Net worth outstanding (5) 12979.4 15571.4 13325.6 14000.1 14936.6 15571.4 15985.1 16572.3 16967.4 27 (1) Sum of net capital transfers paid (line 2), net investment (line 3), net holding gains (line 16), and other volume changes (line 26). (2) Shown on table F.104, line 35. (3) Valued at current cost. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.104, line 36. Balance Sheets 2020 144 Z.1, December 9, 2022 B.101.h Balance Sheet of Households (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Assets 2013 2014 2015 2016 2017 2018 2019 2020 2021 89332.0 95197.1 98194.2 103198.0 111907.0 113046.3 125494.8 140388.7 159584.4 1 25130.2 26571.0 28248.1 30137.5 32139.8 34022.8 35723.8 39130.9 45235.0 2 20350.6 4779.6 21711.6 4859.3 23241.1 5007.0 24975.0 5162.5 26839.1 5300.7 28507.3 5515.5 29992.4 5731.4 32996.4 6134.4 38113.4 7121.6 3 4 1 FL192000005 2 LM192010005 3 4 LM155035015 LM155111005 5 FL194090005 64201.8 68626.1 69946.1 73060.4 79767.2 79023.6 89770.9 101257.9 114349.4 5 6 7 8 FL193020005 FL193030205 FL193034005 Checkable deposits and currency Time deposits and short-term investments Money market fund shares 994.5 6669.0 1621.7 951.1 7202.8 1607.6 1053.9 7764.7 1649.0 973.2 8467.3 1494.4 1172.5 8598.3 1566.0 1001.5 9033.3 1725.8 1033.3 9611.6 2159.4 3011.8 10205.4 2561.0 4108.2 10996.0 2655.1 6 7 8 9 10 11 LM194022005 LM193061005 LM193063005 Debt securities U.S. government and municipal securities Corporate and foreign bonds 3593.8 2665.1 928.6 3701.0 2692.7 1008.3 3628.5 3159.7 468.8 3264.2 3169.6 94.6 3226.0 3226.0 0.0 3867.1 3846.5 20.6 3987.0 3922.0 65.0 3521.9 3348.6 173.3 2445.6 2445.6 0.0 9 10 11 12 13 14 FL194023005 FL153067005 FL193065005 Loans Other loans and advances (4) Mortgages 939.1 818.2 120.9 982.7 870.3 112.4 917.1 819.2 97.9 907.5 815.3 92.3 849.8 760.4 89.3 841.9 758.4 83.5 864.9 783.9 80.9 984.1 904.8 79.3 1091.4 1006.1 85.3 12 13 14 15 LM193064005 Corporate equities and mutual fund shares 17369.0 19538.8 19287.0 20937.7 24834.5 22681.6 29188.5 35031.6 42489.5 15 16 17 FL153040005 FL153050005 Life insurance reserves Pension entitlements (5) 1407.8 22275.3 1472.1 23103.1 1510.9 23431.2 1568.1 24318.0 1626.6 25915.9 1659.1 25795.0 1731.3 28005.8 1867.0 29794.3 1944.9 31677.5 16 17 18 19 LM152090205 FL193090005 Equity in noncorporate business (6) Miscellaneous assets 8306.7 1024.9 9024.0 1042.8 9621.8 1082.1 9991.3 1138.8 10784.5 1193.0 11173.3 1245.1 11902.2 1286.9 12948.1 1332.7 15531.1 1410.1 18 19 20 FL194190005 13417.8 13528.7 13700.6 14095.3 14628.8 15097.8 15590.5 16214.4 17446.5 20 21 22 23 24 25 FL194123005 FL153165105 FL153166000 FL193168005 FL193169005 Loans One-to-four-family residential mortgages (7) Consumer credit Depository institution loans n.e.c. Other loans and advances 13389.1 9437.0 3090.5 161.4 700.2 13498.8 9387.3 3309.5 172.4 629.5 13668.9 9492.8 3400.2 217.2 558.7 14064.0 9658.8 3636.4 223.4 545.3 14595.7 9928.8 3830.8 225.7 610.5 15062.8 10204.4 4007.0 270.4 580.9 15554.0 10475.1 4192.2 281.4 605.2 16177.8 10916.1 4184.9 302.6 774.2 17408.5 11751.1 4430.8 356.7 869.8 21 22 23 24 25 26 FL543077073 Deferred and unpaid life insurance premiums 28.7 29.9 31.6 31.3 33.1 35.0 36.5 36.6 38.1 26 27 FL192090005 75914.2 81668.4 84493.7 89102.7 97278.2 97948.5 109904.3 124174.3 142137.9 27 80648.6 86761.5 89736.0 94726.6 103438.8 104041.1 116539.3 131344.3 150122.1 28 Nonfinancial assets Real estate (2) Consumer durable goods (3) Financial assets Liabilities Net worth Memo: Supplements Reconciliation with household and nonprofit organization sector net worth: (8) 28 FL152090005 Household and nonprofit net worth (B.101, line 40) 29 30 31 32 33 FL152000005 FL192000005 FL162000005 FL163093005 FL153069803 Household and nonprofit total assets (B.101, line 1) Household total assets (B.101.h, line 1) Nonprofit total assets (B.101.n, line 1) Less: Nonprofit misc. assets (B.101.n, line 19) Plus: Domestic hedge fund syndicated loans (9) 94871.9 89332.0 6865.8 1410.5 84.5 101131.1 95197.1 7316.7 1488.3 105.7 104299.0 98194.2 7542.3 1536.1 98.7 109707.9 103198.0 8059.2 1654.9 105.7 118973.2 111907.0 8811.1 1845.1 100.2 120041.0 113046.3 8678.7 1778.8 94.8 133038.9 125494.8 9263.9 1828.2 108.5 148465.6 140388.7 9832.7 1861.4 105.6 168481.0 159584.4 10681.2 1881.5 97.0 29 30 31 32 33 34 35 36 37 FL154190005 FL194190005 FL164190005 FL163193005 Less: Household and nonprofit liabilities (B.101, line 30) Household liabilities (B.101.h, line 20) Nonprofit liabilities (B.101.n, line 20) Less: Nonprofit misc. liabilities (B.101.n, line 27) 14223.2 13417.8 1609.6 804.1 14369.6 13528.7 1723.3 882.4 14563.0 13700.6 1808.6 946.1 14981.3 14095.3 1833.3 947.3 15534.4 14628.8 1926.1 1020.4 15999.9 15097.8 1912.6 1010.5 16499.7 15590.5 1940.9 1031.7 17121.3 16214.4 1966.0 1059.0 18358.9 17446.5 1985.7 1073.4 34 35 36 37 (1) Table is based on table B.101 Balance Sheet of Households and Nonprofit Organizations, with adjustments to remove the assets and liabilities of nonprofit organizations, shown on table B.101.n. (2) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land, at market value. (3) At replacement (current) cost. (4) Cash accounts at brokers and dealers. (5) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security. (6) Net worth of nonfinancial noncorporate business (table B.104, line 35) and owners’ equity in unincorporated security brokers and dealers. (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23). (8) Some financial asset and liability items shown on the supplemental balance sheet of nonprofit organizations (table B.101.n) are not included on the balance sheet of the household and nonprofit organization sector (table B.101). Therefore, some adjustments are necessary to reconcile the combined assets and liabilities of the household sector (table B.101.h) and nonprofit organization sector (table B.101.n) with the household and nonprofit organization sector’s (table B.101) in the core Financial Accounts. (9) Syndicated loans included in household and nonprofit organizations’ other loans and advances (table B.101, line 20) but assumed to be held by domestic hedge funds. 145 Z.1, December 9, 2022 B.101.n Balance Sheet of Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2013 2014 2015 2016 2017 2018 2019 2020 2021 1 FL162000005 Total assets 6865.8 7316.7 7542.3 8059.2 8811.1 8678.7 9263.9 9832.7 10681.2 1 2 FL162010005 Nonfinancial assets 2869.1 3111.2 3314.0 3525.9 3762.4 3853.2 4153.1 4450.0 5102.4 2 3 4 5 FL165035005 FL165015205 FL165013765 2377.6 346.1 145.4 2594.7 364.1 152.4 2772.7 383.8 157.5 2957.2 401.9 166.8 3166.1 419.0 177.2 3227.0 439.3 186.9 3498.5 459.8 194.7 3760.3 482.2 207.5 4366.4 517.4 218.6 3 4 5 6 FL164090005 3996.7 4205.5 4228.3 4533.3 5048.7 4825.4 5110.8 5382.7 5578.7 6 7 8 9 FL163020005 FL163030205 FL163034003 Cash and non-interest-bearing deposits Other deposits and short-term investments (4) Money market fund shares 121.8 257.5 58.5 134.9 257.5 69.2 146.4 251.0 74.6 157.9 253.0 85.8 168.7 276.8 87.0 164.7 276.1 96.7 168.2 273.8 114.1 170.4 261.7 140.9 172.0 268.1 148.3 7 8 9 10 11 12 LM164022005 LM163061005 LM163063005 Debt securities U.S. government and municipal securities (5) Corporate and foreign bonds 254.6 86.2 168.5 282.2 110.9 171.3 282.4 109.0 173.3 295.5 107.6 188.0 320.9 120.3 200.5 350.0 147.2 202.8 382.3 166.0 216.3 414.9 187.4 227.5 437.8 206.5 231.3 10 11 12 13 14 15 16 FL164023005 FL163065013 FL163066223 FL163069005 Loans Mortgages Consumer credit Other loans and advances 185.8 0.8 51.8 133.2 179.9 1.1 47.6 131.2 183.1 0.8 44.9 137.4 178.6 1.2 41.3 136.1 179.5 0.8 35.2 143.5 171.5 0.9 31.3 139.3 167.9 1.2 27.3 139.4 164.6 1.2 24.1 139.3 162.3 1.3 22.4 138.6 13 14 15 16 17 LM163064005 Corporate equities and mutual fund shares 1494.7 1552.6 1513.8 1663.3 1910.4 1721.9 1901.9 2051.5 2207.0 17 18 FL163070005 Grants and trade receivables 213.2 240.7 241.0 244.2 260.2 265.8 274.4 283.3 291.5 18 19 20 21 FL163090005 FL163072003 FL163093005 Miscellaneous assets PPP subsidies receivable Other (6) 1410.5 0.0 1410.5 1488.3 0.0 1488.3 1536.1 0.0 1536.1 1654.9 0.0 1654.9 1845.1 0.0 1845.1 1778.8 0.0 1778.8 1828.2 0.0 1828.2 1895.5 34.1 1861.4 1891.7 10.2 1881.5 19 20 21 22 FL164190005 1609.6 1723.3 1808.6 1833.3 1926.1 1912.6 1940.9 1966.0 1985.7 22 23 FL163162003 Debt securities (municipal securities) 233.8 227.2 219.0 215.8 216.9 214.5 211.6 201.7 200.1 23 24 25 26 27 FL164123005 FL163165505 FL163168005 FL163169005 Loans Commercial mortgages Depository institution loans n.e.c. Other loans and advances 276.2 221.7 54.6 0.0 291.7 228.3 63.3 0.0 302.2 238.8 63.4 0.0 320.8 252.9 67.9 0.0 332.8 259.4 73.4 0.0 324.7 256.1 68.6 0.0 327.7 259.0 68.8 0.0 328.6 260.4 68.1 0.0 328.6 261.5 67.1 0.0 24 25 26 27 28 FL163170005 Trade payables 295.4 322.1 341.3 349.5 355.9 362.9 369.9 376.7 383.7 28 29 FL163193005 Miscellaneous liabilities (7) 804.1 882.4 946.1 947.3 1020.4 1010.5 1031.7 1059.0 1073.4 29 30 FL162090005 5256.3 5593.3 5733.7 6225.9 6885.1 6766.1 7323.0 7866.7 8695.5 30 31 32 FL164090015 FL164090025 743.1 3253.6 784.9 3420.6 786.2 3442.1 840.7 3692.5 948.0 4100.8 930.0 3895.4 1010.4 4100.4 1084.5 4264.1 1156.6 4411.9 31 32 Real estate (2) Equipment (3) Intellectual property products (3) Financial assets Liabilities Net worth Total financial assets of private foundations Total financial assets of 501(c) organizations (1) Includes private foundations, including charitable trusts, and organizations that are tax-exempt under Sections 501(c)(3) through 501(c)(9) of the Internal Revenue Code. Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. Most financial asset and liability information from annual tax data available with a lag; recent values estimated by staff. (2) Residential and nonresidential real estate at market value. (3) At replacement (current) cost. (4) Includes interest-bearing checking and savings accounts, deposits in transit, commercial paper, certificates of deposit, and U.S. Treasury bills or other governmental obligations that mature in one year or less. (5) Excludes the short-term debt securities included in line 16. (6) Includes pledges receivable, receivables from officers and disqualified persons, prepaid expenses and deferred charges, other investments, and other financial assets. Not included on table B.101. (7) Not included on table B.101. Supplements Memo: 146 Z.1, December 9, 2022 B.101.e Balance Sheet of Households and Nonprofit Organizations with Debt and Equity Holdings Detail Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 1 FL152000005 2 FL152010005 Assets Nonfinancial assets 3 FL154090005 4 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 148465.6 168481.0 153538.7 159818.0 163274.6 168481.0 168507.6 162584.6 162512.8 1 43580.9 50337.4 44957.3 46813.0 48629.2 50337.4 52174.4 53809.3 54791.9 2 Financial assets 104884.7 118143.6 108581.4 113005.1 114645.4 118143.6 116333.2 108775.3 107720.9 3 FL154000025 Deposits (1) 16351.2 18347.6 17366.3 17532.4 17718.9 18347.6 18542.5 18422.8 18409.4 4 5 LM154022375 Debt securities at market value 9720.1 9016.7 9141.0 9149.0 9150.9 9016.7 9104.8 8923.9 9352.5 5 6 LM154022005 Directly held 3936.8 2883.4 3338.8 3192.3 3294.8 2883.4 3305.2 3594.1 4305.9 6 7 LM154022075 Indirectly held 5783.3 6133.3 5802.1 5956.7 5856.1 6133.3 5799.5 5329.8 5046.6 7 8 9 10 11 12 LM544022053 LM574022075 LM344022025 LM223064223 LM654022055 479.5 1804.1 331.8 64.3 3103.5 487.3 1866.3 322.7 69.6 3387.4 475.0 1785.9 328.8 65.0 3147.4 488.5 1838.6 331.7 67.0 3230.9 487.6 1855.4 152.3 68.2 3292.7 487.3 1866.3 322.7 69.6 3387.4 453.4 1768.9 347.4 65.4 3164.4 411.9 1656.8 349.4 58.8 2852.9 388.1 1581.7 344.2 55.3 2677.4 8 9 10 11 12 13 FL154023005 Loans 1254.3 1350.7 1267.8 1283.9 1334.8 1350.7 1481.5 1425.6 1368.7 13 14 LM153064475 Equity shares at market value 40970.5 49402.1 43695.4 47005.9 47040.4 49402.1 46617.4 38680.6 36737.2 14 15 LM153064105 Directly held 26122.9 31940.7 28161.1 30468.1 30740.8 31940.7 30545.3 25424.0 24328.6 15 16 LM153064175 Indirectly held 14847.5 17461.4 15534.4 16537.9 16299.6 17461.4 16072.1 13256.6 12408.7 16 17 18 19 20 21 LM543064153 LM573064175 LM343064125 LM223064213 LM653064155 1634.5 5152.4 402.8 155.4 7502.4 1754.2 6097.7 504.2 183.3 8922.0 1661.1 5402.6 432.7 162.6 7875.5 1752.7 5776.2 470.4 173.4 8365.1 1691.4 5704.8 464.6 171.3 8267.6 1754.2 6097.7 504.2 183.3 8922.0 1593.8 5687.3 466.7 168.6 8155.8 1315.8 4737.9 393.3 137.6 6672.1 1227.0 4467.6 369.8 128.3 6216.0 17 18 19 20 21 22 FL153099475 36588.7 40026.5 37110.9 38033.9 39400.4 40026.5 40586.9 41322.4 41853.1 22 23 FL154190005 Liabilities 17121.3 18358.9 17319.1 17659.2 17968.7 18358.9 18553.8 18914.2 19234.4 23 24 FL152090005 Net worth 131344.3 150122.1 136219.6 142158.8 145305.9 150122.1 149953.8 143670.4 143278.4 24 Life insurance companies Private pension funds (2) Federal govt. retirement funds (2) State and local govt. retirement funds (2) Mutual funds Life insurance companies Private pension funds (2) Federal govt. retirement funds (2) State and local govt. retirement funds (2) Mutual funds Other Memo: 25 26 FL154022376 FL154022386 Debt securities (line 5) as a percent of Total assets (line 1) Financial assets (line 3) 6.55 9.27 5.35 7.63 5.95 8.42 5.72 8.10 5.60 7.98 5.35 7.63 5.40 7.83 5.49 8.20 5.75 8.68 25 26 27 28 FL153064476 FL153064486 Equity shares (line 14) as a percent of Total assets (line 1) Financial assets (line 3) 27.60 39.06 29.32 41.82 28.46 40.24 29.41 41.60 28.81 41.03 29.32 41.82 27.66 40.07 23.79 35.56 22.61 34.10 27 28 Supplements (1) Includes foreign deposits, checkable deposits and currency, time and savings deposits, and money market fund shares. (2) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 22. 147 Z.1, December 9, 2022 B.101.f Balance Sheet of Domestic Hedge Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 1 FL622000623 2 FL625035003 Assets Nonfinancial assets (real estate) 3 FL624090005 Financial assets 4 5 6 7 FL623091003 FL623039003 FL623039013 FL623034003 8 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 2411.5 2754.2 2474.2 2582.0 2621.5 2754.2 2762.2 2665.5 ND 1 95.4 142.7 106.9 113.7 127.4 142.7 154.2 163.1 ND 2 2316.1 2611.5 2367.3 2468.4 2494.1 2611.5 2608.0 2502.4 ND 3 Foreign currency Deposits Other cash and cash equivalents Money market fund shares 21.7 36.4 91.6 80.5 23.5 43.4 113.1 94.6 22.7 37.4 96.3 81.5 21.5 40.4 137.0 81.6 21.3 42.1 95.5 88.5 23.5 43.4 113.1 94.6 23.8 42.1 134.9 85.4 24.4 41.4 104.5 98.0 ND ND ND ND 4 5 6 7 FL622051003 Security repurchase agreements 72.1 97.0 77.3 81.5 88.3 97.0 93.1 97.6 ND 8 9 10 11 12 13 LM624022005 LM623061103 LM623061703 LM623062003 LM623063003 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 619.3 150.2 12.0 13.3 443.7 662.1 164.5 8.5 15.4 473.6 595.6 137.9 11.3 13.6 432.8 602.2 144.8 8.9 13.9 434.7 632.9 151.3 10.0 15.2 456.4 662.1 164.5 8.5 15.4 473.6 678.7 187.6 8.5 14.0 468.5 677.8 196.0 10.6 13.3 457.9 ND ND ND ND ND 9 10 11 12 13 14 15 16 FL623069005 FL623069503 FL623069003 Loans Leveraged loans Other loans 144.0 100.7 43.2 180.7 122.2 58.5 153.0 107.4 45.6 151.6 108.1 43.5 161.4 113.1 48.4 180.7 122.2 58.5 188.6 128.4 60.2 201.9 133.9 68.0 ND ND ND 14 15 16 17 18 LM623064103 LM623064203 Corporate equities Mutual fund shares 1018.7 13.0 1140.5 11.8 1070.9 13.2 1133.6 12.9 1085.9 12.1 1140.5 11.8 1074.8 12.2 955.0 11.9 ND ND 17 18 19 FL623093005 Miscellaneous assets 219.0 244.8 219.6 206.1 266.1 244.8 274.3 290.0 ND 19 20 FL624190005 702.8 834.5 711.1 754.0 763.1 834.5 829.1 804.2 ND 20 21 22 23 FL622151005 FL622151013 FL622151063 Security repurchase agreements Domestic institutions Foreign institutions 71.0 45.8 25.3 70.1 43.3 26.8 62.2 38.2 24.0 61.2 39.5 21.7 63.5 41.6 21.9 70.1 43.3 26.8 64.8 43.2 21.5 69.4 45.9 23.5 ND ND ND 21 22 23 24 FL624123005 Loans 480.4 645.3 511.7 628.0 598.7 645.3 635.2 591.5 ND 24 25 26 27 FL624123035 FL623167003 FL623169533 Secured borrowing via prime brokerage From domestic institutions From foreign institutions 388.7 344.4 44.4 485.0 423.8 61.2 413.9 351.9 62.0 515.4 449.4 66.0 471.6 407.2 64.4 485.0 423.8 61.2 477.6 421.4 56.3 423.0 374.6 48.4 ND ND ND 25 26 27 28 29 30 FL624123015 FL623168013 FL623169513 Other secured borowing From domestic institutions From foreign institutions 83.2 64.2 19.0 138.6 104.6 34.0 89.5 67.8 21.8 102.4 75.8 26.6 113.3 84.0 29.3 138.6 104.6 34.0 139.1 106.1 33.1 149.8 117.4 32.4 ND ND ND 28 29 30 31 FL623168023 Unsecured borrowing 8.5 21.7 8.3 10.2 13.8 21.7 18.4 18.7 ND 31 32 FL623193005 Miscellaneous liabilities 151.4 119.0 137.2 64.8 100.9 119.0 129.1 143.3 ND 32 33 34 FL622000003 FL623098003 1708.7 957.1 1919.7 1097.5 1763.1 1037.7 1828.0 1076.7 1858.4 1052.4 1919.7 1097.5 1933.1 1098.7 1861.3 1075.9 ND ND 33 34 Liabilities Memo: Total net assets Derivatives (2) Supplements (1) Data begin 2012:Q4. Includes only hedge funds domiciled in the United States as reported on SEC forms ADV and PF. (2) Long exposure of derivatives. 148 Z.1, December 9, 2022 F.4.g Gross Fixed Investment (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 Gross fixed investment (by type) 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 1 FA885019005 2 3 4 5 6 7 FA885019065 FA885019025 FA885013075 FA885013035 FA885013045 FA835013051 Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals 4489.3 4939.6 4802.1 4899.9 4974.4 5082.0 5242.9 5303.5 5363.6 1 1874.6 1217.5 1354.1 527.5 738.6 88.0 2060.1 1349.0 1499.1 584.7 823.9 90.5 2008.1 1321.5 1441.1 562.6 793.4 85.1 2038.8 1344.6 1485.0 582.0 815.6 87.4 2073.1 1352.0 1517.8 593.6 832.1 92.1 2120.3 1377.9 1552.4 600.5 854.4 97.5 2179.8 1434.7 1597.0 621.4 875.0 100.6 2171.1 1457.2 1643.8 637.0 898.1 108.7 2138.1 1511.3 1682.8 659.4 908.7 114.7 2 3 4 5 6 7 8 FA105013893 Miscellaneous adjustments (2) 43.0 31.3 31.3 31.3 31.3 31.3 31.3 31.3 31.3 8 9 FA885019005 4489.3 4939.6 4802.1 4899.9 4974.4 5082.0 5242.9 5303.5 5363.6 9 10 11 12 FA155019005 FA105019085 FA115019085 Households and nonprofit organizations Nonfinancial corporate business (3) Nonfinancial noncorporate business 955.7 2001.0 444.9 1146.4 2171.3 491.8 1120.4 2076.4 484.1 1120.9 2164.6 489.5 1147.5 2205.0 491.3 1196.6 2239.2 502.4 1235.8 2323.6 521.7 1204.4 2400.4 523.8 1150.0 2478.2 523.1 10 11 12 13 14 FA315019001 FA215019001 Federal government State and local governments 351.0 439.6 362.4 444.6 356.3 441.7 359.0 438.0 365.0 445.1 369.1 453.8 369.6 459.7 374.4 464.5 378.9 484.8 13 14 15 FA795013005 Domestic financial sectors (4) 297.2 323.1 323.2 327.8 320.5 320.9 332.5 335.9 348.6 15 16 FA715013005 Monetary authority 0.9 0.9 0.9 0.9 1.0 1.0 1.0 17 18 19 20 21 FA705013005 FA765013005 FA755013005 FA745013005 FA475013005 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 70.8 53.6 8.2 0.2 8.7 76.8 57.6 9.3 0.2 9.7 84.5 65.8 9.1 0.2 9.4 82.5 63.3 9.3 0.2 9.7 72.0 52.6 9.4 0.2 9.8 68.3 48.5 9.6 0.2 9.9 70.3 49.8 9.9 0.2 10.3 1.0 1.1 16 68.3 47.4 10.1 0.2 10.5 71.7 50.1 10.5 0.3 10.9 17 18 19 20 21 22 23 24 25 FA515013005 FA545013005 FA575013005 FA225013005 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 36.0 28.6 0.3 0.4 40.1 32.2 0.3 0.4 38.8 31.1 0.3 0.4 40.0 32.1 0.3 0.4 40.6 32.6 0.3 0.4 41.2 33.2 0.3 0.4 42.7 34.3 0.3 0.4 43.7 35.2 0.3 0.4 45.2 36.2 0.3 0.4 22 23 24 25 26 27 28 29 30 31 FA405013005 FA675013025 FA615013005 FA125013005 FA665013005 FA735013005 Government-sponsored enterprises ABS issuers Finance companies REITs (3) Security brokers and dealers Holding companies 0.4 0.0 59.1 14.7 46.4 39.6 0.5 0.0 63.8 15.4 49.6 42.9 0.5 0.0 62.2 15.1 48.1 41.5 0.5 0.0 63.7 15.3 49.4 42.8 0.5 0.0 64.1 15.5 50.2 43.4 0.5 0.0 65.4 15.7 51.0 44.1 0.5 0.0 68.3 16.2 52.8 45.7 0.5 0.0 69.5 16.4 53.9 46.7 0.5 0.0 72.1 16.9 55.7 48.4 26 27 28 29 30 31 2.8 1550.3 -55.8 7.6 1918.6 -19.1 1.9 1854.0 -101.8 11.1 1968.2 -159.4 6.6 1895.1 -55.2 10.9 1957.1 240.0 2.5 2033.7 257.4 5.0 2031.7 145.4 -0.2 2047.4 84.9 32 33 34 Gross fixed investment (by sector) Memo: Supplements 32 33 34 FA125012063 FA155111003 FA145020005 REITs residential structures (3) Consumer durable goods (5) Inventories (6) (1) Private gross fixed investment is from BEA, NIPA table 5.2.5. Structures is from BEA, NIPA table 5.4.5. Equipment is from BEA, NIPA table 5.5.5. Intellectual Property Products is from BEA, NIPA table 5.6.5. Government gross fixed investment is from BEA, NIPA table 3.9.5. (2) Calculated as the difference between gross fixed investment in BEA’s NIPA and gross fixed investment in BEA’s fixed assets accounts (FAA); the latter are used to to estimate stocks of fixed assets for balance sheets. For the minor definitional differences between the two estimates of gross fixed investment, see the BEA FAA web page https://apps.bea.gov/iTable/index_FA.cfm. (3) Equity REIT gross investment in residential structures is included with the nonfinancial corporate business sector, consistent with their treatment in the NIPAs. In the Financial Accounts, equity REIT investment in residential structures is included with the financial business sector. (4) Domestic financial subsector detail, including REITs, are based on FRB staff estimates. (5) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, however, consumer durables are included in household sector fixed investment (table F.101, line 14). (6) Inventories are not included above but are part of nonfinancial business gross investment (table F.4, lines 25 and 26). 149 Z.1, December 9, 2022 F.4.c Consumption of Fixed Capital Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 1 FA886300095 2 3 4 5 6 7 FA886300065 FA886300025 FA886330075 FA886330035 FA886330045 FA836330053 8 FA886300095 9 10 11 Consumption of fixed capital (by type) 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 3577.8 3831.6 3690.5 3775.4 3875.7 3984.9 4113.6 4242.1 4357.6 1 1279.0 1154.6 1144.4 460.0 601.0 83.4 1388.9 1207.2 1236.7 498.5 651.4 86.9 1335.2 1163.9 1192.7 480.2 628.9 83.6 1367.8 1189.8 1219.0 491.2 642.3 85.5 1405.5 1220.9 1250.6 504.3 658.4 87.9 1447.1 1254.4 1284.7 518.5 675.8 90.4 1496.0 1294.3 1324.6 535.0 696.2 93.4 1544.2 1334.5 1364.8 551.7 716.9 96.3 1587.1 1370.9 1401.0 566.7 735.2 99.1 2 3 4 5 6 7 Consumption of fixed capital (by sector) 3577.8 3831.6 3690.5 3775.4 3875.7 3984.9 4113.6 4242.1 4357.6 8 FA156300003 FA106300003 FA116300001 Households and nonprofit organizations Nonfinancial corporate business (1) Nonfinancial noncorporate business 630.9 1709.3 364.8 704.5 1801.3 392.7 668.8 1745.0 376.4 692.7 1776.0 386.0 717.9 1816.9 397.7 738.6 1867.2 410.7 770.2 1921.6 425.7 794.6 1982.0 439.0 814.5 2040.2 450.6 9 10 11 12 13 FA316300001 FA216300001 Federal government State and local governments 304.7 301.2 322.7 324.4 314.8 311.3 319.5 319.9 325.1 328.0 331.2 338.5 338.3 352.9 345.6 365.5 351.2 375.2 12 13 14 FA796300081 Domestic financial sectors (2) 266.8 286.0 274.1 281.2 289.9 298.7 305.0 315.3 325.8 14 15 FA716330005 Monetary authority 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 15 16 17 18 19 20 FA706330005 FA766330005 FA756330005 FA746330005 FA476330005 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 56.5 42.8 6.6 0.2 6.9 61.5 46.2 7.5 0.2 7.8 59.0 44.3 7.1 0.2 7.4 60.6 45.4 7.3 0.2 7.6 62.4 46.8 7.6 0.2 7.9 64.2 48.1 7.8 0.2 8.1 65.6 49.2 8.0 0.2 8.3 68.4 51.5 8.2 0.2 8.5 71.2 53.7 8.5 0.2 8.8 16 17 18 19 20 21 22 23 24 FA516330005 FA546330005 FA576330005 FA226330005 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 29.1 22.2 0.3 0.4 32.6 25.1 0.3 0.4 31.2 24.0 0.3 0.4 32.1 24.7 0.3 0.4 33.0 25.4 0.3 0.4 34.1 26.2 0.3 0.4 34.8 26.8 0.3 0.4 35.9 27.6 0.3 0.4 37.0 28.5 0.3 0.5 21 22 23 24 25 26 27 28 29 30 FA406330005 FA676330023 FA616330005 FA126330005 FA666330005 FA736330005 Government-sponsored enterprises ABS issuers Finance companies REITs (1) Security brokers and dealers Holding companies 0.5 0.0 77.0 7.7 30.3 41.9 0.6 0.0 77.6 8.5 34.9 43.5 0.5 0.0 74.4 8.2 33.5 41.7 0.6 0.0 76.3 8.4 34.4 42.8 0.6 0.0 78.7 8.6 35.4 44.1 0.6 0.0 81.1 8.9 36.5 45.4 0.6 0.0 82.8 9.1 37.3 46.4 0.6 0.0 85.4 9.4 38.4 47.8 0.6 0.0 88.1 9.7 39.7 49.3 25 26 27 28 29 30 31 FA156300103 1212.8 1363.8 1293.9 1321.1 1393.7 1446.4 1480.7 1531.1 1558.0 31 Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals Memo: Consumer durable goods (3) Supplements (1) Equity REIT residential structure consumption of fixed capital is included with the nonfinancial corporate business sector, consistent with their treatment in the NIPAs. In the Financial Accounts, equity REIT residential structure consumption of fixed capital is included with the financial business sector. (2) Domestic financial subsector detail, including REITs, are based on FRB staff estimates. (3) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, consumer durables are included in household sector capital expenditures. 