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For use at 12:00 noon, eastern time March 7, 2024 FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts Fourth Quarter 2023 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i Recent Developments in Household Net Worth and Domestic Nonfinancial Debt The net worth of households and nonprofits rose to $156.2 trillion during the fourth quarter of 2023. The value of directly and indirectly held corporate equities increased $4.7 trillion and the value of real estate decreased $0.6 trillion. an annual rate of 3.3 percent, while mortgage debt (excluding charge-offs) grew at an annual rate of 2.1 percent. Domestic nonfinancial debt outstanding was $73.8 trillion at the end of the fourth quarter of 2023, of which household debt was $20.0 trillion, nonfinancial business debt was $21.1 trillion, and total government debt was $32.7 trillion. Domestic nonfinancial debt expanded 4.8 percent at an annual rate in the fourth quarter of 2023, down from an annual rate of 5.4 percent in the previous quarter. Household debt increased 2.4 percent at an annual rate in the fourth quarter of 2023. Consumer credit grew at Nonfinancial business debt rose at an annual rate of 0.8 percent in the fourth quarter of 2023, down from a 1.4 percent annual rate in the previous quarter. Federal government debt increased 10 percent at an annual rate in the fourth quarter of 2023, down from a 10.6 percent annual rate in the previous quarter. State and local government debt contracted at an annual rate of 1.1 percent in the fourth quarter of 2023, after contracting at an annual rate of 0.3 percent in the previous quarter. Household Net Worth and Growth of Domestic Nonfinancial Debt Growth of domestic nonfinancial debt2 Year Household net worth1 Total Households Businesses Federal government State and local gov’ts 2014 86,934 3.9 1.1 7.0 5.4 -2.2 2015 89,901 4.5 2.6 7.1 5.0 0.5 2016 95,013 4.4 3.2 5.0 5.6 1.0 2017 103,759 4.3 4.0 6.2 3.7 -0.0 2018 104,324 4.7 3.2 4.4 7.6 -1.2 2019 116,891 4.7 3.5 4.6 6.6 -0.0 2020 131,398 12.3 3.5 9.3 24.1 3.0 2021 150,233 6.3 7.4 4.9 7.1 2.2 2022 144,628 5.7 6.3 5.8 6.1 -1.6 2023 156,214 5.2 2.7 2.2 9.8 0.7 2021: Q4 150,233 8.8 7.9 7.1 12.1 -1.0 2022: Q1 152,332 8.3 8.1 7.9 10.2 -2.4 Q2 146,785 6.2 7.0 7.2 5.6 1.6 Q3 143,516 4.6 6.4 4.1 4.2 -0.5 Q4 144,628 3.2 3.3 3.5 4.0 -5.1 Q1 147,521 3.8 2.4 4.6 4.5 1.2 Q2 152,780 6.3 2.7 1.9 12.7 2.8 Q3 151,376 5.4 3.2 1.4 10.6 -0.3 Q4 156,214 4.8 2.4 0.8 10.0 -1.1 2023: 1. Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted. 2. Percentage changes calculated as transactions at a seasonally adjusted annual rate divided by previous quarter’s seasonally adjusted level, shown at an annual rate. ii iii Release Highlights Fourth Quarter 2023 Topic Description Financial subsector corporate equity issues at market value New detail on corporate equity issues outstanding at market value (table L.224) is now available for U.S.-chartered depository institutions, property-casualty insurance companies, life insurance companies, closed-end funds, exchange-traded funds, governmentsponsored enterprises, mortgage REITs, securities brokers and dealers, holding companies, and other financial business. Previously, only total financial business sector corporate equity issuance outstanding was available. Additional detail on the split between publicly traded and closely held equity outstanding are also newly available on table L.224. Corresponding sector levels tables for all corporate equity issuing sectors now include line items for total liabilities and equity, total liabilities, and total equity. While transactions in financial sector corporate equities were unaffected for most sectors, estimates of net issues for government-sponsored enterprises have been revised due to new methodology. The next release of the Enhanced Financial Accounts Issuer-toHolder (From-Whom-to-Whom) data will include the corporate equities instrument category. Previously, corporate equities were excluded from the issuer-to-holder dataset due to insufficient detail on financial sector issuance. With the incorporation of corporate equities, the issuer-to-holder dataset now covers all Financial Accounts instrument categories. Nonmarketable Treasury securities have been reclassified from the instrument category for Treasury securities (tables F.210 and L.210), a type of debt security, to other loans and advances (tables F.216 and L.216). This change aligns the Financial Accounts more closely with the System of National Accounts 2008 (SNA) international guidelines under which only negotiable debt instruments, such as marketable Treasury securities, are classified as debt securities. Measures of total debt (tables D.1-D.3), which include loans and debt securities, are unaffected. A new supplementary table (L.132.c) showing financial assets and liabilities levels outstanding for central clearing counterparties (CCPs) has been added to the release. CCPs are included in the other financial business sector (tables F.132 and L.132). A forthcoming FEDS note, “Central Clearing Counterparties in the Financial Accounts of the United States” (Matthew Guse, Matthew Hoops, and Maria Perozek), details the construction of these data. Corporate equities included in Issuer-to-Holder data Nonmarketable Treasury securities reclassified Central clearing counterparties supplementary table iv Topic Description Fraternal insurance companies reclassified Fraternal insurance companies have been reclassified from the households and nonprofit organizations sector (tables F.101, L.101, B.101, R.101, and B.101.n) to the life insurance companies sector (tables F.116, L.116, F.116.g, L.116.g, F.116.s, and L.116.s) in accordance with System of National Accounts 2008 international guidelines. Historical revisions related to the reclassification extend back to 1987:Q1. While fraternal insurance companies in the United States are nonprofit organizations and file returns with the Internal Revenue Service under Section 501(c)(8) of the Internal Revenue Code, for statistical purposes they are included in the financial sector because they provide insurance services at economically significant prices. The investment section of the change in net worth tables for the households and nonprofit organizations, nonfinancial corporate business, and nonfinancial noncorporate business sectors (tables R.101, R.103, and R.104, respectively) has been reformatted to align more closely with the presentation of assets and liabilities shown on the sector balance sheets (tables B.101, B.103, and B.104). A new table, Debt Securities Issues by Sector, Currency, Maturity, Interest Rate and Market of Issuance, Stocks at Market Value, has been added to the set of tables for the Bank for International Settlements (BIS) on the Financial Accounts Guide “International Data Submissions” webpage. The table is constructed using Enhanced Financial Accounts Issuer-to-Holder (From-Whom-ToWhom) estimates based on Z.1 Financial Accounts aggregate debt securities holdings data. These tables satisfy Recommendation 7 of the Second Phase of the G20 Data Gaps Initiative (DGI-2) and are submitted to the BIS in SDMX format. Change in net worth tables reformatted New table on debt securities statistics added to the "International Data Submissions" page v Explanatory Notes Financial Accounts of the United States The Statistical Release Z.1, Financial Accounts of the United States, or Financial Accounts, is organized into the following sections: ■ ■ ■ ■ ■ Matrices summarizing transactions and levels across sectors and tables on debt growth, net national wealth, gross domestic product (GDP), national income, saving, and so on Transactions of financial assets and liabilities, by sector and by financial instrument Levels of financial assets and liabilities, by sector and by financial instrument Balance sheets, including nonfinancial assets, and changes in net worth for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses Supplementary tables including balance sheets for the household sector, nonprofit organization sector, the household and nonprofit organization sector with additional equity and debt detail, and domestic hedge funds, as well as tables detailing stocks and flows of fixed assets Integrated Macroeconomic Accounts (IMA) The IMA relate production, income, saving, and capital formation from the Bureau of Economic Analysis’s (BEA) national income and product accounts (NIPA) to changes in net worth from the Financial Accounts on a sector-by-sector basis. The IMA are published jointly by the Federal Reserve Board and BEA and are based on international guidelines and terminology as defined in the System of National Accounts (SNA2008). Federal Reserve Board staff have taken many steps over the past several years to conform the Financial Accounts with the SNA2008 guidelines. Nonetheless, a few important differences remain, in particular, the following in the Financial Accounts: ■ ■ ■ The purchase of consumer durables is treated as investment rather than as consumption. Nonfinancial noncorporate businesses (tables F/L/B.104) are not included in the household sector. Nearly all debt security asset holdings are reported at market value while most debt security liabilities are at book value. Statistical discrepancies, shown on debt security instrument tables, accounts for differences in valuations. Concepts of Levels and Transactions in the SNA and the Financial Accounts The level of an asset or liability (also referred to as the “stock” or “outstanding”) measures the value of the asset or liability in existence at a point in time. In the Financial Accounts, the levels are reported as of the end of each calendar quarter. In the SNA2008, the change in the level from one period to the next is called the economic flow, and can be decomposed into three broad elements: transactions, which measure the exchange of assets; revaluations, which measure holding gains and losses; and other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or a change in source data or definition. In practice, other volume changes are relatively rare, and revaluations occur mainly for series carried at market value (such as corporate equities, real estate, and some debt securities), so for many series the change in the level is equal to the transactions element. Growth Rates Growth rates calculated from levels include revaluations and other changes in volume. In order to isolate the effect of transactions on the growth of a given asset or liability, users should calculate the ratio of transactions in a given period to the level in the preceding period. Growth rates in table D.1 are calculated by dividing transactions at a seasonally adjusted annual rate from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Growth rates calculated from changes in unadjusted levels may differ from those in table D.1. Seasonal Adjustment Seasonal factors are recalculated and updated with the December release of third-quarter data. Series that exhibit significant seasonal patterns are adjusted. Seasonal factors are generated using the X-13-ARIMA seasonal adjustment program from the U.S. Census Bureau, estimated using the most recent 10 years of transaction data. Due to distortions of seasonal patterns caused by financial crises, seasonal factors for affected series are extrapolated using pre-crisis data until several years of post-crisis data are available. Seasonally adjusted levels shown in table D.3 are derived by carrying forward year-end levels by seasonally adjusted transactions. vi Data Revisions Data shown for the most recent quarters are based on preliminary and potentially incomplete information. A summary list of the most recent data available for each sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are revised on an ongoing basis. In each release of the Financial Accounts, major revisions are highlighted at the beginning of the publication. Discrepancies The data in the Financial Accounts come from a large variety of sources and are subject to limitations and uncertainty due to measurement errors, missing information, and incompatibilities among data sources. The size of this uncertainty cannot be quantified, but its existence is acknowledged by the inclusion of “statistical discrepancies” for various sectors and financial instruments. The discrepancy for a given sector is defined as the difference between the aggregate value of the sector’s sources of funds and the value of its uses of funds. Sources of funds are gross savings less net capital transfers paid and net increase in liabilities and equity; uses of funds are capital expenditures and the net acquisition of financial assets. If a sector’s sources of funds are greater than its uses of funds, the sector is a net lender of funds in the accounts. In the reverse case, the sector would be a net borrower of funds. Most of the data for deriving gross savings come from the BEA’s NIPA. For a financial instrument category, the discrepancy is defined as the difference between the measurement of funds raised through the financial instrument and funds disbursed through that instrument. The relative size of the statistical discrepancy is one indication of the quality of the underlying source data. Note that differences in seasonal adjustment procedures sometimes result in quarterly discrepancies that partially or completely offset each other in the annual data. Financial Accounts Guide Substantially more detail on the construction of the Financial Accounts is available in the Financial Accounts Guide, which provides interactive, online documentation for each data