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R Template No Data For use at 12:00 noon, eastern time March 7, 2019 FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts Fourth Quarter 2018 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM viii 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 F.115 29 L.115 91 Sectors Domestic Nonfinancial General Government Domestic Financial Property-Casualty Insurance Companies ix Sectors 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 Funding Corporations 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 x 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 Home 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 xi 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 Nonfarm 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 Equity Detail B.101.e 146 Title Table Page Total Economy—Current Account S.1.a 147 Selected Aggregates for Total Economy and Sectors S.2.a 148 Households and Nonprofit Institutions Serving Households S.3.a 150 Nonfinancial Noncorporate Business S.4.a 153 Nonfinancial Corporate Business S.5.a 156 Financial Business S.6.a 159 Central Bank S.61.a 162 Private Depository Institutions S.62.a 164 Insurance Companies S.63.a 167 Pension Funds S.64.a 170 Other Financial Business S.65.a 173 Federal Government S.7.a 176 State and Local Governments S.8.a 179 Rest of the World S.9.a 182 Integrated Macroeconomic Accounts for the United States 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 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 abroad Foreign direct investment in U.S. 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 -- -------- ---- ------ ------- ---------- ---- -------- ---- U (1) -- -------- ---- ------ ------- ---------- ---- -------- ---- S (2) Households and Nonprofit Organziations -- -------- ---- ------ ------- ---------- ---- -------- ---- U (3) -- -------- ---- ------ ------- ---------- ---- -------- ---- S (4) Nonfinancial Business -- -------- ---- ------ ------- ---------- ---- -------- ---- U (5) -- -------- ---- ------ ------- ---------- ---- -------- ---- S (6) Federal Government -- -------- ---- ------ ------- ---------- ---- -------- ---- U (7) -- -------- ---- ------ ------- ---------- ---- -------- ---- S (8) State and Local Governments -- -------- ---- ------ ------- ---------- ---- -------- ---- U (9) -- -------- ---- ------ ------- ---------- ---- -------- ---- S (10) Domestic Nonfinancial Sectors (Billions of dollars; seasonally adjusted) Financial Accounts Matrix--Transactions for 2018 -- -------- ---- ------ ------- ---------- ---- -------- ---- U (11) Domestic Financial Sectors -- -------- ---- ------ ------- ---------- ---- -------- ---- S (12) -- -------- ---- ------ ------- ---------- ---- -------- ---- -- -------- ---- ------ ------- ---------- ---- -------- ---- S (14) Rest of the World U (13) 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, March 7, 2019 -- -------- ---- ------ ------- ---------- ---- -------- ---- U (15) All Sectors -- -------- ---- ------ ------- ---------- ---- -------- ---- S (16) -- -------- ---- ------ ------- ---------- ---- -------- ---- Summary (17) 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 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 abroad Foreign direct investment in U.S. 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 ---- 157005005 153040005 153050005 -152090205 --153090005 153064105 153064205 163070005 154023005 -153069005 153065005 163066223 154022005 -153061105 153061705 153062005 153063005 ---153091003 -153020005 153030005 153034005 -- 155000005 154090005 -- 155090005 155050005 155111003 155012005 165013005 -155420003 U (1) -- ------543077073 --163170005 154123005 153168005 153169005 153165005 153166000 163162003 ---163162003 -- ---------- --154190005 -------- 156000105 156300005 156006305 S (2) Households and Nonprofit Organziations ---- 107005005 ----103092005 -143090005 103064103 103064203 143070005 144023005 --143065005 143066005 144022005 103069100 143061105 103061703 143062005 -- ---103091003 -143020005 143030005 143034005 102051003 145000005 144090005 -- 145090005 145050005 -145012005 145013005 145020005 105420005 U (3) -- --143178005 112090205 -143192005 143190005 103164103 -143170005 144123005 143168005 143169005 143165005 -- 104122005 103169100 --103162000 103163003 ---------- --144190005 -------- 146000105 146300005 146006305 S (4) Nonfinancial Business ---- 317005005 --313078000 ---313090005 313064105 -313070000 314023005 -313069005 313065005 313066220 314022005 --313061703 -313063763 313011005 ----313020005 313030003 --- 315000005 314090005 -- 315090005 315050005 -315012065 315013005 -315420003 U (5) -- 313140003 -----313190005 --313170005 314123005 -313169003 313165403 -- 314122005 -313161105 313161705 --- 313111303 713014003 313112003 ------- --314190005 -------- 316000105 316300001 316006305 S (6) Federal Government ---- 217005005 --213078005 ---213093003 213064103 213064203 213070003 213065005 --213065005 -- 214022005 213069103 213061105 213061703 213062003 213063003 -----213020005 213030005 213034003 212051003 215000005 214090005 -- 205090005 205050005 -215012063 215013005 -205420003 U (7) -- ------223073045 --213170003 213169203 -213169203 --- 213162005 ---213162005 -- ---------- --214190005 -------- 206000105 206300001 206006305 S (8) State and Local Governments ---- 387005005 153040005 153050005 383078005 152090205 103092005 -383090005 383064105 383064205 383070005 384023005 -383069005 383065005 383066005 384022005 383069105 383061105 383061705 383062005 383063005 313011005 --383091005 -383020005 383030005 383034005 382051005 385000005 384090005 -- 385090005 385050005 155111003 385012005 385013005 145020005 385420005 U (9) -- 313140003 -143178005 112090205 -143192005 383190005 103164103 -383170005 384123005 383168005 383169005 383165005 153166000 384122005 103169100 313161105 313161705 383162005 103163003 313111303 713014003 313112003 ------- --384190005 -------- 386000105 386300005 386006305 S (10) Domestic Nonfinancial Sectors Financial Accounts Matrix--Transactions ---- 797005005 793040005 543050005 --793092005 -793090005 793064105 793064205 793070005 794023005 793068005 793069005 793065005 793066005 794022005 793069175 793061105 793061705 793062005 793063005 713011005 713014003 713012003 633091003 794010005 793020005 793030005 793034005 792050005 795000005 794090005 -- 795090005 795019005 -645012063 795013005 --- U (11) S (12) -- 543140005 583150005 793178005 662090205 -793192005 793190005 793164105 653164205 793170005 794123005 793168005 793169005 643165005 -- 794122005 793169175 -423161705 -793163005 ----794110005 793120005 703130005 634090005 792150005 --794190005 -------- 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, March 7, 2019 ---- 267005005 543141905 543151905 ---263092001 263076005 263064105 263064203 263070005 263069500 -263069500 --- 264022005 263069103 263061105 263061705 263062003 263063005 263011005 ---264016005 263020005 263030005 263034003 262051003 265000005 264090005 -- 265090005 265420005 ----265420005 U (13) -- 263140005 263150005 --263192005 -263190005 263164100 -263170005 264123005 263168005 263169005 --- 264122005 263169105 ---263163005 263111005 --263191005 ----262151003 --264190005 -------- 266000105 -266000105 S (14) Rest of the World ---- 897005005 893140005 893150005 893078005 152090205 263192005 263092001 893090005 893064105 653164205 893070005 894123005 793068005 893169005 893065005 153166000 894122005 893169175 313161105 893161705 383162005 893063005 893011005 713014003 713012003 893091005 894010005 893020005 703130005 634090005 892050005 895000005 894090005 -- 895090005 895050005 155111003 885012005 885013005 145020005 -- U (15) S (16) -- 893140005 893150005 893178005 152090205 263192005 263092001 893190005 893064105 653164205 893170005 894123005 793068005 893169005 893065005 153166000 894122005 893169175 313161105 893161705 383162005 893163005 893111005 713014003 313112003 263191005 794110005 793120005 703130005 634090005 892150005 --894190005 -------- 896000105 886300005 896006305 All Sectors ---- 907005005 --903078005 ---903090005 --903070005 ------ ------- --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 abroad Foreign direct investment in U.S. 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 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- A (1) -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- L (2) Households and Nonprofit Organizations -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- L (4) Nonfinancial Business A (3) Financial Accounts Matrix--Levels for 2018 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- A (5) -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- L (6) Federal Government -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- A (7) -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- L (8) State and Local Governments -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- A (9) -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- L (10) Domestic Nonfinancial Sectors -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- A (11) Domestic Financial Sectors (Billions of dollars; amounts outstanding end of period, not seasonally adjusted) -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- L (12) -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- A (13) Rest of the World -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- L (14) 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) and equity in noncorporate business (line 30). 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, March 7, 2019 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- A (15) All Sectors (17) Summary -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- L (16) -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Instrument Discrepancy 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 abroad Foreign direct investment in U.S. 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 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 -- 103092005 -- -- -- -- 143070005 103064203 103064103 143066005 143065005 -- -- 144023005 -- 143062005 103061703 143061105 103069100 144022005 102051003 143034005 143030005 143020005 -- 103091003 -- -- -- -- -- 144090005 A (3) -- 143190005 143192005 -- 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 213030005 213020005 -- -- -- -- -- -- -- 214090005 A (7) -- 223073045 -- -- -- -- -- -- 213170003 -- -- -- -- 213169203 -- 213169203 -- 213162005 -- -- -- 213162005 -- -- -- -- -- -- -- -- -- 214190005 214190005 L (8) State and Local Governments 383090005 -- 103092005 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 143192005 -- 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 -- 793092005 -- -- 543050005 793040005 793070005 793064205 793064105 793066005 793065005 793069005 793068005 794023005 793063005 793062005 793061705 793061105 793069175 794022005 792050005 793034005 793030005 793020005 794010005 633091003 713012003 713014003 713011005 -- -- 794090005 A (11) L (12) -- 793190005 793192005 -- 662090205 793178005 583150005 543140005 793170005 653164205 793164105 -- 643165005 793169005 793168005 794123005 793163005 -- 423161705 -- 793169175 794122005 792150005 634090005 703130005 793120005 794110005 -- -- -- -- 794190005 794194005 Domestic Financial Sectors 263076005 263092001 -- -- -- 543151905 543141905 263070005 263064203 263064105 -- -- 263069500 -- 263069500 263063005 263062003 263061705 263061105 263069103 264022005 262051003 263034003 263030005 263020005 264016005 -- -- -- 263011005 -- -- 264090005 A (13) L (14) -- 263190005 -- 263192005 -- -- 263150005 263140005 263170005 -- 263164100 -- -- 263169005 263168005 264123005 263163005 -- -- -- 263169105 264122005 262151003 -- -- -- -- 263191005 -- -- 263111005 264190005 264194005 Rest of the World 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) and equity in noncorporate business (line 30). 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, March 7, 2019 893090005 263092001 263192005 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 263092001 263192005 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 Summary 903090005 -- -- -- 903078005 -- -- 903070005 -- -- -- -- -- -- -- 903063003 903062003 903061703 903061103 -- 904022005 902050005 -- -- 903020005 904010005 903091005 903012005 -- 903011005 -- -- 907005015 (17) Instrument Discrepancy 4 5 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total FG384104005 Total FG154104005 Households Home mortgage FG153165105 Business Consumer credit FG153166000 Total FG144104005 Corporate FG104104005 Federal government FG314104005 State and local governments FG214104005 Domestic financial sectors FG794104005 Foreign FG264104005 1980 1981 1982 1983 1984 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 1985 1986 1987 1988 1989 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 1990 1991 1992 1993 1994 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 1995 1996 1997 1998 1999 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2000 2001 2002 2003 2004 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2005 2006 2007 2008 2009 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2010 2011 2012 2013 2014 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2015 2016 2017 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 2014 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2015 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2016 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2017 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2018 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 1. Debt securities and loans. Data shown are on an end-of-period basis. Summary Z.1, March 7, 2019 Summary 6 Z.1, March 7, 2019 D.2 Borrowing by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total FA384104005 Total FA154104005 Households Home mortgage FA153165105 Business Consumer credit FA153166000 Total FA144104005 Corporate FA104104005 Federal government FA314104005 State and local governments FA214104005 Domestic financial sectors FA794104005 Foreign FA264104005 1980 1981 1982 1983 1984 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 1985 1986 1987 1988 1989 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 1990 1991 1992 1993 1994 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 1995 1996 1997 1998 1999 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2000 2001 2002 2003 2004 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2005 2006 2007 2008 2009 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2010 2011 2012 2013 2014 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2015 2016 2017 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 2014 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2015 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2016 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2017 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2018 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- (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 Total LA154104005 Households Home mortgage LA153165105 Business Consumer credit LA153166000 Total LA144104005 Corporate LA104104005 Federal government LA314104005 State and local governments LA214104005 Domestic financial sectors LA794104005 Foreign LA264104005 1980 1981 1982 1983 1984 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 1985 1986 1987 1988 1989 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 1990 1991 1992 1993 1994 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 1995 1996 1997 1998 1999 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2000 2001 2002 2003 2004 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2005 2006 2007 2008 2009 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2010 2011 2012 2013 2014 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ 2015 2016 2017 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 2014 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2015 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2016 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2017 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- 2018 -- Q1 Q2 Q3 Q4 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- (1) Debt securities and loans. Data are shown on an end-of-period basis. Summary Z.1, March 7, 2019 Summary 8 Z.1, March 7, 2019 B.1 Derivation of U.S. Net Wealth Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 U.S. net wealth (1) 2018 Q4 Q1 Q2 Q3 Q4 1 FL892090005 -- -- -- -- -- -- -- -- -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 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 ------ ------ ------ ------ ------ ------ ------ ------ -- 7 -- 8 -- 9 -- 10 -- 11 12 LM662090205 Fin. noncorporate businesses nonfinancial assets (2) -- -- -- -- -- -- -- -- -- 12 13 14 15 LM883164105 LM103164103 LM793164105 Market value of domestic corporations (3) Nonfinancial corporate equity Financial corporate equity ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 17 18 19 LM315015005 LM315014665 LM315013265 LM315013765 Federal government nonfinancial assets (4) Structures Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- ----- 16 17 18 19 20 21 22 23 LM212010095 LM215015605 LM215013265 LM215013765 State and local governments nonfinancial assets (4) Structures Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- ----- 20 21 22 23 24 FL882090265 -- -- -- -- -- -- -- -- -- 24 25 26 27 FL264194005 LM263164100 FL264190005 U.S. financial claims on the rest of the world U.S. holdings of foreign corporate equities Other U.S. financial claims ---- ---- ---- ---- ---- ---- ---- ---- -- 25 -- 26 -- 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 ---- ---- ---- ---- ---- ---- ---- ---- -- 28 -- 29 -- 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 ---- ---- ---- ---- ---- ---- ---- ---- -- 31 -- 32 -- 33 34 35 36 FL152090005 FC152090005 PC152090005 B. Household net worth (5) Change in household net worth Percent change in household net worth ---- ---- ---- ---- ---- ---- ---- ---- -- 34 -- 35 -- 36 Net U.S. financial claims on the rest of the world 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) This measure does not equal the net worth of the nonfinancial corporate business and financial business sectors reported in the Integrated Macroeconomic Accounts (tables S.2.a and S.2.q) because of differences in the valuation of 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. 9 Summary Z.1, March 7, 2019 F.2 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Q3 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 FA645012063 18 19 20 FA145020005 FA105020005 FA115020005 21 Gross domestic product (GDP) 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 -- -- -- -- -- -- -- -- -- 2 ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 -- -- -- -- -- -- -- -- -- 6 -- -- -- -- -- -- -- -- -- 7 Nonresidential Nonprofit organizations (4) Nonfinancial corporate business Nonfinancial noncorporate business Financial institutions ------ ------ ------ ------ ------ ------ ------ ------ -- 8 -- 9 -- 10 -- 11 -- 12 Residential Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs ------ ------ ------ ------ ------ ------ ------ ------ ------ Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 18 -- 19 -- 20 FA266903005 Net U.S. exports of goods and services -- -- -- -- -- -- -- -- -- 21 22 23 FA266903011 FA266903001 Exports - Imports --- --- --- --- --- --- --- --- -- 22 -- 23 24 FA366902005 -- -- -- -- -- -- -- -- -- 24 25 26 27 FA366901005 FA316901001 FA206901001 Consumption expenditures (5) Federal State and local ---- ---- ---- ---- ---- ---- ---- ---- -- 25 -- 26 -- 27 28 29 30 FA365019005 FA315019001 FA205019001 Gross investment (5) Federal State and local ---- ---- ---- ---- ---- ---- ---- ---- -- 28 -- 29 -- 30 ---- ---- ---- ---- ---- ---- ---- ---- -- 31 -- 32 -- 33 Personal consumption expenditures (2) Durable goods Nondurable goods Services 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 -- -- -- -- -- -- -- -- -- 34 35 36 37 38 39 FA155420003 FA105420005 FA315420003 FA205420003 FA265420005 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business Federal government State and local governments Rest of the world ------ ------ ------ ------ ------ ------ ------ ------ ------ (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. 35 36 37 38 39 Summary 10 Z.1, March 7, 2019 F.3 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Q3 National income 2018 Q4 Q1 Q2 Q3 Q4 1 FA086010005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FA156025105 FA156020101 FA156401101 Compensation of employees Wages and salaries Supplements to wages and salaries ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 FA146111105 FA116112101 Proprietors’ income with IVA and CCAdj Rental income of persons with CCAdj --- --- --- --- --- --- --- --- --- 5 6 7 FA096060035 Corporate profits with IVA and CCAdj -- -- -- -- -- -- -- -- -- 7 8 FA096060025 Corporate profits with IVA -- -- -- -- -- -- -- -- -- 8 9 10 11 12 FA096060005 FA106060005 FA796060005 FA266060005 Profits before tax Domestic nonfinancial Domestic financial Rest of the world ----- ----- ----- ----- ----- ----- ----- ----- -- 9 -- 10 -- 11 -- 12 13 14 15 FA096231001 FA106231005 FA796231003 Less: Taxes on corporate income Domestic nonfinancial Domestic financial ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 16 17 18 19 20 21 22 23 24 FA096006401 FA106006405 FA796006403 FA266006403 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world ----- ----- ----- ----- ----- ----- ----- ----- ----- 21 22 23 24 25 FA105020601 Inventory valuation adjustment (IVA) -- -- -- -- -- -- -- -- -- 25 26 27 28 FA096310003 FA106310005 FA796310003 Capital consumption adjustment (CCAdj) Domestic nonfinancial Domestic financial ---- ---- ---- ---- ---- ---- ---- ---- -- 26 -- 27 -- 28 29 FA086130003 Net interest and miscellaneous payments -- -- -- -- -- -- -- -- -- 29 30 FA366240005 Taxes on production and imports -- -- -- -- -- -- -- -- -- 30 31 FA366402005 Less: Subsidies -- -- -- -- -- -- -- -- -- 31 32 33 34 35 FA146403005 FA156403101 FA366403145 FA266403101 Business current transfer payments (net) To persons (net) To government (net) To rest of the world (net) ----- ----- ----- ----- ----- ----- ----- ----- ----- 36 FA366402105 Current surplus of government enterprises -- -- -- -- -- -- -- -- -- 36 -- -- -- -- -- -- -- -- -- 37 32 33 34 35 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 ---- ---- ---- ---- ---- ---- ---- ---- -- 38 -- 39 -- 40 41 FA266904005 Less: Net U.S. income receipts from rest of world -- -- -- -- -- -- -- -- -- 41 42 FA086902005 Equals: Gross domestic product (2) -- -- -- -- -- -- -- -- -- 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. 11 Summary Z.1, March 7, 2019 F.4 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA886000115 Gross saving -- -- -- -- -- -- -- -- -- 2 3 4 5 6 7 8 9 10 FA896006005 FA836006005 FA826006005 FA106012005 FA796012005 FA156006005 FA366006005 FA316006005 FA206006005 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -- 2 -- 3 -- 4 -- 5 -- 6 -- 7 -- 8 -- 9 -- 10 11 12 13 14 15 16 17 18 19 20 FA886300095 FA836300005 FA826300003 FA106300003 FA116300001 FA796300081 FA156300003 FA366300005 FA316300001 FA206300001 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 -- -- -- -- -- -- -- -- -- 21 22 23 24 25 26 27 28 29 30 31 FA885019905 FA835019905 FA825019905 FA105019985 FA115050085 FA795013005 FA155019005 FA365019005 FA315019001 FA205019001 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 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 FA265430003 FA835430005 FA825430005 FA105430005 FA115440005 FA795440005 FA155430005 FA365430005 FA315430005 FA205430005 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 FA885000905 FA835000905 FA825000905 FA105000995 FA115000905 FA795000905 FA155000905 FA365000905 FA315000905 FA205000905 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 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 42 43 44 45 46 47 48 49 50 51 52 FA087005005 Statistical discrepancy (line 21 less line 1) -- -- -- -- -- -- -- -- -- 52 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 (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). 1 11 12 13 14 15 16 17 18 19 20 53 54 55 56 57 58 59 Summary 12 Z.1, March 7, 2019 F.5 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Q3 Capital transfers paid, by sector 2018 Q4 Q1 Q2 Q3 Q4 1 FA895410005 -- -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 FA365410005 FA315410005 FA205400033 FA315410073 FA315410093 FA315410043 FA315410053 FA315410063 FA205410073 FA205410073 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 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 8 9 10 11 12 13 14 15 16 17 18 19 20 FA155410035 FA315400053 FA205400053 By persons Estate and gift taxes, federal Estate and gift taxes, state and local ---- ---- ---- ---- ---- ---- ---- ---- -- 18 -- 19 -- 20 21 22 23 FA265410005 FA265410073 FA265410003 By the rest of the world Disaster-related insurance benefits Other ---- ---- ---- ---- ---- ---- ---- ---- -- 21 -- 22 -- 23 24 FA895400005 Capital transfers received, by sector -- -- -- -- -- -- -- -- -- 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 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 FA365400005 FA315400005 FA315400053 FA315400003 FA205400005 FA205400073 FA205400053 FA205400033 FA205400003 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 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 35 36 37 38 39 40 41 42 43 44 45 46 FA155400005 FA155400073 FA155400003 By persons Disaster-related insurance benefits Other ---- ---- ---- ---- ---- ---- ---- ---- -- 44 -- 45 -- 46 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 47 48 49 50 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 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 FA665410003 FA735400033 FA505400033 FA105440005 FA115440005 FA365440005 FA315440005 FA205440005 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 Brokers and dealers Holding companies (GMAC) Funding corporations (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. 13 Summary Z.1, March 7, 2019 F.6 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA174090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 1 2 3 4 5 FA153091003 FA173020005 FA173030005 FA173034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares ----- ----- ----- ----- ----- ----- ----- ----- ----- 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 --------- --------- --------- --------- --------- --------- --------- --------- --------- 6 7 8 9 10 11 12 13 14 15 16 FA163070005 FA153040005 FA153050005 Trade receivables Life insurance reserves Pension entitlements ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 17 FA173099005 Miscellaneous and other assets -- -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 24 25 26 27 28 FA172010005 Net investment in nonfinancial assets (3) -- -- -- -- -- -- -- -- -- 28 29 30 31 32 33 FA175012865 FA175013865 FA155111005 FA155420003 FA115020005 ------ ------ ------ ------ ------ ------ ------ ------ ------ 34 FA174190005 Net increase in liabilities -- -- -- -- -- -- -- -- -- 34 35 36 37 38 39 FA173165105 FA173165205 FA153166000 FA153169005 FA173199005 Home mortgages Other mortgages Consumer credit Other loans and advances Other liabilities ------ ------ ------ ------ ------ ------ ------ ------ ------ 40 FA175440005 Net capital transfers paid (4) -- -- -- -- -- -- -- -- -- 40 41 FA176007025 Personal saving, FOF concept (FOF) -- -- -- -- -- -- -- -- -- 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 ---- ---- ---- ---- ---- ---- ---- ---- -- 42 -- 43 -- 44 45 FA176007005 = Personal saving, NIPA concept (FOF) (6) -- -- -- -- -- -- -- -- -- 45 46 FA156007015 Personal saving, NIPA concept (NIPA) -- -- -- -- -- -- -- -- -- 46 47 FA176007085 Difference Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 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 35 36 37 38 39 -- -- -- -- -- -- -- -- -- 47 -- -- -- -- -- -- -- -- -- 48 ----- ----- ----- ----- ----- ----- ----- ----- ----- 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 savings, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4). Summary 14 Z.1, March 7, 2019 L.6 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL174090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 5 LM153091003 FL173020005 FL173030005 FL173034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 6 FL174022005 Debt securities -- -- -- -- -- -- -- -- -- 6 7 8 FL173061105 LM153061705 Treasury securities Agency- and GSE-backed securities --- --- --- --- --- --- --- --- --- 7 8 9 10 FL173062005 LM153063005 Municipal securities Corporate and foreign bonds --- --- --- --- --- --- --- --- -- 9 -- 10 11 12 13 14 FL174023005 FL153069005 FL173065005 FL173066005 Loans Other loans and advances Mortgages Consumer credit ----- ----- ----- ----- ----- ----- ----- ----- ----- 15 16 LM153064105 LM153064205 Corporate equities (2) Mutual fund shares --- --- --- --- --- --- --- --- -- 15 -- 16 17 18 FL163070005 FL153040005 Trade receivables Life insurance reserves --- --- --- --- --- --- --- --- -- 17 -- 18 19 20 21 22 FL583150005 FL543150005 FL574190005 FL363150005 Pension entitlements Life insurance companies Private pension funds Governments ----- ----- ----- ----- ----- ----- ----- ----- ----- 23 FL173099005 Miscellaneous and other assets -- -- -- -- -- -- -- -- -- 23 24 FL174190005 -- -- -- -- -- -- -- -- -- 24 25 26 27 FL173165105 FL173165205 FL153166000 Home mortgages Other mortgages Consumer credit ---- ---- ---- ---- ---- ---- ---- ---- -- 25 -- 26 -- 27 28 29 FL153169005 FL173199005 Other loans and advances Other liabilities --- --- --- --- --- --- --- --- -- 28 -- 29 Total liabilities 11 12 13 14 19 20 21 22 (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, March 7, 2019 F.100 Domestic Nonfinancial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA386000105 Gross saving less net capital transfers paid -- -- -- -- -- -- -- -- -- 1 2 FA385090005 Gross investment -- -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 3 4 5 6 7 8 9 FA385000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 9 10 FA384090005 Net acqisition of financial assets -- -- -- -- -- -- -- -- -- 10 11 12 FA313011005 FA383091005 U.S. official reserve assets Foreign deposits --- --- --- --- --- --- --- --- -- 11 -- 12 13 14 15 16 FA383020005 FA383030005 FA383034005 FA382051005 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements ----- ----- ----- ----- ----- ----- ----- ----- ----- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 17 18 19 20 21 22 23 24 25 26 FA384023005 FA383069005 FA383065005 FA383066005 Loans Other loans and advances Mortgages Consumer credit ----- ----- ----- ----- ----- ----- ----- ----- ----- 23 24 25 26 27 28 FA383064105 FA383064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 27 -- 28 29 30 31 FA383070005 FA153040005 FA153050005 Trade receivables Life insurance reserves Pension entitlements ---- ---- ---- ---- ---- ---- ---- ---- -- 29 -- 30 -- 31 32 33 34 FA383078005 FA152090205 FA103092005 Taxes payable Equity in noncorporate business U.S. direct investment abroad ---- ---- ---- ---- ---- ---- ---- ---- -- 32 -- 33 -- 34 35 FA383090005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 35 36 FA384190005 -- -- -- -- -- -- -- -- -- 36 37 38 39 FA313111303 FA713014003 FA313112003 U.S. official reserve assets SDR certificates Treasury currency ---- ---- ---- ---- ---- ---- ---- ---- -- 37 -- 38 -- 39 40 41 42 43 44 45 FA384122005 FA103169100 FA313161105 FA313161705 FA383162005 FA103163003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- ------- 40 41 42 43 44 45 46 47 48 49 50 FA384123005 FA383168005 FA383169005 FA383165005 FA153166000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit ------ ------ ------ ------ ------ ------ ------ ------ ------ 46 47 48 49 50 51 FA103164103 Corporate equities -- -- -- -- -- -- -- -- -- 51 52 FA383170005 Trade payables -- -- -- -- -- -- -- -- -- 52 53 54 FA313140003 FA143178005 Life insurance reserves Taxes payable --- --- --- --- --- --- --- --- -- 53 -- 54 55 56 FA112090205 FA143192005 Equity in noncorporate business Foreign direct investment in U.S. --- --- --- --- --- --- --- --- -- 55 -- 56 57 FA383190005 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 57 58 FA387005005 -- -- -- -- -- -- -- -- -- 58 Net increase in liabilities Discrepancy (1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107. Transactions 2016 16 Z.1, March 7, 2019 F.101 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 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) ------ ------ ------ ------ ------ ------ ------ ------ -- 6 -- 7 -- 8 -- 9 -- 10 11 FA156000105 = Gross saving less net capital transfers paid -- -- -- -- -- -- -- -- -- 11 12 FA155090005 Gross investment -- -- -- -- -- -- -- -- -- 12 13 14 15 16 17 FA155050005 FA155111003 FA155012005 FA165013005 FA155420003 Capital expenditures Consumer durable goods Residential Nonprofit nonresidential Nonproduced nonfinancial assets ------ ------ ------ ------ ------ ------ ------ ------ ------ 18 FA155000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 18 19 FA154090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 19 20 21 22 23 FA153091003 FA153020005 FA153030005 FA153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares ----- ----- ----- ----- ----- ----- ----- ----- ----- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 24 25 26 27 28 29 30 31 32 FA154023005 FA153069005 FA153065005 FA163066223 Loans Other loans and advances (5) Mortgages Consumer credit (student loans) ----- ----- ----- ----- ----- ----- ----- ----- ----- 29 30 31 32 33 34 FA153064105 FA153064205 Corporate equities (6) Mutual fund shares --- --- --- --- --- --- --- --- -- 33 -- 34 35 36 37 38 39 FA163070005 FA153040005 FA153050005 FA152090205 FA153090005 Trade receivables Life insurance reserves Pension entitlements (7) Equity in noncorporate business Miscellaneous assets ------ ------ ------ ------ ------ ------ ------ ------ ------ 40 FA154190005 -- -- -- -- -- -- -- -- -- 40 41 FA163162003 Debt securities (municipal securities) -- -- -- -- -- -- -- -- -- 41 42 43 44 45 46 47 FA154123005 FA153165105 FA153166000 FA153168005 FA153169005 FA163165505 Loans Home mortgages (8) Consumer credit Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages ------- ------- ------- ------- ------- ------- ------- ------- ------- 48 49 FA163170005 FA543077073 Trade payables Deferred and unpaid life insurance premiums --- --- --- --- --- --- --- --- -- 48 -- 49 50 FA157005005 -- -- -- -- -- -- -- -- -- 50 Net increase in liabilities Discrepancy (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). 1 2 3 4 5 13 14 15 16 17 35 36 37 38 39 42 43 44 45 46 47 17 Z.1, March 7, 2019 F.102 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA146110005 Income before taxes -- -- -- -- -- -- -- -- -- 1 2 FA146000105 Gross saving less net capital transfers paid -- -- -- -- -- -- -- -- -- 2 3 FA145090005 Gross investment -- -- -- -- -- -- -- -- -- 3 4 FA145050005 -- -- -- -- -- -- -- -- -- 4 5 6 7 FA145019005 FA145012005 FA145013005 Fixed investment Residential Nonresidential ---- ---- ---- ---- ---- ---- ---- ---- ---- 5 6 7 8 9 FA145020005 FA105420005 Change in inventories Nonproduced nonfinancial assets --- --- --- --- --- --- --- --- --- 8 9 10 FA145000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 10 11 FA144090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 11 12 13 14 FA103091003 FA143020005 FA143030005 Foreign deposits Checkable deposits and currency Time and savings deposits ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 FA143034005 FA102051003 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- -- 15 -- 16 17 18 19 20 21 FA144022005 FA103069100 FA143061105 FA103061703 FA143062005 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities ------ ------ ------ ------ ------ ------ ------ ------ ------ 22 23 24 FA144023005 FA143065005 FA143066005 Loans Mortgages Consumer credit ---- ---- ---- ---- ---- ---- ---- ---- -- 22 -- 23 -- 24 25 26 27 FA103064103 FA103064203 FA143070005 Corporate equities Mutual fund shares Trade receivables ---- ---- ---- ---- ---- ---- ---- ---- -- 25 -- 26 -- 27 28 29 FA103092005 FA143090005 U.S. direct investment abroad Miscellaneous assets --- --- --- --- --- --- --- --- -- 28 -- 29 30 FA144190005 -- -- -- -- -- -- -- -- -- 30 31 32 33 34 FA104122005 FA103169100 FA103162000 FA103163003 Debt securities Commercial paper Municipal securities Corporate bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 31 32 33 34 35 36 37 38 FA144123005 FA143168005 FA143169005 FA143165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 35 36 37 38 39 FA103164103 Corporate equities -- -- -- -- -- -- -- -- -- 39 40 41 FA143170005 FA143178005 Trade payables Taxes payable --- --- --- --- --- --- --- --- -- 40 -- 41 42 FA143192005 Foreign direct investment in U.S. -- -- -- -- -- -- -- -- -- 42 43 FA143190005 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 43 44 FA112090205 Proprietors’ net investment -- -- -- -- -- -- -- -- -- 44 45 FA107005005 -- -- -- -- -- -- -- -- -- 45 Capital expenditures Net increase in liabilities Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. 17 18 19 20 21 Transactions 2016 18 Z.1, March 7, 2019 F.103 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 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) -------- -------- -------- -------- -------- -------- -------- -------- -------- 1 2 3 4 5 6 7 8 FA106000105 = Gross savings less net capital transfers paid -- -- -- -- -- -- -- -- -- 8 9 FA105090005 Gross investment -- -- -- -- -- -- -- -- -- 9 10 11 12 13 FA105050005 FA105019005 FA105020005 FA105420005 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets ----- ----- ----- ----- ----- ----- ----- ----- ----- 10 11 12 13 14 FA105000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 14 15 FA104090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 15 16 17 18 19 20 FA103091003 FA103020005 FA103030003 FA103034000 FA102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements ------ ------ ------ ------ ------ ------ ------ ------ ------ 16 17 18 19 20 21 22 23 24 25 FA104022005 FA103069100 FA103061103 FA103061703 FA103062003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities ------ ------ ------ ------ ------ ------ ------ ------ ------ 21 22 23 24 25 26 27 28 FA104023005 FA103065003 FA103066005 Loans Mortgages Consumer credit ---- ---- ---- ---- ---- ---- ---- ---- -- 26 -- 27 -- 28 29 30 31 FA103064103 FA103064203 FA103070005 Corporate equities Mutual fund shares Trade receivables ---- ---- ---- ---- ---- ---- ---- ---- -- 29 -- 30 -- 31 32 33 FA103092005 FA103090005 U.S. direct investment abroad (4) Miscellaneous assets --- --- --- --- --- --- --- --- -- 32 -- 33 34 FA104190005 Net increase in liabilities -- -- -- -- -- -- -- -- -- 34 35 36 37 38 FA104122005 FA103169100 FA103162000 FA103163003 Debt securities Commercial paper Municipal securities (5) Corporate bonds (4) ----- ----- ----- ----- ----- ----- ----- ----- ----- 35 36 37 38 39 40 41 42 FA104123005 FA103168005 FA103169005 FA103165005 Loans Depository institution loans n.e.c. Other loans and advances (6) Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 39 40 41 42 43 FA103164103 Corporate equities -- -- -- -- -- -- -- -- -- 43 44 45 FA103170005 FA103178005 Trade payables Taxes payable --- --- --- --- --- --- --- --- -- 44 -- 45 46 47 48 49 50 FA103192005 FA103190005 FA573074005 FA573073005 FA103193005 Foreign direct investment in U.S. Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other ------ ------ ------ ------ ------ ------ ------ ------ ------ 51 FA107005005 -- -- -- -- -- -- -- -- -- 51 52 FA105005305 -- -- -- -- -- -- -- -- -- 52 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). 