150 Z.1, December 9, 2022 F.4.f Net Fixed Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2020 1 FA885015005 2 3 4 5 6 7 FA885019665 FA885019265 FA885013765 FA885013365 FA885013465 FA835013565 Net fixed investment (by type) Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals 8 FA105013893 9 FA885015005 10 11 12 FA155015005 FA105015085 FA115015005 13 14 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 911.5 1108.0 1111.6 1124.5 1098.7 1097.2 1129.3 1061.4 1006.0 1 595.6 62.9 209.7 67.5 137.6 4.5 671.2 141.8 262.3 86.2 172.5 3.7 672.9 157.6 248.4 82.4 164.5 1.5 671.0 154.8 266.0 90.9 173.2 1.9 667.7 131.1 267.2 89.3 173.7 4.2 673.2 123.6 267.7 82.0 178.6 7.1 683.8 140.4 272.4 86.4 178.8 7.2 626.9 122.7 279.0 85.4 181.3 12.3 551.0 140.4 281.8 92.7 173.4 15.6 2 3 4 5 6 7 Miscellaneous adjustments (1) 43.0 31.3 31.3 31.3 31.3 31.3 31.3 31.3 31.3 8 Net fixed investment (by sector) 911.5 1108.0 1111.6 1124.5 1098.7 1097.2 1129.3 1061.4 1006.0 9 Households and nonprofit organizations Nonfinancial corporate business (2) Nonfinancial noncorporate business 324.8 291.8 80.0 441.9 370.0 99.1 451.6 331.3 107.7 428.2 388.6 103.5 429.6 388.1 93.5 458.1 372.0 91.8 465.6 402.0 96.0 409.8 418.4 84.8 335.5 438.0 72.5 10 11 12 FA315015005 FA215015005 Federal government State and local governments 46.2 138.4 39.7 120.2 41.5 130.4 39.5 118.1 39.9 117.0 37.9 115.2 31.3 106.8 28.8 98.9 27.7 109.6 13 14 15 FA795015085 Domestic financial sectors (3) 30.3 37.1 49.1 46.6 30.6 22.2 27.6 20.6 22.7 15 16 FA715013865 Monetary authority 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 16 17 18 19 20 21 FA705013865 FA765013865 FA755013865 FA745013865 FA475013865 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 14.3 10.7 1.7 0.0 1.8 15.3 11.4 1.9 0.0 1.9 25.5 21.5 1.9 0.0 2.0 22.0 17.9 2.0 0.0 2.0 9.6 5.7 1.9 0.0 1.9 4.1 0.4 1.8 0.0 1.8 4.7 0.6 2.0 0.0 2.0 -0.1 -4.1 1.9 0.0 2.0 0.5 -3.6 2.0 0.0 2.1 17 18 19 20 21 22 23 24 25 FA515013865 FA545013865 FA575013865 FA225013865 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 6.9 6.4 -0.0 -0.0 7.5 7.2 0.0 -0.0 7.5 7.1 0.0 -0.0 7.9 7.4 0.0 -0.0 7.6 7.2 0.0 -0.0 7.1 7.0 0.0 -0.0 7.9 7.6 0.0 -0.0 7.8 7.6 0.0 -0.0 8.2 7.8 0.0 -0.0 22 23 24 25 26 27 28 29 30 31 FA405013865 FA675013263 FA615013865 FA125013865 FA665013865 FA735013865 Government-sponsored enterprises ABS issuers Finance companies REITs (2) Security brokers and dealers Holding companies -0.1 0.0 -17.9 7.0 16.1 -2.3 -0.1 0.0 -13.8 6.9 14.7 -0.6 -0.1 0.0 -12.2 6.9 14.6 -0.2 -0.1 0.0 -12.7 7.0 15.1 0.0 -0.1 0.0 -14.6 6.8 14.7 -0.6 -0.1 0.0 -15.7 6.8 14.4 -1.4 -0.1 0.0 -14.6 7.2 15.5 -0.7 -0.1 0.0 -15.9 7.0 15.5 -1.1 -0.1 0.0 -15.9 7.3 16.0 -1.0 26 27 28 29 30 31 -0.4 337.5 5.2 554.8 -1.2 560.1 8.0 647.1 3.0 501.3 10.8 510.7 -1.9 553.0 2.2 500.7 -2.3 489.4 32 33 Memo: 32 33 FA125012665 FA155111005 REITs residential structures (2) Consumer durable goods (4) Supplements (1) Included in nonfinancial corporate business sector gross fixed investment, line 11. (2) Equity REIT net investment in residential structures is included with the nonfinancial corporate business sector, consistent with their treatment in the NIPAs. In the Financial Accounts, equity REIT investment in residential structures is included with the financial business sector. (3) Domestic financial subsector detail, including REITs, are based on FRB staff estimates. (4) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, consumer durables are included in household sector capital expenditures. 151 Z.1, December 9, 2022 L.4.s Net Stocks of Fixed Assets, current cost Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2020 1 FL885019865 2 3 4 5 6 7 FL885019665 FL885019265 FL885013765 FL885013365 FL885013465 FL835013565 8 FL885019865 9 10 11 FL155015015 FL105015085 FL115015005 12 13 Net stocks (by type) 2021 Q1 Q2 2021 Q3 Q4 Q1 2022 Q2 Q3 68369.7 77852.3 70130.3 72398.9 74822.2 77852.3 81149.4 84456.7 87102.5 1 54638.4 8508.8 5222.5 957.6 3700.8 564.1 63060.6 9182.0 5609.7 1033.2 3985.6 590.9 56151.1 8695.1 5284.1 961.7 3752.0 570.4 58280.8 8738.3 5379.7 988.4 3814.6 576.7 60396.2 8935.1 5490.9 1011.5 3894.7 584.8 63060.6 9182.0 5609.7 1033.2 3985.6 590.9 65948.7 9463.1 5737.6 1048.2 4087.8 601.7 68794.3 9777.7 5884.7 1072.0 4195.2 617.4 71066.6 10007.6 6028.3 1098.0 4303.5 626.8 2 3 4 5 6 7 68369.7 77852.3 70130.3 72398.9 74822.2 77852.3 81149.4 84456.7 87102.5 8 Households and nonprofit organizations Nonfinancial corporate business (1) Nonfinancial noncorporate business 23058.1 19020.1 7795.6 27030.0 21273.1 8829.5 23910.6 19349.4 7966.1 24958.6 19763.4 8202.1 26011.1 20339.6 8469.7 27030.0 21273.1 8829.5 28308.1 21982.5 9434.9 29445.4 22763.8 10042.2 30158.2 23568.2 10599.1 9 10 11 FL315015005 FL215015005 Federal government State and local governments 3756.8 12556.9 4034.8 14213.3 3805.6 12873.6 3882.6 13311.4 3947.4 13698.3 4034.8 14213.3 4140.0 14733.4 4255.8 15310.5 4321.1 15722.0 12 13 14 FL795013865 Domestic financial sectors (2) 2182.1 2471.6 2225.0 2280.8 2356.1 2471.6 2550.4 2639.0 2733.8 14 15 FL715013865 Monetary authority 11.0 12.5 11.2 11.5 11.9 12.5 12.9 13.4 13.9 15 16 17 18 19 20 FL705013865 FL765013865 FL755013865 FL745013865 FL475013865 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 508.2 376.1 63.4 1.6 67.1 584.4 426.7 76.4 1.8 79.5 519.0 382.7 65.6 1.7 69.1 534.6 392.8 68.4 1.7 71.7 554.2 405.8 71.7 1.8 74.9 584.4 426.7 76.4 1.8 79.5 605.9 442.3 79.3 1.9 82.4 629.7 459.6 82.4 2.0 85.7 655.9 478.7 85.9 2.1 89.3 16 17 18 19 20 21 22 23 24 FL515013865 FL545013865 FL575013865 FL225013865 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 174.7 146.5 2.3 6.5 200.9 169.0 2.2 7.7 178.4 149.8 2.2 6.7 184.2 154.8 2.2 6.9 191.0 160.6 2.2 7.3 200.9 169.0 2.2 7.7 208.0 175.2 2.2 8.0 216.0 182.1 2.3 8.3 224.8 189.6 2.4 8.7 21 22 23 24 25 26 27 28 29 30 FL405013865 FL675013263 FL615013865 FL125013865 FL665013865 FL735013865 Government-sponsored enterprises ABS issuers Finance companies REITs (1) Security brokers and dealers Holding companies 3.5 0.0 488.6 191.1 235.7 414.2 3.8 0.0 519.1 230.7 274.5 466.7 3.5 0.0 495.8 197.1 241.5 419.9 3.6 0.0 496.7 205.6 249.8 430.9 3.7 0.0 505.9 215.4 259.8 444.3 3.8 0.0 519.1 230.7 274.5 466.7 3.9 0.0 526.5 241.1 286.0 480.6 4.0 0.0 535.7 252.3 298.7 496.4 4.1 0.0 542.2 265.2 312.6 514.4 25 26 27 28 29 30 31 32 33 FL125012665 FL155111005 FL145020005 203.4 6134.4 2912.5 206.7 7121.6 3394.4 202.4 6270.8 3045.7 202.6 6626.1 3176.8 204.2 6885.2 3239.9 206.7 7121.6 3394.4 208.8 7364.1 3611.7 209.7 7493.6 3777.2 208.5 7639.3 3745.9 31 32 33 Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals Net stocks (by sector) Memo: REITs residential structures (1) Consumer durable goods (3) Inventories (4) Supplements (1) Equity REIT residential structures are included with the nonfinancial corporate business sector, consistent with their treatment in the NIPAs. In the Financial Accounts, equity REIT residential structures are included with the financial business sector. (2) Domestic financial subsector detail, including REITs, are based on FRB staff estimates. (3) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, consumer durables are included in household sector fixed investment (table B.101, line 8). (4) Not included above. 152 Z.1, December 9, 2022 S.1.a Total Economy - Current Account Integrated Accounts Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 17807.9 18440.5 18788.5 19592.6 20647.0 21486.5 21275.4 23444.0 1 2815.0 2911.4 2987.1 3118.7 3275.6 3436.6 3577.8 3831.6 2 14992.8 9259.7 7485.8 1773.9 1182.7 4550.4 15529.1 9709.5 7869.6 1839.9 1218.0 4601.6 15801.5 9977.1 8102.2 1874.9 1249.9 4574.5 16473.9 10435.0 8485.0 1950.0 1307.6 4731.3 17371.4 10968.2 8910.3 2057.9 1398.1 5005.1 18049.9 11460.0 9336.5 2123.5 1457.1 5132.8 17697.6 11600.6 9465.2 2135.4 869.0 5228.0 19612.4 12549.1 10300.8 2248.4 1181.5 5881.8 3 4 5 6 7 8 881.6 646.4 860.8 640.4 893.5 661.5 1031.1 738.2 1138.7 848.4 1172.2 894.2 971.3 774.3 1087.0 913.9 9 10 1 FA896902505 Gross value added (income approach) 2 FA886300091 Less: Consumption of fixed capital 3 4 5 6 7 8 FA896902601 FA896025001 FA896020001 FA896401001 FA896240101 FA896402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9 10 FA266904095 FA266904195 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 FA896140001 FA896402101 FA156025105 FA156020101 FA156401101 FA896240001 FA366402015 FA896150105 FA896130101 FA896120105 FA896121101 FA156122101 FA893092201 FA896112101 FA896150005 FA896130001 FA896120005 FA896121001 FA896122001 FA893192201 FA896112001 Equals: Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Taxes on production and imports, receivable Subsidies paid Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on U.S. direct investment abroad Rents on land and natural resources Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on foreign direct investment Rents on land and natural resources 15228.1 4550.4 9250.2 7476.3 1773.9 1240.8 -58.1 6799.2 3186.1 3252.2 1649.3 1602.9 337.9 22.9 6554.5 3346.3 3090.6 1487.7 1602.9 94.6 22.9 15749.5 4601.6 9699.4 7859.5 1839.9 1275.2 -57.2 6964.5 3307.1 3321.5 1753.4 1568.2 318.0 17.9 6734.0 3471.8 3158.8 1590.6 1568.2 85.6 17.9 16033.4 4574.5 9966.1 8091.2 1874.9 1311.6 -61.7 7077.5 3422.8 3326.4 1759.3 1567.1 312.7 15.6 6834.6 3599.7 3140.7 1573.6 1567.1 78.5 15.6 16766.8 4731.3 10424.4 8474.4 1950.0 1367.4 -59.9 7601.7 3663.0 3538.2 1892.6 1645.6 383.7 16.9 7298.1 3858.3 3327.8 1682.2 1645.6 95.1 16.9 17661.7 5005.1 10957.9 8900.0 2057.9 1461.4 -63.3 8412.9 3966.7 4688.2 2966.6 1721.6 -261.4 19.5 8112.3 4186.7 3787.2 2065.6 1721.6 118.9 19.5 18327.9 5132.8 11448.1 9324.6 2123.5 1530.0 -73.0 8640.4 4224.2 4224.1 2469.1 1755.0 171.9 20.2 8350.5 4463.0 3743.4 1988.4 1755.0 123.9 20.2 17894.6 5228.0 11592.7 9457.4 2135.4 1526.3 -657.3 8150.9 3786.8 4156.4 2368.1 1788.3 190.4 17.3 7946.1 4011.6 3836.7 2048.4 1788.3 80.5 17.3 19785.5 5881.8 12538.5 10290.1 2248.4 1663.4 -481.9 8252.6 3549.0 4317.3 2400.2 1917.1 366.8 19.6 8068.9 3777.6 4059.6 2142.5 1917.1 212.1 19.6 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 FA896140001 FA896220001 FA896220005 FA896404105 FA896404005 FA896403105 FA896403005 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 15228.1 2201.1 2191.6 3657.4 3671.7 746.6 843.2 15749.5 2347.5 2336.2 3845.2 3860.3 801.9 916.9 16033.4 2347.5 2334.4 3961.6 3977.1 829.6 956.7 16766.8 2358.5 2346.0 4111.6 4128.2 825.0 948.6 17661.7 2386.0 2372.6 4293.4 4310.9 862.0 996.4 18327.9 2508.7 2495.8 4519.6 4538.3 886.9 1033.1 17894.6 2540.2 2525.3 5642.0 5670.9 1132.1 1280.0 19785.5 3066.7 3049.9 6092.6 6118.4 1394.5 1558.2 32 33 34 35 36 37 38 39 FA896012005 Equals: Disposable income, net 15126.7 15630.6 15904.0 16639.2 17523.3 18176.0 17732.7 19612.8 39 40 FA896901001 Less: Final consumption expenditures 14414.0 14872.5 15356.4 15960.2 16771.9 17401.5 17254.5 19256.3 40 41 FA896006001 Equals: Net saving 712.7 758.2 547.7 679.0 751.4 774.5 478.1 356.5 41 42 43 44 45 46 FA896902505 FA087005995 FA086902005 FA086902203 FA087005086 Addendum: Gross value added (line 1) Plus statistical discrepancy (NIPA) Equals: GDP (NIPA, expenditure approach) Average of GDP and GDI Statistical discrepancy as a percentage of GDP 17807.9 -257.2 17550.7 17679.3 -1.47 18440.5 -234.5 18206.0 18323.3 -1.29 18788.5 -93.4 18695.1 18741.8 -0.50 19592.6 -115.3 19477.3 19535.0 -0.59 20647.0 -114.0 20533.1 20590.1 -0.56 21486.5 -105.5 21381.0 21433.7 -0.49 21275.4 -214.9 21060.5 21167.9 -1.02 23444.0 -128.9 23315.1 23379.6 -0.55 42 43 44 45 46 153 Z.1, December 9, 2022 S.2.a Selected Aggregates for Total Economy and Sectors 2014 2015 2016 2017 2018 2019 2020 2021 1 2 3 4 5 6 7 FA896902505 FA156902505 FA116902505 FA106902501 FA796902505 FA316902505 FA216902505 Gross value added Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government 17807.9 2182.9 3234.3 8785.5 1308.7 723.1 1573.5 18440.5 2260.2 3296.0 9128.5 1391.9 737.3 1626.7 18788.5 2344.1 3315.3 9238.2 1480.9 749.0 1661.1 19592.6 2436.3 3488.1 9659.7 1537.6 766.3 1704.6 20647.0 2552.5 3670.2 10188.6 1663.4 794.1 1778.2 21486.5 2671.2 3792.9 10641.4 1734.9 816.3 1829.8 21275.4 2768.3 3582.0 10351.0 1827.5 856.5 1890.1 23444.0 2873.2 3890.0 11774.6 2046.1 896.6 1963.5 1 2 3 4 5 6 7 8 9 10 11 12 13 FA896006001 FA156006005 FA106012095 FA796012095 FA316006085 FA216006095 Net saving Households and nonprofit institutions serving households Nonfinancial corporate business Financial business Federal government State and local government 712.7 930.9 589.1 28.0 -597.4 -237.9 758.2 1034.9 529.1 -29.8 -560.2 -215.8 547.7 987.8 441.8 30.3 -667.6 -244.7 679.0 1073.8 520.1 47.0 -734.4 -227.4 751.4 1180.3 577.8 98.1 -907.3 -197.4 774.5 1446.6 571.0 2.5 -1052.2 -193.4 478.1 2992.3 423.1 6.8 -2957.4 13.3 356.5 2243.4 647.3 76.2 -2835.3 224.9 8 9 10 11 12 13 14 15 16 17 18 19 20 FA155440005 FA115440005 FA105440005 FA795440005 FA315440005 FA215440005 FA265440005 Net capital transfers Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 9.3 0.0 -6.7 10.0 64.9 -70.6 -6.9 21.5 0.0 -3.2 0.0 59.9 -69.8 -8.4 14.7 0.0 2.6 1.8 60.5 -72.6 -7.0 -15.1 -9.4 200.8 76.6 -164.5 -72.4 -16.0 9.5 -3.0 -6.2 16.9 60.6 -73.2 -4.6 15.1 0.0 -12.4 0.0 79.0 -74.9 -6.8 3.0 0.0 13.6 0.0 73.3 -83.7 -6.2 -42.1 -5.2 -9.8 22.7 121.0 -83.1 -3.5 14 15 16 17 18 19 20 21 22 23 24 25 26 27 FA885019005 FA155019005 FA115019085 FA105019085 FA795013005 FA315019001 FA215019001 Gross fixed capital formation Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 3562.8 633.6 354.1 1753.8 218.7 263.8 338.8 3723.0 706.6 362.8 1789.5 241.5 266.6 356.0 3808.7 768.1 375.2 1766.2 259.3 268.8 371.1 4021.7 825.5 399.5 1868.7 259.8 279.9 388.4 4295.1 868.0 416.8 2017.4 281.1 300.0 411.9 4485.5 886.5 434.1 2103.4 310.4 320.6 430.5 4489.3 955.7 444.9 2001.0 297.2 351.0 439.6 4939.6 1146.4 491.8 2171.3 323.1 362.4 444.6 21 22 23 24 25 26 27 28 29 30 31 32 33 34 FA886300095 FA156300003 FA116300001 FA106300003 FA796300081 FA316300001 FA216300001 Consumption of fixed capital Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 2815.0 467.3 291.6 1349.2 190.3 270.2 246.3 2911.4 485.4 302.2 1401.7 199.2 271.5 251.4 2987.1 509.0 310.0 1430.2 210.7 270.7 256.4 3118.7 538.5 322.5 1493.0 222.8 275.9 266.1 3275.6 575.0 337.6 1562.5 235.3 285.0 280.1 3436.6 600.5 351.8 1645.6 252.2 293.9 292.6 3577.8 630.9 364.8 1709.3 266.8 304.7 301.2 3831.6 704.5 392.7 1801.3 286.0 322.7 324.4 28 29 30 31 32 33 34 35 36 37 FA145020005 FA115020005 FA105020005 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business 84.0 9.6 74.3 136.8 19.9 116.9 36.3 1.7 34.6 32.2 1.2 31.0 59.1 3.1 56.0 72.8 -0.0 72.8 -55.8 -11.6 -44.2 -19.1 -4.5 -14.6 35 36 37 38 39 40 41 42 43 44 FA885000985 FA155000905 FA115000905 FA105000905 FA795000995 FA315000995 FA215000995 -125.9 764.9 -72.1 115.3 -10.4 -653.2 -270.3 -198.5 802.6 -80.5 -1.8 -72.0 -584.4 -262.4 -317.3 725.3 -66.9 61.4 -20.1 -717.3 -299.7 -272.1 814.1 -68.9 -87.5 -66.6 -571.6 -291.6 -331.9 891.6 -79.2 75.0 35.5 -982.1 -272.6 -354.0 1159.5 -82.3 52.9 -55.7 -1155.4 -273.1 -383.5 2678.5 -68.4 161.9 -23.5 -3074.0 -57.9 -736.0 1857.9 -89.5 295.4 16.4 -2987.1 170.8 38 39 40 41 42 43 44 45 46 FA087005995 FA265000905 Net lending (+) or net borrowing (-) (capital account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Statistical discrepancy (NIPA) Rest of the world -257.2 383.0 -234.5 433.0 -93.4 410.7 -115.3 387.4 -114.0 445.8 -105.5 459.5 -214.9 598.5 -128.9 865.0 45 46 47 48 49 50 51 52 53 FA885000005 FA155000005 FA115000005 FA105000005 FA795000005 FA315000005 FA215000005 -160.0 1184.4 -72.1 -342.9 28.8 -732.8 -225.4 364.1 1216.5 -80.5 -109.6 8.6 -518.8 -152.1 -359.6 362.4 -66.9 -77.5 248.0 -677.0 -148.6 312.2 900.6 -68.9 204.3 -49.6 -510.3 -163.9 -141.3 1015.8 -79.2 -58.8 101.0 -957.0 -163.0 760.6 1840.0 -82.3 324.0 11.8 -1113.0 -219.9 -116.1 2996.1 -68.5 159.9 135.3 -3297.5 -41.4 -354.2 1627.9 -89.5 277.5 380.5 -2723.8 173.2 47 48 49 50 51 52 53 54 FA265000005 Net lending (+) or net borrowing (-) (financial account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Rest of the world 262.8 376.4 296.5 373.6 195.2 389.0 518.0 525.4 54 55 56 57 58 59 60 61 FV158090185 FV118090105 FV108090105 FV798090185 FV318090185 FV218090185 FV268090185 Total other volume changes Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 863.8 0.0 -465.8 -78.1 -51.4 -69.4 -181.7 641.0 0.0 -211.4 64.4 122.5 3.2 -46.4 -53.1 -0.0 -194.2 342.0 64.9 75.2 -89.7 351.2 0.0 273.2 -50.9 138.0 65.5 -29.3 359.1 0.0 289.3 241.6 8.3 34.7 126.4 1507.8 -0.0 331.3 -226.8 -38.1 105.1 24.6 784.5 0.0 114.7 251.8 -172.9 6.7 -30.4 360.5 0.0 119.6 455.4 445.8 -85.9 -316.3 55 56 57 58 59 60 61 62 63 64 65 66 67 68 FR158200095 FR118200005 FR108200005 FR798200005 FR318200005 FR218200005 FR265000005 Holding gains/losses Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 4327.4 0.0 -2016.5 -84.2 48.5 334.5 1415.1 1320.1 -0.0 1033.3 -200.3 6.0 -24.3 128.2 4070.5 0.0 -1442.0 -754.5 55.5 383.5 415.0 7272.1 -9.4 -4040.4 -584.4 87.0 852.7 -814.8 -927.5 -3.0 2255.9 152.7 106.1 271.2 1263.6 9558.9 0.0 -7404.4 -406.7 60.5 862.6 1312.8 11031.1 0.0 -8482.6 501.6 104.0 887.0 2415.8 16131.9 -5.2 -7920.7 -3037.9 236.9 2354.5 2707.0 62 63 64 65 66 67 68 Integrated Accounts Billions of dollars 154 Z.1, December 9, 2022 S.2.a Selected Aggregates for Total Economy and Sectors Integrated Accounts Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 69 70 71 72 73 74 75 FC152090005 FC112090095 FC102090095 FC792090095 FC312090095 FC212090095 FC262090095 Change in net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 6112.9 0.0 -1886.5 -144.3 -665.2 97.8 1616.4 2974.5 0.0 1354.1 -165.7 -491.7 -167.1 514.8 4990.6 0.0 -1197.1 -384.0 -607.8 286.6 736.0 8712.2 0.0 -3448.0 -664.9 -344.9 763.2 -456.7 602.3 0.0 3129.1 475.5 -853.5 181.6 1835.9 12498.2 0.0 -6489.7 -631.0 -1108.9 849.2 1797.0 14805.0 0.0 -7958.5 760.2 -3099.6 990.8 2983.9 18777.9 0.0 -7143.9 -2528.9 -2273.7 2576.6 3255.7 69 70 71 72 73 74 75 76 77 78 79 80 81 82 FL152090005 FL112090095 FL102090095 FL792090095 FL312090095 FL212090095 FL262090095 Net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 86761.5 0.0 -10409.6 -388.0 -11657.9 5221.3 6792.4 89736.0 0.0 -9055.5 -553.7 -12149.6 5054.1 7307.2 94726.6 0.0 -10252.6 -937.6 -12757.3 5340.7 8043.3 103438.8 0.0 -13700.6 -1602.5 -13102.3 6104.0 7586.5 104041.1 0.0 -10571.5 -1127.1 -13955.7 6285.6 9422.5 116539.3 0.0 -17061.2 -1758.1 -15064.7 7134.8 11219.4 131344.3 0.0 -25019.7 -997.9 -18164.3 8125.6 14203.3 150122.1 0.0 -32163.6 -3526.8 -20437.9 10702.2 17459.0 76 77 78 79 80 81 82 155 Z.1, December 9, 2022 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 2182.9 2260.2 2344.1 2436.3 2552.5 2671.2 2768.3 2873.2 1 467.3 485.4 509.0 538.5 575.0 600.5 630.9 704.5 2 1715.6 812.2 669.4 142.8 168.9 734.5 1774.8 852.7 704.9 147.8 174.4 747.6 1835.1 888.5 730.6 157.8 181.3 765.3 1897.8 919.6 761.0 158.6 188.0 790.2 1977.5 966.3 797.8 168.5 196.9 814.4 2070.7 1012.1 836.0 176.1 208.1 850.5 2137.4 1048.8 860.8 188.0 215.6 873.1 2168.7 1094.1 904.0 190.1 227.5 847.1 3 4 5 6 7 8 Current account 1 FA156902505 Gross value added 2 FA156300003 Less: Consumption of fixed capital 3 4 5 6 7 8 FA156902605 FA156025005 FA156020001 FA156401001 FA156240101 FA156402101 Equals: Net value added Compensation paid by households and NPISHs Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9 10 11 12 13 14 15 16 17 18 19 FA156140005 FA156402101 FA156025105 FA156020101 FA156401101 FA156150105 FA156130101 FA156120105 FA156121101 FA156122101 FA156130001 Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Less: Uses of property income (interest paid) 13354.0 13947.8 14288.5 14994.2 15745.4 16526.9 16761.6 17941.7 9 734.5 747.6 765.3 790.2 814.4 850.5 873.1 847.1 10 9250.2 9699.4 9966.1 10424.4 10957.9 11448.1 11592.7 12538.5 11 7476.3 7859.5 8091.2 8474.4 8900.0 9324.6 9457.4 10290.1 12 1773.9 1839.9 1874.9 1950.0 2057.9 2123.5 2135.4 2248.4 13 3894.4 4044.5 4111.2 4350.5 4585.3 4875.5 4885.4 5121.2 14 1338.3 1443.3 1466.7 1550.3 1610.3 1659.6 1648.9 1660.3 15 2556.1 2601.2 2644.6 2800.2 2975.0 3215.9 3236.4 3460.9 16 953.2 1033.1 1077.4 1154.6 1253.4 1460.9 1448.1 1543.9 17 1602.9 1568.2 1567.1 1645.6 1721.6 1755.0 1788.3 1917.1 18 525.2 543.8 554.1 570.9 612.2 647.2 589.5 565.2 19 20 21 22 23 24 25 FA156140005 FA156220001 FA156404105 FA156600001 FA156403101 FA156403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 13354.0 13947.8 14288.5 14994.2 15745.4 16526.9 16761.6 17941.7 20 1784.6 1939.9 1958.2 2048.6 2074.9 2198.4 2236.4 2661.7 21 2498.6 2635.1 2717.3 2807.4 2926.5 3089.7 4187.1 4546.4 22 1153.6 1204.7 1238.8 1298.9 1361.6 1424.6 1450.0 1540.8 23 42.9 50.3 59.7 48.3 50.1 55.1 44.1 71.0 24 178.8 190.1 187.4 194.9 200.2 209.4 197.9 210.5 25 26 FA156012095 Equals: Disposable income, net 12778.6 13298.3 13681.1 14307.4 15085.3 15839.4 17108.5 18145.9 26 27 FA156901001 Less: Final consumption expenditures 11847.7 12263.5 12693.3 13233.6 13905.0 14392.7 14116.2 15902.6 27 28 FA156006005 Equals: Net saving 930.9 1034.9 987.8 1073.8 1180.3 1446.6 2992.3 2243.4 28 2285.5 29 2243.4 30 -42.1 31 Capital account 29 30 31 FA156006315 FA156006005 FA155440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 921.6 930.9 9.3 1013.4 1034.9 21.5 973.2 987.8 14.7 1088.9 1073.8 -15.1 1170.8 1180.3 9.5 1431.5 1446.6 15.1 2989.4 2992.3 3.0 32 33 34 35 36 37 FA155050905 FA155019005 FA155012005 FA165013005 FA156300003 FA155420003 Capital formation, net Gross fixed capital formation, excluding consumer durables Residential Nonresidential (nonprofit organizations) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 156.7 633.6 463.9 169.7 467.3 -9.5 210.8 706.6 523.8 