series. The tools and descriptions in the guide are designed to help users understand the structure and content of the Financial Accounts. Each input and calculated series in the Z.1 is identified according to a unique string of patterned numbers and letters. The series structure page of the guide provides a breakdown of what the letters and numbers represent in the series mnemonics. Some data submissions to international organizations are also available in the guide. The guide is updated with the quarterly release and is available online: www.federalreserve.gov/apps/fof Enhanced Financial Accounts and Data Visualization Additional supplementary information is available online in the Enhanced Financial Accounts, which augment the Financial Accounts with finer detail, additional types of activities, higher-frequency data, and more-disaggregated data. Links to the Enhanced Financial Accounts are available from both the Financial Accounts Guide page and the main release page. In addition, interactive online data visualizations are available for selected components of the Financial Accounts and Enhanced Financial Accounts. Links are available also on the same pages. Production Schedule The Financial Accounts are published four times per year, about 10 weeks following the end of each calendar quarter. The publication is available online: www.federalreserve.gov/releases/Z1 This website also provides CSV files of quarterly data for transactions at a seasonally adjusted annual rate, unadjusted transactions, levels outstanding, balance sheets, debt tables, supplementary tables, and the IMA. In addition, the data are available as customizable datasets through the Federal Reserve Board’s Data Download Program online: www.federalreserve.gov/datadownload/default.htm Print Subscription Information The Federal Reserve Board charges a fee for subscriptions to print versions of statistical releases. Inquiries regarding print versions should be directed to the following office: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3245 vii Description of Most Recent Data Available Sector Table Available at time of publication National income and product accounts (NIPA) (various tables) Second estimate, seasonally adjusted, for 2023:Q4. Corporate profits through 2023:Q3. Government receipts and expenditures unadjusted transactions from 1952:Q1 forward. GDP and income unadjusted transactions from 2002:Q1 forward. Many BEA series are downloaded via Haver Analytics. Households and nonprofit organizations sector (tables F.101 and L.101) Estimates are largely residual, derived from other sectors' data. Data for consumer credit, which are estimated directly, are available through 2023:Q4. Internal Revenue Service Statistics of Income (IRS/SOI) data for Section 501(c)(3-7 and 9) nonprofit organizations through 2020. Private foundations and Section 4947(a)(1) Nonexempt Charitable Trusts are available through 2019 (table B.101.n). Data on hedge funds from SEC forms PF and ADV through 2023:Q3 (table B.101.f). Nonfinancial corporate business (tables F.103 and L.103) Quarterly Financial Report (QFR) of the Census Bureau through 2023:Q3; IRS/SOI data through 2021. Securities offerings, mortgages, bank loans, commercial paper, and other loans through 2023:Q4. Corporate farm data through 2022; USDA forecast through 2023:Q4. Nonfinancial noncorporate business (tables F.104 and L.104) IRS/SOI data through 2021; bank and finance company loans, and mortgage borrowing through 2023:Q4. Noncorporate farm data through 2022; USDA forecast through 2023:Q4. Federal government (tables F.106 and L.106) Monthly Treasury Statement of Receipts and Outlays, Monthly Statement of the Public Debt and Loan program data through 2023:Q4. State and local governments (tables F.107 and L.107) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2023:Q4. Data for total financial assets from Census Bureau through 2019:Q2. Additional financial asset detail from comprehensive annual financial reports of state and local governments through 2011:Q2. Monetary authority (tables F.109 and L.109) Market value level of debt securities through 2023:Q3. All other data through 2023:Q4. U.S.-chartered depository institutions (tables F.111 and L.111) All data through 2023:Q4. Foreign banking offices in U.S. (tables F.112 and L.112) All data through 2023:Q4. Banks in U.S.-affiliated areas (tables F.113 and L.113) All data through 2023:Q4. Credit unions (tables F.114 and L.114) America's Credit Unions through 2023:Q4; Natural person Call Reports and corporate Call Reports through 2023:Q3. Property-casualty insurance companies (tables F.115 and L.115) All data through 2023:Q3 (NJ-domiciled firms extrapolated). viii Sector Table Available at time of publication Life insurance companies (tables F.116 and L.116) All data through 2023:Q3 (NJ-domiciled firms extrapolated). Private pension funds (tables F.118 and L.118) Internal Revenue Service/Department of Labor Form 5500 data through 2021. Investment Company Institute data through 2023:Q3. BEA annual actuarial liability data through 2022:Q4. Federal government retirement funds (tables F.119 and L.119) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2023:Q4. BEA annual actuarial liability data through 2022:Q4. State and local government employee retirement funds (tables F.120 and L.120) Census Bureau Annual Survey of Public Pensions through 2022:Q2. Quarterly Survey of Public Pensions through 2023:Q3. Investment Company Institute data through 2023:Q3. BEA annual actuarial liability data through 2022:Q4. Money market funds (tables F.121 and L.121) All data through 2023:Q4. Mutual funds (tables F.122 and L.122) All data through 2023:Q4. Closed-end funds (tables F.123 and L.123) All data through 2023:Q4. Exchange-traded funds (tables F.124 and L.124) All data through 2023:Q4. Government-sponsored enterprises (GSEs) (tables F.125 and L.125) Data for Fannie Mae, Freddie Mac, REFCORP, Farmer Mac, and FCS through 2023:Q4. Data for FHLB through 2023:Q3. Agency- and GSE-backed mortgage pools (tables F.126 and L.126) Data for Freddie Mac, Fannie Mae, Farmer Mac, and Ginnie Mae through 2023:Q4. Issuers of asset-backed securities (ABS) (tables F.127 and L.127) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2023:Q4. Finance companies (tables F.128 and L.128) All data through 2023:Q4. Mortgage real estate investment trusts (mREITs) (tables F.129 and L.129) All data through 2023:Q4. Security brokers and dealers (tables F.130 and L.130) FOCUS reports through 2023:Q4. There are no FOGS filers as of 2023:Q4. Holding companies (table F.131 and L.131) All data through 2023:Q4. Other financial business (tables F.132 and L.132) Estimates are largely residual, derived from other sectors' data. Central clearing party data through 2023:Q3 and partial data through 2023:Q4. Rest of the world (tables F.133 and L.133) NIPA estimates, depository institutions' Call Reports, and Treasury International Capital System through 2023:Q4. International investment position and international transaction accounts through 2023:Q3. ix List of Data Tables Title Table Page Summaries Financial Accounts Matrix—Transactions 1 Financial Accounts Matrix—Levels 3 Debt Growth by Sector D.1 5 Borrowing by Sector D.2 6 Debt Outstanding by Sector D.3 7 Derivation of U.S. Net Wealth B.1 8 Distribution of Gross Domestic Product F.2 9 Distribution of National Income F.3 10 Saving and Investment F.4 11 Net Capital Transfers F.5 12 Derivation of Measures of Personal Saving F.6 13 Assets and Liabilities of the Personal Sector L.6 14 Transactions Title Levels Table Page Table Page F.100 15 L.100 78 Households and Nonprofit Organizations F.101 16 L.101 79 Nonfinancial Business F.102 17 L.102 80 Nonfinancial Corporate Business F.103 18 L.103 81 Nonfinancial Noncorporate Business F.104 19 L.104 82 F.105 20 L.105 83 Federal Government F.106 21 L.106 84 State and Local Governments F.107 22 L.107 85 F.108 23 L.108 86 Monetary Authority F.109 24 L.109 87 Private Depository Institutions F.110 25 L.110 88 U.S.-Chartered Depository Institutions F.111 26 L.111 89 Foreign Banking Offices in U.S. F.112 27 L.112 90 Banks in U.S.-Affiliated Areas F.113 28 L.113 91 Credit Unions F.114 28 L.114 91 F.115 29 L.115 92 Sectors Domestic Nonfinancial General Government Domestic Financial Property-Casualty Insurance Companies x Sectors Life Insurance Companies F.116 30 L.116 93 Life Insurance Companies: General Accounts F.116.g 31 L.116.g 94 Life Insurance Companies: Separate Accounts F.116.s 31 L.116.s 94 F.117 32 L.117 95 F.118 33 L.118 96 Private Pension Funds: Defined Benefit Plans F.118.b 34 L.118.b 97 Private Pension Funds: Defined Contribution Plans F.118.c 34 L.118.c 97 F.119 35 L.119 98 Federal Government Employee Retirement Funds: Defined Benefit Plans F.119.b 36 L.119.b 99 Federal Government Employee Retirement Funds: Defined Contribution Plans F.119.c 36 L.119.c 99 F.120 37 L.120 100 State and Local Government Employee Retirement Funds: Defined Benefit Plans F.120.b 38 L.120.b 101 State and Local Government Employee Retirement Funds: Defined Contribution Plans F.120.c 38 L.120.c 101 Money Market Funds F.121 39 L.121 102 Mutual Funds F.122 39 L.122 102 Closed-End Funds F.123 40 L.123 103 Exchange-Traded Funds F.124 40 L.124 103 Government-Sponsored Enterprises F.125 41 L.125 104 Agency- and GSE-Backed Mortgage Pools F.126 41 L.126 104 Issuers of Asset-Backed Securities F.127 42 L.127 105 Finance Companies F.128 43 L.128 106 Mortgage Real Estate Investment Trusts (mREITs) F.129 44 L.129 107 Security Brokers and Dealers F.130 45 L.130 108 Holding Companies F.131 46 L.131 109 Other Financial Business F.132 47 L.132 110 F.133 48 L.133 111 Private and Public Pension Funds Private Pension Funds Federal Government Employee Retirement Funds State and Local Government Employee Retirement Funds Rest of the World xi Instruments U.S. Official Reserve Assets and SDR Allocations F.200 49 L.200 112 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 49 L.201 112 U.S. Deposits in Foreign Countries F.202 49 L.202 112 Net Interbank Transactions F.203 50 L.203 113 Checkable Deposits and Currency F.204 51 L.204 114 Time and Savings Deposits F.205 52 L.205 115 Money Market Fund Shares F.206 52 L.206 115 Federal Funds and Security Repurchase Agreements F.207 53 L.207 116 Debt Securities F.208 54 L.208 117 Open Market Paper F.209 55 L.209 118 Treasury Securities F.210 56 L.210 119 Agency- and GSE-Backed Securities F.211 57 L.211 120 Municipal Securities F.212 58 L.212 121 Corporate and Foreign Bonds F.213 59 L.213 122 F.214 60 L.214 123 Depository Institution Loans Not Elsewhere Classified F.215 61 L.215 124 Other Loans and Advances F.216 62 L.216 125 Total Mortgages F.217 63 L.217 126 One-to-four-family Residential Mortgages F.218 64 L.218 127 Multifamily Residential Mortgages F.219 64 L.219 127 Commercial Mortgages F.220 65 L.220 128 Farm Mortgages F.221 65 L.221 128 F.222 66 L.222 129 Direct Investment Intercompany Debt F.223 66 L.223 129 Corporate Equities F.224 67 L.224 130 Other Equity F.225 68 L.225 131 Direct Investment Equity F.225.a 68 L.225.a 131 Miscellaneous Other Equity F.225.b 69 L.225.b 132 Mutual Fund Shares F.226 70 L.226 133 Life Insurance Reserves F.228 71 L.228 134 Pension Entitlements F.229 71 L.229 134 Trade Credit F.230 72 L.230 135 Taxes Payable by Businesses F.231 72 L.231 135 Loans Consumer Credit xii Instruments Total Miscellaneous Financial Claims F.232 73 L.232 136 Identified Miscellaneous Financial Claims—Part I F.233 74 L.233 137 Identified Miscellaneous Financial Claims—Part II F.234 75 L.234 138 Unidentified Miscellaneous Financial Claims F.235 76 L.235 139 Sector Discrepancies F.7 77 Instrument Discrepancies F.8 77 Balance Sheet Title Change in Net Worth Table Page Table Page Households and Nonprofit Organizations B.101 140 R.101 143 Nonfinancial Corporate Business B.103 141 R.103 144 Nonfinancial Noncorporate Business B.104 142 R.104 145 Table Page Balance Sheet and Change in Net Worth Title Supplementary Tables Balance Sheet of Households B.101.h 146 Balance Sheet of Nonprofit Organizations B.101.n 147 Balance Sheet of Households and Nonprofit Organizations with Debt and Equity Holdings Detail B.101.e 148 Balance Sheet of Domestic Hedge Funds B.101.f 149 Central Clearing Counterparties (CCPs) L.132.c 150 Gross Fixed Investment F.4.g 151 Consumption of Fixed Capital F.4.c 152 Net Fixed Investment F.4.f 153 Net Stocks of Fixed Assets, current cost L.4.s 154 xiii Title Table Page Total Economy—Current Account S.1.a 155 Selected Aggregates for Total Economy and Sectors S.2.a 156 Households and Nonprofit Institutions Serving Households S.3.a 158 Nonfinancial Noncorporate Business S.4.a 161 Nonfinancial Corporate Business S.5.a 164 Financial Business S.6.a 167 Central Bank S.61.a 170 Private Depository Institutions S.62.a 172 Insurance Companies S.63.a 175 Pension Funds S.64.a 178 Other Financial Business S.65.a 181 Federal Government S.7.a 184 State and Local Governments S.8.a 187 Rest of the World S.9.a 190 Integrated Macroeconomic Accounts for the United States xiv Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets Net lending (+) or net borrowing (-) Net acquisition of financial assets Net increase in liabilities and equity U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit U.S. direct investment: debt Foreign direct investment: debt Corporate equities U.S. direct investment: equity Foreign direct investment: equity Miscellaneous other equity Mutual fund shares Life insurance reserves Pension entitlements Trade credit Taxes payable Miscellaneous Sector discrepancies (1 less 4) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 -354.9 -164.2 55.2 551.1 14.3 -108.0 -57.2 --4.4 1089.4 -817.6 174.7 93.3 3.8 -70.5 --65.3 -3.3 -1.9 --- ----5.2 --193.3 -441.1 724.7 -- 1051.8 1615.5 -- 4241.9 3190.1 2022.1 893.5 290.5 --16.0 ---- U (1) -- ---31.5 -2.5 ----- 2.1 ---2.1 -527.5 -21.1 30.0 393.1 125.6 --- ---------- --563.7 -------- 3887.1 2500.2 1386.9 S (2) Households and Nonprofit Organziations -177.7 -4.4 --218.9 -386.2 -136.2 234.7 -3.4 71.6 28.5 37.5 6.8 -0.0 -1.3 22.4 --22.4 -0.0 36.8 -- ---21.8 --4.8 142.7 178.3 0.6 335.3 1172.0 -- 3624.7 3289.4 -180.7 3054.3 57.3 -2.9 ---- U (3) -- ---116.5 -0.2 596.3 -611.7 -290.5 -9.7 236.7 20.2 ---1.4 217.9 216.7 -1.2 -22.2 240.1 --1.6 ---------- --836.7 -------- 3446.9 2634.9 812.1 S (4) Nonfinancial Business ---- 402.4 ---3.2 -43.7 -0.0 0.0 ---4.9 0.0 --0.0 -0.0 -87.7 --68.6 8.1 -27.2 --- 0.4 ----321.1 0.1 --- -2342.5 188.5 -- -1900.5 441.9 -2.1 440.5 --0.7 U (5) -- -1.3 -34.0 --124.9 ----- 2382.0 -2381.6 0.4 --238.5 -238.5 0.0 ---- 0.0 0.0 0.0 ------- --2530.9 -------- -1498.1 370.5 -1868.6 S (6) Federal Government -63.5 1.2 --13.7 5.4 -22.5 -3.4 ---- 99.0 4.0 94.3 3.0 -0.4 -2.0 -0.4 --8.4 8.0 ---- -----14.7 3.7 15.5 10.0 -186.9 137.0 -- 381.7 568.7 -6.9 542.0 -19.8 ---- U (7) -- ---68.5 -234.3 ----- 20.2 ---20.2 -1.0 -1.0 ----- ---------- --324.0 -------- 318.2 393.2 -75.0 S (8) State and Local Governments ---- -193.7 -167.4 55.2 551.1 250.0 -38.3 471.7 -196.8 234.7 -2.9 1260.0 32.6 949.4 184.6 92.8 0.5 -136.2 --142.2 35.1 -29.1 36.8 -- 0.4 --16.5 -137.8 -294.5 918.5 10.7 -1142.3 3112.9 -- 6347.8 7490.1 2022.1 1083.2 4327.4 57.3 0.1 U (9) -- -1.3 -250.5 -0.2 708.2 -611.7 -290.5 -9.7 2640.9 20.2 2381.6 0.4 20.9 217.9 983.7 -22.4 247.2 633.2 125.6 -1.6 0.0 0.0 0.0 ------- --4255.3 -------- 6154.1 5898.7 255.4 S (10) Domestic Nonfinancial Sectors (Billions of dollars; seasonally adjusted) Financial Accounts Matrix--Transactions for 2023 -36.8 -116.0 8.1 20.3 41.5 -470.0 -105.4 79.0 -44.1 972.7 4.8 835.3 -51.6 -79.7 263.9 1094.7 59.9 281.9 598.1 154.7 -1.5 -- 0.3 0.0 1.2 7.5 572.0 -81.4 131.8 206.6 -45.8 -9.9 3299.7 -- 358.0 367.8 --367.8 --- ---- U (11) -- -299.7 61.0 561.0 30.7 25.2 1017.8 506.5 -25.5 53.6 494.9 17.9 -281.0 -196.0 -150.9 -11.3 -139.6 ---6.0 ----746.3 81.9 -146.0 1134.5 -838.8 --3309.6 -------- 321.2 331.0 -9.8 S (12) 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, 2024 -246.9 -16.4 -0.0 0.0 35.8 -73.3 179.1 -316.0 -- 985.0 -11.5 596.8 148.4 7.7 243.5 -38.0 --38.0 ---7.7 0.0 ---154.3 20.5 16.6 9.3 342.6 1088.2 2085.8 -- 1088.0 -0.1 -----0.1 ---- U (13) -- -1.0 10.4 1.7 -20.3 -17.9 313.7 -3.1 81.8 -12.3 ---94.1 87.7 93.6 -5.9 --35.3 -- 0.7 ---67.8 ----527.8 --997.7 -------- 841.2 -841.2 S (14) Rest of the World -477.3 -299.7 63.3 571.4 327.3 -38.3 1014.9 -123.1 313.7 316.0 47.0 3217.7 25.9 2381.6 281.4 20.9 507.9 920.5 59.9 101.8 633.2 125.6 35.3 7.7 0.7 0.0 1.2 24.0 726.3 76.8 -146.0 1134.5 307.4 -64.0 8498.5 -- 7793.8 7857.8 2022.1 1083.2 4695.2 57.3 -- ---- U (15) S (16) ---- -477.3 ----44.3 63.4 731.4 ----- -------------- ---1.2 -91.8 20.0 5.1 ---618.4 64.0 --- -477.3 -541.4 ------ (17) Instrument Discrepancy Summary -- -299.7 63.3 571.4 283.0 25.1 1746.3 -123.1 313.7 316.0 47.0 3217.7 25.9 2381.6 281.4 20.9 507.9 920.5 59.9 101.8 633.2 125.6 35.3 7.7 0.7 0.0 0.0 -67.8 746.3 81.9 -146.0 1134.5 -311.0 --8562.5 -------- 7316.5 6229.8 1086.7 All Sectors 1 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets Net lending (+) or net borrowing (-) Net acquisition of financial assets Net increase in liabilities and equity U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit U.S. direct investment: debt Foreign direct investment: debt Corporate equities U.S. direct investment: equity Foreign direct investment: equity Miscellaneous other equity Mutual fund shares Life insurance reserves Pension entitlements Trade credit Taxes payable Miscellaneous Sector discrepancies (1 less 4) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 ---- 157005005 153064205 153040005 153050005 163070005 -153090005 153064105 --153081115 154022005 -153061105 153061705 153062005 153063005 154023005 -153069005 153065005 163066223 --- ---153091003 -153020005 153030005 153034005 -- 155000005 154090005 -- 155090005 155050005 155111003 155012005 165013005 -155420003 U (1) -- ---163170005 -543077073 ----- 163162003 ---163162003 -154123005 153168005 153169005 153165005 153166000 --- ---------- --154190005 -------- 156000105 156300005 156006305 S (2) Households and Nonprofit Organziations ---- 107005005 103064203 --143070005 -143090005 103064103 103092105 -143092405 144022005 103069100 143061105 103061703 143062005 123063003 144023005 --143065005 143066005 103092305 -- ---103091003 -143020005 143030005 143034005 102051003 145000005 144090005 -- 145090005 145050005 -145012005 145013005 145020005 105420005 U (3) -- ---143170005 143178005 143190005 103164105 -143192105 112090205 104122005 103169100 --103162000 103163005 144123005 143168005 143169005 143165005 --143192305 ---------- --144194005 -------- 146000105 146300005 146006305 S (4) Nonfinancial Business ---- 317005005 ---313070000 313078000 313091105 313064105 --313081115 314022005 --313061703 -313063763 314023005 -313069005 313065005 313066220 --- 313011005 ----313020005 313030003 --- 315000005 314090005 -- 315090005 315050005 -315012065 315013005 -315420003 U (5) -- -313140003 -313170005 -313190005 ----- 314122005 -313161105 313161705 --314123005 -313169005 313165403 ---- 313111303 713014003 313112003 ------- --314190005 -------- 316000105 316300001 316006305 S (6) Federal Government ---- 217005005 213064203 --213070003 213078005 213093003 213064103 ---- 214022005 213069103 213061103 213061703 213062003 213063003 214023005 -213069200 213065005 ---- -----213020005 213030000 213034003 212051003 215000005 214090005 -- 215090005 215050005 -215012063 215013005 -215420003 U (7) -- ---213170003 -223073045 ----- 213162005 ---213162005 -213169203 -213169203 ----- ---------- --214190005 -------- 216000105 216300001 216006305 S (8) State and Local Governments ---- 387005005 383064205 153040005 153050005 383070005 383078005 383090005 383064105 103092105 -383094905 384022005 383069105 383061105 383061705 383062005 383063005 384023005 -383069005 383065005 383066005 103092305 -- 313011005 --383091005 -383020005 383030005 383034005 382051005 385000005 384090005 -- 385090005 385050005 155111003 385012005 385013005 145020005 385420005 U (9) -- -313140003 -383170005 143178005 383190005 103164105 -143192105 112090205 384122005 103169100 313161105 313161705 383162005 103163005 384123005 383168005 383169005 383165005 153166000 -143192305 313111303 713014003 313112003 ------- --384194005 -------- 386000105 386300005 386006305 S (10) Domestic Nonfinancial Sectors Financial Accounts Matrix--Transactions ---- 797005005 793064205 793040005 543050005 793070005 -793090005 793064105 793092105 -793094905 794022005 793069175 793061105 793061705 793062005 793063005 794023005 793068005 793069005 793065005 793066005 793092305 -- 713011005 713014003 713012003 793091005 794010005 793020005 793030005 793034005 792050005 795000005 794090005 -- 795090005 795013005 --795013005 --- U (11) S (12) -- 653164205 543140005 583150005 793170005 793178005 793190005 793164105 -793192105 793194905 794122005 793169175 -423161705 -793163005 794123005 793168005 793169005 ---793192305 ----794110005 793120005 703130005 634090005 792150005 --794194005 -------- 796000105 796330005 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, 2024 ---- 267005005 263064203 543141905 543151905 263070005 -263090005 263064105 -263092101 -- 264022005 263069103 263061105 263061705 263062003 263063005 263069005 -263069005 ---263092305 263011005 ---264016005 263020005 263030005 263034003 262051005 265000005 264090005 -- 265090005 265420005 ----265420005 U (13) -- -263140005 263150005 263170005 -263190005 263164100 263192101 -313092803 264122005 263169105 ---263163005 264123005 263168005 263169005 --263192305 -- 263111005 --263191005 ----262151003 --264194005 -------- 266000105 -266000105 S (14) Rest of the World ---- 897005005 653164205 893140005 893150005 893070005 893078005 893090005 893064105 263192101 263092101 893194905 894122005 893169175 313161105 893161705 383162005 893063005 894123005 793068005 893169005 893065005 153166000 263192305 263092305 893011005 713014003 713012003 893091005 894010005 893020005 703130005 634090005 892050005 895000005 894090005 -- 895090005 895050005 155111003 885012005 885013005 145020005 -- U (15) S (16) -- 653164205 893140005 893150005 893170005 893178005 893190005 893064105 263192101 263092101 893194905 894122005 893169175 313161105 893161705 383162005 893163005 894123005 793068005 893169005 893065005 153166000 263192305 263092305 893111005 713014003 313112003 263191005 794110005 793120005 703130005 634090005 892150005 --894194005 -------- 896000105 886300005 896006305 All Sectors ---- 907005005 ---903070005 903078005 903090005 ----- -------------- --903012005 903091005 904010005 903020005 --902050005 905000005 --- 907005005 906000105 ------ (17) Instrument Discrepancy Summary 2 Total liabilities and equity Total liabilities U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. Funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit U.S. direct investment: debt Foreign direct investment: debt Corporate equities U.S. direct investment: equity Foreign direct investment: equity Miscellaneous other equity Mutual fund shares Life insurance reserves Pension entitlements Trade credit Taxes payable Miscellaneous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 1634.8 -- 326.0 30963.7 2089.6 11005.1 15767.8 -- -- 31996.5 -- -- 16.8 74.4 1255.1 -- 1346.3 310.5 1766.3 1272.6 2321.3 -- 5670.7 -- 3806.3 9837.8 4340.9 -- 46.4 -- -- -- -- -- 118831.9 A (1) -- 39.5 -- 534.1 -- -- -- -- -- -- -- -- -- 5019.7 13522.1 735.9 473.6 19751.3 -- 203.9 -- -- -- 203.9 -- -- -- -- -- -- -- -- -- 20528.8 20528.8 L (2) Households and Nonprofit Organizations 14340.7 -- 5884.9 -- -- 407.2 20.2 -- 7779.9 2830.7 -- -40.1 35.8 226.9 -- -- 262.7 18.0 29.6 38.3 205.3 233.3 524.5 29.1 1054.8 1892.7 2517.6 -- 212.4 -- -- -- -- -- 37717.3 -- 12328.2 491.0 4343.8 -- -- -- 15644.0 11649.0 -- 51547.2 381.1 -- -- 6715.1 3055.1 3107.3 12877.5 7413.1 617.6 -- -- 217.8 8248.5 -- -- -- -- -- -- -- -- -- 38670.2 117510.3 L (4) Nonfinancial Business A (3) Financial Accounts Matrix--Levels for 2023 2.6 363.8 100.5 -- -- -- 83.4 -- -- 33.2 -- -- 1460.1 176.0 558.5 -- 2194.6 0.5 -- 0.0 -- -- 0.5 -- -- 1.2 775.9 -- -- -- -- 215.5 -- -- 3771.3 A (5) -- 1626.4 -- 589.6 -- 54.3 -- -- -- -- -- -- -- -- 0.0 3225.1 -- 3225.1 -- -- 20.2 26226.6 -- 26246.7 -- -- -- -- -- -- 22.6 5.2 154.1 31924.0 31924.0 L (6) Federal Government 105.5 226.3 309.6 -- -- 122.6 -- -- -- 293.2 -- -- -- 284.5 91.5 -- 376.0 152.0 26.3 422.9 1588.8 89.2 2279.1 209.3 80.6 374.2 375.1 -- -- -- -- -- -- -- 4751.5 A (7) 2938.8 -- 1295.8 -- -- -- -- -- -- -- -- -- -- -- 24.3 -- 24.3 -- 3230.6 -- -- -- 3230.6 -- -- -- -- -- -- -- -- -- 7489.5 7489.5 -- L (8) State and Local Governments 16083.5 590.1 6621.0 30963.7 2089.6 11534.9 15871.4 -- 7779.9 35153.5 -- -40.1 1512.7 761.8 1905.1 -- 4179.6 481.0 1822.2 1733.7 4115.4 322.5 8474.8 238.4 4941.8 12105.9 8009.5 -- 258.8 -- -- 215.5 -- -- 165072.0 A (9) -- 16932.9 491.0 6763.4 -- 54.3 -- 15644.0 11649.0 -- 51547.2 381.1 -- 5019.7 20237.2 7040.3 3580.9 35878.1 7413.1 4052.1 20.2 26226.6 217.8 37929.8 -- -- -- -- -- -- 22.6 5.2 154.1 98612.6 177452.7 L (10) Domestic Nonfinancial Sectors 14579.5 -- 479.7 504.6 569.1 6864.0 2629.2 -- 1693.3 29374.7 -- -17.5 3507.0 19475.4 5958.5 4963.8 33904.7 10128.9 2080.5 7963.1 12280.1 732.9 33185.5 5353.1 1232.8 870.8 600.9 3352.1 19.3 52.6 5.2 29.5 -- -- 135283.1 A (11) L (12) -- 8745.0 95.3 546.7 31202.7 2507.2 19599.7 2780.6 1558.1 -- 14857.0 136.0 -- -- -- 1886.5 429.1 2315.6 4713.1 -- 11939.8 -- 716.1 17369.0 4564.3 6357.6 13674.3 9858.3 3894.3 -- -- -- -- 120866.0 140061.7 Domestic Financial Sectors (Billions of dollars; amounts outstanding end of period, not seasonally adjusted) 321.5 -- 590.2 1.3 0.3 1200.7 -- 13207.2 -- 13524.7 517.1 -- -- -- 1092.5 -- 1092.5 4164.6 119.7 1428.5 8017.9 179.5 13910.2 1758.8 183.0 697.6 1243.5 570.7 -- -- -- 154.1 -- -- 48973.5 A (13) 398.6 -- 84.2 266.9 97.4 -- 76.0 -- 9473.2 11648.7 -- -57.6 -- -- 29.3 953.8 983.1 3595.9 -- -- -- 301.0 3896.8 1689.0 -- -- -- -- 816.9 -- -- 233.9 8409.3 29607.2 -- L (14) Rest of the World 30984.5 590.1 7690.9 31469.6 2659.0 19599.7 18500.5 13207.2 9473.2 78052.9 517.1 -57.6 5019.7 20237.2 8956.2 4963.8 39176.9 14774.5 4022.4 11125.4 24413.4 1234.9 55570.6 7350.3 6357.6 13674.3 9854.0 3922.8 278.1 52.6 5.2 399.1 -- -- 349328.5 A (15) L (16) -- 26076.5 586.3 7394.2 31469.6 2659.0 19599.7 18500.5 13207.2 9473.2 78052.9 517.1 -57.6 5019.7 20237.2 8956.2 4963.8 39176.9 15722.1 4052.1 11960.0 26226.6 1234.9 59195.6 6253.4 6357.6 13674.3 9858.3 3894.3 816.9 22.6 5.2 388.0 227887.9 347121.7 All Sectors -4908.1 -3.9 -296.6 -- -- -- -- -- -- -- -- -- -- -- -- -- -- 947.6 29.7 834.6 1813.2 -- 3625.0 -1096.9 -- -- 4.3 -28.5 538.9 -30.0 -- -11.0 -- -- -2206.8 (17) Instrument Discrepancy Summary General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 24), equity in noncorporate business (line 30), and foreign direct investment in the U.S. (FDI) equity (line 34) for domestic sectors or U.S. direct investment abroad equity for the rest of the world (line 32). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets 1 Z.1, March 7, 2024 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 U.S. direct investment: debt Foreign direct investment: debt Corporate equities U.S. direct investment: equity Foreign direct investment: equity Miscellaneous other equity Mutual fund shares Life insurance reserves Pension entitlements Trade credit Taxes payable Miscellaneous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 153090005 -- 163070005 153050005 153040005 153064205 153081115 -- -- 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 -- 143070005 -- -- 103064203 143092405 -- 103092105 103064103 -- 103092305 143066005 143065005 -- -- 144023005 123063003 143062005 103061703 143061105 103069100 144022005 102051003 143034005 143030005 143020005 -- 103091003 -- -- -- -- -- 144090005 A (3) -- 143190005 143178005 143170005 -- -- -- 112090205 143192105 -- 103164105 143192305 -- -- 143165005 143169005 143168005 144123005 103163005 103162000 -- -- 103169100 104122005 -- -- -- -- -- -- -- -- -- 144190005 144194005 L (4) Nonfinancial Business 313091105 313078000 313070000 -- -- -- 313081115 -- -- 313064105 -- -- 313066220 313065005 313069005 -- 314023005 313063763 -- 313061703 -- -- 314022005 -- -- 313030003 313020005 -- -- -- -- 313011005 -- -- 314090005 A (5) -- 313190005 -- 313170005 -- 313140003 -- -- -- -- -- -- -- -- 313165403 313169005 -- 314123005 -- -- 313161705 313161105 -- 314122005 -- -- -- -- -- -- 313112003 713014003 313111303 314190005 314190005 L (6) Federal Government 213093003 213078005 213070003 -- -- 213064203 -- -- -- 213064103 -- -- -- 213065005 213069200 -- 214023005 213063003 213062003 213061703 213061103 213069103 214022005 212051003 213034003 213030000 213020005 -- -- -- -- -- -- -- 214090005 A (7) -- 223073045 -- 213170003 -- -- -- -- -- -- -- -- -- -- -- 213169203 -- 213169203 -- 213162005 -- -- -- 213162005 -- -- -- -- -- -- -- -- -- 214190005 214190005 L (8) State and Local Governments 383090005 383078005 383070005 153050005 153040005 383064205 383094905 -- 103092105 383064105 -- 103092305 383066005 383065005 383069005 -- 384023005 383063005 383062005 383061705 383061105 383069105 384022005 382051005 383034005 383030005 383020005 -- 383091005 -- -- 313011005 -- -- 384090005 A (9) -- 383190005 143178005 383170005 -- 313140003 -- 112090205 143192105 -- 103164105 143192305 -- 153166000 383165005 383169005 383168005 384123005 103163005 383162005 313161705 313161105 103169100 384122005 -- -- -- -- -- -- 313112003 713014003 313111303 384190005 384194005 L (10) Domestic Nonfinancial Sectors Financial Accounts Matrix--Levels 793090005 -- 793070005 543050005 793040005 793064205 793094905 -- 793092105 793064105 -- 793092305 793066005 793065005 793069005 793068005 794023005 793063005 793062005 793061705 793061105 793069175 794022005 792050005 793034005 793030005 793020005 794010005 793091005 713012003 713014003 713011005 -- -- 794090005 A (11) L (12) -- 793190005 793178005 793170005 583150005 543140005 653164205 793194905 793192105 -- 793164105 793192305 -- -- -- 793169005 793168005 794123005 793163005 -- 423161705 -- 793169175 794122005 792150005 634090005 703130005 793120005 794110005 -- -- -- -- 794190005 794194005 Domestic Financial Sectors 263090005 -- 263070005 543151905 543141905 263064203 -- 263092101 -- 263064105 263092305 -- -- -- 263069005 -- 263069005 263063005 263062003 263061705 263061105 263069103 264022005 262051005 263034003 263030005 263020005 264016005 -- -- -- 263011005 -- -- 264090005 A (13) L (14) -- 263190005 -- 263170005 263150005 263140005 -- 313092803 -- 263192101 263164100 -- 263192305 -- -- 263169005 263168005 264123005 263163005 -- -- -- 263169105 264122005 262151003 -- -- -- -- 263191005 -- -- 263111005 264190005 264194005 Rest of the World 893090005 893078005 893070005 893150005 893140005 653164205 893194905 263092101 263192101 893064105 263092305 263192305 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 893178005 893170005 893150005 893140005 653164205 893194905 263092101 263192101 893064105 263092305 263192305 153166000 893065005 893169005 793068005 894123005 893163005 383162005 893161705 313161105 893169175 894122005 892150005 634090005 703130005 793120005 794110005 263191005 313112003 713014003 893111005 894190005 894194005 All Sectors General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 24), equity in noncorporate business (line 30), and foreign direct investment in the U.S. (FDI) equity (line 34) for domestic sectors or U.S. direct investment abroad equity for the rest of the world (line 32). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets 1 Z.1, March 7, 2024 903090005 903078005 903070005 -- -- -- -- -- -- -- -- -- -- -- -- -- -- 903063003 903062003 903061703 903061103 -- 904022005 902050005 -- -- 903020005 904010005 903091005 903012005 -- 903011005 -- -- 907005015 (17) Instrument Discrepancy Summary 4 5 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total FG384104005 Households One-to-four-family Consumer Total res. mortgages credit FG154104005 FG153165105 FG153166000 Business Total FG144104005 Corporate FG104104005 Federal government FG314104005 State and local governments FG214104005 Domestic financial sectors FG794104005 Rest of the world FG264104005 1989 1990 1991 1992 1993 7.51 6.56 4.74 4.65 5.77 9.39 6.82 5.63 5.21 6.09 10.94 8.85 7.01 6.49 5.51 6.30 1.87 -1.07 1.13 7.44 6.29 3.63 -2.07 -0.31 3.10 7.32 5.39 -2.02 0.58 5.26 7.63 10.99 11.18 10.92 8.40 5.31 5.00 9.23 1.53 5.29 10.29 8.62 6.89 8.17 11.44 -0.28 5.06 2.74 4.50 15.67 1994 1995 1996 1997 1998 5.27 4.92 5.29 5.78 7.07 7.54 6.98 7.05 6.55 8.04 5.56 4.87 6.18 6.11 8.08 15.23 14.39 9.05 5.52 7.22 5.64 5.94 5.70 9.20 12.63 7.41 6.67 5.53 9.54 12.34 5.11 4.38 4.60 1.46 -0.26 -3.95 -5.49 -1.96 4.95 6.20 13.40 11.89 12.90 11.47 18.83 -2.99 15.90 14.19 10.36 4.93 1999 2000 2001 2002 2003 6.64 4.72 5.82 6.75 7.82 9.34 8.71 8.86 9.84 12.29 9.29 8.65 10.55 13.26 14.49 7.80 11.36 8.65 5.56 5.30 10.13 8.79 4.74 2.45 1.32 9.13 7.83 3.25 0.32 0.41 -0.68 -6.30 1.35 6.81 9.50 3.26 1.43 8.80 11.09 8.32 16.89 11.48 11.13 8.63 11.25 3.12 7.36 -1.26 7.51 1.73 2004 2005 2006 2007 2008 9.12 8.83 8.48 8.10 5.84 11.31 10.93 10.60 6.95 0.25 13.44 13.76 11.19 7.20 0.74 5.57 4.52 5.18 6.11 1.31 6.21 8.10 9.74 12.43 5.68 4.04 5.63 7.41 11.58 4.04 8.31 6.61 3.92 4.66 21.44 11.62 6.63 4.40 6.34 1.39 9.05 8.92 10.80 13.58 4.29 7.99 7.82 21.42 15.44 -10.39 2009 2010 2011 2012 2013 3.63 4.20 3.74 4.67 4.30 0.42 -0.90 0.26 0.22 2.31 0.88 -1.50 -0.59 -1.09 -0.12 -3.58 -1.10 4.13 5.76 6.10 -3.77 -0.69 2.67 5.81 5.23 -4.60 -0.83 5.25 6.58 6.70 20.41 18.53 10.82 10.12 6.67 4.78 2.88 -1.01 -0.01 -0.12 -9.96 -4.26 -3.20 -1.32 1.55 14.53 9.53 7.23 8.26 8.82 2014 2015 2016 2017 2018 3.87 4.54 4.36 4.29 4.74 1.11 2.64 3.18 3.99 3.23 -0.01 1.28 2.07 3.07 2.96 7.09 7.05 6.95 5.34 4.51 6.99 7.10 5.04 6.18 4.37 7.10 7.92 3.32 4.54 3.86 5.37 5.02 5.56 3.74 7.58 -2.21 0.51 1.05 -0.00 -1.23 1.99 1.42 2.62 2.31 1.73 8.83 -0.66 1.28 11.66 6.55 2019 2020 2021 2022 2023 4.69 12.33 6.30 5.70 5.16 3.52 3.52 7.45 6.29 2.73 2.82 3.76 7.55 7.03 2.84 4.62 -0.29 5.68 7.60 2.57 4.64 9.27 4.94 5.81 2.18 6.18 9.54 4.55 5.56 2.13 6.58 24.06 7.13 6.11 9.76 -0.01 2.96 2.16 -1.57 0.66 2.65 6.22 5.26 9.16 1.78 1.82 2.43 14.05 5.72 3.66 Q3 Q4 4.62 4.69 2.97 4.82 2.74 3.19 4.64 6.42 5.56 5.65 3.79 3.88 6.25 4.02 -0.42 3.10 4.34 -0.94 7.82 19.08 2018 -- Q1 Q2 Q3 Q4 5.68 4.32 4.48 4.09 3.60 3.08 3.28 2.80 2.76 3.26 3.29 2.42 4.83 2.90 4.80 5.21 4.35 3.24 4.88 4.55 3.94 2.17 4.67 4.16 10.38 7.18 5.92 6.01 -2.64 0.11 0.30 -2.70 1.36 0.71 1.97 2.85 10.56 5.88 6.82 2.62 2019 -- Q1 Q2 Q3 Q4 4.32 3.74 6.41 3.96 2.51 4.12 3.64 3.63 2.36 3.30 3.02 2.50 4.59 3.87 5.06 4.64 6.39 3.96 5.69 2.22 8.92 5.08 7.91 2.31 5.17 4.17 10.42 5.95 -2.15 -1.80 0.83 3.08 1.85 3.43 4.42 0.82 -4.88 9.23 1.78 0.89 2020 -- Q1 Q2 Q3 Q4 10.28 27.01 4.61 5.69 3.45 -0.61 5.45 5.63 2.78 2.44 5.22 4.41 0.98 -6.97 2.68 2.23 19.73 15.22 0.14 1.15 27.48 16.12 -3.65 -2.27 9.26 64.61 7.48 9.91 0.92 3.53 5.64 1.62 29.85 -11.18 -0.01 6.76 -9.10 4.60 0.67 13.50 2021 -- Q1 Q2 Q3 Q4 4.99 7.23 3.56 8.77 6.06 7.48 7.26 7.88 5.40 7.99 7.69 7.99 4.01 6.22 5.38 6.31 4.86 2.62 4.73 7.07 4.33 2.59 5.55 5.29 4.55 11.21 0.08 12.06 3.36 3.20 3.03 -1.00 6.09 5.24 4.94 4.16 21.81 8.14 19.72 4.76 2022 -- Q1 Q2 Q3 Q4 8.32 6.23 4.55 3.22 8.05 6.95 6.40 3.29 8.59 8.60 6.69 3.67 7.73 7.64 6.93 7.26 7.92 7.17 4.13 3.50 8.39 7.26 3.91 2.17 10.22 5.56 4.19 3.98 -2.35 1.64 -0.50 -5.08 12.87 6.51 5.77 10.34 9.62 8.44 10.61 -5.18 2023 -- Q1 Q2 Q3 Q4 3.79 6.29 5.38 4.79 2.44 2.75 3.16 2.44 2.75 2.87 3.56 2.05 4.24 2.08 0.54 3.32 4.61 1.86 1.39 0.82 4.98 2.04 1.30 0.15 4.45 12.67 10.60 10.01 1.22 2.80 -0.31 -1.08 12.23 -6.18 -2.30 3.56 1.87 4.37 2.45 5.84 1. Debt securities and loans. Data shown are on an end-of-period basis. Summary Z.1, March 7, 2024 Summary 6 Z.1, March 7, 2024 D.2 Borrowing by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total FA384104005 Households One-to-four-family Consumer Total res. mortgages credit FA154104005 FA153165105 FA153166000 Business Total FA144104005 Corporate FA104104005 Federal government FA314104005 State and local governments FA214104005 Domestic financial sectors FA794104005 Rest of the world FA264104005 1989 1990 1991 1992 1993 736.0 692.1 534.4 549.5 713.6 291.4 231.0 205.4 200.8 247.1 224.9 200.1 174.5 173.0 156.4 47.0 15.1 -8.8 9.2 61.4 216.4 133.8 -78.7 -11.6 115.3 167.6 133.7 -52.9 14.7 135.3 180.9 280.2 316.6 343.8 293.2 47.4 47.1 91.2 16.5 57.9 224.3 209.9 182.5 231.1 351.8 -1.0 17.9 10.1 16.9 62.0 1994 1995 1996 1997 1998 689.7 678.4 766.4 881.8 1139.7 324.7 323.1 349.2 348.2 455.5 166.8 154.1 205.1 216.1 303.3 135.0 147.0 105.7 70.3 97.1 217.0 241.8 246.7 419.5 628.8 201.7 195.5 173.6 314.9 446.1 193.5 174.2 191.1 63.4 -11.4 -45.5 -60.8 -20.5 50.8 66.8 460.1 463.9 563.4 565.7 1031.3 -14.5 75.3 85.5 71.4 37.6 1999 2000 2001 2002 2003 1146.8 870.2 1124.4 1377.7 1704.1 571.6 582.7 643.3 778.0 1067.4 377.1 383.5 508.1 706.2 874.1 112.4 176.5 150.6 105.2 105.9 568.1 545.6 320.4 173.0 95.4 370.8 349.7 156.7 15.7 20.6 -30.1 -275.0 55.2 282.1 420.7 37.3 16.9 105.5 144.6 120.5 1099.2 873.9 945.6 819.7 1160.6 25.1 57.2 -10.5 62.3 16.3 2004 2005 2006 2007 2008 2146.5 2336.8 2441.6 2529.6 1972.1 1105.4 1191.9 1282.1 930.3 35.9 929.4 1081.2 1000.5 715.5 79.1 117.2 100.4 120.1 150.2 34.3 456.1 633.3 823.7 1153.6 592.9 202.1 294.8 409.4 687.5 267.7 402.8 346.9 219.1 270.4 1302.5 182.2 164.7 116.6 175.4 40.8 1027.9 1105.4 1452.4 2019.0 728.7 91.4 98.9 283.9 251.7 -203.6 2009 2010 2011 2012 2013 1293.0 1536.5 1419.6 1829.4 1754.7 59.5 -126.4 36.1 30.3 313.4 92.7 -156.3 -58.7 -106.9 -11.7 -94.6 -28.2 109.4 158.7 177.6 -414.9 -72.9 277.5 618.7 587.7 -317.4 -53.6 335.7 442.8 478.4 1505.8 1645.9 1138.7 1180.6 857.3 142.6 89.9 -32.6 -0.2 -3.8 -1757.9 -670.3 -471.5 -187.7 215.8 227.0 187.7 162.5 204.0 244.7 2014 2015 2016 2017 2018 1643.6 2003.3 2003.4 2054.5 2369.8 153.0 366.6 449.2 581.2 487.4 -0.5 119.8 196.3 296.3 294.3 219.1 233.5 236.2 194.3 172.7 824.9 896.4 678.8 874.7 663.2 540.2 645.0 290.5 410.8 370.2 735.9 724.6 842.7 598.6 1258.1 -70.2 15.8 32.7 -0.0 -38.9 280.4 204.1 374.3 336.2 257.3 255.8 -21.0 39.5 371.1 244.3 2019 2020 2021 2022 2023 2472.1 6804.9 3907.5 3784.9 3624.6 548.9 568.8 1245.7 1154.3 529.6 287.9 394.4 820.5 838.1 360.5 185.2 -12.0 237.8 345.5 125.6 748.7 1562.5 908.9 1135.3 453.3 635.1 1036.3 541.8 702.2 286.1 1174.9 4581.2 1683.4 1546.9 2620.4 -0.4 92.4 69.5 -51.6 21.2 400.2 963.2 865.4 1623.6 344.1 70.7 103.4 633.4 287.4 169.5 Q3 Q4 2255.5 2318.7 440.2 720.4 268.8 314.0 172.9 242.0 816.7 840.5 354.1 365.2 1011.9 660.6 -13.2 97.2 639.8 -140.2 267.5 671.1 2018 -- Q1 Q2 Q3 Q4 2843.6 2192.6 2310.7 2132.4 544.1 468.9 503.0 433.7 274.5 326.0 331.6 245.2 184.9 112.4 187.3 206.1 659.3 496.2 770.7 726.6 378.1 209.7 469.6 423.3 1723.7 1224.1 1027.5 1057.1 -83.5 3.4 9.6 -85.0 202.6 106.3 293.5 426.7 393.9 223.8 258.9 100.8 2019 -- Q1 Q2 Q3 Q4 2278.9 1994.6 3448.9 2166.1 391.4 646.9 576.8 580.6 241.2 338.2 312.3 260.2 184.0 157.0 207.2 192.4 1031.5 648.6 941.7 373.0 917.4 533.1 840.1 250.0 923.1 754.8 1904.6 1116.9 -67.2 -55.8 25.8 95.5 278.6 520.6 675.3 126.2 -189.9 362.6 73.0 37.1 2020 -- Q1 Q2 Q3 Q4 5673.6 15287.7 2782.5 3475.7 558.4 -99.9 887.5 929.3 291.5 257.4 554.2 474.5 41.3 -293.3 111.0 92.9 3323.6 2690.8 24.9 210.7 2986.5 1872.3 -441.4 -272.0 1762.8 12586.2 1691.9 2283.8 28.9 110.6 178.2 51.9 4621.5 -1860.4 -2.1 1093.7 -386.8 186.2 28.4 585.6 2021 -- Q1 Q2 Q3 Q4 3092.5 4539.5 2296.5 5701.3 1013.3 1269.7 1282.8 1416.8 586.2 879.9 881.9 933.9 167.9 262.8 237.9 282.7 895.6 488.6 895.6 1355.6 515.6 311.2 681.6 658.9 1075.6 2677.5 18.9 2961.7 108.0 103.7 99.2 -32.8 1002.0 874.4 855.4 729.7 983.5 378.8 935.8 235.3 2022 -- Q1 Q2 Q3 Q4 5532.0 4224.8 3138.4 2244.3 1476.7 1294.8 1212.1 633.7 1024.2 1040.7 826.6 460.9 351.5 354.1 327.4 349.0 1546.3 1433.5 841.7 719.8 1059.9 942.2 517.0 289.8 2586.3 1443.1 1101.2 1057.0 -77.3 53.4 -16.5 -166.3 2281.8 1190.3 1073.0 1949.4 483.1 408.1 495.4 -237.0 2023 -- Q1 Q2 Q3 Q4 2665.4 4458.9 3874.2 3500.0 474.1 537.5 622.3 484.6 349.2 367.4 458.9 266.3 207.6 102.7 26.8 165.5 956.5 390.3 293.7 172.9 668.8 277.6 177.9 20.2 1195.3 3440.4 2968.3 2877.8 39.5 90.7 -10.1 -35.3 2365.3 -1232.1 -452.4 695.4 86.7 205.4 115.0 270.8 (1) Debt securities and loans. 