46 47 48 49 50 19 Z.1, March 7, 2019 F.104 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA116300005 Gross saving = consumption of fixed capital -- -- -- -- -- -- -- -- -- 1 2 FA116000105 Gross saving less net capital transfers paid (1) -- -- -- -- -- -- -- -- -- 2 3 FA116000105 Gross investment -- -- -- -- -- -- -- -- -- 3 4 5 6 FA115050005 FA115019005 FA115020005 Capital expenditures Fixed investment (2) Change in inventories ---- ---- ---- ---- ---- ---- ---- ---- ---- 4 5 6 7 FA115000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 7 8 FA114090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 8 9 10 11 FA113020005 FA113030003 FA113034003 Checkable deposits and currency Time and savings deposits Money market funds ---- ---- ---- ---- ---- ---- ---- ---- -- 9 -- 10 -- 11 12 13 14 FA114022005 FA113061003 FA113062003 Debt securities Treasury securities Municipal securities ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 17 FA114023005 FA113065005 FA113066003 Loans Mortgages Consumer credit ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 19 20 21 22 FA113070003 FA113090005 FA113076005 FA113092405 FA113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) Other ------ ------ ------ ------ ------ ------ ------ ------ ------ 23 FA114190005 -- -- -- -- -- -- -- -- -- 23 24 25 26 27 FA114123005 FA113168005 FA113169005 FA113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 28 29 FA113170005 FA113178003 Trade payables Taxes payable --- --- --- --- --- --- --- --- -- 28 -- 29 30 31 FA115114005 FA113193003 Foreign direct investment in U.S. Miscellaneous liabilities --- --- --- --- --- --- --- --- -- 30 -- 31 32 FA112090205 Proprietors’ net investment -- -- -- -- -- -- -- -- -- 32 Net increase in liabilities (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 24 25 26 27 Transactions 2016 20 Z.1, March 7, 2019 F.105 General Government (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 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 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 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) ----- ----- ----- ----- ----- ----- ----- ----- ----- 16 17 18 19 20 FA366000105 = Gross saving less net capital transfers -- -- -- -- -- -- -- -- -- 20 21 22 23 FA365090005 FA365019005 FA365420005 Gross investment Fixed investment Nonproduced nonfinancial assets ---- ---- ---- ---- ---- ---- ---- ---- -- 21 -- 22 -- 23 24 FA365000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 24 25 FA364090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 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 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 41 42 43 44 45 46 FA364190005 -- -- -- -- -- -- -- -- -- 46 47 48 49 FA313111303 FA713014003 FA313112003 SDR allocations SDR certificates Treasury currency ---- ---- ---- ---- ---- ---- ---- ---- -- 47 -- 48 -- 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 -------- -------- -------- -------- -------- -------- -------- -------- -------- 57 58 59 FA363170005 FA313140003 FA363190005 Trade payables Insurance reserves Miscellaneous liabilities ---- ---- ---- ---- ---- ---- ---- ---- -- 57 -- 58 -- 59 60 FA367005005 -- -- -- -- -- -- -- -- -- 60 61 62 FA374090005 FA374190005 --- --- --- --- --- --- --- --- -- 61 -- 62 Net increase in liabilities Discrepancy Memo: Net acquisition of financial assets (consolidated) (4) Net increase in liabilities (consolidated) (4) 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, March 7, 2019 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 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 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 10 11 12 13 14 15 16 FA316006005 Net saving, NIPA basis -- -- -- -- -- -- -- -- -- 16 17 18 19 FA316300001 FA313154015 FA315440095 + Consumption of fixed capital - Insurance and pension reserves (1) - Net capital transfers paid (2) ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 FA316000105 = Gross saving less net capital transfers paid -- -- -- -- -- -- -- -- -- 20 21 22 23 FA315090005 FA315019001 FA315420003 Gross investment Fixed investment Nonproduced nonfinancial assets ---- ---- ---- ---- ---- ---- ---- ---- -- 21 -- 22 -- 23 24 FA315000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 24 25 FA314090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 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 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- 40 FA314190005 -- -- -- -- -- -- -- -- -- 40 41 42 43 FA313111303 FA713014003 FA313112003 SDR allocations SDR certificates Treasury currency ---- ---- ---- ---- ---- ---- ---- ---- -- 41 -- 42 -- 43 44 45 46 47 48 49 50 51 FA314122005 FA313161105 FA313161205 FA313161305 FA313161705 FA314123005 FA313165403 FA313169003 Debt securities Treasury securities (5) Marketable Nonmarketable Budget agency securities Loans Multifamily residential mortgages Other loans and advances --------- --------- --------- --------- --------- --------- --------- --------- --------- 44 45 46 47 48 49 50 51 52 53 54 55 56 FA313170005 FA313140003 FA313190005 FA343073045 FA313190015 Trade payables Insurance reserves Miscellaneous liabilities Claims of pension fund on sponsor Other ------ ------ ------ ------ ------ ------ ------ ------ ------ 52 53 54 55 56 57 FA317005005 -- -- -- -- -- -- -- -- -- 57 58 FA314000105 -- -- -- -- -- -- -- -- -- 58 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 2016 22 Z.1, March 7, 2019 F.107 State and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 1 FA206010105 2 3 4 5 6 7 8 FA206210001 FA206240001 FA206231001 FA206601001 FA206150105 FA206403105 FA206402101 9 FA206900005 10 11 12 13 14 FA206901001 FA206404001 FA206403001 FA206130001 FA206402001 15 FA206006005 16 17 Current receipts, NIPA basis 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 -------- -------- -------- -------- -------- -------- -------- -------- -------- 2 3 4 5 6 7 8 -- -- -- -- -- -- -- -- -- 9 ------ ------ ------ ------ ------ ------ ------ ------ ------ 10 11 12 13 14 Net saving, NIPA basis -- -- -- -- -- -- -- -- -- 15 FA206300001 FA205440005 + Consumption of fixed capital - Net capital transfers paid (2) --- --- --- --- --- --- --- --- -- 16 -- 17 18 FA206000105 = Gross saving less net capital transfers paid -- -- -- -- -- -- -- -- -- 18 19 FA205090005 Gross investment -- -- -- -- -- -- -- -- -- 19 20 21 FA205019001 FA205420003 Fixed investment Nonproduced nonfinancial assets --- --- --- --- --- --- --- --- -- 20 -- 21 22 FA215000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 22 23 FA214090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 23 24 25 FA213020005 FA213030005 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- -- 24 -- 25 26 27 FA213034003 FA212051003 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- -- 26 -- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 34 FA213065005 Loans (mortgages) -- -- -- -- -- -- -- -- -- 34 35 36 FA213064103 FA213064203 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 35 -- 36 37 38 39 FA213070003 FA213078005 FA213093003 Trade receivables Taxes receivable Miscellaneous assets ---- ---- ---- ---- ---- ---- ---- ---- -- 37 -- 38 -- 39 40 FA214190005 -- -- -- -- -- -- -- -- -- 40 41 42 43 FA213162005 FA213162400 FA213162200 Debt securities (municipal securities) Short-term (3) Long-term ---- ---- ---- ---- ---- ---- ---- ---- -- 41 -- 42 -- 43 44 FA213169203 Loans (U.S. government loans) -- -- -- -- -- -- -- -- -- 44 45 46 FA213170003 FA223073045 Trade payables Claims of pension fund on sponsor (4) --- --- --- --- --- --- --- --- -- 45 -- 46 47 FA217005005 -- -- -- -- -- -- -- -- -- 47 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) Data for state and local government employee retirement funds are shown on table F.120. (2) Table F.5, line 65. (3) Debt with original maturity of 13 months or less. (4) Included in miscellaneous liabilities. 28 29 30 31 32 33 23 Z.1, March 7, 2019 F.108 Domestic Financial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA796000105 Gross saving less net capital transfers paid -- -- -- -- -- -- -- -- -- 1 2 FA795090005 Gross investment -- -- -- -- -- -- -- -- -- 2 3 4 5 FA795019005 FA645012063 FA795013005 Capital expenditures Fixed residential investment Fixed nonresidential investment ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 FA795000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 6 7 FA794090005 Net acqisition of financial assets -- -- -- -- -- -- -- -- -- 7 8 9 10 11 12 FA713011005 FA713014003 FA713012003 FA633091003 FA794010005 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets ------ ------ ------ ------ ------ ------ ------ ------ -- 8 -- 9 -- 10 -- 11 -- 12 13 14 15 16 FA793020005 FA793030005 FA793034005 FA792050005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos ----- ----- ----- ----- ----- ----- ----- ----- ----- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 23 24 25 26 27 28 29 FA793064105 FA793064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 28 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 35 FA794190005 Net increase in liabilities -- -- -- -- -- -- -- -- -- 35 36 FA794110005 Net interbank liabilities -- -- -- -- -- -- -- -- -- 36 37 38 39 40 FA793120005 FA703130005 FA634090005 FA792150005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos ----- ----- ----- ----- ----- ----- ----- ----- ----- 37 38 39 40 41 42 43 44 FA794122005 FA793169175 FA423161705 FA793163005 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 41 42 43 44 45 46 47 48 FA794123005 FA793168005 FA793169005 FA643165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 45 46 47 48 49 50 FA793164105 FA653164205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 49 -- 50 51 52 53 FA793170005 FA543140005 FA583150005 Trade payables Life insurance reserves Pension entitlements ---- ---- ---- ---- ---- ---- ---- ---- -- 51 -- 52 -- 53 54 55 56 57 FA793178005 FA662090205 FA793192005 FA793190005 Taxes payable Equity in noncorporate business Foreign direct investment in U.S. Miscellaneous liabilities ----- ----- ----- ----- ----- ----- ----- ----- ----- 58 FA797005005 -- -- -- -- -- -- -- -- -- 58 Discrepancy (1) Sum of financial sectors shown on tables F.109 through F.132. 30 31 32 33 34 54 55 56 57 Transactions 2016 24 Z.1, March 7, 2019 F.109 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA716000105 Gross saving -- -- -- -- -- -- -- -- -- 1 2 FA715013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA714090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 6 FA713011005 FA713014003 FA713012003 U.S. official reserve assets SDR certificates Treasury currency ---- ---- ---- ---- ---- ---- ---- ---- ---- 4 5 6 7 FA713022003 Federal Reserve float (2) -- -- -- -- -- -- -- -- -- 7 8 9 10 FA713068705 FA713068703 FA763069143 Interbank loans (2) Discount window (3) AMLF (4) ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 11 FA712051000 Security repurchase agreements -- -- -- -- -- -- -- -- -- 11 12 13 14 15 16 17 18 19 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 --------- --------- --------- --------- --------- --------- --------- --------- --------- 20 FA713068005 Loans (depository institution loans n.e.c.) (5) -- -- -- -- -- -- -- -- -- 20 21 22 23 24 FA713064103 FA713090005 FA713091103 FA713093005 Corporate equities (6) Miscellaneous assets Nonofficial foreign currencies (7) Other ----- ----- ----- ----- ----- ----- ----- ----- ----- 25 FA714190005 -- -- -- -- -- -- -- -- -- 25 26 27 FA713113003 FA703025005 Depository institution reserves Vault cash of depository institutions --- --- --- --- --- --- --- --- -- 26 -- 27 28 FA713120005 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 28 29 30 31 32 FA713123005 FA713123023 FA713123030 FA713123043 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account ----- ----- ----- ----- ----- ----- ----- ----- ----- 33 34 FA713124005 FA713122605 Due to government-sponsored enterprises Due to rest of the world --- --- --- --- --- --- --- --- -- 33 -- 34 35 FA713125005 Currency outside banks -- -- -- -- -- -- -- -- -- 35 36 37 38 FA712151003 FA712151103 FA712151115 Security repurchase agreements Reverse repurchase agreement operations (8) Other ---- ---- ---- ---- ---- ---- ---- ---- -- 36 -- 37 -- 38 39 40 41 FA713190005 FA713164003 FA713193005 Miscellaneous liabilities Federal Reserve Bank stock Other ---- ---- ---- ---- ---- ---- ---- ---- -- 39 -- 40 -- 41 42 FA717005005 -- -- -- -- -- -- -- -- -- 42 Net increase in liabilities Discrepancy (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) Shown on table F.203 as part of line 24. (3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to the financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), recorded as part of the household sector; to broker and dealers through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF; and to the funding corporations Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC. (6) 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 Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (7) Reciprocal currency arrangements (swap lines) with foreign central banks. (8) 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 13 14 15 16 17 18 19 21 22 23 24 29 30 31 32 25 Z.1, March 7, 2019 F.110 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA706000105 Gross saving less net capital transfers paid -- -- -- -- -- -- -- -- -- 1 2 FA705013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA705000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 3 4 FA704090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 4 5 6 7 FA703025005 FA713113003 FA702050005 Vault cash Reserves at Federal Reserve Federal funds and security repos ---- ---- ---- ---- ---- ---- ---- ---- ---- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 14 15 16 17 18 19 20 FA703064105 FA703064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 19 -- 20 21 FA763040005 Life insurance reserves -- -- -- -- -- -- -- -- -- 21 22 23 FA763092000 FA703090005 U.S. direct investment abroad Miscellaneous assets --- --- --- --- --- --- --- --- -- 22 -- 23 24 FA704190005 Net increase in liabilities -- -- -- -- -- -- -- -- -- 24 25 FA704110005 Net interbank liabilities -- -- -- -- -- -- -- -- -- 25 26 27 FA703127005 FA703130005 Checkable deposits Time and savings deposits --- --- --- --- --- --- --- --- -- 26 -- 27 28 FA702150005 Federal funds and security repos -- -- -- -- -- -- -- -- -- 28 29 30 31 FA704122005 FA703169175 FA763163005 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 29 -- 30 -- 31 32 FA703169005 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 32 33 34 35 FA763164103 FA763178003 FA753192003 Corporate equity issues Taxes payable (net) Foreign direct investment in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 33 -- 34 -- 35 36 37 38 39 FA703190005 FA763194735 FA753194503 FA703193005 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other ----- ----- ----- ----- ----- ----- ----- ----- ----- 40 FA707005005 -- -- -- -- -- -- -- -- -- 40 Discrepancy 36 37 38 39 Memo: 41 FA763066303 Consumer leases not included above (2) -- -- -- -- -- -- -- -- -- 41 42 FA703139105 Uninsured deposits (3) -- -- -- -- -- -- -- -- -- 42 (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 26) and time and savings deposits (line 27) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Transactions 2016 26 Z.1, March 7, 2019 F.111 U.S.-Chartered Depository Institutions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA766000105 Gross saving less net capital transfers paid -- -- -- -- -- -- -- -- -- 1 2 FA765013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA764090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 6 FA763025000 FA763013005 FA762050005 Vault cash Reserves at Federal Reserve Federal funds and security repos ---- ---- ---- ---- ---- ---- ---- ---- ---- 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA764022005 FA763069175 FA763061100 FA763061705 FA763061803 FA763061303 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 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 FA764023005 FA763068005 FA763069703 FA763065005 FA763066000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit ------ ------ ------ ------ ------ ------ ------ ------ ------ 23 24 25 26 27 28 29 FA763064105 FA763064203 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 28 -- 29 30 31 32 FA763040005 FA763092000 FA763090005 Life insurance reserves U.S. direct investment abroad Miscellaneous assets ---- ---- ---- ---- ---- ---- ---- ---- -- 30 -- 31 -- 32 33 FA764190005 -- -- -- -- -- -- -- -- -- 33 34 35 36 37 38 FA764110005 FA713022003 FA713068705 FA764112005 FA764116005 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks ------ ------ ------ ------ ------ ------ ------ ------ ------ 34 35 36 37 38 39 40 41 42 FA763127005 FA763123005 FA763129205 FA763122605 Checkable deposits Federal government Private domestic Rest of the world ----- ----- ----- ----- ----- ----- ----- ----- ----- 39 40 41 42 43 44 FA763130005 FA762150005 Time and savings deposits Federal funds and security repos --- --- --- --- --- --- --- --- -- 43 -- 44 45 46 47 FA764122005 FA763169175 FA763163005 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 45 -- 46 -- 47 48 FA763169305 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 48 49 50 51 52 53 FA763164103 FA763178003 FA763190005 FA763194735 FA763193005 Corporate equity issues Taxes payable (net) Miscellaneous liabilities Investment by holding companies Other ------ ------ ------ ------ ------ ------ ------ ------ ------ 54 FA767005005 -- -- -- -- -- -- -- -- -- 54 55 FA763066303 Consumer leases not included above (1) -- -- -- -- -- -- -- -- -- 55 56 FA763139105 Uninsured deposits (2) -- -- -- -- -- -- -- -- -- 56 Net increase in liabilities Discrepancy 49 50 51 52 53 Memo: (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 39) and time and savings deposits (line 43) not insured by the Federal Deposit Insurance Corporation. 27 Z.1, March 7, 2019 F.112 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA756330005 Gross saving -- -- -- -- -- -- -- -- -- 1 2 FA755013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA754090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 FA753025003 FA753013003 Vault cash Reserves at Federal Reserve --- --- --- --- --- --- --- --- --- 4 5 6 FA752050005 Federal funds and security repos -- -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 7 -- 8 -- 9 -- 10 -- 11 -- 12 13 14 15 16 FA754023005 FA753068005 FA753069703 FA753065005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 17 18 FA753064103 FA753093005 Corporate equities Miscellaneous assets --- --- --- --- --- --- --- --- -- 17 -- 18 19 FA754190005 Net increase in liabilities -- -- -- -- -- -- -- -- -- 19 20 21 22 FA754110005 FA754116005 FA754112005 Net interbank liabilities To foreign banks To domestic banks ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 23 24 FA753127005 FA753130005 Checkable deposits Time and savings deposits --- --- --- --- --- --- --- --- -- 23 -- 24 25 FA752150005 Federal funds and security repos -- -- -- -- -- -- -- -- -- 25 26 FA753169175 Debt securities (open market paper) -- -- -- -- -- -- -- -- -- 26 27 FA753192003 Foreign direct investment in U.S. -- -- -- -- -- -- -- -- -- 27 28 29 30 FA753190005 FA753194503 FA753193005 Miscellaneous liabilities Investment by funding corporations Other ---- ---- ---- ---- ---- ---- ---- ---- -- 28 -- 29 -- 30 31 FA757005005 -- -- -- -- -- -- -- -- -- 31 32 FA753139105 -- -- -- -- -- -- -- -- -- 32 Discrepancy 13 14 15 16 Memo: 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 23) and time and savings deposits (line 24) are considered uninsured according to the Federal Deposit Insurance Act. Transactions 2016 28 Z.1, March 7, 2019 F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA746330005 Gross saving -- -- -- -- -- -- -- -- -- 1 2 FA745013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA744090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 FA743013003 Reserves at Federal Reserve -- -- -- -- -- -- -- -- -- 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. Home mortgages Commercial mortgages ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 5 6 7 8 9 10 11 12 13 14 FA743093005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 14 15 FA744190005 -- -- -- -- -- -- -- -- -- 15 16 17 18 19 FA744110005 FA743127003 FA743130003 FA743193005 ----- ----- ----- ----- ----- ----- ----- ----- ----- 20 FA747005005 -- -- -- -- -- -- -- -- -- 20 -- -- -- -- -- -- -- -- -- 21 Net increase in liabilities Net interbank liabilities Checkable deposits Time and savings deposits Miscellaneous liabilities Discrepancy 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 -- -- -- -- -- -- -- -- -- 1 2 FA475013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA474090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 FA473013005 FA472050053 Reserves at Federal Reserve Federal funds and security repos --- --- --- --- --- --- --- --- --- 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. Home mortgages Consumer credit Mutual fund shares Miscellaneous assets ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- 6 7 8 9 10 11 12 13 14 15 16 17 18 FA474190005 -- -- -- -- -- -- -- -- -- 18 19 20 21 22 23 24 FA474110005 FA473127003 FA473130005 FA472150053 FA473169333 FA473193005 ------- ------- ------- ------- ------- ------- ------- ------- ------- 25 FA477005005 -- -- -- -- -- -- -- -- -- 25 -- -- -- -- -- -- -- -- -- 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 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, March 7, 2019 F.115 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA516000105 Gross saving less net capital transfers paid (1) -- -- -- -- -- -- -- -- -- 1 2 FA515013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA514090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 FA513020005 FA513034005 Checkable deposits and currency Money market fund shares --- --- --- --- --- --- --- --- --- 4 5 6 FA512051005 Security repurchase agreements -- -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 7 -- 8 -- 9 -- 10 -- 11 -- 12 13 FA513065505 Loans (commercial mortgages) -- -- -- -- -- -- -- -- -- 13 14 15 FA513064105 FA513064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 14 -- 15 16 17 18 19 20 21 FA513070005 FA513092003 FA513090005 FA513092403 FA513076005 FA513093005 Trade receivables U.S. direct investment abroad Miscellaneous assets Equity in FHLB Policy payables (2) Other ------- ------- ------- ------- ------- ------- ------- ------- ------- 22 FA514190005 -- -- -- -- -- -- -- -- -- 22 23 FA512151003 Security repurchase agreements -- -- -- -- -- -- -- -- -- 23 24 FA513164103 Corporate equity issues -- -- -- -- -- -- -- -- -- 24 25 FA513169333 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 25 26 27 28 FA513170005 FA513178005 FA513192003 Trade payables Taxes payable Foreign direct investment in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 26 -- 27 -- 28 29 30 31 32 FA513190005 FA513194733 FA513176005 FA513193005 Miscellaneous liabilities Investment by parent companies Policy payables Other ----- ----- ----- ----- ----- ----- ----- ----- ----- 33 FA517005005 -- -- -- -- -- -- -- -- -- 33 Net increase in liabilities Discrepancy 16 17 18 19 20 21 29 30 31 32 Memo: 34 FA513200003 Securities lending (3) -- -- -- -- -- -- -- -- -- 34 35 36 37 38 FA513176015 FA513176025 FA263176005 FA263076005 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers ----- ----- ----- ----- ----- ----- ----- ----- ----- (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. 35 36 37 38 Transactions 2016 30 Z.1, March 7, 2019 F.116 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA546000105 Gross saving less net capital transfers paid (2) -- -- -- -- -- -- -- -- -- 1 2 FA545013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA544090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 FA543020005 FA543034005 Checkable deposits and currency Money market fund shares --- --- --- --- --- --- --- --- --- 4 5 6 FA542051075 Security repurchase agreements -- -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 7 -- 8 -- 9 -- 10 -- 11 -- 12 13 14 15 FA544023005 FA543069005 FA543065005 Loans Other loans and advances Mortgages ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 17 FA543064105 FA543064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 16 -- 17 18 19 20 21 FA543070005 FA543040005 FA543050005 FA543092073 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad ----- ----- ----- ----- ----- ----- ----- ----- ----- 18 19 20 21 22 23 24 25 26 FA543090005 FA543092473 FA543077073 FA543095105 FA543093005 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other reserves Other ------ ------ ------ ------ ------ ------ ------ ------ ------ 22 23 24 25 26 27 FA544190005 -- -- -- -- -- -- -- -- -- 27 28 FA542151073 Security repurchase agreements -- -- -- -- -- -- -- -- -- 28 29 FA543164173 Corporate equity issues -- -- -- -- -- -- -- -- -- 29 30 FA543169373 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 30 31 32 33 FA543170005 FA543140005 FA543150005 Trade payables Life insurance reserves Pension entitlements (3) ---- ---- ---- ---- ---- ---- ---- ---- -- 31 -- 32 -- 33 34 35 FA543178075 FA543192073 Taxes payable Foreign direct investment in U.S. --- --- --- --- --- --- --- --- -- 34 -- 35 36 37 38 39 40 41 FA543190005 FA543194733 FA673090543 FA543195005 FA593095005 FA543193005 Miscellaneous liabilities Investment by parent companies Funding agreements backing securities (4) Other reserves (5) Unallocated insurance contracts Other ------- ------- ------- ------- ------- ------- ------- ------- ------- 42 FA547005005 -- -- -- -- -- -- -- -- -- 42 Net increase in liabilities Discrepancy 36 37 38 39 40 41 Memo: 43 FA543200073 Securities lending (6) -- -- -- -- -- -- -- -- -- 43 44 45 46 47 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. 44 45 46 47 31 Z.1, March 7, 2019 F.116.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA544090075 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 1 2 3 FA543020075 FA543034075 Checkable deposits and currency Money market fund shares --- --- --- --- --- --- --- --- --- 2 3 4 FA542051075 Security repurchase agreements -- -- -- -- -- -- -- -- -- 4 5 6 7 8 9 10 FA544022075 FA543069175 FA543061175 FA543061775 FA543062075 FA543063075 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- -- 5 -- 6 -- 7 -- 8 -- 9 -- 10 11 12 13 FA544023075 FA543069075 FA543065075 Loans Other loans and advances Mortgages ---- ---- ---- ---- ---- ---- ---- ---- -- 11 -- 12 -- 13 14 15 FA543064175 FA543064275 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 14 -- 15 16 17 18 19 20 FA543070075 FA543040075 FA543050075 FA543092073 FA543090075 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad Miscellaneous assets ------ ------ ------ ------ ------ ------ ------ ------ ------ 21 FA544190075 -- -- -- -- -- -- -- -- -- 21 22 FA542151073 Security repurchase agreements -- -- -- -- -- -- -- -- -- 22 23 FA543164173 Corporate equity issues -- -- -- -- -- -- -- -- -- 23 24 FA543169373 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 24 25 26 27 28 29 FA543170075 FA543140075 FA543150075 FA543178075 FA543192073 Trade payables Life insurance reserves Pension entitlements (1) Taxes payable Foreign direct investment in U.S. ------ ------ ------ ------ ------ ------ ------ ------ ------ 30 FA543190075 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 30 Net increase in liabilities 16 17 18 19 20 25 26 27 28 29 (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 -- -- -- -- -- -- -- -- -- 1 2 3 FA543020083 FA543034385 Checkable deposits and currency Money market fund shares --- --- --- --- --- --- --- --- --- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 4 5 6 7 8 9 10 11 12 FA544023085 FA543069483 FA543065083 Loans Other loans and advances Mortgages ---- ---- ---- ---- ---- ---- ---- ---- -- 10 -- 11 -- 12 13 14 FA543064183 FA543064285 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 13 -- 14 15 16 17 18 FA543070085 FA543040085 FA543050085 FA543090085 Trade receivables Life insurance reserves Pension entitlements Miscellaneous assets ----- ----- ----- ----- ----- ----- ----- ----- ----- 19 FA544190085 Net increase in liabilities -- -- -- -- -- -- -- -- -- 19 20 21 22 23 FA543170085 FA543140085 FA543150085 FA543190085 Trade payables Life insurance reserves Pension entitlements (1) Miscellaneous liabilities ----- ----- ----- ----- ----- ----- ----- ----- ----- (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds which are included in miscellaneous liabilities (line 23). 15 16 17 18 20 21 22 23 Transactions 2016 32 Z.1, March 7, 2019 F.117 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA596330005 Gross saving -- -- -- -- -- -- -- -- -- 1 2 FA595013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA594090005 Net acquisition of financial assets (2) -- -- -- -- -- -- -- -- -- 3 4 5 FA593020005 FA593030005 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 4 5 6 7 FA593034005 FA592051005 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 8 9 10 11 12 13 14 15 16 FA594023005 FA313169003 FA593065005 Loans Other loans and advances Mortgages ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 17 18 FA593064105 FA593064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 17 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 24 FA594190005 -- -- -- -- -- -- -- -- -- 24 ------ ------ ------ ------ ------ ------ ------ ------ ------ 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) Assets of pension plans held at life insurance companies; 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. 25 26 27 28 29 33 Z.1, March 7, 2019 F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA576330005 Gross saving -- -- -- -- -- -- -- -- -- 1 2 FA575013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA574090005 Net acquisition of financial assets (2) -- -- -- -- -- -- -- -- -- 3 4 5 FA573020005 FA573030005 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 4 5 6 7 FA573034005 FA572051005 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------ ------ ------ ------ ------ ------ ------ ------ -- 8 -- 9 -- 10 -- 11 -- 12 13 FA573065005 Loans (mortgages) -- -- -- -- -- -- -- -- -- 13 14 15 FA573064105 FA573064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 14 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 21 FA574190005 -- -- -- -- -- -- -- -- -- 21 --- --- --- --- --- --- --- --- -- 22 -- 23 Net increase in pension entitlements (liabilities) 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) Assets of private pension plans held at life insurance companies; 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 2016 34 Z.1, March 7, 2019 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 Net acquisition of financial assets (1) 2018 Q4 Q1 Q2 Q3 Q4 1 FA574090045 -- -- -- -- -- -- -- -- -- 1 2 3 FA573020043 FA573030043 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 FA573034043 FA572051043 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------ ------ ------ ------ ------ ------ ------ ------ -- 6 -- 7 -- 8 -- 9 -- 10 11 FA573065043 Loans (mortgages) -- -- -- -- -- -- -- -- -- 11 12 13 FA573064143 FA573064243 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 12 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 19 FA574190043 -- -- -- -- -- -- -- -- -- 19 Net increase in pension entitlements (liabilities) 14 15 16 17 18 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies; 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 -- -- -- -- -- -- -- -- -- 1 2 3 FA573020033 FA573030033 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 FA573034055 FA572051033 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------ ------ ------ ------ ------ ------ ------ ------ -- 6 -- 7 -- 8 -- 9 -- 10 11 FA573065033 Loans (mortgages) -- -- -- -- -- -- -- -- -- 11 12 13 FA573064133 FA573064255 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 12 -- 13 14 15 16 17 FA573090055 FA573095505 FA573074033 FA573093033 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other ----- ----- ----- ----- ----- ----- ----- ----- ----- 18 FA574090055 -- -- -- -- -- -- -- -- -- 18 Net increase in pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. 14 15 16 17 35 Z.1, March 7, 2019 F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 Net acquisition of financial assets (1) 2018 Q4 Q1 Q2 Q3 Q4 1 FA344090005 -- -- -- -- -- -- -- -- -- 1 2 FA343020033 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 2 3 4 5 6 7 FA344022005 FA343061105 FA343061705 FA343062033 FA343063005 Debt securities Treasury securities (2) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------ ------ ------ ------ ------ ------ ------ ------ ------ 3 4 5 6 7 8 FA343064105 Corporate equities -- -- -- -- -- -- -- -- -- 8 9 FA313169003 Loans (other loans and advances) (3) -- -- -- -- -- -- -- -- -- 9 10 FA343073045 11 FA344090005 Claims of pension fund on sponsor (misc. assets) (4) Net increase in pension entitlements (liabilities) -- -- -- -- -- -- -- -- -- 10 -- -- -- -- -- -- -- -- -- 11 --- --- --- --- --- --- --- --- -- 12 -- 13 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 2016 36 Z.1, March 7, 2019 F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 Net acquisition of financial assets (2) 2018 Q4 Q1 Q2 Q3 Q4 1 FA344090045 -- -- -- -- -- -- -- -- -- 1 2 FA343020033 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 2 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 3 4 5 6 7 8 FA343064135 Corporate equities -- -- -- -- -- -- -- -- -- 8 9 FA343073045 Claims of pension fund on sponsor (misc. assets) (4) -- -- -- -- -- -- -- -- -- 9 10 FA344190045 -- -- -- -- -- -- -- -- -- 10 Net increase in pension entitlements (liabilities) (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 FA344090025 2 3 4 5 FA344022025 FA343061155 FA343061723 FA343063023 6 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 1 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 FA343064125 Corporate equities -- -- -- -- -- -- -- -- -- 6 7 FA313169003 Loans (other loans and advances) (3) -- -- -- -- -- -- -- -- -- 7 8 FA344090025 -- -- -- -- -- -- -- -- -- 8 Net increase in 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. 37 Z.1, March 7, 2019 F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA226330005 Gross saving -- -- -- -- -- -- -- -- -- 1 2 FA225013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA224090005 Net acquisition of financial assets (1) -- -- -- -- -- -- -- -- -- 3 4 5 FA223020043 FA223030043 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 4 5 6 7 FA223034005 FA222051043 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 8 9 10 11 12 13 14 FA223065043 Loans (mortgages) -- -- -- -- -- -- -- -- -- 14 15 16 FA223064145 FA223064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 15 -- 16 17 18 19 20 FA223090005 FA223095505 FA223073045 FA223093005 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other ----- ----- ----- ----- ----- ----- ----- ----- ----- 21 FA224190005 -- -- -- -- -- -- -- -- -- 21 --- --- --- --- --- --- --- --- -- 22 -- 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) Assets of defined contribution funds held at life insurance companies. (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 2016 38 Z.1, March 7, 2019 F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 Net acquisition of financial assets (1) 2018 Q4 Q1 Q2 Q3 Q4 1 FA224090045 -- -- -- -- -- -- -- -- -- 1 2 3 FA223020043 FA223030043 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 FA223034043 FA222051043 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 FA223065043 Loans (mortgages) -- -- -- -- -- -- -- -- -- 12 13 14 FA223064145 FA223064243 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 13 -- 14 15 16 17 FA223090045 FA223073045 FA223093043 Miscellaneous assets Claims of pension fund on sponsor (2) Other ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 FA224190043 -- -- -- -- -- -- -- -- -- 18 Net increase in pension entitlements (liabilities) (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 2 FA223034055 3 FA223064255 4 5 6 FA223090055 FA223095505 FA223093053 7 FA224090055 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 1 Money market fund shares -- -- -- -- -- -- -- -- -- 2 Mutual fund shares -- -- -- -- -- -- -- -- -- 3 Miscellaneous assets Unallocated insurance contracts (misc. assets) (2) Other ---- ---- ---- ---- ---- ---- ---- ---- ---- 4 5 6 -- -- -- -- -- -- -- -- -- 7 Net increase in pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. 39 Z.1, March 7, 2019 F.121 Money Market Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA634090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 1 2 3 4 5 FA633091003 FA633020000 FA633030000 FA632051000 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 6 7 8 9 10 11 FA634022005 FA633069175 FA633061105 FA633061700 FA633062000 FA633063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 FA633093005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 12 13 FA634090005 -- -- -- -- -- -- -- -- -- 13 -- -- -- -- -- -- -- -- -- 14 Net share issues (liabilities) Memo: 14 FA634090503 Variable annuity money market funds included above (1) Open-end investment companies including variable annuity money market funds. F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA656006403 Gross saving -- -- -- -- -- -- -- -- -- 1 2 FA654090000 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 2 3 FA652051003 Security repurchase agreements -- -- -- -- -- -- -- -- -- 3 4 5 6 7 8 9 FA654022005 FA653069100 FA653061105 FA653061703 FA653062003 FA653063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- ------- 4 5 6 7 8 9 10 FA653069803 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 10 11 12 FA653064100 FA653093005 Corporate equities Miscellaneous assets --- --- --- --- --- --- --- --- -- 11 -- 12 13 FA653164205 Net share issues (liabilities) -- -- -- -- -- -- -- -- -- 13 14 FA657005005 Discrepancy -- -- -- -- -- -- -- -- -- 14 -- -- -- -- -- -- -- -- -- 15 ------ ------ ------ ------ ------ ------ ------ ------ ------ Memo: 15 FA654090500 16 17 18 19 20 FA654091603 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). 16 17 18 19 20 Transactions 2016 40 Z.1, March 7, 2019 F.123 Closed-End Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 1 FA554090005 2 3 4 5 FA554022005 FA553061103 FA553062003 FA553063003 6 FA553064103 7 FA554090005 Net acquisition of financial assets 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 Debt securities Treasury securities Municipal securities Corporate and foreign bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 Corporate equities -- -- -- -- -- -- -- -- -- 6 -- -- -- -- -- -- -- -- -- 7 ------ ------ ------ ------ ------ ------ ------ ------ -- 8 -- 9 -- 10 -- 11 -- 12 -- -- -- -- -- -- -- -- -- 1 Net share issues (liabilities) 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 F.124 Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA564090005 Net acquisition of financial assets 2 3 4 5 FA564022005 FA563061103 FA563062003 FA563063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 6 FA563064100 Corporate equities -- -- -- -- -- -- -- -- -- 6 7 FA563093003 Miscellaneous assets (1) -- -- -- -- -- -- -- -- -- 7 8 FA564090005 -- -- -- -- -- -- -- -- -- 8 ------- ------- ------- ------- ------- ------- ------- ------- ------- 9 10 11 12 13 14 Net share issues (liabilities) Memo: 9 10 11 12 13 14 FA564091600 FA564092603 FA563093003 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, March 7, 2019 F.125 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA406000105 Gross saving -- -- -- -- -- -- -- -- -- 1 2 FA405013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA404090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 6 FA403020005 FA403030005 FA402050005 Checkable deposits and currency Time and savings deposits Federal funds and security repos ---- ---- ---- ---- ---- ---- ---- ---- ---- 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 7 -- 8 -- 9 -- 10 -- 11 -- 12 13 FA404023005 Loans -- -- -- -- -- -- -- -- -- 13 14 15 16 17 FA403069305 FA403069385 FA403069345 FA403069330 Other loans and advances Sallie Mae Farm Credit System FHLB loans ----- ----- ----- ----- ----- ----- ----- ----- ----- 14 15 16 17 18 19 20 21 22 23 24 25 FA403065005 FA403065105 FA403065195 FA403065185 FA403065405 FA403065495 FA403065485 FA403065605 Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm --------- --------- --------- --------- --------- --------- --------- --------- --------- 18 19 20 21 22 23 24 25 26 FA403066005 Consumer credit -- -- -- -- -- -- -- -- -- 26 27 FA403093005 -- -- -- -- -- -- -- -- -- 27 28 FA404190005 -- -- -- -- -- -- -- -- -- 28 29 FA402150005 Federal funds and security repos -- -- -- -- -- -- -- -- -- 29 30 31 32 FA403161705 FA403161795 FA403161785 Debt securities (GSE issues) (3) Consolidated trusts (2) Other ---- ---- ---- ---- ---- ---- ---- ---- -- 30 -- 31 -- 32 33 FA403169283 Loans (U.S. government loans) -- -- -- -- -- -- -- -- -- 33 34 FA403164105 Corporate equities -- -- -- -- -- -- -- -- -- 34 35 FA403190005 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 35 36 FA407005005 -- -- -- -- -- -- -- -- -- 36 Miscellaneous assets 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 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 1 2 3 4 5 FA413065105 FA413065405 FA413065505 FA413065605 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 6 FA413065005 -- -- -- -- -- -- -- -- -- 6 Net increase in pool securities (liabilities)(2) (1) GNMA, 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. (2) Such issues are classified as agency- and GSE-backed securities. Transactions 2016 42 Z.1, March 7, 2019 F.127 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA676330023 Gross saving -- -- -- -- -- -- -- -- -- 1 2 FA675013025 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA674090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 6 FA674022005 FA673061103 FA673061703 Debt securities Treasury securities Agency- and GSE-backed securities (1) ---- ---- ---- ---- ---- ---- ---- ---- ---- 4 5 6 7 8 9 10 11 12 13 FA674023005 FA673069005 FA673065005 FA673065105 FA673065405 FA673065505 FA673066000 Loans Other loans and advances Mortgages (2) Home Multifamily residential Commercial Consumer credit -------- -------- -------- -------- -------- -------- -------- -------- -------- 7 8 9 10 11 12 13 14 15 FA673070003 FA673090543 Trade credit Miscellaneous assets (funding agreements) (3) --- --- --- --- --- --- --- --- -- 14 -- 15 16 FA674122005 Net increase in liabilities -- -- -- -- -- -- -- -- -- 16 17 18 FA673169105 FA673163005 Commercial paper Corporate bonds (net) (4) --- --- --- --- --- --- --- --- -- 17 -- 18 19 FA677005005 -- -- -- -- -- -- -- -- -- 19 --- --- --- --- --- --- --- --- -- 20 -- 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 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. (6) Included in table F.129. 43 Z.1, March 7, 2019 F.128 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA616000105 Gross saving less net capital transfers paid (2) -- -- -- -- -- -- -- -- -- 1 2 FA615013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA614090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 FA613020003 FA613030003 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 4 5 6 FA613063003 Debt securities (corporate and foreign bonds) -- -- -- -- -- -- -- -- -- 6 7 8 9 10 FA614023005 FA613069500 FA613065000 FA613066005 Loans Other loans and advances Mortgages Consumer credit ----- ----- ----- ----- ----- ----- ----- ----- -- 7 -- 8 -- 9 -- 10 11 12 FA613092003 FA613090005 U.S. direct investment abroad Miscellaneous assets --- --- --- --- --- --- --- --- -- 11 -- 12 13 FA614190005 -- -- -- -- -- -- -- -- -- 13 14 15 16 FA614122005 FA613169100 FA613163005 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 17 18 19 FA614123005 FA613168003 FA613169005 Loans Depository institution loans n.e.c. Other loans and advances ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 21 FA613178005 FA613192003 Taxes payable Foreign direct investment in U.S. --- --- --- --- --- --- --- --- -- 20 -- 21 22 23 24 FA613190005 FA613194003 FA613193005 Miscellaneous liabilities Investment by parent Other ---- ---- ---- ---- ---- ---- ---- ---- -- 22 -- 23 -- 24 25 FA617005005 -- -- -- -- -- -- -- -- -- 25 26 FA613066303 -- -- -- -- -- -- -- -- -- 26 Net increase in liabilities Discrepancy Memo: 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) See footnote (5), table F.127. Transactions 2016 44 Z.1, March 7, 2019 F.129 Real Estate Investment Trusts (REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA646000105 Gross saving -- -- -- -- -- -- -- -- -- 1 2 3 FA645013005 FA645012063 Fixed nonresidential investment Multifamily residential investment --- --- --- --- --- --- --- --- --- 2 3 4 FA644090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 4 5 FA643020005 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 5 6 7 8 FA644022005 FA643061773 FA643063005 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 9 10 11 12 FA643065005 FA643065105 FA643065405 FA643065505 Loans (mortgages) Home Multifamily residential Commercial ----- ----- ----- ----- ----- ----- ----- ----- -- 9 -- 10 -- 11 -- 12 13 FA643090005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 13 14 FA644190005 -- -- -- -- -- -- -- -- -- 14 15 FA642151073 Security repurchase agreements -- -- -- -- -- -- -- -- -- 15 16 17 18 FA644122005 FA643169173 FA643163005 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 16 -- 17 -- 18 19 20 21 22 FA644123005 FA643168005 FA643169373 FA643165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 23 FA643164103 Corporate equity issues -- -- -- -- -- -- -- -- -- 23 24 FA643193005 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 24 25 FA647005005 -- -- -- -- -- -- -- -- -- 25 26 27 28 29 30 FA643065045 FA643061743 FA643065143 FA643065443 FA643065543 ------ ------ ------ ------ ------ ------ ------ ------ ------ Net increase in liabilities Discrepancy 19 20 21 22 Memo: Securitized assets included above Agency- and GSE-backed securities Home 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. 