182.8 485.4 -10.4 247.8 768.1 577.6 190.5 509.0 -11.3 274.8 825.5 631.4 194.1 538.5 -12.2 279.2 868.0 663.6 204.4 575.0 -13.8 272.0 886.5 673.0 213.4 600.5 -14.0 310.9 955.7 746.5 209.2 630.9 -14.0 38 FA155000905 Net lending (+) or borrowing (-), capital account (lines 29-32) 764.9 802.6 725.3 814.1 891.6 1159.5 2678.5 1857.9 38 764.9 802.6 725.3 814.1 891.6 1159.5 2678.5 1857.9 39 1375.7 1553.3 810.7 1479.4 1496.2 2355.5 3621.2 2869.6 40 440.8 -30.2 477.4 -6.4 0.0 654.0 112.6 555.2 -13.8 0.0 646.1 -58.2 710.0 -5.6 0.0 432.9 210.1 210.0 12.7 0.0 259.0 -175.1 431.2 2.9 0.0 598.7 24.8 575.1 -1.2 0.0 2532.2 1980.7 543.7 7.8 0.0 1886.1 1097.6 788.7 -0.2 0.0 41 42 43 44 45 -101.6 -237.7 129.4 -41.7 48.3 209.9 319.2 190.0 -36.6 -262.6 -124.8 101.5 -54.8 19.0 -190.6 -105.4 -48.1 18.5 -33.3 -42.5 806.0 579.7 167.7 1.2 57.4 133.0 123.8 36.2 -63.4 36.4 -625.4 -347.8 -298.4 -30.0 50.8 -867.5 -679.5 22.6 -102.4 -108.1 46 47 48 49 50 58.8 67.0 -8.2 -69.4 -54.6 -14.8 -7.1 -1.9 -5.2 -62.3 -59.0 -3.3 -21.4 -15.6 -5.8 33.1 35.5 -2.3 113.0 114.6 -1.6 544.5 260.4 218.9 -3.5 68.7 0.0 265.0 -12.3 97.3 46.9 133.2 0.0 -126.9 162.8 53.9 -143.4 -200.2 0.0 647.7 166.4 308.2 72.9 100.3 0.0 64.3 -98.6 16.1 169.5 -22.7 0.0 1085.3 288.6 306.0 450.9 39.8 0.0 909.5 616.3 -188.4 428.4 53.2 0.0 427.6 1146.4 925.7 220.6 704.5 -14.3 32 33 34 35 36 37 39 FA155000905 Net lending (+) or borrowing (-) (line 38) 40 FA154090005 Net acquisition of financial assets 41 42 43 44 45 FA154000005 FA153020005 FA153030005 FA153091003 FA313131003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits Postal savings system deposits 46 47 48 49 50 FA154022005 FA153061105 FA153061705 FA153062005 FA153063005 Debt securities Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 51 52 53 FA154023005 FA154041005 FA153065005 Loans Short term Long term (mortgages) 54 55 56 57 58 59 FA153081005 FA153064105 FA153064205 FA153034005 FA152090205 FA153094305 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 96.4 51 90.4 52 6.1 53 1336.8 726.7 514.6 101.4 -5.9 0.0 54 55 56 57 58 59 Integrated Accounts Financial account 156 Z.1, December 9, 2022 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2014 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 493.6 26.3 47.2 407.1 5.6 7.4 2016 420.1 31.1 41.8 321.6 12.8 12.9 2017 550.5 31.6 19.0 477.3 13.1 9.6 2018 382.8 17.9 49.4 281.2 20.3 13.9 2019 496.7 12.0 16.7 438.2 15.4 14.4 2020 649.0 21.3 94.2 509.0 16.2 8.2 2021 60 61 62 63 64 65 FA153052005 FA153076005 FA153040005 FA153050005 FA153095105 FA313195105 66 FA163096005 Other accounts receivable 27.5 0.2 3.2 16.0 5.5 8.7 42.9 -15.7 66 67 FA154190005 Net incurrence of liabilities 191.3 336.9 448.3 578.9 480.4 515.6 625.1 1241.8 67 68 FA163162003 Debt securities (municipals) -6.7 -8.2 -3.2 1.1 -2.4 -2.9 -9.9 -1.6 68 69 70 71 72 73 74 FA154123005 FA154141005 FA153166000 FA153168005 FA153169005 FA153165005 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 170.1 168.2 219.1 19.8 -70.6 1.8 324.1 194.2 233.5 31.5 -70.9 129.9 443.7 233.5 236.2 10.6 -13.3 210.1 569.6 267.4 194.3 7.9 65.1 302.2 473.9 183.0 172.7 39.9 -29.6 290.9 510.0 220.6 185.2 11.1 24.3 289.4 628.1 177.5 -12.0 20.5 169.0 450.6 75 FA543077073 Insurance, pension and standardized guarantee schemes 1.2 1.7 -0.3 1.8 1.9 1.5 0.1 1.5 75 76 FA163170005 Other accounts payable (trade debt) 26.7 19.2 8.2 6.4 7.0 7.0 6.9 6.9 76 77 FA155000005 1184.4 1216.5 362.4 900.6 1015.8 1840.0 2996.1 1627.9 77 863.8 180.4 0.0 263.9 -419.5 641.0 209.9 0.0 17.3 -413.8 -53.1 230.8 0.0 79.1 362.9 351.2 236.1 -55.2 84.0 -86.4 359.1 264.6 -29.7 0.0 -124.2 1507.8 256.0 0.0 571.4 -680.5 784.5 337.5 0.0 129.5 -317.6 360.5 554.8 -19.5 55.2 230.0 78 79 80 81 82 5792.5 5342.3 14.4 3.3 432.4 83 84 85 86 87 Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 405.7 -4.3 49.8 338.0 11.9 10.4 2015 433.5 40.9 31.0 325.2 15.1 21.4 1235.0 394.7 246.0 53.1 95.6 840.3 60 61 62 63 64 65 69 70 71 72 73 74 Other changes in volume account 78 79 80 81 82 FV158090185 FU155111005 FV152010005 FV158090085 FU157005045 Total other volume changes Net investment in consumer durable goods Disaster losses Other volume changes Less: Statistical discrepancy (lines 38-77) (5) 83 84 85 86 87 FR152010085 FR155035005 FR165015205 FR165013765 FR155111005 Nonfinancial assets Real estate Equipment Intellectual property products Consumer durable goods 1348.1 1450.6 -2.7 0.8 -100.6 1461.7 1528.5 -2.7 -1.9 -62.2 1626.5 1702.2 -2.6 2.2 -75.3 1785.9 1881.6 -1.3 3.5 -97.8 1464.4 1512.4 -0.8 2.6 -49.8 1483.3 1522.2 -0.6 1.7 -40.1 3049.8 2970.1 6.7 7.4 65.5 88 89 90 91 92 93 94 FR158080095 FR154022005 FR153064105 FR153064205 FR152090205 FR153094305 FR153052045 Financial assets Debt securities Corporate equities Mutual fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program Insurance, pension and standardized guarantee schemes 2979.3 198.0 1499.1 249.3 646.0 0.0 386.9 -141.6 -69.1 -170.6 -205.0 460.7 0.0 -157.5 2444.0 -33.0 1143.5 298.5 570.6 0.0 464.5 5486.1 55.1 2621.3 1048.1 713.2 0.0 1048.4 -2391.9 -69.7 -1582.6 -676.3 455.9 0.0 -519.2 8075.6 194.2 4124.1 1509.7 689.9 0.0 1557.7 7981.3 10339.5 88 197.0 -122.4 89 4400.1 5081.1 90 1139.6 1281.1 91 990.7 2601.7 92 0.0 0.0 93 1253.9 1497.8 94 95 FR158200095 Changes in net worth due to nominal holding gains/losses 4327.4 1320.1 4070.5 7272.1 -927.5 96 FC152090005 Change in net worth (lines 32+38+78+95) 6112.9 2974.5 4990.6 8712.2 Revaluation account 9558.9 11031.1 16131.9 95 Changes in balance sheet account 602.3 12498.2 14805.0 18777.9 96 Balance sheet account (end of period) Integrated Accounts 97 FL152000005 Total assets 101131.1 104299.0 109707.9 118973.2 120041.0 133038.9 148465.6 168481.0 97 98 LM152010005 99 LM155035005 100 LM155111005 101 LM165015205 102 LM165013765 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 29682.1 31562.1 33663.5 35902.2 37876.0 39876.9 43580.9 50337.4 98 24306.3 26013.7 27932.2 30005.3 31734.3 33491.0 36756.7 42479.8 99 4859.3 5007.0 5162.5 5300.7 5515.5 5731.4 6134.4 7121.6 100 364.1 383.8 401.9 419.0 439.3 459.8 482.2 517.4 101 152.4 157.5 166.8 177.2 186.9 194.7 207.5 218.6 102 103 FL154090005 Financial assets 71449.0 72737.0 76044.4 83071.0 82165.0 93162.0 104884.7 118143.6 103 104 105 106 107 108 FL154000005 FL153020005 LM153091003 FL153030005 FL313131003 Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 8546.4 1086.1 45.7 7414.6 0.0 9216.0 1200.3 31.9 7983.8 0.0 9851.4 10216.4 10475.5 11086.9 13649.3 15544.3 104 1131.1 1341.2 1166.1 1201.5 3182.2 4280.2 105 26.3 39.0 41.8 40.6 48.5 48.2 106 8694.0 8836.2 9267.5 9844.8 10418.6 11215.9 107 0.0 0.0 0.0 0.0 0.0 0.0 108 157 Z.1, December 9, 2022 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 109 110 111 112 113 LM154022005 LM153061105 LM153061705 LM153062005 LM153063005 Debt securities Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 3983.3 605.9 235.1 1962.7 1179.6 3910.9 911.2 428.5 1929.1 642.1 3559.7 990.3 374.4 1912.4 282.6 3546.9 1021.1 397.2 1928.0 200.5 4217.1 1561.1 551.3 1881.4 223.3 4369.4 1621.4 559.5 1907.2 281.4 3936.8 1368.5 237.9 1929.6 400.8 2883.4 590.9 255.2 1806.0 231.3 114 115 116 FL154023005 FL154041005 FL153065005 Loans Short term Long term (mortgages) 1268.3 1154.8 113.5 1198.9 1100.2 98.7 1191.8 1098.3 93.5 1129.5 1039.3 90.2 1108.1 1023.7 84.4 1141.3 1059.2 82.1 1254.3 1173.8 80.5 1350.7 114 1264.1 115 86.6 116 117 118 119 120 121 122 FL153081005 LM153064105 LM153064205 FL153034005 LM152090205 LM153094305 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 31792.2 32146.2 34172.5 39182.5 37399.3 45266.1 52733.0 63031.0 117 13986.0 13803.1 15251.0 18038.7 16357.4 21081.6 26122.9 31940.7 118 7105.4 6997.7 7350.0 8706.3 8046.1 10008.8 10960.1 12755.8 119 1676.8 1723.6 1580.2 1653.1 1822.5 2273.5 2701.9 2803.3 120 9024.0 9621.8 9991.3 10784.5 11173.3 11902.2 12948.1 15531.1 121 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 122 123 124 125 126 127 128 FL153052005 FL153076005 FL153040005 FL153050005 FL153095105 FL313195105 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 25618.1 26024.1 27024.8 28735.5 28699.2 31024.0 32994.0 35032.5 123 485.1 511.4 542.4 574.0 591.9 603.9 625.2 666.1 124 1472.1 1510.9 1568.1 1626.6 1659.1 1731.3 1867.0 1944.9 125 23103.1 23431.2 24318.0 25915.9 25795.0 28005.8 29794.3 31677.5 126 300.4 306.0 318.8 331.8 352.2 367.6 383.8 398.9 127 257.3 264.7 277.6 287.1 301.0 315.4 323.6 345.1 128 129 FL163096005 Other accounts receivable 130 FL152100005 Total liabilities and net worth 131 FL154190005 132 FL163162003 Debt securities (municipals) 133 134 135 136 137 138 FL154123005 FL154141005 FL153166000 FL153168005 FL153169005 FL153165005 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 139 FL543077073 Insurance, pension and standardized guarantee schemes 140 FL163170005 Other accounts payable (trade debt) 141 FL152090005 Liabilities Net worth 240.7 241.0 244.2 260.2 265.8 274.4 317.4 109 110 111 112 113 301.7 129 101131.1 104299.0 109707.9 118973.2 120041.0 133038.9 148465.6 168481.0 130 14369.6 14563.0 14981.3 15534.4 15999.9 16499.7 17121.3 18358.9 131 227.2 219.0 215.8 216.9 214.5 211.6 201.7 200.1 132 13790.4 13971.1 14384.8 14928.6 15387.5 15881.7 16506.3 17737.1 4174.8 4239.5 4473.0 4740.4 4927.0 5147.6 5329.8 5724.5 3309.5 3400.2 3636.4 3830.8 4007.0 4192.2 4184.9 4430.8 235.8 280.6 291.3 299.1 339.0 350.2 370.7 423.8 629.5 558.7 545.3 610.5 580.9 605.2 774.3 869.8 9615.6 9731.6 9911.8 10188.2 10460.5 10734.1 11176.5 12012.6 133 134 135 136 137 138 29.9 31.6 31.3 33.1 35.0 36.5 36.6 38.1 139 322.1 341.3 349.5 355.9 362.9 369.9 376.7 383.7 140 86761.5 89736.0 94726.6 103438.8 104041.1 116539.3 131344.3 150122.1 141 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the 2004:Q4. (3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). (4) Includes variable annuities, including those in IRAs, at life insurance companies. (5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. 158 Z.1, December 9, 2022 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 3234.3 3296.0 3315.3 3488.1 3670.2 3792.9 3582.0 3890.0 1 291.6 302.2 310.0 322.5 337.6 351.8 364.8 392.7 2 Current account 1 FA116902505 Gross value added 2 FA116300001 Less: Consumption of fixed capital 3 4 5 6 7 8 FA116902605 FA116025001 FA116020001 FA116401005 FA116240101 FA116402105 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 2942.7 949.3 800.2 149.0 182.9 1810.6 2993.8 1002.2 847.2 155.0 203.5 1788.1 3005.2 1036.4 877.8 158.7 208.4 1760.4 3165.6 1087.5 921.2 166.3 223.8 1854.4 3332.5 1144.4 968.4 176.0 236.8 1951.3 3441.0 1204.8 1021.5 183.3 243.3 1992.9 3217.2 1172.7 993.3 179.5 27.9 2016.6 3497.3 1296.6 1104.7 191.9 92.6 2108.2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA116140001 FA116402105 FA116130101 FA116150005 FA116130001 FA116122001 FA113192281 FA116112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (interest received) Less: Uses of property income (paid) Interest Withdrawals from income of quasi-corporations (2) Reinvested earnings on foreign direct investment Rents on land and natural resources 28.1 1810.6 13.6 1796.0 215.8 1580.0 0.2 0.0 25.7 1788.1 14.6 1777.0 222.6 1554.2 0.2 0.0 22.7 1760.4 15.6 1753.3 232.6 1520.4 0.3 0.0 30.5 1854.4 17.8 1841.7 253.5 1587.9 0.3 0.0 29.9 1951.3 20.8 1942.2 257.7 1683.5 1.1 0.0 25.4 1992.9 21.9 1989.3 273.2 1714.6 1.5 0.0 24.5 2016.6 20.7 2012.8 289.5 1722.3 1.0 0.0 26.4 2108.2 16.4 2098.2 251.4 1844.3 2.4 0.0 9 10 11 12 13 14 15 16 17 18 FA116140001 FA116403001 Net national income/Balance of primary incomes, net Less: Other current transfers (paid) 28.1 28.1 25.7 25.7 22.7 22.7 30.5 30.5 29.9 29.9 25.4 25.4 24.5 24.5 26.4 26.4 17 18 19 FA116012005 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 FA116012005 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.4 0.0 -9.4 3.0 0.0 -3.0 0.0 0.0 0.0 0.0 0.0 0.0 5.2 0.0 -5.2 21 22 23 Capital account 21 22 23 FA116006305 FA116012005 FA115440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 24 25 26 27 28 29 FA115050985 FA115019085 FA115013085 FA115012005 FA116300001 FA115020005 Capital formation, net Gross fixed capital formation Nonresidential Residential Less: Consumption of fixed capital Change in private inventories 72.1 354.1 265.1 89.0 291.6 9.6 80.5 362.8 261.0 101.8 302.2 19.9 66.9 375.2 262.6 112.6 310.0 1.7 78.2 399.5 280.3 119.2 322.5 1.2 82.3 416.8 291.9 124.9 337.6 3.1 82.3 434.1 304.4 129.7 351.8 -0.0 68.4 444.9 302.2 142.7 364.8 -11.6 94.6 491.8 323.5 168.3 392.7 -4.5 24 25 26 27 28 29 30 FA115000905 Net lending (+) or borrowing (-), capital account (lines 21-24) -72.1 -80.5 -66.9 -68.9 -79.2 -82.3 -68.4 -89.5 30 Integrated Accounts Financial account 31 FA115000905 Net lending (+) or borrowing (-) (line 30) -72.1 -80.5 -66.9 -68.9 -79.2 -82.3 -68.4 -89.5 31 32 FA114090005 Net acquisition of financial assets 372.5 310.6 383.9 613.6 309.1 123.8 486.1 289.4 32 33 34 35 FA114000005 FA113020005 FA113030003 Currency and deposits Currency and transferable deposits Time and savings deposits 85.1 69.4 15.7 18.6 7.4 11.3 73.0 24.8 48.2 117.9 26.7 91.1 59.3 11.5 47.8 49.4 13.9 35.5 146.8 61.8 85.0 173.6 78.3 95.4 33 34 35 36 37 38 FA114022005 FA113061003 FA113062003 Debt securities Treasury securities Municipal securities -0.4 0.2 -0.7 6.0 5.7 0.3 2.8 2.0 0.9 6.9 6.1 0.8 1.9 2.2 -0.3 -3.2 -1.1 -2.1 3.0 2.7 0.3 2.7 2.2 0.5 36 37 38 39 40 41 FA114023005 FA113066003 FA113065005 Loans Short term (consumer credit) Long term (mortgages) -0.4 0.0 -0.4 7.1 0.0 7.1 -2.0 0.0 -2.0 8.4 0.0 8.4 1.0 0.0 1.0 1.7 0.0 1.7 4.3 0.0 4.3 3.8 0.0 3.8 39 40 41 42 43 44 FA113081005 FA113034003 FA113092405 Equity and investment fund shares Money market fund shares Equity in government-sponsored enterprises (3) 3.7 2.9 0.7 3.0 2.5 0.5 3.3 2.6 0.7 11.6 9.1 2.6 4.9 4.8 0.2 3.8 3.5 0.3 9.3 9.1 0.2 3.6 2.4 1.3 42 43 44 45 FA113076005 Insurance, pension and standardized guarantee schemes (4) 46 47 48 49 FA113096005 FA113070003 FA113072003 FA113093005 Other accounts receivable Trade receivables PPP subsidies receivable Other (miscellaneous assets) 50 FA114194005 51 52 53 54 55 56 57 FA114135005 FA114141005 FA113168005 FA113169005 FA114142005 FA113165005 FA115114305 Net incurrence of liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt 12.7 -10.2 -3.0 4.1 -1.3 10.0 6.9 17.2 45 271.9 21.4 0.0 250.5 286.1 -3.6 0.0 289.6 309.7 76.7 0.0 232.9 464.8 55.0 0.0 409.7 243.2 49.6 0.0 193.6 62.1 -89.4 0.0 151.4 315.8 47.1 134.8 134.0 88.5 46.6 -111.3 153.2 46 47 48 49 444.7 391.1 450.7 682.5 388.3 206.1 554.6 378.8 50 285.1 96.4 85.2 11.2 188.6 188.2 0.4 251.9 70.3 63.1 7.3 181.5 181.1 0.4 389.4 119.1 118.2 0.8 270.3 269.3 1.0 463.7 132.5 127.4 5.1 331.2 331.6 -0.4 297.8 86.3 77.5 8.8 211.5 206.8 4.7 113.8 26.0 17.4 8.6 87.8 87.8 0.0 428.1 194.2 98.1 96.1 234.0 234.9 -1.0 261.8 -28.1 -85.4 57.3 289.9 290.0 -0.1 51 52 53 54 55 56 57 159 Z.1, December 9, 2022 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 58 59 60 FA113181005 FA112090205 FA115114103 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the U.S.: equity 65.8 64.4 1.4 129.4 127.9 1.5 -215.8 -217.5 1.7 102.0 99.4 2.7 -27.3 -32.2 5.0 38.5 34.6 3.9 47.8 46.3 1.4 -21.5 -21.7 0.2 58 59 60 61 62 63 64 FA113196005 FA113170005 FA113178003 FA113193003 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 93.8 9.0 6.8 77.9 9.8 -16.0 5.2 20.7 277.1 65.8 10.0 201.4 116.8 7.8 4.6 104.4 117.8 5.7 18.5 93.6 53.8 -57.0 6.8 104.0 78.6 -27.0 13.1 92.5 138.5 58.0 5.0 75.5 61 62 63 64 65 FA115000005 -72.1 -80.5 -66.9 -68.9 -79.2 -82.3 -68.5 -89.5 65 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 -25.2 25.2 0.0 -13.4 13.4 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 -12.4 12.4 66 67 68 645.4 625.7 334.2 291.5 13.9 -2.9 16.8 1.8 4.0 461.8 499.8 342.3 157.5 12.0 -1.9 13.9 -0.1 -49.9 574.6 563.6 374.6 189.0 19.5 -2.5 22.0 3.2 -11.7 705.9 664.6 425.2 239.4 27.6 -1.4 29.0 5.8 7.8 472.1 434.6 403.4 31.2 36.8 3.3 33.5 3.5 -2.7 709.5 684.6 389.1 295.6 24.4 -2.3 26.7 4.2 -3.7 1000.7 948.5 634.8 313.7 42.7 6.1 36.7 12.3 -2.8 2624.4 2477.0 1697.6 779.4 93.2 5.8 87.4 7.3 46.8 69 70 71 72 73 74 75 76 77 2.1 -1.0 -1.0 0.1 -1.2 3.2 3.4 -4.2 78 647.5 -0.0 646.0 1.5 460.8 0.0 460.7 0.1 573.6 -0.1 570.6 3.2 715.4 0.1 713.2 2.1 474.0 0.1 455.9 18.0 712.7 -0.2 689.9 23.0 1004.1 -0.1 990.7 13.5 2625.4 -0.3 2601.7 23.9 79 80 81 82 0.0 -0.0 0.0 -9.4 -3.0 0.0 0.0 -5.2 83 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84 15464.6 16316.5 17340.8 18713.5 19562.4 20481.1 22039.8 25031.6 85 11233.3 11775.6 12417.0 13175.9 13716.8 14508.6 15577.7 18284.3 9929.9 10481.8 11109.2 11823.1 12314.0 13070.1 14100.0 16651.7 5389.4 5745.3 6140.4 6565.2 6977.5 7389.7 8055.8 9789.0 4540.5 4736.6 4968.8 5258.0 5336.5 5680.4 6044.3 6862.7 788.2 799.7 809.3 830.9 865.5 886.5 913.3 1000.4 47.0 47.9 48.5 50.2 56.4 56.7 65.7 75.6 741.2 751.8 760.8 780.7 809.1 829.8 847.6 924.9 224.4 233.3 247.8 262.1 277.2 295.6 322.4 347.9 290.7 260.8 250.8 259.8 260.2 256.4 242.0 284.3 86 87 88 89 90 91 92 93 94 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-50) Other changes in volume account 66 67 68 FV118090105 FV112010005 FV118090085 Total other volume changes Disaster losses Other volume changes 69 70 71 72 73 74 75 76 77 FR112010005 FR115035005 FR115035023 FR115035035 FR115015205 FR115012265 FR115013265 FR115013765 FR115020005 Nonfinancial assets Real estate Residential Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 78 FR114022005 Financial assets (debt securities) 79 80 81 82 FR114190085 FR115114305 FR112090205 FR115114103 Liabilities Direct investment in the U.S.: debt Equity in noncorporate business Direct investment in the U.S.: equity 83 FR118200005 Revaluation account Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 84 FC112090095 Change in net worth (lines 24+30+66+83) 85 FL112000005 86 87 88 89 90 91 92 93 94 LM112010005 LM115035005 LM115035023 LM115035035 LM115015205 LM115012265 LM115013265 LM115013765 LM115020005 Nonfinancial assets Real estate Residential (5) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 95 FL114090005 Financial assets 96 97 98 FL114000005 FL113020005 FL113030003 99 LM114022005 100 LM113061003 101 LM113062003 Total assets Currency and deposits Currency and transferable deposits Time and savings deposits Debt securities Treasury securities Municipal securities 4231.4 4540.9 4923.9 5537.6 5845.5 5972.6 6462.1 6747.2 95 1096.6 247.1 849.5 1115.2 254.5 860.8 1188.3 279.3 909.0 1306.1 306.0 1000.1 1365.4 317.5 1047.9 1414.8 331.4 1083.4 1561.6 393.2 1168.4 1735.2 471.5 1263.8 96 97 98 61.2 57.2 4.0 66.2 61.9 4.3 68.1 63.0 5.1 75.1 69.0 6.0 75.8 70.2 5.6 75.9 72.1 3.8 82.3 78.1 4.2 80.8 99 76.1 100 4.6 101 102 103 104 FL114023005 FL113066003 FL113065005 Loans Short term (consumer credit) Long term (mortgages) 34.5 0.0 34.5 41.5 0.0 41.5 39.5 0.0 39.5 48.0 0.0 48.0 49.0 0.0 49.0 50.7 0.0 50.7 55.0 0.0 55.0 58.7 102 0.0 103 58.7 104 105 106 107 FL113081005 FL113034003 FL113092405 Equity and investment fund shares Money market fund shares Equity in government-sponsored enterprises (3) 94.1 85.6 8.5 97.1 88.1 9.0 100.5 90.7 9.8 112.1 99.8 12.3 117.0 104.6 12.5 120.9 108.1 12.8 130.2 117.2 13.0 133.8 105 119.5 106 14.3 107 108 FL113076005 Insurance, pension and standardized guarantee schemes (4) 129.4 119.3 116.3 120.3 119.0 129.0 135.9 153.2 108 Integrated Accounts Balance sheet account (end of period) 160 Z.1, December 9, 2022 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 109 110 111 112 FL113096005 FL113070003 FL113072003 FL113093005 Other accounts receivable Trade receivables PPP subsidies receivable Other (miscellaneous assets) 113 FL112100005 Total liabilities and net worth 114 FL114194005 115 116 117 118 119 120 121 FL114135005 FL114141005 FL113168005 FL113169005 FL114142005 FL113165005 FL115114305 122 123 124 LM113181005 LM112090205 LM115114103 125 126 127 128 FL113196005 FL113170005 FL113178003 FL113193003 129 FL112090095 Liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the U.S.: equity Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) Net worth 2014 2015 2016 2017 2018 2019 2020 2021 2815.5 674.7 0.0 2140.8 3101.6 671.2 0.0 2430.4 3411.3 747.9 0.0 2663.3 3876.0 802.9 0.0 3073.1 4119.3 852.6 0.0 3266.7 4181.3 763.2 0.0 3418.1 4497.1 810.3 134.8 3552.1 4585.6 856.9 23.4 3705.3 15464.6 16316.5 17340.8 18713.5 19562.4 20481.1 22039.8 25031.6 113 15464.6 16316.5 17340.8 18713.5 19562.4 20481.1 22039.8 25031.6 114 4480.4 1309.5 1081.8 227.8 3170.9 3169.4 1.5 4727.5 1377.8 1144.9 233.0 3349.6 3347.8 1.9 5114.9 1496.9 1263.1 233.8 3617.9 3615.2 2.7 5577.0 1629.4 1390.5 239.0 3947.5 3945.2 2.4 5873.6 1715.8 1468.0 247.8 4157.8 4150.7 7.1 5986.3 1741.8 1485.4 256.4 4244.5 4237.5 7.0 6413.9 1936.0 1583.5 352.4 4477.9 4471.9 6.0 6675.1 1907.9 1498.1 409.8 4767.3 4761.6 5.7 8991.6 8978.9 12.7 9586.7 9571.4 15.3 9946.5 10740.2 11174.7 11927.0 12979.4 15571.4 122 9923.5 10715.8 11095.1 11818.8 12857.8 15425.0 123 22.9 24.4 79.6 108.2 121.6 146.4 124 1992.6 535.7 117.4 1339.4 2002.4 519.7 122.5 1360.1 2279.5 585.5 132.5 1561.5 2396.3 593.2 137.2 1665.9 2514.1 599.0 155.6 1759.5 2567.9 542.0 162.4 1863.5 2646.5 515.0 175.5 1956.