7 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Total LA384104005 Households One-to-four-family Consumer Total res. mortgages credit LA154104005 LA153165105 LA153166000 Business Total LA144104005 Corporate LA104104005 Federal government LA314104005 State and local governments LA214104005 Domestic financial sectors LA794104005 Rest of the world LA264104005 1989 1990 1991 1992 1993 10556.8 11276.3 11807.4 12360.1 13088.5 3386.0 3646.2 3855.2 4056.1 4305.5 2260.6 2489.8 2667.9 2840.9 2999.7 809.3 824.4 815.6 824.8 886.2 3679.9 3811.9 3726.2 3717.8 3845.6 2482.0 2613.9 2556.4 2574.3 2722.1 2550.5 2830.8 3147.4 3491.1 3784.3 940.4 987.4 1078.6 1095.1 1153.0 2434.0 2647.0 2828.3 3075.1 3432.2 354.8 368.7 375.5 395.5 484.8 1994 1995 1996 1997 1998 13784.5 14478.7 15246.6 16126.4 17266.0 4630.3 4953.4 5316.5 5664.7 6120.2 3166.4 3320.5 3538.6 3754.7 4058.0 1021.2 1168.2 1273.9 1344.2 1441.3 4068.9 4326.6 4560.8 4978.2 5607.0 2930.1 3141.4 3302.6 3615.5 4061.5 3977.8 4152.0 4343.1 4406.5 4395.1 1107.5 1046.7 1026.2 1076.9 1143.8 3900.4 4367.2 4930.6 5476.2 6507.5 473.4 602.5 689.1 763.6 806.0 1999 2000 2001 2002 2003 18447.2 19305.4 20412.8 21790.5 23526.9 6691.7 7262.3 7905.6 8683.6 9769.3 4435.0 4817.3 5325.4 6031.6 6915.4 1553.6 1741.3 1891.8 1997.0 2102.9 6209.5 6755.1 7058.6 7231.6 7341.1 4466.8 4816.5 4956.2 4971.9 5006.5 4365.0 4090.0 4145.2 4427.3 4848.0 1181.0 1197.9 1303.4 1447.9 1568.4 7609.5 8495.4 9496.9 10316.7 11352.5 776.7 837.1 829.5 944.5 1144.4 2004 2005 2006 2007 2008 26457.2 28781.0 31240.2 33746.5 35580.2 10899.9 12091.8 13389.4 14291.5 14200.6 7859.7 8940.9 9940.8 10625.5 10577.8 2220.1 2320.6 2456.7 2609.5 2643.8 7821.2 8454.5 9280.3 10438.8 11020.0 5232.7 5527.4 5937.9 6631.9 6894.7 5250.9 5584.8 5803.9 6074.3 7376.8 2485.2 2649.9 2766.5 2941.9 2982.7 12395.2 13446.1 14866.2 16995.8 17643.8 1265.4 1325.7 1630.2 1959.7 1562.1 2009 2010 2011 2012 2013 36554.4 37932.5 39196.7 40848.2 42498.4 14037.3 13804.9 13692.8 13582.7 13807.9 10441.9 9992.9 9786.1 9537.7 9437.8 2555.0 2646.8 2756.2 2912.9 3090.5 10509.2 10377.9 10648.1 11229.4 11800.9 6493.0 6391.1 6726.9 7136.9 7603.8 8882.6 10528.6 11667.3 12847.8 13705.1 3125.3 3221.2 3188.5 3188.3 3184.5 15751.1 14722.2 14171.8 13921.5 14076.4 1968.9 2247.7 2469.8 2775.5 2897.5 2014 2015 2016 2017 2018 44090.2 45909.9 47876.8 50041.7 52721.8 13911.7 14134.9 14554.1 15109.5 15582.0 9388.1 9494.0 9660.3 9930.8 10206.6 3309.5 3400.2 3636.4 3830.8 4007.0 12623.2 13479.4 14151.7 15162.6 16151.0 8144.4 8754.0 9039.9 9588.5 10285.2 14441.1 15165.6 16008.3 16606.9 17865.0 3114.2 3130.0 3162.7 3162.7 3123.8 14328.3 14302.0 14548.5 14848.3 15090.3 3207.8 3101.1 3182.7 3730.0 3891.1 2019 2020 2021 2022 2023 55175.3 61976.1 66458.6 70276.0 73807.9 16165.1 16730.5 18343.2 19429.5 19955.2 10478.7 10865.0 11926.7 12696.7 13053.2 4192.2 4184.9 4548.5 4894.0 5019.7 16846.8 18408.8 19525.6 20761.5 21126.0 10868.4 11904.7 12636.2 13439.3 13636.9 19039.9 23621.1 25304.5 26851.4 29471.8 3123.4 3215.8 3285.3 3233.7 3254.9 15483.5 16440.6 17724.3 19346.8 19684.7 4248.6 4508.8 5020.7 4636.9 4880.0 Q3 Q4 49394.9 50041.7 14934.9 15109.5 9857.8 9930.8 3770.3 3830.8 14879.8 15162.6 9424.2 9588.5 16441.8 16606.9 3138.4 3162.7 14886.5 14848.3 3518.3 3730.0 2018 -- Q1 Q2 Q3 Q4 50748.8 51614.2 52193.6 52721.8 15241.9 15350.2 15478.1 15582.0 9995.9 10072.4 10149.8 10206.6 3877.0 3901.1 3955.5 4007.0 15327.2 15777.4 15969.7 16151.0 9683.0 10061.9 10179.3 10285.2 17037.9 17343.9 17600.8 17865.0 3141.8 3142.7 3145.1 3123.8 14896.9 14916.5 14986.6 15090.3 3806.3 3795.5 3853.0 3891.1 2019 -- Q1 Q2 Q3 Q4 53284.2 53778.8 54637.4 55175.3 15687.1 15857.6 16010.9 16165.1 10261.7 10342.5 10417.2 10478.7 4053.0 4092.3 4144.1 4192.2 16394.2 16543.6 16766.3 16846.8 10500.1 10620.9 10818.4 10868.4 18095.8 18284.5 18760.7 19039.9 3107.0 3093.1 3099.5 3123.4 15157.2 15287.9 15454.5 15483.5 3929.9 4114.9 4175.4 4248.6 2020 -- Q1 Q2 Q3 Q4 56595.5 60415.4 61108.8 61976.1 16306.7 16279.9 16499.6 16730.5 10548.9 10611.4 10747.8 10865.0 4207.2 4133.9 4161.6 4184.9 17677.5 18350.1 18356.2 18408.8 11615.0 12083.1 11972.7 11904.7 19480.6 22627.1 23050.1 23621.1 3130.6 3158.3 3202.8 3215.8 16636.7 16170.1 16168.2 16440.6 4047.1 4268.7 4338.5 4508.8 2021 -- Q1 Q2 Q3 Q4 62748.0 64449.7 65017.5 66458.6 16982.6 17670.4 17990.2 18343.2 11010.4 11474.8 11694.4 11926.7 4226.8 4418.4 4477.9 4548.5 18632.6 18951.2 19169.7 19525.6 12033.6 12289.4 12454.5 12636.2 23890.0 24559.3 24564.1 25304.5 3242.8 3268.7 3293.5 3285.3 16690.5 17328.7 17542.2 17724.3 4654.5 4746.0 4945.9 5020.7 2022 -- Q1 Q2 Q3 Q4 67840.8 68910.7 69694.4 70276.0 18625.4 18948.3 19250.4 19429.5 12095.8 12355.1 12560.9 12696.7 4636.4 4724.9 4806.8 4894.0 19998.3 20371.3 20581.6 20761.5 12987.3 13237.6 13366.9 13439.3 25951.1 26311.8 26587.1 26851.4 3266.0 3279.4 3275.2 3233.7 18294.4 18591.8 18859.8 19346.8 4834.6 4671.7 4574.4 4636.9 2023 -- Q1 Q2 Q3 Q4 70941.5 72055.4 73022.4 73807.9 19547.2 19680.8 19834.9 19955.2 12783.2 12874.3 12987.5 13053.2 4945.9 4971.6 4978.3 5019.7 21000.6 21098.1 21171.4 21126.0 13606.5 13675.9 13720.4 13636.9 27150.2 28010.3 28752.4 29471.8 3243.6 3266.2 3263.7 3254.9 19937.9 19629.6 19513.2 19684.7 4704.4 4698.9 4634.2 4880.0 (1) Debt securities and loans. Data are shown on an end-of-period basis. Summary Z.1, March 7, 2024 Summary 8 Z.1, March 7, 2024 B.1 Derivation of U.S. Net Wealth Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 U.S. net wealth (1) 2023 Q4 Q1 Q2 Q3 Q4 1 FL892090005 134442.6 134673.3 143622.0 133481.7 134673.3 136315.6 141979.0 140963.1 143622.0 1 2 3 4 5 6 LM152010005 LM155035005 LM165015205 LM165013765 LM155111005 Households’ direct holdings of nonfinancial assets Real estate Equipment (nonprofits) Intellectual property products (nonprofits) Consumer durable goods 51218.6 55644.1 57911.3 56527.1 55644.1 55650.9 58010.9 58463.2 57911.3 43402.8 47117.7 49092.7 48084.0 47117.7 47011.1 49258.6 49685.6 49092.7 582.5 627.9 666.9 617.8 627.9 645.7 650.0 659.2 666.9 235.1 252.7 273.5 249.0 252.7 258.7 263.3 268.3 273.5 6998.1 7645.6 7878.1 7576.3 7645.6 7735.3 7839.0 7850.1 7878.1 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 18471.3 19299.5 18922.4 19652.3 19299.5 18993.1 19251.8 19258.5 18922.4 7 16810.5 17506.3 17158.8 17888.8 17506.3 17190.1 17464.9 17478.3 17158.8 8 1000.4 1071.2 966.6 1057.9 1071.2 1058.2 1022.4 995.7 966.6 9 375.4 413.1 477.7 405.2 413.1 429.9 446.0 460.7 477.7 10 285.1 308.9 319.2 300.4 308.9 314.9 318.4 323.9 319.2 11 12 LM662090003 Fin. noncorporate businesses nonfinancial assets (2) 13 14 15 LM882010405 LM102010405 LM792010405 Domestic corporations’ nonfinancial assets Nonfinancial corporations’ nonfinancial assets (3) Financial corporations’ nonfinancial assets (3) 16 17 18 19 LM315015005 LM315015605 LM315013265 LM315013765 Federal government nonfinancial assets (4) Structures Equipment Intellectual property products 20 21 22 23 LM212010095 LM215015605 LM215013265 LM215013765 State and local governments nonfinancial assets (4) Structures Equipment Intellectual property products 24 FL882090265 25 26 27 FL264194005 LM263164100 FL264194035 U.S. financial claims on the rest of the world U.S. holdings of foreign corporate equities Other U.S. financial claims 29813.9 26142.6 29607.2 23939.4 26142.6 27589.6 28105.1 27420.4 29607.2 25 12061.3 10306.0 11648.7 9192.4 10306.0 10796.8 11016.1 10703.2 11648.7 26 17752.6 15836.6 17958.5 14747.0 15836.6 16792.8 17089.0 16717.2 17958.5 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 47994.8 41472.6 48973.5 39894.8 41472.6 43578.1 45465.5 44884.1 48973.5 28 13898.3 10821.9 13524.7 10313.0 10821.9 11514.5 12406.9 12072.3 13524.7 29 34096.6 30650.7 35448.8 29581.8 30650.7 32063.6 33058.6 32811.9 35448.8 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 134442.6 134673.3 143622.0 133481.7 134673.3 136315.6 141979.0 140963.1 143622.0 31 19977.4 230.8 8948.6 -1544.7 1191.6 1642.3 5663.4 -1016.0 2658.9 32 17.45 0.17 6.64 -1.14 0.89 1.22 4.15 -0.72 1.89 33 34 35 36 FL152090005 FC152090005 PC152090005 B. Household net worth (5) Change in household net worth Percent change in household net worth 150232.6 144627.6 156214.4 143515.8 144627.6 147521.0 152780.3 151375.7 156214.4 34 18834.2 -5605.0 11586.8 -3268.9 1111.8 2893.4 5259.2 -1404.6 4838.7 35 14.33 -3.73 8.01 -2.23 0.77 2.00 3.57 -0.92 3.20 36 Net U.S. financial claims on the rest of the world 106.1 109.8 123.8 97.5 109.8 117.8 120.1 121.0 123.8 12 64666.2 55110.3 65525.5 53553.2 55110.3 57403.8 61719.1 60221.1 65525.5 13 61537.9 50477.1 60870.7 49175.6 50477.1 53773.0 57654.7 55591.2 60870.7 14 3128.2 4633.2 4654.8 4377.5 4633.2 3630.8 4064.4 4629.9 4654.8 15 4098.2 1949.2 901.2 1247.7 4412.6 2128.3 950.6 1333.8 4611.2 2172.1 982.8 1456.3 4356.4 2100.0 942.6 1313.8 4412.6 2128.3 950.6 1333.8 4476.3 2153.2 957.6 1365.4 4514.0 2156.6 963.7 1393.7 4556.7 2161.1 970.6 1424.9 4611.2 2172.1 982.8 1456.3 16 17 18 19 14063.2 15427.1 15894.1 15250.6 15427.1 15662.3 15723.6 15806.3 15894.1 20 13605.1 14934.9 15382.5 14764.9 14934.9 15163.8 15222.6 15299.9 15382.5 21 283.9 303.7 309.8 300.2 303.7 306.1 306.1 307.9 309.8 22 174.2 188.5 201.8 185.5 188.5 192.3 194.9 198.5 201.8 23 -18181.0 -15330.0 -19366.3 -15955.4 -15330.0 -15988.6 -17360.4 -17463.7 -19366.3 24 Memo: (1) U.S. net wealth measures the value of tangible assets controlled by the household and nonprofit organizations, nonfinancial and financial business, and government sectors of the U.S. economy, net of U.S. financial obligations to the rest of the world (sum of lines 2+7+12+13+16+20+24). (2) Assumed to be equal to proprietors’ equity in noncorporate brokers and dealers. (3) Estimated as the market value of corporate equity, plus foreign direct investment: equity, plus miscellaneous other equity (excluding proprietors’ equity), plus total liabilities, less total financial assets. (4) Excludes land and nonproduced nonfinancial assets. (5) Household net worth is calculated as the difference between total assets and liabilities of the household and nonprofit organizations sector. See table B.101. Summary 9 Z.1, March 7, 2024 F.2 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 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 18 19 Gross domestic product (GDP) Personal consumption expenditures (2) Durable goods Nondurable goods Services Gross private domestic investment 2023 Q4 Q1 Q2 Q3 Q4 23594.0 25744.1 27357.8 25994.6 26408.4 26813.6 27063.0 27610.1 27944.6 1 16043.0 17511.7 18567.4 17684.2 17917.0 18269.6 18419.0 18679.5 18901.5 2 2006.4 2128.9 2198.7 2143.1 2129.0 2194.9 2193.6 2204.5 2202.0 3500.2 3868.1 3993.7 3903.7 3918.6 3939.0 3951.1 4027.3 4057.5 10536.3 11514.7 12374.9 11637.4 11869.4 12135.7 12274.4 12447.7 12642.0 3 4 5 4216.3 4756.6 4844.1 4724.6 4796.2 4725.8 4780.3 4915.0 4955.3 6 4204.6 4599.3 4786.8 4642.3 4618.4 4702.1 4761.7 4813.0 4870.5 7 Nonresidential Nonprofit organizations (4) Nonfinancial corporate business Nonfinancial noncorporate business Financial institutions 3078.4 254.7 2208.6 307.9 307.1 3433.0 275.0 2477.0 343.8 337.2 3712.6 290.5 2668.4 385.9 367.8 3493.1 273.2 2518.4 358.8 342.7 3536.0 273.5 2547.5 365.5 349.4 3641.3 283.4 2619.0 380.1 358.8 3709.1 288.7 2666.8 383.6 370.1 3730.6 291.5 2681.0 388.2 369.8 3769.5 8 298.5 9 2706.6 10 391.8 11 372.6 12 FA835012001 FA155012005 FA105012005 FA115012005 FA145020005 FA105020005 FA115020005 Residential Household sector Nonfinancial corporate business Nonfinancial noncorporate business Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business 1126.2 937.7 6.5 182.1 11.7 10.7 1.0 1166.4 970.8 6.2 189.3 157.3 143.6 13.7 1074.2 893.5 5.9 174.8 57.3 48.7 8.5 1149.1 955.1 6.4 187.7 82.3 81.9 0.4 1082.5 899.9 6.3 176.3 177.7 158.9 18.8 1060.8 888.8 -2.5 174.5 23.7 24.4 -0.7 1052.6 882.1 -2.6 173.0 18.6 14.5 4.1 1082.4 899.6 7.0 175.7 102.0 83.7 18.3 1101.0 903.4 21.6 175.9 84.8 72.3 12.5 20 FA266903005 Net U.S. exports of goods and services -858.2 -971.1 -797.4 -892.0 -877.2 -825.7 -806.1 -779.2 -778.7 20 21 22 FA266903011 FA266903001 Exports - Imports 2550.0 3408.3 2995.0 3966.2 3029.6 3827.0 3084.5 3976.5 3013.8 3891.0 3064.8 3890.5 2961.8 3767.9 3030.8 3810.0 3061.1 21 3839.8 22 23 FA366902005 24 25 26 FA366901005 FA316901001 FA216901001 Consumption expenditures (5) Federal State and local 27 28 29 FA365019005 FA315019001 FA215019001 Gross investment (5) Federal State and local Fixed investment (3) Government consumption expenditures and gross investment 13 14 15 16 17 18 19 4193.1 4446.8 4743.8 4477.9 4572.4 4643.9 4669.8 4794.8 4866.5 23 3366.3 1216.4 2149.9 3570.1 1229.0 2341.1 3752.2 1329.1 2423.1 3595.5 1232.4 2363.2 3654.4 1267.9 2386.5 3702.1 1303.0 2399.1 3695.5 1307.2 2388.3 3790.2 1346.3 2443.9 3821.0 24 1359.9 25 2461.1 26 826.8 378.0 448.8 876.8 406.5 470.2 991.6 442.7 548.9 882.3 404.0 478.4 918.0 423.9 494.1 941.8 427.7 514.2 974.4 437.2 537.2 1004.7 445.7 559.0 1045.5 27 460.2 28 585.3 29 183.5 1112.1 928.6 181.9 1252.6 1070.7 166.3 1474.3 1308.0 191.3 1285.5 1094.3 185.6 1340.7 1155.2 158.9 1390.7 1231.8 173.1 1452.7 1279.7 164.1 1499.9 1335.8 169.2 30 1553.9 31 1384.7 32 Memo: 30 31 32 FA266904005 FA266904001 FA266904101 Net U.S. income receipts from rest of world U.S. income receipts - U.S. income payments 33 FA086902105 Gross national product (GNP) = GDP + net U.S. income receipts 34 35 36 37 38 FA155420003 FA105420005 FA315420003 FA215420003 FA265420005 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business Federal government State and local governments Rest of the world 23777.6 25926.0 27524.2 26185.9 26594.0 26972.5 27236.1 27774.2 28113.8 33 -14.9 5.8 -9.0 18.3 -0.2 -15.5 104.8 -108.1 19.1 -0.2 -16.0 -2.9 -0.7 19.8 -0.1 (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. -15.6 87.2 -90.6 19.2 -0.1 -15.8 -3.1 -0.4 19.3 -0.1 -15.8 -3.7 0.2 19.5 -0.2 -15.9 -3.8 0.3 19.7 -0.2 -16.1 -0.2 -3.5 19.8 -0.1 -16.2 -3.9 0.1 20.0 0.0 34 35 36 37 38 Summary 10 Z.1, March 7, 2024 F.3 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Q3 National income 2023 Q4 Q1 Q2 Q3 Q4 1 FA086010005 2 3 4 FA156025105 FA156020101 FA156401101 Compensation of employees Wages and salaries Supplements to wages and salaries 19909.7 21678.4 22403.6 21972.7 21953.5 22136.9 22241.8 22522.2 22713.2 1 12545.9 13439.2 14254.2 13609.2 13675.0 13965.2 14154.1 14368.7 14528.9 10312.6 11116.0 11817.0 11271.4 11317.0 11565.4 