26 27 28 29 30 45 Z.1, March 7, 2019 F.129.e Equity Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA644090085 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 1 2 FA643020083 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 2 3 FA643063083 Debt securities (corporate and foreign bonds) -- -- -- -- -- -- -- -- -- 3 4 5 6 7 FA643065085 FA643065183 FA643065483 FA643065583 Loans (mortgages) Home Multifamily residential Commercial ----- ----- ----- ----- ----- ----- ----- ----- ----- 4 5 6 7 8 FA643093085 Miscellaneous assets -- -- -- -- -- -- -- -- -- 8 9 FA644190085 -- -- -- -- -- -- -- -- -- 9 10 FA643163083 Debt securities (corporate bonds) -- -- -- -- -- -- -- -- -- 10 11 12 13 14 15 FA644123085 FA643168083 FA643165005 FA643165483 FA643165583 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial ------ ------ ------ ------ ------ ------ ------ ------ ------ 16 FA643193085 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 16 Net increase in liabilities 11 12 13 14 15 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 -- -- -- -- -- -- -- -- -- 1 2 FA643020073 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 2 3 4 5 FA644022075 FA643061773 FA643063073 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 7 8 9 FA643065075 FA643065173 FA643065473 FA643065573 Loans (mortgages) Home Multifamily residential Commercial ----- ----- ----- ----- ----- ----- ----- ----- ----- 6 7 8 9 10 FA643090075 Miscellaneous assets -- -- -- -- -- -- -- -- -- 10 11 FA644190075 -- -- -- -- -- -- -- -- -- 11 12 FA642151073 Security repurchase agreements -- -- -- -- -- -- -- -- -- 12 13 14 15 FA644122075 FA643169173 FA643163075 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 17 18 FA644123075 FA643168073 FA643169373 Loans Depository institution loans n.e.c. Other loans and advances ---- ---- ---- ---- ---- ---- ---- ---- -- 16 -- 17 -- 18 19 FA643193075 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 19 20 21 22 23 24 FA643065045 FA643061743 FA643065143 FA643065443 FA643065543 ------ ------ ------ ------ ------ ------ ------ ------ ------ Net increase in liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 20 21 22 23 24 Transactions 2016 46 Z.1, March 7, 2019 F.130 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA666000105 Gross saving less net capital transfers paid (1) -- -- -- -- -- -- -- -- -- 1 2 FA665013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA664090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 FA663020003 FA662051003 Checkable deposits and currency Security repurchase agreements --- --- --- --- --- --- --- --- --- 4 5 6 7 8 9 10 11 FA664022005 FA663069103 FA663061105 FA663061703 FA663062003 FA663063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 FA663069005 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 12 13 FA663064103 Corporate equities -- -- -- -- -- -- -- -- -- 13 14 15 FA663092003 FA663090005 U.S. direct investment abroad Miscellaneous assets --- --- --- --- --- --- --- --- -- 14 -- 15 16 FA664190005 -- -- -- -- -- -- -- -- -- 16 17 FA662151003 Security repurchase agreements -- -- -- -- -- -- -- -- -- 17 18 FA663163003 Debt securities (corporate bonds) -- -- -- -- -- -- -- -- -- 18 19 20 21 FA664123005 FA663168005 FA153067005 Loans Depository institution loans n.e.c. (2) Other loans and advances ---- ---- ---- ---- ---- ---- ---- ---- -- 19 -- 20 -- 21 22 FA663164103 Corporate equity issues -- -- -- -- -- -- -- -- -- 22 23 24 FA663170003 FA663178005 Trade payables Taxes payable --- --- --- --- --- --- --- --- -- 23 -- 24 25 26 27 28 FA663192005 FA663190005 FA663194005 FA663193005 Foreign direct investment in U.S. Miscellaneous liabilities Investment by parent companies Other ----- ----- ----- ----- ----- ----- ----- ----- ----- 29 FA662090205 Proprietors’ net investment -- -- -- -- -- -- -- -- -- 29 30 FA667005005 -- -- -- -- -- -- -- -- -- 30 Net increase in liabilities Discrepancy 25 26 27 28 (1) Net capital transfers paid from table F.5, line 58. (2) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). 47 Z.1, March 7, 2019 F.131 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA736000105 Gross saving -- -- -- -- -- -- -- -- -- 1 2 FA735013005 Fixed nonresidential investment -- -- -- -- -- -- -- -- -- 2 3 FA734090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 3 4 5 FA733030003 FA732051003 Time and savings deposits Security repurchase agreements --- --- --- --- --- --- --- --- --- 4 5 6 7 8 9 FA734022605 FA733061103 FA733061703 FA733063003 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 6 7 8 9 10 FA733069005 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 10 11 FA733040005 Life insurance reserves -- -- -- -- -- -- -- -- -- 11 12 13 14 15 16 17 18 19 FA733090005 FA763194735 FA513194733 FA543194733 FA613194733 FA663194735 FA263194735 FA733093005 Miscellaneous assets Net trans. with depository institution affiliates Net trans. with property-casualty ins. co. affiliates Net trans. with life insurance company affiliates Net trans. with finance company affiliates Net trans. with broker and dealer affiliates Net trans. with foreign affiliates Other --------- --------- --------- --------- --------- --------- --------- --------- --------- 20 FA734190005 -- -- -- -- -- -- -- -- -- 20 21 FA732151003 Security repurchase agreements -- -- -- -- -- -- -- -- -- 21 22 23 24 FA734122005 FA733169103 FA733163003 Debt securities Commercial paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 22 -- 23 -- 24 25 FA733164103 Corporate equity issues -- -- -- -- -- -- -- -- -- 25 26 FA733192003 Foreign direct investment in U.S. (2) -- -- -- -- -- -- -- -- -- 26 27 28 29 FA733193005 FA733164005 FA733193015 Miscellaneous liabilities Equity, etc. Other ---- ---- ---- ---- ---- ---- ---- ---- -- 27 -- 28 -- 29 30 FA737005005 -- -- -- -- -- -- -- -- -- 30 Net increase in liabilities Discrepancy (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) Foreign direct investment is equity investment in U.S. Intermediate Holding Companies established in accordance with Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 12 13 14 15 16 17 18 19 Transactions 2016 48 Z.1, March 7, 2019 F.132 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA504090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 1 2 3 FA503034005 FA502051003 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 2 3 4 5 6 FA504022005 FA503069105 FA503063005 Debt securities Open market paper Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- ---- ---- 4 5 6 7 FA503069805 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 7 8 FA503064105 Corporate equities (2) -- -- -- -- -- -- -- -- -- 8 9 10 11 FA503094505 FA753194503 FA663194505 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers ---- ---- ---- ---- ---- ---- ---- ---- -- 9 -- 10 -- 11 12 FA504190005 -- -- -- -- -- -- -- -- -- 12 13 14 15 FA504122005 FA503169105 FA503163005 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 17 18 FA504123005 FA713068505 FA503169205 Loans Depository institution loans n.e.c. (3) Other loans and advances (4) ---- ---- ---- ---- ---- ---- ---- ---- -- 16 -- 17 -- 18 19 20 FA503164105 FA503192003 Corporate equities (5) Foreign direct investment in U.S. --- --- --- --- --- --- --- --- -- 19 -- 20 21 22 23 24 FA503190005 FA663097005 FA503194305 FA503193005 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) ----- ----- ----- ----- ----- ----- ----- ----- ----- Net increase in liabilities 21 22 23 24 (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP. (5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. 49 Z.1, March 7, 2019 F.133 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 5 6 7 8 9 10 FA265440005 FA266000105 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) --- --- --- --- --- --- --- --- -- 9 -- 10 11 12 FA265090005 FA265420005 Gross investment Nonproduced nonfinancial assets --- --- --- --- --- --- --- --- -- 11 -- 12 13 FA265000005 Net lending (+) or net borrowing (-) -- -- -- -- -- -- -- -- -- 13 14 FA264090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- -- 14 15 16 17 18 19 20 21 22 23 24 25 26 27 FA263011205 FA313111303 FA264016005 FA263020005 FA263030005 FA263034003 FA262051003 FA264022005 FA263069103 FA263061105 FA263061705 FA263062003 FA263063005 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) -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 FA263069500 FA263064105 FA263064203 FA263070005 FA543141905 FA543151905 FA263092001 FA263076005 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 (insurance receivables) --------- --------- --------- --------- --------- --------- --------- --------- --------- 28 29 30 31 32 33 34 35 36 FA264190005 -- -- -- -- -- -- -- -- -- 36 37 38 39 40 41 42 43 44 45 FA263111005 FA263191005 FA262151003 FA264122005 FA263169105 FA263163005 FA264123005 FA263168005 FA263169005 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 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 FA263164100 FA263170005 FA263140005 FA263150005 FA263192005 FA263190005 FA313092803 FA263191103 FA263194735 FA263195105 FA263176005 Foreign corporate equities (6) Trade payables Life insurance reserves Pension entitlements U.S. direct investment abroad (4,5) Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Net investment by holding companies Accident and health insurance reserves Policy payables ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ 46 47 48 49 50 51 52 53 54 55 56 57 FA267005005 -- -- -- -- -- -- -- -- -- 57 58 59 60 61 62 FA266903005 FA266904005 FA266400101 FA266400201 FA266000005 ------ ------ ------ ------ ------ ------ ------ ------ ------ Net increase in liabilities 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 62 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 is valued on a current-cost basis. 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. 58 59 60 61 62 Transactions 2016 50 Z.1, March 7, 2019 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 Net change in liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FA893111005 -- -- -- -- -- -- -- -- -- 1 2 FA313111303 Federal government: SDR allocations -- -- -- -- -- -- -- -- -- 2 3 4 5 6 FA263111005 FA313011303 FA263111403 FA263111503 Rest of the world SDR holdings Reserve position in IMF Other reserves ----- ----- ----- ----- ----- ----- ----- ----- ----- 3 4 5 6 7 FA893011005 -- -- -- -- -- -- -- -- -- 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 -- 10 -- 11 -- 12 13 14 15 FA263011005 FA263011205 FA313111303 Rest of the world Monetary gold (2) SDR allocations ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 17 18 19 FA713011005 FA713011203 FA713011405 FA713011505 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves ----- ----- ----- ----- ----- ----- ----- ----- ----- 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 --- --- --- --- --- --- --- --- --- 1 2 Liab: Federal government Asset: Monetary authority --- --- --- --- --- --- --- --- --- 3 4 Discrepancy (seigniorage) -- -- -- -- -- -- -- -- -- 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 -- -- -- -- -- -- -- -- -- 1 2 3 4 FA153091003 FA103091003 FA633091003 Held by: Household sector Nonfinancial corporate business Money market funds ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 FA903091005 Discrepancy--unallocated assets -- -- -- -- -- -- -- -- -- 5 51 Z.1, March 7, 2019 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 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 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 -- -- -- -- -- -- -- -- -- 7 ------- ------- ------- ------- ------- ------- ------- ------- ------- 8 9 10 11 12 13 -- -- -- -- -- -- -- -- -- 14 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 -- 16 -- 17 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 18 19 20 21 22 23 24 25 26 FA714010005 FA714010005 FA713022003 FA713068705 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans ----- ----- ----- ----- ----- ----- ----- ----- ----- 23 24 25 26 27 28 29 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 ---- ---- ---- ---- ---- ---- ---- ---- -- 27 -- 28 -- 29 30 31 32 FA754116205 FA753192605 FA753092605 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates ---- ---- ---- ---- ---- ---- ---- ---- -- 30 -- 31 -- 32 33 34 35 FA264116205 FA764016205 FA754016205 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 33 -- 34 -- 35 36 37 38 FA264135125 FA764035125 FA754035125 Loans to foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 36 -- 37 -- 38 39 40 41 FA264035125 FA274135123 FA284135125 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 39 -- 40 -- 41 42 FA264016005 -- -- -- -- -- -- -- -- -- 42 ------ ------ ------ ------ ------ ------ ------ ------ ------ -- -- -- -- -- -- -- -- -- 48 -- -- -- -- -- -- -- -- -- 49 43 44 45 46 47 FA764112005 FA764112205 FA754012205 FA743020005 FA474012205 48 FA754112205 49 FA904010005 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 27 and 30 less line 33 and line 36 plus line 39. (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 49), which is due to inconsistencies in source data, appears on line 14 as the discrepancy between liabilities and assets. (3) Sum of lines 45, 46, 47, and 49. 43 44 45 46 47 Transactions 2016 52 Z.1, March 7, 2019 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 Net change in liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FA793120005 -- -- -- -- -- -- -- -- -- 1 2 3 4 5 6 FA713120005 FA713123005 FA713124005 FA713122605 FA713125005 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 7 8 9 10 FA763127005 FA763123005 FA763122605 FA763129205 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits ----- ----- ----- ----- ----- ----- ----- ----- -- 7 -- 8 -- 9 -- 10 11 12 13 FA753127005 FA753122603 FA753129205 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits ---- ---- ---- ---- ---- ---- ---- ---- -- 11 -- 12 -- 13 14 FA743127003 Banks in U.S.-affiliated areas -- -- -- -- -- -- -- -- -- 14 15 FA473127003 Credit unions -- -- -- -- -- -- -- -- -- 15 16 FA793120005 -- -- -- -- -- -- -- -- -- 16 17 FA153020005 Household sector -- -- -- -- -- -- -- -- -- 17 18 19 20 FA143020005 FA103020005 FA113020005 Nonfinancial business Corporate Noncorporate ---- ---- ---- ---- ---- ---- ---- ---- -- 18 -- 19 -- 20 21 22 FA313020005 FA213020005 Federal government State and local governments --- --- --- --- --- --- --- --- -- 21 -- 22 23 FA793020005 Domestic financial sectors -- -- -- -- -- -- -- -- -- 23 24 25 FA513020005 FA543020005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 24 -- 25 26 27 28 FA573020005 FA343020033 FA223020043 Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 26 -- 27 -- 28 29 30 FA633020000 FA403020005 Money market funds Government-sponsored enterprises --- --- --- --- --- --- --- --- -- 29 -- 30 31 32 33 FA613020003 FA643020005 FA663020003 Finance companies REITs Brokers and dealers ---- ---- ---- ---- ---- ---- ---- ---- -- 31 -- 32 -- 33 34 35 36 FA263020005 FA263027003 FA263025003 Rest of the world Checkable deposits Currency ---- ---- ---- ---- ---- ---- ---- ---- -- 34 -- 35 -- 36 37 FA903020005 Mail float -- -- -- -- -- -- -- -- -- 37 Net change in assets 53 Z.1, March 7, 2019 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 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 11 12 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 -- -- -- -- -- -- -- -- -- 6 -- -- -- -- -- -- -- -- -- 7 Nonfinancial business Corporate Noncorporate ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 FA313030003 FA213030005 Federal government State and local governments --- --- --- --- --- --- --- --- -- 11 -- 12 13 FA793030005 Domestic financial sectors -- -- -- -- -- -- -- -- -- 13 14 15 16 FA573030005 FA223030043 FA633030000 Private pension funds State and local govt. retirement funds Money market funds ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 17 18 19 FA403030005 FA613030003 FA733030003 Government-sponsored enterprises Finance companies Holding companies ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 FA263030005 -- -- -- -- -- -- -- -- -- 20 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 F.206 Money Market Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA634090005 Net issues -- -- -- -- -- -- -- -- -- 1 2 FA634090005 Net purchases -- -- -- -- -- -- -- -- -- 2 3 4 5 FA153034005 FA103034000 FA113034003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 FA213034003 State and local governments -- -- -- -- -- -- -- -- -- 6 7 8 FA513034005 FA543034005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- --- 7 8 9 10 FA573034005 FA223034005 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 9 -- 10 11 FA503034005 Funding corporations -- -- -- -- -- -- -- -- -- 11 12 FA263034003 Rest of the world -- -- -- -- -- -- -- -- -- 12 Transactions 2016 54 Z.1, March 7, 2019 F.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 Net change in liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FA892150005 -- -- -- -- -- -- -- -- -- 1 2 FA712151003 Monetary authority -- -- -- -- -- -- -- -- -- 2 3 4 5 FA762150005 FA762152005 FA762151005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 7 8 FA752150005 FA752152005 FA752151005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 9 FA472150053 Credit unions -- -- -- -- -- -- -- -- -- 9 10 11 FA512151003 FA542151073 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 10 -- 11 12 13 14 15 FA402150005 FA642151073 FA662151003 FA732151003 Government-sponsored enterprises REITs Brokers and dealers Holding companies ----- ----- ----- ----- ----- ----- ----- ----- ----- 16 FA262151003 Rest of the world -- -- -- -- -- -- -- -- -- 16 17 FA892050005 -- -- -- -- -- -- -- -- -- 17 18 19 FA102051003 FA212051003 Nonfinancial corporate business State and local governments --- --- --- --- --- --- --- --- -- 18 -- 19 20 FA712051000 Monetary authority -- -- -- -- -- -- -- -- -- 20 21 22 23 FA762050005 FA762052005 FA762051005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- -- 21 -- 22 -- 23 24 25 26 FA752050005 FA752052005 FA752051005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- -- 24 -- 25 -- 26 27 28 29 FA472050053 FA472052053 FA472051053 Credit unions Federal funds Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- -- 27 -- 28 -- 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 34 35 FA632051000 FA652051003 Money market funds Mutual funds --- --- --- --- --- --- --- --- -- 34 -- 35 36 37 FA402050005 FA402052033 Government-sponsored enterprises Of which: FHLB federal funds (3) --- --- --- --- --- --- --- --- -- 36 -- 37 38 39 40 FA662051003 FA732051003 FA502051003 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 38 -- 39 -- 40 41 FA262051003 Rest of the world -- -- -- -- -- -- -- -- -- 41 42 FA902050005 -- -- -- -- -- -- -- -- -- 42 ---- ---- ---- ---- ---- ---- ---- ---- -- 43 -- 44 -- 45 Net change in assets Discrepancy 12 13 14 15 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, March 7, 2019 F.208 Debt Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 FA894122005 Net issues -- -- -- -- -- -- -- -- -- 1 2 3 4 5 6 FA893169175 FA313161105 FA893161705 FA383162005 FA893163005 ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 7 FA894122005 -- -- -- -- -- -- -- -- -- 7 8 FA384122005 -- -- -- -- -- -- -- -- -- 8 9 10 FA163162003 FA104122005 Nonprofit organizations (2) Nonfinancial corporate business --- --- --- --- --- --- --- --- -- 9 -- 10 11 12 FA314122005 FA213162005 Federal government State and local governments --- --- --- --- --- --- --- --- -- 11 -- 12 13 FA794122005 -- -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 14 15 16 17 18 19 20 21 22 23 FA644122005 FA663163003 FA734122005 FA504122005 REITs Brokers and dealers Holding companies Funding corporations ----- ----- ----- ----- ----- ----- ----- ----- ----- 20 21 22 23 24 FA264122005 -- -- -- -- -- -- -- -- -- 24 25 FA894122005 -- -- -- -- -- -- -- -- -- 25 26 FA384022005 27 28 29 FA154022005 FA104022005 FA114022005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -- -- -- -- -- -- -- -- -- 26 ---- ---- ---- ---- ---- ---- ---- ---- -- 27 -- 28 -- 29 30 31 FA314022005 FA214022005 Federal government State and local governments --- --- --- --- --- --- --- --- -- 30 -- 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 -- -- -- -- -- -- -- -- -- 32 ------ ------ ------ ------ ------ ------ ------ ------ ------ 38 39 FA514022005 FA544022005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 38 -- 39 40 41 42 FA574022005 FA344022005 FA224022045 Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 40 -- 41 -- 42 43 44 45 46 FA634022005 FA654022005 FA554022005 FA564022005 Money market funds Mutual funds Closed-end funds Exchange-traded funds ----- ----- ----- ----- ----- ----- ----- ----- ----- 43 44 45 46 47 48 49 50 FA404022005 FA674022005 FA613063003 FA644022005 Government-sponsored enterprises ABS issuers Finance companies REITs ----- ----- ----- ----- ----- ----- ----- ----- ----- 47 48 49 50 51 52 53 FA664022005 FA734022605 FA504022005 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 51 -- 52 -- 53 54 FA264022005 -- -- -- -- -- -- -- -- -- 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, March 7, 2019 F.209 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 1 FA893169175 2 FA893169105 3 FA103169100 4 5 6 Net issues 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 -- -- -- -- -- -- -- -- -- 2 Nonfinancial corporate business -- -- -- -- -- -- -- -- -- 3 FA263169105 FA263169110 FA263169123 Foreign issues in U.S. Nonfinancial Financial ---- ---- ---- ---- ---- ---- ---- ---- ---- 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 Funding corporations --------- --------- --------- --------- --------- --------- --------- --------- --------- 7 8 9 10 11 12 13 14 15 16 17 FA703169605 FA763169603 FA753169603 ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 FA893169175 -- -- -- -- -- -- -- -- -- 18 19 FA103069100 Nonfinancial corporate business -- -- -- -- -- -- -- -- -- 19 20 FA213069103 State and local governments -- -- -- -- -- -- -- -- -- 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 25 26 FA513069105 FA543069105 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 25 -- 26 27 28 FA573069105 FA223069143 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 27 -- 28 29 30 FA633069175 FA653069100 Money market funds Mutual funds --- --- --- --- --- --- --- --- -- 29 -- 30 31 32 33 FA403069105 FA663069103 FA503069105 Government-sponsored enterprises Brokers and dealers Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 31 -- 32 -- 33 34 FA263069103 Rest of the world -- -- -- -- -- -- -- -- -- 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. 21 22 23 24 57 Z.1, March 7, 2019 F.210 Treasury Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 Net issues 2018 Q4 Q1 Q2 Q3 Q4 1 FA313161105 -- -- -- -- -- -- -- -- -- 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) ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 6 7 8 9 10 11 FA313161305 FA313161400 FA213061120 FA343061123 FA343061145 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 Other nonmarketable securities ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 FA893061105 -- -- -- -- -- -- -- -- -- 12 13 14 15 FA153061105 FA313161400 FA153061185 Household sector U.S. savings securities (line 7) Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 17 FA103061103 FA113061003 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- -- 16 -- 17 18 19 20 FA213061105 FA213061120 FA213061103 State and local governments SLGS (line 8) Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 18 -- 19 -- 20 21 22 23 FA713061103 FA713061113 FA713061125 Monetary authority Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 21 -- 22 -- 23 24 25 26 27 FA763061100 FA753061103 FA743061103 FA473061105 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions ----- ----- ----- ----- ----- ----- ----- ----- ----- 28 29 30 FA513061105 FA513061115 FA513061125 Property-casualty insurance companies Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 28 -- 29 -- 30 31 32 33 FA543061105 FA543061115 FA543061125 Life insurance companies Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 31 -- 32 -- 33 34 35 36 FA573061105 FA573061143 FA573061133 Private pension funds Defined benefit plans Defined contribution plans ---- ---- ---- ---- ---- ---- ---- ---- -- 34 -- 35 -- 36 37 38 39 FA343061105 FA343061165 FA343061155 Federal government retirement funds (3) Defined benefit plans Defined contribution plans ---- ---- ---- ---- ---- ---- ---- ---- -- 37 -- 38 -- 39 40 FA223061143 State and local govt. retirement funds -- -- -- -- -- -- -- -- -- 40 41 42 43 FA633061105 FA633061110 FA633061120 Money market funds Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 41 -- 42 -- 43 44 45 46 FA653061105 FA653061113 FA653061125 Mutual funds Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 44 -- 45 -- 46 47 48 49 50 51 52 FA553061103 FA563061103 FA403061105 FA673061103 FA663061105 FA733061103 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers Holding companies ------- ------- ------- ------- ------- ------- ------- ------- ------- 53 54 55 FA263061105 FA263061110 FA263061120 Rest of the world Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 53 -- 54 -- 55 Net purchases 24 25 26 27 47 48 49 50 51 52 (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. Transactions 2016 58 Z.1, March 7, 2019 F.211 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 1 FA893161705 2 3 4 FA313161705 FA403161705 FA413065005 5 FA893061705 6 7 FA153061705 FA103061703 8 9 Net issues 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 -- -- -- -- -- -- -- -- -- 5 Household sector Nonfinancial corporate business --- --- --- --- --- --- --- --- --- 6 7 FA313061703 FA213061703 Federal government State and local governments --- --- --- --- --- --- --- --- --- 8 9 10 FA713061705 Monetary authority -- -- -- -- -- -- -- -- -- 10 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 15 16 FA513061705 FA543061705 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 15 -- 16 17 18 19 FA573061705 FA343061705 FA223061743 Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 21 22 FA633061700 FA653061703 FA403061705 Money market funds Mutual funds Government-sponsored enterprises ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 23 24 FA673061703 FA643061773 ABS issuers REITs --- --- --- --- --- --- --- --- -- 23 -- 24 25 26 FA663061703 FA733061703 Brokers and dealers Holding companies --- --- --- --- --- --- --- --- -- 25 -- 26 27 FA263061705 Rest of the world -- -- -- -- -- -- -- -- -- 27 Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 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 GNMA, 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, March 7, 2019 F.212 Municipal Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 Net issues 2018 Q4 Q1 Q2 Q3 Q4 1 FA383162005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FA213162005 FA213162400 FA213162200 State and local governments Short-term (1) Long-term ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 FA163162003 FA103162000 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) --- --- --- --- --- --- --- --- --- 5 6 7 FA383162005 -- -- -- -- -- -- -- -- -- 7 8 9 10 FA153062005 FA103062003 FA113062003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 11 FA213062003 State and local governments -- -- -- -- -- -- -- -- -- 11 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 16 17 FA513062005 FA543062005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 16 -- 17 18 19 FA343062033 FA223062043 Federal government retirement funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 18 -- 19 20 21 22 23 FA633062000 FA653062003 FA553062003 FA563062003 Money market funds Mutual funds Closed-end funds Exchange-traded funds ----- ----- ----- ----- ----- ----- ----- ----- ----- 24 25 FA403062005 FA663062003 Government-sponsored enterprises Brokers and dealers --- --- --- --- --- --- --- --- -- 24 -- 25 26 FA263062003 Rest of the world -- -- -- -- -- -- -- -- -- 26 Net purchases (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (table F.101). 12 13 14 15 20 21 22 23 Transactions 2016 60 Z.1, March 7, 2019 F.213 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 Net issues 2018 Q4 Q1 Q2 Q3 Q4 1 FA893163005 -- -- -- -- -- -- -- -- -- 1 2 FA103163003 Nonfinancial corporate business -- -- -- -- -- -- -- -- -- 2 3 FA793163005 Domestic financial sectors -- -- -- -- -- -- -- -- -- 3 4 5 6 7 FA763163005 FA673163005 FA613163005 FA643163005 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs ----- ----- ----- ----- ----- ----- ----- ----- ----- 4 5 6 7 8 9 10 FA663163003 FA733163003 FA503163005 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 11 FA263163005 -- -- -- -- -- -- -- -- -- 11 12 FA893063005 Net purchases (3) -- -- -- -- -- -- -- -- -- 12 13 FA153063005 Household sector -- -- -- -- -- -- -- -- -- 13 14 15 FA313063763 FA213063003 Federal government State and local governments --- --- --- --- --- --- --- --- -- 14 -- 15 16 17 18 FA763063005 FA763063605 FA763063095 U.S.-chartered depository institutions MBS and other ABS Other ---- ---- ---- ---- ---- ---- ---- ---- -- 16 -- 17 -- 18 19 20 FA753063005 FA743063005 Foreign banking offices in U.S. Banks in U.S.-affiliated areas --- --- --- --- --- --- --- --- -- 19 -- 20 21 22 23 FA473063005 FA473063605 FA473063095 Credit unions MBS and other ABS Other ---- ---- ---- ---- ---- ---- ---- ---- -- 21 -- 22 -- 23 24 25 26 FA513063005 FA513063605 FA513063095 Property-casualty insurance companies MBS and other ABS Other ---- ---- ---- ---- ---- ---- ---- ---- -- 24 -- 25 -- 26 27 28 29 FA543063005 FA543063675 FA543063095 Life insurance companies MBS and other ABS Other ---- ---- ---- ---- ---- ---- ---- ---- -- 27 -- 28 -- 29 30 31 32 FA573063005 FA343063005 FA223063045 Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 30 -- 31 -- 32 33 34 35 36 FA633063005 FA653063005 FA553063003 FA563063003 Money market funds Mutual funds Closed-end funds Exchange-traded funds ----- ----- ----- ----- ----- ----- ----- ----- ----- 37 38 39 FA403063005 FA403063605 FA403063095 Government-sponsored enterprises MBS and other ABS Other ---- ---- ---- ---- ---- ---- ---- ---- -- 37 -- 38 -- 39 40 41 FA613063003 FA643063005 Finance companies REITs --- --- --- --- --- --- --- --- -- 40 -- 41 42 43 44 FA663063005 FA733063003 FA503063005 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 42 -- 43 -- 44 45 46 47 FA263063005 FA263063603 FA263063095 Rest of the world (4) MBS and other ABS Other ---- ---- ---- ---- ---- ---- ---- ---- -- 45 -- 46 -- 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. 33 34 35 36 61 Z.1, March 7, 2019 F.214 Loans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 FA894123005 2 3 FA793068005 FA893169005 4 5 6 7 8 9 Net change in total loans -- -- -- -- -- -- -- -- -- 1 Depository institution loans n.e.c. Other loans and advances --- --- --- --- --- --- --- --- --- 2 3 FA893065005 FA893065105 FA893065405 FA893065505 FA893065603 Mortgages Home Multifamily residential Commercial Farm ------ ------ ------ ------ ------ ------ ------ ------ ------ 4 5 6 7 8 FA153166000 Consumer credit -- -- -- -- -- -- -- -- -- 9 By sector 10 FA894123005 11 FA384123005 12 13 14 FA154123005 FA104123005 FA114123005 15 16 FA314123005 FA213169203 17 FA794123005 18 19 20 21 FA763169305 FA473169333 FA513169333 FA543169373 22 23 24 25 26 FA403169283 FA614123005 FA644123005 FA664123005 FA504123005 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 41 42 43 44 45 Net change in liabilities -- -- -- -- -- -- -- -- -- 10 -- -- -- -- -- -- -- -- -- 11 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 Federal government State and local governments --- --- --- --- --- --- --- --- -- 15 -- 16 -- -- -- -- -- -- -- -- -- 17 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies ----- ----- ----- ----- ----- ----- ----- ----- ----- 18 19 20 21 Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations ------ ------ ------ ------ ------ ------ ------ ------ ------ 22 23 24 25 26 -- -- -- -- -- -- -- -- -- 27 -- -- -- -- -- -- -- -- -- 28 -- -- -- -- -- -- -- -- -- 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 30 -- 31 -- 32 Federal government State and local governments --- --- --- --- --- --- --- --- -- 33 -- 34 -- -- -- -- -- -- -- -- -- 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions ------ ------ ------ ------ ------ ------ ------ ------ ------ 36 37 38 39 40 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 41 42 43 44 45 46 47 48 49 50 FA653069803 FA404023005 FA413065005 FA674023005 FA614023005 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies ------ ------ ------ ------ ------ ------ ------ ------ ------ 46 47 48 49 50 51 52 53 54 FA643065005 FA663069005 FA733069005 FA503069805 REITs Brokers and dealers Holding companies Funding corporations ----- ----- ----- ----- ----- ----- ----- ----- ----- 51 52 53 54 55 FA263069500 -- -- -- -- -- -- -- -- -- 55 Domestic nonfinancial sectors Domestic financial sectors Rest of the world 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. Transactions By instrument 1 62 Z.1, March 7, 2019 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 Net change in liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FA793068005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FA153168005 FA103168005 FA113168005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 FA793168005 Domestic financial sectors -- -- -- -- -- -- -- -- -- 5 6 7 8 FA613168003 FA643168005 FA663168005 Finance companies REITs Brokers and dealers ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 9 FA713068505 Funding corporations -- -- -- -- -- -- -- -- -- 9 10 11 12 13 FA263168005 FA263168465 FA263168485 FA263168495 ----- ----- ----- ----- ----- ----- ----- ----- ----- 10 11 12 13 14 FA793068005 -- -- -- -- -- -- -- -- -- 14 15 FA713068005 Monetary authority (2) -- -- -- -- -- -- -- -- -- 15 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 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 the household, broker and dealer, and funding corporation sectors. 16 17 18 19 63 Z.1, March 7, 2019 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA893169005 Net change in total other loans and advances -- -- -- -- -- -- -- -- -- 2 3 4 5 6 7 8 9 10 FA313069205 FA153169203 FA103169205 FA113169205 FA213169203 FA403169283 FA313069223 FA503169205 FA263169205 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Funding corporations Rest of the world ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -- 2 -- 3 -- 4 -- 5 -- 6 -- 7 -- 8 -- 9 -- 10 11 12 FA313169003 FA313169003 Federal government retirement funds’ loans Liab.: Federal government --- --- --- --- --- --- --- --- -- 11 -- 12 13 14 FA263069500 FA263069500 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business --- --- --- --- --- --- --- --- -- 13 -- 14 15 16 17 18 FA763069703 FA753069703 FA103169705 FA263169705 ----- ----- ----- ----- ----- ----- ----- ----- ----- 19 20 21 FA733069005 FA733069013 FA733069023 Holding company loans Liab.: Nonfinancial corporate business Rest of the world ---- ---- ---- ---- ---- ---- ---- ---- -- 19 -- 20 -- 21 22 23 24 FA153169405 FA313069403 FA543069405 Policy loans (Household liability) Asset: Federal government Life insurance companies ---- ---- ---- ---- ---- ---- ---- ---- -- 22 -- 23 -- 24 25 26 27 28 29 30 31 FA403069330 FA763169335 FA473169333 FA513169333 FA543169373 FA613169333 FA643169373 Federal Home Loan Banks advances (1) Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Real estate investment trusts -------- -------- -------- -------- -------- -------- -------- -------- -------- 25 26 27 28 29 30 31 32 33 34 35 36 FA403069395 FA153169305 FA183169305 FA113169305 FA763169383 Govt.-sponsored enterprises loans (2) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) ------ ------ ------ ------ ------ ------ ------ ------ ------ 32 33 34 35 36 37 38 FA673069505 FA673069505 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business --- --- --- --- --- --- --- --- -- 37 -- 38 39 40 41 FA613069500 FA103169535 FA113169535 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 39 -- 40 -- 41 42 43 FA663067003 FA663067003 Margin accounts at brokers and dealers Liab.: Household sector --- --- --- --- --- --- --- --- -- 42 -- 43 44 45 FA153067005 FA153067005 Cash accounts at brokers and dealers Asset: Household sector --- --- --- --- --- --- --- --- -- 44 -- 45 46 47 48 49 50 51 52 FA103169803 FA153069803 FA543069873 FA653069803 FA673069803 FA663069803 FA503069805 Loans to nonfinancial corporate business (3) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations -------- -------- -------- -------- -------- -------- -------- -------- -------- Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world (1) The Federal Home Loan Banks are included in the government-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies. (2) 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 25. (3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. 1 15 16 17 18 46 47 48 49 50 51 52 Transactions 2016 64 Z.1, March 7, 2019 F.217 Total Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA893065005 Net change in mortgages -- -- -- -- -- -- -- -- -- 1 2 3 4 5 FA893065105 FA893065405 FA893065505 FA893065603 Home Multifamily residential Commercial Farm ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 6 FA893065005 -- -- -- -- -- -- -- -- -- 6 7 FA153165005 Household sector -- -- -- -- -- -- -- -- -- 7 8 9 10 FA143165005 FA103165005 FA113165005 Nonfinancial business Corporate Noncorporate ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 11 12 FA313165403 FA643165005 Federal government REITs --- --- --- --- --- --- --- --- -- 11 -- 12 13 FA893065005 Net change in assets -- -- -- -- -- -- -- -- -- 13 14 15 16 FA153065005 FA103065003 FA113065005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 17 18 FA313065005 FA213065005 Federal government State and local governments --- --- --- --- --- --- --- --- -- 17 -- 18 19 20 21 22 FA763065005 FA753065005 FA743065003 FA473065100 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions ----- ----- ----- ----- ----- ----- ----- ----- ----- 23 24 FA513065505 FA543065005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 23 -- 24 25 26 FA573065005 FA223065043 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 25 -- 26 27 28 FA403065005 FA413065005 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools --- --- --- --- --- --- --- --- -- 27 -- 28 29 30 31 FA673065005 FA613065000 FA643065005 ABS issuers Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 29 -- 30 -- 31 Net borrowing (1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages. 19 20 21 22 65 Z.1, March 7, 2019 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 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 11 12 13 14 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 -- -- -- -- -- -- -- -- -- 5 ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 Federal government State and local governments --- --- --- --- --- --- --- --- -- 9 -- 10 FA763065105 FA753065103 FA743065103 FA473065100 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions ----- ----- ----- ----- ----- ----- ----- ----- ----- 15 16 17 FA543065105 FA573065103 FA223065143 Life insurance companies Private pension funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 19 FA403065105 FA413065105 Government-sponsored enterprises Agency- and GSE-backed mortgage pools --- --- --- --- --- --- --- --- -- 18 -- 19 20 21 22 FA673065105 FA613065105 FA643065105 ABS issuers Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 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 11 12 13 14 -- -- -- -- -- -- -- -- -- 23 ------- ------- ------- ------- ------- ------- ------- ------- ------- 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 2 3 4 5 FA103165405 FA113165405 FA313165403 FA643165483 6 FA893065405 7 8 9 FA153065403 FA103065403 FA113065403 10 11 Net borrowing -- -- -- -- -- -- -- -- -- 1 ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 -- -- -- -- -- -- -- -- -- 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- ---- 7 8 9 FA313065405 FA213065403 Federal government State and local governments --- --- --- --- --- --- --- --- -- 10 -- 11 12 13 FA763065403 FA753065403 U.S.-chartered depository institutions Foreign banking offices in U.S. --- --- --- --- --- --- --- --- -- 12 -- 13 14 15 16 FA543065405 FA573065403 FA223065443 Life insurance companies Private pension funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 17 18 FA403065405 FA413065405 Government-sponsored enterprises Agency- and GSE-backed mortgage pools --- --- --- --- --- --- --- --- -- 17 -- 18 19 20 21 FA673065405 FA613065403 FA643065405 ABS issuers Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 19 -- 20 -- 21 Nonfinancial corporate business Nonfinancial noncorporate business Federal government REITs Net change in assets Transactions 2016 66 Z.1, March 7, 2019 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 1 FA893065505 2 3 4 5 FA163165505 FA103165505 FA113165505 FA643165583 Net borrowing 6 FA893065505 7 8 9 FA153065505 FA103065503 FA113065503 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 10 11 FA313065505 FA213065503 12 13 14 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 -- -- -- -- -- -- -- -- -- 6 ---- ---- ---- ---- ---- ---- ---- ---- ---- 7 8 9 Federal government State and local governments --- --- --- --- --- --- --- --- -- 10 -- 11 FA763065503 FA753065503 FA743065505 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 FA513065505 FA543065505 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 15 -- 16 17 18 FA573065505 FA223065545 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 17 -- 18 19 20 FA413065505 FA673065505 Agency- and GSE-backed mortgage pools ABS issuers --- --- --- --- --- --- --- --- -- 19 -- 20 21 22 FA613065503 FA643065505 Finance companies REITs --- --- --- --- --- --- --- --- -- 21 -- 22 -- -- -- -- -- -- -- -- -- 1 --- --- --- --- --- --- --- --- --- 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 -- -- -- -- -- -- -- -- -- 4 5 6 FA153065605 FA113065603 Household sector Nonfinancial noncorporate business --- --- --- --- --- --- --- --- --- 5 6 7 8 FA313065605 FA213065603 Federal government State and local governments --- --- --- --- --- --- --- --- --- 7 8 9 10 FA763065633 FA753065603 U.S.-chartered depository institutions Foreign banking offices in U.S. --- --- --- --- --- --- --- --- -- 9 -- 10 11 12 FA543065633 FA223065643 Life insurance companies State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 11 -- 12 13 14 FA403065605 FA413065605 Government-sponsored enterprises Agency- and GSE-backed mortgage pools --- --- --- --- --- --- --- --- -- 13 -- 14 Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets (1) Excludes mortgages on farm houses. 67 Z.1, March 7, 2019 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA153166000 Net change in liabilities (Households) -- -- -- -- -- -- -- -- -- 1 2 FA153166000 Net change in assets -- -- -- -- -- -- -- -- -- 2 3 4 5 FA163066223 FA103066005 FA113066003 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 7 8 FA313066220 FA763066000 FA473066000 Federal government (2) U.S.-chartered depository institutions Credit unions ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 9 10 11 FA403066005 FA673066000 FA613066005 Government-sponsored enterprises ABS issuers Finance companies ---- ---- ---- ---- ---- ---- ---- ---- -- 9 -- 10 -- 11 12 13 14 15 FA153166100 FA153166400 FA153166220 FA153166205 ----- ----- ----- ----- ----- ----- ----- ----- ----- 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. 12 13 14 15 Transactions 2016 68 Z.1, March 7, 2019 F.223 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 Net issues 2018 Q4 Q1 Q2 Q3 Q4 1 FA893064105 -- -- -- -- -- -- -- -- -- 1 2 FA103164103 Nonfinancial corporate business -- -- -- -- -- -- -- -- -- 2 3 FA793164105 Domestic financial sectors -- -- -- -- -- -- -- -- -- 3 4 5 6 7 8 FA763164103 FA513164103 FA543164173 FA554090005 FA564090005 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds ------ ------ ------ ------ ------ ------ ------ ------ ------ 4 5 6 7 8 9 10 11 12 13 FA643164103 FA403164105 FA663164103 FA733164103 FA503164105 REITs Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations (2) ------ ------ ------ ------ ------ ------ ------ ------ ------ 9 10 11 12 13 14 FA263164100 -- -- -- -- -- -- -- -- -- 14 15 FA893064105 -- -- -- -- -- -- -- -- -- 15 16 17 FA153064105 FA103064103 Household sector Nonfinancial corporate business --- --- --- --- --- --- --- --- -- 16 -- 17 18 19 FA313064105 FA213064103 Federal government State and local governments --- --- --- --- --- --- --- --- -- 18 -- 19 20 21 22 FA713064103 FA763064105 FA753064103 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 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 ---- ---- ---- ---- ---- ---- ---- ---- -- 28 -- 29 -- 30 31 32 FA663064103 FA503064105 Brokers and dealers Funding corporations --- --- --- --- --- --- --- --- -- 31 -- 32 33 FA263064105 Rest of the world (4) -- -- -- -- -- -- -- -- -- 33 Rest of the world (3) 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) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. (3) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (4) 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 -- -- -- -- -- -- -- -- -- 1 2 FA653164205 Net purchases -- -- -- -- -- -- -- -- -- 2 3 4 FA153064205 FA103064203 Household sector Nonfinancial corporate business --- --- --- --- --- --- --- --- --- 3 4 5 FA213064203 State and local governments -- -- -- -- -- -- -- -- -- 5 6 7 FA763064203 FA473064205 U.S.