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2785.1 573.0 180.5 2031.5 (1) Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (2) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (3) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (4) Net equity in reserves of property-casualty insurance companies. (5) Farm houses are included in the household sector. Integrated Accounts 109 110 111 112 115 116 117 118 119 120 121 125 126 127 128 0.0 129 161 Z.1, December 9, 2022 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 Current account 1 FA106902501 Gross value added 8785.5 9128.5 9238.2 9659.7 10188.6 10641.4 10351.0 11774.6 1 2 FA106300003 Less: Consumption of fixed capital 1349.2 1401.7 1430.2 1493.0 1562.5 1645.6 1709.3 1801.3 2 3 4 5 6 7 8 FA106902605 FA106025005 FA106020001 FA106401001 FA106240101 FA106402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 7436.2 5026.2 4197.2 829.0 767.6 1642.4 7726.8 5292.6 4430.6 862.0 772.8 1661.4 7808.0 5430.6 4560.3 870.3 785.7 1591.6 8166.7 5704.8 4786.1 918.7 827.3 1634.6 8626.0 6023.3 5049.1 974.2 882.5 1720.2 8995.9 6317.5 5301.2 1016.2 933.6 1744.8 8641.7 6327.8 5329.1 998.7 550.3 1763.5 9973.3 6955.6 5888.2 1067.4 789.2 2228.6 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 FA106140005 FA106402101 FA106150105 FA106130101 FA106121101 FA103092201 FA106150005 FA106130001 FA106121001 FA103192201 FA106112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations (dividends) Reinvested earnings on foreign direct investment Rent 959.3 1642.4 538.8 149.4 102.9 286.4 1221.9 419.7 700.5 78.9 22.9 911.6 1661.4 545.3 153.0 124.9 267.4 1295.1 439.6 766.0 71.6 17.9 778.5 1591.6 522.3 153.2 102.4 266.7 1335.4 461.6 793.1 65.0 15.6 829.5 1634.6 596.1 166.7 102.0 327.3 1401.2 480.9 822.8 80.6 16.9 889.2 1720.2 911.6 187.5 946.7 -222.6 1742.5 449.5 1172.7 100.8 19.5 859.8 1744.8 760.2 237.8 378.1 144.2 1645.2 513.9 1006.4 104.7 20.2 715.4 1763.5 556.3 201.0 197.9 157.4 1604.4 471.6 1048.1 67.5 17.3 1024.9 2228.6 528.7 171.0 55.0 302.8 1732.4 436.8 1097.2 178.9 19.6 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA106140005 FA106220001 FA106403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 959.3 290.7 79.4 911.6 283.2 99.3 778.5 261.9 74.9 829.5 214.2 95.2 889.2 212.3 99.2 859.8 196.6 92.2 715.4 204.0 88.3 1024.9 280.9 96.6 20 21 22 23 FA106012095 Equals: Disposable income, net 589.1 529.1 441.8 520.1 577.8 571.0 423.1 647.3 23 24 FA106012095 Equals: Net saving 589.1 529.1 441.8 520.1 577.8 571.0 423.1 647.3 24 25 26 27 FA106006385 FA106012095 FA105440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 595.8 589.1 -6.7 532.3 529.1 -3.2 439.1 441.8 2.6 319.3 520.1 200.8 584.0 577.8 -6.2 583.4 571.0 -12.4 409.4 423.1 13.6 657.2 647.3 -9.8 25 26 27 28 FA105050985 480.5 534.2 377.8 406.8 509.0 530.5 247.6 361.8 28 29 30 31 32 FA105019085 FA106300003 FA105420095 FA105020005 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets Change in private inventories 1753.8 1349.2 1.6 74.3 1789.5 1401.7 29.5 116.9 1766.2 1430.2 7.3 34.6 1868.7 1493.0 0.2 31.0 2017.4 1562.5 -1.8 56.0 2103.4 1645.6 -0.1 72.8 2001.0 1709.3 0.0 -44.2 2171.3 1801.3 6.4 -14.6 29 30 31 32 33 FA105000905 Net lending (+) or borrowing (-), capital account (lines 25-28) 115.3 -1.8 61.4 -87.5 75.0 52.9 161.9 295.4 33 61.4 -87.5 75.0 52.9 161.9 295.4 34 Capital account 34 FA105000905 Net lending (+) or borrowing (-) (line 33) 115.3 -1.8 35 FA104090005 Net acquisition of financial assets 673.4 1140.0 945.8 542.2 865.2 2395.8 394.8 1390.6 35 36 37 38 39 FA104000005 FA103020000 FA103030003 FA103091003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 19.9 116.8 -87.6 -9.3 41.3 49.4 10.9 -19.0 175.3 154.1 17.5 3.7 62.0 -49.2 -7.7 119.0 151.2 255.7 5.8 -110.3 173.0 134.0 14.3 24.7 513.2 432.5 76.7 4.0 163.8 141.3 -1.3 23.8 36 37 38 39 40 41 42 43 44 FA104022005 FA103069100 FA103061103 FA103061703 FA103062003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities 25.7 25.1 1.6 0.6 -1.6 3.7 7.8 -3.8 -1.3 1.0 -4.1 -6.9 4.2 1.3 -2.7 28.8 -8.8 30.1 10.0 -2.5 19.1 38.4 -15.6 -5.5 1.7 69.3 55.4 6.7 2.4 4.8 35.9 33.3 7.4 3.6 -8.4 24.4 2.1 16.9 5.0 0.3 40 41 42 43 44 45 46 47 FA104035005 FA104041005 FA104042005 Loans Short term Long term 22.0 27.4 -5.4 26.4 13.6 12.9 -14.0 26.8 -40.8 -82.9 -52.7 -30.2 59.0 -24.7 83.7 -94.5 -1.9 -92.6 -18.6 23.6 -42.2 -44.2 -11.8 -32.4 45 46 47 48 49 50 51 52 53 FA103081005 FA103034000 FA103064103 FA103064203 FA103092105 FA103092405 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares U.S. direct investment abroad: equity Equity in government-sponsored enterprises (2) 408.0 21.9 37.3 24.0 324.6 0.1 259.0 19.0 -42.1 12.2 269.8 0.1 222.4 -112.5 66.9 -5.4 273.4 0.1 330.4 68.7 -89.9 7.9 343.4 0.3 -316.9 -51.0 -40.7 -9.0 -216.3 0.1 223.6 108.4 10.2 5.3 99.7 0.1 230.2 122.2 -136.0 11.0 232.9 0.1 368.4 101.0 -102.8 23.1 347.0 0.2 48 49 50 51 52 53 54 FA103076005 Insurance, pension and standardized guarantee schemes (3) 10.2 2.3 6.6 13.9 11.4 15.0 22.0 36.0 54 55 FA103096005 Other accounts receivable 187.7 807.2 559.6 189.9 941.5 2009.3 -387.9 842.2 55 Integrated Accounts Financial account 162 Z.1, December 9, 2022 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2014 56 57 58 59 FA103070005 FA103072005 FA103094705 FA103093005 60 FA104194005 61 62 63 64 FA104122005 FA103169100 FA103162000 FA103163003 65 66 67 68 69 70 71 Trade receivables PPP subsidies receivable Other investment in finance company subsidiaries Other (miscellaneous assets) 2015 2016 2017 2018 2019 2020 2021 104.1 0.0 15.8 67.8 33.4 0.0 2.2 771.6 198.8 0.0 -13.1 373.9 163.4 0.0 12.5 14.0 396.3 0.0 2.5 542.7 540.5 0.0 -0.6 1469.4 -137.0 244.4 -3.0 -492.2 552.1 -171.8 -14.9 476.8 56 57 58 59 1016.4 1249.6 1023.3 337.9 924.1 2071.8 234.9 1113.1 60 Debt securities Open market paper Municipal securities Corporate bonds 321.4 37.5 -0.4 284.3 412.7 -3.0 13.6 402.1 291.7 1.8 21.4 268.5 330.7 25.9 17.4 287.4 153.2 -10.2 -2.4 165.8 278.1 -1.9 16.0 264.0 655.1 -62.3 5.1 712.4 215.4 6.0 10.5 198.9 61 62 63 64 FA104135005 FA104141005 FA103168005 FA103169005 FA104142005 FA103165005 FA103192305 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt 220.9 183.4 101.1 82.3 37.5 -17.7 55.2 228.4 96.5 104.0 -7.5 131.8 91.8 40.0 -22.3 -26.2 -4.0 -22.2 3.9 6.2 -2.3 24.8 67.3 -50.7 118.0 -42.4 -33.9 -8.5 139.3 114.6 103.8 10.8 24.7 97.6 -72.9 359.7 157.6 29.6 128.0 202.2 209.4 -7.3 352.2 341.0 153.0 188.1 11.2 75.0 -63.8 425.2 266.2 -38.3 304.5 159.1 139.4 19.7 65 66 67 68 69 70 71 72 73 74 FA103181005 FA103164103 FA103192105 Equity and investment fund shares Corporate equities Foreign direct investment in the U.S.: equity -148.7 -279.0 130.2 -63.4 -439.0 375.7 3.7 -409.6 413.3 9.0 -289.4 298.4 -304.9 -540.8 235.9 -130.6 -361.5 230.9 35.8 -121.6 157.4 22.3 -338.1 360.5 72 73 74 75 76 77 FA103152025 FA573074005 FA573073005 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 39.4 -2.9 42.2 74.6 15.2 59.5 64.8 8.8 55.9 -47.8 19.2 -67.0 41.1 -34.6 75.6 68.7 -4.6 73.3 -9.1 -2.4 -6.7 23.3 -2.8 26.1 75 76 77 78 79 80 81 FA103196005 FA103170005 FA103178005 FA103193005 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 583.4 148.5 12.2 422.6 597.3 24.3 -21.2 594.1 685.5 184.2 -8.1 509.3 21.1 81.3 220.4 -280.6 895.4 320.7 -11.3 586.0 1495.9 230.1 -7.5 1273.3 -799.1 -155.9 7.7 -650.9 426.9 451.9 -23.9 -1.1 78 79 80 81 82 FA105000005 -342.9 -109.6 -77.5 204.3 -58.8 324.0 159.9 277.5 82 -465.8 0.0 -5.5 458.2 2.1 -211.4 0.0 -47.4 107.8 56.3 -194.2 0.0 -50.8 138.9 4.5 273.2 -19.7 -45.4 -291.8 -46.4 289.3 -5.5 381.0 133.8 -47.6 331.3 0.0 61.6 -271.1 1.4 114.7 0.0 90.3 2.0 -26.4 119.6 -25.7 -93.6 17.9 -256.9 83 84 85 86 87 803.8 809.6 -13.3 20.2 -12.7 461.6 572.8 -60.7 -10.2 -40.2 645.6 578.0 -22.4 33.3 56.6 813.3 685.7 33.1 62.7 31.9 147.9 29.9 55.3 39.8 22.8 999.5 943.2 15.4 41.8 -0.9 1107.2 882.6 41.4 141.5 41.7 2745.2 2140.2 339.7 68.0 197.3 88 89 90 91 92 168.5 3.3 6.6 156.7 8.6 -247.7 241.1 -18.8 -0.6 3.7 -11.7 -6.5 -451.7 448.0 158.6 -0.8 -14.6 146.1 13.3 40.1 -25.5 363.7 0.5 8.9 326.2 37.0 944.7 -953.6 -142.7 -1.9 -0.7 -118.7 -22.0 -1164.9 1165.7 572.9 4.1 -0.6 517.7 51.2 975.2 -974.6 402.6 1.8 -0.0 361.4 39.4 326.2 -326.2 726.1 -4.7 0.0 684.0 46.8 959.1 -959.1 93 94 95 96 97 98 99 2988.8 -8.3 2733.6 255.2 -152.9 161.2 -590.5 2.0 -417.3 -173.1 43.6 -45.5 2246.2 -38.3 1948.9 297.3 -142.3 180.6 5217.4 13.2 4383.9 833.5 -270.1 256.9 -2250.7 9.1 -1663.1 -587.6 152.0 -161.2 8976.9 -8.7 7498.4 1478.5 -434.6 443.3 9992.4 -3.3 8939.1 1053.3 -310.5 313.8 11392.0 -15.0 9248.1 2143.9 -305.3 320.2 100 101 102 103 104 105 -2016.5 1033.3 -1442.0 -4040.4 2255.9 -7404.4 -8482.6 -7920.7 106 -1886.5 1354.1 -1197.1 -3448.0 3129.1 -6489.7 -7958.5 -7143.9 107 34121.7 36130.2 38220.4 40344.0 42157.2 47089.7 49147.1 54528.3 108 19264.0 10432.7 4486.1 20151.4 11129.4 4594.8 21137.2 11800.9 4695.7 22354.9 12578.9 4863.3 23045.6 12757.2 5089.1 24609.3 13910.2 5258.9 25869.2 14787.3 5344.8 29133.7 109 16936.4 110 5785.0 111 Net incurrence of liabilities Addendum: Net lending (+) or borrowing (-), financial account (lines 35-60) Other changes in volume account 83 84 85 86 87 FV108090105 FV102010005 FV108090085 FU107005045 FU105020601 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-82) (4) Less: Inventory valuation adjustment 88 89 90 91 92 FR102010005 FR105035005 FR105015205 FR105013765 FR105020015 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 93 94 95 96 97 98 99 FR108080095 FR104022005 FR103092305 FR103064103 FR103064203 FR103092105 FR103093005 Financial assets Debt securities Direct investment abroad: debt Corporate equities Mutual fund shares Direct investment abroad: equity Other accounts receivable (miscellaneous assets) Integrated Accounts Revaluation account 100 101 102 103 104 105 FR104190085 FR103192305 FR103164103 FR103192105 FR103152025 FR103193005 Liabilities Foreign direct investment in the U.S.: debt Corporate equity Foreign direct investment in the U.S.: equity Insurance, pension and standardized guarantee schemes Other accounts payable (miscellaneous liabilities) 106 FR108200005 Changes in net worth due to nominal holding gains/losses 107 FC102090095 Change in net worth (lines 28+33+83+106) (5) Changes in balance sheet account Balance sheet account (end of period) 108 FL102000005 109 110 111 LM102010005 LM105035005 LM105015205 Total assets Nonfinancial assets (6) Real estate Equipment 163 Z.1, December 9, 2022 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2015 2016 2017 2018 2019 2020 2021 2111.8 2233.5 2173.4 2253.8 2300.2 2340.4 2463.0 2449.7 2623.2 2576.1 2793.5 2646.6 3066.8 2670.4 3302.3 112 3110.0 113 14857.7 15978.9 17083.2 17989.1 19111.7 22480.4 23277.9 25394.6 114 1038.0 764.4 160.7 112.9 1079.2 813.8 171.6 93.9 1254.5 967.9 189.0 97.6 1316.5 918.6 181.3 216.6 1467.7 1174.3 187.2 106.3 1640.8 1308.3 201.5 131.0 2154.0 1740.9 278.1 135.0 2317.8 1882.2 276.8 158.8 115 116 117 118 112 113 LM105013765 LM105020015 114 FL104090005 115 116 117 118 FL104000005 FL103020000 FL103030003 FL103091003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 119 120 121 122 123 LM104022005 FL103069100 LM103061103 LM103061703 LM103062003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities 208.4 131.6 41.7 13.9 21.2 211.6 139.4 37.4 12.5 22.3 206.7 132.5 41.2 13.7 19.3 236.0 123.7 71.3 23.8 17.2 253.2 162.1 54.4 18.1 18.5 326.6 217.6 63.6 21.2 24.2 364.3 250.9 72.9 24.3 16.3 384.0 253.0 85.9 28.6 16.4 119 120 121 122 123 124 125 126 127 128 129 130 FL104035005 FL104041005 FL102051003 FL103066005 FL104042005 FL103065003 FL103092305 Loans Short term Security repurchases Consumer credit Long term Mortgages U.S. direct investment abroad: debt 335.2 88.1 50.4 37.7 247.1 29.0 218.1 365.4 101.7 64.6 37.1 263.7 52.6 211.1 336.8 128.5 90.3 38.2 208.3 29.8 178.5 262.8 75.8 39.6 36.2 187.0 32.2 154.8 282.0 51.1 14.6 36.5 231.0 34.2 196.8 187.0 49.2 13.4 35.8 137.8 36.4 101.3 169.7 72.8 37.0 35.8 96.9 44.4 52.5 125.5 61.0 25.1 35.8 64.5 51.1 13.4 124 125 126 127 128 129 130 131 132 133 134 135 136 FL103081005 FL103034000 LM103064103 LM103064203 LM103092105 FL103092405 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares U.S. direct investment abroad: equity Equity in government-sponsored enterprises (2) 7426.6 557.4 1553.8 242.4 5072.3 0.7 7295.0 576.4 1499.9 248.2 4969.7 0.8 7701.8 463.8 1712.9 256.0 5268.1 0.9 9348.2 532.5 1949.3 300.9 6564.3 1.2 7757.1 481.5 1789.9 269.8 5214.6 1.2 9463.1 589.9 2317.7 326.3 6227.9 1.3 10363.7 712.1 2543.2 376.7 6730.4 1.4 12430.5 813.1 3124.4 446.6 8044.9 1.5 131 132 133 134 135 136 137 FL103076005 Insurance, pension and standardized guarantee schemes (3) 138 139 140 141 142 FL103096005 FL103070005 FL103072005 FL103094705 FL103093005 Other accounts receivable Trade receivables PPP subsidies receivable Other investment in finance company subsidiaries Other (miscellaneous assets) 143 FL102100085 144 FL104194005 145 146 147 148 FL104122005 FL103169100 FL103162000 FL103163003 149 150 151 152 153 154 155 Financial assets 342.8 345.1 351.7 365.6 377.0 392.0 414.0 5506.6 2720.8 0.0 108.8 2677.1 6682.6 2754.2 0.0 111.3 3817.1 7231.7 2953.0 0.0 98.2 4180.5 6459.9 3116.4 0.0 110.7 3232.8 8974.6 3512.7 0.0 113.2 5348.7 10470.9 4053.2 0.0 112.5 6305.2 9812.1 3916.2 244.4 109.5 5542.0 34121.7 36130.2 38220.4 40344.0 42157.2 47089.7 49147.1 54528.3 143 44531.3 45185.7 48473.0 54044.6 52728.7 64150.9 74166.8 86691.9 144 Debt securities Open market paper Municipal securities Corporate bonds 5155.7 182.0 533.4 4440.2 5568.4 179.0 547.0 4842.4 5860.1 180.8 568.4 5110.9 6190.8 206.7 585.8 5398.3 6344.0 196.5 583.4 5564.2 6622.1 194.5 599.4 5828.2 7277.3 132.2 604.5 6540.6 7492.7 138.2 615.0 6739.4 145 146 147 148 FL104135005 FL104141005 FL103168005 FL103169005 FL104142005 FL103165005 LM103192305 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt 2963.7 2027.5 858.9 1168.6 936.3 470.4 465.9 3158.7 2082.4 951.1 1131.2 1076.3 568.5 507.9 3093.5 2056.1 947.1 1109.0 1037.3 570.1 467.2 3269.4 2261.2 896.4 1364.8 1008.1 536.2 471.9 3744.3 2709.8 1000.2 1709.6 1034.5 626.3 408.2 4097.2 2867.4 1029.8 1837.6 1229.8 837.6 392.2 4446.2 3208.5 1182.8 2025.7 1237.7 912.6 325.1 4843.0 3474.6 1144.4 2330.2 1368.4 1038.6 329.8 149 150 151 152 153 154 155 156 157 158 FL103181005 LM103164103 FL103192105 Equity and investment fund shares Corporate equity Foreign direct investment in the U.S.: equity 28049.8 23970.0 4079.8 27391.3 23113.6 4277.7 29659.0 24653.0 5006.0 34901.7 28747.5 6154.2 32356.8 26543.6 5813.2 41176.6 33680.5 7496.1 51168.3 42498.0 8670.3 62602.6 156 51408.0 157 11194.7 158 159 160 161 FL103152025 FL573074005 FL573073005 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 580.2 76.1 504.1 700.3 91.3 609.0 682.4 100.1 582.3 446.0 119.3 326.7 686.4 84.7 601.7 494.6 80.1 414.5 196.7 77.7 118.9 -1.3 159 74.9 160 -76.2 161 162 163 164 165 FL103196005 FL103170005 FL103178005 FL103193005 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 7781.9 2079.8 95.4 5606.7 8367.1 2104.1 74.2 6188.8 9178.1 2288.3 66.1 6823.6 9236.8 2369.7 286.6 6580.6 9597.1 2690.4 275.3 6631.5 11760.4 2920.5 267.7 8572.2 11078.4 2764.6 275.4 8038.4 166 FL102090095 -10409.6 -9055.5 -10252.6 -13700.6 -10571.5 -17061.2 -25019.7 Total liabilities and net worth Liabilities Net worth 450.0 137 9686.8 4468.3 72.7 94.6 5051.2 11755.0 3216.5 251.5 8287.0 138 139 140 141 142 162 163 164 165 -32163.6 166 (1) Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) Net equity in reserves of property-casualty insurance companies. (4) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (5) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States. (6) Excludes nonproduced nonfinancial assets. Integrated Accounts Intellectual property products Inventories 2014 164 Z.1, December 9, 2022 S.6.a Financial Business (1) Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 1308.7 1391.9 1480.9 1537.6 1663.4 1734.9 1827.5 2046.1 1 190.3 199.2 210.7 222.8 235.3 252.2 266.8 286.0 2 Current account 1 FA796902505 Gross value added 2 FA796300081 Less: Consumption of fixed capital 3 4 5 6 7 8 FA796902605 FA796025005 FA796020001 FA796401001 FA796240101 FA796402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 1118.3 681.1 582.1 99.0 63.3 373.9 1192.7 715.7 611.2 104.5 67.2 409.7 1270.2 734.1 625.5 108.7 74.5 461.6 1314.8 787.6 668.5 119.1 68.4 458.7 1428.1 819.1 693.1 126.0 81.9 527.0 1482.7 851.7 727.2 124.5 72.1 558.9 1560.7 910.5 787.5 122.9 75.2 575.0 1760.1 991.9 859.7 132.2 72.2 696.0 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA796140005 FA796402101 FA796150105 FA796130101 FA796121101 FA793092281 FA796150005 FA796130001 FA796120005 FA796121001 FA796122001 FA793192281 FA796112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (2) Reinvested earnings on foreign direct investment Rents on land and natural resources 160.4 373.9 2096.5 1594.7 450.3 51.4 2310.0 1484.3 810.1 787.2 22.9 15.6 0.0 107.2 409.7 2117.5 1603.3 463.5 50.6 2420.1 1567.8 838.6 824.6 14.0 13.7 0.0 211.3 461.6 2204.5 1691.1 467.5 46.0 2454.8 1614.4 827.2 780.5 46.7 13.2 0.0 151.7 458.7 2409.7 1826.9 526.4 56.3 2716.7 1785.4 917.1 859.4 57.7 14.2 0.0 216.5 527.0 2677.1 2034.5 681.5 -38.8 2987.6 2039.6 931.0 892.9 38.1 17.0 0.0 150.0 558.9 2771.2 2183.7 559.7 27.7 3180.0 2139.9 1022.3 981.9 40.4 17.8 0.0 128.3 575.0 2468.1 1806.2 628.9 33.0 2914.9 1836.5 1066.3 1000.3 66.0 12.1 0.0 233.8 696.0 2344.2 1594.2 685.9 64.0 2806.4 1657.5 1118.0 1045.3 72.7 30.8 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA796140005 FA796220001 FA796403005 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 160.4 116.3 16.1 107.2 113.1 23.9 211.3 114.3 66.7 151.7 83.2 21.5 216.5 85.4 33.1 150.0 100.8 46.7 128.3 84.9 36.6 233.8 107.3 50.3 22 23 24 25 FA796012095 Equals: Disposable income, net 28.0 -29.8 30.3 47.0 98.1 2.5 6.8 76.2 25 26 FA796012095 Equals: Net saving 28.0 -29.8 30.3 47.0 98.1 2.5 6.8 76.2 26 18.0 28.0 10.0 -29.8 -29.8 0.0 28.5 30.3 1.8 -29.6 47.0 76.6 81.2 98.1 16.9 2.5 2.5 0.0 6.8 6.8 0.0 53.6 76.2 22.7 27 28 29 Capital account 27 28 29 FA796006385 FA796012095 FA795440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 FA795015085 FA795013005 FA796300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 28.4 218.7 190.3 42.3 241.5 199.2 48.6 259.3 210.7 37.0 259.8 222.8 45.8 281.1 235.3 58.2 310.4 252.2 30.3 297.2 266.8 37.1 323.1 286.0 30 31 32 33 FA795000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -10.4 -72.0 -20.1 -66.6 35.5 -55.7 -23.5 16.4 33 -10.4 -72.0 -20.1 -66.6 35.5 -55.7 -23.5 16.4 34 2654.4 1212.1 2062.2 2882.6 1690.1 3461.9 9831.9 7513.6 35 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 Integrated Accounts Financial account 34 FA795000995 Net lending (+) or borrowing (-) (line 33) 35 FA794090005 Net acquisition of financial assets 36 FA713011203 Monetary gold 37 FA794000005 Currency and deposits 207.2 -604.1 -529.8 276.1 -407.2 86.8 1706.7 602.2 37 38 39 40 41 42 43 FA794022005 FA793069175 FA793061105 FA793061705 FA793062005 FA793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 941.4 -43.3 661.8 77.4 5.5 240.1 613.4 9.0 343.8 11.2 48.5 201.0 1157.6 -87.2 770.7 300.2 24.3 149.5 872.1 92.0 133.0 270.0 44.4 332.8 1006.8 1.3 737.1 -18.1 -46.5 333.0 1141.5 -10.9 698.2 194.0 67.9 192.4 6429.1 -45.0 4561.5 1017.7 117.2 777.7 3084.5 19.2 1320.7 641.8 174.0 928.8 38 39 40 41 42 43 44 45 46 FA794035005 FA794041005 FA794042005 Loans Short term Long term 791.0 590.5 200.5 818.6 443.6 375.0 893.0 393.6 499.4 1336.2 759.1 577.2 1183.6 598.3 585.4 1369.1 795.6 573.5 892.2 157.9 734.3 2854.2 1632.1 1222.0 44 45 46 47 48 49 50 51 52 53 54 FA793081005 FA793064105 FA793064205 FA793034005 FA793092405 FA793092105 FA713164003 FA793094605 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment abroad: equity Stock in Federal Reserve Banks Equity investment in subsidiaries 111.8 -4.9 25.9 6.9 0.3 20.3 1.1 62.1 255.1 235.2 -13.8 -65.2 0.7 22.7 0.9 74.6 48.4 -172.2 -82.1 139.3 1.9 52.4 1.0 108.3 93.4 79.6 -32.1 14.3 1.4 49.1 0.9 -19.7 -79.8 -142.7 -100.9 30.7 0.8 -3.1 0.9 134.3 -19.7 -223.1 -54.6 135.7 -4.0 57.5 -0.6 69.4 -122.6 -372.3 -52.2 171.4 -7.1 58.3 0.7 78.7 134.8 86.1 -328.9 198.7 -2.3 79.1 1.5 100.6 47 48 49 50 51 52 53 54 55 FA793052005 Insurance, pension and standardized guarantee schemes 268.9 288.4 401.0 267.0 294.5 273.6 373.1 370.0 55 56 FA793096005 Other accounts receivable 334.0 -159.3 92.1 37.7 -307.9 610.6 553.4 467.9 56 165 Z.1, December 9, 2022 S.6.a Financial Business (1) Billions of dollars Net incurrence of liabilities 2014 2015 2016 2017 2018 2019 2020 2021 57 FA794194005 2625.6 1203.6 1814.2 2932.2 1589.1 3450.2 9696.7 7133.1 57 58 FA794100005 Currency and deposits 935.0 237.1 459.7 792.8 494.3 866.3 6597.7 1753.0 58 59 60 61 62 FA794122005 FA423161705 FA793163005 FA793169175 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 135.6 150.3 40.3 -55.0 207.0 220.4 -34.6 21.1 309.0 351.7 -12.4 -30.2 378.3 346.6 44.8 -13.1 272.2 246.9 59.4 -34.1 497.5 318.6 105.1 73.8 951.7 658.2 270.6 23.0 799.1 612.9 232.4 -46.2 59 60 61 62 63 64 65 FA794135005 FA794141005 FA794142005 Loans Short term Long term 208.5 188.9 19.6 29.4 8.2 21.1 168.1 60.0 108.1 63.8 57.5 6.3 -28.9 21.3 -50.1 140.2 151.4 -11.2 -147.2 -155.1 7.9 1858.9 1863.1 -4.3 63 64 65 66 67 68 69 70 71 72 73 74 75 FA793181005 FA634090005 FA793164105 FA653164205 FA403192405 FA793192105 FA662090003 FA793194605 FA713164005 FA503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent Equity in Federal Reserve Banks Equity investment in Federal Reserve facilities 669.2 25.7 249.4 311.0 1.2 14.4 4.3 62.1 1.1 0.0 463.3 5.2 228.1 98.7 1.3 49.2 5.3 74.6 0.9 0.0 249.6 -123.0 255.6 28.4 2.7 -40.7 17.3 108.3 1.0 0.0 920.6 165.3 419.0 317.7 4.2 32.2 1.0 -19.7 0.9 0.0 528.2 169.2 199.0 -64.0 1.1 78.1 9.5 134.3 0.9 0.0 1243.5 712.8 209.9 208.3 -3.7 42.2 5.2 69.4 -0.6 0.0 1236.1 763.5 499.4 -229.1 -6.8 9.0 6.9 78.7 2.2 112.5 1543.5 439.5 843.8 215.7 -0.9 20.1 15.8 100.6 0.0 -91.2 66 67 68 69 70 71 72 73 74 75 76 FA583152005 Insurance, pension and standardized guarantee schemes 431.8 497.8 501.0 626.5 442.8 534.7 733.9 568.6 76 77 FA793196005 Other accounts payable 245.5 -230.9 126.7 150.2 -119.5 167.9 324.4 610.0 77 78 FA795000005 28.8 8.6 248.0 -49.6 101.0 11.8 135.3 380.5 78 -78.1 0.0 -117.3 -39.2 64.4 0.0 -16.2 -80.6 342.0 0.0 74.0 -268.1 -50.9 -1.8 -66.0 -17.0 241.6 -2.4 178.4 -65.5 -226.8 0.0 -294.3 -67.5 251.8 0.0 93.0 -158.8 455.4 -0.4 91.7 -364.1 79 80 81 82 23.0 23.6 0.7 -1.4 12.9 19.5 -3.8 -2.8 14.5 17.9 -3.3 -0.2 31.5 33.1 -0.5 -1.1 59.3 56.3 3.4 -0.5 41.4 43.3 -1.2 -0.6 25.9 19.8 4.2 1.9 252.8 211.2 43.4 -1.8 83 84 85 86 4326.3 -1001.4 0.0 5189.2 956.6 202.3 -1020.4 87 88 89 90 91 92 93 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) Other changes in volume account 79 80 81 82 FV798090185 FV795013865 FV798090085 FU797005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (4) Revaluation account 83 84 85 86 FR795013865 FR795013665 FR795013265 FR795013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 87 88 89 90 91 92 93 FR794090085 FR794022005 FR793092305 FR793064105 FR793064205 FR793092105 FR593052025 Financial assets Debt securities U.S. direct investment abroad: debt Corporate equities Mutual fund shares U.S. direct investment abroad: equity Insurance, pension, and standardized guarantee schemes 1495.1 633.9 1.2 977.3 223.3 -41.8 -298.8 -1009.9 -490.7 0.7 -458.4 -120.9 -88.0 147.5 1198.7 -40.3 -2.5 1174.9 341.7 7.7 -282.8 3823.5 212.2 1.5 3385.1 767.9 160.8 -704.0 -2699.9 -640.3 -0.1 -1815.0 -402.0 -199.5 357.0 6197.2 1297.5 -0.1 4517.7 1054.8 192.5 -865.1 4541.7 848.8 0.0 3578.9 815.0 82.3 -783.4 94 95 96 97 98 99 100 101 FR794190085 FR793192305 FR793164105 FR653164205 FR793192105 FR662090003 FR793194605 FR583152005 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Mutual fund shares Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent Insurance, pension and standardized guarantee schemes 1602.3 -1.7 648.8 506.7 49.7 0.0 0.0 398.8 -796.6 0.4 -242.6 -352.1 -38.7 0.0 0.0 -163.5 1967.7 -8.9 771.9 689.9 38.3 0.0 0.0 476.6 4439.4 6.0 1266.5 1965.7 123.5 0.0 0.0 1077.6 -2793.3 4.2 -981.1 -1165.2 -119.6 0.0 0.0 -531.6 6645.3 -4.1 2003.5 2781.4 266.5 0.0 0.0 1597.9 4065.9 -1.5 425.3 2132.1 226.9 0.0 0.0 1283.2 7617.0 94 -8.0 95 3370.8 96 2430.5 97 301.9 98 0.0 99 0.0 100 1521.7 101 102 FR798200005 -84.2 -200.3 -754.5 -584.4 152.7 -406.7 501.6 -3037.9 102 -144.3 -165.7 -384.0 -664.9 475.5 -631.0 760.2 -2528.9 103 91602.3 91378.2 94859.8 101693.8 101004.6 110890.0 125469.1 137926.1 104 1738.8 1021.4 552.7 164.7 1794.1 1038.9 582.0 173.2 1857.1 1059.7 607.2 190.2 1923.8 1096.4 620.5 206.8 2026.4 1158.3 642.6 225.4 2126.0 1213.1 658.9 253.9 2182.1 1243.7 655.8 282.7 Changes in net worth due to nominal holding gains/losses 103 FC792090095 Change in net worth (lines 30+33+79+102) 104 FL792000095 Total assets 105 106 107 108 LM795013865 LM795013665 LM795013265 LM795013765 Balance sheet account (end of period) Nonfinancial assets (5) Structures (nonresidential) Equipment Intellectual property products 2471.6 1460.0 697.8 313.9 105 106 107 108 Integrated Accounts Changes in balance sheet account 166 Z.1, December 9, 2022 S.6.a Financial Business (1) Integrated Accounts Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 109 FL794090005 Financial assets 89863.4 89584.1 93002.6 99770.0 98978.2 108764.1 