11733.3 11917.5 12051.7 2233.2 2323.2 2437.3 2337.8 2357.9 2399.8 2420.9 2451.2 2477.2 2 3 4 5 6 FA146111105 FA116112101 Proprietors’ income with IVA and CCAdj Rental income of persons with CCAdj 1749.1 814.2 1790.9 878.3 1849.2 967.3 1807.4 893.1 1825.3 907.5 1827.4 945.8 1824.1 961.1 1859.6 974.4 1885.8 988.1 5 6 7 FA096060035 Corporate profits with IVA and CCAdj 2922.8 3208.7 3222.6 3299.3 3248.4 3165.1 3172.1 3280.7 3272.5 7 8 FA096060025 Corporate profits with IVA 2992.1 3426.7 3563.5 3541.4 3498.8 3502.8 3513.6 3620.1 3617.5 8 9 10 11 12 FA096060005 FA106060005 FA796060005 FA266060005 Profits before tax Domestic nonfinancial Domestic financial Rest of the world 3249.1 2234.0 581.5 433.6 3523.0 2451.5 598.6 472.8 3544.7 2468.3 556.2 520.2 3558.2 2457.1 610.8 490.3 3398.4 2333.7 564.8 499.9 3457.6 2373.9 591.7 492.0 3473.1 2422.1 537.0 514.1 3600.6 2531.6 546.1 522.9 3647.5 9 2545.5 10 550.2 11 551.8 12 13 14 15 FA096231001 FA106231005 FA796231003 Less: Taxes on corporate income Domestic nonfinancial Domestic financial 404.6 298.0 106.6 542.4 416.9 125.5 571.9 431.0 140.9 544.7 403.4 141.4 548.3 417.8 130.5 576.5 437.4 139.1 570.3 430.4 139.9 582.8 441.3 141.5 558.0 13 415.1 14 142.9 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 2844.5 1814.7 1109.6 370.3 334.9 2980.5 1887.3 1233.3 319.3 334.7 2972.8 1849.0 1063.8 345.8 439.4 3013.5 1855.6 1184.3 321.9 349.4 2850.1 1839.8 1218.4 361.3 260.1 2881.0 1840.2 1076.0 335.6 428.6 2902.9 1855.8 1097.4 351.6 406.8 3017.8 1837.6 1044.4 346.5 446.7 3089.5 1862.5 1037.6 349.3 475.6 16 17 18 19 20 21 22 23 24 FA096006401 FA106006405 FA796006403 FA266006403 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 1029.8 826.5 104.6 98.8 1093.3 801.4 153.8 138.2 1123.8 973.4 69.6 80.8 1157.9 869.4 147.6 140.9 1010.2 697.4 73.0 239.8 1040.8 860.4 117.0 63.4 1047.1 894.3 45.5 107.3 1180.2 1045.9 58.1 76.2 1227.0 1092.8 58.0 76.2 21 22 23 24 25 FA105020601 Inventory valuation adjustment (IVA) -257.1 -96.2 18.8 -16.8 100.4 45.3 40.5 19.5 -30.0 25 26 27 28 FA096310003 FA106310005 FA796310003 Capital consumption adjustment (CCAdj) Domestic nonfinancial Domestic financial -69.3 -7.0 -62.3 -218.0 -137.7 -80.3 -340.9 -247.2 -93.7 -242.1 -158.2 -83.9 -250.4 -166.0 -84.4 -337.7 -243.8 -94.0 -341.5 -248.1 -93.4 -339.4 -245.8 -93.6 -345.0 26 -250.9 27 -94.0 28 29 FA086130003 Net interest and miscellaneous payments 30 FA366240005 Taxes on production and imports 31 FA366402005 32 33 34 35 36 504.6 457.4 176.6 438.3 360.7 307.8 212.4 105.7 80.6 29 1671.9 1810.2 1829.9 1824.0 1820.6 1831.1 1821.6 1830.7 1836.0 30 Less: Subsidies 482.7 127.4 101.1 118.4 109.2 101.4 99.9 103.1 100.2 31 FA146403005 FA156403101 FA366403145 FA266403101 Business current transfer payments (net) To persons (net) To government (net) To rest of the world (net) 189.0 87.7 102.4 -1.1 216.8 99.1 115.2 2.5 214.5 104.3 115.4 -5.2 215.4 98.9 110.6 5.9 227.6 98.8 116.3 12.5 203.1 100.9 108.7 -6.6 206.4 102.8 108.4 -4.9 216.7 105.9 114.9 -4.1 231.9 107.5 129.6 -5.3 FA366402105 Current surplus of government enterprises -5.0 4.4 -9.7 4.5 -2.3 -7.1 -10.0 -11.2 -10.4 36 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 41 FA266904005 Less: Net U.S. income receipts from rest of world 42 FA086902005 Equals: Gross domestic product (2) 19909.7 21678.4 22403.6 21972.7 21953.5 22136.9 22241.8 22522.2 22713.2 37 3214.3 659.0 -5.5 3577.6 722.3 -52.3 3821.7 763.7 535.2 3636.4 731.8 -155.0 3688.2 742.1 210.2 3753.3 754.1 328.2 3797.3 759.7 437.3 3844.5 766.9 640.5 3891.5 38 774.1 39 735.0 40 183.5 181.9 166.3 191.3 185.6 158.9 173.1 164.1 169.2 41 23594.0 25744.1 27357.8 25994.6 26408.4 26813.6 27063.0 27610.1 27944.6 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, 2024 F.4 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 1 FA886000115 Gross saving 2 3 4 5 6 7 8 9 10 FA896006005 FA836006005 FA826006005 FA106012005 FA796012005 FA156006005 FA366006005 FA316006005 FA216006005 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local 11 12 13 14 15 16 17 18 19 20 FA886300095 FA836300005 FA826300003 FA106300003 FA116300001 FA796330081 FA156300003 FA366300005 FA316300001 FA216300001 Consumption of fixed capital Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 21 FA885090015 22 23 24 25 26 27 28 29 30 31 FA885019905 FA835019905 FA825019905 FA105019985 FA115050085 FA795013005 FA155019005 FA365019005 FA315019001 FA215019001 Gross domestic investment Gross private domestic investment Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Gross government investment Federal State and local 32 33 34 35 36 37 38 39 40 41 FA265430003 FA835430005 FA825430005 FA105430005 FA115440005 FA795440005 FA155430005 FA365430005 FA315430005 FA215430005 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 42 43 44 45 46 47 48 49 50 51 FA885000905 FA835000905 FA825000905 FA105000995 FA115000905 FA795000905 FA155000905 FA365000905 FA315000905 FA215000905 Net lending (+) or net borrowing (-), NIPAs (3) Private Domestic business Nonfinancial corporate business (3) Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 52 FA087005005 Statistical discrepancy (line 21 less line 1) 53 54 55 56 57 58 59 FA895404005 FA835404005 FA825404003 FA155404003 FA365404005 FA315404003 FA215404003 Gross domestic investment, capital account transactions, and net lending, NIPAs Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 4486.0 4200.7 4699.9 4472.8 4827.4 4621.4 4466.9 4480.2 4458.3 327.4 2823.9 703.4 638.6 64.8 2120.5 -2496.6 -2739.9 243.4 400.0 1401.8 779.0 674.2 104.9 622.8 -1001.9 -1062.2 60.4 -112.5 1713.9 801.7 639.7 162.0 912.2 -1826.4 -1656.0 -170.5 459.2 1511.6 899.0 724.4 174.5 612.6 -1052.3 -1072.7 20.4 191.1 1482.7 860.2 700.5 159.7 622.4 -1291.6 -1241.2 -50.4 -40.5 1696.6 748.4 624.5 123.8 948.2 -1737.1 -1673.7 -63.4 -76.9 1773.6 746.0 632.8 113.2 1027.6 -1850.4 -1665.7 -184.7 -153.1 1724.2 860.3 646.4 213.9 863.9 -1877.3 -1664.1 -213.2 1 3873.3 3214.3 2492.4 1818.3 398.4 275.7 722.0 659.0 326.0 333.0 4299.9 3577.6 2756.6 2004.7 445.2 306.6 821.0 722.3 350.8 371.5 4585.4 3821.7 2965.9 2165.1 469.8 331.0 855.7 763.7 370.5 393.2 4368.2 3636.4 2800.7 2036.0 452.0 312.7 835.7 731.8 354.4 377.4 4430.3 3688.2 2845.1 2070.3 457.8 317.1 843.1 742.1 359.0 383.1 4507.4 3753.3 2910.2 2121.6 463.0 325.6 843.1 754.1 364.3 389.7 4557.0 3797.3 2949.0 2153.1 467.0 328.9 848.3 759.7 368.0 391.7 4611.5 3844.5 2982.5 2177.5 472.3 332.8 862.0 766.9 372.5 394.4 4665.6 3891.5 3022.0 2208.2 476.9 336.9 869.5 774.1 377.1 397.0 4195.2 4647.6 5008.1 4672.4 4831.6 4795.1 4917.4 5098.8 5221.0 21 5043.0 4216.3 3023.8 2225.8 491.0 307.1 1192.4 826.8 378.0 448.8 5633.4 4756.6 3510.9 2626.8 546.9 337.2 1245.8 876.8 406.5 470.2 5835.7 4844.1 3660.1 2735.9 556.3 367.8 1184.0 991.6 442.7 548.9 5607.0 4724.6 3496.4 2615.6 538.0 342.7 1228.3 882.3 404.0 478.4 5714.1 4796.2 3622.7 2724.4 548.9 349.4 1173.4 918.0 423.9 494.1 5667.6 4725.8 3553.7 2657.6 537.2 358.8 1172.2 941.8 427.7 514.2 5754.6 4780.3 3609.5 2688.3 551.0 370.1 1170.8 974.4 437.2 537.2 5919.7 4915.0 3723.9 2783.8 570.3 369.8 1191.2 1004.7 445.7 559.0 6000.9 4955.3 3753.4 2814.0 566.8 372.6 1201.9 1045.5 460.2 585.3 22 23 24 25 26 27 28 29 30 31 3.7 -43.9 13.5 -4.0 -5.2 22.7 -57.3 47.5 112.2 -64.7 5.3 140.3 153.2 135.0 -10.1 28.2 -12.9 -135.0 75.7 -210.7 13.7 -123.5 -3.4 -3.4 0.0 0.0 -120.1 137.2 212.9 -75.7 -16.2 30.8 120.9 52.0 -36.0 104.9 -90.1 -47.0 87.9 -134.9 14.6 59.2 53.4 49.8 -4.4 8.0 5.8 -44.6 79.2 -123.9 24.1 8.1 -4.2 -4.2 0.0 0.0 12.3 16.0 85.5 -69.5 11.5 -15.1 -4.4 -4.4 0.0 0.0 -10.7 26.6 102.6 -76.0 9.0 -439.9 -0.6 -0.6 0.0 0.0 -439.2 448.9 528.7 -79.8 10.0 -47.3 -4.5 -4.5 0.0 0.0 -42.8 57.3 134.8 -77.5 32 33 34 35 36 37 38 39 40 41 -851.5 1860.4 153.0 229.6 -87.4 10.7 1707.4 -2711.9 -2904.0 192.2 -991.1 30.2 -180.7 -135.3 -91.5 46.1 210.9 -1021.3 -1193.6 172.3 -841.3 1350.2 646.2 607.5 -86.5 125.2 704.0 -2191.5 -1941.0 -250.5 -918.4 237.5 -72.6 -62.2 -50.0 39.6 310.1 -1155.9 -1210.2 54.4 -897.1 525.8 239.5 206.8 -86.7 119.3 286.3 -1422.8 -1385.3 -37.5 -896.7 1044.1 437.3 420.9 -74.2 90.7 606.9 -1940.8 -1822.5 -118.3 -848.7 1243.0 527.2 539.2 -84.0 72.0 715.7 -2091.7 -1837.4 -254.3 -829.9 1734.1 760.1 681.1 -98.0 176.9 974.0 -2564.0 -2266.0 -298.0 -789.9 1379.6 860.1 788.6 -89.9 161.4 519.5 -2169.5 -1838.2 -331.3 42 43 44 45 46 47 48 49 50 51 -5.5 -52.3 535.2 -155.0 210.2 328.2 437.3 640.5 62.0 58.0 38.3 19.7 4.0 0.0 4.0 60.0 57.0 27.8 29.2 3.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 240.0 228.0 111.3 116.7 12.0 0.0 12.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -179.6 2 1661.2 3 852.0 4 654.9 5 197.1 6 809.2 7 -1840.8 8 -1620.4 9 -220.5 10 11 12 13 14 15 16 17 18 19 20 735.0 52 (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). 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 55 56 57 58 59 Summary 12 Z.1, March 7, 2024 F.5 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 1 FA895410005 2 3 4 5 6 7 FA825410005 FA795410005 FA515410073 FA795410003 FA105410003 FA115410003 Capital transfers paid, by sector By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business 8 9 10 11 12 13 14 15 16 17 FA365410005 FA315410005 FA215400033 FA315410073 FA315410093 FA315410043 FA315410053 FA315410063 FA215410073 FA215410073 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments (2) Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to rest of world (net) State and local Disaster-related insurance benefits 18 19 20 FA155410035 FA315400053 FA215400053 21 22 23 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 210.5 336.8 282.6 406.4 213.9 154.3 173.2 599.7 203.3 1 23.7 23.7 23.7 0.0 0.0 0.0 68.7 29.2 25.5 3.7 39.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 108.8 108.8 102.0 6.8 0.0 0.0 62.1 8.0 0.0 8.0 54.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 148.6 148.6 72.7 4.0 0.0 0.5 64.1 7.3 0.0 0.0 219.2 216.7 182.4 10.0 0.0 1.7 9.4 13.2 2.5 2.5 243.6 243.6 86.4 0.0 0.0 0.5 143.1 13.5 0.0 0.0 222.5 212.5 145.3 40.0 0.0 0.3 10.0 17.0 10.0 10.0 111.6 111.6 81.4 0.0 0.0 5.6 10.6 14.0 0.0 0.0 115.5 115.5 80.5 0.0 0.0 0.5 10.6 23.9 0.0 0.0 133.3 133.3 86.8 0.0 0.0 0.6 34.6 11.3 0.0 0.0 561.3 561.3 90.5 0.0 0.0 0.5 461.5 8.9 0.0 0.0 164.2 164.2 88.0 0.0 0.0 0.6 65.6 10.0 0.0 0.0 8 9 10 11 12 13 14 15 16 17 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 34.4 27.3 7.1 40.6 32.8 7.8 39.0 30.0 9.0 41.9 34.0 7.9 40.2 32.0 8.2 38.7 30.2 8.5 39.9 31.0 8.9 38.3 29.1 9.2 39.1 18 29.5 19 9.5 20 FA265410005 FA265410073 FA265410003 By the rest of the world Disaster-related insurance benefits Other 3.8 3.8 0.0 8.3 8.3 0.0 0.0 0.0 0.0 33.3 33.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 0.0 22 0.0 23 24 FA895400005 Capital transfers received, by sector 210.5 336.8 282.6 406.4 213.9 154.3 173.2 599.7 203.3 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 16.0 1.0 1.0 0.0 9.8 9.4 0.5 5.2 5.2 0.0 20.3 1.0 1.0 0.0 9.3 8.7 0.5 10.1 9.0 1.1 0.5 0.0 0.0 0.0 0.5 0.0 0.5 0.0 0.0 0.0 75.1 3.9 3.9 0.0 35.2 34.9 0.3 36.0 36.0 0.0 5.6 0.0 0.0 0.0 1.2 0.0 1.2 4.4 0.0 4.4 0.5 0.0 0.0 0.0 0.5 0.0 0.5 0.0 0.0 0.0 0.6 0.0 0.0 0.0 0.6 0.0 0.6 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.5 0.0 0.5 0.0 0.0 0.0 0.6 0.0 0.0 0.0 0.6 0.0 0.6 0.0 0.0 0.0 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 FA365400005 FA315400005 FA315400053 FA315400003 FA215400005 FA215400073 FA215400053 FA215400033 FA215400003 By government Federal Estate and gift taxes paid by persons Other State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government Other 110.3 27.3 27.3 0.0 82.9 3.2 7.1 72.7 0.0 265.1 32.8 32.8 0.0 232.3 2.7 7.8 182.4 39.3 125.4 30.0 30.0 0.0 95.5 0.0 9.0 86.4 0.0 198.1 34.0 34.0 0.0 164.1 10.9 7.9 145.3 0.0 175.2 32.0 32.0 0.0 143.2 0.0 8.2 81.4 53.6 119.3 30.2 30.2 0.0 89.0 0.0 8.5 80.5 0.0 126.7 31.0 31.0 0.0 95.7 0.0 8.9 86.8 0.0 128.8 29.1 29.1 0.0 99.7 0.0 9.2 90.5 0.0 127.0 29.5 29.5 0.0 97.5 0.0 9.5 88.0 0.0 35 36 37 38 39 40 41 42 43 44 45 46 FA155400005 FA155400073 FA155400003 By persons Disaster-related insurance benefits Other 76.8 12.7 64.1 38.0 24.9 13.1 143.1 0.0 143.1 116.4 99.6 16.8 18.6 0.0 18.6 10.6 0.0 10.6 34.6 0.0 34.6 461.5 0.0 461.5 47 48 49 50 FA265400005 FA265400033 FA265400073 FA265400003 By the rest of the world Capital transfers paid by U.S. government Disaster-related insurance benefits Other 7.3 7.3 0.0 0.0 13.4 13.2 0.0 0.2 13.5 13.5 0.0 0.0 17.0 17.0 0.0 0.0 14.5 14.0 0.0 0.4 23.9 23.9 0.0 0.0 11.3 11.3 0.0 0.0 8.9 8.9 0.0 0.0 10.0 10.0 0.0 0.0 47 48 49 50 7.7 22.7 22.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -9.8 -5.2 38.3 121.2 -82.9 -42.4 -3.5 48.4 28.2 24.5 0.0 3.7 0.0 0.0 0.0 0.0 0.0 30.3 -10.1 -45.9 183.8 -229.8 2.7 -5.1 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 0.0 118.1 213.6 -95.5 -104.1 -13.5 33.7 104.9 98.1 0.0 6.8 0.0 0.0 0.0 0.0 0.0 -35.2 -36.0 24.4 178.5 -154.1 -74.5 16.3 56.5 8.0 0.0 0.0 8.0 0.0 0.0 0.0 0.0 0.0 52.9 -4.4 -63.6 79.6 -143.2 21.5 -14.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 0.0 -3.8 85.3 -89.0 28.1 -23.9 -0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.6 0.0 6.6 102.3 -95.7 5.3 -11.3 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 0.0 432.5 532.2 -99.7 -423.2 -8.9 -0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.6 0.0 37.2 134.7 -97.5 -26.6 -10.0 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 65.6 44 0.0 45 65.6 46 Addenda: Net capital transfers paid by sector 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 FA825440005 FA795440005 FA515440005 FA545410003 FA765440005 FA405400033 FA615410003 FA735410003 FA735400033 FA505400033 FA105440005 FA115440005 FA365440005 FA315440005 FA215440005 FA155440005 FA265440005 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies Life insurance companies U.S.