-chartered depository institutions Credit unions --- --- --- --- --- --- --- --- --- 6 7 8 9 FA513064205 FA543064205 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- --- 8 9 10 11 FA573064205 FA223064205 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 10 -- 11 12 FA263064203 Rest of the world -- -- -- -- -- -- -- -- -- 12 (1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds. 69 Z.1, March 7, 2019 F.225 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FA893170005 Net change in trade payables -- -- -- -- -- -- -- -- -- 1 2 FA163170005 Nonprofit organizations (1) -- -- -- -- -- -- -- -- -- 2 3 4 FA103170005 FA113170005 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- --- 3 4 5 6 FA313170005 FA213170003 Federal government State and local governments --- --- --- --- --- --- --- --- --- 5 6 7 8 9 FA513170005 FA543170005 FA663170003 Property-casualty insurance companies Life insurance companies Brokers and dealers ---- ---- ---- ---- ---- ---- ---- ---- ---- 7 8 9 10 FA263170005 11 FA893070005 12 FA163070005 13 14 Rest of the world -- -- -- -- -- -- -- -- -- 10 -- -- -- -- -- -- -- -- -- 11 Nonprofit organizations (1) -- -- -- -- -- -- -- -- -- 12 FA103070005 FA113070003 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- -- 13 -- 14 15 16 FA313070000 FA213070003 Federal government State and local governments --- --- --- --- --- --- --- --- -- 15 -- 16 17 18 19 FA513070005 FA543070005 FA673070003 Property-casualty insurance companies Life insurance companies ABS issuers ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 FA263070005 Rest of the world -- -- -- -- -- -- -- -- -- 20 21 FA903070005 -- -- -- -- -- -- -- -- -- 21 -- -- -- -- -- -- -- -- -- 1 ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 -- -- -- -- -- -- -- -- -- 5 ------ ------ ------ ------ ------ ------ ------ ------ -- 6 -- 7 -- 8 -- 9 -- 10 Net change in trade receivables Discrepancy (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 2016 70 Z.1, March 7, 2019 F.227 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 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 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 -- -- -- -- -- -- -- -- -- 7 ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 -------- -------- -------- -------- -------- -------- -------- -------- -------- 11 12 13 14 15 16 17 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 (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) Excludes all individual retirement accounts (IRAs), except those at life insurance companies. (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 2 3 FA103178005 FA113178003 Nonfinancial corporate business Nonfinancial noncorporate business 4 FA763178003 U.S.-chartered depository institutions -- -- -- -- -- -- -- -- -- 4 5 6 FA513178005 FA543178075 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- --- 5 6 7 8 FA613178005 FA663178005 Finance companies Brokers and dealers --- --- --- --- --- --- --- --- --- 7 8 -- -- -- -- -- -- -- -- -- 9 --- --- --- --- --- --- --- --- -- 10 -- 11 -- -- -- -- -- -- -- -- -- 12 9 FA893078005 10 11 FA313078000 FA213078005 12 FA903078005 Net change in taxes payable by all businesses Net change in business taxes receivable Federal government State and local governments Discrepancy -- -- -- -- -- -- -- -- -- 1 --- --- --- --- --- --- --- --- --- 2 3 F.229 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA152090205 2 3 FA112090205 FA662090205 Total household investment Nonfinancial noncorporate business Brokers and dealers -- -- -- -- -- -- -- -- -- 1 --- --- --- --- --- --- --- --- --- 2 3 71 Z.1, March 7, 2019 F.230 Direct Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 FA263192005 FA263192101 FA263192113 FA263192125 FA263192193 FA263192305 FA263192313 FA263092313 Liab.: Rest of the world (1) Equity Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment Intercompany debt (2) U.S. parents’ claims Less: U.S. parents’ liabilities --------- --------- --------- --------- --------- --------- --------- --------- --------- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FA103092005 FA263192193 FA763092000 FA513092003 FA543092073 FA613092003 FA663092003 Asset: Nonfinancial corporate business Of which: Current-cost adjustment U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers -------- -------- -------- -------- -------- -------- -------- -------- -------- 9 10 11 12 13 14 15 Foreign direct investment in U.S.: 16 17 18 19 20 21 22 23 24 25 FA103192005 FA263092193 FA115114005 FA753192003 FA513192003 FA543192073 FA613192003 FA663192005 FA733192003 FA503192003 Liab.: Nonfinancial corporate business Of which: Current-cost adjustment Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Funding corporations ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 FA263092001 FA263092101 FA263092113 FA263092125 FA263092193 FA263092303 FA263092323 FA263192323 Asset: Rest of the world (1) Equity Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment Intercompany debt U.S. affiliates’ liabilities Less: U.S. affiliates’ claims --------- --------- --------- --------- --------- --------- --------- --------- --------- 26 27 28 29 30 31 32 33 Memo: Direct investment, asset/liability presentation: 34 35 36 37 38 FA263192035 FA263192101 FA263192345 FA263192313 FA263192323 Net U.S. acquisition of direct investment assets Equity (line 2) Intercompany debt U.S. parents’ claims (line 7) U.S. affiliates’ claims (line 33) ------ ------ ------ ------ ------ ------ ------ ------ ------ 34 35 36 37 38 39 40 41 42 43 FA263092035 FA263092101 FA263092345 FA263092313 FA263092323 Net U.S. incurrence of direct investment liabilities Equity (line 27) Intercompany debt U.S. parents’ liabilities (line 8) U.S. affiliates’ liabilities (line 32) ------ ------ ------ ------ ------ ------ ------ ------ ------ 39 40 41 42 43 (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. Transactions U.S. direct investment abroad: 1 2 3 4 5 6 7 8 72 Z.1, March 7, 2019 F.231 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 Net change in liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FA893190005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FA543077073 FA103190005 FA113193003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 FA313190005 FA223073045 Federal government State and local governments --- --- --- --- --- --- --- --- --- 5 6 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 ------ ------ ------ ------ ------ ------ ------ ------ -- 7 -- 8 -- 9 -- 10 -- 11 12 13 FA513190005 FA543190005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 12 -- 13 14 15 16 FA403190005 FA613190005 FA643193005 Government-sponsored enterprises Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 17 18 19 FA663190005 FA733193005 FA503190005 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 FA263190005 Rest of the world -- -- -- -- -- -- -- -- -- 20 21 FA893090005 -- -- -- -- -- -- -- -- -- 21 22 23 24 FA153090005 FA103090005 FA113090005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 22 -- 23 -- 24 25 26 FA213093003 FA313090005 State and local governments Federal government --- --- --- --- --- --- --- --- -- 25 -- 26 27 28 29 30 31 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 32 33 FA513090005 FA543090005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 32 -- 33 34 35 36 FA573090005 FA343073045 FA223090005 Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 34 -- 35 -- 36 37 38 39 FA633093005 FA653093005 FA563093003 Money market funds Mutual funds Exchange-traded funds ---- ---- ---- ---- ---- ---- ---- ---- -- 37 -- 38 -- 39 40 41 42 43 FA403093005 FA673090543 FA613090005 FA643090005 Government-sponsored enterprises ABS issuers Finance companies REITs ----- ----- ----- ----- ----- ----- ----- ----- ----- 44 45 46 FA663090005 FA733090005 FA503094505 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 44 -- 45 -- 46 47 FA263076005 Rest of the world -- -- -- -- -- -- -- -- -- 47 48 FA903090005 -- -- -- -- -- -- -- -- -- 48 Net change in assets Discrepancy 27 28 29 30 31 40 41 42 43 73 Z.1, March 7, 2019 F.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 Federal government equity in IBRD, etc.: 1 2 FA313092803 FA313092803 Liab.: Rest of the world Asset: Federal government --- --- --- --- --- --- --- --- --- 1 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 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 net transactions with affiliates: 15 16 17 18 19 20 21 FA763194735 FA513194733 FA543194733 FA613194733 FA663194735 FA263194735 FA733094705 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world Asset: Holding companies NFC investment in finance company affiliates: 22 23 FA103094105 FA103094105 24 25 26 FA753194503 FA663194505 FA503094505 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in affiliates: Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 27 28 29 FA503194305 FA153094305 FA313094303 Liab.: Funding corporations Asset: Households (1) 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, March 7, 2019 F.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 Nonofficial foreign currencies: Transactions 1 2 3 FA263191103 FA313091105 FA713091103 Liab.: Rest of the world Asset: Federal government Monetary authority (1) ---- ---- ---- ---- ---- ---- ---- ---- ---- 1 2 3 --- --- --- --- --- --- --- --- --- 4 5 --- --- --- --- --- --- --- --- --- 6 7 --- --- --- --- --- --- --- --- --- 8 9 --- --- --- --- --- --- --- --- -- 10 -- 11 Postal Savings System deposits: 4 5 FA313131003 FA313131003 6 7 FA403197033 FA403197033 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Funding agreements backing securities: 8 9 FA673090543 FA673090543 10 11 FA543077073 FA543077073 Liab.: Life insurance companies (2) Asset: ABS issuers Deferred and unpaid life insurance premiums: Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 12 13 FA543195005 FA263195105 Liab.: Life insurance companies Rest of the world --- --- --- --- --- --- --- --- -- 12 -- 13 14 15 FA153095105 FA543095105 Asset: Household sector Life insurance companies --- --- --- --- --- --- --- --- -- 14 -- 15 Policy payables: 16 17 FA513176005 FA263176005 Liab.: Property-casualty insurance companies Rest of the world --- --- --- --- --- --- --- --- -- 16 -- 17 18 19 20 21 22 FA153076005 FA103076005 FA113076005 FA513076005 FA263076005 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Property-casualty insurance companies Rest of the world ------ ------ ------ ------ ------ ------ ------ ------ ------ ---- ---- ---- ---- ---- ---- ---- ---- -- 23 -- 24 -- 25 --- --- --- --- --- --- --- --- -- 26 -- 27 --- --- --- --- --- --- --- --- -- 28 -- 29 --- --- --- --- --- --- --- --- -- 30 -- 31 18 19 20 21 22 Unallocated insurance company contracts: 23 24 25 FA593095005 FA573095005 FA223095505 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds Pension fund contributions payable: 26 27 FA573074005 FA573074005 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 28 29 FA663097005 FA663097005 Liab.: Funding corporations Asset: Brokers and dealers Retiree health care funds: 30 31 FA313195105 FA313195105 Liab.: Federal government (3) Asset: Household sector Claims of pension fund on sponsor: 32 33 34 FA573073005 FA343073045 FA223073045 Liab.: Nonfinancial corporate business Federal government State and local governments ---- ---- ---- ---- ---- ---- ---- ---- -- 32 -- 33 -- 34 35 36 37 FA573073005 FA343073045 FA223073045 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 35 -- 36 -- 37 (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. 75 Z.1, March 7, 2019 F.234 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2017 2018 2017 Q3 Net change in liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FA893193005 -- -- -- -- -- -- -- -- -- 1 2 3 FA103193005 FA113193003 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- --- 2 3 4 FA313193005 Federal government -- -- -- -- -- -- -- -- -- 4 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 5 6 7 8 9 10 11 FA513193005 FA543193005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 10 -- 11 12 13 14 FA403193005 FA613193005 FA643193005 Government-sponsored enterprises Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 17 FA663193005 FA733193005 FA503193005 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 FA893093005 -- -- -- -- -- -- -- -- -- 18 19 20 FA103093005 FA113093005 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- -- 19 -- 20 21 22 FA313093003 FA213093003 Federal government State and local governments --- --- --- --- --- --- --- --- -- 21 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 28 29 FA513093005 FA543093005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 28 -- 29 30 31 FA573093005 FA223093005 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 30 -- 31 32 33 34 FA633093005 FA653093005 FA563093003 Money market funds Mutual funds Exchange-traded funds ---- ---- ---- ---- ---- ---- ---- ---- -- 32 -- 33 -- 34 35 36 37 FA403093005 FA613093005 FA643093005 Government-sponsored enterprises Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 35 -- 36 -- 37 38 39 FA663093005 FA733093005 Brokers and dealers Holding companies --- --- --- --- --- --- --- --- -- 38 -- 39 40 FA903090005 -- -- -- -- -- -- -- -- -- 40 Net change in assets Discrepancy 23 24 25 26 27 Transactions 2016 76 Z.1, March 7, 2019 F.7 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2016 2017 2018 2017 Transactions Q3 All sectors 2018 Q4 Q1 Q2 Q3 Q4 1 FA897005005 -- -- -- -- -- -- -- -- -- 1 2 3 FA157005005 FA107005005 Household sector Nonfinancial corporate business --- --- --- --- --- --- --- --- --- 2 3 4 5 FA317005005 FA217005005 Federal government State and local governments --- --- --- --- --- --- --- --- --- 4 5 6 FA797005005 Domestic financial sectors -- -- -- -- -- -- -- -- -- 6 7 FA717005005 Monetary authority -- -- -- -- -- -- -- -- -- 7 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 ----- ----- ----- ----- ----- ----- ----- ----- -- 8 -- 9 -- 10 -- 11 12 13 FA517005005 FA547005005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 12 -- 13 14 15 FA657005005 FA407005005 Mutual funds Government-sponsored enterprises --- --- --- --- --- --- --- --- -- 14 -- 15 16 17 18 FA677005005 FA617005005 FA647005005 Issuers of asset-backed securities Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 16 -- 17 -- 18 19 20 FA667005005 FA737005005 Brokers and dealers Holding companies --- --- --- --- --- --- --- --- -- 19 -- 20 21 FA267005005 -- -- -- -- -- -- -- -- -- 21 -- -- -- -- -- -- -- -- -- 1 Rest of the world 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 --- --- --- --- --- --- --- --- --- 2 3 4 5 FA904010005 FA902050005 Net interbank transactions Security repurchase agreements --- --- --- --- --- --- --- --- --- 4 5 6 7 8 9 FA903020005 FA903023005 FA903028003 FA903029200 Mail floats Federal government State and local governments Private domestic ----- ----- ----- ----- ----- ----- ----- ----- ----- 6 7 8 9 10 11 FA903070005 FA903078005 Trade credit Taxes payable --- --- --- --- --- --- --- --- -- 10 -- 11 12 FA903090005 Miscellaneous -- -- -- -- -- -- -- -- -- 12 13 FA906000105 Nonfinancial -- -- -- -- -- -- -- -- -- 13 14 15 FA087005005 FA156600075 --- --- --- --- --- --- --- --- -- 14 -- 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas 77 Z.1, March 7, 2019 L.100 Domestic Nonfinancial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL384090005 -- -- -- -- -- -- -- -- -- 1 2 3 FL313011005 FL383091005 U.S. official reserve assets Foreign deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 6 7 FL383020005 FL383030005 FL383034005 FL382051005 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements ----- ----- ----- ----- ----- ----- ----- ----- ----- 4 5 6 7 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 8 9 10 11 12 13 14 15 16 17 FL384023005 FL383069005 FL383065005 FL383066005 Loans Other loans and advances Mortgages Consumer credit ----- ----- ----- ----- ----- ----- ----- ----- ----- 14 15 16 17 18 19 LM383064105 LM383064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 18 -- 19 20 21 22 FL383070005 FL153040005 FL153050005 Trade receivables Life insurance reserves Pension entitlements ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 23 24 25 FL383078005 LM152090205 LM103092005 Taxes payable Equity in noncorporate business U.S. direct investment abroad ---- ---- ---- ---- ---- ---- ---- ---- -- 23 -- 24 -- 25 26 FL383090005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 26 27 FL384190005 -- -- -- -- -- -- -- -- -- 27 28 29 30 LM313111303 FL713014003 FL313112003 U.S. official reserve assets SDR certificates Treasury currency ---- ---- ---- ---- ---- ---- ---- ---- -- 28 -- 29 -- 30 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 31 32 33 34 35 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 37 38 39 40 41 42 FL383170005 Trade payables -- -- -- -- -- -- -- -- -- 42 43 44 45 FL313140003 FL143178005 LM143192005 Life insurance reserves Taxes payable Foreign direct investment in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 43 -- 44 -- 45 46 FL383190005 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 46 Total liabilities (1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107. Levels 2016 78 Z.1, March 7, 2019 L.101 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL154090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 5 LM153091003 FL153020005 FL153030005 FL153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 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 ------ ------ ------ ------ ------ ------ ------ ------ -- 6 -- 7 -- 8 -- 9 -- 10 11 12 13 14 FL154023005 FL153069005 FL153065005 FL163066223 Loans Other loans and advances (2) Mortgages Consumer credit (student loans) ----- ----- ----- ----- ----- ----- ----- ----- ----- 15 16 LM153064105 LM153064205 Corporate equities (3) Mutual fund shares --- --- --- --- --- --- --- --- -- 15 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 22 23 LM152090205 FL153090005 Equity in noncorporate business Miscellaneous assets --- --- --- --- --- --- --- --- -- 22 -- 23 24 FL154190005 -- -- -- -- -- -- -- -- -- 24 25 FL163162003 Debt securities (municipal securities) -- -- -- -- -- -- -- -- -- 25 26 27 28 29 30 31 FL154123005 FL153165105 FL153166000 FL153168005 FL153169005 FL163165505 Loans Home 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 --- --- --- --- --- --- --- --- -- 32 -- 33 Total liabilities 11 12 13 14 17 18 19 20 21 26 27 28 29 30 31 (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). 79 Z.1, March 7, 2019 L.102 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL144090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 5 6 FL103091003 FL143020005 FL143030005 FL143034005 FL102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 7 8 9 10 11 FL144022005 FL103069100 FL143061105 FL103061703 FL143062005 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities ------ ------ ------ ------ ------ ------ ------ ------ -- 7 -- 8 -- 9 -- 10 -- 11 12 13 14 FL144023005 FL143065005 FL143066005 Loans Mortgages Consumer credit ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 17 LM103064103 LM103064203 FL143070005 Corporate equities Mutual fund shares Trade receivables ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 19 LM103092005 FL143090005 U.S. direct investment abroad Miscellaneous assets --- --- --- --- --- --- --- --- -- 18 -- 19 20 FL144190005 -- -- -- -- -- -- -- -- -- 20 21 22 23 24 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities Corporate bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 21 22 23 24 25 26 27 28 FL144123005 FL143168005 FL143169005 FL143165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 25 26 27 28 29 30 FL143170005 FL143178005 Trade payables Taxes payable --- --- --- --- --- --- --- --- -- 29 -- 30 31 32 LM143192005 FL143190005 Foreign direct investment in U.S. Miscellaneous liabilities --- --- --- --- --- --- --- --- -- 31 -- 32 Total liabilities (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Levels 2016 80 Z.1, March 7, 2019 L.103 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL104090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 5 6 FL103091003 FL103020005 FL103030003 FL103034000 FL102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 7 8 9 10 11 FL104022005 FL103069100 FL103061103 FL103061703 FL103062003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities ------ ------ ------ ------ ------ ------ ------ ------ -- 7 -- 8 -- 9 -- 10 -- 11 12 13 14 FL104023005 FL103065003 FL103066005 Loans Mortgages Consumer credit ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 17 LM103064103 LM103064203 FL103070005 Corporate equities Mutual fund shares Trade receivables ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 LM103092005 U.S. direct investment abroad (1) -- -- -- -- -- -- -- -- -- 18 19 20 21 22 23 FL103090005 FL103076005 FL103092405 FL103094105 FL103093005 Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance company affiliates Other ------ ------ ------ ------ ------ ------ ------ ------ ------ 24 FL104190005 -- -- -- -- -- -- -- -- -- 24 25 26 27 28 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities (2) Corporate bonds (1) ----- ----- ----- ----- ----- ----- ----- ----- ----- 25 26 27 28 29 30 31 32 FL104123005 FL103168005 FL103169005 FL103165005 Loans Depository institution loans n.e.c. Other loans and advances (3) Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 29 30 31 32 33 34 FL103170005 FL103178005 Trade payables Taxes payable --- --- --- --- --- --- --- --- -- 33 -- 34 35 LM103192005 Foreign direct investment in U.S. -- -- -- -- -- -- -- -- -- 35 36 37 38 39 FL103190005 FL573074005 FL573073005 FL103193005 Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other ----- ----- ----- ----- ----- ----- ----- ----- ----- Total liabilities 19 20 21 22 23 36 37 38 39 Memo: 40 LM103164103 Market value of equities -- -- -- -- -- -- -- -- -- 40 41 42 43 FL104001005 FL104150005 FL104001006 Total liquid assets (4) Total short-term liabilities (5) Liquid assets/short-term liabilities (percent) ---- ---- ---- ---- ---- ---- ---- ---- -- 41 -- 42 -- 43 44 FL104140006 Short-term debt/total debt (percent) (6) -- -- -- -- -- -- -- -- -- 44 (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 26, 30, 31, 33, and 34. 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 26, 30, and 31. Total debt is the sum of lines 25 and 29. 81 Z.1, March 7, 2019 L.104 Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL114090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL113020005 FL113030003 FL113034003 Checkable deposits and currency Time and savings deposits Money market fund shares ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 7 FL114022005 FL113061003 FL113062003 Debt securities Treasury securities Municipal securities ---- ---- ---- ---- ---- ---- ---- ---- ---- 5 6 7 8 9 10 FL114023005 FL113065005 FL113066003 Loans Mortgages Consumer credit ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 11 12 13 14 15 FL113070003 FL113090005 FL113076005 FL113092405 FL113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other ------ ------ ------ ------ ------ ------ ------ ------ ------ 16 FL114190005 -- -- -- -- -- -- -- -- -- 16 17 18 19 20 FL114123005 FL113168005 FL113169005 FL113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 21 22 FL113170005 FL113178003 Trade payables Taxes payable --- --- --- --- --- --- --- --- -- 21 -- 22 23 24 LM115114005 FL113193003 Foreign direct investment in U.S. Miscellaneous liabilities --- --- --- --- --- --- --- --- -- 23 -- 24 Total liabilities (1) Equity in the Farm Credit System. 11 12 13 14 15 17 18 19 20 Levels 2016 82 Z.1, March 7, 2019 L.105 General Government (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL364090005 -- -- -- -- -- -- -- -- -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 7 -- 8 -- 9 -- 10 -- 11 -- 12 13 14 15 16 FL364023005 FL363065005 FL313066220 FL313069005 Loans Mortgages Consumer credit Other loans and advances ----- ----- ----- ----- ----- ----- ----- ----- ----- 17 18 LM363064105 LM213064203 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 17 -- 18 19 20 21 FL363070005 FL363078005 FL363090005 Trade receivables Taxes receivable Miscellaneous assets ---- ---- ---- ---- ---- ---- ---- ---- -- 19 -- 20 -- 21 22 FL364190005 -- -- -- -- -- -- -- -- -- 22 23 24 25 LM313111303 FL713014003 FL313112003 SDR allocations SDR certificates Treasury currency ---- ---- ---- ---- ---- ---- ---- ---- -- 23 -- 24 -- 25 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 ---- ---- ---- ---- ---- ---- ---- ---- -- 30 -- 31 -- 32 33 34 35 FL363170005 FL313140003 FL363190005 Trade payables Insurance reserves Miscellaneous liabilities ---- ---- ---- ---- ---- ---- ---- ---- -- 33 -- 34 -- 35 --- --- --- --- --- --- --- --- -- 36 -- 37 Total liabilities 13 14 15 16 26 27 28 29 Memo: 36 37 FL374090005 FL374190005 Total financial assets (consolidated) (2) Total liabilities (consolidated) (2) (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, March 7, 2019 L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL314090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL313011005 FL313020005 FL313030003 U.S. official reserve assets Checkable deposits and currency Time and savings deposits ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 7 FL314022005 FL313061703 FL313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- ---- ---- 5 6 7 8 9 10 11 FL314023005 FL313069005 FL313065005 FL313066220 Loans Other loans and advances Mortgages Consumer credit (1) ----- ----- ----- ----- ----- ----- ----- ----- -- 8 -- 9 -- 10 -- 11 12 LM313064105 Corporate equities (2) -- -- -- -- -- -- -- -- -- 12 13 14 15 FL313070000 FL313078000 FL313090005 Trade receivables Taxes receivable Miscellaneous assets ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 FL314190005 -- -- -- -- -- -- -- -- -- 16 17 18 19 LM313111303 FL713014003 FL313112003 SDR allocations SDR certificates Treasury currency ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 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 ---- ---- ---- ---- ---- ---- ---- ---- -- 25 -- 26 -- 27 28 29 FL313170005 FL313140003 Trade payables Insurance reserves --- --- --- --- --- --- --- --- -- 28 -- 29 30 31 32 FL313190005 FL343073045 FL313190015 Miscellaneous liabilities Claims of pension fund on sponsor Other ---- ---- ---- ---- ---- ---- ---- ---- -- 30 -- 31 -- 32 Total liabilities (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. 20 21 22 23 24 Levels 2016 84 Z.1, March 7, 2019 L.107 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL214090005 -- -- -- -- -- -- -- -- -- 1 2 3 FL213020005 FL213030005 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 FL213034003 FL212051003 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 4 5 6 7 8 9 10 11 FL214022005 FL213069103 FL213061105 FL213061703 FL213062003 FL213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 FL213065005 Loans (mortgages) -- -- -- -- -- -- -- -- -- 12 13 14 LM213064103 LM213064203 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 13 -- 14 15 16 17 FL213070003 FL213078005 FL213093003 Trade receivables Taxes receivable Miscellaneous assets ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 FL214190005 -- -- -- -- -- -- -- -- -- 18 19 20 21 FL213162005 FL213162400 FL213162200 Debt securities (municipal securities) Short-term (2) Long-term ---- ---- ---- ---- ---- ---- ---- ---- -- 19 -- 20 -- 21 22 FL213169203 Loans (U.S. government loans) -- -- -- -- -- -- -- -- -- 22 23 24 FL213170003 FL223073045 Trade payables Claims of pension fund on sponsor (3) --- --- --- --- --- --- --- --- -- 23 -- 24 Total liabilities (1) Data for state and local government employee retirement funds are shown on table L.120. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. 85 Z.1, March 7, 2019 L.108 Domestic Financial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL794090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 5 6 FL713011005 FL713014003 FL713012003 FL633091003 FL794010005 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 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 ----- ----- ----- ----- ----- ----- ----- ----- -- 7 -- 8 -- 9 -- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 11 12 13 14 15 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 17 18 19 20 21 22 23 LM793064105 LM793064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 22 -- 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 -- -- -- -- -- -- -- -- -- 28 29 FL794190005 -- -- -- -- -- -- -- -- -- 29 30 FL794110005 Net interbank liabilities -- -- -- -- -- -- -- -- -- 30 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 31 32 33 34 35 36 37 38 FL794122005 FL793169175 FL423161705 FL793163005 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 35 36 37 38 39 40 41 42 FL794123005 FL793168005 FL793169005 FL643165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 39 40 41 42 43 LM653164205 Mutual fund shares -- -- -- -- -- -- -- -- -- 43 44 45 46 FL793170005 FL543140005 FL583150005 Trade payables Life insurance reserves Pension entitlements ---- ---- ---- ---- ---- ---- ---- ---- -- 44 -- 45 -- 46 47 48 FL793178005 LM793192005 Taxes payable Foreign direct investment in U.S. --- --- --- --- --- --- --- --- -- 47 -- 48 49 FL793190005 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 49 --- --- --- --- --- --- --- --- -- 50 -- 51 Total liabilities 24 25 26 27 Memo: 50 51 LM793164105 LM662090205 Market value of corporate equities Equity in noncorporate business (1) Sum of financial sectors shown on tables L.109 through L.132. Levels 2016 86 Z.1, March 7, 2019 L.109 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL714090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL713011005 FL713014003 FL713012003 U.S. official reserve assets SDR certificates Treasury currency ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 FL713022003 Federal Reserve float (2) -- -- -- -- -- -- -- -- -- 5 6 7 8 FL713068705 FL713068703 FL763069143 Interbank loans (2) Discount window (3) AMLF (4) ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 9 FL712051000 Security repurchase agreements -- -- -- -- -- -- -- -- -- 9 10 11 12 13 14 15 16 17 FL714022005 FL713069603 FL713061103 FL713061113 FL713061125 FL713061705 FL713061903 FL713061703 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities --------- --------- --------- --------- --------- --------- --------- --------- --------- 10 11 12 13 14 15 16 17 18 FL713068005 Loans (depository institution loans n.e.c.) (5) -- -- -- -- -- -- -- -- -- 18 19 FL713064103 Corporate equities (6) -- -- -- -- -- -- -- -- -- 19 20 21 22 FL713090005 FL713091103 FL713093005 Miscellaneous assets Nonofficial foreign currencies (7) Other ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 23 FL714190005 -- -- -- -- -- -- -- -- -- 23 24 25 FL713113003 FL703025005 Depository institution reserves Vault cash of depository institutions --- --- --- --- --- --- --- --- -- 24 -- 25 26 FL713120005 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 26 27 28 29 30 FL713123005 FL713123023 FL713123030 FL713123043 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account ----- ----- ----- ----- ----- ----- ----- ----- ----- 31 32 FL713122605 FL713124005 Due to rest of the world Due to government-sponsored enterprises --- --- --- --- --- --- --- --- -- 31 -- 32 33 FL713125005 -- -- -- -- -- -- -- -- -- 33 34 35 36 FL712151003 FL712151103 FL712151115 Security repurchase agreements Reverse repurchase agreement operations (8) Other ---- ---- ---- ---- ---- ---- ---- ---- -- 34 -- 35 -- 36 37 38 39 FL713190005 FL713164003 FL713193005 Miscellaneous liabilities Federal Reserve Bank stock Other ---- ---- ---- ---- ---- ---- ---- ---- -- 37 -- 38 -- 39 Total liabilities Currency outside banks (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) Shown on table L.203 as part of line 24. (3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF). (5) Loans extended to the financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), recorded as part of the household sector; to broker and dealers through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF; and to the funding corporations Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC. (6) 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 Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (7) Reciprocal currency arrangements (swap lines) with foreign central banks. (8) 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). 27 28 29 30 87 Z.1, March 7, 2019 L.110 Private Depository Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL704090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL703025005 FL713113003 FL702050005 Vault cash Reserves at Federal Reserve Federal funds and security repos ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 5 -- 6 -- 7 -- 8 -- 9 -- 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 --- --- --- --- --- --- --- --- -- 16 -- 17 18 FL763040005 Life insurance reserves -- -- -- -- -- -- -- -- -- 18 19 20 LM763092000 FL703090005 U.S. direct investment abroad Miscellaneous assets --- --- --- --- --- --- --- --- -- 19 -- 20 21 FL704190005 -- -- -- -- -- -- -- -- -- 21 22 FL704110005 Net interbank liabilities -- -- -- -- -- -- -- -- -- 22 23 24 FL703127005 FL703130005 Checkable deposits Time and savings deposits --- --- --- --- --- --- --- --- -- 23 -- 24 25 FL702150005 Federal funds and security repos -- -- -- -- -- -- -- -- -- 25 26 27 28 FL704122005 FL703169175 FL763163005 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 26 -- 27 -- 28 29 FL703169005 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 29 30 31 FL763178003 LM753192003 Taxes payable (net) Foreign direct investment in U.S. --- --- --- --- --- --- --- --- -- 30 -- 31 32 33 34 35 FL703190005 FL763194735 FL753194503 FL703193005 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other ----- ----- ----- ----- ----- ----- ----- ----- ----- Total liabilities 11 12 13 14 15 32 33 34 35 Memo: 36 FL763066303 Consumer leases not included above (2) -- -- -- -- -- -- -- -- -- 36 37 FL703139105 Uninsured deposits (3) -- -- -- -- -- -- -- -- -- 37 (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 2016 88 Z.1, March 7, 2019 L.111 U.S.-Chartered Depository Institutions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL764090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL763025000 FL763013005 FL762050005 Vault cash Reserves at Federal Reserve Federal funds and security repos ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 LM764022005 FL763069175 LM763061100 LM763061705 LM763061803 LM763061303 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 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 FL764023005 FL763068005 FL763069703 FL763065005 FL763066000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit ------ ------ ------ ------ ------ ------ ------ ------ ------ 21 22 23 24 25 26 27 LM763064105 LM763064203 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 26 -- 27 28 29 FL763040005 LM763092000 Life insurance reserves U.S. direct investment abroad --- --- --- --- --- --- --- --- -- 28 -- 29 30 FL763090005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 30 31 FL764190005 -- -- -- -- -- -- -- -- -- 31 32 33 34 35 36 FL764110005 FL713022003 FL713068705 FL764112005 FL764116005 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks ------ ------ ------ ------ ------ ------ ------ ------ ------ 32 33 34 35 36 37 38 39 40 FL763127005 FL763123005 FL763129205 FL763122605 Checkable deposits Federal government Private domestic Rest of the world ----- ----- ----- ----- ----- ----- ----- ----- ----- 37 38 39 40 41 42 FL763130005 FL762150005 Time and savings deposits Federal funds and security repos --- --- --- --- --- --- --- --- -- 41 -- 42 43 44 45 FL764122005 FL763169175 FL763163005 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 43 -- 44 -- 45 46 FL763169305 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 46 47 FL763178003 Taxes payable (net) -- -- -- -- -- -- -- -- -- 47 48 49 50 FL763190005 FL763194735 FL763193005 Miscellaneous liabilities Investment by holding companies Other ---- ---- ---- ---- ---- ---- ---- ---- -- 48 -- 49 -- 50 Total liabilities Memo: 51 FL763066303 Consumer leases not included above (1) -- -- -- -- -- -- -- -- -- 51 52 FL763139105 Uninsured deposits (2) -- -- -- -- -- -- -- -- -- 52 (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 41) not insured by the Federal Deposit Insurance Corporation. 89 Z.1, March 7, 2019 L.112 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL754090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL753025003 FL753013003 FL752050005 Vault cash Reserves at Federal Reserve Federal funds and security repos ---- ---- ---- ---- ---- ---- ---- ---- ---- 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 5 -- 6 -- 7 -- 8 -- 9 -- 10 11 12 13 14 FL754023005 FL753068005 FL753069703 FL753065005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 15 FL753064103 Corporate equities -- -- -- -- -- -- -- -- -- 15 16 FL753093005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 16 17 FL754190005 -- -- -- -- -- -- -- -- -- 17 18 19 20 FL754110005 FL754116005 FL754112005 Net interbank liabilities To foreign banks To domestic banks ---- ---- ---- ---- ---- ---- ---- ---- -- 18 -- 19 -- 20 21 22 FL753127005 FL753130005 Checkable deposits Time and savings deposits --- --- --- --- --- --- --- --- -- 21 -- 22 23 FL752150005 Federal funds and security repos -- -- -- -- -- -- -- -- -- 23 24 FL753169175 Debt securities (open market paper) -- -- -- -- -- -- -- -- -- 24 25 LM753192003 Foreign direct investment in U.S. -- -- -- -- -- -- -- -- -- 25 26 27 28 FL753190005 FL753194503 FL753193005 Miscellaneous liabilities Investment by funding corporations Other ---- ---- ---- ---- ---- ---- ---- ---- -- 26 -- 27 -- 28 -- -- -- -- -- -- -- -- -- 29 Total liabilities 11 12 13 14 Memo: 29 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 2016 90 Z.1, March 7, 2019 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL744090005 -- -- -- -- -- -- -- -- -- 1 2 FL743013003 Reserves at Federal Reserve -- -- -- -- -- -- -- -- -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 3 4 5 6 7 8 9 10 11 FL744023003 FL743068005 FL743065103 FL743065505 Loans Depository institution loans n.e.c. Home mortgages Commercial mortgages ----- ----- ----- ----- ----- ----- ----- ----- -- 8 -- 9 -- 10 -- 11 12 FL743093005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 12 13 FL744190005 -- -- -- -- -- -- -- -- -- 13 14 15 16 17 FL744110005 FL743127003 FL743130003 FL743193005 ----- ----- ----- ----- ----- ----- ----- ----- ----- 18 FL743139105 -- -- -- -- -- -- -- -- -- 18 Total liabilities Net interbank liabilities Checkable deposits Time and savings deposits Miscellaneous liabilities 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 -- -- -- -- -- -- -- -- -- 1 Reserves at Federal Reserve Federal funds and security repos --- --- --- --- --- --- --- --- --- 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 4 5 6 7 8 9 10 11 12 13 FL474023000 FL473068005 FL473065100 FL473066000 Loans Depository institution loans n.e.c. Home mortgages Consumer credit ----- ----- ----- ----- ----- ----- ----- ----- ----- 10 11 12 13 14 15 LM473064205 FL473090005 Mutual fund shares Miscellaneous assets --- --- --- --- --- --- --- --- -- 14 -- 15 16 FL474190005 -- -- -- -- -- -- -- -- -- 16 17 18 19 20 21 22 FL474110005 FL473127003 FL473130005 FL472150053 FL473169333 FL473193005 ------- ------- ------- ------- ------- ------- ------- ------- ------- -- -- -- -- -- -- -- -- -- 23 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. 91 Z.1, March 7, 2019 L.115 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL514090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL513020005 FL513034005 FL512051005 Checkable deposits and currency Money market fund shares Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 7 8 9 10 LM514022005 LM513069105 LM513061105 LM513061705 LM513062005 LM513063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- -- 5 -- 6 -- 7 -- 8 -- 9 -- 10 11 FL513065505 Loans (commercial mortgages) -- -- -- -- -- -- -- -- -- 11 12 13 LM513064105 LM513064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 12 -- 13 14 15 16 17 18 19 FL513070005 LM513092003 FL513090005 FL513092403 FL513076005 FL513093005 Trade receivables U.S. direct investment abroad Miscellaneous assets Equity in FHLB Policy payables (1) Other ------- ------- ------- ------- ------- ------- ------- ------- ------- 20 FL514190005 -- -- -- -- -- -- -- -- -- 20 21 22 FL512151003 FL513169333 Security repurchase agreements Loans (other loans and advances) --- --- --- --- --- --- --- --- -- 21 -- 22 23 24 25 FL513170005 FL513178005 LM513192003 Trade payables Taxes payable Foreign direct investment in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 23 -- 24 -- 25 26 27 28 29 FL513190005 FL513194733 FL513176005 FL513193005 Miscellaneous liabilities Investment by parent companies Policy payables Other ----- ----- ----- ----- ----- ----- ----- ----- ----- 30 FL513200003 Securities lending (2) -- -- -- -- -- -- -- -- -- 30 31 32 FL514090023 FL514090033 Financial guaranty insurers’ total assets (3) Mortgage guaranty insurers’ total assets (3) --- --- --- --- --- --- --- --- -- 31 -- 32 33 34 35 36 FL513176015 FL513176025 FL263176005 FL263076005 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers ----- ----- ----- ----- ----- ----- ----- ----- ----- Total liabilities 14 15 16 17 18 19 26 27 28 29 Memo: (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. 33 34 35 36 Levels 2016 92 Z.1, March 7, 2019 L.116 Life Insurance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL544090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL543020005 FL543034005 FL542051075 Checkable deposits and currency Money market fund shares Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 7 8 9 10 LM544022005 LM543069105 LM543061105 LM543061705 LM543062005 LM543063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- -- 5 -- 6 -- 7 -- 8 -- 9 -- 10 11 12 13 FL544023005 FL543069005 FL543065005 Loans Other loans and advances Mortgages ---- ---- ---- ---- ---- ---- ---- ---- -- 11 -- 12 -- 13 14 15 LM543064105 LM543064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 14 -- 15 16 17 18 19 FL543070005 FL543040005 FL543050005 LM543092073 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad ----- ----- ----- ----- ----- ----- ----- ----- ----- 16 17 18 19 20 21 22 23 24 FL543090005 FL543092473 FL543077073 FL543095105 FL543093005 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other reserves Other ------ ------ ------ ------ ------ ------ ------ ------ ------ 20 21 22 23 24 25 FL544190005 -- -- -- -- -- -- -- -- -- 25 26 27 FL542151073 FL543169373 Security repurchase agreements Loans (other loans and advances) --- --- --- --- --- --- --- --- -- 26 -- 27 28 29 30 FL543170005 FL543140005 FL543150005 Trade payables Life insurance reserves Pension entitlements (2) ---- ---- ---- ---- ---- ---- ---- ---- -- 28 -- 29 -- 30 31 32 FL543178075 LM543192073 Taxes payable Foreign direct investment in U.S. --- --- --- --- --- --- --- --- -- 31 -- 32 33 34 35 36 37 38 FL543190005 FL543194733 FL673090543 FL543195005 FL593095005 FL543193005 Miscellaneous liabilities Investment by parent companies Funding agreements backing securities (3) Other reserves (4) Unallocated insurance contracts Other ------- ------- ------- ------- ------- ------- ------- ------- ------- Total liabilities 33 34 35 36 37 38 Memo: 39 FL543200073 Securities lending (5) -- -- -- -- -- -- -- -- -- 39 40 41 42 43 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. 