123287.0 135454.4 109 110 FL713011203 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 110 111 FL794000005 Currency and deposits 4214.2 3593.3 3074.4 3383.1 2975.5 3049.3 4757.4 5357.5 111 112 113 114 115 116 117 FL794022005 FL793069175 FL793061105 FL793061705 FL793062005 FL793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 23671.0 604.2 7143.2 6553.2 1987.9 7382.5 23769.4 614.6 7404.3 6478.9 2033.7 7237.9 24893.1 527.8 8110.3 6717.3 2021.9 7515.8 25971.1 618.8 8256.9 7001.0 2096.5 7997.8 26339.6 620.6 8948.2 6910.0 2009.7 7851.1 28883.4 613.2 9871.4 7333.4 2146.2 8919.2 36105.6 511.2 14727.7 8412.6 2316.5 10137.7 38275.3 616.9 15700.9 8844.1 2469.5 10643.8 118 119 120 FL794035005 FL794041005 FL794042005 Loans Short term Long term 22784.0 9771.5 13012.5 23419.9 10041.3 13378.5 24274.3 10434.9 13839.3 25665.8 11274.8 14391.0 26825.9 11876.7 14949.2 28175.4 12671.3 15504.1 29063.7 12833.9 16229.8 31930.4 118 14466.0 119 17464.4 120 121 122 123 124 125 126 127 128 FL793081005 LM793064105 LM793064205 FL793034005 FL793092405 LM793092105 FL713164003 FL793094605 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment abroad: equity Stock in Federal Reserve Banks Equity investment in subsidiaries 25597.5 16449.2 5115.1 631.5 33.7 987.3 28.6 2352.1 24907.0 16226.0 4980.4 566.4 34.4 842.7 29.5 2227.8 26435.7 17228.7 5239.9 705.6 36.3 917.7 30.4 2277.0 30810.0 20693.5 5975.7 719.9 37.7 1119.5 31.4 2232.5 28333.1 18735.7 5472.7 750.6 38.5 924.4 32.3 2378.7 33658.5 22718.9 6325.9 886.4 34.5 1236.0 31.7 2425.2 38006.2 25900.5 7088.7 1057.8 27.4 1431.9 32.4 2467.6 44462.8 31165.8 7716.4 1256.5 25.1 1704.7 33.9 2560.4 129 FL793052005 Insurance, pension and standardized guarantee schemes 7569.9 8075.8 8292.7 7967.4 8719.0 8327.2 7990.6 7410.8 129 130 FL793096005 Other accounts receivable 6015.8 5807.7 6021.5 5961.6 5774.1 6659.3 7352.4 8006.6 130 131 FL792100005 Total liabilities and net worth 91602.3 91378.2 94859.8 101693.8 101004.6 110890.0 125469.1 137926.1 131 132 FL794194005 91990.3 91931.9 95797.4 103296.3 102131.7 112648.1 126467.0 141452.9 132 133 FL794100005 Currency and deposits 16704.4 16941.5 17401.2 18194.0 18688.4 19554.6 26152.3 27905.3 133 134 135 136 137 FL794122005 FL423161705 FL793163005 FL793169175 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 12781.4 7924.0 4322.3 535.1 12755.1 8144.4 4054.4 556.3 12936.3 8496.1 3914.2 526.0 13278.1 8842.7 3922.5 512.9 13535.1 9089.6 3966.6 478.8 14025.6 9408.3 4064.8 552.6 14971.3 10066.5 4329.3 575.6 15764.6 10679.4 4555.8 529.4 138 139 140 FL794135005 FL794141005 FL794142005 Loans Short term Long term 5068.9 4743.7 325.2 5101.5 4754.8 346.7 5260.8 4814.8 445.9 5330.5 4872.3 458.2 5305.9 4893.6 412.3 5438.2 5045.0 393.3 5289.5 4889.9 399.6 141 142 143 144 145 146 147 148 149 150 FL793181005 FL634090005 LM793164105 LM653164205 FL403192405 LM793192105 LM662090003 FL793194605 FL713164005 FL503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent Equity in Federal Reserve Banks Equity investment in Federal Reserve facilities 26851.4 3073.0 7355.8 13150.6 42.9 803.2 45.1 2352.1 28.6 0.0 26486.0 3078.2 7341.3 12897.2 44.2 817.4 50.4 2227.8 29.5 0.0 28156.1 2955.2 8368.7 13615.6 46.9 794.4 67.7 2277.0 30.4 0.0 32394.7 3120.5 10054.2 15899.0 51.1 937.2 68.7 2232.5 31.4 0.0 30625.9 3289.7 9272.1 14669.8 52.2 852.7 78.2 2378.7 32.3 0.0 36922.7 4002.5 11485.5 17659.5 48.6 1186.2 83.5 2425.2 31.7 0.0 40944.7 4765.9 12410.2 19562.6 41.8 1460.0 90.3 2467.6 33.9 112.5 48563.0 5205.5 16624.9 22208.8 40.9 1761.4 106.1 2560.4 33.9 21.3 151 FL583152005 Insurance, pension and standardized guarantee schemes 27125.7 27529.9 28623.6 30439.5 30450.9 32853.9 34938.1 37135.6 151 152 FL793196005 Other accounts payable 3458.5 3117.9 3419.4 3659.4 3525.6 3853.0 4171.0 4914.7 152 153 FL792090095 -388.0 -553.7 -937.6 -1602.5 -1127.1 -1758.1 -997.9 -3526.8 153 Liabilities Net worth 112 113 114 115 116 117 121 122 123 124 125 126 127 128 134 135 136 137 7169.7 138 6751.8 139 417.9 140 (1) Financial business includes depository institutions, insurance companies, pension funds, monetary authority, and other financial institutions. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (2) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (3) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (4) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (5) Excludes land. Includes corporate and noncorporate financial business. 141 142 143 144 145 146 147 148 149 150 167 Z.1, December 9, 2022 S.61.a Central Bank Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 Current account 1 FA716902505 Gross value added 4.1 4.1 7.4 14.5 20.6 19.7 5.6 3.5 1 2 FA716330085 Less: Consumption of fixed capital 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.9 2 3 4 5 6 7 8 FA716902605 FA716025005 FA716020001 FA716401001 FA716240101 FA716402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 3.3 2.3 2.0 0.3 0.0 1.1 3.4 2.3 2.1 0.3 0.0 1.0 6.6 2.5 2.2 0.3 0.0 4.1 13.7 2.7 2.3 0.3 0.0 11.0 19.8 2.8 2.5 0.3 0.0 17.0 18.9 3.0 2.6 0.4 0.0 16.0 4.7 3.1 2.8 0.3 0.0 1.6 2.6 3.3 3.0 0.4 0.0 -0.8 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA716140005 FA716402101 FA716150105 FA716130101 FA716121101 FA713092281 FA716150005 FA716130001 FA716120005 FA716121001 FA716122001 FA713192281 FA716112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 7.5 1.1 115.9 115.9 0.0 0.0 109.5 11.0 98.6 98.6 0.0 0.0 0.0 -15.5 1.0 113.6 113.6 0.0 0.0 130.2 11.3 118.8 118.8 0.0 0.0 0.0 2.5 4.1 111.1 111.1 0.0 0.0 112.6 20.5 92.2 92.2 0.0 0.0 0.0 -0.3 11.0 113.6 113.6 0.0 0.0 125.0 43.6 81.3 81.3 0.0 0.0 0.0 -0.6 17.0 112.3 112.3 0.0 0.0 129.8 63.5 66.3 66.3 0.0 0.0 0.0 2.4 16.0 102.7 102.7 0.0 0.0 116.3 60.7 55.6 55.6 0.0 0.0 0.0 1.5 1.6 101.5 101.5 0.0 0.0 101.6 14.4 87.3 87.3 0.0 0.0 0.0 2.4 -0.8 122.6 122.6 0.0 0.0 119.3 9.7 109.6 109.6 0.0 0.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA716140005 FA716220001 FA716403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 7.5 0.0 1.9 -15.5 0.0 1.9 2.5 0.0 2.0 -0.3 0.0 2.0 -0.6 0.0 2.0 2.4 0.0 2.2 1.5 0.0 2.3 2.4 0.0 2.6 22 23 24 25 FA716012005 Equals: Disposable income, net 5.6 -17.4 0.5 -2.4 -2.6 0.2 -0.8 -0.2 25 26 FA716012005 Equals: Net saving 5.6 -17.4 0.5 -2.4 -2.6 0.2 -0.8 -0.2 26 5.6 5.6 0.0 -17.4 -17.4 0.0 0.5 0.5 0.0 -2.4 -2.4 0.0 -2.6 -2.6 0.0 0.2 0.2 0.0 -0.8 -0.8 0.0 -0.2 -0.2 0.0 27 28 29 -0.2 0.6 0.8 -0.2 0.6 0.8 -0.1 0.7 0.8 -0.1 0.7 0.8 -0.1 0.7 0.8 -0.1 0.7 0.8 0.0 0.9 0.8 0.0 0.9 0.9 30 31 32 5.8 -17.2 0.6 -2.3 -2.5 0.4 -0.8 -0.2 33 Capital account 27 28 29 FA716006385 FA716012005 FA715440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 FA715015085 FA715013085 FA716330085 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 FA715000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 34 FA715000995 Net lending (+) or borrowing (-) (line 33) 35 FA714090005 Net acquisition of financial assets 36 37 FA713011203 FA714000005 Monetary gold Currency and deposits 38 39 40 41 FA714022005 FA713069603 FA713061103 FA713061705 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) 42 43 44 FA714041005 FA713064103 FA713096105 Loans (short term) Equity shares Other accounts receivable 45 FA714190005 Net incurrence of liabilities 46 47 48 49 FA714100005 FA712151003 FA713164005 FA713193005 50 FA715000005 Currency and deposits Loans Equity shares Other accounts payable Addendum: Net lending (+) or borrowing (-), financial account (lines 35-45) 5.8 -17.2 0.6 -2.3 -2.5 0.4 -0.8 -0.2 34 475.6 -11.4 -31.1 -2.6 -389.8 116.4 3083.6 1480.7 35 0.0 1.4 0.0 1.9 0.0 0.1 0.0 0.8 0.0 0.5 0.0 0.5 0.0 0.5 0.0 0.3 36 37 472.9 0.0 236.8 236.1 -10.4 0.0 -15.6 5.1 -35.8 0.0 -13.3 -22.5 -10.9 0.0 -21.7 10.8 -379.5 0.0 -243.3 -136.2 -137.5 0.0 99.1 -236.6 3217.0 0.0 2554.3 662.7 1537.1 0.0 961.6 575.5 38 39 40 41 1.2 0.0 0.0 -0.6 0.0 -2.3 4.5 0.0 0.1 6.6 0.0 0.9 -7.9 0.0 -3.0 255.1 0.0 -1.7 -144.7 0.0 10.8 -55.9 0.0 -0.8 42 43 44 474.5 7.1 -31.1 -2.6 -386.6 116.4 3083.7 1480.7 45 279.7 193.9 1.1 -0.2 -197.9 202.6 0.9 1.5 -45.6 12.8 1.0 0.6 157.7 -161.3 0.9 -0.0 -128.7 -259.9 0.9 1.1 83.9 32.6 -0.6 0.5 3200.3 -120.6 2.2 1.8 -487.5 1967.0 0.0 1.3 46 47 48 49 1.1 -18.5 0.0 -0.0 -3.2 0.0 -0.1 -0.1 50 Integrated Accounts Financial account 168 Z.1, December 9, 2022 S.61.a Central Bank Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 Other changes in volume account 51 52 53 54 FV718090185 FV712010095 FV718090085 FU717005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-50) (3) -4.7 0.0 0.0 4.7 -1.3 0.0 0.0 1.3 -0.6 0.0 0.0 0.6 2.3 0.0 0.0 -2.3 -0.7 0.0 0.0 0.7 -0.4 0.0 0.0 0.4 0.7 0.0 0.0 -0.7 0.2 0.0 0.0 -0.2 51 52 53 54 0.2 0.2 -0.0 -0.0 0.1 0.2 -0.0 -0.0 0.1 0.1 -0.0 0.0 0.2 0.2 0.0 0.0 0.4 0.4 -0.0 0.0 0.3 0.3 -0.0 0.0 0.2 0.2 -0.0 0.0 1.5 1.4 0.0 0.0 55 56 57 58 Revaluation account 55 56 57 58 FR712010095 FR715013665 FR715013265 FR715013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 59 FR714022005 Financial assets (debt securities) 227.3 -67.6 -39.9 13.6 -86.3 166.8 193.4 -226.1 59 60 FR718200005 Changes in net worth due to nominal holding gains/losses 227.5 -67.4 -39.8 13.8 -85.9 167.1 193.6 -224.7 60 228.4 -86.2 -39.9 13.7 -89.2 166.9 193.5 -224.7 61 4721.2 4642.2 4571.2 4582.3 4106.5 4389.9 7667.1 8923.1 62 10.2 7.9 1.5 0.8 10.2 8.0 1.4 0.8 10.2 8.0 1.3 0.9 10.3 8.1 1.3 1.0 10.6 8.4 1.2 1.0 10.8 8.6 1.1 1.1 11.0 8.7 1.1 1.2 12.5 10.0 1.1 1.4 63 64 65 66 4711.0 4632.0 4561.0 4572.0 4095.9 4379.1 7656.1 8910.6 67 11.0 66.7 11.0 67.0 11.0 67.1 11.0 69.6 11.0 69.7 11.0 70.0 11.0 71.9 11.0 70.5 68 69 4599.3 0.0 2736.3 1863.0 4521.3 0.0 2675.9 1845.4 4445.6 0.0 2640.7 1804.9 4448.3 0.0 2633.0 1815.3 3982.6 0.0 2338.0 1644.6 4011.9 0.0 2540.7 1471.1 7422.2 0.0 5254.6 2167.7 8733.2 0.0 6052.1 2681.1 70 71 72 73 1.7 0.0 32.3 1.1 0.0 31.5 5.6 0.0 31.7 12.2 0.0 30.9 4.3 0.0 28.3 259.4 0.0 26.9 114.7 0.0 36.3 58.8 0.0 37.2 74 75 76 4721.2 4642.2 4571.2 4582.3 4106.5 4389.9 7667.1 8923.1 77 4513.4 4520.5 4489.4 4486.8 4100.2 4216.6 7300.3 8781.0 78 3970.0 509.8 28.6 5.0 3772.2 712.4 29.5 6.5 3726.6 725.2 30.4 7.2 3884.3 564.0 31.4 7.1 3755.6 304.0 32.3 8.2 3839.5 336.6 31.7 8.7 7039.8 216.1 33.9 10.5 6552.3 2183.0 33.9 11.8 79 80 81 82 207.8 121.6 81.8 95.5 6.4 173.3 366.8 142.2 83 Changes in balance sheet account 61 FC712090095 Change in net worth (lines 30+33+51+60) 62 FL712000095 Total assets 63 64 65 66 LM712010095 LM715013665 LM715013265 LM715013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 67 FL714090005 Financial assets 68 69 FL713011203 FL714000005 Monetary gold Currency and deposits 70 71 72 73 LM714022005 FL713069603 LM713061103 LM713061705 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) 74 75 76 FL714041005 FL713064103 FL713096105 Loans (short term) Equity shares Other accounts receivable 77 FL712100005 Total liabilities and net worth 78 FL714190005 79 80 81 82 FL714100005 FL712151003 FL713164005 FL713193005 83 FL712090095 Balance sheet account (end of period) Liabilities Currency and deposits Loans Equity shares Other accounts payable Net worth Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 169 Z.1, December 9, 2022 S.62.a Private Depository Institutions Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 Current account 1 FA706902505 Gross value added 303.8 348.7 375.9 443.0 510.4 510.2 510.5 522.6 1 2 FA706300081 Less: Consumption of fixed capital 33.4 34.3 36.3 38.7 42.4 48.8 54.4 59.0 2 3 4 5 6 7 8 FA706902605 FA706025005 FA706020001 FA706401001 FA706240101 FA706402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 270.4 169.6 144.7 24.9 9.5 91.3 314.4 180.3 153.9 26.4 10.1 124.0 339.6 181.8 155.1 26.7 12.0 145.8 404.3 183.1 155.9 27.2 12.5 208.7 468.0 208.3 176.8 31.5 12.6 247.1 461.4 211.0 180.7 30.3 13.1 237.3 456.1 226.6 196.6 30.0 16.1 213.4 463.6 240.6 209.5 31.1 15.5 207.5 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA706140005 FA706402101 FA706150105 FA706130101 FA706121101 FA703092281 FA706150005 FA706130001 FA706120005 FA706121001 FA706122001 FA703192281 FA706112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 119.3 91.3 275.8 257.8 2.7 15.3 247.8 152.2 89.9 89.8 0.1 5.7 0.0 123.3 124.0 281.4 264.5 3.0 13.9 282.1 173.3 104.4 104.3 0.1 4.4 0.0 141.2 145.8 300.4 286.2 2.0 12.2 305.0 198.2 102.7 102.6 0.1 4.1 0.0 183.5 208.7 339.1 322.4 2.1 14.6 364.3 238.4 121.5 121.4 0.1 4.4 0.0 124.8 247.1 360.4 367.8 2.7 -10.1 482.7 313.0 164.3 164.2 0.1 5.4 0.0 83.9 237.3 399.6 390.3 2.4 6.9 553.0 365.7 181.9 181.7 0.2 5.4 0.0 166.5 213.4 325.5 316.2 1.6 7.7 372.4 285.6 83.5 83.3 0.2 3.3 0.0 104.4 207.5 290.4 274.7 1.4 14.3 393.5 230.3 155.2 155.0 0.2 8.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA706140005 FA706220001 FA706403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 119.3 37.4 6.7 123.3 36.0 7.3 141.2 34.9 8.1 183.5 21.8 8.6 124.8 24.1 9.4 83.9 29.4 10.0 166.5 25.3 9.8 104.4 33.9 11.0 22 23 24 25 FA706012005 Equals: Disposable income, net 75.2 80.0 98.2 153.1 91.3 44.5 131.4 59.5 25 26 FA706012005 Equals: Net saving 75.2 80.0 98.2 153.1 91.3 44.5 131.4 59.5 26 Capital account 27 28 29 FA706006385 FA706012005 FA705440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 75.2 75.2 0.0 80.0 80.0 0.0 98.2 98.2 0.0 148.5 153.1 4.6 91.3 91.3 0.0 44.5 44.5 0.0 131.4 131.4 0.0 59.5 59.5 0.0 27 28 29 30 31 32 FA705015085 FA705013081 FA706300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital -4.4 29.0 33.4 2.2 36.5 34.3 4.6 40.9 36.3 6.3 45.0 38.7 11.1 53.5 42.4 25.3 74.0 48.8 11.7 66.1 54.4 12.4 71.4 59.0 30 31 32 33 FA705000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 79.6 77.8 93.6 142.2 80.2 19.3 119.7 47.1 33 34 FA705000995 Net lending (+) or borrowing (-) (line 33) 35 FA704090005 Net acquisition of financial assets 79.6 77.8 93.6 142.2 80.2 19.3 119.7 47.1 34 949.0 521.7 731.9 866.7 417.5 765.4 3231.7 2386.2 35 36 37 38 39 FA704000005 FA703025005 FA713113003 FA403197033 Currency and deposits Vault cash Reserves at the Federal Reserve Deposits at Federal Home Loan Banks 149.5 2.1 148.9 -1.5 -389.6 -1.5 -387.6 -0.5 -209.7 1.8 -211.0 -0.4 195.7 1.2 194.8 -0.3 -388.4 4.9 -393.1 -0.2 -2.9 1.4 -7.1 2.8 1466.8 15.8 1446.1 4.9 639.6 -8.7 649.3 -1.0 36 37 38 39 40 41 42 43 44 45 FA704022005 FA703069175 FA703061105 FA703061705 FA703062005 FA703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 181.5 0.0 192.4 5.7 32.7 -49.3 203.0 0.0 37.9 140.5 45.3 -20.7 293.6 0.0 121.9 144.4 47.2 -19.9 133.7 -0.0 -37.3 168.1 20.4 -17.5 98.7 0.2 124.3 52.4 -40.0 -38.2 237.0 0.5 126.7 115.1 -29.1 23.7 1092.5 1.6 303.2 694.0 72.3 21.5 1335.9 -2.1 467.4 605.9 54.4 210.3 40 41 42 43 44 45 46 47 48 FA704035005 FA704041005 FA704042005 Loans Short term Long term 597.4 446.4 150.9 694.8 441.4 253.3 590.6 294.4 296.2 521.3 306.7 214.6 783.2 610.7 172.5 493.9 283.4 210.5 491.0 405.6 85.4 232.7 22.0 210.6 46 47 48 49 50 51 52 53 54 FA703081005 FA703064105 FA703064205 FA703092405 FA763092100 FA713164003 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad: equity Stock in Federal Reserve Banks 2.1 0.7 -0.8 -0.0 1.2 1.1 -6.6 2.0 -1.0 -0.9 -7.5 0.9 -6.7 -6.9 -1.9 2.0 -0.9 1.0 14.1 -2.0 0.2 1.4 13.6 0.9 -0.3 2.5 -3.1 0.5 -1.1 0.9 7.4 0.8 1.4 -4.6 10.4 -0.6 0.1 2.9 2.4 -9.7 3.8 0.7 15.4 2.4 3.6 -3.4 11.3 1.5 49 50 51 52 53 54 55 FA763040005 Insurance, pension and standardized guarantee schemes 5.7 6.6 5.6 6.4 3.9 6.7 6.1 13.3 55 56 FA703096105 Other accounts receivable 12.9 13.5 58.4 -4.6 -79.6 23.3 175.2 149.3 56 57 FA704194005 Net incurrence of liabilities 994.2 557.4 683.1 780.4 582.8 891.6 3151.2 2196.2 57 Integrated Accounts Financial account 170 Z.1, December 9, 2022 S.62.a Private Depository Institutions Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 58 59 60 FA704100005 FA703127005 FA703130205 Currency and deposits Checkable deposits Other deposits 649.1 198.8 450.3 432.7 102.5 330.2 499.0 106.6 392.5 623.4 183.6 439.8 620.2 55.9 564.3 773.5 182.6 590.9 3369.3 2533.9 835.4 2201.1 1358.9 842.2 58 59 60 61 62 63 FA704122005 FA763163005 FA703169175 Debt securities Corporate bonds Commercial paper -31.1 -12.2 -19.0 52.1 19.3 32.7 -55.3 -33.6 -21.6 -40.4 -24.6 -15.8 -47.7 -18.0 -29.7 60.8 20.9 39.8 103.1 54.8 48.4 -99.8 -49.4 -50.5 61 62 63 64 65 66 FA704135005 FA704141005 FA753192305 Loans Short term Long term (foreign direct investment in the U.S.: debt) 91.3 92.0 -0.8 34.9 35.7 -0.8 107.5 102.2 5.3 112.3 115.3 -3.0 -86.8 -82.6 -4.3 -31.4 -27.5 -3.9 -200.6 -198.3 -2.3 -127.6 -125.7 -1.9 64 65 66 67 68 69 70 FA703181105 FA763164103 FA753192103 FA703194605 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent 67.5 0.4 4.5 62.6 64.7 6.8 1.2 56.6 73.0 -5.0 5.6 72.3 70.6 2.8 10.3 57.5 114.7 -5.2 12.8 107.1 89.8 1.4 5.5 83.0 89.2 1.9 7.9 79.4 140.7 2.3 -1.7 140.0 67 68 69 70 71 FA703196005 Other accounts payable 217.6 -26.9 58.8 14.4 -17.6 -1.1 -209.9 81.9 71 72 FA705000005 -45.2 -35.7 48.8 86.3 -165.3 -126.1 80.5 189.9 72 -67.2 0.0 57.5 124.7 -113.2 0.0 0.3 113.5 -60.3 0.0 -15.5 44.8 -141.6 0.0 -85.8 55.9 -200.0 0.0 45.5 245.5 -224.2 0.0 -78.8 145.4 12.9 0.0 52.1 39.2 38.0 0.0 -104.9 -142.9 73 74 75 76 5.6 6.1 -0.3 -0.3 3.1 5.1 -1.5 -0.5 3.1 4.3 -1.0 -0.1 8.0 8.1 0.3 -0.4 14.9 14.9 0.3 -0.2 9.8 11.3 -1.2 -0.3 5.7 5.6 0.0 0.1 61.0 56.7 5.0 -0.6 77 78 79 80 50.6 66.0 0.4 1.3 0.3 -17.5 -63.7 -37.2 0.2 -2.2 -0.5 -24.0 -25.6 -29.1 -0.7 2.4 0.3 1.4 60.7 13.2 0.4 4.5 0.4 42.3 -104.1 -47.5 -0.0 -3.6 -0.6 -52.3 173.9 118.8 -0.0 6.9 1.6 46.6 112.9 92.3 0.0 2.3 2.6 15.7 -94.7 -148.7 -0.0 8.0 2.1 43.8 81 82 83 84 85 86 86.1 -0.6 83.8 3.0 0.0 -28.1 0.1 -5.0 -23.2 0.0 220.4 -2.3 205.8 17.0 0.0 235.4 0.9 199.5 35.0 0.0 -274.5 0.6 -245.3 -29.8 0.0 436.6 -0.6 377.1 60.0 0.0 -188.2 -0.2 -242.3 54.2 0.0 462.0 -0.9 404.9 58.1 0.0 87 88 89 90 91 -30.0 -32.4 -242.9 -166.6 185.3 -252.9 306.9 -495.7 92 -22.0 -65.6 -205.0 -159.8 76.6 -432.6 451.2 -398.2 93 17205.2 17669.5 18376.1 19262.8 19652.3 20551.0 23965.1 26213.3 94 384.6 276.8 82.6 25.2 392.6 280.2 83.2 29.1 404.0 285.5 84.5 33.9 420.8 294.8 87.4 38.6 449.5 312.2 92.5 44.8 488.1 330.1 101.1 56.9 508.2 339.7 106.1 62.3 584.4 398.9 116.4 69.1 95 96 97 98 16820.6 17277.0 17972.1 18842.1 19202.7 20062.8 23456.9 25628.9 99 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) Other changes in volume account 73 74 75 76 FV708090185 FV702010095 FV708090085 FU707005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-72) (3) Revaluation account 77 78 79 80 FR702010095 FR705013665 FR705013265 FR705013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 81 82 83 84 85 86 FR704090085 FR704022005 FR763092305 FR703064105 FR703064205 FR763092100 Financial assets Debt securities U.S. direct investment abroad: debt Corporate equities Mutual fund shares U.S. direct investment abroad: equity 87 88 89 90 91 FR704190085 FR753192305 FR763164103 FR753192103 FR703194605 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent 92 FR708200005 Changes in net worth due to nominal holding gains/losses 93 FC702090095 Change in net worth (lines 30+33+73+92) Changes in balance sheet account Integrated Accounts Balance sheet account (end of period) 94 FL702000095 Total assets 95 96 97 98 LM702010095 LM705013665 LM705013265 LM705013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 99 FL704090005 Financial assets 100 101 102 103 FL704000005 FL703025005 FL713113003 FL403197033 Currency and deposits Vault cash Reserves at the Federal Reserve Deposits at Federal Home Loan Banks 2437.5 75.7 2352.8 9.1 2047.9 74.2 1965.2 8.5 1838.3 76.0 1754.2 8.1 2034.0 77.2 1949.0 7.8 1645.6 82.0 1556.0 7.6 1642.7 83.4 1548.8 10.4 3109.5 99.2 2994.9 15.3 3749.1 90.5 3644.3 14.3 100 101 102 103 104 105 106 107 108 109 LM704022005 FL703069175 LM703061105 LM703061705 LM703062005 LM703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 3699.1 0.0 502.9 1993.9 468.5 733.8 3864.9 0.0 537.2 2117.8 514.2 695.7 4129.5 0.0 654.1 2241.2 551.7 682.5 4276.4 0.0 616.0 2410.7 578.9 670.8 4327.6 0.2 736.7 2445.5 533.5 611.8 4683.3 0.7 879.3 2634.4 514.3 654.6 5868.2 2.3 1203.6 3375.7 593.9 692.7 7055.4 0.3 1641.3 3883.0 642.8 888.0 104 105 106 107 108 109 171 Z.1, December 9, 2022 S.62.a Private Depository Institutions Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 9411.2 4868.7 4542.6 4531.0 11.6 10109.1 5320.8 4788.3 4778.4 9.9 10693.8 5615.2 5078.5 5070.6 7.9 11211.6 5921.9 5289.6 5282.7 6.9 11991.8 6540.2 5451.5 5442.4 9.1 12483.3 6823.6 5659.7 5654.9 4.9 12977.6 7234.0 5743.6 5741.1 2.5 13209.1 7256.0 5953.2 5952.5 0.6 110 111 112 113 114 115 116 117 118 119 120 110 111 112 113 114 FL704035005 FL704041005 FL704042005 FL703065005 FL763092305 Loans Short term Long term Mortgages U.S. direct investment abroad: debt 115 116 117 118 119 120 FL703081005 LM703064105 LM703064205 FL703092405 LM763092100 FL713164003 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad: equity Stock in Federal Reserve Banks 376.3 34.0 14.6 30.2 269.0 28.6 338.1 33.8 13.1 29.2 232.5 29.5 336.4 29.3 11.4 31.3 233.9 30.4 401.1 31.8 12.0 32.6 293.3 31.4 345.4 30.7 8.2 33.1 241.0 32.3 408.4 38.4 11.3 28.5 298.4 31.7 434.0 43.7 16.3 18.8 322.8 32.4 503.1 54.1 22.0 15.4 377.7 33.9 121 FL763040005 Insurance, pension and standardized guarantee schemes 149.6 156.2 161.8 168.2 172.1 178.8 184.8 198.1 121 122 FL703096105 Other accounts receivable 123 FL702100005 Total liabilities and net worth 124 FL704194005 125 126 127 FL704100005 FL703127005 FL703130205 Currency and deposits Checkable deposits Other deposits 128 129 130 FL704122005 FL763163005 FL703169175 Debt securities Corporate bonds Commercial paper 131 132 133 FL704135005 FL704141005 FL753192305 134 135 136 137 746.9 760.8 812.5 750.9 720.3 666.4 882.9 914.1 122 17205.2 17669.5 18376.1 19262.8 19652.3 20551.0 23965.1 26213.3 123 18045.1 18575.1 19486.7 20533.2 20846.0 22177.3 25140.2 27786.6 124 12664.1 2017.5 10646.6 13096.8 2120.0 10976.8 13595.9 2226.6 11369.3 14219.3 2410.2 11809.1 14839.5 2466.1 12373.3 15612.9 2648.7 12964.2 18982.2 5182.6 13799.6 21183.3 125 6541.5 126 14641.8 127 429.5 237.6 191.9 481.6 257.0 224.6 426.3 223.3 203.0 385.9 198.8 187.2 338.3 180.8 157.5 399.0 201.7 197.3 502.1 256.5 245.7 402.3 128 207.1 129 195.2 130 Loans Short term Long term (foreign direct investment in the U.S.: debt) 1142.4 1111.1 31.3 1177.4 1146.8 30.6 1282.6 1249.0 33.5 1395.8 1364.4 31.4 1309.6 1281.8 27.8 1277.6 1254.3 23.3 1076.8 1056.0 20.8 948.4 131 930.3 132 18.0 133 FL703181105 LM763164103 LM753192103 FL703194605 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent 2956.3 930.2 272.8 1753.2 2993.5 932.0 251.7 1809.9 3302.4 1132.8 287.4 1882.2 3601.5 1335.1 323.8 1942.6 3445.7 1084.5 311.4 2049.7 3956.3 1463.0 360.6 2132.7 3857.4 1222.7 422.7 2212.0 138 FL703196005 Other accounts payable 852.8 825.8 879.6 930.7 913.1 931.5 721.6 803.5 138 139 FL702090095 -839.9 -905.5 -1110.5 -1270.3 -1193.7 -1626.3 -1175.1 -1573.4 139 Liabilities Net worth 4449.1 1629.8 467.2 2352.1 134 135 136 137 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 172 Z.1, December 9, 2022 S.63.a Insurance Companies Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 330.0 390.2 415.7 383.6 415.0 441.4 441.8 441.7 1 31.0 32.1 34.0 35.9 37.8 40.7 44.8 50.4 2 Current account 1 FA526902505 Gross value added 2 FA526300081 Less: Consumption of fixed capital 3 4 5 6 7 8 FA526902605 FA526025005 