-chartered depository institutions Government-sponsored enterprises Finance companies Holding companies Holding companies (GMAC) Other financial business (AIG) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-39) By persons (lines 18-44) By the rest of the world (lines 21-47) (1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Series treated as capital losses in the financial corporations sectors rather than as capital transfers in the Financial Accounts of the United States. Summary 13 Z.1, March 7, 2024 F.6 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FA174090005 Net acquisition of financial assets 3644.1 2228.6 1760.6 1796.3 2210.4 2228.4 2236.2 1019.3 1558.5 1 2 3 4 5 FA153091003 FA173020005 FA173030005 FA173034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -0.2 1049.6 875.0 115.6 3.4 431.9 -721.9 283.5 -5.2 -186.2 -397.4 727.1 6.2 611.3 -1472.0 224.6 -5.5 -1387.5 -381.8 500.8 -2.5 -154.6 -1643.2 1435.1 -12.9 51.2 -19.5 680.8 1.5 -679.0 143.3 478.4 -7.0 37.6 -70.3 314.0 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 -1000.5 -649.9 -21.0 -112.2 -217.4 88.6 1103.4 542.2 1523.1 1123.9 672.2 30.6 -303.6 -46.7 590.2 -724.1 1089.1 817.5 174.7 93.2 3.8 -69.5 -57.2 -164.2 1455.6 1455.9 924.7 6.9 -932.0 -239.6 639.2 -470.9 2756.9 1832.4 757.1 91.9 75.5 -193.7 577.5 -529.8 2129.3 1196.2 458.9 128.0 346.1 -100.8 -242.7 -187.8 905.0 1411.2 -341.9 131.4 -295.6 -29.7 -277.5 -5.6 407.3 561.7 278.8 37.0 -470.1 -270.0 625.8 -279.8 914.9 100.9 303.1 76.2 434.6 122.4 -334.5 -183.6 6 7 8 9 10 11 12 13 14 15 16 FA163070005 FA153040005 FA153050005 Trade receivables Life insurance reserves Pension entitlements 11.8 30.9 230.1 13.2 58.9 504.7 14.3 55.2 551.1 13.2 66.7 562.1 13.2 37.6 460.0 14.3 66.5 631.2 14.3 73.5 628.9 14.3 10.7 411.9 14.3 14 70.2 15 532.2 16 17 FA173099005 Miscellaneous and other assets 597.6 312.4 203.7 399.9 362.7 283.6 227.9 155.1 148.2 17 18 19 20 21 22 23 FA175050005 FA175012005 FA175013005 FA155111003 FA155420003 FA115020005 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 3513.3 1119.7 562.7 1844.8 -14.9 1.0 3735.1 1160.1 618.8 1957.9 -15.5 13.7 3759.4 1068.3 676.4 2022.1 -16.0 8.5 3730.5 1142.8 632.0 1971.0 -15.6 0.4 3676.3 1076.2 639.0 1958.0 -15.8 18.8 3728.8 1063.3 663.5 2018.6 -15.8 -0.7 3732.9 1055.2 672.2 2017.4 -15.9 4.1 3784.8 1075.4 679.8 2027.4 -16.1 18.3 3791.0 1079.4 690.2 2025.1 -16.2 12.5 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 2486.2 646.4 474.0 1365.8 2825.6 742.5 523.7 1559.4 2970.0 793.2 532.4 1644.4 2867.0 754.7 532.9 1579.4 2914.4 765.5 535.4 1613.5 2924.7 779.0 527.1 1618.6 2952.9 788.1 527.2 1637.6 2993.9 797.9 536.4 1659.5 3008.3 807.7 538.7 1661.9 24 25 26 27 28 FA172010005 Net investment in nonfinancial assets (3) 1027.1 909.5 789.4 863.5 761.9 804.1 780.0 790.9 782.7 28 29 30 31 32 33 FA175012865 FA175013865 FA155111005 FA155420003 FA115020005 473.4 88.7 479.0 -14.9 1.0 417.6 95.1 398.6 -15.5 13.7 275.1 144.1 377.7 -16.0 8.5 388.0 99.1 391.6 -15.6 0.4 310.7 103.7 344.5 -15.8 18.8 284.3 136.4 400.0 -15.8 -0.7 267.0 145.0 379.8 -15.9 4.1 277.4 143.4 367.9 -16.1 18.3 271.7 151.5 363.2 -16.2 12.5 34 FA174190005 2198.4 1723.9 808.2 1621.8 1215.0 897.6 824.8 824.1 686.5 34 35 36 37 38 39 FA173165105 FA173165205 FA153166000 FA173169005 FA173199005 890.7 291.8 237.8 171.3 606.7 896.1 279.4 345.5 -82.2 285.0 381.7 193.3 125.6 25.6 82.0 883.2 234.5 327.4 0.8 176.0 497.4 272.4 349.0 -254.4 350.5 372.3 245.4 207.6 -29.6 102.0 391.5 199.9 102.7 8.2 122.5 480.3 185.0 26.8 125.1 6.9 282.7 143.0 165.5 -1.2 96.5 40 FA175440005 Net capital transfers paid (4) -47.6 -7.5 -104.1 -110.5 17.1 28.1 5.3 -423.2 -26.6 40 41 FA176007025 Personal saving, FOF concept (FOF) 2425.2 1406.7 1637.7 927.4 1774.5 2163.0 2196.7 563.0 1628.1 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 479.0 -1.2 5.3 398.6 -2.7 5.8 377.7 -0.9 6.1 391.6 -3.0 5.8 344.5 -1.5 5.9 400.0 -0.9 6.0 379.8 -0.8 6.1 367.9 -2.0 6.2 363.2 42 0.0 43 6.2 44 45 FA176007005 = Personal saving, NIPA concept (FOF) (6) 1952.7 1016.6 1267.1 544.6 1437.4 1770.0 1823.8 203.3 1271.1 45 46 FA156007015 Personal saving, NIPA concept (NIPA) 2120.5 622.8 912.2 612.6 622.4 948.2 1027.6 863.9 809.2 46 47 FA176007085 Difference -167.8 393.8 354.9 -68.0 814.9 821.7 796.3 -660.6 462.0 47 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories Net increase in liabilities One-to-four-family residential mortgages Other mortgages Consumer credit Other loans and advances Other liabilities 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 18664.4 18702.5 20221.9 18881.7 19178.4 19880.2 20164.2 20320.4 20522.9 48 12.99 10.46 11.36 -0.90 7.52 5.44 3.33 2.11 8.10 6.27 4.51 1.75 4.91 2.88 3.24 -0.36 9.25 7.49 3.25 4.25 10.88 8.90 4.77 4.13 10.89 9.04 5.10 3.95 2.77 1.00 4.25 -3.25 7.93 6.19 3.94 2.25 49 50 51 52 (1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held, and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 15), and pension entitlements (line 16). (3) Line 18 less line 24. (4) Table F.5, line 62 plus line 66. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Lines 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) and including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 28 less line 42) less net increase in liabilities (line 34) plus net capital transfers paid (line 40). Personal saving, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4). Summary 14 Z.1, March 7, 2024 L.6 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 1 FL174090005 2 3 4 5 LM153091003 FL173020005 FL173030005 FL173034005 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 FL174022005 Debt securities 7 8 FL173061105 LM153061705 Treasury securities Agency- and GSE-backed securities 9 10 FL173062005 LM153063005 Municipal securities Corporate and foreign bonds 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 17 18 FL163070005 FL153040005 Trade receivables Life insurance reserves 19 FL153050005 Pension entitlements 20 FL173099005 Miscellaneous and other assets 21 FL174190005 22 23 24 FL173165105 FL173165205 FL153166000 One-to-four-family residential mortgages Other mortgages Consumer credit 25 26 FL173169005 FL173199005 Other loans and advances Other liabilities Total liabilities 2023 Q4 Q1 Q2 Q3 Q4 110106.8 100871.9 111373.6 98155.7 100871.9 104204.3 107089.1 105443.6 111373.6 1 48.2 51.7 46.4 53.0 51.7 51.0 47.8 48.2 46.4 4614.3 5046.2 4860.0 5296.1 5046.2 5067.6 4977.4 4748.3 4860.0 12445.4 11723.6 11334.3 11767.0 11723.6 11333.1 11222.7 11290.8 11334.3 2935.1 3218.6 3945.7 3054.5 3218.6 3527.6 3677.9 3828.5 3945.7 2 3 4 5 3061.6 4511.2 5749.1 3820.5 4511.2 5173.8 5300.3 5392.4 5749.1 6 506.9 452.4 1533.5 1071.3 2394.6 1272.6 1122.4 879.7 1533.5 1071.3 1993.9 1200.5 2177.5 1129.3 2303.0 1162.0 2394.6 1272.6 7 8 1812.3 290.0 1625.5 280.9 1771.4 310.5 1545.6 272.8 1625.5 280.9 1690.1 289.3 1698.4 295.1 1628.6 298.9 1771.4 9 310.5 10 1518.8 1358.6 138.2 22.0 1472.2 1320.4 133.1 18.7 1402.6 1255.1 130.8 16.8 1529.0 1374.9 134.6 19.5 1472.2 1320.4 133.1 18.7 1448.2 1296.5 133.1 18.6 1448.8 1298.4 132.2 18.2 1380.7 1231.6 131.8 17.3 1402.6 1255.1 130.8 16.8 11 12 13 14 31656.1 26418.8 31996.5 25087.6 26418.8 27995.0 29696.9 28705.8 31996.5 15 12829.6 9759.4 11005.1 9351.7 9759.4 10189.5 10615.6 10163.8 11005.1 16 298.6 2000.3 311.7 1987.1 326.0 2089.6 308.4 1961.2 311.7 1987.1 315.3 2020.9 318.9 2050.4 322.4 2040.7 326.0 17 2089.6 18 31560.4 28920.7 30963.7 28578.2 28920.7 29566.1 30161.9 29916.4 30963.7 19 7138.3 7450.7 7654.4 7348.5 7450.7 7516.1 7570.5 7605.4 7654.4 20 29564.1 31187.8 31992.8 30819.4 31187.8 31327.3 31571.5 31789.6 31992.8 21 12768.4 13596.3 13973.7 13431.3 13596.3 13657.9 13755.8 13880.0 13973.7 22 4473.5 4752.9 4946.3 4684.8 4752.9 4814.3 4864.3 4910.5 4946.3 23 4548.5 4894.0 5019.7 4789.3 4894.0 4886.5 4940.7 4960.9 5019.7 24 1260.5 6513.1 1178.3 6766.3 1203.9 6849.2 1239.0 6674.9 1178.3 6766.3 1172.7 6795.9 1172.6 6838.1 1201.2 6837.0 1203.9 25 6849.2 26 (1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 16), life insurance reserves (line 18), and pension entitlements (line 19). 15 Z.1, March 7, 2024 F.100 Domestic Nonfinancial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FA386000105 Gross saving less net capital transfers paid 5723.9 6271.2 6154.1 6513.0 6220.3 6095.9 6180.2 6159.9 6180.4 1 2 FA385090005 Gross investment 5661.8 6969.7 6347.8 5737.2 5847.2 5979.4 6123.0 6489.1 6799.7 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 6580.9 1844.8 1133.4 3590.9 11.7 0.2 7254.4 1957.9 1174.3 3964.7 157.3 0.2 7490.1 2022.1 1083.2 4327.4 57.3 0.1 7235.4 1971.0 1157.1 4024.8 82.3 0.1 7322.8 1958.0 1090.6 4096.4 177.7 0.1 7327.6 2018.6 1069.3 4215.8 23.7 0.2 7402.1 2017.4 1061.4 4304.5 18.6 0.2 7577.4 2027.4 1091.5 4356.4 102.0 0.1 7653.4 2025.1 1110.7 4432.8 84.8 0.0 3 4 5 6 7 8 9 FA385000005 Net lending (+) or net borrowing (-) -919.1 -284.7 -1142.3 -1498.2 -1475.6 -1348.2 -1279.1 -1088.3 -853.7 9 10 FA384090005 Net acquisition of financial assets 4195.1 3824.5 3112.9 1646.2 1413.3 1883.7 4022.2 3881.8 2664.0 10 11 12 FA313011005 FA383091005 U.S. official reserve assets Foreign deposits 114.1 31.1 5.8 27.8 0.4 16.5 3.3 17.0 11.6 104.1 3.1 -17.8 0.9 76.3 1.3 33.7 -3.6 11 -26.1 12 13 14 15 16 FA383020005 FA383030005 FA383034005 FA382051005 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 106.6 851.0 231.9 -0.3 449.7 -721.9 219.7 11.7 137.8 -294.5 918.5 10.7 -268.9 -1359.8 151.9 10.3 -1704.7 -349.8 529.2 25.3 -941.3 -1726.5 1791.1 18.9 724.3 492.9 846.3 7.5 474.1 209.4 614.7 8.6 293.9 -153.8 422.0 7.6 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 -624.2 9.4 -249.3 -57.9 -97.2 -229.2 1850.8 -47.5 1457.8 715.2 36.8 -311.5 1260.0 32.6 949.4 184.6 92.8 0.5 1548.5 -157.6 1655.9 975.1 13.5 -938.4 2955.9 -22.8 2030.3 778.6 98.4 71.4 2353.7 28.6 1371.8 471.4 136.1 345.8 1086.1 -36.8 1588.3 -315.2 140.7 -290.9 622.5 124.1 660.6 283.8 28.6 -474.5 977.5 14.3 177.1 298.5 66.0 421.7 17 18 19 20 21 22 23 24 25 26 27 FA384023005 FA383069005 FA383065005 FA383066005 FA103092305 Loans Other loans and advances Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 282.5 196.8 32.4 53.3 -52.7 127.4 42.6 37.2 47.6 -26.6 -136.2 -142.2 35.1 -29.1 36.8 -103.7 -205.3 32.9 68.7 -102.5 -91.6 -233.1 31.9 109.7 19.0 -28.3 -102.1 56.3 17.5 123.8 -216.3 -172.2 27.3 -71.4 -82.7 -391.6 -297.1 35.3 -129.8 27.8 91.3 2.5 21.5 67.2 78.3 23 24 25 26 27 28 29 30 31 FA383064105 FA103092105 FA383094905 FA383064205 Corporate equities U.S. direct investment abroad: equity Miscellaneous other equity Mutual fund shares 998.6 293.1 -203.9 565.4 450.6 357.7 -94.1 -727.2 -196.8 234.7 2.9 -167.4 511.8 324.6 -26.9 -474.1 441.2 365.7 -47.2 -533.0 -382.3 167.2 -17.9 -191.0 -417.1 214.6 45.8 -8.7 486.2 292.7 45.5 -283.0 -474.1 264.2 -61.9 -186.8 28 29 30 31 32 33 34 35 36 FA153040005 FA153050005 FA383070005 FA383078005 FA383090005 Life insurance reserves Pension entitlements Trade receivables Taxes payable Miscellaneous assets 30.9 230.1 646.5 -101.9 796.4 58.9 504.7 267.3 -64.1 1126.5 55.2 551.1 250.0 -38.3 471.7 66.7 562.1 -353.8 -103.4 1243.1 37.6 460.0 -216.4 59.9 -653.3 66.5 631.2 -147.3 57.5 122.9 73.5 628.9 209.9 -147.9 488.0 10.7 411.9 417.6 12.4 887.3 70.2 532.2 519.8 -75.2 388.5 32 33 34 35 36 37 FA384194005 5114.2 4109.2 4255.3 3144.3 2888.9 3231.9 5301.3 4970.1 3517.7 37 38 FA384190005 5071.7 4475.6 4586.2 3430.1 3082.1 3326.7 5433.2 5112.3 4472.4 38 39 40 41 FA313111303 FA713014003 FA313112003 U.S. official reserve assets SDR certificates Treasury currency 112.8 0.0 -0.1 0.0 0.0 -0.4 0.0 0.0 0.0 0.0 0.0 -1.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39 0.0 40 0.0 41 42 43 44 45 46 47 FA384122005 FA103169100 FA313161105 FA313161705 FA383162005 FA103163005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1931.7 6.0 1611.4 -0.4 79.5 235.2 1313.0 59.3 1287.4 0.0 -52.6 18.8 2640.9 20.2 2381.6 0.4 20.9 217.9 1147.7 169.0 992.7 -1.5 -31.1 18.6 560.1 -52.1 771.1 1.8 -185.2 24.4 1776.3 -72.0 1166.2 -0.2 45.9 636.4 3397.8 21.0 3156.0 -7.0 109.1 118.8 3017.4 59.3 2917.6 6.3 -11.2 45.4 2372.2 72.6 2286.6 2.4 -60.3 70.8 42 43 44 45 46 47 48 49 50 51 52 53 FA384123005 FA383168005 FA383169005 FA383165005 FA153166000 FA143192305 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit Foreign direct investment: intercompany debt 1975.8 -61.2 542.3 1256.8 237.8 -1.3 2471.9 415.2 380.2 1331.0 345.5 69.7 983.7 -22.4 247.2 633.2 125.6 1.6 1990.7 213.0 176.3 1274.1 327.4 121.1 1684.2 368.2 95.8 871.1 349.0 66.3 889.1 37.3 -75.7 719.9 207.6 -27.8 1061.1 -30.1 358.4 630.0 102.7 9.1 856.8 -114.2 220.1 724.2 26.8 -11.4 1127.8 17.6 486.0 458.6 165.5 36.6 48 49 50 51 52 53 54 55 56 57 FA313140003 FA383170005 FA143178005 FA383190005 Life insurance reserves Trade payables Taxes payable Miscellaneous liabilities 0.3 644.7 6.8 401.1 0.4 436.2 39.1 145.8 1.3 250.5 -0.2 708.2 1.0 18.2 11.4 141.7 -0.1 234.2 8.7 528.7 2.0 -201.2 83.8 804.4 -0.2 159.2 -100.7 906.9 2.9 487.0 16.4 743.3 0.5 557.2 -0.2 378.3 54 55 56 57 58 FA143181105 42.5 -366.4 -330.9 -285.8 -193.1 -94.8 -131.9 -142.2 -954.7 58 59 60 61 FA103164105 FA143192105 FA112090205 -214.6 386.7 -129.5 -536.2 265.1 -95.3 -611.7 290.5 -9.7 -533.6 293.9 -46.0 -314.3 207.4 -86.3 -481.3 446.3 -59.9 -430.2 262.2 36.1 -453.5 273.2 38.1 -1081.9 59 180.3 60 -53.0 61 62 FA387005005 62.1 -698.5 -193.7 775.8 373.2 116.5 57.2 -329.2 -619.2 62 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Foreign direct investment: equity Equity in noncorporate business Discrepancy (1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107. Transactions 2021 16 Z.1, March 7, 2024 F.101 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 2023 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) -1.2 