40 41 42 43 93 Z.1, March 7, 2019 L.116.g Life Insurance Companies: General Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL544090075 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL543020075 FL543034075 FL542051075 Checkable deposits and currency Money market fund shares Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 7 8 9 10 LM544022075 LM543069175 LM543061175 LM543061775 LM543062075 LM543063075 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- -- 5 -- 6 -- 7 -- 8 -- 9 -- 10 11 12 13 FL544023075 FL543069075 FL543065075 Loans Other loans and advances Mortgages ---- ---- ---- ---- ---- ---- ---- ---- -- 11 -- 12 -- 13 14 15 LM543064175 LM543064275 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 14 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 21 FL544190075 -- -- -- -- -- -- -- -- -- 21 22 23 FL542151073 FL543169373 Security repurchase agreements Loans (other loans and advances) --- --- --- --- --- --- --- --- -- 22 -- 23 24 25 26 27 28 FL543170075 FL543140075 FL543150075 FL543178075 LM543192073 Trade payables Life insurance reserves Pension entitlements (1) Taxes payable Foreign direct investment in U.S. ------ ------ ------ ------ ------ ------ ------ ------ ------ 29 FL543190075 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 29 Total liabilities 16 17 18 19 20 24 25 26 27 28 (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 2 3 FL543020083 FL543034385 4 5 6 7 8 9 Total financial assets -- -- -- -- -- -- -- -- -- 1 Checkable deposits and currency Money market fund shares --- --- --- --- --- --- --- --- --- 2 3 LM544022085 LM543069183 LM543061183 LM543061783 LM543062083 LM543063085 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- ------- 4 5 6 7 8 9 10 11 12 FL544023085 FL543069483 FL543065083 Loans Other loans and advances Mortgages ---- ---- ---- ---- ---- ---- ---- ---- -- 10 -- 11 -- 12 13 14 LM543064183 LM543064285 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 13 -- 14 15 16 17 18 FL543070085 FL543040085 FL543050085 FL543090085 Trade receivables Life insurance reserves Pension entitlements Miscellaneous assets ----- ----- ----- ----- ----- ----- ----- ----- ----- 19 FL544190085 -- -- -- -- -- -- -- -- -- 19 20 21 22 23 FL543170085 LM543140085 LM543150085 FL543190085 ----- ----- ----- ----- ----- ----- ----- ----- ----- Total liabilities Trade payables Life insurance reserves Pension entitlements (1) Miscellaneous liabilities (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 23). 15 16 17 18 20 21 22 23 Levels 2016 94 Z.1, March 7, 2019 L.117 Private and Public Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets (2) 2018 Q4 Q1 Q2 Q3 Q4 1 FL594090005 -- -- -- -- -- -- -- -- -- 1 2 3 FL593020005 FL593030005 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 FL593034005 FL592051005 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 13 14 FL594023005 FL313169003 FL593065005 Loans Other loans and advances Mortgages ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 LM593064105 LM593064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 15 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 22 FL594190005 -- -- -- -- -- -- -- -- -- 22 ---- ---- ---- ---- ---- ---- ---- ---- -- 23 -- 24 -- 25 ------ ------ ------ ------ ------ ------ ------ ------ ------ Pension entitlements (liabilities) (6) 17 18 19 20 21 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 18) Household retirement assets (8) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (9) Annuities at life insurance companies (10) (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) Assets of pension plans held at life insurance companies; 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. 26 27 28 29 30 95 Z.1, March 7, 2019 L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets (2) 2018 Q4 Q1 Q2 Q3 Q4 1 FL574090005 -- -- -- -- -- -- -- -- -- 1 2 3 FL573020005 FL573030005 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 FL573034005 FL572051005 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------ ------ ------ ------ ------ ------ ------ ------ -- 6 -- 7 -- 8 -- 9 -- 10 11 FL573065005 Loans (mortgages) -- -- -- -- -- -- -- -- -- 11 12 13 LM573064105 LM573064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 12 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 19 FL574190005 -- -- -- -- -- -- -- -- -- 19 Pension entitlements (liabilities) (5) 14 15 16 17 18 Memo: 20 21 22 FL574190043 FL572000075 FL573073005 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 23 24 FL574090045 FL574090055 Total financial assets Defined benefit plans (7) Defined contribution plans (8) --- --- --- --- --- --- --- --- -- 23 -- 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) Assets of private pension plans held at life insurance companies; 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 2016 96 Z.1, March 7, 2019 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets (1) 2018 Q4 Q1 Q2 Q3 Q4 1 FL574090045 -- -- -- -- -- -- -- -- -- 1 2 3 FL573020043 FL573030043 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 FL573034043 FL572051043 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------ ------ ------ ------ ------ ------ ------ ------ -- 6 -- 7 -- 8 -- 9 -- 10 11 FL573065043 Loans (mortgages) -- -- -- -- -- -- -- -- -- 11 12 13 LM573064143 LM573064243 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 12 -- 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 19 FL574190043 -- -- -- -- -- -- -- -- -- 19 -- -- -- -- -- -- -- -- -- 1 Pension entitlements (liabilities) (4) 14 15 16 17 18 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies; 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 2 3 FL573020033 FL573030033 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 FL573034055 FL572051033 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------ ------ ------ ------ ------ ------ ------ ------ -- 6 -- 7 -- 8 -- 9 -- 10 11 FL573065033 Loans (mortgages) -- -- -- -- -- -- -- -- -- 11 12 13 LM573064133 LM573064255 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 12 -- 13 14 15 16 17 FL573090055 FL573095505 FL573074033 FL573093033 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other ----- ----- ----- ----- ----- ----- ----- ----- ----- 18 FL574090055 -- -- -- -- -- -- -- -- -- 18 Pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. 14 15 16 17 97 Z.1, March 7, 2019 L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 Total financial assets (1) 2018 Q4 Q1 Q2 Q3 Q4 1 FL344090005 -- -- -- -- -- -- -- -- -- 1 2 FL343020033 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 2 3 4 5 6 7 LM344022005 LM343061105 LM343061705 LM343062033 LM343063005 Debt securities Treasury securities (2) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------ ------ ------ ------ ------ ------ ------ ------ ------ 3 4 5 6 7 8 FL313169003 Loans (other loans and advances) (3) -- -- -- -- -- -- -- -- -- 8 9 LM343064105 Corporate equities -- -- -- -- -- -- -- -- -- 9 10 FL343073045 Claims of pension fund on sponsor (misc. assets) (4) -- -- -- -- -- -- -- -- -- 10 11 FL344090005 -- -- -- -- -- -- -- -- -- 11 Pension entitlements (liabilities) (5) 12 13 14 FL344090045 FL342000075 FL343073045 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 10) ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 FL344090045 FL344090055 Total financial assets Defined benefit plans (7) Defined contribution plans (8) --- --- --- --- --- --- --- --- -- 15 -- 16 (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, March 7, 2019 L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 Total financial assets (2) 2018 Q4 Q1 Q2 Q3 Q4 1 FL344090045 -- -- -- -- -- -- -- -- -- 1 2 FL343020033 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 2 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 3 4 5 6 7 8 LM343064135 Corporate equities -- -- -- -- -- -- -- -- -- 8 9 FL343073045 Claims of pension fund on sponsor (misc. assets) (4) -- -- -- -- -- -- -- -- -- 9 10 FL344190045 -- -- -- -- -- -- -- -- -- 10 Pension entitlements (liabilities) (5) 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 FL344090025 2 3 4 5 LM344022025 LM343061155 LM343061723 LM343063023 6 Total financial assets -- -- -- -- -- -- -- -- -- 1 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 FL313169003 Loans (other loans and advances) (3) -- -- -- -- -- -- -- -- -- 6 7 LM343064125 Corporate equities -- -- -- -- -- -- -- -- -- 7 8 FL344090025 -- -- -- -- -- -- -- -- -- 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, March 7, 2019 L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets (1) 2018 Q4 Q1 Q2 Q3 Q4 1 FL224090005 -- -- -- -- -- -- -- -- -- 1 2 3 FL223020043 FL223030043 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 FL223034005 FL222051043 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 FL223065043 Loans (mortgages) -- -- -- -- -- -- -- -- -- 12 13 14 LM223064145 LM223064205 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 13 -- 14 15 16 17 18 FL223090005 FL223095505 FL223073045 FL223093005 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other ----- ----- ----- ----- ----- ----- ----- ----- ----- 19 FL224190005 -- -- -- -- -- -- -- -- -- 19 Pension entitlements (liabilities) (4) 15 16 17 18 Memo: 20 21 22 FL224190043 FL222000075 FL223073045 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 17) ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 23 24 FL224090045 FL224090055 Total financial assets Defined benefit plans (6) Defined contribution plans (7) --- --- --- --- --- --- --- --- -- 23 -- 24 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of defined contribution funds held at life insurance companies. (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 2016 100 Z.1, March 7, 2019 L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets (1) 2018 Q4 Q1 Q2 Q3 Q4 1 FL224090045 -- -- -- -- -- -- -- -- -- 1 2 3 FL223020043 FL223030043 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 5 FL223034043 FL222051043 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 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 ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 FL223065043 Loans (mortgages) -- -- -- -- -- -- -- -- -- 12 13 14 LM223064145 LM223064243 Corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 13 -- 14 15 16 17 FL223090045 FL223073045 FL223093043 Miscellaneous assets Claims of pension fund on sponsor (2) Other ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 FL224190043 -- -- -- -- -- -- -- -- -- 18 Pension entitlements (liabilities) (3) (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 2 FL223034055 3 LM223064255 4 5 6 FL223090055 FL223095505 FL223093053 7 FL224090055 Total financial assets -- -- -- -- -- -- -- -- -- 1 Money market fund shares -- -- -- -- -- -- -- -- -- 2 Mutual fund shares -- -- -- -- -- -- -- -- -- 3 Miscellaneous assets Unallocated insurance contracts (misc. assets) (2) Other ---- ---- ---- ---- ---- ---- ---- ---- ---- 4 5 6 -- -- -- -- -- -- -- -- -- 7 Pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. 101 Z.1, March 7, 2019 L.121 Money Market Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL634090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 5 FL633091003 FL633020000 FL633030000 FL632051000 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 6 7 8 9 10 11 FL634022005 FL633069175 FL633061105 FL633061700 FL633062000 FL633063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 FL633093005 13 FL634090005 Miscellaneous assets Total shares outstanding (liabilities) -- -- -- -- -- -- -- -- -- 12 -- -- -- -- -- -- -- -- -- 13 -- -- -- -- -- -- -- -- -- 14 Memo: 14 FL634090503 Variable annuity money market funds included above L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM654090000 Total financial assets -- -- -- -- -- -- -- -- -- 1 2 FL652051003 Security repurchase agreements -- -- -- -- -- -- -- -- -- 2 3 4 5 6 7 8 LM654022005 LM653069100 LM653061105 LM653061703 LM653062003 LM653063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- ------- 3 4 5 6 7 8 9 FL653069803 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 9 10 LM653064100 Corporate equities -- -- -- -- -- -- -- -- -- 10 11 FL653093005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 11 12 LM654090000 Total shares outstanding (liabilities) -- -- -- -- -- -- -- -- -- 12 13 LM654090500 -- -- -- -- -- -- -- -- -- 13 14 15 16 17 18 LM654091603 LM654092603 LM654091403 LM654091303 LM654091203 ------ ------ ------ ------ ------ ------ ------ ------ ------ Memo: 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. 14 15 16 17 18 Levels (1) Open-end investment companies including variable annuity money market funds. 102 Z.1, March 7, 2019 L.123 Closed-End Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 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) 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 -- -- -- -- -- -- -- -- -- 6 -- -- -- -- -- -- -- -- -- 7 ------ ------ ------ ------ ------ ------ ------ ------ -- 8 -- 9 -- 10 -- 11 -- 12 -- -- -- -- -- -- -- -- -- 1 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 Levels L.124 Exchange-Traded Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM564090005 Total financial assets 2 3 4 5 LM564022005 LM563061103 LM563062003 LM563063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 6 LM563064100 Corporate equities -- -- -- -- -- -- -- -- -- 6 7 LM563093003 Miscellaneous assets (1) -- -- -- -- -- -- -- -- -- 7 8 LM564090005 -- -- -- -- -- -- -- -- -- 8 ------- ------- ------- ------- ------- ------- ------- ------- ------- 9 10 11 12 13 14 Total shares outstanding (liabilities) Memo: 9 10 11 12 13 14 LM564091600 LM564092603 LM563093003 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, March 7, 2019 L.125 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL404090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL403020005 FL403030005 FL402050005 Checkable deposits and currency Time and savings deposits Federal funds and security repos ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 7 8 9 10 FL404022005 FL403069105 FL403061105 FL403061705 FL403062005 FL403063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- -- 5 -- 6 -- 7 -- 8 -- 9 -- 10 11 FL404023005 Loans -- -- -- -- -- -- -- -- -- 11 12 13 14 15 FL403069305 FL403069385 FL403069345 FL403069330 Other loans and advances Sallie Mae Farm Credit System FHLB ----- ----- ----- ----- ----- ----- ----- ----- ----- 12 13 14 15 16 17 18 19 20 21 22 23 FL403065005 FL403065105 FL403065195 FL403065185 FL403065405 FL403065495 FL403065485 FL403065605 Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm --------- --------- --------- --------- --------- --------- --------- --------- --------- 16 17 18 19 20 21 22 23 24 FL403066005 Consumer credit -- -- -- -- -- -- -- -- -- 24 25 FL403093005 -- -- -- -- -- -- -- -- -- 25 26 FL404190005 -- -- -- -- -- -- -- -- -- 26 27 FL402150005 Federal funds and security repos -- -- -- -- -- -- -- -- -- 27 28 29 30 FL403161705 FL403161795 FL403161785 Debt securities (GSE issues) (3) Consolidated trusts (2) Other ---- ---- ---- ---- ---- ---- ---- ---- -- 28 -- 29 -- 30 31 FL403169283 Loans (U.S. government loans) -- -- -- -- -- -- -- -- -- 31 32 FL403190005 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 32 Miscellaneous assets 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 -- -- -- -- -- -- -- -- -- 1 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 Total pool securities (liabilities) (2) -- -- -- -- -- -- -- -- -- 6 (1) GNMA, 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 (L.125). Also includes agency- and GSE-backed mortgage pool securities which 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 2016 104 Z.1, March 7, 2019 L.127 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL674090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL674022005 FL673061103 FL673061703 Debt securites Treasury securities Agency- and GSE-backed securities (1) ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 7 8 9 10 11 FL674023005 FL673069005 FL673065005 FL673065105 FL673065405 FL673065505 FL673066000 Loans Other loans and advances Mortgages (2) Home Multifamily residential Commercial Consumer credit -------- -------- -------- -------- -------- -------- -------- -------- -- 5 -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 13 FL673070003 FL673090543 Trade credit Miscellaneous assets (funding agreements) (3) --- --- --- --- --- --- --- --- -- 12 -- 13 14 FL674122005 -- -- -- -- -- -- -- -- -- 14 15 16 17 FL674122005 FL673169105 FL673163005 ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 --- --- --- --- --- --- --- --- -- 18 -- 19 -- -- -- -- -- -- -- -- -- 20 Total liabilities Debt securities Commercial paper Corporate bonds (net) (4) Levels Memo: 18 19 FL675013263 FL643065045 20 FL763169103 Securitized assets not included above Consumer leases (5) REIT assets (6) Securitized liabilities not included above Commercial paper (7) (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) Liabilities net of assets. (5) 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. (6) Included on table L.129. (7) Included on table L.111 line 44. 105 Z.1, March 7, 2019 L.128 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL614090005 -- -- -- -- -- -- -- -- -- 1 2 3 FL613020003 FL613030003 Checkable deposits and currency Time and savings deposits --- --- --- --- --- --- --- --- --- 2 3 4 LM613063003 Debt securities (corporate and foreign bonds) -- -- -- -- -- -- -- -- -- 4 5 6 7 8 FL614023005 FL613069500 FL613065000 FL613066005 Loans Other loans and advances Mortgages Consumer credit ----- ----- ----- ----- ----- ----- ----- ----- ----- 5 6 7 8 9 LM613092003 U.S. direct investment abroad -- -- -- -- -- -- -- -- -- 9 10 FL613090005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 10 11 FL614190005 -- -- -- -- -- -- -- -- -- 11 12 13 14 FL614122005 FL613169100 FL613163005 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 17 FL614123005 FL613168003 FL613169005 Loans Depository institution loans n.e.c. Other loans and advances ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 FL613178005 Taxes payable -- -- -- -- -- -- -- -- -- 18 19 LM613192003 Foreign direct investment in U.S. -- -- -- -- -- -- -- -- -- 19 20 21 22 FL613190005 FL613194003 FL613193005 Miscellaneous liabilities Investment by parent Other ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 -- -- -- -- -- -- -- -- -- 23 Total liabilities Memo: 23 FL613066303 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (5), table L.127. Levels 2016 106 Z.1, March 7, 2019 L.129 Real Estate Investment Trusts (REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL644090005 -- -- -- -- -- -- -- -- -- 1 2 FL643020005 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 2 3 4 5 FL644022005 FL643061773 FL643063005 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 7 8 9 FL643065005 FL643065105 FL643065405 FL643065505 Loans (mortgages) Home Multifamily residential Commercial ----- ----- ----- ----- ----- ----- ----- ----- ----- 6 7 8 9 10 FL643090005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 10 11 FL644190005 -- -- -- -- -- -- -- -- -- 11 12 FL642151073 Security repurchase agreements -- -- -- -- -- -- -- -- -- 12 13 14 15 FL644122005 FL643169173 FL643163005 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 17 18 19 FL644123005 FL643168005 FL643169373 FL643165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 20 FL643193005 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 20 ------ ------ ------ ------ ------ ------ ------ ------ ------ Total liabilities 16 17 18 19 Memo: 21 22 23 24 25 FL643065045 FL643061743 FL643065143 FL643065443 FL643065543 Securitized assets included above Agency- and GSE-backed securities Home 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, March 7, 2019 L.129.e Equity Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 Q1 Q2 Q3 Q4 1 FL644090085 -- -- -- -- -- -- -- -- -- 1 2 FL643020083 Checkable deposits and currency -- -- -- -- -- -- -- -- -- 2 3 FL643063083 Debt securities (corporate and foreign bonds) -- -- -- -- -- -- -- -- -- 3 4 5 6 7 FL643065085 FL643065183 FL643065483 FL643065583 Loans (mortgages) Home Multifamily residential Commercial ----- ----- ----- ----- ----- ----- ----- ----- ----- 4 5 6 7 8 FL643093085 Miscellaneous assets -- -- -- -- -- -- -- -- -- 8 9 FL644190085 -- -- -- -- -- -- -- -- -- 9 10 FL643163083 Debt securities (corporate bonds) -- -- -- -- -- -- -- -- -- 10 11 12 13 14 15 FL644123085 FL643168083 FL643165005 FL643165483 FL643165583 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial ------ ------ ------ ------ ------ ------ ------ ------ ------ 16 FL643193085 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 16 -- -- -- -- -- -- -- -- -- 1 Total liabilities 11 12 13 14 15 Levels Total financial assets 2018 Q4 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 -- -- -- -- -- -- -- -- -- 2 3 4 5 FL644022075 FL643061773 FL643063073 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 7 8 9 FL643065075 FL643065173 FL643065473 FL643065573 Loans (mortgages) Home Multifamily residential Commercial ----- ----- ----- ----- ----- ----- ----- ----- ----- 6 7 8 9 10 FL643090075 Miscellaneous assets -- -- -- -- -- -- -- -- -- 10 11 FL644190075 -- -- -- -- -- -- -- -- -- 11 12 FL642151073 Security repurchase agreements -- -- -- -- -- -- -- -- -- 12 13 14 15 FL644122075 FL643169173 FL643163075 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 17 18 FL644123075 FL643168073 FL643169373 Loans Depository institution loans n.e.c. Other loans and advances ---- ---- ---- ---- ---- ---- ---- ---- -- 16 -- 17 -- 18 19 FL643193075 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 19 20 21 22 23 24 FL643065045 FL643061743 FL643065143 FL643065443 FL643065543 ------ ------ ------ ------ ------ ------ ------ ------ ------ Total liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 20 21 22 23 24 108 Z.1, March 7, 2019 L.130 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL664090005 -- -- -- -- -- -- -- -- -- 1 2 3 FL663020003 FL662051003 Checkable deposits and currency Security repurchase agreements --- --- --- --- --- --- --- --- --- 2 3 4 5 6 7 8 9 FL664022005 FL663069103 FL663061105 FL663061703 FL663062003 FL663063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- ------- 4 5 6 7 8 9 10 FL663069005 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 10 11 LM663064103 Corporate equities -- -- -- -- -- -- -- -- -- 11 12 LM663092003 U.S. direct investment abroad -- -- -- -- -- -- -- -- -- 12 13 FL663090005 Miscellaneous assets -- -- -- -- -- -- -- -- -- 13 14 FL664190005 -- -- -- -- -- -- -- -- -- 14 15 FL662151003 Security repurchase agreements -- -- -- -- -- -- -- -- -- 15 16 FL663163003 Debt securities (corporate bonds) -- -- -- -- -- -- -- -- -- 16 17 18 19 FL664123005 FL663168005 FL153067005 Loans Depository institution loans n.e.c. (1) Other loans and advances ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 21 FL663170003 FL663178005 Trade payables Taxes payable --- --- --- --- --- --- --- --- -- 20 -- 21 22 LM663192005 Foreign direct investment in U.S. -- -- -- -- -- -- -- -- -- 22 23 24 25 FL663190005 FL663194005 FL663193005 Miscellaneous liabilities Investment by parent companies Other ---- ---- ---- ---- ---- ---- ---- ---- -- 23 -- 24 -- 25 Total liabilities (1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). 109 Z.1, March 7, 2019 L.131 Holding Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL734090005 -- -- -- -- -- -- -- -- -- 1 2 3 FL733030003 FL732051003 Time and savings deposits Security repurchase agreements --- --- --- --- --- --- --- --- --- 2 3 4 5 6 7 LM734022605 LM733061103 LM733061703 LM733063003 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds ----- ----- ----- ----- ----- ----- ----- ----- ----- 4 5 6 7 8 FL733069005 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 8 9 FL733040005 Life insurance reserves -- -- -- -- -- -- -- -- -- 9 10 11 12 13 14 15 16 17 FL733090005 FL763194735 FL513194733 FL543194733 FL613194733 FL663194735 FL263194735 FL733093005 Miscellaneous assets Net trans. with depository affiliates Net trans. with property-casualty ins. co. affiliates Net trans. with life insurance company affiliates Net trans. with finance company affiliates Net trans. with broker and dealer affiliates Net trans. with foreign affiliates Other --------- --------- --------- --------- --------- --------- --------- --------- --------- 10 11 12 13 14 15 16 17 18 FL734190005 -- -- -- -- -- -- -- -- -- 18 19 FL732151003 Security repurchase agreements -- -- -- -- -- -- -- -- -- 19 20 21 22 FL734122005 FL733169103 FL733163003 Debt securities Commercial paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 23 FL733192003 Foreign direct investment in U.S. (2) -- -- -- -- -- -- -- -- -- 23 24 FL733193005 Miscellaneous liabilities -- -- -- -- -- -- -- -- -- 24 Total liabilities (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) Foreign direct investment is equity investment in U.S. Intermediate Holding Companies established in accordance with Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Levels 2016 110 Z.1, March 7, 2019 L.132 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total financial assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL504090005 -- -- -- -- -- -- -- -- -- 1 2 3 FL503034005 FL502051003 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 2 3 4 5 6 FL504022005 FL503069105 FL503063005 Debt securities Open market paper Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- ---- ---- 4 5 6 7 FL503069805 Loans (other loans and advances) -- -- -- -- -- -- -- -- -- 7 8 FL503064105 Corporate equities (2) -- -- -- -- -- -- -- -- -- 8 9 10 11 FL503094505 FL753194503 FL663194505 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers ---- ---- ---- ---- ---- ---- ---- ---- -- 9 -- 10 -- 11 12 FL504190005 -- -- -- -- -- -- -- -- -- 12 13 14 15 FL504122005 FL503169105 FL503163005 Debt securities Open market paper Corporate bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 17 18 FL504123005 FL713068505 FL503169205 Loans Depository institution loans n.e.c. (3) Other loans and advances (4) ---- ---- ---- ---- ---- ---- ---- ---- -- 16 -- 17 -- 18 19 FL503192003 Foreign direct investment in U.S. -- -- -- -- -- -- -- -- -- 19 20 21 22 23 FL503190005 FL663097005 LM503194305 FL503193005 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) ----- ----- ----- ----- ----- ----- ----- ----- ----- Total liabilities 20 21 22 23 (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP. 111 Z.1, March 7, 2019 L.133 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FL264090005 Total financial assets -- -- -- -- -- -- -- -- -- 1 2 3 LM313111303 FL264016005 SDR allocations Net interbank assets --- --- --- --- --- --- --- --- --- 2 3 4 5 FL263020005 FL263030005 U.S. checkable deposits and currency U.S. time deposits --- --- --- --- --- --- --- --- --- 4 5 6 7 FL263034003 FL262051003 Money market fund shares Security repurchase agreements --- --- --- --- --- --- --- --- --- 6 7 8 9 10 11 12 13 FL264022005 LM263069103 LM263061105 LM263061705 FL263062003 LM263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (1) ------- ------- ------- ------- ------- ------- ------- ------- ------- 8 9 10 11 12 13 14 FL263069500 Loans to U.S. corporate business -- -- -- -- -- -- -- -- -- 14 15 16 LM263064105 LM263064203 U.S. corporate equities Mutual fund shares --- --- --- --- --- --- --- --- -- 15 -- 16 17 18 19 20 21 LM263070005 FL543141905 FL543151905 LM263092001 FL263076005 Trade receivables Life insurance reserves Pension entitlements Foreign direct investment in U.S. (2) Miscellaneous assets (insurance receivables) ------ ------ ------ ------ ------ ------ ------ ------ ------ 22 FL264190005 -- -- -- -- -- -- -- -- -- 22 23 24 LM263111005 LM263191005 U.S. official reserve assets (3) U.S. private deposits --- --- --- --- --- --- --- --- -- 23 -- 24 25 FL262151003 Security repurchase agreements -- -- -- -- -- -- -- -- -- 25 26 27 28 FL264122005 FL263169105 LM263163005 Debt securities Commercial paper Bonds ---- ---- ---- ---- ---- ---- ---- ---- -- 26 -- 27 -- 28 29 30 31 FL264123005 FL263168005 FL263169005 Loans Depository institution loans n.e.c. Other loans and advances ---- ---- ---- ---- ---- ---- ---- ---- -- 29 -- 30 -- 31 32 LM263170005 Trade payables -- -- -- -- -- -- -- -- -- 32 33 34 FL263140005 FL263150005 Life insurance reserves Pension entitlements --- --- --- --- --- --- --- --- -- 33 -- 34 35 LM263192005 U.S. direct investment abroad (1,2) -- -- -- -- -- -- -- -- -- 35 36 37 38 39 40 41 FL263190005 FL313092803 FL263191103 FL263194735 FL263195105 FL263176005 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Net investment by holding companies Accident and health insurance reserves Policy payables ------- ------- ------- ------- ------- ------- ------- ------- ------- -- -- -- -- -- -- -- -- -- 42 Total liabilities 17 18 19 20 21 36 37 38 39 40 41 Memo: 42 LM263164100 Market value of foreign equities held by U.S. residents (4) (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) Direct investment is valued on a current-cost basis. (3) Does not include monetary gold. (4) Includes American Depositary Receipts (ADRs). Levels 2016 112 Z.1, March 7, 2019 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 LM893111005 -- -- -- -- -- -- -- -- -- 1 2 LM313111303 Federal government: SDR allocations -- -- -- -- -- -- -- -- -- 2 3 4 5 6 LM263111005 LM313011303 LM263111403 LM263111503 Rest of the world SDR holdings Reserve position in IMF Other reserves ----- ----- ----- ----- ----- ----- ----- ----- ----- 3 4 5 6 7 FL893011005 -- -- -- -- -- -- -- -- -- 7 8 9 10 11 12 FL313011005 FL313011205 LM313011303 LM313011405 LM313011505 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves ------ ------ ------ ------ ------ ------ ------ ------ -- 8 -- 9 -- 10 -- 11 -- 12 13 LM313111303 Rest of the world: SDR allocations -- -- -- -- -- -- -- -- -- 13 14 15 16 17 FL713011005 FL713011203 FL713011405 LM713011505 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves ----- ----- ----- ----- ----- ----- ----- ----- ----- 18 FL903011005 -- -- -- -- -- -- -- -- -- 18 Total assets Discrepancy: monetary gold 14 15 16 17 (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 --- --- --- --- --- --- --- --- --- 1 2 Liab: Federal government Asset: Monetary authority --- --- --- --- --- --- --- --- --- 3 4 Discrepancy (seigniorage) -- -- -- -- -- -- -- -- -- 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 -- -- -- -- -- -- -- -- -- 1 2 3 4 LM153091003 FL103091003 FL633091003 Held by: Household sector Nonfinancial corporate business Money market funds ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 FL903091005 Discrepancy--unallocated assets -- -- -- -- -- -- -- -- -- 5 113 Z.1, March 7, 2019 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 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 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 -- -- -- -- -- -- -- -- -- 7 ------- ------- ------- ------- ------- ------- ------- ------- ------- 8 9 10 11 12 13 -- -- -- -- -- -- -- -- -- 14 15 16 17 FL703025005 FL763025000 FL753025003 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 18 19 20 21 22 23 24 25 26 FL714010005 FL714010005 FL713022003 FL713068705 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans to member banks ----- ----- ----- ----- ----- ----- ----- ----- ----- 23 24 25 26 27 28 29 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 ---- ---- ---- ---- ---- ---- ---- ---- -- 27 -- 28 -- 29 30 31 32 FL754116205 FL753192605 FL753092605 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates ---- ---- ---- ---- ---- ---- ---- ---- -- 30 -- 31 -- 32 33 34 35 FL264116205 FL764016205 FL754016205 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 33 -- 34 -- 35 36 37 38 FL264135125 FL764035125 FL754035125 Loans to foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 36 -- 37 -- 38 39 40 41 FL264035125 FL274135123 FL284135125 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 39 -- 40 -- 41 42 FL264016005 -- -- -- -- -- -- -- -- -- 42 ------ ------ ------ ------ ------ ------ ------ ------ ------ -- -- -- -- -- -- -- -- -- 48 -- -- -- -- -- -- -- -- -- 49 43 44 45 46 47 FL764112005 FL764112205 FL754012205 FL743020005 FL474012205 48 FL754112205 49 FL904010005 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 27 and 30 less line 33 and line 36 plus line 39. (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 49), which is due to inconsistencies in source data, appears on line 14 as the discrepancy between liabilities and assets. (3) Sum of lines 45, 46, 47, and 49. 43 44 45 46 47 Levels Memo: 114 Z.1, March 7, 2019 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FL793120005 -- -- -- -- -- -- -- -- -- 1 2 3 4 5 6 FL713120005 FL713123005 FL713124005 FL713122605 FL713125005 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 7 8 9 10 FL763127005 FL763123005 FL763122605 FL763129205 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits ----- ----- ----- ----- ----- ----- ----- ----- -- 7 -- 8 -- 9 -- 10 11 12 13 FL753127005 FL753122603 FL753129205 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits ---- ---- ---- ---- ---- ---- ---- ---- -- 11 -- 12 -- 13 14 FL743127003 Banks in U.S.-affiliated areas -- -- -- -- -- -- -- -- -- 14 15 FL473127003 Credit unions -- -- -- -- -- -- -- -- -- 15 16 FL793120005 -- -- -- -- -- -- -- -- -- 16 17 FL153020005 Household sector -- -- -- -- -- -- -- -- -- 17 18 19 20 FL143020005 FL103020005 FL113020005 Nonfinancial business Corporate Noncorporate ---- ---- ---- ---- ---- ---- ---- ---- -- 18 -- 19 -- 20 21 22 FL313020005 FL213020005 Federal government State and local governments --- --- --- --- --- --- --- --- -- 21 -- 22 23 FL793020005 Domestic financial sectors -- -- -- -- -- -- -- -- -- 23 24 25 FL513020005 FL543020005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 24 -- 25 26 27 28 FL573020005 FL343020033 FL223020043 Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 26 -- 27 -- 28 29 30 FL633020000 FL403020005 Money market funds Government-sponsored enterprises --- --- --- --- --- --- --- --- -- 29 -- 30 31 32 33 FL613020003 FL643020005 FL663020003 Finance companies REITs Brokers and dealers ---- ---- ---- ---- ---- ---- ---- ---- -- 31 -- 32 -- 33 34 35 36 FL263020005 FL263027003 FL263025003 Rest of the world Checkable deposits Currency ---- ---- ---- ---- ---- ---- ---- ---- -- 34 -- 35 -- 36 37 FL903020005 Mail float -- -- -- -- -- -- -- -- -- 37 Total assets 115 Z.1, March 7, 2019 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 1 FL703130005 2 3 4 5 FL763130005 FL753130005 FL743130003 FL473130005 Total liabilities 6 FL703130005 7 FL153030005 Household sector 8 9 10 FL143030005 FL103030003 FL113030003 11 12 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 -- -- -- -- -- -- -- -- -- 6 -- -- -- -- -- -- -- -- -- 7 Nonfinancial business Corporate Noncorporate ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 FL313030003 FL213030005 Federal government State and local governments --- --- --- --- --- --- --- --- -- 11 -- 12 13 FL793030005 Domestic financial sectors -- -- -- -- -- -- -- -- -- 13 14 15 16 FL573030005 FL223030043 FL633030000 Private pension funds State and local govt. retirement funds Money market funds ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 17 18 19 FL403030005 FL613030003 FL733030003 Government-sponsored enterprises Finance companies Holding companies ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 FL263030005 -- -- -- -- -- -- -- -- -- 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Rest of the world L.206 Money Market Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL634090005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL153034005 FL103034000 FL113034003 Total assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 7 FL213034003 FL513034005 FL543034005 State and local governments Property-casualty insurance companies Life insurance companies ---- ---- ---- ---- ---- ---- ---- ---- ---- 5 6 7 8 9 FL573034005 FL223034005 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- --- 8 9 10 FL503034005 Funding corporations -- -- -- -- -- -- -- -- -- 10 11 FL263034003 Rest of the world -- -- -- -- -- -- -- -- -- 11 Levels 2016 116 Z.1, March 7, 2019 L.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FL892150005 -- -- -- -- -- -- -- -- -- 1 2 FL712151003 Monetary authority -- -- -- -- -- -- -- -- -- 2 3 4 5 FL762150005 FL762152005 FL762151005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 7 8 FL752150005 FL752152005 FL752151005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 9 FL472150053 Credit unions -- -- -- -- -- -- -- -- -- 9 10 11 FL512151003 FL542151073 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 10 -- 11 12 13 14 15 FL402150005 FL642151073 FL662151003 FL732151003 Government-sponsored enterprises REITs Brokers and dealers Holding companies ----- ----- ----- ----- ----- ----- ----- ----- ----- 16 FL262151003 Rest of the world -- -- -- -- -- -- -- -- -- 16 17 FL892050005 -- -- -- -- -- -- -- -- -- 17 18 19 FL102051003 FL212051003 Nonfinancial corporate business State and local governments --- --- --- --- --- --- --- --- -- 18 -- 19 20 FL712051000 Monetary authority -- -- -- -- -- -- -- -- -- 20 21 22 23 FL762050005 FL762052005 FL762051005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- -- 21 -- 22 -- 23 24 25 26 FL752050005 FL752052005 FL752051005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- -- 24 -- 25 -- 26 27 28 29 FL472050053 FL472052053 FL472051053 Credit unions Federal funds Security repurchase agreements ---- ---- ---- ---- ---- ---- ---- ---- -- 27 -- 28 -- 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 34 35 FL632051000 FL652051003 Money market funds Mutual funds --- --- --- --- --- --- --- --- -- 34 -- 35 36 37 FL402050005 FL402052033 Government-sponsored enterprises Of which: FHLB federal funds (3) --- --- --- --- --- --- --- --- -- 36 -- 37 38 39 40 FL662051003 FL732051003 FL502051003 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 38 -- 39 -- 40 41 FL262051003 Rest of the world -- -- -- -- -- -- -- -- -- 41 42 FL902050005 -- -- -- -- -- -- -- -- -- 42 -- -- -- -- -- -- -- -- -- 43 ---- ---- ---- ---- ---- ---- ---- ---- -- 44 -- 45 -- 46 Total assets Discrepancy 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, March 7, 2019 L.208 Debt Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 By instrument 1 FL894122005 Total debt securities -- -- -- -- -- -- -- -- -- 1 2 3 4 5 6 FL893169175 FL313161105 FL893161705 FL383162005 FL893163005 ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 7 FL894122005 -- -- -- -- -- -- -- -- -- 7 8 FL384122005 -- -- -- -- -- -- -- -- -- 8 9 10 FL163162003 FL104122005 Nonprofit organizations (2) Nonfinancial corporate business --- --- --- --- --- --- --- --- -- 9 -- 10 11 12 FL314122005 FL213162005 Federal government State and local governments --- --- --- --- --- --- --- --- -- 11 -- 12 13 FL794122005 -- -- -- -- -- -- -- -- -- 13 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 ------- ------- ------- ------- ------- ------- ------- ------- ------- 14 15 16 17 18 19 20 21 22 23 FL644122005 FL663163003 FL734122005 FL504122005 REITs Brokers and dealers Holding companies Funding corporations ----- ----- ----- ----- ----- ----- ----- ----- ----- 20 21 22 23 24 FL264122005 -- -- -- -- -- -- -- -- -- 24 25 FL894022005 -- -- -- -- -- -- -- -- -- 25 26 FL384022005 27 28 29 30 31 LM154022005 FL104022005 FL114022005 FL314022005 FL214022005 -- -- -- -- -- -- -- -- -- 26 ------ ------ ------ ------ ------ ------ ------ ------ ------ 32 FL794022005 33 34 35 36 37 FL714022005 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 -- -- -- -- -- -- -- -- -- 32 ------ ------ ------ ------ ------ ------ ------ ------ ------ 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 38 39 40 41 42 43 44 45 46 FL634022005 LM654022005 LM554022005 LM564022005 Money market funds Mutual funds Closed-end funds Exchange-traded funds ----- ----- ----- ----- ----- ----- ----- ----- ----- 43 44 45 46 47 48 49 50 FL404022005 FL674022005 LM613063003 FL644022005 Government-sponsored enterprises ABS issuers Finance companies REITs ----- ----- ----- ----- ----- ----- ----- ----- ----- 47 48 49 50 51 52 53 FL664022005 LM734022605 FL504022005 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 51 -- 52 -- 53 54 FL264022005 Rest of the world -- -- -- -- -- -- -- -- -- 54 55 LM904022005 Discrepancy (3) -- -- -- -- -- -- -- -- -- 55 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Total liabilities 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 (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. 27 28 29 30 31 Levels By sector 118 Z.1, March 7, 2019 L.209 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 1 FL893169175 2 FL893169105 3 FL103169100 4 5 6 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 -- -- -- -- -- -- -- -- -- 2 Nonfinancial corporate business -- -- -- -- -- -- -- -- -- 3 FL263169105 FL263169110 FL263169123 Foreign issues in U.S. Nonfinancial Financial ---- ---- ---- ---- ---- ---- ---- ---- ---- 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 Funding corporations --------- --------- --------- --------- --------- --------- --------- --------- --------- 7 8 9 10 11 12 13 14 15 FL703169605 -- -- -- -- -- -- -- -- -- 15 16 17 FL763169603 FL753169603 --- --- --- --- --- --- --- --- -- 16 -- 17 18 FL893169175 -- -- -- -- -- -- -- -- -- 18 19 FL103069100 Nonfinancial corporate business -- -- -- -- -- -- -- -- -- 19 20 21 22 23 24 FL213069103 FL713069603 FL763069175 FL753069603 FL473069153 State and local governments Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions ------ ------ ------ ------ ------ ------ ------ ------ ------ 25 26 LM513069105 LM543069105 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 25 -- 26 27 28 FL573069105 FL223069143 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 27 -- 28 29 30 FL633069175 LM653069100 Money market funds Mutual funds --- --- --- --- --- --- --- --- -- 29 -- 30 31 32 33 FL403069105 FL663069103 FL503069105 Government-sponsored enterprises Brokers and dealers Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 31 -- 32 -- 33 34 LM263069103 Rest of the world -- -- -- -- -- -- -- -- -- 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. 