FA526020001 FA526401001 FA526240101 FA526402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 299.0 138.4 117.4 20.9 33.8 126.8 358.2 143.7 121.8 21.9 38.6 176.0 381.8 143.4 121.2 22.2 40.1 198.3 347.7 150.4 127.3 23.1 30.7 166.5 377.1 155.5 131.5 24.0 46.0 175.6 400.7 163.0 139.0 24.0 34.3 203.4 397.0 172.4 148.7 23.7 50.1 174.5 391.3 170.8 147.0 23.8 37.0 183.4 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA526140005 FA526402101 FA526150105 FA526130101 FA526121101 FA523092281 FA526150005 FA526130001 FA526120005 FA526121001 FA526122001 FA523192281 FA526112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 61.4 126.8 288.4 262.2 17.2 9.1 353.8 334.7 20.1 15.1 5.0 -1.0 0.0 69.2 176.0 275.7 253.6 18.9 3.3 382.5 357.5 18.8 14.4 4.5 6.1 0.0 99.6 198.3 272.8 256.6 17.9 -1.6 371.5 341.8 22.9 18.6 4.3 6.8 0.0 82.0 166.5 291.6 268.2 18.2 5.1 376.1 343.4 32.5 28.7 3.7 0.2 0.0 101.9 175.6 312.4 268.7 48.3 -4.6 386.1 350.9 27.4 23.6 3.8 7.8 0.0 161.3 203.4 331.8 290.0 36.4 5.4 373.9 348.0 23.6 20.8 2.8 2.4 0.0 89.0 174.5 275.1 243.5 17.8 13.8 360.6 344.6 15.9 14.2 1.7 0.1 0.0 72.2 183.4 245.8 215.4 15.4 14.9 357.0 328.2 24.9 22.8 2.1 3.9 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA526140005 FA526220001 FA526403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 61.4 38.5 -38.8 69.2 42.2 -16.4 99.6 38.3 27.7 82.0 25.6 -18.1 101.9 29.6 -8.7 161.3 29.0 20.3 89.0 25.1 -3.8 72.2 26.9 12.6 22 23 24 25 FA526012005 Equals: Disposable income, net 61.8 43.4 33.6 74.5 81.1 112.0 67.7 32.8 25 26 FA526012005 Equals: Net saving 61.8 43.4 33.6 74.5 81.1 112.0 67.7 32.8 26 Capital account 27 28 29 FA526006385 FA526012005 FA525440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 61.8 61.8 0.0 43.4 43.4 0.0 33.6 33.6 0.0 18.0 74.5 56.5 64.2 81.1 16.9 112.0 112.0 0.0 67.7 67.7 0.0 10.1 32.8 22.7 27 28 29 30 31 32 FA525015085 FA525013081 FA526300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 0.7 31.7 31.0 5.9 38.0 32.1 5.7 39.7 34.0 4.5 40.4 35.9 4.6 42.5 37.8 6.8 47.5 40.7 11.3 56.1 44.8 12.7 63.1 50.4 30 31 32 33 FA525000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 61.1 37.5 28.0 13.5 59.5 105.2 56.4 -2.6 33 61.1 37.5 28.0 13.5 59.5 105.2 56.4 -2.6 34 188.1 220.6 229.4 194.5 245.8 246.3 491.3 272.7 35 11.6 7.1 -15.0 21.9 -2.1 21.4 35.5 14.2 36 89.3 -8.7 20.6 -13.2 -8.2 98.9 119.7 -6.7 5.8 -8.6 18.4 110.6 187.1 13.3 31.9 15.7 10.7 115.6 113.9 -17.5 33.2 12.3 -3.8 89.6 133.8 -7.1 -20.8 21.8 -41.4 181.4 151.6 -3.9 -13.4 4.9 -5.7 169.7 238.3 4.4 7.8 -17.2 0.0 243.1 242.2 2.6 29.1 -52.5 -0.1 263.1 37 38 39 40 41 42 38.8 12.6 26.2 43.0 -0.2 43.3 33.4 -3.6 36.9 43.0 0.5 42.6 64.9 -0.9 65.8 54.5 3.9 50.6 28.9 3.9 25.0 53.0 5.5 47.5 43 44 45 -44.5 -21.9 -32.8 2.4 0.1 7.6 5.0 25.4 -30.0 6.2 0.5 3.0 -91.4 -21.7 -48.1 -20.3 0.4 -1.7 -57.5 3.9 -74.6 7.6 0.4 5.2 -106.4 -24.3 -88.2 9.4 0.5 -3.8 -75.4 -0.6 -86.5 6.1 0.6 5.0 -77.1 -20.7 -98.3 17.8 3.1 21.1 -201.1 -77.0 -137.1 -5.5 1.1 17.3 46 47 48 49 50 51 Integrated Accounts Financial account 34 FA525000995 Net lending (+) or borrowing (-) (line 33) 35 FA524090005 Net acquisition of financial assets 36 FA523020005 Currency and deposits 37 38 39 40 41 42 FA524022005 FA523069105 FA523061105 FA523061705 FA523062005 FA523063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 43 44 45 FA524035005 FA524041005 FA524042005 Loans Short term Long term 46 47 48 49 50 51 FA523081005 FA523064105 FA523064205 FA523034005 FA523092405 FA523092105 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad: equity 52 FA523052005 Insurance, pension and standardized guarantee schemes 1.8 30.8 55.2 84.9 79.2 29.7 109.9 143.7 52 53 FA523096005 Other accounts receivable 91.0 15.0 60.1 -11.7 76.5 64.6 155.7 20.8 53 54 FA524194005 Net incurrence of liabilities 138.9 170.6 239.5 205.4 146.5 201.4 490.3 282.2 54 55 FA673090543 Currency and deposits (funding agreements) 7.6 2.9 6.7 12.0 3.1 6.0 23.2 40.5 55 56 57 58 FA524135005 FA524141005 FA523192305 Loans Short term Long term (foreign direct investment in the U.S.: debt) 6.4 2.5 3.9 13.7 6.2 7.4 13.3 9.9 3.4 4.5 6.2 -1.7 2.2 9.3 -7.1 2.4 1.2 1.2 22.3 22.8 -0.6 4.6 5.2 -0.6 56 57 58 173 Z.1, December 9, 2022 S.63.a Insurance Companies Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 59 60 61 62 FA523181105 FA523164105 FA523192105 FA523194605 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent -32.4 -31.8 -1.7 1.1 0.3 -32.0 31.9 0.4 4.2 -25.1 29.7 -0.4 -25.5 -28.9 0.8 2.5 -12.1 -21.0 19.1 -10.1 -18.8 -24.7 5.2 0.7 -25.5 -18.4 0.1 -7.2 -25.8 -33.9 7.0 1.1 59 60 61 62 63 FA523152005 Insurance, pension and standardized guarantee schemes 112.9 172.8 167.3 144.0 153.3 120.0 256.3 152.8 63 64 FA523196005 44.4 -19.0 48.0 70.4 0.1 91.8 214.1 110.1 64 49.1 50.1 -10.1 -10.9 99.3 44.8 0.9 -9.5 65 -26.9 0.0 -14.9 12.0 0.2 0.0 -12.4 -12.6 -17.4 0.0 20.7 38.0 -34.6 0.0 -10.2 24.4 65.7 0.0 25.9 -39.8 -93.6 0.0 -33.3 60.3 -96.4 0.0 -40.9 55.5 -14.4 0.0 -7.4 7.0 66 67 68 69 2.8 3.4 -0.1 -0.5 1.2 2.8 -0.7 -0.9 1.7 2.4 -0.4 -0.2 4.7 4.9 0.2 -0.4 8.4 8.3 0.3 -0.2 6.0 6.6 -0.4 -0.1 3.8 2.8 0.2 0.8 34.1 31.9 2.6 -0.4 70 71 72 73 65 FA525000005 Other accounts payable Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) Other changes in volume account 66 67 68 69 FV528090185 FV522010095 FV528090085 FU527005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-65) (3) 70 71 72 73 FR522010095 FR525013665 FR525013265 FR525013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 74 75 76 77 78 79 FR524090085 FR524022005 FR523092305 FR523064105 FR523064205 FR523092105 Financial assets Debt securities U.S. direct investment abroad: debt Corporate equities Mutual fund shares U.S. direct investment abroad: equity 259.6 148.4 0.3 43.5 76.1 -8.7 -245.2 -168.7 0.1 -26.5 -31.4 -18.9 170.2 27.2 -0.5 50.9 91.1 1.5 469.7 101.4 0.3 120.5 211.6 35.8 -402.2 -194.6 -0.0 -79.2 -84.5 -43.8 976.7 436.2 -0.0 209.0 287.4 44.1 605.6 247.5 0.0 130.7 205.4 22.1 390.8 -171.2 0.0 233.9 285.2 42.9 74 75 76 77 78 79 80 81 82 83 84 85 FR524190085 FR523192305 FR523164105 FR523192105 FR523194605 FR523152005 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent Insurance, pension and standardized guarantee schemes 196.2 -0.4 59.1 16.5 0.0 121.0 -65.3 0.1 -11.0 5.4 0.0 -59.8 187.4 -2.3 66.9 10.3 0.0 112.6 417.0 0.9 88.8 39.5 0.0 287.8 -223.8 0.6 -62.9 -41.4 0.0 -120.1 627.8 -0.5 144.7 88.3 0.0 395.3 357.0 -0.2 -22.1 81.0 0.0 298.3 603.2 -1.1 170.2 94.2 0.0 339.9 80 81 82 83 84 85 86 FR528200005 66.2 -178.7 -15.5 57.4 -169.9 355.0 252.5 -178.3 86 101.2 -135.2 0.8 40.8 -40.0 373.3 223.8 -182.6 87 9315.7 9298.3 9738.9 10411.7 10268.7 11506.3 12620.5 13333.0 88 253.2 157.3 45.8 50.1 260.4 161.8 45.7 53.0 267.8 164.2 45.7 57.9 276.4 169.1 45.9 61.4 289.9 176.9 46.6 66.3 304.0 182.8 47.3 73.9 321.2 186.4 49.2 85.6 370.0 218.5 53.9 97.5 89 90 91 92 9062.5 9037.9 9471.1 10135.3 9978.8 11202.3 12299.3 12963.0 93 98.1 105.2 101.1 123.0 120.9 142.3 177.8 192.0 94 Revaluation account Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 87 FC522090095 Change in net worth (lines 30+33+66+86) 88 FL522000095 Total assets 89 90 91 92 LM522010095 LM525013665 LM525013265 LM525013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 93 FL524090005 Financial assets 94 FL523020005 Currency and deposits 95 96 97 98 99 100 LM524022005 FL523069105 LM523061105 LM523061705 LM523062005 LM523063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 4301.6 60.3 310.5 504.2 520.2 2906.4 4252.6 53.6 310.1 477.4 534.8 2876.6 4473.2 66.9 334.2 480.8 535.9 3055.3 4688.4 49.4 377.9 501.7 536.7 3222.7 4627.7 42.3 360.5 491.8 481.6 3251.4 5215.5 38.4 368.7 538.1 500.2 3770.1 5701.2 42.9 398.2 511.7 532.1 4216.4 5772.2 45.4 419.3 448.3 524.3 4334.9 95 96 97 98 99 100 101 102 103 104 105 FL524035005 FL524041005 FL524042005 FL523065005 FL523092305 Loans Short term Long term Mortgages U.S. direct investment abroad: debt 577.9 170.3 407.6 398.4 9.1 621.1 170.1 451.0 443.4 7.5 653.9 166.5 487.4 480.9 6.5 697.3 167.0 530.3 524.5 5.8 762.2 166.1 596.1 588.6 7.5 816.6 170.0 646.7 642.0 4.6 845.6 173.9 671.7 669.0 2.7 898.5 179.3 719.2 718.5 0.6 101 102 103 104 105 106 107 108 109 110 111 FL523081005 LM523064105 LM523064205 FL523034005 FL523092405 FL523092105 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad: equity 2648.4 881.8 1477.0 74.4 3.1 212.2 2557.7 880.8 1415.6 80.5 3.5 177.2 2623.8 910.0 1458.7 60.2 3.9 191.0 2948.8 1034.4 1595.7 67.8 4.3 246.5 2635.0 930.9 1423.0 77.2 4.8 199.0 3136.1 1139.3 1623.9 83.3 5.4 284.1 3436.3 1249.3 1731.0 101.1 8.5 346.4 3780.1 1406.2 1879.1 95.7 9.6 389.5 106 107 108 109 110 111 Integrated Accounts Balance sheet account (end of period) 174 Z.1, December 9, 2022 S.63.a Insurance Companies Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 112 FL523052005 Insurance, pension and standardized guarantee schemes 609.2 640.1 695.3 780.2 859.3 889.4 999.5 1143.3 112 113 FL523096005 Other accounts receivable 827.3 861.4 923.8 897.6 973.9 1002.4 1138.9 1176.8 113 114 FL522100005 Total liabilities and net worth 9315.7 9298.3 9738.9 10411.7 10268.7 11506.3 12620.5 13333.0 114 115 FL524194005 8427.5 8545.3 8985.1 9617.1 9514.2 10378.4 11268.9 12164.0 115 116 FL673090543 Currency and deposits (funding agreements) 61.1 64.0 70.7 82.6 85.7 91.8 114.9 155.4 116 117 118 119 FL524135005 FL524141005 FL523192305 Loans Short term Long term (foreign direct investment in the U.S.: debt) 100.7 77.0 23.7 114.5 83.3 31.2 125.5 93.2 32.3 130.9 99.4 31.5 133.7 108.7 25.0 135.5 109.9 25.6 157.6 132.7 24.8 161.1 137.9 23.1 117 118 119 120 121 122 123 FL523181105 LM523164105 FL523192105 FL523194605 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent 747.8 524.9 206.3 16.6 755.5 481.9 256.6 17.0 817.0 523.6 276.8 16.6 927.4 583.6 324.8 19.1 788.9 499.6 280.3 9.0 1025.6 619.6 396.2 9.7 1086.1 579.1 504.5 2.5 1318.1 715.4 599.1 3.6 120 121 122 123 124 FL523152005 Insurance, pension and standardized guarantee schemes 6826.5 6939.5 7236.9 7668.6 7701.8 8217.2 8771.8 9264.5 124 125 FL523196005 Other accounts payable 691.3 671.8 735.1 807.5 804.1 908.4 1138.5 1264.9 125 126 FL522090095 888.2 753.1 753.8 794.6 754.5 1127.8 1351.6 1169.0 126 Liabilities Net worth Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 175 Z.1, December 9, 2022 S.64.a Pension Funds Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 Current account 1 FA596902505 Gross value added 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 FA596300081 Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 8 FA596902605 FA596025005 FA596020001 FA596401001 FA596240101 FA596402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA596140005 FA596402101 FA596150105 FA596130101 FA596121101 FA593092281 FA596150005 FA596130001 FA596120005 FA596121001 FA596122001 FA593192281 FA596112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 0.0 0.0 608.8 455.6 153.2 0.0 608.8 455.6 153.2 153.2 0.0 0.0 0.0 0.0 0.0 626.4 465.8 160.5 0.0 626.4 465.8 160.5 160.5 0.0 0.0 0.0 0.0 0.0 633.5 466.7 166.8 0.0 633.5 466.7 166.8 166.8 0.0 0.0 0.0 0.0 0.0 655.5 475.6 179.8 0.0 655.5 475.6 179.8 179.8 0.0 0.0 0.0 0.0 0.0 673.4 492.2 181.2 0.0 673.4 492.2 181.2 181.2 0.0 0.0 0.0 0.0 0.0 692.9 503.8 189.2 0.0 692.9 503.8 189.2 189.2 0.0 0.0 0.0 0.0 0.0 680.5 475.2 205.3 0.0 680.5 475.2 205.3 205.3 0.0 0.0 0.0 0.0 0.0 678.4 460.9 217.5 0.0 678.4 460.9 217.5 217.5 0.0 0.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA596140005 FA596220001 FA596403105 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Plus: Other current transfers received, net 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 24 25 FA596012005 Equals: Disposable income, net -0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 25 26 FA596012005 Equals: Net saving -0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 26 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 29 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 31 32 Capital account 27 28 29 FA596006385 FA596012005 FA595440083 Net saving less capital transfers Net saving Less: Capital transfers (net) 30 31 32 FA595015085 FA595013081 FA596300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 FA595000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 33 34 FA596403105 Addenda: Other current transfers received, net (line 24) -0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 34 35 36 37 38 39 40 FA596403115 FA596403125 FA596403133 FA596403143 FA596403153 FA596403013 1423.8 821.2 557.5 -64.3 352.8 24.8 1475.4 855.6 591.9 -90.0 380.2 26.5 1512.7 886.1 628.6 -114.0 400.6 29.1 1571.2 923.3 699.0 -172.6 428.3 31.4 1640.3 975.5 670.8 -123.2 459.9 32.1 1715.7 1032.2 696.9 -122.6 491.7 33.8 1725.4 1055.3 724.4 -136.6 502.7 35.2 1807.8 1141.0 782.5 -156.3 552.9 38.1 35 36 37 38 39 40 41 42 FA596403163 FA596403023 608.8 6.1 626.4 6.5 633.5 6.8 655.5 7.5 673.4 8.6 692.9 9.4 680.5 10.5 678.4 11.6 41 42 43 44 45 FA596403033 FA596403043 FA596403053 1107.6 195.3 121.0 1160.5 173.6 141.3 1176.5 169.4 166.8 1248.9 154.4 167.9 1328.6 153.4 158.3 1414.3 147.7 153.8 1470.4 130.2 124.8 1535.3 117.6 154.9 43 44 45 Contributions received Claims to pension benefits Actual employer contributions Imputed employer contributions Actual household contributions Less: pension service charges for defined benefit (DB) plans Household pension contribution supplements Less: pension service charge for defined contribution (DC) plans Less: benefit payments and withdrawals Less: net change in benefit entitlements from DB plans Less: net change in assets from current transaction for DC plans 46 FA595000995 Net lending (+) or borrowing (-) (line 33) 47 FA594090005 Net acquisition of financial assets 48 49 50 FA594000005 FA593020005 FA593030005 Currency and deposits Currency and transferable deposits Time and savings deposits 51 52 53 54 55 56 FA594022005 FA593069105 FA593061105 FA593061705 FA593062045 FA593063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds -0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 46 319.1 325.1 333.6 482.4 289.8 414.9 477.6 415.8 47 6.9 5.8 1.2 -0.5 3.6 -4.1 -1.0 -0.8 -0.2 -2.3 -5.6 3.3 -12.3 -6.9 -5.4 0.1 11.3 -11.2 2.4 2.1 0.3 -4.2 1.3 -5.5 48 49 50 237.1 0.5 113.4 20.0 -0.2 103.4 85.4 -3.6 56.3 -11.7 0.1 44.3 156.2 11.2 170.0 10.9 0.2 -36.2 114.9 1.6 33.7 34.0 0.7 44.9 448.4 -7.2 388.5 25.3 0.7 41.1 8.8 -7.2 126.7 33.5 -1.0 -143.1 304.4 1.8 149.4 39.0 -0.0 114.1 394.3 7.8 295.1 -1.5 -0.0 92.9 51 52 53 54 55 56 Integrated Accounts Financial account 176 Z.1, December 9, 2022 S.64.a Pension Funds Billions of dollars 2014 57 58 59 FA594035005 FA594041005 FA593065005 Loans Short term Long term (mortgages) 60 61 62 63 FA593081005 FA593064105 FA593064205 FA593034005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares 64 FA593052025 Insurance, pension and standardized guarantee schemes 65 FA593093005 Other accounts receivable 66 FA594190005 Net incurrence of liabilities (pension entitlements) 67 FA595000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 47-66) 68 69 70 71 FV598090185 FV592010095 FV598090085 FU597005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-67) (3) 2015 2016 2017 2018 2019 2020 2021 3.4 0.1 3.4 -2.5 -0.3 -2.2 7.7 0.9 6.8 148.6 151.8 -3.2 -149.8 -152.3 2.6 14.4 16.5 -2.1 4.0 3.7 0.3 31.5 30.0 1.5 57 58 59 -213.5 -271.5 59.6 -1.6 7.8 -6.6 17.2 -2.8 -229.2 -212.6 -32.2 15.5 -68.6 -108.5 42.3 -2.4 -196.4 -183.9 -9.7 -2.8 -96.6 -150.4 30.4 23.4 -81.3 -150.8 43.7 25.8 -395.2 -219.8 -195.4 20.0 60 61 62 63 256.4 246.9 336.2 171.6 207.5 233.3 253.1 209.0 64 28.8 -12.0 63.8 118.2 -7.7 254.8 -5.0 180.4 65 318.9 325.0 333.7 482.6 289.5 414.7 477.6 415.8 66 0.2 0.1 -0.1 -0.2 0.3 0.2 0.0 0.0 67 0.0 0.0 -0.2 -0.2 0.0 0.0 -0.1 -0.1 -0.0 0.0 0.1 0.1 -0.0 0.0 0.2 0.2 -0.0 0.0 -0.3 -0.3 -40.2 0.0 -40.4 -0.2 71.7 0.0 71.7 -0.0 52.1 0.0 52.1 -0.0 68 69 70 71 0.1 0.2 -0.0 -0.0 0.1 0.1 -0.0 -0.0 0.1 0.1 -0.0 0.0 0.2 0.2 0.0 -0.0 0.3 0.3 -0.0 0.0 0.2 0.2 -0.0 -0.0 0.1 0.1 -0.0 0.0 1.2 1.2 0.0 -0.0 72 73 74 75 267.6 47.6 372.0 146.8 -298.8 -89.0 -56.9 -90.6 -89.0 147.5 394.2 12.6 414.1 250.3 -282.8 815.9 23.7 940.3 555.8 -704.0 -396.2 -94.9 -341.5 -316.8 357.0 1170.3 170.4 1099.2 765.8 -865.1 919.6 118.3 977.6 607.1 -783.4 1092.9 -138.0 1582.1 669.3 -1020.4 76 77 78 79 80 277.8 -103.7 364.0 789.9 -411.5 1202.6 984.9 1181.8 81 -10.1 14.8 30.3 26.2 15.7 -32.1 -65.2 -87.6 82 -10.1 14.8 30.3 26.2 15.7 -72.3 6.5 -35.5 83 20114.9 20421.0 21247.6 22657.9 22651.8 24467.2 26003.3 27672.5 84 8.0 6.7 0.4 0.8 8.0 6.7 0.4 0.9 8.2 6.7 0.4 1.1 8.5 6.8 0.5 1.2 8.6 7.1 0.4 1.1 8.6 7.2 0.4 1.0 8.7 7.3 0.4 1.0 9.9 8.5 0.4 1.1 85 86 87 88 20106.9 20413.0 21239.4 22649.4 22643.2 24458.5 25994.6 27662.6 89 94.3 55.8 38.6 93.9 59.4 34.5 92.8 58.6 34.3 90.5 53.0 37.5 78.2 46.1 32.1 65.6 46.9 18.7 68.0 49.0 19.0 63.8 50.3 13.5 90 91 92 3763.8 87.7 2127.5 289.6 2.4 1256.7 3792.3 84.0 2176.1 268.0 2.5 1261.7 3961.2 95.3 2337.3 277.2 2.7 1248.7 4099.8 96.9 2370.6 312.3 3.4 1316.6 4453.3 89.7 2779.3 355.7 4.1 1224.5 4698.0 47.5 2920.6 401.4 0.1 1328.5 5120.7 49.3 3107.1 437.8 0.0 1526.5 5377.0 57.1 3357.6 425.5 0.0 1536.8 93 94 95 96 97 98 39.0 6.8 32.2 36.5 6.5 30.0 44.2 7.5 36.8 192.8 159.3 33.6 43.1 7.0 36.1 53.6 22.5 31.1 57.6 26.2 31.4 Other changes in volume account Revaluation account 72 73 74 75 FR592010095 FR595013665 FR595013265 FR595013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 76 77 78 79 80 FR594090085 FR594022005 FR593064105 FR593064205 FR593052025 Financial assets Debt securities Corporate equities Mutual fund shares Insurance, pension, and standardized guarantee schemes 81 FR594190005 Liabilities (pension entitlements) 82 FR598200005 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 83 FC592090095 Change in net worth (lines 30+33+68+82) 84 FL592000095 Total assets 85 86 87 88 LM592010095 LM595013665 LM595013265 LM595013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 89 FL594090005 Financial assets 90 91 92 FL594000005 FL593020005 FL593030005 Currency and deposits Currency and transferable deposits Time and savings deposits 93 94 95 96 97 98 LM594022005 FL593069105 LM593061105 LM593061705 LM593062045 LM593063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Integrated Accounts Balance sheet account (end of period) 99 FL594035005 100 FL594041005 101 FL593065005 Loans Short term Long term (mortgages) 102 103 104 105 FL593081005 LM593064105 LM593064205 FL593034005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares 8642.2 4808.0 3623.5 210.7 8470.3 4710.8 3551.7 207.9 8905.5 4912.2 3769.8 223.4 10333.0 5744.0 4368.0 221.0 9478.3 5218.6 4041.5 218.2 10750.0 5856.0 4690.6 203.3 12228.4 6657.8 5341.4 229.2 106 FL593052025 Insurance, pension and standardized guarantee schemes 6766.1 7230.6 7382.6 6961.9 7626.6 7194.0 6737.2 89.0 99 56.2 100 32.8 101 14074.5 8010.1 5815.2 249.2 102 103 104 105 5996.3 106 177 Z.1, December 9, 2022 S.64.a Pension Funds Billions of dollars 2014 107 FL593093005 Other accounts receivable 108 FL592000095 Total liabilities and net worth 109 FL594190005 Liabilities (pension entitlements) 110 FL592090095 Net worth 2015 2016 2017 2018 2019 2020 2021 801.4 789.4 853.1 971.3 963.6 1697.4 1782.7 2061.9 107 20114.9 20421.0 21247.6 22657.9 22651.8 24467.2 26003.3 27672.5 108 20299.2 20590.4 21386.8 22770.9 22749.0 24636.7 26166.4 27871.1 109 -184.3 -169.5 -139.1 -113.0 -97.3 -169.6 -163.0 -198.6 110 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 178 Z.1, December 9, 2022 S.65.a Other Financial Business (1) Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 Current account 1 FA856902505 Gross value added 670.8 648.8 681.9 696.5 717.4 763.5 869.7 1078.3 1 2 FA856300085 Less: Consumption of fixed capital 125.2 132.1 139.7 147.3 154.3 161.9 166.8 175.6 2 3 4 5 6 7 8 FA856902605 FA856025005 FA856020005 FA856401005 FA856240105 FA856402105 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 545.6 370.8 318.0 52.9 20.0 154.8 516.7 389.4 333.5 55.9 18.6 108.7 542.2 406.4 347.0 59.5 22.4 113.3 549.2 451.5 383.0 68.5 25.2 72.5 563.1 452.5 382.4 70.1 23.3 87.3 601.6 474.7 404.9 69.9 24.7 102.2 702.9 508.4 439.5 68.9 9.0 185.5 902.7 577.2 500.3 76.9 19.7 305.8 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA856140005 FA856402105 FA856150105 FA856130105 FA856121105 FA853092285 FA856150005 FA856130005 FA856120005 FA856121005 FA856122005 FA853192285 FA856112005 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (2) Reinvested earnings on foreign direct investment Rents on land and natural resources -27.8 154.8 807.5 503.2 277.2 27.0 990.1 530.9 448.3 430.5 17.8 10.9 0.0 -69.8 108.7 820.4 505.8 281.1 33.5 998.9 559.8 435.9 426.5 9.4 3.2 0.0 -32.1 113.3 886.7 570.5 280.8 35.4 1032.1 587.2 442.6 400.3 42.3 2.3 0.0 -113.5 72.5 1009.9 647.1 326.3 36.6 1195.9 684.4 502.0 448.1 53.9 9.5 0.0 -9.6 87.3 1218.6 793.4 449.3 -24.1 1315.6 820.0 491.9 457.6 34.2 3.8 0.0 -97.6 102.2 1244.1 896.9 331.8 15.4 1443.9 861.8 572.1 534.7 37.4 10.0 0.0 -128.7 185.5 1085.5 669.7 404.2 11.5 1399.7 716.7 674.3 610.2 64.1 8.7 0.0 54.7 305.8 1007.0 520.6 451.6 34.8 1258.1 628.3 610.9 540.4 70.4 19.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA856140005 FA856220005 FA856403005 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) -27.8 40.5 46.4 -69.8 34.9 31.1 -32.1 41.1 28.9 -113.5 35.7 29.0 -9.6 31.7 30.3 -97.6 42.3 14.3 -128.7 34.5 28.3 54.7 46.6 24.0 22 23 24 25 FA856012005 Equals: Disposable income, net -114.6 -135.7 -102.0 -178.2 -71.7 -154.2 -191.5 -15.9 25 26 FA856012005 Equals: Net saving -114.6 -135.7 -102.0 -178.2 -71.7 -154.2 -191.5 -15.9 26 -124.6 -114.6 10.0 -135.7 -135.7 0.0 -103.8 -102.0 1.8 -193.7 -178.2 15.5 -71.7 -71.7 0.0 -154.2 -154.2 0.0 -191.5 -191.5 0.0 -15.9 -15.9 0.0 27 28 29 32.2 157.4 125.2 34.3 166.4 132.1 38.4 178.1 139.7 26.3 173.6 147.3 30.1 184.4 154.3 26.3 188.2 161.9 7.3 174.1 166.8 12.0 187.6 175.6 30 31 32 -156.8 -170.0 -142.3 -220.0 -101.8 -180.5 -198.9 -27.8 33 -156.8 -170.0 -142.3 -220.0 -101.8 -180.5 -198.9 -27.8 34 Capital account 27 28 29 FA856006385 FA856012005 FA855440085 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 FA855015085 FA855013085 FA856300085 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 FA855000995 Net lending (+) or borrowing (-), capital account (lines 27-30) Integrated Accounts Financial account 34 FA855000995 Net lending (+) or borrowing (-) (line 33) 35 FA854090005 Net acquisition of financial assets 36 FA854000005 Currency and deposits 37 38 39 40 41 42 FA854022005 FA853069175 FA853061105 FA853061705 FA853062005 FA853063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 43 44 45 FA854035005 FA854041005 FA814042005 46 47 48 49 50 51 722.6 156.1 798.4 1341.6 1126.7 1918.9 2547.7 2958.3 35 37.8 -222.9 -304.2 60.1 -4.9 67.6 201.4 -47.6 36 -39.3 -35.1 98.7 -171.1 -18.8 87.0 215.8 19.3 259.3 -114.1 -15.5 66.8 556.5 -111.7 460.2 151.7 -33.8 90.1 520.5 107.9 125.1 44.8 27.1 215.7 705.3 15.4 488.4 18.6 34.3 148.7 881.6 -0.3 359.1 277.0 103.7 142.1 1577.0 -52.9 1546.8 -360.8 44.9 399.0 -425.0 10.9 -432.3 -485.7 119.7 362.5 37 38 39 40 41 42 Loans Short term Long term 150.1 130.2 19.9 83.8 3.3 80.6 256.7 97.3 159.4 616.7 293.5 323.2 493.2 148.8 344.5 551.1 236.7 314.5 513.0 -110.7 623.6 2593.0 1630.5 962.4 43 44 45 FA813081005 FA813064105 FA813034005 FA813092405 FA803092105 FA793094605 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment aboard: equity Equity investment in subsidiaries 367.8 287.8 6.1 0.3 11.4 62.1 248.8 214.4 -68.5 1.2 27.2 74.6 375.8 69.1 144.0 -0.5 54.9 108.3 205.5 186.3 9.1 -0.4 30.2 -19.7 223.2 63.0 24.2 -0.2 1.9 134.3 145.0 -72.9 106.2 -0.0 42.2 69.4 35.7 -203.8 127.8 -0.5 33.5 78.7 715.7 380.6 184.2 -0.0 50.4 100.6 46 47 48 49 50 51 52 FA733040005 Insurance, pension and standardized guarantee schemes 5.0 4.1 4.0 4.0 4.0 4.0 4.0 4.0 52 53 FA853096005 Other accounts receivable 201.3 -173.4 -90.4 -65.1 -294.1 269.6 216.7 118.2 53 54 FA854194005 Net incurrence of liabilities 699.1 143.5 589.1 1466.5 956.9 1826.0 2493.9 2758.1 54 55 FA403197033 -1.5 -0.5 -0.4 -0.3 -0.2 2.8 4.9 -1.0 55 Currency and deposits 179 Z.1, December 9, 2022 S.65.a Other Financial Business (1) Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 56 57 58 59 FA814122005 FA423161705 FA813163005 FA813169105 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 166.7 150.3 52.4 -36.0 154.9 220.4 -54.0 -11.6 364.3 351.7 21.2 -8.6 418.6 346.6 69.3 2.7 319.9 246.9 77.4 -4.4 436.8 318.6 84.1 34.0 848.6 658.2 215.8 -25.4 898.9 612.9 281.8 4.3 56 57 58 59 60 61 62 63 64 FA814135005 FA814141005 FA814142005 FA123165005 FA803192305 Loans Short term Long term Mortgages Foreign direct investment in the U.S.: debt -83.1 -99.5 16.4 9.3 7.1 -221.8 -236.3 14.5 4.0 10.5 34.5 -64.9 99.4 1.0 98.4 108.2 97.3 11.0 5.6 5.4 315.7 354.4 -38.7 -15.8 -22.9 136.6 145.1 -8.5 1.9 -10.3 151.7 141.0 10.7 1.8 9.0 14.8 16.6 -1.8 -9.1 7.3 60 61 62 63 64 65 66 67 68 69 70 71 72 73 FA853181005 FA634090005 FA813164105 FA653164205 FA403192405 FA803192105 FA662090003 FA803194605 FA503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent Equity investment in Federal Reserve facilities 633.1 25.7 280.8 311.0 1.2 11.6 4.3 -1.5 0.0 397.5 5.2 253.3 98.7 1.3 16.1 5.3 17.6 0.0 171.5 -123.0 285.6 28.4 2.7 -76.0 17.3 36.4 0.0 874.6 165.3 445.0 317.7 4.2 21.1 1.0 -79.7 0.0 424.6 169.2 225.3 -64.0 1.1 46.2 9.5 37.3 0.0 1173.2 712.8 233.2 208.3 -3.7 31.6 5.2 -14.3 0.0 1170.3 763.5 515.9 -229.1 -6.8 0.9 6.9 6.5 112.5 1428.7 439.5 875.5 215.7 -0.9 14.8 15.8 -40.5 -91.2 65 66 67 68 69 70 71 72 73 74 FA813196005 Other accounts payable -16.2 -186.5 19.2 65.4 -103.0 76.7 318.4 416.7 74 75 FA855000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) 23.5 12.6 209.4 -124.9 169.8 92.9 53.9 200.2 75 76 77 78 79 FV858090185 FV812010095 FV858090085 FU857005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-75) (4) 20.7 0.0 -159.7 -180.4 178.7 0.0 -4.0 -182.7 420.3 0.0 68.7 -351.6 123.0 -1.8 29.8 -95.1 376.6 -2.4 107.4 -271.6 131.5 0.0 -141.8 -273.4 262.9 0.0 10.1 -252.8 379.5 -0.4 152.0 -228.0 76 77 78 79 14.2 13.7 1.1 -0.5 8.3 11.3 -1.6 -1.4 9.4 11.0 -1.8 0.2 18.4 19.8 -1.0 -0.4 35.2 32.4 2.9 -0.1 25.1 24.9 0.4 -0.2 16.0 11.1 3.9 0.9 155.0 120.0 35.8 -0.7 80 81 82 83 690.1 144.5 0.6 560.5 -15.5 -544.3 -160.4 0.3 -339.2 -45.1 699.8 -11.1 -1.3 707.5 4.7 2463.7 60.4 0.8 2319.8 82.7 -1711.2 -217.1 -0.1 -1390.7 -103.3 3709.6 405.4 -0.1 3202.5 101.7 2710.2 197.3 -0.0 2468.3 44.5 3163.3 -317.4 0.0 3365.1 115.5 84 85 86 87 88 1042.2 -0.6 506.0 506.7 30.2 0.0 0.0 -599.5 0.1 -226.6 -352.1 -20.9 0.0 0.0 1195.9 -4.2 499.2 689.9 11.0 0.0 0.0 2997.2 4.2 978.3 1965.7 49.1 0.0 0.0 -1883.5 3.0 -672.9 -1165.2 -48.4 0.0 0.0 4378.3 -2.9 1481.7 2781.4 118.2 0.0 0.0 2912.3 -1.1 689.6 2132.1 91.6 0.0 0.0 5369.9 -6.0 2795.8 2430.5 149.6 0.0 0.0 89 90 91 92 93 94 95 -337.9 63.5 -486.7 -515.1 207.4 -643.7 -186.2 -2051.6 96 -441.8 106.4 -170.2 -585.8 512.4 -666.4 -114.8 -1687.9 97 40245.2 39347.2 40925.9 44779.0 44325.3 49975.7 55213.1 61784.1 98 1082.9 572.7 422.4 87.8 1122.9 582.2 451.3 89.4 1166.9 595.3 475.2 96.4 1207.7 617.6 485.5 104.6 1267.8 653.8 501.8 112.2 1314.4 684.4 509.0 121.0 1333.1 701.5 499.1 132.5 1494.8 99 824.1 100 525.9 101 144.8 102 39162.4 38224.3 39758.9 43571.3 43057.5 48661.3 53880.0 60289.3 103 1517.5 1279.3 975.1 1066.1 1061.2 1128.8 1330.2 1282.1 104 Other changes in volume account Revaluation account 80 81 82 83 FR812010095 FR815013665 FR815013265 FR815013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 84 85 86 87 88 FR854090085 FR854022005 FR803092305 FR813064105 FR803092105 Financial assets Debt securities U.S. direct investment aboard: debt Corporate equities U.S. direct investment aboard: equity 89 90 91 92 93 94 95 FR814190085 FR803192305 FR813164105 FR653164205 FR803192105 FR662090003 FR803194605 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Mutual fund shares Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent 96 FR858200005 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 97 FC852090095 Change in net worth (lines 30+33+76+96) 98 FL852000095 Total assets 99 LM812010095 100 LM815013665 101 LM815013265 102 LM815013765 103 FL854090005 104 FL854000005 Nonfinancial assets (5) Structures (nonresidential) Equipment Intellectual property products Financial assets Currency and deposits Integrated Accounts Balance sheet account (end of period) 180 Z.1, December 9, 2022 S.65.a Other Financial Business (1) Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 7307.1 456.3 1466.0 1902.4 996.8 2485.6 7338.2 476.9 1705.0 1770.3 982.2 2403.9 7883.6 365.7 2144.0 1913.2 931.6 2529.2 8458.2 472.5 2259.3 1961.1 977.5 2787.7 8948.4 488.4 2733.7 1972.4 990.5 2763.3 10274.7 526.5 3162.1 2288.3 1131.6 3166.0 11993.3 416.7 4764.3 1919.8 1190.5 3702.1 11337.5 514.1 4230.6 1406.2 1302.5 3884.2 105 106 107 108 109 110 105 106 107 108 109 110 FL854022005 FL853069175 FL853061105 FL853061705 FL853062005 FL853063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 111 112 113 114 115 FL854035005 FL854041005 FL814042005 FL813065005 FL803092305 Loans Short term Long term Mortgages U.S. direct investment abroad: debt 12754.2 4724.0 8030.2 8008.5 21.8 12652.1 4542.8 8109.3 8090.9 18.4 12876.7 4640.1 8236.6 8219.9 16.7 13552.0 5014.4 8537.5 8523.9 13.7 14024.6 5159.2 8865.4 8847.2 18.3 14562.5 5395.8 9166.7 9156.0 10.6 15068.3 5285.2 9783.2 9777.2 5.9 17675.0 6915.7 10759.3 10757.7 1.6 111 112 113 114 115 116 117 118 119 120 121 FL813081005 LM813064105 FL813034005 FL813092405 FL803092105 FL793094605 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment aboard: equity Equity investment in subsidiaries 13930.7 10725.4 346.5 0.5 506.1 2352.1 13541.0 10600.6 278.0 1.6 433.0 2227.8 14570.1 11377.2 422.0 1.1 492.8 2277.0 17127.2 13883.2 431.1 0.7 579.7 2232.5 15874.4 12555.5 455.2 0.6 484.4 2378.7 19364.1 15685.2 599.7 0.6 653.4 2425.2 21907.5 17949.7 727.5 0.1 762.7 2467.6 26105.2 21695.4 911.7 0.0 937.6 2560.4 116 117 118 119 120 121 122 FL733040005 Insurance, pension and standardized guarantee schemes 45.0 49.0 53.0 57.0 61.0 65.0 69.0 123 FL853096005 Other accounts receivable 3608.0 3364.7 3400.4 3310.9 3088.0 3266.3 3511.7 3816.6 123 124 FL852100005 Total liabilities and net worth 40245.2 39347.2 40925.9 44779.0 44325.3 49975.7 55213.1 61784.1 124 125 FL854194005 40705.1 39700.6 41449.4 45888.3 44922.3 51239.0 56591.3 64850.2 125 126 FL403197033 Currency and deposits 9.1 8.5 8.1 7.8 7.6 10.4 15.3 14.3 126 127 128 129 130 FL814122005 FL423161705 FL813163005 FL813169105 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 12352.0 7924.0 4084.7 343.3 12273.5 8144.4 3797.4 331.6 12510.0 8496.1 3690.8 323.0 12892.2 8842.7 3723.7 325.7 13196.8 9089.6 3785.9 321.3 13626.6 9408.3 3863.1 355.3 14469.2 10066.5 4072.8 329.9 15362.3 10679.4 4348.7 334.2 127 128 129 130 131 132 133 134 135 FL814135005 FL814141005 FL814142005 FL123165005 FL803192305 Loans Short term Long term Mortgages Foreign direct investment in the U.S.: debt 3316.0 3045.7 270.3 231.4 38.9 3097.2 2812.3 284.9 235.4 49.5 3127.5 2747.4 380.1 236.5 143.7 3239.9 2844.6 395.3 242.0 153.2 3558.6 3199.1 359.5 226.2 133.3 3688.5 3344.1 344.3 224.3 120.0 3839.1 3485.1 354.0 226.1 127.9 3877.2 3500.5 376.7 247.4 129.3 131 132 133 134 135 136 137 138 139 140 141 142 143 144 FL853181005 FL634090005 LM813164105 LM653164205 FL403192405 FL803192105 LM662090003 FL803194605 FL503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent Equity investment in Federal Reserve facilities 23118.7 3073.0 5900.7 13150.6 42.9 324.0 45.1 582.3 0.0 22707.5 3078.2 5927.5 12897.2 44.2 309.1 50.4 400.9 0.0 24006.3 2955.2 6712.3 13615.6 46.9 230.2 67.7 378.3 0.0 27834.4 3120.5 8135.6 15899.0 51.1 288.6 68.7 270.8 0.0 26359.0 3289.7 7688.0 14669.8 52.2 261.0 78.2 320.1 0.0 31909.2 4002.5 9402.9 17659.5 48.6 429.4 83.5 282.8 0.0 35967.3 4765.9 10608.4 19562.6 41.8 532.8 90.3 253.0 112.5 42761.9 5205.5 14279.7 22208.8 40.9 695.0 106.1 204.8 21.3 136 137 138 139 140 141 142 143 144 145 FL813196005 Other accounts payable 1909.3 1613.8 1797.5 1914.1 1800.3 2004.3 2300.3 2834.5 145 146 FL852090095 -459.8 -353.4 -523.6 -1109.3 -597.0 -1263.3 -1378.2 -3066.1 146 Liabilities Net worth 73.0 122 Integrated Accounts (1) Includes the following sectors as defined in the Financial Accounts of the United States: Money Market Funds; Mutual Funds; Closed-End Funds; Exchange-Traded Funds; Government-Sponsored Enterprises; Agency- and GSE-Backed Mortgage Pools; Issuers of Asset-Backed Securities; Finance Companies; REITs; Security Brokers and Dealers; Holding Companies; Other Financial Business. (2) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (3) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the 2004:Q4. (4) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (5) Excludes land. Includes corporate and noncorporate financial business. 181 Z.1, December 9, 2022 S.7.a Federal Government (1) Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 Current account 1 FA316902505 Gross value added 723.1 737.3 749.0 766.3 794.1 816.3 856.5 896.6 1 2 FA316300001 Less: Consumption of fixed capital 270.2 271.5 270.7 275.9 285.0 293.9 304.7 322.7 2 3 4 5 6 7 FA316902605 FA316025001 FA316020001 FA316401005 FA316402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 452.9 460.0 324.0 135.9 -7.1 465.8 469.0 330.5 138.6 -3.2 478.3 479.7 336.4 143.4 -1.5 490.5 489.5 344.1 145.4 0.9 509.1 509.7 357.3 152.4 -0.6 522.4 525.0 365.5 159.5 -2.6 551.8 550.6 381.9 168.7 1.1 573.9 572.4 393.2 179.3 1.5 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA316140005 FA316402101 FA316240001 FA316402015 FA316150195 FA316130101 FA316121105 FA316112101 FA316130095 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) -194.8 -7.1 136.3 -57.6 172.7 24.8 137.6 10.3 439.1 -187.8 -3.2 140.3 -56.7 161.1 28.0 126.4 6.7 429.3 -239.7 -1.5 136.5 -61.2 140.8 29.7 106.3 4.8 454.3 -264.0 0.9 131.5 -59.3 139.6 29.8 103.7 6.1 476.7 -317.9 -0.6 163.8 -62.7 123.3 36.4 79.0 7.8 541.6 -372.5 -2.6 174.8 -72.4 109.9 37.7 63.8 8.4 582.3 -912.4 1.1 155.8 -656.7 115.9 23.0 87.0 5.9 528.6 -747.0 1.5 174.6 -478.8 135.3 18.0 109.3 8.0 579.5 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA316140005 FA316220001 FA316601001 FA316404001 FA316403105 FA316403001 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) -194.8 1763.8 1140.1 1900.6 87.3 540.9 -187.8 1883.8 1190.8 1990.3 76.2 577.9 -239.7 1883.9 1224.4 2045.2 79.7 605.0 -264.0 1868.4 1284.3 2119.6 85.5 606.4 -317.9 1865.6 1346.5 2217.7 88.2 634.1 -372.5 1938.8 1409.2 2349.7 76.2 659.3 -912.4 1959.6 1434.4 3403.9 67.2 932.7 -747.0 2417.1 1523.4 3674.8 67.2 1174.5 17 18 19 20 21 22 23 24 FA316012005 FA316901001 Equals: Disposable income, net Less: Final consumption expenditures 354.9 952.2 394.9 955.1 298.1 965.7 248.1 982.5 130.7 1038.0 42.5 1094.8 -1787.8 1169.6 -1588.5 1246.8 23 24 25 FA316006085 Equals: Net saving -597.4 -560.2 -667.6 -734.4 -907.3 -1052.2 -2957.4 -2835.3 25 -662.2 -597.4 64.9 -620.2 -560.2 59.9 -728.1 -667.6 60.5 -569.9 -734.4 -164.5 -967.9 -907.3 60.6 -1131.3 -1052.2 79.0 -3030.7 -2957.4 73.3 -2956.4 -2835.3 121.0 26 27 28 -9.0 -35.8 -10.8 1.8 14.2 24.1 43.3 30.7 29 263.8 270.2 -2.6 266.6 271.5 -30.9 268.8 270.7 -8.9 279.9 275.9 -2.2 300.0 285.0 -0.8 320.6 293.9 -2.6 351.0 304.7 -2.9 362.4 322.7 -9.0 30 31 32 -653.2 -584.4 -717.3 -571.6 -982.1 -1155.4 -3074.0 -2987.1 33 -653.2 -584.4 -717.3 -571.6 -982.1 -1155.4 -3074.0 -2987.1 34 32.0 236.9 206.2 124.1 338.4 77.7 1709.1 -1242.7 35 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.0 0.7 0.1 0.0 0.1 0.2 0.0 0.2 0.2 0.0 0.2 0.1 0.0 0.1 113.7 0.0 113.7 36 37 38 Capital account 26 27 28 FA316006385 FA316006085 FA315440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 FA315050905 30 31 32 FA315019001 FA316300001 FA315420003 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 FA315000995 Net lending (+) or borrowing (-), capital account (lines 26-29) 34 FA315000995 Net lending (+) or borrowing (-) (line 33) 35 FA314090005 Net acquisition of financial assets 36 37 38 FA313011105 FA313011205 FA313011303 Monetary gold and SDRs Monetary gold SDR holdings 39 40 41 42 43 44 FA314000005 FA313011505 FA313011405 FA313020005 FA313030003 FA313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 57.2 0.1 -3.9 60.3 0.7 0.0 103.5 0.1 -6.5 110.4 -0.5 0.0 67.0 0.0 1.5 65.7 -0.2 0.0 -171.6 0.0 -1.8 -170.2 0.4 0.0 178.5 0.0 4.8 173.5 0.1 0.0 5.7 0.1 4.3 1.0 0.3 0.0 1333.8 0.0 8.8 1326.3 -1.3 0.0 -1322.1 -0.1 0.5 -1323.9 1.4 -0.0 39 40 41 42 43 44 45 46 47 FA314022005 FA313061703 FA313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds -0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45 46 47 48 49 50 51 52 FA314023005 FA314041005 FA313066220 FA313069005 FA313065005 Loans Short term Consumer credit Other loans and advances Long term (mortgages) -26.4 -28.2 110.7 -138.9 1.7 106.1 106.8 103.4 3.4 -0.7 97.9 94.7 99.6 -4.9 3.2 95.8 95.6 96.3 -0.7 0.2 99.1 95.7 90.7 5.0 3.4 93.5 92.9 83.0 9.9 0.6 254.1 250.7 61.7 189.0 3.3 176.4 170.4 55.4 115.0 6.0 48 49 50 51 52 53 54 55 56 57 58 FA313081105 FA313064105 FA313092803 FA313092403 FA313094303 FA313094205 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (2) Equity investment under Public-Private Inv. Program Equity investment in Federal Reserve facilities 0.4 -1.6 2.1 0.0 0.0 0.0 2.1 -0.0 2.1 0.0 0.0 0.0 1.7 -0.1 1.7 0.0 0.0 0.0 1.4 -0.1 1.5 0.0 0.0 0.0 5.3 4.0 1.3 0.0 0.0 0.0 1.4 0.0 1.4 0.0 0.0 0.0 115.8 0.0 1.8 0.0 0.0 114.0 -91.6 -0.0 1.2 0.0 0.0 -92.7 53 54 55 56 57 58 Integrated Accounts Financial account 182 Z.1, December 9, 2022 S.7.a Federal Government (1) Billions of dollars 2014 59 60 61 62 FA313096005 FA313070000 FA313078000 FA313093003 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 63 FA314190005 64 FA313111303 SDR allocations 65 FA314100005 Currency and deposits 66 67 68 FA314122005 FA313161105 FA313161705 Debt securities Treasury securities Federal agency securities 69 FA314123005 Loans 70 71 72 73 FA313152005 FA313140003 FA313195105 FA343073045 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 74 75 76 77 78 FA313196005 FA713014003 FA313170005 FA313172003 FA313193005 Other accounts payable SDR certificates Trade payables PPP subsidies payable Other (miscellaneous liabilities) 79 FA315000005 Net incurrence of liabilities Addendum: Net lending (+) or borrowing (-), financial account (lines 35-63) 2015 2016 2017 2018 2019 2020 2021 0.9 -5.2 -4.1 10.2 25.3 12.7 0.4 12.2 38.9 3.8 23.9 11.2 198.5 0.1 189.0 9.4 55.4 10.4 31.3 13.7 -23.0 -1.9 -26.8 5.6 5.2 11.3 -12.2 6.1 -119.1 10.6 -137.2 7.5 59 60 61 62 764.8 755.7 883.2 634.5 1295.4 1190.7 5006.6 1481.1 63 0.0 0.0 0.0 0.0 0.0 0.0 0.0 112.8 64 -0.3 -0.6 -0.6 -0.3 -0.3 -0.5 -0.0 -0.1 65 735.9 736.0 -0.1 724.6 724.4 0.2 842.7 842.8 -0.1 447.0 447.0 -0.1 1409.8 1411.2 -1.5 1174.9 1176.6 -1.7 4581.2 4582.2 -1.0 1683.4 1683.8 -0.4 66 67 68 0.0 0.0 0.0 151.7 -151.7 0.0 0.0 0.0 69 29.2 0.8 10.4 18.1 13.6 -0.1 7.4 6.4 6.0 0.1 12.9 -7.0 15.3 -0.2 9.6 6.0 -38.0 0.2 13.9 -52.1 -20.8 0.9 14.4 -36.1 -18.9 0.2 8.2 -27.3 -68.3 0.3 21.4 -90.1 70 71 72 73 -0.1 0.0 -3.1 0.0 3.0 18.1 0.0 14.5 0.0 3.5 35.2 0.0 29.4 0.0 5.8 20.7 0.0 17.5 0.0 3.2 75.6 0.0 74.0 0.0 1.6 37.2 0.0 33.3 0.0 3.9 444.3 0.0 33.0 415.2 -3.8 -246.7 0.0 64.5 -308.9 -2.3 74 75 76 77 78 -732.8 -518.8 -677.0 -510.3 -957.0 -1113.0 -3297.5 -2723.8 79 -51.4 0.0 28.2 79.6 122.5 0.0 56.9 -65.6 64.9 0.0 24.6 -40.3 138.0 0.0 76.7 -61.3 8.3 0.0 -16.7 -25.0 -38.1 0.0 -80.6 -42.4 -172.9 0.0 50.6 223.5 445.8 0.0 182.6 -263.3 80 81 82 83 Other changes in volume account 80 81 82 83 FV318090185 FV312010095 FV318090085 FU317005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-79) (3) Revaluation account 84 85 86 87 FR312010095 FR315015605 FR315013265 FR315013765 Nonfinancial assets Structures Equipment Intellectual property products 50.3 31.2 9.0 10.1 7.1 11.7 -2.9 -1.7 56.1 47.7 0.8 7.6 85.8 55.6 5.8 24.4 110.6 66.2 14.0 30.4 60.6 38.5 8.2 13.9 102.5 53.8 4.9 43.8 237.9 166.5 30.1 41.4 84 85 86 87 88 89 90 91 92 FR318080005 FR313011105 FR314000005 FR313064105 FR313094303 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program -5.0 -3.3 -1.7 0.0 0.0 -3.3 -2.3 -1.1 0.0 0.0 -2.1 -1.5 -0.6 0.0 0.0 4.0 2.9 1.1 0.0 0.0 -5.7 -1.2 -0.4 -4.0 0.0 -0.4 -0.3 -0.1 0.0 0.0 3.5 2.1 1.4 0.0 0.0 -4.0 -3.0 -1.0 0.0 0.0 88 89 90 91 92 93 FR313111303 Liabilities (SDR allocations) -3.2 -2.2 -1.5 2.8 -1.2 -0.3 2.0 -2.9 93 94 FR318200005 Changes in net worth due to nominal holding gains/losses 48.5 6.0 55.5 87.0 106.1 60.5 104.0 236.9 94 -665.2 -491.7 -607.8 -344.9 -853.5 -1108.9 -3099.6 -2273.7 95 5149.8 5405.6 5658.1 5925.7 6384.5 6488.4 8420.9 7627.4 96 3248.7 1504.7 746.8 997.2 3251.0 1506.8 745.5 998.8 3305.2 1544.2 748.3 1012.8 3395.0 1587.3 760.8 1046.9 3520.5 1642.7 787.0 1090.7 3608.0 1674.1 815.9 1118.0 3756.8 1724.4 844.3 1188.1 4034.8 97 1882.7 98 892.4 99 1259.6 100 1901.1 2154.6 2352.9 2530.7 2864.0 2880.4 4664.1 3592.6 101 51.9 0.0 51.9 49.7 0.0 49.7 48.9 0.0 48.9 51.9 0.0 51.9 50.8 0.0 50.8 50.8 0.0 50.7 52.9 0.0 52.9 163.6 102 0.0 103 163.6 104 Changes in balance sheet account 95 FC312090095 Change in net worth (lines 29+33+80+94) Balance sheet account (end of period) Integrated Accounts 96 FL312000095 97 LM312010095 98 LM315015605 99 LM315013265 100 LM315013765 101 FL314090005 102 103 104 FL313011105 FL313011205 FL313011303 Total assets Nonfinancial assets (4) Structures Equipment Intellectual property products Financial assets Monetary gold and SDRs Monetary gold SDR holdings 183 Z.1, December 9, 2022 S.7.a Federal Government (1) Billions of dollars 2014 105 106 107 108 109 110 FL314000005 FL313011505 FL313011405 FL313020005 FL313030003 FL313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 111 112 113 FL314022005 FL313061703 FL313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 114 115 116 117 118 FL314023005 FL314041005 FL313066220 FL313069005 FL313065005 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 119 120 121 122 123 124 FL313081105 LM313064105 FL313092803 FL313092403 LM313094303 FL313094205 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (2) Equity investment under Public-Private Inv. Program Equity investment in Federal Reserves facilities 125 126 127 128 FL313096005 FL313070000 FL313078000 FL313093003 129 FL312000095 130 FL314190005 131 FL313111303 SDR allocations 132 FL314100005 Currency and deposits 133 134 135 FL314122005 FL313161105 FL313161705 Debt securities Treasury securities Federal agency securities 136 FL314123005 Loans 137 138 139 140 FL313152005 FL313140003 FL313195105 FL343073045 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 141 142 143 144 145 FL313196005 FL713014003 FL313170005 FL313172003 FL313193013 Other accounts payable SDR certificates Trade payables PPP subsidies payable Other (miscellaneous liabilities) 146 FL312090095 2015 2016 2017 2018 2019 2020 2021 277.2 20.7 25.3 226.3 2.2 2.6 379.7 19.5 17.7 338.1 1.8 2.6 446.1 19.3 18.7 404.0 1.5 2.6 275.6 21.2 17.9 232.0 1.9 2.6 453.7 20.8 22.3 405.9 2.0 2.6 459.2 20.6 26.4 407.2 2.3 2.6 1794.4 22.1 36.6 1732.1 1.0 2.6 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 1181.6 1064.5 846.2 218.2 117.2 1287.7 1171.2 949.7 221.6 116.5 1385.6 1265.9 1049.3 216.6 119.7 1481.4 1361.5 1145.6 216.0 119.8 1580.5 1457.3 1236.3 221.0 123.2 1674.0 1550.1 1319.2 230.9 123.8 1928.0 1800.9 1381.0 419.9 127.2 2104.4 1971.2 1436.4 534.9 133.1 114 115 116 117 118 92.8 33.4 59.4 0.0 0.0 0.0 94.9 33.4 61.5 0.0 0.0 0.0 96.6 33.3 63.3 0.0 0.0 0.0 98.0 33.2 64.8 0.0 0.0 0.0 99.3 33.2 66.1 0.0 0.0 0.0 100.6 33.2 67.5 0.0 0.0 0.0 216.5 33.2 69.3 0.0 0.0 114.0 124.9 33.2 70.5 0.0 0.0 21.3 119 120 121 122 123 124 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 296.9 48.4 154.8 93.6 342.1 61.2 175.1 105.8 375.2 64.9 193.2 117.0 623.4 65.0 432.0 126.4 679.3 75.4 463.9 140.0 595.4 73.5 376.2 145.7 671.7 84.9 435.1 151.8 727.9 95.5 473.1 159.3 125 126 127 128 Total liabilities and net worth 5149.8 5405.6 5658.1 5925.7 6384.5 6488.4 8420.9 7627.4 129 16807.7 17555.2 18415.5 19028.0 20340.2 21553.1 26585.2 28065.3 130 51.2 48.9 47.5 50.3 49.1 48.8 50.9 160.8 131 25.3 24.8 24.2 24.0 23.7 23.2 23.1 23.0 132 14441.1 14416.7 24.4 15165.6 15141.1 24.6 16008.3 15983.8 24.5 16455.3 16430.9 24.4 17865.0 17842.1 22.9 19039.9 19018.7 21.2 23621.1 23600.9 20.2 25304.5 133 25284.7 134 19.8 135 0.0 0.0 0.0 151.7 0.0 0.0 0.0 0.0 136 2036.4 51.3 257.3 1727.8 2048.1 51.1 264.7 1732.3 2039.0 51.3 277.6 1710.1 2033.2 51.1 287.1 1695.0 2015.1 51.3 301.0 1662.8 2020.7 52.2 315.4 1653.1 2021.2 52.4 323.6 1645.2 1952.6 52.6 345.1 1554.8 137 138 139 140 253.8 5.2 246.8 0.0 1.8 267.7 5.2 261.4 0.0 1.2 296.5 5.2 290.7 0.0 0.6 313.5 5.2 308.2 0.0 0.1 387.3 5.2 382.3 0.0 -0.2 420.5 5.2 415.5 0.0 -0.2 868.9 5.2 448.5 415.2 0.0 624.5 5.2 513.0 106.3 0.0 141 142 143 144 145 -11657.9 -12149.6 -12757.3 -13102.3 -13955.7 -15064.7 -18164.3 Liabilities Net worth 471.3 20.2 36.1 410.1 2.4 2.6 105 106 107 108 109 110 0.5 111 0.0 112 0.5 113 -20437.9 146 Integrated Accounts (1) The federal government sector excludes federal government employee retirement funds. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land and nonproduced nonfinancial assets. 