20 21 22 23 24 119 Z.1, March 7, 2019 L.210 Treasury Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FL313161105 -- -- -- -- -- -- -- -- -- 1 2 3 4 5 FL313161205 FL313161110 FL313161275 FL313161283 Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 6 7 8 9 10 11 FL313161305 FL313161400 FL213061120 FL343061123 FL343061145 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 Other nonmarketable securities ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 FL893061105 -- -- -- -- -- -- -- -- -- 12 13 14 15 LM153061105 FL313161400 LM153061185 Household sector U.S. savings securities (line 7) Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 13 -- 14 -- 15 16 17 FL103061103 FL113061003 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- -- 16 -- 17 18 19 20 FL213061105 FL213061120 FL213061103 State and local governments SLGS (line 8) Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 18 -- 19 -- 20 21 22 23 FL713061103 FL713061113 FL713061125 Monetary authority Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 21 -- 22 -- 23 24 25 26 27 LM763061100 LM753061103 LM743061103 LM473061105 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions ----- ----- ----- ----- ----- ----- ----- ----- ----- 28 29 30 LM513061105 LM513061115 LM513061125 Property-casualty insurance companies Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 28 -- 29 -- 30 31 32 33 LM543061105 LM543061115 LM543061125 Life insurance companies Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 31 -- 32 -- 33 34 35 36 LM573061105 LM573061143 LM573061133 Private pension funds Defined benefit plans Defined contribution plans ---- ---- ---- ---- ---- ---- ---- ---- -- 34 -- 35 -- 36 37 38 39 LM343061105 LM343061165 LM343061155 Federal government retirement funds (3) Defined benefit plans Defined contribution plans ---- ---- ---- ---- ---- ---- ---- ---- -- 37 -- 38 -- 39 40 LM223061143 State and local govt. retirement funds -- -- -- -- -- -- -- -- -- 40 41 42 43 FL633061105 FL633061110 FL633061120 Money market funds Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 41 -- 42 -- 43 44 45 46 LM653061105 LM653061113 LM653061125 Mutual funds Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 44 -- 45 -- 46 47 48 49 50 51 52 LM553061103 LM563061103 FL403061105 FL673061103 FL663061105 LM733061103 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers Holding companies ------- ------- ------- ------- ------- ------- ------- ------- ------- 53 54 55 LM263061105 LM263061110 LM263061120 Rest of the world Treasury bills Other Treasury securities ---- ---- ---- ---- ---- ---- ---- ---- -- 53 -- 54 -- 55 56 LM903061103 Discrepancy (4) -- -- -- -- -- -- -- -- -- 56 Total assets 24 25 26 27 47 48 49 50 51 52 (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. Levels 2016 120 Z.1, March 7, 2019 L.211 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 1 FL893161705 2 3 4 FL313161705 FL403161705 FL413065005 5 FL893061705 6 7 LM153061705 FL103061703 8 9 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 -- -- -- -- -- -- -- -- -- 5 Household sector Nonfinancial corporate business --- --- --- --- --- --- --- --- --- 6 7 FL313061703 FL213061703 Federal government State and local governments --- --- --- --- --- --- --- --- --- 8 9 10 FL713061705 Monetary authority -- -- -- -- -- -- -- -- -- 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 15 16 LM513061705 LM543061705 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 15 -- 16 17 18 19 LM573061705 LM343061705 LM223061743 Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 21 22 FL633061700 LM653061703 FL403061705 Money market funds Mutual funds Government-sponsored enterprises ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 23 24 FL673061703 FL643061773 ABS issuers REITs --- --- --- --- --- --- --- --- -- 23 -- 24 25 26 FL663061703 LM733061703 Brokers and dealers Holding companies --- --- --- --- --- --- --- --- -- 25 -- 26 27 LM263061705 Rest of the world -- -- -- -- -- -- -- -- -- 27 28 LM903061703 Discrepancy (2) -- -- -- -- -- -- -- -- -- 28 Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 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 GNMA, 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, March 7, 2019 L.212 Municipal Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FL383162005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL213162005 FL213162400 FL213162200 State and local governments Short-term (1) Long-term ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 FL163162003 FL103162000 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) --- --- --- --- --- --- --- --- --- 5 6 7 FL893062005 -- -- -- -- -- -- -- -- -- 7 8 9 10 LM153062005 FL103062003 FL113062003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 11 FL213062003 State and local governments -- -- -- -- -- -- -- -- -- 11 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 16 17 LM513062005 LM543062005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 16 -- 17 18 19 LM343062033 LM223062043 Federal government retirement funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 18 -- 19 20 21 22 23 FL633062000 LM653062003 LM553062003 LM563062003 Money market funds Mutual funds Closed-end funds Exchange-traded funds ----- ----- ----- ----- ----- ----- ----- ----- ----- 24 25 FL403062005 FL663062003 Government-sponsored enterprises Brokers and dealers --- --- --- --- --- --- --- --- -- 24 -- 25 26 FL263062003 Rest of the world -- -- -- -- -- -- -- -- -- 26 27 LM903062003 Discrepancy (3) -- -- -- -- -- -- -- -- -- 27 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. 12 13 14 15 20 21 22 23 Levels 2016 122 Z.1, March 7, 2019 L.213 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FL893163005 -- -- -- -- -- -- -- -- -- 1 2 FL103163003 Nonfinancial corporate business -- -- -- -- -- -- -- -- -- 2 3 FL793163005 Domestic financial sectors -- -- -- -- -- -- -- -- -- 3 4 5 6 7 FL763163005 FL673163005 FL613163005 FL643163005 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs ----- ----- ----- ----- ----- ----- ----- ----- ----- 4 5 6 7 8 9 10 FL663163003 FL733163003 FL503163005 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 11 LM263163005 -- -- -- -- -- -- -- -- -- 11 12 FL893063005 -- -- -- -- -- -- -- -- -- 12 13 LM153063005 Household sector -- -- -- -- -- -- -- -- -- 13 14 15 FL313063763 FL213063003 Federal government State and local governments --- --- --- --- --- --- --- --- -- 14 -- 15 16 17 18 LM763063005 LM763063605 LM763063095 U.S.-chartered depository institutions MBS and other ABS Other ---- ---- ---- ---- ---- ---- ---- ---- -- 16 -- 17 -- 18 19 20 LM753063005 LM743063005 Foreign banking offices in U.S. Banks in U.S.-affiliated areas --- --- --- --- --- --- --- --- -- 19 -- 20 21 22 23 LM473063005 LM473063605 LM473063095 Credit unions MBS and other ABS Other ---- ---- ---- ---- ---- ---- ---- ---- -- 21 -- 22 -- 23 24 25 26 27 28 29 LM513063005 LM513063605 LM513063095 LM543063005 LM543063675 LM543063095 Property-casualty insurance companies MBS and other ABS Other Life insurance companies MBS and other ABS Other ------- ------- ------- ------- ------- ------- ------- ------- ------- 30 31 32 LM573063005 LM343063005 LM223063045 Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 30 -- 31 -- 32 33 34 35 36 FL633063005 LM653063005 LM553063003 LM563063003 Money market funds Mutual funds Closed-end funds Exchange-traded funds ----- ----- ----- ----- ----- ----- ----- ----- ----- 33 34 35 36 37 38 39 40 41 FL403063005 FL403063605 FL403063095 LM613063003 FL643063005 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs ------ ------ ------ ------ ------ ------ ------ ------ ------ 37 38 39 40 41 42 43 44 FL663063005 LM733063003 FL503063005 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 42 -- 43 -- 44 45 46 47 LM263063005 LM263063603 LM263063095 Rest of the world (4) MBS and other ABS Other ---- ---- ---- ---- ---- ---- ---- ---- -- 45 -- 46 -- 47 48 LM903063003 Discrepancy (5) -- -- -- -- -- -- -- -- -- 48 Rest of the world (2) Total assets (3) 24 25 26 27 28 29 (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, March 7, 2019 L.214 Loans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 By instrument 1 FL894123005 2 3 FL793068005 FL893169005 4 5 6 7 8 9 Total loans -- -- -- -- -- -- -- -- -- 1 Depository institution loans n.e.c. Other loans and advances --- --- --- --- --- --- --- --- --- 2 3 FL893065005 FL893065105 FL893065405 FL893065505 FL893065603 Mortgages Home Multifamily residential Commercial Farm ------ ------ ------ ------ ------ ------ ------ ------ ------ 4 5 6 7 8 FL153166000 Consumer credit -- -- -- -- -- -- -- -- -- 9 10 FL894123005 11 FL384123005 12 13 14 FL154123005 FL104123005 FL114123005 15 16 FL314123005 FL213169203 17 FL794123005 18 19 20 21 FL763169305 FL473169333 FL513169333 FL543169373 22 23 24 25 26 FL403169283 FL614123005 FL644123005 FL664123005 FL504123005 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 41 42 43 44 45 Total liabilities -- -- -- -- -- -- -- -- -- 10 -- -- -- -- -- -- -- -- -- 11 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 Federal government State and local governments --- --- --- --- --- --- --- --- -- 15 -- 16 -- -- -- -- -- -- -- -- -- 17 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies ----- ----- ----- ----- ----- ----- ----- ----- ----- 18 19 20 21 Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations ------ ------ ------ ------ ------ ------ ------ ------ ------ 22 23 24 25 26 -- -- -- -- -- -- -- -- -- 27 -- -- -- -- -- -- -- -- -- 28 -- -- -- -- -- -- -- -- -- 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 30 -- 31 -- 32 Federal government State and local governments --- --- --- --- --- --- --- --- -- 33 -- 34 -- -- -- -- -- -- -- -- -- 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions ------ ------ ------ ------ ------ ------ ------ ------ ------ 36 37 38 39 40 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 41 42 43 44 45 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 46 47 48 49 50 51 52 53 54 FL643065005 FL663069005 FL733069005 FL503069805 REITs Brokers and dealers Holding companies Funding corporations ----- ----- ----- ----- ----- ----- ----- ----- ----- 51 52 53 54 55 FL263069500 -- -- -- -- -- -- -- -- -- 55 Domestic nonfinancial sectors Domestic financial sectors Rest of the world Total 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. Levels By sector 124 Z.1, March 7, 2019 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FL793068005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL153168005 FL103168005 FL113168005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 FL793168005 Domestic financial sectors -- -- -- -- -- -- -- -- -- 5 6 7 8 FL613168003 FL643168005 FL663168005 Finance companies REITs Brokers and dealers ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 9 FL713068505 Funding corporations -- -- -- -- -- -- -- -- -- 9 10 11 12 13 FL263168005 FL263168465 FL263168485 FL263168495 ----- ----- ----- ----- ----- ----- ----- ----- ----- 10 11 12 13 14 FL793068005 -- -- -- -- -- -- -- -- -- 14 15 FL713068005 Monetary authority (2) -- -- -- -- -- -- -- -- -- 15 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 (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 the household, broker and dealer, and funding corporation sectors. 16 17 18 19 125 Z.1, March 7, 2019 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FL893169005 Total other loans and advances -- -- -- -- -- -- -- -- -- 2 3 4 5 6 7 8 9 10 FL313069205 FL153169203 FL103169205 FL113169205 FL213169203 FL403169283 FL313069223 FL503169205 FL263169205 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Funding corporations Rest of the world ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -- 2 -- 3 -- 4 -- 5 -- 6 -- 7 -- 8 -- 9 -- 10 11 12 FL313169003 FL313169003 Federal government retirement funds loans Liab.: Federal government --- --- --- --- --- --- --- --- -- 11 -- 12 13 14 FL263069500 FL263069500 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business --- --- --- --- --- --- --- --- -- 13 -- 14 15 16 17 18 FL763069703 FL753069703 FL103169705 FL263169705 ----- ----- ----- ----- ----- ----- ----- ----- ----- 19 20 21 FL733069005 FL733069013 FL733069023 Holding company loans Liab.: Nonfinancial corporate business Rest of the world ---- ---- ---- ---- ---- ---- ---- ---- -- 19 -- 20 -- 21 22 23 24 FL153169405 FL313069403 FL543069405 Policy loans (Household liability) Asset: Federal government Life insurance companies ---- ---- ---- ---- ---- ---- ---- ---- -- 22 -- 23 -- 24 25 26 27 28 29 30 31 FL403069330 FL763169335 FL473169333 FL513169333 FL543169373 FL613169333 FL643169373 Federal Home Loan Banks advances (1) Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Real estate investment trusts -------- -------- -------- -------- -------- -------- -------- -------- -------- 25 26 27 28 29 30 31 32 33 34 35 36 FL403069395 FL153169305 FL183169305 FL113169305 FL763169383 Government-sponsored enterprise (GSE) loans (2) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) ------ ------ ------ ------ ------ ------ ------ ------ ------ 32 33 34 35 36 37 38 FL673069505 FL673069505 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business --- --- --- --- --- --- --- --- -- 37 -- 38 39 40 41 FL613069500 FL103169535 FL113169535 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 39 -- 40 -- 41 42 43 FL663067003 FL663067003 Margin accounts at brokers and dealers Liab.: Household sector --- --- --- --- --- --- --- --- -- 42 -- 43 44 45 FL153067005 FL153067005 Cash accounts at brokers and dealers Asset: Household sector --- --- --- --- --- --- --- --- -- 44 -- 45 46 47 48 49 50 51 52 FL103169803 FL153069803 FL543069873 FL653069803 FL673069803 FL663069803 FL503069805 Loans to nonfinancial corporate business (3) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations -------- -------- -------- -------- -------- -------- -------- -------- -------- Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world (1) 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. (2) 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 25. (3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. 1 15 16 17 18 46 47 48 49 50 51 52 Levels 2016 126 Z.1, March 7, 2019 L.217 Total Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 1 FL893065005 2 3 4 5 FL893065105 FL893065405 FL893065505 FL893065603 Total mortgages 6 FL893065005 7 FL153165005 Household sector 8 9 10 FL143165005 FL103165005 FL113165005 11 12 FL313165403 FL643165005 13 FL893065005 14 15 16 FL153065005 FL103065003 FL113065005 17 18 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 -- -- -- -- -- -- -- -- -- 6 -- -- -- -- -- -- -- -- -- 7 Nonfinancial business Corporate Noncorporate ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 Federal government REITs --- --- --- --- --- --- --- --- -- 11 -- 12 -- -- -- -- -- -- -- -- -- 13 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 FL313065005 FL213065005 Federal government State and local governments --- --- --- --- --- --- --- --- -- 17 -- 18 19 20 21 22 FL763065005 FL753065005 FL743065003 FL473065100 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions ----- ----- ----- ----- ----- ----- ----- ----- ----- 23 24 FL513065505 FL543065005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 23 -- 24 25 26 FL573065005 FL223065043 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 25 -- 26 27 28 FL403065005 FL413065005 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools --- --- --- --- --- --- --- --- -- 27 -- 28 29 30 31 FL673065005 FL613065000 FL643065005 ABS issuers Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 29 -- 30 -- 31 Home Multifamily residential Commercial Farm Total liabilities Total assets (1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages. 19 20 21 22 127 Z.1, March 7, 2019 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 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 11 12 13 14 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 -- -- -- -- -- -- -- -- -- 5 ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 Federal government State and local governments --- --- --- --- --- --- --- --- -- 9 -- 10 FL763065105 FL753065103 FL743065103 FL473065100 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions ----- ----- ----- ----- ----- ----- ----- ----- ----- 15 16 17 FL543065105 FL573065103 FL223065143 Life insurance companies Private pension funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 19 FL403065105 FL413065105 Government-sponsored enterprises Agency- and GSE-backed mortgage pools --- --- --- --- --- --- --- --- -- 18 -- 19 20 21 22 FL673065105 FL613065105 FL643065105 ABS issuers Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 20 -- 21 -- 22 23 24 25 26 27 28 FL893065125 FL763065125 FL753065203 FL473065125 FL673065123 FL613065123 ------- ------- ------- ------- ------- ------- ------- ------- ------- Household sector Nonfinancial corporate business Nonfinancial noncorporate business Total assets Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies 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 -- -- -- -- -- -- -- -- -- 1 2 3 FL103165405 FL113165405 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- --- 2 3 4 5 FL313165403 FL643165483 Federal government REITs --- --- --- --- --- --- --- --- --- 4 5 6 FL893065405 -- -- -- -- -- -- -- -- -- 6 7 8 9 FL153065403 FL103065403 FL113065403 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- ---- 7 8 9 10 11 FL313065405 FL213065403 Federal government State and local governments --- --- --- --- --- --- --- --- -- 10 -- 11 12 13 FL763065403 FL753065403 U.S.-chartered depository institutions Foreign banking offices in U.S. --- --- --- --- --- --- --- --- -- 12 -- 13 14 15 16 FL543065405 FL573065403 FL223065443 Life insurance companies Private pension funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 17 18 FL403065405 FL413065405 Government-sponsored enterprises Agency- and GSE-backed mortgage pools --- --- --- --- --- --- --- --- -- 17 -- 18 19 20 21 FL673065405 FL613065403 FL643065405 ABS issuers Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 19 -- 20 -- 21 Total assets Levels 2016 128 Z.1, March 7, 2019 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 1 FL893065505 2 3 4 5 FL163165505 FL103165505 FL113165505 FL643165583 Total liabilities 6 FL893065505 7 8 9 FL153065505 FL103065503 FL113065503 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 10 11 FL313065505 FL213065503 12 13 14 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 ----- ----- ----- ----- ----- ----- ----- ----- ----- 2 3 4 5 -- -- -- -- -- -- -- -- -- 6 ---- ---- ---- ---- ---- ---- ---- ---- ---- 7 8 9 Federal government State and local governments --- --- --- --- --- --- --- --- -- 10 -- 11 FL763065503 FL753065503 FL743065505 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 FL513065505 FL543065505 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 15 -- 16 17 18 FL573065505 FL223065545 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 17 -- 18 19 20 FL413065505 FL673065505 Agency- and GSE-backed mortgage pools ABS issuers --- --- --- --- --- --- --- --- -- 19 -- 20 21 22 FL613065503 FL643065505 Finance companies REITs --- --- --- --- --- --- --- --- -- 21 -- 22 -- -- -- -- -- -- -- -- -- 1 --- --- --- --- --- --- --- --- --- 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 -- -- -- -- -- -- -- -- -- 4 5 6 FL153065605 FL113065603 Household sector Nonfinancial noncorporate business --- --- --- --- --- --- --- --- --- 5 6 7 8 FL313065605 FL213065603 Federal government State and local governments --- --- --- --- --- --- --- --- --- 7 8 9 10 FL763065633 FL753065603 U.S.-chartered depository institutions Foreign banking offices in U.S. --- --- --- --- --- --- --- --- -- 9 -- 10 11 12 FL543065633 FL223065643 Life insurance companies State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 11 -- 12 13 14 FL403065605 FL413065605 Government-sponsored enterprises Agency- and GSE-backed mortgage pools --- --- --- --- --- --- --- --- -- 13 -- 14 Nonfinancial corporate business Nonfinancial noncorporate business Total assets (1) Excludes mortgages on farm houses. 129 Z.1, March 7, 2019 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 1 FL153166000 Total liabilities (Households) -- -- -- -- -- -- -- -- -- 1 2 FL153166000 Total assets -- -- -- -- -- -- -- -- -- 2 3 4 5 FL163066223 FL103066005 FL113066003 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 7 8 FL313066220 FL763066000 FL473066000 Federal government (2) U.S.-chartered depository institutions Credit unions ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 9 10 11 FL403066005 FL673066000 FL613066005 Government-sponsored enterprises ABS issuers Finance companies ---- ---- ---- ---- ---- ---- ---- ---- -- 9 -- 10 -- 11 12 13 14 15 FL153166100 FL153166400 FL153166220 FL153166205 ----- ----- ----- ----- ----- ----- ----- ----- ----- 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. 12 13 14 15 Levels Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) 130 Z.1, March 7, 2019 L.223 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 1 LM893064105 2 LM883164105 3 4 5 LM103164103 LM103164113 LM103164123 6 7 8 LM793164105 LM793164115 LM793164123 9 LM263164100 10 LM893064105 11 12 13 14 LM153064105 LM103064103 LM313064105 LM213064103 15 16 17 Issues at market value 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 -- -- -- -- -- -- -- -- -- 2 Nonfinancial corporate business Publicly traded (2) Closely held ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 Financial corporations Publicly traded (3) Closely held ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 -- -- -- -- -- -- -- -- -- 9 -- -- -- -- -- -- -- -- -- 10 Household sector Nonfinancial corporate business Federal government State and local governments ----- ----- ----- ----- ----- ----- ----- ----- ----- FL713064103 LM763064105 FL753064103 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 18 19 20 21 22 23 24 25 26 27 LM653064100 LM553064103 LM563064100 LM663064103 FL503064105 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Funding corporations ------ ------ ------ ------ ------ ------ ------ ------ ------ 23 24 25 26 27 28 LM263064105 Rest of the world (5) -- -- -- -- -- -- -- -- -- 28 29 30 31 32 LM883164115 LM883164125 LM883164133 LM883164135 Publicly traded equity at market value (6) Closely held equity at market value (7) S corporations C corporations ----- ----- ----- ----- ----- ----- ----- ----- ----- 33 PC073164013 Percent change in Dow Jones U.S. Total Market Index -- -- -- -- -- -- -- -- -- 33 Domestic sectors Rest of the world (4) Holdings at market value 11 12 13 14 Memo: 29 30 31 32 (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) Excludes intercorporate holdings. (3) Includes corporate equities issued by financial corporations under the federal financial stabilization programs. (4) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (5) Holdings of U.S. issues by foreign residents. (6) Equal to the sum of lines 4 and 7. (7) 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 -- -- -- -- -- -- -- -- -- 1 2 LM653164205 Holdings at market value -- -- -- -- -- -- -- -- -- 2 3 4 5 LM153064205 LM103064203 LM213064203 Household sector Nonfinancial corporate business State and local governments ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 7 LM763064203 LM473064205 U.S.-chartered depository institutions Credit unions --- --- --- --- --- --- --- --- --- 6 7 8 9 10 11 LM513064205 LM543064205 LM573064205 LM223064205 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds ----- ----- ----- ----- ----- ----- ----- ----- -- 8 -- 9 -- 10 -- 11 12 LM263064203 Rest of the world -- -- -- -- -- -- -- -- -- 12 (1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds. 131 Z.1, March 7, 2019 L.225 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total trade payables 2018 Q4 Q1 Q2 Q3 Q4 1 FL893170005 -- -- -- -- -- -- -- -- -- 1 2 FL163170005 Nonprofit organizations (1) -- -- -- -- -- -- -- -- -- 2 3 4 FL103170005 FL113170005 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- --- 3 4 5 6 FL313170005 FL213170003 Federal government State and local governments --- --- --- --- --- --- --- --- --- 5 6 7 8 9 FL513170005 FL543170005 FL663170003 Property-casualty insurance companies Life insurance companies Brokers and dealers ---- ---- ---- ---- ---- ---- ---- ---- ---- 7 8 9 10 LM263170005 Rest of the world -- -- -- -- -- -- -- -- -- 10 11 FL893070005 -- -- -- -- -- -- -- -- -- 11 12 FL163070005 Nonprofit organizations (1) -- -- -- -- -- -- -- -- -- 12 13 14 FL103070005 FL113070003 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- -- 13 -- 14 15 16 FL313070000 FL213070003 Federal government State and local governments --- --- --- --- --- --- --- --- -- 15 -- 16 17 18 19 FL513070005 FL543070005 FL673070003 Property-casualty insurance companies Life insurance companies ABS issuers ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 LM263070005 Rest of the world -- -- -- -- -- -- -- -- -- 20 21 FL903070005 -- -- -- -- -- -- -- -- -- 21 -- -- -- -- -- -- -- -- -- 1 ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 -- -- -- -- -- -- -- -- -- 5 ------ ------ ------ ------ ------ ------ ------ ------ -- 6 -- 7 -- 8 -- 9 -- 10 Total trade receivables Discrepancy (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 2016 132 Z.1, March 7, 2019 L.227 Pension Entitlements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FL893150005 -- -- -- -- -- -- -- -- -- 1 2 3 FL543150005 FL574190005 Life insurance companies (1) Private pension funds (2) --- --- --- --- --- --- --- --- --- 2 3 4 5 6 FL344090005 FL224190005 FL263150005 Federal government retirement funds (3) State and local govt. retirement funds Rest of the world ---- ---- ---- ---- ---- ---- ---- ---- ---- 4 5 6 7 FL893150005 -- -- -- -- -- -- -- -- -- 7 8 9 10 FL153050005 FL543050005 FL543151905 ---- ---- ---- ---- ---- ---- ---- ---- -- 8 -- 9 -- 10 -------- -------- -------- -------- -------- -------- -------- -------- -------- Total assets Households (4) Life insurance companies Rest of the world 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 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) Excludes all individual retirement accounts (IRAs), except those at life insurance companies. (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 -- -- -- -- -- -- -- -- -- 1 2 3 FL103178005 FL113178003 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- --- 2 3 4 FL763178003 U.S.-chartered depository institutions -- -- -- -- -- -- -- -- -- 4 5 6 FL513178005 FL543178075 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- --- 5 6 7 8 FL613178005 FL663178005 Finance companies Brokers and dealers --- --- --- --- --- --- --- --- --- 7 8 -- -- -- -- -- -- -- -- -- 9 --- --- --- --- --- --- --- --- -- 10 -- 11 -- -- -- -- -- -- -- -- -- 12 9 FL893078005 10 11 FL313078000 FL213078005 12 FL903078005 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 LM662090205 Total household equity Nonfinancial noncorporate business Brokers and dealers -- -- -- -- -- -- -- -- -- 1 --- --- --- --- --- --- --- --- --- 2 3 133 Z.1, March 7, 2019 L.230 Direct Investment Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 U.S. direct investment abroad: 1 2 3 4 5 LM263192005 LM263192101 LM263192305 LM263192313 LM263092313 Liab.: Rest of the world (1) Equity Intercompany debt (2) U.S. parents’ claims Less: U.S. parents’ liabilities ------ ------ ------ ------ ------ ------ ------ ------ ------ 1 2 3 4 5 6 7 8 9 10 11 LM103092005 LM763092000 LM513092003 LM543092073 LM613092003 LM663092003 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers ------- ------- ------- ------- ------- ------- ------- ------- -- 6 -- 7 -- 8 -- 9 -- 10 -- 11 12 13 14 15 16 17 18 19 20 LM103192005 LM115114005 LM753192003 LM513192003 LM543192073 LM613192003 LM663192005 FL733192003 FL503192003 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 Funding corporations ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 12 13 14 15 16 17 18 19 20 21 22 23 24 25 LM263092001 LM263092101 LM263092303 LM263092323 LM263192323 Asset: Rest of the world (1) Equity Intercompany debt U.S. affiliates’ liabilities Less: U.S. affiliates’ claims ------ ------ ------ ------ ------ ------ ------ ------ ------ 21 22 23 24 25 Memo: Direct investment, asset/liability presentation: 26 27 28 29 30 LM263192035 LM263192101 LM263192345 LM263192313 LM263192323 Direct investment assets Equity (line 2) Intercompany debt U.S. parents’ claims (line 4) U.S. affiliates’ claims (line 25) ------ ------ ------ ------ ------ ------ ------ ------ ------ 26 27 28 29 30 31 32 33 34 35 LM263092035 LM263092101 LM263092345 LM263092313 LM263092323 Direct investment liabilities Equity (line 22) Intercompany debt U.S. parents’ liabilities (line 5) U.S. affiliates’ liabilities (line 24) ------ ------ ------ ------ ------ ------ ------ ------ ------ 31 32 33 34 35 Alternative valuations of direct investment assets: U.S. direct investment abroad: 36 37 38 LM263192045 LM263192141 LM263192305 Market value Equity Intercompany debt ---- ---- ---- ---- ---- ---- ---- ---- -- 36 -- 37 -- 38 39 40 41 FL263192055 FL263192151 FL263192305 Historical cost Equity Intercompany debt ---- ---- ---- ---- ---- ---- ---- ---- -- 39 -- 40 -- 41 42 43 44 LM263092045 LM263092141 LM263092303 Market value Equity Intercompany debt ---- ---- ---- ---- ---- ---- ---- ---- -- 42 -- 43 -- 44 45 46 47 FL263092055 FL263092151 FL263092303 Historical cost Equity Intercompany debt ---- ---- ---- ---- ---- ---- ---- ---- -- 45 -- 46 -- 47 Foreign direct investment in U.S.: (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. Levels Foreign direct investment in U.S.: 134 Z.1, March 7, 2019 L.231 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Levels Q3 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FL893190005 -- -- -- -- -- -- -- -- -- 1 2 3 4 FL543077073 FL103190005 FL113193003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- ---- 2 3 4 5 6 FL313190005 FL223073045 Federal government State and local governments --- --- --- --- --- --- --- --- --- 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 ------ ------ ------ ------ ------ ------ ------ ------ -- 7 -- 8 -- 9 -- 10 -- 11 12 13 FL513190005 FL543190005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 12 -- 13 14 15 16 FL403190005 FL613190005 FL643193005 Government-sponsored enterprises Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 14 -- 15 -- 16 17 18 19 FL663190005 FL733193005 FL503190005 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 17 -- 18 -- 19 20 FL263190005 Rest of the world -- -- -- -- -- -- -- -- -- 20 21 FL893090005 -- -- -- -- -- -- -- -- -- 21 22 23 24 FL153090005 FL103090005 FL113090005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business ---- ---- ---- ---- ---- ---- ---- ---- -- 22 -- 23 -- 24 25 26 FL313090005 FL213093003 Federal government State and local governments --- --- --- --- --- --- --- --- -- 25 -- 26 27 28 29 30 31 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 32 33 FL513090005 FL543090005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 32 -- 33 34 35 36 FL573090005 FL343073045 FL223090005 Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 34 -- 35 -- 36 37 38 39 FL633093005 FL653093005 LM563093003 Money market funds Mutual funds Exchange-traded funds ---- ---- ---- ---- ---- ---- ---- ---- -- 37 -- 38 -- 39 40 41 42 43 FL403093005 FL673090543 FL613090005 FL643090005 Government-sponsored enterprises ABS issuers Finance companies REITs ----- ----- ----- ----- ----- ----- ----- ----- ----- 44 45 46 FL663090005 FL733090005 FL503094505 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 44 -- 45 -- 46 47 FL263076005 Rest of the world -- -- -- -- -- -- -- -- -- 47 48 FL903090005 -- -- -- -- -- -- -- -- -- 48 Total assets Discrepancy 27 28 29 30 31 40 41 42 43 135 Z.1, March 7, 2019 L.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 Federal government equity in IBRD, etc.: 1 2 FL313092803 FL313092803 Liab.: Rest of the world Asset: Federal government --- --- --- --- --- --- --- --- --- 1 2 --- --- --- --- --- --- --- --- --- 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 -- -- -- -- -- -- -- -- -- 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) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Equity in government-sponsored enterprises: 15 16 17 18 19 20 FL763194735 FL513194733 FL543194733 FL613194733 FL663194735 FL263194735 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world ------- ------- ------- ------- ------- ------- ------- ------- ------- 21 FL733094705 Asset: Holding companies -- -- -- -- -- -- -- -- -- 21 --- --- --- --- --- --- --- --- -- 22 -- 23 NFC investment in finance company affiliates: 22 23 FL103094105 FL103094105 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in affiliates: 24 25 FL753194503 FL663194505 Liab.: Foreign banking offices in U.S. Brokers and dealers --- --- --- --- --- --- --- --- -- 24 -- 25 26 FL503094505 Asset: Funding corporations -- -- -- -- -- -- -- -- -- 26 27 28 29 LM503194305 LM153094305 LM313094303 ---- ---- ---- ---- ---- ---- ---- ---- -- 27 -- 28 -- 29 Equity investment under Public-Private Inv. Program: Liab.: Funding corporations Asset: Households (1) Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). Levels Holding company net transactions with affiliates: 136 Z.1, March 7, 2019 L.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 Nonofficial foreign currencies: 1 2 3 FL263191103 FL313091105 FL713091103 Liab.: Rest of the world Asset: Federal government Monetary authority (1) ---- ---- ---- ---- ---- ---- ---- ---- ---- 1 2 3 --- --- --- --- --- --- --- --- --- 4 5 --- --- --- --- --- --- --- --- --- 6 7 --- --- --- --- --- --- --- --- --- 8 9 --- --- --- --- --- --- --- --- -- 10 -- 11 Postal Savings System deposits: 4 5 FL313131003 FL313131003 6 7 FL403197033 FL403197033 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Funding agreements backing securities: 8 9 FL673090543 FL673090543 10 11 FL543077073 FL543077073 Liab.: Life insurance companies (2) Asset: ABS issuers Levels Deferred and unpaid life insurance premiums: Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 12 13 FL543195005 FL263195105 Liab.: Life insurance companies Rest of the world --- --- --- --- --- --- --- --- -- 12 -- 13 14 15 FL153095105 FL543095105 Asset: Household sector Life insurance companies --- --- --- --- --- --- --- --- -- 14 -- 15 Policy payables: 16 17 FL513176005 FL263176005 Liab.: Property-casualty insurance companies Rest of the world --- --- --- --- --- --- --- --- -- 16 -- 17 18 19 20 21 22 FL153076005 FL103076005 FL113076005 FL513076005 FL263076005 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Property-casualty insurance companies Rest of the world ------ ------ ------ ------ ------ ------ ------ ------ ------ ---- ---- ---- ---- ---- ---- ---- ---- -- 23 -- 24 -- 25 --- --- --- --- --- --- --- --- -- 26 -- 27 --- --- --- --- --- --- --- --- -- 28 -- 29 --- --- --- --- --- --- --- --- -- 30 -- 31 18 19 20 21 22 Unallocated insurance company contracts: 23 24 25 FL593095005 FL573095005 FL223095505 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds Pension fund contributions payable: 26 27 FL573074005 FL573074005 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 28 29 FL663097005 FL663097005 Liab.: Funding corporations Asset: Brokers and dealers Retiree health care funds: 30 31 FL313195105 FL313195105 Liab.: Federal government (3) Asset: Household sector Claims of pension fund on sponsor: 32 33 34 FL573073005 FL343073045 FL223073045 Liab.: Nonfinancial corporate business Federal government State and local governments ---- ---- ---- ---- ---- ---- ---- ---- -- 32 -- 33 -- 34 35 36 37 FL573073005 FL343073045 FL223073045 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds ---- ---- ---- ---- ---- ---- ---- ---- -- 35 -- 36 -- 37 (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. 137 Z.1, March 7, 2019 L.234 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2017 2018 2017 Q3 Total liabilities 2018 Q4 Q1 Q2 Q3 Q4 1 FL893193005 -- -- -- -- -- -- -- -- -- 1 2 3 FL103193005 FL113193003 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- --- 2 3 4 FL313193013 Federal government -- -- -- -- -- -- -- -- -- 4 5 6 7 8 9 FL713193005 FL763193005 FL753193005 FL743193005 FL473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions ------ ------ ------ ------ ------ ------ ------ ------ ------ 5 6 7 8 9 10 11 FL513193005 FL543193005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 10 -- 11 12 13 14 FL403193005 FL613193005 FL643193005 Government-sponsored enterprises Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 17 FL663193005 FL733193005 FL503193005 Brokers and dealers Holding companies Funding corporations ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 FL893093005 -- -- -- -- -- -- -- -- -- 18 19 20 FL103093005 FL113093005 Nonfinancial corporate business Nonfinancial noncorporate business --- --- --- --- --- --- --- --- -- 19 -- 20 21 22 FL313093003 FL213093003 Federal government State and local governments --- --- --- --- --- --- --- --- -- 21 -- 22 23 24 25 26 27 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 28 29 FL513093005 FL543093005 Property-casualty insurance companies Life insurance companies --- --- --- --- --- --- --- --- -- 28 -- 29 30 31 FL573093005 FL223093005 Private pension funds State and local govt. retirement funds --- --- --- --- --- --- --- --- -- 30 -- 31 32 33 34 FL633093005 FL653093005 LM563093003 Money market funds Mutual funds Exchange-traded funds ---- ---- ---- ---- ---- ---- ---- ---- -- 32 -- 33 -- 34 35 36 37 FL403093005 FL613093005 FL643093005 Government-sponsored enterprises Finance companies REITs ---- ---- ---- ---- ---- ---- ---- ---- -- 35 -- 36 -- 37 38 39 FL663093005 FL733093005 Brokers and dealers Holding companies --- --- --- --- --- --- --- --- -- 38 -- 39 40 FL903090005 -- -- -- -- -- -- -- -- -- 40 Total assets Discrepancy 23 24 25 26 27 Levels 2016 138 Z.1, March 7, 2019 B.101 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Balance Sheets 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 14 15 16 17 18 Assets 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 -- -- -- -- -- -- -- -- -- 2 ------- ------- ------- ------- ------- ------- ------- ------- ------- 3 4 5 6 7 8 -- -- -- -- -- -- -- -- -- 9 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares ----- ----- ----- ----- ----- ----- ----- ----- ----- 10 11 12 13 LM154022005 LM153061105 LM153061705 LM153062005 LM153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds ------ ------ ------ ------ ------ ------ ------ ------ ------ 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) ----- ----- ----- ----- ----- ----- ----- ----- ----- 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 -------- -------- -------- -------- -------- -------- -------- -------- -------- 23 24 25 26 27 28 29 30 FL154190005 -- -- -- -- -- -- -- -- -- 30 31 32 33 34 35 36 37 FL163162003 FL154123005 FL153165105 FL153166000 FL153168005 FL153169005 FL163165505 Debt securities (municipal securities) (5) Loans Home 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 --- --- --- --- --- --- --- --- -- 38 -- 39 40 FL152090005 -- -- -- -- -- -- -- -- -- 40 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 31 32 33 34 35 36 37 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- 41 42 43 44 45 46 47 48 LM155012605 LM155012665 LM165012665 LM165013665 Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) ----- ----- ----- ----- ----- ----- ----- ----- ----- 45 46 47 48 49 50 51 52 FA156012005 FL152090006 FL155035065 FL155035066 ----- ----- ----- ----- ----- ----- ----- ----- ----- 49 50 51 52 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) (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. (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, March 7, 2019 B.103 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 2018 Q4 Q1 Q2 Q3 Q4 With nonfinancial assets stated at either market value or replacement cost: FL102000005 2 3 4 5 6 LM102010005 LM105035005 LM105015205 LM105013765 LM105020015 7 FL104090005 8 9 10 11 12 FL103091003 FL103020005 FL103030003 FL103034000 FL102051003 13 14 15 16 17 -- -- -- -- -- -- -- -- -- 1 Nonfinancial assets Real estate (1) Equipment (2) Intellectual property products (2) Inventories (2) ------ ------ ------ ------ ------ ------ ------ ------ ------ 2 3 4 5 6 Financial assets -- -- -- -- -- -- -- -- -- 7 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements ------ ------ ------ ------ ------ ------ ------ ------ -- 8 -- 9 -- 10 -- 11 -- 12 FL104022005 FL103069100 FL103061103 FL103061703 FL103062003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities ------ ------ ------ ------ ------ ------ ------ ------ ------ 18 19 20 FL104023005 FL103065003 FL103066005 Loans Mortgages Consumer credit ---- ---- ---- ---- ---- ---- ---- ---- -- 18 -- 19 -- 20 21 22 23 24 25 LM103064103 LM103064203 FL103070005 LM103092005 FL103090005 Corporate equities Mutual fund shares Trade receivables U.S. direct investment abroad (3) Miscellaneous assets ------ ------ ------ ------ ------ ------ ------ ------ ------ 26 FL104190005 -- -- -- -- -- -- -- -- -- 26 27 28 29 30 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities (4) Corporate bonds (3) ----- ----- ----- ----- ----- ----- ----- ----- ----- 27 28 29 30 31 32 33 34 FL104123005 FL103168005 FL103169005 FL103165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 31 32 33 34 35 36 37 38 FL103170005 FL103178005 LM103192005 FL103190005 Trade payables Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities ----- ----- ----- ----- ----- ----- ----- ----- ----- 35 36 37 38 39 FL102090005 -- -- -- -- -- -- -- -- -- 39 ------- ------- ------- ------- ------- ------- ------- ------- ------- 40 41 42 43 44 45 46 47 48 49 50 51 40 41 42 43 44 45 LM105012665 LM105013665 LM103164103 FL104104006 FL104104016 FL103164106 Assets Liabilities Net worth (market value) Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding Debt/net worth (percent) (lines 27+31/line 39) Debt/equities (percent) (lines 27+31/line 42) Equities/net worth (percent) (line 42/line 39) 13 14 15 16 17 21 22 23 24 25 With nonfinancial assets stated at historical cost: 46 47 48 49 50 51 FL102000115 FL102010115 FL105035045 FL105013213 FL105013715 FL105020000 Assets (sum of lines 7 and 47) Nonfinancial assets Real estate Equipment Intellectual property products Inventories ------- ------- ------- ------- ------- ------- ------- ------- ------- 52 FL102090115 Net worth (historical cost) (line 46 less line 26) -- -- -- -- -- -- -- -- -- 52 ---- ---- ---- ---- ---- ---- ---- ---- -- 53 -- 54 -- 55 53 54 55 FL105012613 FL105013613 FL104104026 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (lines 27+31/line 52) (1) At market value. (2) At replacement (current) cost. (3) 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. (4) 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. Balance Sheets 1 140 Z.1, March 7, 2019 B.104 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Balance Sheets Q3 Assets 2018 Q4 Q1 Q2 Q3 Q4 1 FL112000005 -- -- -- -- -- -- -- -- -- 1 2 LM112010005 Nonfinancial assets -- -- -- -- -- -- -- -- -- 2 3 4 5 LM115035005 LM115035023 LM115035035 Real estate (1) Residential Nonresidential ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 7 8 LM115015205 LM115012265 LM115013265 Equipment (2) Residential (3) Nonresidential ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 9 10 LM115013765 LM115020005 Intellectual property products (2) Inventories (2) --- --- --- --- --- --- --- --- -- 9 -- 10 11 FL114090005 -- -- -- -- -- -- -- -- -- 11 12 13 14 FL113020005 FL113030003 FL113034003 Checkable deposits and currency Time and savings deposits Money market fund shares ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 16 17 FL114022005 FL113061003 FL113062003 Debt securities Treasury securities Municipal securities ---- ---- ---- ---- ---- ---- ---- ---- -- 15 -- 16 -- 17 18 19 20 FL114023005 FL113065005 FL113066003 Loans Mortgages Consumer credit ---- ---- ---- ---- ---- ---- ---- ---- -- 18 -- 19 -- 20 21 22 23 24 25 FL113070003 FL113090005 FL113076005 FL113092405 FL113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other ------ ------ ------ ------ ------ ------ ------ ------ ------ 26 FL114190005 -- -- -- -- -- -- -- -- -- 26 27 28 29 30 FL114123005 FL113168005 FL113169005 FL113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages ----- ----- ----- ----- ----- ----- ----- ----- ----- 31 32 FL113170005 FL113178003 Trade payables Taxes payable --- --- --- --- --- --- --- --- -- 31 -- 32 33 34 LM115114005 FL113193003 Foreign direct investment in U.S. Miscellaneous liabilities --- --- --- --- --- --- --- --- -- 33 -- 34 35 LM112090205 Net worth (5) -- -- -- -- -- -- -- -- -- 35 --- --- --- --- --- --- --- --- -- 36 -- 37 -- -- -- -- -- -- -- -- -- 38 Financial assets Liabilities 21 22 23 24 25 27 28 29 30 Memo: 36 37 FL115012665 FL115013665 38 FL114104006 Replacement-cost value of structures: Residential Nonresidential Debt/net worth (percent) (line 27/line 35) (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. 