184 Z.1, December 9, 2022 S.8.a State and Local Governments (1) Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 1573.5 1626.7 1661.1 1704.6 1778.2 1829.8 1890.1 1963.5 1 Current account 1 FA216902505 Gross value added 2 FA216300001 Less: Consumption of fixed capital 246.3 251.4 256.4 266.1 280.1 292.6 301.2 324.4 2 3 4 5 6 7 FA216902605 FA216025001 FA216020001 FA216401005 FA216402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 1327.1 1331.0 912.9 418.1 -3.9 1375.3 1377.3 945.3 432.0 -2.0 1404.7 1407.7 971.7 436.0 -3.0 1438.5 1445.9 1004.1 441.8 -7.5 1498.2 1505.4 1044.7 460.7 -7.3 1537.2 1548.8 1085.0 463.9 -11.7 1588.9 1590.1 1112.6 477.5 -1.3 1639.0 1638.5 1151.0 487.5 0.5 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA216140005 FA216402101 FA216240001 FA216402015 FA216150195 FA216130101 FA216121101 FA216112101 FA216130095 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) 921.1 -3.9 1104.5 -0.5 83.2 65.3 5.3 12.7 262.3 945.0 -2.0 1134.8 -0.5 81.5 64.9 5.4 11.2 268.7 972.0 -3.0 1175.1 -0.5 83.1 66.6 5.7 10.8 282.8 1024.9 -7.5 1235.9 -0.6 88.0 71.3 5.8 10.8 290.9 1098.5 -7.3 1297.6 -0.6 94.9 77.2 6.0 11.7 286.1 1138.2 -11.7 1355.2 -0.6 101.7 83.4 6.5 11.8 306.4 1177.2 -1.3 1370.5 -0.6 104.5 86.9 6.2 11.4 295.9 1305.8 0.5 1488.8 -3.1 106.7 89.0 6.2 11.6 287.2 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA216140005 FA216220005 FA216601001 FA216404001 FA216403105 FA216403001 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 921.1 437.4 18.7 617.5 616.5 0.0 945.0 463.6 19.2 665.3 675.5 0.0 972.0 463.6 20.0 693.1 690.2 0.0 1024.9 490.1 19.8 709.7 691.3 0.0 1098.5 520.4 20.4 731.6 723.8 0.0 1138.2 570.0 20.7 763.9 755.6 0.0 1177.2 580.6 20.6 817.0 1020.8 0.0 1305.8 649.7 22.8 902.8 1256.3 0.0 17 18 19 20 21 22 23 FA216012005 Equals: Disposable income, net 1376.1 1438.1 1452.7 1516.6 1631.5 1720.6 1982.1 2331.8 23 24 FA216901001 Less: Final consumption expenditures 1614.1 1653.8 1697.4 1744.0 1829.0 1914.0 1968.8 2106.9 24 25 FA216006095 Equals: Net saving -237.9 -215.8 -244.7 -227.4 -197.4 -193.4 13.3 224.9 25 -167.3 -237.9 -70.6 -146.0 -215.8 -69.8 -172.1 -244.7 -72.6 -155.0 -227.4 -72.4 -124.3 -197.4 -73.2 -118.5 -193.4 -74.9 97.0 13.3 -83.7 308.0 224.9 -83.1 26 27 28 103.0 116.4 127.6 136.6 148.3 154.6 155.0 137.2 29 338.8 246.3 10.6 356.0 251.4 11.9 371.1 256.4 12.9 388.4 266.1 14.3 411.9 280.1 16.5 430.5 292.6 16.7 439.6 301.2 16.6 444.6 324.4 17.0 30 31 32 -270.3 -262.4 -299.7 -291.6 -272.6 -273.1 -57.9 170.8 33 -270.3 -262.4 -299.7 -291.6 -272.6 -273.1 -57.9 170.8 34 -46.3 76.7 171.2 85.7 68.8 31.9 354.9 550.0 35 28.4 16.8 11.6 5.5 -8.6 14.2 14.1 5.9 8.2 11.7 -2.5 14.1 0.3 -7.6 7.9 25.9 6.2 19.8 81.3 90.8 -9.5 84.6 115.8 -31.2 36 37 38 -73.3 -10.7 -4.2 -49.2 -1.5 -7.7 26.7 -3.3 16.8 -4.0 0.5 16.7 105.7 0.5 72.3 25.8 1.0 6.1 56.1 4.2 17.7 26.0 0.5 7.7 8.9 0.5 -12.4 5.6 0.5 14.6 35.7 -0.6 51.4 2.4 -0.9 -16.6 219.8 -0.4 291.3 -71.4 1.5 -1.2 332.4 4.0 383.9 -39.8 3.8 -19.5 39 40 41 42 43 44 Capital account 26 27 28 FA216006395 FA216006095 FA215440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 FA215050905 30 31 32 FA215019001 FA216300001 FA215420003 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 FA215000995 Net lending (+) or borrowing (-), capital account (lines 26-29) Integrated Accounts Financial account 34 FA215000995 Net lending (+) or borrowing (-) (line 33) 35 FA214090005 Net acquisition of financial assets 36 37 38 FA214000005 FA213020005 FA213030000 Currency and deposits Currency and transferable deposits Time and savings deposits 39 40 41 42 43 44 FA214022005 FA213069103 FA213061105 FA213061703 FA213062003 FA213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 45 46 47 FA214035005 FA212051003 FA213065005 Loans Short term Long term (mortgages) -4.5 -0.6 -3.9 17.4 7.8 9.6 19.3 7.4 11.9 23.3 8.9 14.4 3.2 1.1 2.1 -3.3 -1.3 -1.9 20.7 15.7 5.0 17.7 10.0 7.7 45 46 47 48 49 50 51 FA213081005 FA213034003 FA213064103 FA213064203 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares -3.9 -1.7 -3.4 1.2 -2.4 -0.2 -3.4 1.2 3.2 5.4 -3.4 1.2 -1.9 0.3 -3.4 1.2 -4.3 -2.1 -3.4 1.2 4.6 6.8 -3.4 1.2 11.3 13.5 -3.4 1.2 13.1 15.3 -3.4 1.2 48 49 50 51 52 53 54 55 FA213096005 FA213070003 FA213078005 FA213093003 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 7.0 11.0 7.1 -11.2 29.5 0.6 5.6 23.3 28.9 17.5 10.9 0.6 -3.4 6.2 5.3 -15.0 60.7 22.8 19.6 18.3 -31.1 19.1 8.5 -58.7 21.9 -12.9 16.7 18.1 102.3 32.0 5.3 65.1 52 53 54 55 185 Z.1, December 9, 2022 S.8.a State and Local Governments (1) Billions of dollars 2014 Net incurrence of liabilities 2015 2016 2017 2018 2019 2020 2021 56 FA214190005 57 58 59 FA213162005 FA213162400 FA213162200 Debt securities (municipals) Short term Other 60 FA213169203 Loans (short term) -43.0 0.1 0.3 0.5 1.1 1.0 1.0 0.5 60 61 FA223073045 Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor) 210.8 172.7 244.8 205.8 223.1 202.9 255.1 253.1 61 62 FA213170003 Other accounts payable (trade payables) 39.8 41.2 43.1 44.9 47.7 50.5 49.9 54.3 62 63 FA215000005 -225.4 -152.1 -148.6 -163.9 -163.0 -219.9 -41.4 173.2 63 -69.4 0.0 -114.3 -44.9 3.2 0.0 -107.2 -110.4 75.2 0.0 -75.9 -151.1 65.5 -2.1 -60.2 -127.8 34.7 -0.2 -74.7 -109.6 105.1 0.0 51.9 -53.2 6.7 0.0 -9.8 -16.6 -85.9 -4.0 -84.3 -2.4 64 65 66 67 159.4 156.1 3.1 0.3 89.8 91.1 0.6 -2.0 212.1 209.1 0.7 2.3 348.9 344.6 2.2 2.1 507.8 499.9 5.5 2.4 328.6 327.6 0.5 0.6 332.9 327.0 3.0 2.9 1541.9 1516.2 19.0 6.7 68 69 70 71 17.3 -4.2 18.8 40.7 -19.3 63.5 52.0 73.8 72 -157.7 109.9 -152.6 -463.1 217.3 -470.4 -502.1 -738.8 73 334.5 -24.3 383.5 852.7 271.2 862.6 887.0 2354.5 74 97.8 -167.1 286.6 763.2 181.6 849.2 990.8 2576.6 75 12876.0 13117.6 13625.5 14226.5 14890.2 15519.4 16436.9 18638.2 76 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-56) 179.1 228.7 319.8 249.6 231.8 251.7 396.3 376.9 56 -28.6 -6.4 -22.2 14.7 -5.9 20.7 31.7 -2.7 34.4 -1.5 4.8 -6.3 -40.1 2.9 -42.9 -2.7 6.8 -9.5 90.2 1.7 88.5 69.0 -13.7 82.6 57 58 59 Other changes in volume account 64 65 66 67 FV218090185 FV212010095 FV218090085 FU217005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-63) (3) Revaluation account 68 69 70 71 FR212010095 FR215015605 FR215013265 FR215013765 Nonfinancial assets Structures Equipment Intellectual property products 72 FR213081005 Financial assets (equity and investment fund shares) 73 FR223073045 Liabilities (claim of pension funds on sponsor) 74 FR218200005 Changes in net worth due to nominal holding gains/losses 75 FC212090095 Change in net worth (lines 29+33+64+74) Changes in balance sheet account 76 FL212000095 77 78 79 80 LM212010095 LM215015605 LM215013265 LM215013765 Nonfinancial assets (4) Structures Equipment Intellectual property products 9990.2 9626.6 245.6 118.1 10184.5 9819.5 245.2 119.8 10511.3 10137.6 247.3 126.4 10980.3 10594.2 252.5 133.6 11619.6 11217.1 260.9 141.6 12086.0 11675.8 263.0 147.2 12556.9 12133.4 268.4 155.1 14213.3 13757.0 288.9 167.4 77 78 79 80 81 FL214090005 Financial assets 2885.8 2933.1 3114.2 3246.2 3270.5 3433.4 3880.0 4424.9 81 82 83 84 FL214000005 FL213020005 FL213030000 Currency and deposits Currency and transferable deposits Time and savings deposits 504.7 145.7 359.0 510.2 137.1 373.2 524.4 143.0 381.3 536.0 140.6 395.5 536.3 132.9 403.4 562.2 139.1 423.2 643.5 229.9 413.6 728.0 345.6 382.4 82 83 84 85 86 87 88 89 90 FL214022005 FL213069103 FL213061105 FL213061703 FL213062003 FL213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 1389.7 76.3 646.5 473.0 14.5 179.6 1392.0 73.0 653.8 463.6 15.0 186.6 1489.2 73.4 717.3 486.7 15.8 195.9 1551.2 77.7 735.0 514.7 16.7 207.2 1535.2 78.2 713.2 518.4 16.8 208.6 1638.6 77.6 793.1 539.3 16.7 211.9 1898.1 77.1 1111.9 466.5 18.6 223.9 2151.8 81.1 1440.7 415.3 22.2 192.4 85 86 87 88 89 90 91 92 93 FL214035005 FL212051003 FL213065005 Loans Short term Long term (mortgages) 362.2 139.7 222.6 378.8 147.5 231.3 397.7 154.8 242.8 420.5 163.7 256.8 423.5 164.9 258.6 420.1 163.6 256.5 440.7 179.2 261.4 458.2 189.2 269.0 91 92 93 94 95 96 97 FL213081005 FL213034003 LM213064103 LM213064203 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 240.8 16.4 153.4 71.1 234.2 16.2 147.7 70.4 256.3 21.6 159.4 75.3 295.1 21.9 185.8 87.4 271.5 19.8 169.6 82.2 339.6 26.5 214.1 98.9 402.8 40.0 250.0 112.8 489.7 55.3 306.4 128.0 94 95 96 97 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 388.3 183.1 129.9 75.3 417.8 183.7 135.5 98.6 446.7 201.2 146.3 99.2 443.3 207.4 151.7 84.2 504.0 230.2 171.3 102.5 472.9 249.3 179.8 43.8 494.9 236.5 196.5 61.9 597.2 98 268.4 99 201.7 100 127.0 101 98 FL213096005 99 FL213070003 100 FL213078005 101 FL213093003 Total assets Integrated Accounts Balance sheet account (end of period) 186 Z.1, December 9, 2022 S.8.a State and Local Governments (1) Billions of dollars 102 FL212100005 103 FL214190005 Total liabilities and net worth 104 105 106 FL213162005 FL213162400 FL213162200 Debt securities (municipals) Short term Other 107 FL213169203 Loans (short term) 108 FL223073045 Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor) 109 FL213170003 Other accounts payable (trade payables) 110 FL212090095 Liabilities Net worth 2014 2015 2016 2017 2018 2019 2020 2021 12876.0 13117.6 13625.5 14226.5 14890.2 15519.4 16436.9 18638.2 102 7654.8 8063.5 8284.8 8122.5 8604.6 8384.6 8311.3 7936.0 103 3090.3 39.1 3051.2 3105.0 33.2 3071.9 3136.7 30.4 3106.3 3135.2 35.2 3099.9 3095.1 38.1 3057.0 3092.4 44.9 3047.5 3182.7 46.6 3136.1 3251.6 104 32.9 105 3218.7 106 18.1 18.2 18.5 18.9 20.1 21.1 22.1 22.6 107 3722.7 4075.3 4221.6 4015.6 4488.9 4220.2 4005.6 3506.6 108 823.7 864.8 907.9 952.8 1000.5 1051.0 1100.9 1155.2 109 5221.3 5054.1 5340.7 6104.0 6285.6 7134.8 8125.6 10702.2 110 Integrated Accounts (1) The state and local government sector excludes state and local government employee retirement funds. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land and nonproduced nonfinancial assets. 187 Z.1, December 9, 2022 S.9.a Rest of the World Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 Current account 1 2 3 4 FA266905095 FA266903001 FA266904195 FA266400101 Foreign income from U.S. U.S. imports of goods and services U.S. income payments to rest of world Current taxes and trans. payments to rest of world 3781.0 2887.4 646.4 247.2 3692.2 2794.9 640.4 257.0 3675.9 2738.4 661.5 276.0 3956.5 2925.0 738.2 293.4 4271.8 3131.2 848.4 292.3 4325.3 3117.2 894.2 313.9 3882.5 2776.1 774.3 332.1 4664.9 3401.4 913.9 349.6 1 2 3 4 5 6 7 8 FA266900095 FA266903011 FA266904095 FA266400201 Less: Foreign outlays to U.S. U.S. exports of goods and services U.S. income receipts from rest of world Current taxes and trans. receipts from rest of world (1) 3404.8 2377.4 881.6 145.8 3267.5 2268.7 860.8 138.1 3272.2 2232.1 893.5 146.7 3585.1 2388.3 1031.1 165.7 3830.7 2538.1 1138.7 153.9 3872.7 2538.5 1172.2 162.0 3290.1 2148.6 971.3 170.2 3803.5 2539.6 1087.0 176.8 5 6 7 8 9 FA266000095 Equals: Net saving (current external balance) 376.2 424.7 403.7 371.4 441.2 452.6 592.5 861.4 9 Capital account 10 FA266000095 Net saving 376.2 424.7 403.7 371.4 441.2 452.6 592.5 861.4 10 11 FA265440005 Less: Net capital transfers -6.9 -8.4 -7.0 -16.0 -4.6 -6.8 -6.2 -3.5 11 12 FA265420095 Less: Acquisition of nonproduced nonfinancial assets -0.0 0.0 0.0 -0.0 -0.1 -0.1 0.2 -0.1 12 13 FA265000905 Net lending (+) or borrowing (-), capital account (lines 10-11-12) 383.0 433.0 410.7 387.4 445.8 459.5 598.5 865.0 13 14 FA265000905 Net lending (+) or borrowing (-) (line 13) 15 FA264090005 Net acquisition of U.S. financial assets 383.0 433.0 410.7 387.4 445.8 459.5 598.5 865.0 14 1152.0 649.4 745.8 1529.7 732.1 625.0 1490.1 1853.5 15 16 17 18 FA263011005 FA263011205 FA313111303 Monetary gold and SDRs Monetary gold SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 112.8 0.0 112.8 16 17 18 19 20 21 22 23 FA264000005 FA263025003 FA263027003 FA263030005 FA264016005 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 102.4 66.3 16.6 54.2 -34.7 -45.6 38.4 -5.7 -18.6 -59.6 -13.1 42.3 17.8 70.8 -144.0 201.9 69.7 11.9 16.4 104.0 165.8 65.3 14.2 37.4 48.9 -26.3 51.3 7.7 -2.1 -83.3 280.9 121.3 34.7 95.4 29.4 169.1 48.3 17.7 36.2 66.9 19 20 21 22 23 24 25 26 27 28 29 FA264022005 FA263069103 FA263061105 FA263061705 FA263062003 FA263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 527.8 7.7 314.2 -8.1 4.3 209.6 406.5 -2.3 42.7 24.8 6.5 334.9 341.6 36.9 -107.9 79.1 7.2 326.3 652.5 -6.3 308.2 22.0 7.1 321.5 141.9 -10.2 120.2 95.7 -1.6 -62.2 545.0 5.4 297.7 81.9 4.0 156.0 244.8 -46.2 67.0 5.7 4.8 213.4 700.8 1.9 639.6 -17.0 1.8 74.5 24 25 26 27 28 29 30 31 32 33 34 FA264035005 FA264041005 FA262051005 FA263069500 FA263092303 Loans Short term Security repurchases Loans to U.S. corporate business Long term (U.S. direct investment abroad: debt) 197.3 131.4 100.4 31.0 65.9 73.2 15.7 -21.2 36.9 57.5 170.2 64.4 68.7 -4.3 105.8 122.6 130.9 31.3 99.5 -8.2 -110.4 -7.9 -31.3 23.5 -102.5 99.6 119.9 22.4 97.5 -20.3 32.5 91.2 18.0 73.3 -58.7 428.1 403.6 281.4 122.1 24.5 30 31 32 33 34 35 36 37 38 39 FA263081005 FA263034003 FA263064105 FA263064203 FA263092101 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the U.S.: equity 300.4 -0.9 114.3 40.9 146.1 239.0 2.3 -191.4 1.8 426.3 234.5 -14.3 -186.3 60.9 374.2 483.0 0.1 116.9 32.6 333.3 475.9 17.3 110.9 28.7 318.9 -14.4 7.4 -249.2 -49.6 277.0 855.2 18.9 669.2 -0.7 167.8 361.2 20.8 -46.1 5.8 380.8 35 36 37 38 39 40 41 42 43 FA263052005 FA263076005 FA543141905 FA543151905 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements 9.1 -0.4 6.7 2.8 -3.8 2.9 -4.6 -2.0 13.4 1.2 11.0 1.2 13.5 10.4 2.7 0.4 10.9 9.1 -9.3 11.0 2.9 2.0 0.3 0.6 -24.9 -2.1 -9.1 -13.6 2.9 6.0 -1.4 -1.6 40 41 42 43 44 FA263096005 Other accounts receivable 15.0 -20.0 -0.9 56.2 48.0 18.2 101.6 78.6 44 45 FA264194005 Net incurrence of liabilities 889.2 273.0 449.2 1156.0 536.9 236.1 972.2 1328.1 45 46 FA313011303 SDR holdings 0.0 0.0 0.7 0.1 0.2 0.2 0.1 113.7 46 47 48 49 50 51 FA264100005 FA263111503 FA263111403 FA263191005 FA313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies -121.4 0.2 -3.8 -117.8 0.0 -242.1 0.2 -6.5 -235.8 0.0 -83.4 0.1 1.3 -84.8 0.0 255.2 0.0 -1.8 257.0 0.0 71.2 0.0 4.8 66.4 0.0 21.8 0.2 4.3 17.3 0.0 110.8 0.1 8.8 102.0 0.0 48.7 -0.2 0.5 48.4 -0.0 47 48 49 50 51 52 53 54 FA264122005 FA263169105 FA263163005 Debt securities Commercial paper Bonds 161.8 -3.8 165.6 -84.6 -7.0 -77.5 7.0 -28.2 35.1 355.6 68.3 287.3 191.9 74.4 117.6 -23.5 -22.6 -0.9 38.8 -19.0 57.8 511.8 67.4 444.4 52 53 54 55 FA264135005 Loans 114.4 125.9 132.8 -49.9 252.1 95.4 75.0 -19.0 55 Integrated Accounts Financial account 188 Z.1, December 9, 2022 S.9.a Rest of the World Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 55 56 57 58 59 60 61 FA264135005 FA264141005 FA262151003 FA263169005 FA263168005 FA713091103 FA263192305 Loans Short term Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) Long term (foreign direct investment in the U.S.: debt) 114.4 111.6 16.5 2.8 91.1 1.3 2.7 125.9 143.8 80.8 0.7 62.9 -0.5 -18.0 132.8 153.1 115.9 -1.5 34.1 4.6 -20.3 -49.9 -11.1 -33.1 2.8 12.7 6.5 -38.8 252.1 161.8 117.3 -5.8 58.2 -7.9 90.3 95.4 204.9 111.2 7.0 87.1 -0.5 -109.5 75.0 134.2 55.5 -1.8 66.3 14.2 -59.2 -19.0 28.4 -106.2 -3.2 152.4 -14.5 -47.4 55 56 57 58 59 60 61 62 63 64 65 FA263181105 FA263164100 FA313092803 FA263192101 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad: equity 778.6 431.6 2.1 344.9 491.5 196.9 2.1 292.5 349.2 21.7 1.7 325.7 533.9 139.9 1.5 392.5 -46.7 171.3 1.3 -219.3 133.2 -25.3 1.4 157.1 689.1 396.0 1.8 291.2 582.1 154.8 1.2 426.1 62 63 64 65 66 FA263152005 Insurance, pension and standardized guarantee schemes -5.8 9.9 21.9 47.4 27.5 11.2 65.0 81.6 66 67 68 69 FA263196005 FA263170005 FA263194735 Other accounts payable Trade payables Other investment by U.S. holding companies -38.5 -4.9 -33.6 -27.7 1.4 -29.1 21.1 2.7 18.4 13.7 7.4 6.3 40.7 2.7 38.0 -2.2 2.2 -4.4 -6.6 -0.4 -6.2 9.4 3.4 6.0 67 68 69 70 FA265000005 262.8 376.4 296.5 373.6 195.2 389.0 518.0 525.4 70 -181.7 -61.5 120.2 -46.4 10.2 56.6 -89.7 24.5 114.2 -29.3 -15.6 13.8 126.4 377.1 250.7 24.6 95.2 70.6 -30.4 50.1 80.5 -316.3 23.3 339.6 71 72 73 1003.4 -727.4 720.4 2269.4 -1594.4 4324.4 3766.2 4939.0 74 -3.2 -2.2 -1.5 -0.3 2.0 -2.9 75 Addendum: Net lending (+) or borrowing (-), financial account (lines 15-45) Other changes in volume account 71 72 73 FV268090185 FV268090085 FU267005005 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 13-70) (3) 74 FR264090005 75 FR263011005 Monetary gold and SDRs 76 FR264000005 Currency and deposits 77 78 79 80 81 FR264022005 FR263069103 FR263061105 FR263061705 FR263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate bonds 82 FR263092303 Foreign direct investment in the U.S.: debt -10.0 2.3 -47.4 83 84 85 86 FR263081005 FR263064105 FR263064203 FR263092101 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the U.S.: equity 930.1 600.9 22.7 306.5 -457.8 -228.2 -17.9 -211.7 839.6 468.1 32.8 338.7 87 FR263096005 Other accounts receivable -0.2 -0.3 -0.2 88 FR264194005 -411.6 -855.5 305.4 89 FR313011303 SDR holdings -3.3 -2.3 -1.5 2.9 -1.2 90 91 92 93 94 FR264100005 FR263111503 FR263111403 FR263191005 FR263191103 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies -9.4 -5.9 -1.7 -1.8 0.0 -3.3 -2.8 -1.1 0.6 0.0 0.1 -0.3 -0.6 1.0 0.0 -2.5 3.7 1.1 -7.2 0.0 95 FR263163005 Debt securities (corporate bonds) 17.1 -102.6 49.5 96 97 98 FR264135005 FR263169203 FR263192305 Loans Short term (other loans and advances) Long term (U.S. direct investment abroad: debt) 7.9 0.0 7.9 4.4 0.0 4.4 -17.0 0.0 -17.0 -423.4 -133.9 -289.6 -751.1 -211.4 -539.7 274.6 226.8 47.7 0.0 0.0 0.0 Integrated Accounts Revaluation account 99 FR263181105 100 FR263164100 101 FR263192101 102 FR263152005 103 FR263196005 104 FR265000005 Financial assets Liabilities Equity and investment fund shares Corporate equities U.S. direct investment abroad: equity Insurance, pension and standardized guarantee schemes Other accounts payable Changes in net worth due to nominal holding gains/losses 2.8 -1.2 -1.1 -1.4 -0.6 -1.1 -1.5 -3.6 0.5 1.3 76 87.9 -1.1 94.0 8.0 -12.9 -268.0 -1.4 -56.2 -3.7 -206.7 -69.5 -0.4 -43.0 -1.8 -24.2 67.1 1.0 -21.7 -0.4 88.2 -356.3 1.5 -61.5 -7.9 -288.5 527.1 0.1 196.5 13.4 317.2 626.5 1.3 305.2 11.0 309.0 -495.3 0.1 -210.2 -8.2 -276.9 77 78 79 80 81 19.3 13.4 -12.9 -4.9 -23.2 82 2180.9 -1248.5 1119.8 -500.8 101.9 -58.4 959.2 -689.3 3816.4 1898.2 150.2 1768.0 3144.6 1725.6 125.4 1293.6 5458.7 2857.2 131.9 2469.7 83 84 85 86 -0.3 -2.4 -2.6 0.4 87 3084.2 -2858.0 3011.5 1350.4 2232.0 88 -0.3 2.1 -3.0 89 -3.0 -0.8 -0.4 -1.8 0.0 1.1 -0.5 -0.1 1.8 0.0 2.2 2.9 1.4 -2.1 0.0 -5.6 -3.6 -1.0 -1.0 0.0 90 91 92 93 94 135.3 -98.3 239.8 196.2 -172.7 95 10.4 0.0 10.4 -0.9 0.0 -0.9 -0.7 0.0 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 96 97 98 2937.4 -2754.3 1831.9 -1389.9 1105.5 -1364.4 2771.4 1603.8 1167.7 1149.6 741.0 408.5 2413.6 99 1252.2 100 1161.3 101 0.2 -0.0 0.0 102 0.4 0.0 -0.0 -0.5 -0.6 -0.3 0.7 -0.3 0.0 0.3 -0.2 103 1415.1 128.2 415.0 -814.8 1263.6 1312.8 2415.8 2707.0 104 1616.4 514.8 736.0 -456.7 1835.9 1797.0 2983.9 3255.7 105 Changes in balance sheet account 105 FC262090095 Change in net worth (lines 13+70+104) 189 Z.1, December 9, 2022 S.9.a Rest of the World Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2021 Financial balance sheet account (end of period) FL264090005 107 FL313111303 Total financial assets (4) SDR allocations 108 109 110 111 112 FL264000005 FL263025003 FL263027003 FL263030005 FL264016005 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 113 114 115 116 117 118 FL264022005 LM263069103 LM263061105 LM263061705 FL263062003 LM263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 119 120 121 122 123 FL264035005 FL264041005 FL262051005 FL263069500 FL263092303 Loans Short term Security repurchases Loans to U.S. corporate business Long term (U.S. direct investment abroad: debt) 124 125 126 127 128 FL263081005 FL263034003 LM263064105 LM263064203 LM263092101 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the U.S.: equity 129 130 131 132 FL263052005 FL263076005 FL543141905 FL543151905 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements 133 LM263096005 Other accounts receivable 134 FL262100005 Total liabilities and net worth 135 FL264194005 Total liabilities 136 FL313011303 SDR holdings 137 138 139 140 141 FL264100005 FL263111503 FL263111403 LM263191005 FL313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 142 143 144 FL264122005 FL263169105 LM263163005 145 146 147 148 149 150 151 25206.7 25154.4 26777.6 30609.5 30141.1 35276.4 40516.5 47446.0 106 51.2 48.9 47.5 50.3 49.1 48.8 50.9 1430.9 558.2 116.0 499.2 257.6 1385.0 596.6 110.2 480.2 198.0 1371.6 638.9 128.0 550.8 54.0 1571.0 708.6 139.9 564.6 158.0 1736.7 773.9 154.1 601.9 206.8 1710.4 825.2 161.8 599.8 123.6 1961.1 946.5 196.5 665.1 152.9 160.8 107 2121.6 994.9 214.2 692.7 219.8 108 109 110 111 112 10174.2 10337.3 10661.1 11341.9 11186.0 12368.5 13254.2 13606.6 113 108.0 104.3 140.8 135.4 124.7 130.2 86.3 138.3 114 6158.0 6146.2 6002.8 6211.3 6270.1 6917.8 7291.6 7747.7 115 899.6 916.5 991.6 1012.2 1087.0 1230.7 1276.4 1250.3 116 80.6 87.0 94.2 101.3 99.7 103.8 108.6 110.4 117 2928.0 3083.3 3431.7 3881.7 3604.4 3986.0 4491.3 4359.9 118 1655.8 1094.7 924.0 170.6 561.1 1731.4 1110.4 902.8 207.5 621.0 1854.2 1174.8 971.5 203.3 679.4 2069.2 1378.7 1002.9 375.8 690.5 2306.2 1704.8 971.5 733.3 601.3 2464.9 1896.7 1066.0 830.8 568.2 2492.6 1988.0 1084.0 904.0 504.6 2897.5 2391.5 1365.4 1026.1 505.9 119 120 121 122 123 11538.3 11319.5 12393.6 15057.4 14284.8 18086.8 22086.6 27906.5 105.3 107.6 93.3 93.4 110.7 118.1 137.0 157.7 5920.6 5500.9 5782.7 7019.4 6629.5 8278.5 10673.4 13484.4 616.6 600.6 694.2 828.7 799.0 899.6 1024.3 1162.0 4895.8 5110.4 5823.4 7115.9 6745.5 8790.5 10251.9 13102.4 124 125 126 127 128 51.0 35.7 10.6 4.7 47.2 38.6 5.9 2.7 60.6 39.8 17.0 3.9 74.2 50.1 19.7 4.3 85.0 59.2 10.4 15.4 88.0 61.3 10.7 16.0 63.1 59.1 1.6 2.4 305.4 285.1 388.9 445.5 493.2 509.1 608.0 66.0 65.1 0.2 0.7 129 130 131 132 687.0 133 25206.7 25154.4 26777.6 30609.5 30141.1 35276.4 40516.5 47446.0 134 18414.2 17847.2 18734.4 23023.0 20718.6 24057.0 26313.2 29987.0 135 51.9 49.7 48.9 51.9 50.8 50.7 52.9 897.1 41.8 25.2 827.6 2.6 650.3 39.1 17.6 590.9 2.6 560.4 38.9 18.4 500.6 2.6 820.6 42.6 17.6 757.7 2.6 890.5 41.8 22.0 824.1 2.6 834.2 41.4 26.2 764.0 2.6 920.2 44.4 36.4 836.8 2.6 Debt securities Commercial paper Bonds 2789.9 202.9 2587.0 2623.1 195.9 2427.2 2672.1 167.7 2504.3 3186.3 236.0 2950.2 3294.9 310.4 2984.6 3558.3 291.4 3266.9 3753.9 217.7 3536.2 4232.4 142 421.7 143 3810.7 144 FL264135005 FL264141005 FL262151003 FL263169005 FL263168005 FL713091103 FL263192305 Loans Short term Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) Long term (foreign direct investment in the U.S.: debt) 1388.6 1128.1 708.6 37.4 380.5 1.5 260.5 1515.4 1268.5 789.5 37.5 440.5 1.0 246.9 1631.1 1421.5 905.4 36.0 474.6 5.6 209.6 1609.3 1428.0 872.3 56.4 487.3 12.1 181.2 1821.5 1589.9 989.6 50.6 545.5 4.2 231.7 2039.2 1917.8 1223.8 57.6 632.6 3.7 121.5 2115.6 2051.9 1279.2 55.9 698.9 17.9 63.6 2097.8 2081.5 1173.0 52.6 852.6 3.3 16.3 152 153 154 155 FL263181105 LM263164100 FL313092803 LM263192101 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad: equity 156 FL263152005 Insurance, pension and standardized guarantee schemes 216.4 226.3 248.2 295.6 323.0 334.3 399.4 480.9 156 157 158 159 LM263196005 LM263170005 FL263194735 Other accounts payable Trade payables Other investment by U.S. holding companies 180.7 65.6 115.0 152.4 66.5 86.0 178.3 69.0 109.3 192.7 77.1 115.6 233.1 79.4 153.6 230.9 81.6 149.2 224.6 81.6 143.0 233.7 157 84.8 158 148.9 159 160 FL262090095 6792.4 7307.2 8043.3 7586.5 Net worth (external account) 163.6 136 936.3 40.6 35.8 857.2 2.6 137 138 139 140 141 145 146 147 148 149 150 151 12889.6 12630.0 13395.4 16866.7 14104.7 17009.4 18846.6 21842.2 152 6770.6 6756.2 7146.3 9118.1 7899.6 9478.0 10615.0 12022.1 153 59.4 61.5 63.3 64.8 66.1 67.5 69.3 70.5 154 6059.6 5812.3 6185.8 7683.8 6139.1 7463.9 8162.3 9749.7 155 9422.5 11219.4 14203.3 17459.0 160 (1) Prior to 1999, current taxes, contributions for government social insurance, and transfer receipts from the rest of the world (line 8) are not separately displayed, and line 4 includes current taxes and transfer payments to the rest of the world net of current taxes, contributions for government social insurance, and transfer receipts from the rest of the world. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Nonfinancial assets, including nonproduced nonfinancial assets, are not included on the balance sheet. Integrated Accounts 106
@FedFRASER