141 Z.1, March 7, 2019 R.101 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2016 2017 2018 2017 Q3 1 FC152090005 2 FU155060005 3 4 5 FU155061005 FU155050005 FU156300005 6 7 8 FU155000005 FU154090005 FU154190005 9 FR158000005 10 11 12 13 14 15 16 17 FR155035005 FR154022005 FR153064105 FR153064205 FR152090205 FR153040005 FR153050005 FR153094305 18 FR158100005 19 20 21 FR155111005 FR165015205 FR165013765 22 FV158090005 23 24 FL152090005 FA156012005 Change in net worth (1) 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 -- -- -- -- -- -- -- -- -- 2 Net physical investment Capital expenditures - Consumption of fixed capital ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 -- -- -- -- -- -- -- -- -- 9 --------- --------- --------- --------- --------- --------- --------- --------- --------- 10 11 12 13 14 15 16 17 -- -- -- -- -- -- -- -- -- 18 ---- ---- ---- ---- ---- ---- ---- ---- -- 19 -- 20 -- 21 -- -- -- -- -- -- -- -- -- 22 --- --- --- --- --- --- --- --- -- 23 -- 24 Net investment Holding gains on assets at market value (2) Real estate Debt securities Corporate equities Mutual fund shares Equity in noncorporate business Life insurance reserves Pension entitlements Equity investment under PPIP Holding gains on assets at current cost (2) Consumer durable goods Equipment Intellectual property products Other volume changes (3) Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (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 Memo: 142 Z.1, March 7, 2019 R.103 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2016 2017 2018 2017 Q3 1 FC102090005 2 FU105060005 3 4 5 6 FU105061005 FU105050005 FU106300005 FU105020601 7 8 9 Change in net worth (1) 2018 Q4 Q1 Q2 Q3 Q4 -- -- -- -- -- -- -- -- -- 1 -- -- -- -- -- -- -- -- -- 2 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment ----- ----- ----- ----- ----- ----- ----- ----- ----- 3 4 5 6 FU105000005 FU104090005 FU104190005 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities ---- ---- ---- ---- ---- ---- ---- ---- ---- 7 8 9 10 FU103164103 Net corporate equity issues -- -- -- -- -- -- -- -- -- 10 11 FR108000005 Holding gains on assets at market value (2) -- -- -- -- -- -- -- -- -- 11 12 13 14 FR105035005 FR103064103 FR103064203 Real estate Corporate equities Mutual fund shares ---- ---- ---- ---- ---- ---- ---- ---- -- 12 -- 13 -- 14 15 FR108100005 -- -- -- -- -- -- -- -- -- 15 16 17 18 FR105015205 FR105013765 FR105020015 ---- ---- ---- ---- ---- ---- ---- ---- -- 16 -- 17 -- 18 19 20 FR103092005 FR103192005 Direct investment abroad - Foreign direct investment in U.S. --- --- --- --- --- --- --- --- -- 19 -- 20 21 FV108090005 Other volume changes (4) -- -- -- -- -- -- -- -- -- 21 22 FL102090005 -- -- -- -- -- -- -- -- -- 22 Net investment Holding gains on assets less liabilities at current cost (2) Equipment Intellectual property products Inventories (3) Balance Sheets Memo: Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 15), and other volume changes (line 21). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 39. 143 Z.1, March 7, 2019 R.104 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2016 2017 2018 2017 Q3 Change in net worth (1) 2018 Q4 Q1 Q2 Q3 Q4 1 FC112090205 -- -- -- -- -- -- -- -- -- 1 2 FU115440005 Net capital transfers paid -- -- -- -- -- -- -- -- -- 2 3 FU115060005 Net investment -- -- -- -- -- -- -- -- -- 3 4 5 6 FU115061005 FU115050005 FU116300005 Net physical investment Capital expenditures - Consumption of fixed capital ---- ---- ---- ---- ---- ---- ---- ---- ---- 4 5 6 7 8 9 FU115000005 FU114090005 FU114190005 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities ---- ---- ---- ---- ---- ---- ---- ---- ---- 7 8 9 10 FU112090205 Proprietor’s net investment (2) -- -- -- -- -- -- -- -- -- 10 11 FR115035005 Holding gains on real estate (3) -- -- -- -- -- -- -- -- -- 11 12 13 FR115035023 FR115035035 --- --- --- --- --- --- --- --- -- 12 -- 13 14 FR118100005 Holding gains on assets at current cost (3) -- -- -- -- -- -- -- -- -- 14 15 16 17 18 19 FR115012265 FR115013265 FR115013765 FR115020005 FR115114005 Residential equipment Nonresidential equipment Intellectual property products Inventories - Foreign direct investment in U.S. ------ ------ ------ ------ ------ ------ ------ ------ ------ 20 FV118090005 Other volume changes (4) -- -- -- -- -- -- -- -- -- 20 21 LM112090205 -- -- -- -- -- -- -- -- -- 21 Residential Nonresidential 15 16 17 18 19 Net worth outstanding (5) (1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Shown on table F.104, line 32. (3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.104, line 35. Balance Sheets Memo: 144 Z.1, March 7, 2019 B.101.h Balance Sheet of Households (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 FL192000005 2 LM192010005 Assets 3 4 LM155035015 LM155111005 5 FL194090005 6 7 8 FL193020005 FL193030205 FL193034005 Checkable deposits and currency Time deposits and short-term investments Money market fund shares 9 10 11 LM194022005 LM193061005 LM193063005 12 13 14 2010 2011 2012 2013 2014 2015 2016 2017 -- -- -- -- -- -- -- -- -- 1 -- -- -- -- -- -- -- -- -- 2 --- --- --- --- --- --- --- --- --- 3 4 -- -- -- -- -- -- -- -- -- 5 ---- ---- ---- ---- ---- ---- ---- ---- ---- 6 7 8 Debt securities U.S. government and municipal securities Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- ---- ---- 9 10 11 FL194023005 FL153067005 FL193065005 Loans Other loans and advances (4) Mortgages ---- ---- ---- ---- ---- ---- ---- ---- ---- 12 13 14 15 LM193064005 Corporate equities and mutual fund shares -- -- -- -- -- -- -- -- -- 15 16 17 FL153040005 FL153050005 Life insurance reserves Pension entitlements (5) --- --- --- --- --- --- --- --- --- 16 17 18 19 LM152090205 FL153090005 Equity in noncorporate business (6) Miscellaneous assets --- --- --- --- --- --- --- --- --- 18 19 20 FL194190005 -- -- -- -- -- -- -- -- -- 20 21 22 23 24 25 FL194123005 FL153165105 FL153166000 FL193168005 FL193169005 Loans Home mortgages (7) Consumer credit Depository institution loans n.e.c. Other loans and advances ------ ------ ------ ------ ------ ------ ------ ------ ------ 21 22 23 24 25 26 FL543077073 Deferred and unpaid life insurance premiums -- -- -- -- -- -- -- -- -- 26 27 FL192090005 -- -- -- -- -- -- -- -- -- 27 -- -- -- -- -- -- -- -- -- 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 FL164041085 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) Less: Nonprofit other notes and loans receivable (9) ------ ------ ------ ------ ------ ------ ------ ------ ------ 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) ----- ----- ----- ----- ----- ----- ----- ----- ----- 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) Loans, other than syndicated loans, that are not included in household and nonprofit organizations’ other loans and advances (table B.101, line 20). 145 Z.1, March 7, 2019 B.101.n Balance Sheet of Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2014 2015 2016 2017 1 FL162000005 Total assets -- -- -- -- -- -- -- -- -- 1 2 FL162010005 Nonfinancial assets -- -- -- -- -- -- -- -- -- 2 3 4 5 FL165035005 FL165015205 FL165013765 ---- ---- ---- ---- ---- ---- ---- ---- ---- 3 4 5 6 FL164090005 -- -- -- -- -- -- -- -- -- 6 7 8 9 FL163020005 FL163030205 FL163034003 Cash and non-interest-bearing deposits Other deposits and short-term investments (4) Money market fund shares ---- ---- ---- ---- ---- ---- ---- ---- ---- 7 8 9 10 11 12 LM164022005 LM163061005 LM163063005 Debt securities U.S. government and municipal securities (5) Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- ---- ---- 10 11 12 13 14 15 16 FL164023005 FL163065013 FL163066223 FL164041005 Loans Mortgages Consumer credit Other notes and loans receivable (6) ----- ----- ----- ----- ----- ----- ----- ----- ----- 13 14 15 16 17 LM163064005 Corporate equities and mutual fund shares -- -- -- -- -- -- -- -- -- 17 18 FL163070005 Grants and trade receivables -- -- -- -- -- -- -- -- -- 18 19 FL163093005 Miscellaneous assets (7) -- -- -- -- -- -- -- -- -- 19 20 FL164190005 -- -- -- -- -- -- -- -- -- 20 21 FL163162003 Debt securities (municipal securities) -- -- -- -- -- -- -- -- -- 21 22 23 24 25 FL164123005 FL163165505 FL163168005 FL163169385 Loans Commercial mortgages Depository institution loans n.e.c. Other loans and advances ----- ----- ----- ----- ----- ----- ----- ----- ----- 22 23 24 25 26 FL163170005 Trade payables -- -- -- -- -- -- -- -- -- 26 27 FL163193005 Miscellaneous liabilities (8) -- -- -- -- -- -- -- -- -- 27 28 FL162090005 -- -- -- -- -- -- -- -- -- 28 --- --- --- --- --- --- --- --- --- 29 30 Real estate (2) Equipment (3) Intellectual property products (3) Financial assets Liabilities Net worth 29 30 FL164090015 FL164090025 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 through 2014; values after 2014 are staff estimates. (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 some loans that are not included in household and nonprofit organizations’ holdings of other loans and advances (table B.101, line 20). (7) 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. (8) Not included on table B.101. Supplements Memo: 146 Z.1, March 7, 2019 B.101.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2017 Q3 Q1 Q2 Q3 Q4 1 FL152000005 -- -- -- -- -- -- -- -- -- 1 2 FL152010005 Nonfinancial assets -- -- -- -- -- -- -- -- -- 2 3 FL154090005 Financial assets -- -- -- -- -- -- -- -- -- 3 4 FL154000025 Deposits (1) -- -- -- -- -- -- -- -- -- 4 5 FL154022005 Debt securities -- -- -- -- -- -- -- -- -- 5 6 FL154023005 Loans -- -- -- -- -- -- -- -- -- 6 7 LM153064475 Equity shares at market value -- -- -- -- -- -- -- -- -- 7 8 LM153064105 Directly held -- -- -- -- -- -- -- -- -- 8 Indirectly held 9 LM153064175 10 11 12 13 14 LM543064153 LM573064175 LM343064125 LM223064213 LM653064155 15 FL153099475 16 FL154190005 17 FL152090005 Assets 2018 Q4 -- -- -- -- -- -- -- -- -- 9 ------ ------ ------ ------ ------ ------ ------ ------ ------ 10 11 12 13 14 -- -- -- -- -- -- -- -- -- 15 Liabilities -- -- -- -- -- -- -- -- -- 16 Net worth -- -- -- -- -- -- -- -- -- 17 --- --- --- --- --- --- --- --- --- 18 19 Life insurance companies Private pension funds (2) Federal govt. retirement funds (2) State and local govt. retirement funds (2) Mutual funds Other Memo: 18 19 FL153064476 FL153064486 Equity shares (line 7) as a percent of Total assets (line 1) Financial assets (line 3) 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 15. 147 Z.1, March 7, 2019 S.1.a Total Economy - Current Account Billions of dollars 2011 2012 2013 2014 2015 2016 2017 1 FA896902505 Gross value added (income approach) -- -- -- -- -- -- -- -- 1 2 FA886300091 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 2 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 ------- ------- ------- ------- ------- ------- ------- ------- 3 4 5 6 7 8 9 10 FA266904095 FA266904195 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world --- --- --- --- --- --- --- --- 9 10 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 ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- 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) -------- -------- -------- -------- -------- -------- -------- -------- 32 33 34 35 36 37 38 39 FA896012005 Equals: Disposable income, net -- -- -- -- -- -- -- -- 39 40 FA896901001 Less: Final consumption expenditures -- -- -- -- -- -- -- -- 40 41 FA896006001 Equals: Net saving -- -- -- -- -- -- -- -- 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 ------ ------ ------ ------ ------ ------ ------ ------ 42 43 44 45 46 Integrated Accounts 2010 148 Z.1, March 7, 2019 S.2.a Selected Aggregates for Total Economy and Sectors Billions of dollars Integrated Accounts 2010 2011 2012 2013 2014 2015 2016 2017 1 2 3 4 5 6 7 FA896902505 FA156902505 FA116902505 FA106902501 FA796902505 FA316902505 FA206902505 Gross value added Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government -------- -------- -------- -------- -------- -------- -------- -------- 1 2 3 4 5 6 7 8 9 10 11 12 13 FA896006001 FA156006005 FA106012095 FA796012095 FA316006085 FA206006095 Net saving Households and nonprofit institutions serving households Nonfinancial corporate business Financial business Federal government State and local government ------- ------- ------- ------- ------- ------- ------- ------- 8 9 10 11 12 13 14 15 16 17 18 19 20 FA155440005 FA115440005 FA105440005 FA795440005 FA315440005 FA205440005 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 -------- -------- -------- -------- -------- -------- -------- -------- 14 15 16 17 18 19 20 21 22 23 24 25 26 27 FA885019005 FA155019005 FA115019085 FA105019085 FA795013005 FA315019001 FA205019001 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 -------- -------- -------- -------- -------- -------- -------- -------- 21 22 23 24 25 26 27 28 29 30 31 32 33 34 FA886300095 FA156300003 FA116300001 FA106300003 FA796300081 FA316300001 FA206300001 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 -------- -------- -------- -------- -------- -------- -------- -------- 28 29 30 31 32 33 34 35 36 37 FA145020005 FA115020005 FA105020005 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business ---- ---- ---- ---- ---- ---- ---- ---- 35 36 37 38 39 40 41 42 43 44 FA885000985 FA155000905 FA115000905 FA105000905 FA795000995 FA315000995 FA205000995 -------- -------- -------- -------- -------- -------- -------- -------- 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 --- --- --- --- --- --- --- --- 45 46 47 48 49 50 51 52 53 FA885000005 FA155000005 FA115000005 FA105000005 FA795000005 FA315000005 FA215000005 -------- -------- -------- -------- -------- -------- -------- -------- 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 -- -- -- -- -- -- -- -- 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 -------- -------- -------- -------- -------- -------- -------- -------- 55 56 57 58 59 60 61 62 63 64 65 66 67 68 FR158200095 FR112010005 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 -------- -------- -------- -------- -------- -------- -------- -------- 62 63 64 65 66 67 68 149 Z.1, March 7, 2019 S.2.a Selected Aggregates for Total Economy and Sectors Billions of dollars 2011 2012 2013 2014 2015 2016 2017 69 70 71 72 73 74 75 FC152090005 FC112090205 FC102090085 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 -------- -------- -------- -------- -------- -------- -------- -------- 69 70 71 72 73 74 75 76 77 78 79 80 81 82 FL152090005 LM112090205 FL102090085 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 -------- -------- -------- -------- -------- -------- -------- -------- 76 77 78 79 80 81 82 Integrated Accounts 2010 150 Z.1, March 7, 2019 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA156902505 Gross value added -- -- -- -- -- -- -- -- 1 2 FA156300003 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 2 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 ------- ------- ------- ------- ------- ------- ------- ------- 3 4 5 6 7 8 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) ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ 9 10 11 12 13 14 15 16 17 18 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) ------- ------- ------- ------- ------- ------- ------- ------- 20 21 22 23 24 25 26 FA156012095 Equals: Disposable income, net -- -- -- -- -- -- -- -- 26 27 FA156901001 Less: Final consumption expenditures -- -- -- -- -- -- -- -- 27 28 FA156006005 Equals: Net saving -- -- -- -- -- -- -- -- 28 Capital account 29 30 31 FA156006315 FA156006005 FA155440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) ---- ---- ---- ---- ---- ---- ---- -- 29 -- 30 -- 31 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 ------- ------- ------- ------- ------- ------- ------- ------- 38 FA155000905 Net lending (+) or borrowing (-), capital account (lines 29-32) -- -- -- -- -- -- -- -- 38 32 33 34 35 36 37 Integrated Accounts Financial account 39 FA155000905 Net lending (+) or borrowing (-) (line 38) -- -- -- -- -- -- -- -- 39 40 FA154090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 40 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 ------ ------ ------ ------ ------ ------ ------ ------ 41 42 43 44 45 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 ------ ------ ------ ------ ------ ------ ------ ------ 46 47 48 49 50 51 52 53 FA154023005 FA154041005 FA153065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- -- 51 -- 52 -- 53 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) ------- ------- ------- ------- ------- ------- ------- ------- 54 55 56 57 58 59 151 Z.1, March 7, 2019 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2010 60 61 62 63 64 65 FA153052005 FA153076005 FA153040005 FA153050005 FA153095105 FA313195105 66 FA163070005 67 FA154190005 68 FA163162003 69 70 71 72 73 74 2011 2012 2013 2014 2015 2016 2017 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 ------- ------- ------- ------- ------- ------- ------- ------- Other accounts receivable (trade receivables) -- -- -- -- -- -- -- -- 66 -- -- -- -- -- -- -- -- 67 Debt securities (municipals) -- -- -- -- -- -- -- -- 68 FA154123005 FA154141005 FA153166000 FA153168005 FA153169005 FA153165005 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) ------- ------- ------- ------- ------- ------- ------- ------- 75 FA543077073 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 75 76 FA163170005 Other accounts payable (trade debt) -- -- -- -- -- -- -- -- 76 77 FA155000005 -- -- -- -- -- -- -- -- 77 ------ ------ ------ ------ ------ ------ ------ ------ 78 79 80 81 82 Net incurrence of liabilities Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 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 FR155111005 FR165015205 FR165013765 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products ------ ------ ------ ------ ------ ------ ------ ------ 83 84 85 86 87 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 -------- -------- -------- -------- -------- -------- -------- -------- 88 89 90 91 92 93 94 95 FR158200095 -- -- -- -- -- -- -- -- 95 -- -- -- -- -- -- -- -- 96 -- -- -- -- -- -- -- -- 97 Revaluation account Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 96 FC152090005 Change in net worth (lines 32+38+78+95) 97 FL152000005 Total assets 98 LM152010005 99 LM155035005 100 LM155111005 101 LM165015205 102 LM165013765 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products ------ ------ ------ ------ ------ ------ ------ ------ 103 FL154090005 Financial assets -- -- -- -- -- -- -- -- 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 98 99 100 101 102 104 105 106 107 108 Integrated Accounts Balance sheet account (end of period) 152 Z.1, March 7, 2019 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 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 ------ ------ ------ ------ ------ ------ ------ ------ 114 115 116 FL154023005 FL154041005 FL153065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- -- 114 -- 115 -- 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) ------- ------- ------- ------- ------- ------- ------- ------- 117 118 119 120 121 122 123 124 125 126 127 128 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 ------- ------- ------- ------- ------- ------- ------- ------- 123 124 125 126 127 128 129 FL163070005 Other accounts receivable (trade receivables) -- -- -- -- -- -- -- -- 129 130 FL152100005 -- -- -- -- -- -- -- -- 130 131 FL154190005 -- -- -- -- -- -- -- -- 131 132 FL163162003 Debt securities (municipals) -- -- -- -- -- -- -- -- 132 133 134 135 136 137 138 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 -- -- -- -- -- -- -- -- 139 140 FL163170005 Other accounts payable (trade debt) -- -- -- -- -- -- -- -- 140 141 FL152090005 -- -- -- -- -- -- -- -- 141 Total liabilities and net worth 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 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. 109 110 111 112 113 133 134 135 136 137 138 153 Z.1, March 7, 2019 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA116902505 Gross value added -- -- -- -- -- -- -- -- 1 2 FA116300001 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 2 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 ------- ------- ------- ------- ------- ------- ------- ------- 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 --------- --------- --------- --------- --------- --------- --------- --------- 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) --- --- --- --- --- --- --- --- 17 18 19 FA116012005 Equals: Disposable income, net -- -- -- -- -- -- -- -- 19 20 FA116012005 Equals: Net saving -- -- -- -- -- -- -- -- 20 Capital account 21 22 23 FA116006305 FA116012005 FA115440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) ---- ---- ---- ---- ---- ---- ---- ---- 21 22 23 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 ------- ------- ------- ------- ------- ------- ------- ------- 24 25 26 27 28 29 30 FA115000905 Net lending (+) or borrowing (-), capital account (lines 21-24) -- -- -- -- -- -- -- -- 30 31 FA115000905 Net lending (+) or borrowing (-) (line 30) -- -- -- -- -- -- -- -- 31 32 FA114090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 32 33 34 35 FA114000005 FA113020005 FA113030003 Currency and deposits Currency and transferable deposits Time and savings deposits ---- ---- ---- ---- ---- ---- ---- ---- 33 34 35 36 37 38 FA114022005 FA113061003 FA113062003 Debt securities Treasury securities Municipal securities ---- ---- ---- ---- ---- ---- ---- ---- 36 37 38 39 40 41 FA114023005 FA113066003 FA113065005 Loans Short term (consumer credit) Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 39 40 41 42 43 44 FA113081005 FA113034003 FA113092405 Equity and investment fund shares Money market fund shares Equity in government-sponsored enterprises (3) ---- ---- ---- ---- ---- ---- ---- ---- 42 43 44 45 FA113076005 Insurance, pension and standardized guarantee schemes (4) -- -- -- -- -- -- -- -- 45 46 47 48 FA113096005 FA113070003 FA113093005 Other accounts receivable Trade receivables Other (miscellaneous assets) ---- ---- ---- ---- ---- ---- ---- ---- 46 47 48 49 FA114190005 -- -- -- -- -- -- -- -- 49 50 51 52 53 54 FA114123005 FA114141005 FA113168005 FA113169005 FA113165005 ------ ------ ------ ------ ------ ------ ------ ------ 50 51 52 53 54 Net incurrence of liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) Integrated Accounts Financial account 154 Z.1, March 7, 2019 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 55 56 57 FA113181005 FA112090205 FA115114005 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the United States ---- ---- ---- ---- ---- ---- ---- ---- 55 56 57 58 59 60 61 FA113196005 FA113170005 FA113178003 FA113193003 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) ----- ----- ----- ----- ----- ----- ----- ----- 58 59 60 61 62 FA115000005 -- -- -- -- -- -- -- -- 62 ---- ---- ---- ---- ---- ---- ---- ---- 63 64 65 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-49) Other changes in volume account 63 64 65 FV118090105 FV112010005 FV118090085 Total other volume changes Disaster losses Other volume changes Revaluation account 66 67 68 69 70 71 72 73 74 FR112010005 FR115035005 FR115035023 FR115035035 FR115015205 FR115012265 FR115013265 FR115013765 FR115020005 Nonfinancial assets Real estate Residential Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 66 67 68 69 70 71 72 73 74 75 FR115114005 Liabilities (direct investment in the U.S.) -- -- -- -- -- -- -- -- 75 76 FR118200005 -- -- -- -- -- -- -- -- 76 -- -- -- -- -- -- -- -- 77 -- -- -- -- -- -- -- -- 78 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 77 FC112090205 Change in net worth (lines 24+30+63+76) 78 FL112000005 Total assets 79 80 81 82 83 84 85 86 87 LM112010005 LM115035005 LM115035023 LM115035035 LM115015205 LM115012265 LM115013265 LM115013765 LM115020005 Nonfinancial assets Real estate Residential (5) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 79 80 81 82 83 84 85 86 87 88 FL114090005 Financial assets -- -- -- -- -- -- -- -- 88 89 90 91 FL114000005 FL113020005 FL113030003 Currency and deposits Currency and transferable deposits Time and savings deposits ---- ---- ---- ---- ---- ---- ---- ---- 89 90 91 92 93 94 FL114022005 FL113061003 FL113062003 Debt securities Treasury securities Municipal securities ---- ---- ---- ---- ---- ---- ---- ---- 92 93 94 95 96 97 FL114023005 FL113066003 FL113065005 Loans Short term (consumer credit) Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 95 96 97 Equity and investment fund shares Money market fund shares Equity in government-sponsored enterprises (3) ---- ---- ---- ---- ---- ---- ---- -- 98 -- 99 -- 100 Integrated Accounts Balance sheet account (end of period) 98 FL113081005 99 FL113034003 100 FL113092405 101 FL113076005 Insurance, pension and standardized guarantee schemes (4) -- -- -- -- -- -- -- -- 101 102 103 104 FL113096005 FL113070003 FL113093005 Other accounts receivable Trade receivables Other (miscellaneous assets) ---- ---- ---- ---- ---- ---- ---- -- 102 -- 103 -- 104 155 Z.1, March 7, 2019 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2010 105 FL112100005 106 FL114190005 107 108 109 110 111 FL114123005 FL114141005 FL113168005 FL113169005 FL113165005 112 Total liabilities and net worth 2011 2012 2013 2014 2015 2016 2017 -- -- -- -- -- -- -- -- 105 -- -- -- -- -- -- -- -- 106 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) ------ ------ ------ ------ ------ ------ ------ ------ LM115114005 Equity and investment fund shares (direct investment in the U.S.) -- -- -- -- -- -- -- -- 112 113 114 115 116 FL113196005 FL113170005 FL113178003 FL113193003 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) ----- ----- ----- ----- ----- ----- ----- ----- 117 LM112090205 -- -- -- -- -- -- -- -- 117 Liabilities Net worth 107 108 109 110 111 113 114 115 116 Integrated Accounts (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. 156 Z.1, March 7, 2019 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA106902501 Gross value added -- -- -- -- -- -- -- -- 1 2 FA106300003 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- 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 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ 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) ---- ---- ---- ---- ---- ---- ---- ---- 20 21 22 23 FA106012095 Equals: Disposable income, net -- -- -- -- -- -- -- -- 23 24 FA106012095 Equals: Net saving -- -- -- -- -- -- -- -- 24 25 26 27 FA106006385 FA106012095 FA105440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) ---- ---- ---- ---- ---- ---- ---- ---- 25 26 27 28 FA105050985 -- -- -- -- -- -- -- -- 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 ----- ----- ----- ----- ----- ----- ----- ----- 29 30 31 32 33 FA105000905 Net lending (+) or borrowing (-), capital account (lines 25-28) -- -- -- -- -- -- -- -- 33 Capital account Integrated Accounts Financial account 34 FA105000905 Net lending (+) or borrowing (-) (line 33) -- -- -- -- -- -- -- -- 34 35 FA104090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 35 36 37 38 39 FA104000005 FA103020005 FA103030003 FA103091003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits ----- ----- ----- ----- ----- ----- ----- ----- 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 ------ ------ ------ ------ ------ ------ ------ ------ 40 41 42 43 44 45 46 47 FA104035005 FA104041005 FA103065003 Loans Short term (security repos and consumer credit) Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 45 46 47 48 49 50 51 52 53 54 FA103081005 FA103034000 FA103064103 FA103064203 FA103092005 FA103092405 FA103094105 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (2) Investment in finance company subsidiaries -------- -------- -------- -------- -------- -------- -------- -------- 48 49 50 51 52 53 54 55 FA103076005 Insurance, pension and standardized guarantee schemes (3) -- -- -- -- -- -- -- -- 55 56 57 FA103096005 FA103070005 Other accounts receivable Trade receivables --- --- --- --- --- --- --- --- 56 57 157 Z.1, March 7, 2019 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2010 Net incurrence of liabilities 2011 2012 2013 2014 2015 2016 2017 59 FA104190005 -- -- -- -- -- -- -- -- 59 60 61 62 63 FA104122005 FA103169100 FA103162000 FA103163003 Debt securities Open market paper Municipal securities Corporate bonds ----- ----- ----- ----- ----- ----- ----- ----- 60 61 62 63 64 65 66 67 68 FA104123005 FA104141005 FA103168005 FA103169005 FA103165005 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) ------ ------ ------ ------ ------ ------ ------ ------ 64 65 66 67 68 69 70 71 FA103181005 FA103164103 FA103192005 Equity and investment fund shares Corporate equities Foreign direct investment in the United States ---- ---- ---- ---- ---- ---- ---- ---- 69 70 71 72 73 74 FA103152025 FA573074005 FA573073005 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor ---- ---- ---- ---- ---- ---- ---- ---- 72 73 74 75 76 77 78 FA103196005 FA103170005 FA103178005 FA103193005 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities ----- ----- ----- ----- ----- ----- ----- ----- 75 76 77 78 79 FA105000005 -- -- -- -- -- -- -- -- 79 ------ ------ ------ ------ ------ ------ ------ ------ 80 81 82 83 84 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-59) Other changes in volume account 80 81 82 83 84 FV108090105 FV102010005 FV108090085 FU107005045 FU105020601 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-79) (4) Less: Inventory valuation adjustment Revaluation account 85 86 87 88 89 FR102010005 FR105035005 FR105015205 FR105013765 FR105020015 Nonfinancial assets Real estate Equipment Intellectual property products Inventories ------ ------ ------ ------ ------ ------ ------ ------ 85 86 87 88 89 90 91 92 93 FR108080095 FR103064103 FR103064203 FR103092005 Financial assets Corporate equities Mutual fund shares Direct investment abroad ----- ----- ----- ----- ----- ----- ----- ----- 90 91 92 93 94 95 96 97 FR104190085 FR103164103 FR103192005 FR103152025 Liabilities Corporate equity Foreign direct investment in the United States Insurance, pension and standardized guarantee schemes ----- ----- ----- ----- ----- ----- ----- ----- 94 95 96 97 98 FR108200005 -- -- -- -- -- -- -- -- 98 -- -- -- -- -- -- -- -- 99 -- -- -- -- -- -- -- -- 100 ------ ------ ------ ------ ------ ------ ------ ------ -- -- -- -- -- -- -- -- 106 ----- ----- ----- ----- ----- ----- ----- ----- Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 99 FC102090085 Change in net worth (lines 28+33+80+98) (5) FL102000005 101 102 103 104 105 LM102010005 LM105035005 LM105015205 LM105013765 LM105020015 106 FL104090005 107 108 109 110 FL104000005 FL103020005 FL103030003 FL103091003 Total assets Nonfinancial assets (6) Real estate Equipment Intellectual property products Inventories Financial assets Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 101 102 103 104 105 107 108 109 110 Integrated Accounts Balance sheet account (end of period) 100 158 Z.1, March 7, 2019 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 111 112 113 114 115 FL104022005 FL103069100 FL103061103 FL103061703 FL103062003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities ------ ------ ------ ------ ------ ------ ------ ------ 111 112 113 114 115 116 117 118 119 120 FL104035005 FL104041005 FL102051003 FL103066005 FL103065003 Loans Short term Security repurchases Consumer credit Long term (mortgages) ------ ------ ------ ------ ------ ------ ------ ------ 116 117 118 119 120 121 122 123 124 125 126 127 FL103081005 FL103034000 LM103064103 LM103064203 LM103092005 FL103092405 FL103094105 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (2) Investment in finance company subsidiaries -------- -------- -------- -------- -------- -------- -------- -------- 121 122 123 124 125 126 127 128 FL103076005 Insurance, pension and standardized guarantee schemes (3) -- -- -- -- -- -- -- -- 128 129 130 131 FL103096005 FL103070005 FL103093005 Other accounts receivable Trade receivables Other (miscellaneous assets) ---- ---- ---- ---- ---- ---- ---- -- 129 -- 130 -- 131 132 FL102100085 Total liabilities and net worth -- -- -- -- -- -- -- -- 132 133 FL104194005 -- -- -- -- -- -- -- -- 133 134 135 136 137 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Open market paper Municipal securities Corporate bonds ----- ----- ----- ----- ----- ----- ----- ----- 134 135 136 137 138 139 140 141 142 FL104123005 FL104141005 FL103168005 FL103169005 FL103165005 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) ------ ------ ------ ------ ------ ------ ------ ------ 138 139 140 141 142 143 144 145 FL103181005 LM103164103 LM103192005 Equity and investment fund shares Corporate equity Foreign direct investment in the United States ---- ---- ---- ---- ---- ---- ---- -- 143 -- 144 -- 145 146 147 148 FL103152025 FL573074005 FL573073005 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor ---- ---- ---- ---- ---- ---- ---- -- 146 -- 147 -- 148 149 150 151 152 FL103196005 FL103170005 FL103178005 FL103193005 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities ----- ----- ----- ----- ----- ----- ----- ----- 153 FL102090085 -- -- -- -- -- -- -- -- 153 Liabilities Net worth 149 150 151 152 Integrated Accounts (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. 159 Z.1, March 7, 2019 S.6.a Financial Business (1) Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA796902505 Gross value added -- -- -- -- -- -- -- -- 1 2 FA796300081 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 2 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 ------- ------- ------- ------- ------- ------- ------- ------- 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 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- 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) ---- ---- ---- ---- ---- ---- ---- ---- 22 23 24 25 FA796012095 Equals: Disposable income, net -- -- -- -- -- -- -- -- 25 26 FA796012095 Equals: Net saving -- -- -- -- -- -- -- -- 26 Capital account 27 28 29 FA796006385 FA796012095 FA795440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) ---- ---- ---- ---- ---- ---- ---- ---- 27 28 29 30 31 32 FA795015085 FA795013005 FA796300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital ---- ---- ---- ---- ---- ---- ---- ---- 30 31 32 33 FA795000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -- -- -- -- -- -- -- -- 33 34 FA795000995 Net lending (+) or borrowing (-) (line 33) -- -- -- -- -- -- -- -- 34 35 FA794090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 35 36 FA713011203 Monetary gold -- -- -- -- -- -- -- -- 36 37 FA794000005 Currency and deposits -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- 38 39 40 41 42 43 44 45 46 FA794035005 FA794041005 FA793065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 44 45 46 47 48 49 50 51 52 53 54 FA793081005 FA793064105 FA793064205 FA793034005 FA793092405 FA793092005 FA713164003 FA793094005 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 Stock in Federal Reserve Banks Investment in subsidiaries --------- --------- --------- --------- --------- --------- --------- --------- 47 48 49 50 51 52 53 54 55 FA793052005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 55 56 FA793096005 Other accounts receivable -- -- -- -- -- -- -- -- 56 Integrated Accounts Financial account 160 Z.1, March 7, 2019 S.6.a Financial Business (1) Billions of dollars 2010 Net incurrence of liabilities 2011 2012 2013 2014 2015 2016 2017 57 FA794190005 -- -- -- -- -- -- -- -- 57 58 FA794100005 Currency and deposits -- -- -- -- -- -- -- -- 58 59 60 61 62 FA794122005 FA423161705 FA793163005 FA793169175 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper ----- ----- ----- ----- ----- ----- ----- ----- 59 60 61 62 63 64 65 FA794135005 FA794141005 FA643165005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 63 64 65 66 67 68 69 70 71 72 73 74 FA793181005 FA634090005 FA793164105 FA653164205 FA403192405 FA793192005 FA662090205 FA793194005 FA713164003 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 United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 66 67 68 69 70 71 72 73 74 75 FA583152005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 75 76 FA793196005 Other accounts payable -- -- -- -- -- -- -- -- 76 77 FA795000005 -- -- -- -- -- -- -- -- 77 ----- ----- ----- ----- ----- ----- ----- ----- 78 79 80 81 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) Other changes in volume account 78 79 80 81 FV798090185 FV795013865 FV798090085 FU797005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-77) (4) Revaluation account 82 83 84 85 FR795013865 FR795013665 FR795013265 FR795013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 82 83 84 85 86 87 88 89 90 91 FR794090085 FR794022005 FR793064105 FR793064205 FR793092005 FR593052025 Financial assets Debt securities Corporate equities Mutual fund shares U.S. direct investment abroad Insurance, pension, and standardized guarantee schemes ------- ------- ------- ------- ------- ------- ------- ------- 86 87 88 89 90 91 92 93 94 95 96 97 98 FR794190085 FR793164105 FR653164205 FR793192005 FR662090205 FR793194005 FR583152005 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Investment by parent Insurance, pension and standardized guarantee schemes -------- -------- -------- -------- -------- -------- -------- -------- 92 93 94 95 96 97 98 99 FR798200005 -- -- -- -- -- -- -- -- 99 -- -- -- -- -- -- -- -- 100 -- -- -- -- -- -- -- -- 101 ----- ----- ----- ----- ----- ----- ----- ----- Changes in net worth due to nominal holding gains/losses Changes in balance sheet account Integrated Accounts 100 FC792090095 Change in net worth (lines 30+33+78+99) Balance sheet account (end of period) 101 FL792000095 Total assets 102 103 104 105 LM795013865 LM795013665 LM795013265 LM795013765 106 FL794090005 Financial assets -- -- -- -- -- -- -- -- 106 107 FL713011203 Monetary gold -- -- -- -- -- -- -- -- 107 108 FL794000005 Currency and deposits -- -- -- -- -- -- -- -- 108 Nonfinancial assets (5) Structures (nonresidential) Equipment Intellectual property products 102 103 104 105 161 Z.1, March 7, 2019 S.6.a Financial Business (1) Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 109 110 111 112 113 114 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 ------- ------- ------- ------- ------- ------- ------- ------- 115 116 117 FL794035005 FL794041005 FL793065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- -- 115 -- 116 -- 117 118 119 120 121 122 123 124 125 FL793081005 LM793064105 LM793064205 FL793034005 FL793092405 LM793092005 FL713164003 FL793094005 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 Stock in Federal Reserve Banks Investment in subsidiaries --------- --------- --------- --------- --------- --------- --------- --------- 126 FL793052005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 126 127 FL793096005 Other accounts receivable -- -- -- -- -- -- -- -- 127 128 FL792100005 Total liabilities and net worth -- -- -- -- -- -- -- -- 128 129 FL794194005 -- -- -- -- -- -- -- -- 129 130 FL794100005 Currency and deposits -- -- -- -- -- -- -- -- 130 131 132 133 134 FL794122005 FL423161705 FL793163005 FL793169175 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper ----- ----- ----- ----- ----- ----- ----- ----- 135 136 137 FL794135005 FL794141005 FL643165005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- -- 135 -- 136 -- 137 138 139 140 141 142 143 144 145 146 FL793181005 FL634090005 LM793164105 LM653164205 FL403192405 LM793192005 LM662090205 FL793194005 FL713164003 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 United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 147 FL583152005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 147 148 FL793196005 Other accounts payable -- -- -- -- -- -- -- -- 148 149 FL792090095 -- -- -- -- -- -- -- -- 149 Liabilities Net worth 109 110 111 112 113 114 118 119 120 121 122 123 124 125 131 132 133 134 138 139 140 141 142 143 144 145 146 Integrated Accounts (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. 162 Z.1, March 7, 2019 S.61.a Central Bank Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA716902505 Gross value added -- -- -- -- -- -- -- -- 1 2 FA716330085 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 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 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 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- 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) ---- ---- ---- ---- ---- ---- ---- ---- 22 23 24 25 FA716012005 Equals: Disposable income, net -- -- -- -- -- -- -- -- 25 26 FA716012005 Equals: Net saving -- -- -- -- -- -- -- -- 26 Capital account 27 28 29 FA716006385 FA716012005 FA715440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) ---- ---- ---- ---- ---- ---- ---- ---- 27 28 29 30 31 32 FA715015085 FA715013085 FA716330085 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital ---- ---- ---- ---- ---- ---- ---- ---- 30 31 32 33 FA715000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -- -- -- -- -- -- -- -- 33 Integrated Accounts Financial account 34 FA715000995 Net lending (+) or borrowing (-) (line 33) -- -- -- -- -- -- -- -- 34 35 FA714090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 35 36 37 FA713011203 FA714000005 Monetary gold Currency and deposits --- --- --- --- --- --- --- --- 36 37 38 39 40 41 FA714022005 FA713069603 FA713061103 FA713061705 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) ----- ----- ----- ----- ----- ----- ----- ----- 38 39 40 41 42 43 44 FA714041005 FA713064103 FA713096105 Loans (short term) Equity shares Other accounts receivable ---- ---- ---- ---- ---- ---- ---- ---- 42 43 44 45 FA714190005 Net incurrence of liabilities -- -- -- -- -- -- -- -- 45 46 47 48 49 FA714100005 FA712151003 FA713164003 FA713193005 ----- ----- ----- ----- ----- ----- ----- ----- 46 47 48 49 50 FA715000005 -- -- -- -- -- -- -- -- 50 Currency and deposits Loans Equity shares (stock in Federal Reserve Banks) Other accounts payable Addendum: Net lending (+) or borrowing (-), financial account (lines 35-45) 163 Z.1, March 7, 2019 S.61.a Central Bank Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 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) ----- ----- ----- ----- ----- ----- ----- ----- 51 52 53 54 Revaluation account 55 56 57 58 FR712010095 FR715013665 FR715013265 FR715013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 55 56 57 58 59 FR718200005 Changes in net worth due to nominal holding gains/losses -- -- -- -- -- -- -- -- 59 -- -- -- -- -- -- -- -- 60 Changes in balance sheet account 60 FC712090095 Change in net worth (lines 30+33+51+59) Balance sheet account (end of period) 61 FL712000095 -- -- -- -- -- -- -- -- 61 62 63 64 65 LM712010095 LM715013665 LM715013265 LM715013765 Total assets Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 62 63 64 65 66 FL714090005 Financial assets -- -- -- -- -- -- -- -- 66 67 68 FL713011203 FL714000005 Monetary gold Currency and deposits --- --- --- --- --- --- --- --- 67 68 69 70 71 72 FL714022005 FL713069603 FL713061103 FL713061705 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) ----- ----- ----- ----- ----- ----- ----- ----- 69 70 71 72 73 74 75 FL714041005 FL713064103 FL713096105 Loans (short term) Equity shares Other accounts receivable ---- ---- ---- ---- ---- ---- ---- ---- 73 74 75 76 FL712100005 Total liabilities and net worth -- -- -- -- -- -- -- -- 76 77 FL714190005 -- -- -- -- -- -- -- -- 77 78 79 80 81 FL714100005 FL712151003 FL713164003 FL713193005 ----- ----- ----- ----- ----- ----- ----- ----- 78 79 80 81 82 FL712090095 -- -- -- -- -- -- -- -- 82 Liabilities Currency and deposits Loans Equity shares (stock in Federal Reserve Banks) 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. 164 Z.1, March 7, 2019 S.62.a Private Depository Institutions Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA706902505 Gross value added -- -- -- -- -- -- -- -- 1 2 FA706300081 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- 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 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- 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) ---- ---- ---- ---- ---- ---- ---- ---- 22 23 24 25 FA706012005 Equals: Disposable income, net -- -- -- -- -- -- -- -- 25 26 FA706012005 Equals: Net saving -- -- -- -- -- -- -- -- 26 Capital account 27 28 29 FA706006385 FA706012005 FA705440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) ---- ---- ---- ---- ---- ---- ---- ---- 27 28 29 30 31 32 FA705015085 FA705013081 FA706300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital ---- ---- ---- ---- ---- ---- ---- ---- 30 31 32 33 FA705000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -- -- -- -- -- -- -- -- 33 Integrated Accounts Financial account 34 FA705000995 Net lending (+) or borrowing (-) (line 33) -- -- -- -- -- -- -- -- 34 35 FA704090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 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 ----- ----- ----- ----- ----- ----- ----- ----- 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 ------- ------- ------- ------- ------- ------- ------- ------- 40 41 42 43 44 45 46 47 48 FA704035005 FA704041005 FA703065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 46 47 48 49 50 51 52 53 54 FA703081005 FA703064105 FA703064205 FA703092405 FA763092000 FA713164003 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks ------- ------- ------- ------- ------- ------- ------- ------- 49 50 51 52 53 54 55 FA763040005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 55 56 FA703093005 Other accounts receivable -- -- -- -- -- -- -- -- 56 165 Z.1, March 7, 2019 S.62.a Private Depository Institutions Billions of dollars 2010 Net incurrence of liabilities 2011 2012 2013 2014 2015 2016 2017 57 FA704190005 -- -- -- -- -- -- -- -- 57 58 59 60 FA704100005 FA703127005 FA703130205 Currency and deposits Checkable deposits Other deposits ---- ---- ---- ---- ---- ---- ---- ---- 58 59 60 61 62 63 FA704122005 FA763163005 FA703169175 Debt securities Corporate bonds Commercial paper ---- ---- ---- ---- ---- ---- ---- ---- 61 62 63 64 FA704141005 Loans (short term) -- -- -- -- -- -- -- -- 64 65 66 67 68 FA703181105 FA763164103 FA753192003 FA703194005 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent ----- ----- ----- ----- ----- ----- ----- ----- 65 66 67 68 69 FA703196005 Other accounts payable -- -- -- -- -- -- -- -- 69 70 FA705000005 -- -- -- -- -- -- -- -- 70 ----- ----- ----- ----- ----- ----- ----- ----- 71 72 73 74 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) Other changes in volume account 71 72 73 74 FV708090185 FV702010095 FV708090085 FU707005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-70) (3) Revaluation account 75 76 77 78 FR702010095 FR705013665 FR705013265 FR705013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 75 76 77 78 79 80 81 82 83 FR704090085 FR704022005 FR703064105 FR703064205 FR763092000 Financial assets Debt securities Corporate equities Mutual fund shares U.S. direct investment abroad ------ ------ ------ ------ ------ ------ ------ ------ 79 80 81 82 83 84 85 86 87 FR703181105 FR763164103 FR753192003 FR703194005 Liabilities Corporate equity issues Foreign direct investment in the United States Investment by parent ----- ----- ----- ----- ----- ----- ----- ----- 84 85 86 87 88 FR708200005 -- -- -- -- -- -- -- -- 88 -- -- -- -- -- -- -- -- 89 -- -- -- -- -- -- -- -- 90 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 89 FC702090095 Change in net worth (lines 30+33+71+88) 90 FL702000095 Total assets 91 92 93 94 LM702010095 LM705013665 LM705013265 LM705013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 91 92 93 94 95 FL704090005 Financial assets -- -- -- -- -- -- -- -- 95 96 97 98 99 FL704000005 FL703025005 FL713113003 FL403197033 ----- ----- ----- ----- ----- ----- ----- ----- 96 97 98 99 ------- ------- ------- ------- ------- ------- ------- ------- 100 101 102 103 104 105 100 101 102 103 104 105 LM704022005 FL703069175 LM703061105 LM703061705 LM703062005 LM703063005 Currency and deposits Vault cash Reserves at the Federal Reserve Deposits at Federal Home Loan Banks 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) 166 Z.1, March 7, 2019 S.62.a Private Depository Institutions Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 106 107 108 FL704035005 FL704041005 FL703065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- -- 106 -- 107 -- 108 109 110 111 112 113 114 FL703081005 LM703064105 LM703064205 FL703092405 LM763092000 FL713164003 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks ------- ------- ------- ------- ------- ------- ------- ------- 115 FL763040005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 115 116 FL703093005 Other accounts receivable -- -- -- -- -- -- -- -- 116 117 FL702100005 Total liabilities and net worth -- -- -- -- -- -- -- -- 117 118 FL704194005 -- -- -- -- -- -- -- -- 118 119 120 121 FL704100005 FL703127005 FL703130205 Currency and deposits Checkable deposits Other deposits ---- ---- ---- ---- ---- ---- ---- -- 119 -- 120 -- 121 122 123 124 FL704122005 FL763163005 FL703169175 Debt securities Corporate bonds Commercial paper ---- ---- ---- ---- ---- ---- ---- -- 122 -- 123 -- 124 125 FL704141005 Loans (short term) -- -- -- -- -- -- -- -- 125 126 127 128 129 FL703181105 LM763164103 LM753192003 FL703194005 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent ----- ----- ----- ----- ----- ----- ----- ----- 130 FL703196005 Other accounts payable -- -- -- -- -- -- -- -- 130 131 FL702090095 -- -- -- -- -- -- -- -- 131 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. 109 110 111 112 113 114 126 127 128 129 167 Z.1, March 7, 2019 S.63.a Insurance Companies Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA526902505 Gross value added -- -- -- -- -- -- -- -- 1 2 FA526300081 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 2 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 ------- ------- ------- ------- ------- ------- ------- ------- 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 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- 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) ---- ---- ---- ---- ---- ---- ---- ---- 22 23 24 25 FA526012005 Equals: Disposable income, net -- -- -- -- -- -- -- -- 25 26 FA526012005 Equals: Net saving -- -- -- -- -- -- -- -- 26 Capital account 27 28 29 FA526006385 FA526012005 FA525440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) ---- ---- ---- ---- ---- ---- ---- ---- 27 28 29 30 31 32 FA525015085 FA525013081 FA526300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital ---- ---- ---- ---- ---- ---- ---- ---- 30 31 32 33 FA525000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -- -- -- -- -- -- -- -- 33 34 FA525000995 Net lending (+) or borrowing (-) (line 33) -- -- -- -- -- -- -- -- 34 35 FA524090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 35 36 FA523020005 Currency and deposits -- -- -- -- -- -- -- -- 36 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 ------- ------- ------- ------- ------- ------- ------- ------- 37 38 39 40 41 42 43 44 45 FA524035005 FA524041005 FA523065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 43 44 45 46 47 48 49 50 51 FA523081005 FA523064105 FA523064205 FA523034005 FA523092405 FA523092005 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 ------- ------- ------- ------- ------- ------- ------- ------- 46 47 48 49 50 51 52 FA523052005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 52 53 FA523096005 Other accounts receivable -- -- -- -- -- -- -- -- 53 54 FA524190005 Net incurrence of liabilities -- -- -- -- -- -- -- -- 54 55 FA673090543 Currency and deposits (funding agreements) -- -- -- -- -- -- -- -- 55 56 FA524141005 Loans (short term) -- -- -- -- -- -- -- -- 56 Integrated Accounts Financial account 168 Z.1, March 7, 2019 S.63.a Insurance Companies Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 57 58 59 60 FA523181105 FA523164105 FA523192005 FA523194735 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent ----- ----- ----- ----- ----- ----- ----- ----- 57 58 59 60 61 FA523152005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 61 62 FA523196005 Other accounts payable -- -- -- -- -- -- -- -- 62 63 FA525000005 -- -- -- -- -- -- -- -- 63 ----- ----- ----- ----- ----- ----- ----- ----- 64 65 66 67 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) Other changes in volume account 64 65 66 67 FV528090185 FV522010095 FV528090085 FU527005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-63) (3) 68 69 70 71 FR522010095 FR525013665 FR525013265 FR525013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 68 69 70 71 72 73 74 75 76 FR524090085 FR524022005 FR523064105 FR523064205 FR523092005 Financial assets Debt securities Corporate equities Mutual fund shares U.S. direct investment abroad ------ ------ ------ ------ ------ ------ ------ ------ 72 73 74 75 76 77 78 79 80 81 FR524190085 FR523164105 FR523192005 FR523194735 FR523152005 Liabilities Corporate equity issues Foreign direct investment in the United States Investment by parent Insurance, pension and standardized guarantee schemes ------ ------ ------ ------ ------ ------ ------ ------ 77 78 79 80 81 82 FR528200005 -- -- -- -- -- -- -- -- 82 -- -- -- -- -- -- -- -- 83 Revaluation account Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 83 FC522090095 Change in net worth (lines 30+33+64+82) Integrated Accounts Balance sheet account (end of period) 84 FL522000095 -- -- -- -- -- -- -- -- 84 85 86 87 88 LM522010095 LM525013665 LM525013265 LM525013765 Total assets Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 85 86 87 88 89 FL524090005 Financial assets -- -- -- -- -- -- -- -- 89 90 FL523020005 Currency and deposits -- -- -- -- -- -- -- -- 90 91 92 93 94 95 96 LM524022005 LM523069105 LM523061105 LM523061705 LM523062005 LM523063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- 91 92 93 94 95 96 97 98 99 FL524035005 FL524041005 FL523065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 97 98 99 100 101 102 103 104 105 FL523081005 LM523064105 LM523064205 FL523034005 FL523092405 LM523092005 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 ------- ------- ------- ------- ------- ------- ------- ------- 100 101 102 103 104 105 106 FL523052005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 106 107 FL523096005 Other accounts receivable -- -- -- -- -- -- -- -- 107 169 Z.1, March 7, 2019 S.63.a Insurance Companies Billions of dollars 2010 108 FL522100005 109 FL524194005 110 FL673090543 111 Total liabilities and net worth 2011 2012 2013 2014 2015 2016 2017 -- -- -- -- -- -- -- -- 108 -- -- -- -- -- -- -- -- 109 Currency and deposits (funding agreements) -- -- -- -- -- -- -- -- 110 FL524141005 Loans (short term) -- -- -- -- -- -- -- -- 111 112 113 114 115 FL523181105 LM523164105 LM523192005 FL523194735 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent ----- ----- ----- ----- ----- ----- ----- ----- 112 113 114 115 116 FL523152005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 116 117 FL523196005 Other accounts payable -- -- -- -- -- -- -- -- 117 118 FL522090095 -- -- -- -- -- -- -- -- 118 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. 170 Z.1, March 7, 2019 S.64.a Pension Funds Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA596902505 Gross value added -- -- -- -- -- -- -- -- 1 2 FA596300081 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- 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 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- 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 ---- ---- ---- ---- ---- ---- ---- ---- 22 23 24 25 FA596012005 Equals: Disposable income, net -- -- -- -- -- -- -- -- 25 26 FA596012005 Equals: Net saving -- -- -- -- -- -- -- -- 26 Capital account 27 28 29 FA596006385 FA596012005 FA595440083 Net saving less capital transfers Net saving Less: Capital transfers (net) ---- ---- ---- ---- ---- ---- ---- ---- 27 28 29 30 31 32 FA595015085 FA595013081 FA596300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital ---- ---- ---- ---- ---- ---- ---- ---- 30 31 32 33 FA595000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -- -- -- -- -- -- -- -- 33 34 FA596403105 Addenda: Other current transfers received, net (line 24) -- -- -- -- -- -- -- -- 34 35 36 37 38 39 40 FA596403115 FA596403125 FA596403133 FA596403143 FA596403153 FA596403013 ------- ------- ------- ------- ------- ------- ------- ------- 35 36 37 38 39 40 41 42 FA596403163 FA596403023 --- --- --- --- --- --- --- --- 41 42 43 44 45 FA596403033 FA596403043 FA596403053 ---- ---- ---- ---- ---- ---- ---- ---- 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 Integrated Accounts Financial account 46 FA595000995 Net lending (+) or borrowing (-) (line 33) -- -- -- -- -- -- -- -- 46 47 FA594090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 47 48 49 50 FA594000005 FA593020005 FA593030005 Currency and deposits Currency and transferable deposits Time and savings deposits ---- ---- ---- ---- ---- ---- ---- ---- 48 49 50 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 ------- ------- ------- ------- ------- ------- ------- ------- 51 52 53 54 55 56 171 Z.1, March 7, 2019 S.64.a Pension Funds Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 57 58 59 FA594035005 FA594041005 FA593065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 57 58 59 60 61 62 63 FA593081005 FA593064105 FA593064205 FA593034005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares ----- ----- ----- ----- ----- ----- ----- ----- 60 61 62 63 64 FA593052025 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 64 65 FA593093005 Other accounts receivable -- -- -- -- -- -- -- -- 65 66 FA594190005 Net incurrence of liabilities (pension entitlements) -- -- -- -- -- -- -- -- 66 67 FA595000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 47-66) -- -- -- -- -- -- -- -- 67 68 69 70 71 FV598090185 FV592010095 FV598090085 FU597005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-67) (3) ----- ----- ----- ----- ----- ----- ----- ----- 68 69 70 71 Other changes in volume account Revaluation account 72 73 74 75 FR592010095 FR595013665 FR595013265 FR595013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 72 73 74 75 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 ------ ------ ------ ------ ------ ------ ------ ------ 76 77 78 79 80 81 FR594190005 Liabilities (pension entitlements) -- -- -- -- -- -- -- -- 81 82 FR598200005 -- -- -- -- -- -- -- -- 82 -- -- -- -- -- -- -- -- 83 -- -- -- -- -- -- -- -- 84 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 85 86 87 88 LM592010095 LM595013665 LM595013265 LM595013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 85 86 87 88 89 FL594090005 Financial assets -- -- -- -- -- -- -- -- 89 90 91 92 FL594000005 FL593020005 FL593030005 Currency and deposits Currency and transferable deposits Time and savings deposits ---- ---- ---- ---- ---- ---- ---- ---- 90 91 92 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 ------- ------- ------- ------- ------- ------- ------- ------- 93 94 95 96 97 98 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- -- 99 -- 100 -- 101 99 FL594035005 100 FL594041005 101 FL593065005 Total assets 102 103 104 105 FL593081005 LM593064105 LM593064205 FL593034005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares ----- ----- ----- ----- ----- ----- ----- ----- 102 103 104 105 106 FL593052025 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 106 Integrated Accounts Balance sheet account (end of period) 172 Z.1, March 7, 2019 S.64.a Pension Funds Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 107 FL593093005 Other accounts receivable -- -- -- -- -- -- -- -- 107 108 FL592000095 Total liabilities and net worth -- -- -- -- -- -- -- -- 108 109 FL594190005 Liabilities (pension entitlements) -- -- -- -- -- -- -- -- 109 110 FL592090095 Net worth -- -- -- -- -- -- -- -- 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. 173 Z.1, March 7, 2019 S.65.a Other Financial Business Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA856902505 Gross value added -- -- -- -- -- -- -- -- 1 2 FA856300085 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 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 ------- ------- ------- ------- ------- ------- ------- ------- 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 (1) Reinvested earnings on foreign direct investment Rents on land and natural resources -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- 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) ---- ---- ---- ---- ---- ---- ---- ---- 22 23 24 25 FA856012005 Equals: Disposable income, net -- -- -- -- -- -- -- -- 25 26 FA856012005 Equals: Net saving -- -- -- -- -- -- -- -- 26 Capital account 27 28 29 FA856006385 FA856012005 FA855440085 Net saving less capital transfers Net saving Less: Capital transfers paid (net) ---- ---- ---- ---- ---- ---- ---- ---- 27 28 29 30 31 32 FA855015085 FA855013085 FA856300085 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital ---- ---- ---- ---- ---- ---- ---- ---- 30 31 32 33 FA855000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -- -- -- -- -- -- -- -- 33 34 FA855000995 Net lending (+) or borrowing (-) (line 33) -- -- -- -- -- -- -- -- 34 35 FA854090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 35 36 FA854000005 Currency and deposits -- -- -- -- -- -- -- -- 36 37 38 39 40 41 42 FA854022005 FA853069175 FA853061105 FA853061705 FA853062005 FA853063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- 37 38 39 40 41 42 43 44 45 FA854035005 FA854041005 FA813065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 43 44 45 46 47 48 49 50 51 FA813081005 FA813064105 FA503034005 FA813092405 FA803092005 FA793094005 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Investment in subsidiaries ------- ------- ------- ------- ------- ------- ------- ------- 46 47 48 49 50 51 52 FA733040005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 52 53 FA853096005 Other accounts receivable -- -- -- -- -- -- -- -- 53 54 FA854190005 Net incurrence of liabilities -- -- -- -- -- -- -- -- 54 55 FA403197033 -- -- -- -- -- -- -- -- 55 Currency and deposits Integrated Accounts Financial account 174 Z.1, March 7, 2019 S.65.a Other Financial Business Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 56 57 58 59 FA814122005 FA423161705 FA813163005 FA813169105 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper ----- ----- ----- ----- ----- ----- ----- ----- 56 57 58 59 60 61 62 FA814135005 FA814141005 FA643165005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 60 61 62 63 64 65 66 67 68 69 70 FA853181005 FA634090005 FA813164105 FA653164205 FA403192405 FA803192005 FA662090205 FA803194005 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent --------- --------- --------- --------- --------- --------- --------- --------- 63 64 65 66 67 68 69 70 71 FA813196005 Other accounts payable -- -- -- -- -- -- -- -- 71 72 FA855000005 -- -- -- -- -- -- -- -- 72 ----- ----- ----- ----- ----- ----- ----- ----- 73 74 75 76 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) Other changes in volume account 73 74 75 76 FV858090185 FV812010095 FV858090085 FU857005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-72) (3) Revaluation account 77 78 79 80 FR812010095 FR815013665 FR815013265 FR815013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 77 78 79 80 81 82 83 84 FR854090085 FR854022005 FR813064105 FR803092005 Financial assets Debt securities Corporate equities U.S. direct investment abroad ----- ----- ----- ----- ----- ----- ----- ----- 81 82 83 84 85 86 87 88 89 90 FR813181085 FR813164105 FR653164205 FR803192005 FR662090205 FR803194005 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Investment by parent ------- ------- ------- ------- ------- ------- ------- ------- 85 86 87 88 89 90 91 FR858200005 -- -- -- -- -- -- -- -- 91 -- -- -- -- -- -- -- -- 92 -- -- -- -- -- -- -- -- 93 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 92 FC852090095 Change in net worth (lines 30+33+73+91) Integrated Accounts Balance sheet account (end of period) 93 FL852000095 Total assets 94 95 96 97 LM812010095 LM815013665 LM815013265 LM815013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 94 95 96 97 98 FL854090005 Financial assets -- -- -- -- -- -- -- -- 98 99 FL854000005 -- -- -- -- -- -- -- -- 99 100 101 102 103 104 105 Currency and deposits 100 101 102 103 104 105 FL854022005 FL853069175 FL853061105 FL853061705 FL853062005 FL853063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds ------- ------- ------- ------- ------- ------- ------- ------- 106 107 108 FL854035005 FL854041005 FL813065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- -- 106 -- 107 -- 108 175 Z.1, March 7, 2019 S.65.a Other Financial Business Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 109 110 111 112 113 114 FL813081005 LM813064105 FL503034005 FL813092405 LM803092005 FL793094005 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Investment in subsidiaries ------- ------- ------- ------- ------- ------- ------- ------- 115 FL733040005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 115 116 FL853096005 Other accounts receivable -- -- -- -- -- -- -- -- 116 117 FL852100005 Total liabilities and net worth -- -- -- -- -- -- -- -- 117 118 FL854194005 -- -- -- -- -- -- -- -- 118 119 FL403197033 Currency and deposits -- -- -- -- -- -- -- -- 119 120 121 122 123 FL814122005 FL423161705 FL813163005 FL813169105 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper ----- ----- ----- ----- ----- ----- ----- ----- 124 125 126 FL814135005 FL814141005 FL643165005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- -- 124 -- 125 -- 126 127 128 129 130 131 132 133 134 FL853181005 FL634090005 LM813164105 LM653164205 FL403192405 LM803192005 LM662090205 FL803194005 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent --------- --------- --------- --------- --------- --------- --------- --------- 135 FL813196005 Other accounts payable -- -- -- -- -- -- -- -- 135 136 FL852090095 -- -- -- -- -- -- -- -- 136 Liabilities Net worth 109 110 111 112 113 114 120 121 122 123 127 128 129 130 131 132 133 134 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) 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. Includes corporate and noncorporate financial business. 176 Z.1, March 7, 2019 S.7.a Federal Government (1) Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA316902505 Gross value added -- -- -- -- -- -- -- -- 1 2 FA316300001 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 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 ------ ------ ------ ------ ------ ------ ------ ------ 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) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 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) ------- ------- ------- ------- ------- ------- ------- ------- 17 18 19 20 21 22 23 24 FA316012005 FA316901001 Equals: Disposable income, net Less: Final consumption expenditures --- --- --- --- --- --- --- --- 23 24 25 FA316006085 Equals: Net saving -- -- -- -- -- -- -- -- 25 26 27 28 FA316006385 FA316006085 FA315440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) ---- ---- ---- ---- ---- ---- ---- ---- 26 27 28 29 FA315050905 -- -- -- -- -- -- -- -- 29 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 ---- ---- ---- ---- ---- ---- ---- ---- 30 31 32 33 FA315000995 Net lending (+) or borrowing (-), capital account (lines 26-29) -- -- -- -- -- -- -- -- 33 Capital account Integrated Accounts Financial account 34 FA315000995 Net lending (+) or borrowing (-) (line 33) -- -- -- -- -- -- -- -- 34 35 FA314090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 35 36 37 38 FA313011105 FA313011205 FA313011303 Monetary gold and SDRs Monetary gold SDR holdings ---- ---- ---- ---- ---- ---- ---- ---- 36 37 38 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 ------- ------- ------- ------- ------- ------- ------- ------- 39 40 41 42 43 44 45 46 47 FA314022005 FA313061703 FA313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- ---- 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) ------ ------ ------ ------ ------ ------ ------ ------ 48 49 50 51 52 53 54 55 56 57 FA313081115 FA313064105 FA313092803 FA313092403 FA313094303 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (2) Equity investment under Public-Private Inv. Program ------ ------ ------ ------ ------ ------ ------ ------ 53 54 55 56 57 177 Z.1, March 7, 2019 S.7.a Federal Government (1) Billions of dollars 2010 58 59 60 61 FA313096005 FA313070000 FA313078000 FA313093003 62 FA314190005 63 FA313111303 64 FA314100005 65 66 67 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 2011 2012 2013 2014 2015 2016 2017 ----- ----- ----- ----- ----- ----- ----- ----- 58 59 60 61 -- -- -- -- -- -- -- -- 62 SDR allocations -- -- -- -- -- -- -- -- 63 Currency and deposits -- -- -- -- -- -- -- -- 64 FA314122005 FA313161105 FA313161705 Debt securities Treasury securities Federal agency securities ---- ---- ---- ---- ---- ---- ---- ---- 65 66 67 68 FA314123005 Loans -- -- -- -- -- -- -- -- 68 69 70 71 72 FA313152005 FA313140003 FA313195105 FA343073045 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor ----- ----- ----- ----- ----- ----- ----- ----- 69 70 71 72 73 74 75 76 FA313196005 FA713014003 FA313170005 FA313193005 Other accounts payable SDR certificates Trade payables Other (miscellaneous liabilities) ----- ----- ----- ----- ----- ----- ----- ----- 73 74 75 76 77 FA315000005 -- -- -- -- -- -- -- -- 77 ----- ----- ----- ----- ----- ----- ----- ----- 78 79 80 81 Net incurrence of liabilities Addendum: Net lending (+) or borrowing (-), financial account (lines 35-62) Other changes in volume account 78 79 80 81 FV318090185 FV312010095 FV318090085 FU317005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-77) (3) Revaluation account 82 83 84 85 FR312010095 FR315014665 FR315013265 FR315013765 Nonfinancial assets Structures Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 82 83 84 85 86 87 88 89 90 FR318080005 FR313011105 FR314000005 FR313064105 FR313094303 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program ------ ------ ------ ------ ------ ------ ------ ------ 86 87 88 89 90 91 FR313111303 Liabilities (SDR allocations) -- -- -- -- -- -- -- -- 91 92 FR318200005 Changes in net worth due to nominal holding gains/losses -- -- -- -- -- -- -- -- 92 -- -- -- -- -- -- -- -- 93 Changes in balance sheet account 93 FC312090095 Change in net worth (lines 29+33+78+92) 94 FL312000095 -- -- -- -- -- -- -- -- 94 95 96 97 98 LM312010095 LM315014665 LM315013265 LM315013765 Nonfinancial assets (4) Structures Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 95 96 97 98 99 FL314090005 Financial assets -- -- -- -- -- -- -- -- 99 ---- ---- ---- ---- ---- ---- ---- -- 100 -- 101 -- 102 100 101 102 FL313011105 FL313011205 FL313011303 Total assets Monetary gold and SDRs Monetary gold SDR holdings Integrated Accounts Balance sheet account (end of period) 178 Z.1, March 7, 2019 S.7.a Federal Government (1) Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 103 104 105 106 107 108 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 ------- ------- ------- ------- ------- ------- ------- ------- 109 110 111 FL314022005 FL313061703 FL313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds ---- ---- ---- ---- ---- ---- ---- -- 109 -- 110 -- 111 112 113 114 115 116 FL314023005 FL314041005 FL313066220 FL313069005 FL313065005 Loans Short term Consumer credit Other loans and advances Long term (mortgages) ------ ------ ------ ------ ------ ------ ------ ------ 112 113 114 115 116 117 118 119 120 121 FL313081115 LM313064105 FL313092803 FL313092403 LM313094303 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (2) Equity investment under Public-Private Inv. Program ------ ------ ------ ------ ------ ------ ------ ------ 117 118 119 120 121 122 123 124 125 FL313096005 FL313070000 FL313078000 FL313093003 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) ----- ----- ----- ----- ----- ----- ----- ----- 122 123 124 125 126 FL312000095 Total liabilities and net worth -- -- -- -- -- -- -- -- 126 127 FL314190005 -- -- -- -- -- -- -- -- 127 128 FL313111303 SDR allocations -- -- -- -- -- -- -- -- 128 129 FL314100005 Currency and deposits -- -- -- -- -- -- -- -- 129 130 131 132 FL314122005 FL313161105 FL313161705 Debt securities Treasury securities Federal agency securities ---- ---- ---- ---- ---- ---- ---- -- 130 -- 131 -- 132 133 FL314123005 Loans -- -- -- -- -- -- -- -- 133 134 135 136 137 FL313152005 FL313140003 FL313195105 FL343073045 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor ----- ----- ----- ----- ----- ----- ----- ----- 134 135 136 137 138 139 140 141 FL313196005 FL713014003 FL313170005 FL313193013 Other accounts payable SDR certificates Trade payables Other (miscellaneous liabilities) ----- ----- ----- ----- ----- ----- ----- ----- 138 139 140 141 142 FL312090095 -- -- -- -- -- -- -- -- 142 Liabilities Net worth 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. 103 104 105 106 107 108 179 Z.1, March 7, 2019 S.8.a State and Local Governments (1) Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 Current account 1 FA206902505 Gross value added -- -- -- -- -- -- -- -- 1 2 FA206300001 Less: Consumption of fixed capital -- -- -- -- -- -- -- -- 2 3 4 5 6 7 FA206902605 FA206025001 FA206020001 FA206401005 FA206402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net ------ ------ ------ ------ ------ ------ ------ ------ 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA206140005 FA206402101 FA206240001 FA206402015 FA206150195 FA206130101 FA206121101 FA206112101 FA206130095 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) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA206140005 FA206220005 FA206601001 FA206404001 FA206403105 FA206403001 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) ------- ------- ------- ------- ------- ------- ------- ------- 17 18 19 20 21 22 23 FA206012005 Equals: Disposable income, net -- -- -- -- -- -- -- -- 23 24 FA206901001 Less: Final consumption expenditures -- -- -- -- -- -- -- -- 24 25 FA206006095 Equals: Net saving -- -- -- -- -- -- -- -- 25 Capital account 26 27 28 FA206006395 FA206006095 FA205440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) ---- ---- ---- ---- ---- ---- ---- ---- 26 27 28 29 FA205050905 -- -- -- -- -- -- -- 29 FA205019001 FA206300001 FA205420003 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets -- 30 31 32 ---- ---- ---- ---- ---- ---- ---- ---- 30 31 32 33 FA205000995 Net lending (+) or borrowing (-), capital account (lines 26-29) -- -- -- -- -- -- -- -- 33 34 FA205000995 Net lending (+) or borrowing (-) (line 33) -- -- -- -- -- -- -- -- 34 35 FA214090005 Net acquisition of financial assets -- -- -- -- -- -- -- -- 35 36 37 38 FA214000005 FA213020005 FA213030005 Currency and deposits Currency and transferable deposits Time and savings deposits ---- ---- ---- ---- ---- ---- ---- ---- 36 37 38 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 ------- ------- ------- ------- ------- ------- ------- ------- 39 40 41 42 43 44 45 46 47 FA214035005 FA212051003 FA213065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 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 ----- ----- ----- ----- ----- ----- ----- ----- 48 49 50 51 52 53 54 55 FA213096005 FA213070003 FA213078005 FA213093003 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) ----- ----- ----- ----- ----- ----- ----- ----- 52 53 54 55 Integrated Accounts Financial account 180 Z.1, March 7, 2019 S.8.a State and Local Governments (1) Billions of dollars 2010 Net incurrence of liabilities 2011 2012 2013 2014 2015 2016 2017 56 FA214190005 -- -- -- -- -- -- -- -- 56 57 58 59 FA213162005 FA213162400 FA213162200 Debt securities (municipals) Short term Other ---- ---- ---- ---- ---- ---- ---- ---- 57 58 59 60 FA213169203 Loans (short term) -- -- -- -- -- -- -- -- 60 61 FA223073045 Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor) -- -- -- -- -- -- -- -- 61 62 FA213170003 Other accounts payable (trade payables) -- -- -- -- -- -- -- -- 62 63 FA215000005 -- -- -- -- -- -- -- -- 63 ----- ----- ----- ----- ----- ----- ----- ----- 64 65 66 67 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-56) 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 ----- ----- ----- ----- ----- ----- ----- ----- 68 69 70 71 72 FR213081005 Financial assets (equity and investment fund shares) -- -- -- -- -- -- -- -- 72 73 FR223073045 Liabilities (claim of pension funds on sponsor) -- -- -- -- -- -- -- -- 73 74 FR218200005 Changes in net worth due to nominal holding gains/losses -- -- -- -- -- -- -- -- 74 -- -- -- -- -- -- -- -- 75 -- -- -- -- -- -- -- -- 76 Changes in balance sheet account 75 FC212090095 Change in net worth (lines 29+33+64+74) Integrated Accounts Balance sheet account (end of period) 76 FL212000095 77 78 79 80 LM212010095 LM215015605 LM215013265 LM215013765 Nonfinancial assets (4) Structures Equipment Intellectual property products ----- ----- ----- ----- ----- ----- ----- ----- 77 78 79 80 81 FL214090005 Financial assets -- -- -- -- -- -- -- -- 81 82 83 84 FL214000005 FL213020005 FL213030005 Currency and deposits Currency and transferable deposits Time and savings deposits ---- ---- ---- ---- ---- ---- ---- ---- 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 ------- ------- ------- ------- ------- ------- ------- ------- 85 86 87 88 89 90 91 92 93 FL214035005 FL212051003 FL213065005 Loans Short term Long term (mortgages) ---- ---- ---- ---- ---- ---- ---- ---- 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 ----- ----- ----- ----- ----- ----- ----- ----- 94 95 96 97 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) ----- ----- ----- ----- ----- ----- ----- -- 98 -- 99 -- 100 -- 101 98 FL213096005 99 FL213070003 100 FL213078005 101 FL213093003 Total assets 181 Z.1, March 7, 2019 S.8.a State and Local Governments (1) Billions of dollars 2010 Total liabilities and net worth 2011 2012 2013 2014 2015 2016 2017 102 FL212100005 103 FL214190005 104 105 106 FL213162005 FL213162400 FL213162200 Debt securities (municipals) Short term Other 107 FL213169203 Loans (short term) -- -- -- -- -- -- -- -- 107 108 FL223073045 Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor) -- -- -- -- -- -- -- -- 108 109 FL213170003 Other accounts payable (trade payables) -- -- -- -- -- -- -- -- 109 110 FL212090095 -- -- -- -- -- -- -- -- 110 Liabilities Net worth -- -- -- -- -- -- -- -- 102 -- -- -- -- -- -- -- -- 103 ---- ---- ---- ---- ---- ---- ---- -- 104 -- 105 -- 106 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. 182 Z.1, March 7, 2019 S.9.a Rest of the World Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 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 ----- ----- ----- ----- ----- ----- ----- ----- 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) ----- ----- ----- ----- ----- ----- ----- ----- 5 6 7 8 9 FA266000095 Equals: Net saving (current external balance) -- -- -- -- -- -- -- -- 9 -- -- -- -- -- -- -- -- 10 Capital account 10 FA266000095 Net saving 11 FA265440005 Less: Net capital transfers -- -- -- -- -- -- -- -- 11 12 FA265420095 Less: Acquisition of nonproduced nonfinancial assets -- -- -- -- -- -- -- -- 12 13 FA265000905 Net lending (+) or borrowing (-), capital account (lines 10-11-12) -- -- -- -- -- -- -- -- 13 Integrated Accounts Financial account 14 FA265000905 Net lending (+) or borrowing (-) (line 13) -- -- -- -- -- -- -- -- 14 15 FA264090005 Net acquisition of U.S. financial assets -- -- -- -- -- -- -- -- 15 16 17 18 FA263011005 FA263011205 FA313111303 Monetary gold and SDRs Monetary gold SDR allocations ---- ---- ---- ---- ---- ---- ---- ---- 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 ------ ------ ------ ------ ------ ------ ------ ------ 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 ------- ------- ------- ------- ------- ------- ------- ------- 24 25 26 27 28 29 30 31 32 FA264041005 FA262051003 FA263069500 Loans (short term) Security repurchases Loans to U.S. corporate business ---- ---- ---- ---- ---- ---- ---- ---- 30 31 32 33 34 35 36 37 FA263081005 FA263034003 FA263064105 FA263064203 FA263092001 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States ------ ------ ------ ------ ------ ------ ------ ------ 33 34 35 36 37 38 39 40 41 FA263052005 FA263076005 FA543141905 FA543151905 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements ----- ----- ----- ----- ----- ----- ----- ----- 38 39 40 41 42 FA263070005 Other accounts receivable -- -- -- -- -- -- -- -- 42 43 FA264190005 Net incurrence of liabilities -- -- -- -- -- -- -- -- 43 44 FA313011303 SDR holdings -- -- -- -- -- -- -- -- 44 45 46 47 48 49 FA264100005 FA263111503 FA263111403 FA263191005 FA313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies ------ ------ ------ ------ ------ ------ ------ ------ 45 46 47 48 49 50 51 52 FA264122005 FA263169105 FA263163005 Debt securities Commercial paper Bonds ---- ---- ---- ---- ---- ---- ---- ---- 50 51 52 183 Z.1, March 7, 2019 S.9.a Rest of the World Billions of dollars 2010 2011 2012 2013 2014 2015 2016 2017 53 54 55 56 57 FA264141005 FA262151003 FA263169005 FA263168005 FA713091103 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) ------ ------ ------ ------ ------ ------ ------ ------ 53 54 55 56 57 58 59 60 61 62 FA263181105 FA263164100 FA313092803 FA263192005 FA263194735 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies ------ ------ ------ ------ ------ ------ ------ ------ 58 59 60 61 62 63 FA263152005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 63 64 FA263170005 Other accounts payable -- -- -- -- -- -- -- -- 64 65 FA265000005 -- -- -- -- -- -- -- -- 65 ---- ---- ---- ---- ---- ---- ---- ---- 66 67 68 Addendum: Net lending (+) or borrowing (-), financial account (lines 15-43) Other changes in volume account 66 67 68 FV268090185 FV268090085 FU267005005 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 13-65) (3) Revaluation account FR264090005 -- -- -- -- -- -- -- -- 69 70 FR263011005 Financial assets Monetary gold and SDRs -- -- -- -- -- -- -- -- 70 71 FR264000005 Currency and deposits -- -- -- -- -- -- -- -- 71 72 73 74 75 76 FR264022005 FR263069103 FR263061105 FR263061705 FR263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate bonds ------ ------ ------ ------ ------ ------ ------ ------ 72 73 74 75 76 77 78 79 80 FR263081005 FR263064105 FR263064203 FR263092001 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States ----- ----- ----- ----- ----- ----- ----- ----- 77 78 79 80 81 FR263070005 Other accounts receivable -- -- -- -- -- -- -- -- 81 82 FR264194005 -- -- -- -- -- -- -- -- 82 83 FR313011303 SDR holdings -- -- -- -- -- -- -- -- 83 84 85 86 87 88 FR264100005 FR263111503 FR263111403 FR263191005 FR263191103 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies ------ ------ ------ ------ ------ ------ ------ ------ 84 85 86 87 88 89 FR263163005 Debt securities (corporate bonds) -- -- -- -- -- -- -- -- 89 90 FR263169205 Loans (other loans and advances) -- -- -- -- -- -- -- -- 90 91 92 93 FR263181105 FR263164100 FR263192005 Equity and investment fund shares Corporate equities U.S. direct investment abroad ---- ---- ---- ---- ---- ---- ---- ---- 91 92 93 94 FR263152005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 94 95 FR263170005 96 FR265000005 Liabilities Other accounts payable Changes in net worth due to nominal holding gains/losses -- -- -- -- -- -- -- -- 95 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Integrated Accounts 69 Changes in balance sheet account 97 FC262090095 Change in net worth (lines 13+66+96) Financial balance sheet account (end of period) 98 FL264090005 99 FL313111303 Total financial assets (4) SDR allocations 96 97 98 99 184 Z.1, March 7, 2019 S.9.a Rest of the World Billions of dollars Integrated Accounts 2010 2011 2012 2013 2014 2015 2016 2017 100 101 102 103 104 FL264000005 FL263025003 FL263027003 FL263030005 FL264016005 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks ------ ------ ------ ------ ------ ------ ------ ------ 100 101 102 103 104 105 106 107 108 109 110 FL264022005 LM263069103 LM263061105 LM263061705 FL263062003 LM263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds ------- ------- ------- ------- ------- ------- ------- ------- 105 106 107 108 109 110 111 112 113 FL264041005 FL262051003 FL263069500 Loans (short term) Security repurchases Loans to U.S. corporate business ---- ---- ---- ---- ---- ---- ---- -- 111 -- 112 -- 113 114 115 116 117 118 FL263081005 FL263034003 LM263064105 LM263064203 LM263092001 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States ------ ------ ------ ------ ------ ------ ------ ------ 114 115 116 117 118 119 120 121 122 FL263052005 FL263076005 FL543141905 FL543151905 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements ----- ----- ----- ----- ----- ----- ----- ----- 119 120 121 122 123 LM263070005 Other accounts receivable -- -- -- -- -- -- -- -- 123 124 FL262100005 Total liabilities and net worth -- -- -- -- -- -- -- -- 124 125 FL264194005 Total liabilities -- -- -- -- -- -- -- -- 125 126 FL313011303 SDR holdings -- -- -- -- -- -- -- -- 126 127 128 129 130 131 FL264100005 FL263111503 FL263111403 LM263191005 FL313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies ------ ------ ------ ------ ------ ------ ------ ------ 132 133 134 FL264122005 FL263169105 LM263163005 Debt securities Commercial paper Bonds ---- ---- ---- ---- ---- ---- ---- -- 132 -- 133 -- 134 135 136 137 138 139 FL264141005 FL262151003 FL263169005 FL263168005 FL713091103 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) ------ ------ ------ ------ ------ ------ ------ ------ 135 136 137 138 139 140 141 142 143 144 FL263181105 LM263164100 FL313092803 LM263192005 FL263194735 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies ------ ------ ------ ------ ------ ------ ------ ------ 140 141 142 143 144 145 FL263152005 Insurance, pension and standardized guarantee schemes -- -- -- -- -- -- -- -- 145 146 LM263170005 Other accounts payable -- -- -- -- -- -- -- -- 146 147 FL262090095 -- -- -- -- -- -- -- -- 147 Net worth (external account) (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. 127 128 129 130 131
@FedFRASER