5.3 479.0 2087.8 -42.4 -2.7 5.8 398.6 2380.4 2.7 -0.9 6.1 377.7 2500.2 -104.1 -3.0 5.8 391.6 2415.0 -74.5 -1.5 5.9 344.5 2456.6 21.5 -0.9 6.0 400.0 2461.8 28.1 -0.8 6.1 379.8 2485.9 5.3 -2.0 6.2 367.9 2521.6 -423.2 0.0 6 6.2 7 363.2 8 2531.4 9 -26.6 10 11 FA156000105 = Gross saving less net capital transfers paid 4723.2 3390.6 3887.1 3485.0 3394.6 3774.8 3881.1 4168.3 3724.1 11 12 FA155090005 Gross investment 4555.4 3784.5 4241.9 3416.9 4209.6 4596.6 4677.4 3507.7 4186.1 12 13 14 15 16 17 FA155050005 FA155111003 FA155012005 FA165013005 FA155420003 Capital expenditures Consumer durable goods Residential Nonprofit nonresidential Nonproduced nonfinancial assets 3022.3 1844.8 937.7 254.7 -14.9 3188.2 1957.9 970.8 275.0 -15.5 3190.1 2022.1 893.5 290.5 -16.0 3183.6 1971.0 955.1 273.2 -15.6 3115.7 1958.0 899.9 273.5 -15.8 3174.9 2018.6 888.8 283.4 -15.8 3172.2 2017.4 882.1 288.7 -15.9 3202.5 2027.4 899.6 291.5 -16.1 3210.8 2025.1 903.4 298.5 -16.2 18 FA155000005 Net lending (+) or net borrowing (-) 1533.1 596.3 1051.8 233.3 1093.9 1421.7 1505.1 305.2 975.3 18 19 FA154090005 Net acquisition of financial assets 2811.5 1782.0 1615.5 1478.4 1750.8 1931.3 2074.2 961.8 1494.7 19 20 21 22 23 FA153091003 FA153020005 FA153030005 FA153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -0.2 971.4 779.7 113.3 3.4 389.4 -793.3 277.2 -5.2 -193.3 -441.1 724.7 6.2 634.2 -1469.0 218.3 -5.5 -1407.4 -497.6 494.3 -2.5 -162.8 -1751.4 1432.3 -12.9 37.8 -65.6 676.2 1.5 -683.9 128.1 476.9 -7.0 35.8 -75.5 313.6 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 -1002.8 -652.1 -21.0 -112.3 -217.4 1510.3 1112.0 672.2 29.7 -303.6 1089.4 817.6 174.7 93.3 3.8 1433.7 1435.0 924.7 6.0 -932.0 2753.9 1829.1 757.1 92.2 75.5 2136.6 1203.2 458.9 128.3 346.1 896.1 1402.6 -341.9 131.1 -295.6 392.2 547.5 278.8 36.0 -470.1 932.6 117.2 303.1 77.6 434.6 24 25 26 27 28 29 30 31 32 FA154023005 FA153069005 FA153065005 FA163066223 Loans Other loans and advances (5) Mortgages Consumer credit (student loans) 90.4 86.3 6.1 -2.0 -50.5 -38.2 -8.9 -3.4 -70.5 -65.3 -3.3 -1.9 -242.5 -230.3 -8.1 -4.0 -196.8 -184.8 -8.9 -3.1 -102.0 -100.3 -1.4 -0.3 -31.6 -24.5 -5.6 -1.5 -270.6 -264.8 -2.1 -3.6 122.2 128.4 -4.2 -2.0 29 30 31 32 33 34 35 FA153064105 FA153081115 FA153064205 Corporate equities (6) Miscellaneous other equity Mutual fund shares 1103.4 -113.8 542.2 590.2 -91.6 -724.1 -57.2 4.4 -164.2 639.2 -31.6 -470.9 577.5 -37.2 -529.8 -242.7 -27.7 -187.8 -277.5 45.3 -5.6 625.8 41.7 -279.8 36 37 38 39 FA153040005 FA153050005 FA163070005 FA153090005 Life insurance reserves Pension entitlements (7) Trade receivables Miscellaneous assets 30.9 230.1 11.8 55.3 58.9 504.7 13.2 94.3 55.2 551.1 14.3 108.0 66.7 562.1 13.2 118.7 37.6 460.0 13.2 88.7 66.5 631.2 14.3 127.3 73.5 628.9 14.3 95.6 10.7 411.9 14.3 93.0 70.2 532.2 14.3 116.0 40 FA154190005 Net increase in liabilities 1278.5 1185.8 563.7 1245.1 656.9 509.7 569.1 656.6 519.4 40 41 FA163162003 Debt securities (municipal securities) -1.1 -0.9 2.1 -3.0 1.1 0.3 9.0 0.2 -1.1 41 42 43 44 45 46 47 FA154123005 FA153165105 FA153166000 FA153168005 FA153169005 FA163165505 Loans One-to-four-family residential mortgages (8) Consumer credit Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages 1246.7 820.5 237.8 52.3 114.3 21.7 1155.3 838.1 345.5 71.7 -125.4 25.4 527.5 360.5 125.6 -21.1 30.0 32.6 1215.1 826.6 327.4 55.2 -19.5 25.4 632.7 460.9 349.0 92.5 -295.2 25.4 473.8 349.2 207.6 -86.1 -29.5 32.6 528.5 367.4 102.7 -21.4 47.3 32.6 622.1 458.9 26.8 -2.4 106.2 32.6 48 49 FA163170005 FA543077073 Trade payables Deferred and unpaid life insurance premiums 31.3 1.5 32.9 -1.5 31.5 2.5 32.9 0.1 32.9 -9.8 31.5 4.1 31.5 0.1 31.5 2.8 31.5 48 3.3 49 50 FA157005005 167.8 -393.8 -354.9 68.0 -814.9 -821.7 -796.3 660.6 -462.0 50 Discrepancy 21407.7 21840.8 22975.7 22018.8 22274.1 22643.9 22868.0 23085.7 23305.2 2743.3 3138.3 2753.8 3137.0 3095.7 2763.7 2703.8 2765.3 2782.3 18664.4 18702.5 20221.9 18881.7 19178.4 19880.2 20164.2 20320.4 20522.9 16543.9 18079.7 19309.7 18269.1 18556.0 18932.0 19136.6 19456.5 19713.8 2120.5 622.8 912.2 612.6 622.4 948.2 1027.6 863.9 809.2 1 2 3 4 5 13 14 15 16 17 -334.5 33 -41.6 34 -183.6 35 485.7 266.3 165.5 25.4 -4.1 32.6 (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 nonmarketable Treasury securities, cash accounts at brokers and dealers, and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held corporate equities, including closed-end fund, exchange-traded fund, and real estate investment trust shares. (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table F.218, line 24). (9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF I). 36 37 38 39 42 43 44 45 46 47 17 Z.1, March 7, 2024 F.102 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA146110005 Income before taxes 4172.7 4453.4 4549.8 4479.0 4377.0 4428.5 4477.0 4625.2 4668.6 1 2 FA146000105 Gross saving less net capital transfers paid 2875.3 3111.4 3446.9 3370.1 3310.2 3299.3 3395.7 3532.5 3560.2 2 3 FA145090005 Gross investment 2747.0 3517.5 3624.7 3357.3 2272.3 2593.0 3206.8 4623.8 4075.1 3 4 FA145050005 2722.6 3278.5 3289.4 3240.8 3270.2 3191.1 3235.6 3353.9 3376.9 4 5 6 7 FA145019005 FA145012005 FA145013005 Fixed investment Residential Nonresidential 2705.1 188.6 2516.5 3016.4 195.6 2820.8 3235.0 180.7 3054.3 3071.3 194.1 2877.3 3095.6 182.6 2913.0 3171.1 172.0 2999.1 3220.8 170.5 3050.3 3252.0 182.8 3069.3 3296.0 197.6 3098.4 5 6 7 8 9 FA145020005 FA105420005 Change in inventories Nonproduced nonfinancial assets 11.7 5.8 157.3 104.8 57.3 -2.9 82.3 87.2 177.7 -3.1 23.7 -3.7 18.6 -3.8 102.0 -0.2 84.8 -3.9 8 9 10 FA145000005 Net lending (+) or net borrowing (-) 24.4 239.0 335.3 116.5 -998.0 -598.1 -28.7 1269.9 698.1 10 11 FA144090005 Net acquisition of financial assets 2037.6 1520.6 1172.0 637.8 221.4 536.2 1077.2 2140.7 933.8 11 12 13 14 FA103091003 FA143020005 FA143030005 Foreign deposits Checkable deposits and currency Time and savings deposits 31.3 343.0 101.0 24.4 3.0 84.7 21.8 -4.8 142.7 10.8 -164.4 121.6 109.5 561.3 121.6 -15.4 118.7 19.6 89.2 -276.4 513.4 32.2 298.1 109.9 -19.1 12 -159.6 13 -72.1 14 15 16 FA143034005 FA102051003 Money market fund shares Security repurchase agreements 103.3 -10.3 -67.2 1.7 178.3 0.6 -76.8 0.3 15.8 15.3 334.0 8.9 158.4 -2.5 124.4 -1.4 96.4 15 -2.5 16 17 18 19 20 21 22 FA144022005 FA103069100 FA143061105 FA103061703 FA143062005 FA123063003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds (held by equity REITs) 40.2 5.4 12.9 2.9 11.3 7.7 -5.7 -51.5 35.9 6.7 0.7 2.6 71.6 28.5 37.5 6.8 -0.0 -1.3 -121.4 -161.6 35.5 3.0 0.8 0.8 31.4 -26.8 46.6 14.3 -1.2 -1.5 4.7 24.6 -14.6 -1.2 -0.3 -3.8 52.1 -40.8 72.7 20.4 0.8 -1.0 181.8 120.1 48.9 7.9 1.1 3.8 47.8 10.3 43.1 0.3 -1.8 -4.0 17 18 19 20 21 22 23 24 25 26 FA144023005 FA143065005 FA143066005 FA103092305 Loans Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 12.6 12.7 -0.0 -52.7 25.0 25.0 -0.0 -26.6 22.4 22.4 -0.0 36.8 40.0 13.8 26.2 -102.5 83.4 19.3 64.1 19.0 42.1 43.0 -1.0 123.8 -72.0 20.8 -92.7 -82.7 40.9 17.6 23.3 27.8 78.4 8.0 70.4 78.3 23 24 25 26 27 28 29 30 FA103064103 FA103092105 FA143092405 FA103064203 Corporate equities U.S. direct investment abroad: equity Equity in GSEs Mutual fund shares -101.4 293.1 1.4 22.0 -136.2 357.7 1.0 -4.4 -136.2 234.7 3.4 -4.4 -124.1 324.6 3.3 -4.4 -132.9 365.7 -0.5 -4.4 -136.2 167.2 8.8 -4.4 -136.2 214.6 2.1 -4.4 -136.2 292.7 0.9 -4.4 -136.2 264.2 1.7 -4.4 27 28 29 30 31 32 FA143070005 FA143090005 Trade receivables Miscellaneous assets 578.1 675.9 231.9 1031.3 218.9 386.2 -371.5 1102.4 -247.8 -716.0 -149.7 13.9 191.7 429.8 363.7 810.1 33 FA144194005 2013.3 1281.6 836.7 521.4 1219.3 1134.3 1106.0 870.8 235.6 33 34 FA144190005 1970.8 1648.0 1167.6 807.1 1412.5 1229.2 1237.9 1013.0 1190.3 34 35 36 37 38 FA104122005 FA103169100 FA103162000 FA103163005 Debt securities Commercial paper Municipal securities Corporate bonds 252.8 6.0 11.5 235.2 78.9 59.3 0.7 18.8 236.7 20.2 -1.4 217.9 176.5 169.0 -11.0 18.6 -46.2 -52.1 -18.5 24.4 571.6 -72.0 7.2 636.4 150.0 21.0 10.2 118.8 103.9 59.3 -0.7 45.4 121.1 72.6 -22.4 70.8 35 36 37 38 39 40 41 42 43 FA144123005 FA143168005 FA143169005 FA143165005 FA143192305 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Foreign direct investment: intercompany debt 656.1 -113.6 355.1 414.6 -1.3 1056.5 343.5 245.5 467.5 69.7 216.7 -1.2 -22.2 240.1 1.6 665.1 157.8 85.3 422.1 121.1 765.9 275.7 105.4 384.8 66.3 384.9 123.4 -76.6 338.1 -27.8 240.3 -8.7 19.0 230.0 9.1 189.8 -111.9 69.0 232.6 -11.4 51.8 -7.8 -100.1 159.7 36.6 39 40 41 42 43 44 45 46 FA143170005 FA143178005 FA143190005 Trade payables Taxes payable Miscellaneous liabilities 498.1 6.8 558.4 291.2 39.1 112.6 116.5 -0.2 596.3 -99.1 11.4 -67.9 122.3 8.7 495.4 -286.1 83.8 502.8 43.9 -100.7 895.3 323.0 16.4 391.2 385.3 44 -0.2 45 595.7 46 47 FA143181105 42.5 -366.4 -330.9 -285.8 -193.1 -94.8 -131.9 -142.2 -954.7 47 48 49 50 FA103164105 FA143192105 FA112090205 -214.6 386.7 -129.5 -536.2 265.1 -95.3 -611.7 290.5 -9.7 -533.6 293.9 -46.0 -314.3 207.4 -86.3 -481.3 446.3 -59.9 -430.2 262.2 36.1 -453.5 273.2 38.1 -1081.9 48 180.3 49 -53.0 50 51 FA107005005 128.4 -406.1 -177.7 12.8 1037.9 706.4 188.9 -1091.3 -514.9 51 Capital expenditures Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Foreign direct investment: equity Equity in noncorporate business Discrepancy (1) Sum of nonfinancial corporate business (table F.103) and nonfinancial noncorporate business (table F.104). 469.8 31 290.9 32 Transactions 2021 18 Z.1, March 7, 2024 F.103 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 2022 2023 2022 2023 Q3 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) 2234.0 298.0 1109.6 -257.1 1811.3 81.2 -9.8 2451.5 416.9 1233.3 -96.2 1866.9 114.2 30.3 2468.3 431.0 1063.8 18.8 1917.9 66.5 -0.5 2457.1 403.4 1184.3 -16.8 1877.8 116.5 -35.2 2333.7 417.8 1218.4 100.4 1904.3 198.7 52.9 2373.9 437.4 1076.0 45.3 1877.8 52.4 -0.5 2422.1 430.4 1097.4 40.5 1904.9 88.3 -0.6 2531.6 441.3 1044.4 19.5 1931.6 62.6 -0.5 2545.5 415.1 1037.6 -30.0 1957.3 62.6 -0.6 1 2 3 4 5 6 7 8 FA106000105 = Gross savings less net capital transfers paid 2471.8 2656.0 2977.1 2882.1 2848.0 2836.4 2928.7 3060.2 3083.3 8 9 FA105090005 Gross investment 2343.4 3062.1 3154.9 2869.3 1810.1 2130.0 2739.8 4151.5 3598.1 9 10 11 12 13 FA105050005 FA105019005 FA105020005 FA105420005 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 2231.6 2215.1 10.7 5.8 2731.6 2483.2 143.6 104.8 2720.1 2674.3 48.7 -2.9 2693.9 2524.8 81.9 87.2 2709.6 2553.8 158.9 -3.1 2637.2 2616.5 24.4 -3.7 2674.9 2664.2 14.5 -3.8 2771.7 2688.1 83.7 -0.2 2796.7 2728.3 72.3 -3.9 10 11 12 13 14 FA105000005 Net lending (+) or net borrowing (-) 111.8 330.5 434.7 175.4 -899.5 -507.2 64.9 1379.8 801.4 14 15 FA104090005 Net acquisition of financial assets 1334.6 1169.4 1036.5 365.9 -152.0 299.0 879.1 2045.0 923.0 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 31.3 264.8 5.6 101.0 -10.3 24.4 -39.5 13.3 -73.5 1.7 21.8 -11.9 99.1 176.0 0.6 10.8 -141.6 124.7 -83.1 0.3 109.5 541.3 5.8 9.2 15.3 -15.4 110.5 -88.6 331.2 8.9 89.2 -289.8 467.2 153.7 -2.5 32.2 293.2 94.8 123.0 -1.4 -19.1 -161.4 -77.2 96.0 -2.5 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 FA104022005 FA103069100 FA103061103 FA103061703 FA103062003 FA123063003 FA104023005 FA103065005 FA103066005 FA103092305 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds (held by equity REITs) Loans Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 37.8 5.4 10.7 2.9 11.2 7.7 14.4 14.4 -0.0 -52.7 -18.5 -51.5 24.0 6.7 -0.2 2.6 21.2 21.2 -0.0 -26.6 71.8 28.5 37.7 6.8 0.0 -1.3 21.4 21.4 -0.0 36.8 -143.3 -161.6 14.6 3.0 -0.2 0.8 37.0 10.8 26.2 -102.5 28.4 -26.8 43.2 14.3 -0.9 -1.5 80.3 16.3 64.1 19.0 12.0 24.6 -7.6 -1.2 -0.0 -3.8 40.9 41.9 -1.0 123.8 43.2 -40.8 64.1 20.4 0.5 -1.0 -73.9 18.8 -92.7 -82.7 166.7 120.1 34.7 7.9 0.1 3.8 40.4 17.1 23.3 27.8 65.4 10.3 59.4 0.3 -0.4 -4.0 78.2 7.8 70.4 78.3 21 22 23 24 25 26 27 28 29 30 31 32 33 34 FA103064103 FA103092105 FA103092405 FA103064203 Corporate equities U.S. direct investment abroad: equity Equity in GSEs Mutual fund shares -101.4 293.1 0.2 22.0 -136.2 357.7 0.1 -4.4 -136.2 234.7 0.2 -4.4 -124.1 324.6 -0.2 -4.4 -132.9 365.7 -0.2 -4.4 -136.2 167.2 1.5 -4.4 -136.2 214.6 -0.5 -4.4 -136.2 292.7 -0.2 -4.4 -136.2 264.2 0.1 -4.4 31 32 33 34 35 36 FA103070005 FA103090005 Trade receivables Miscellaneous assets 498.1 230.7 181.1 868.5 201.5 325.0 -415.9 883.5 -294.2 -895.0 -170.3 -82.2 157.9 343.0 352.5 763.8 37 FA104194005 1222.8 838.8 601.8 190.6 747.5 806.3 814.2 665.2 121.5 37 38 FA104190005 1051.6 1110.4 922.9 430.5 855.0 841.7 981.9 845.4 1022.5 38 39 40 41 42 43 44 45 46 47 FA104122005 FA103169100 FA103162000 FA103163005 FA104123005 FA103168005 FA103169005 FA103165005 FA103192305 Debt securities Commercial paper Municipal securities (4) Corporate bonds Loans Depository institution loans n.e.c. Other loans and advances (5) Mortgages Foreign direct investment: intercompany debt 252.8 6.0 11.5 235.2 289.0 -83.3 298.1 74.3 -1.1 78.9 59.3 0.7 18.8 623.4 265.7 202.3 155.4 69.5 236.7 20.2 -1.4 217.9 49.5 9.2 -17.8 58.2 1.8 176.5 169.0 -11.0 18.6 340.5 119.1 65.0 156.4 120.4 -46.2 -52.1 -18.5 24.4 336.0 170.0 64.6 101.3 66.2 571.6 -72.0 7.2 636.4 97.2 71.4 -76.5 102.3 -27.2 150.0 21.0 10.2 118.8 127.6 30.9 58.0 38.7 9.1 103.9 59.3 -0.7 45.4 74.0 -35.0 50.2 58.8 -11.2 121.1 72.6 -22.4 70.8 -100.9 -30.7 -103.0 32.9 36.5 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 FA103170005 FA103178005 FA103190005 FA573074005 FA573073005 FA103193005 Trade payables Taxes payable Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 429.8 -25.5 106.7 -6.5 149.6 -36.4 248.3 27.6 62.7 -1.9 58.7 5.9 112.3 -6.2 528.8 -2.9 65.9 465.8 -122.0 2.2 -87.1 -1.4 45.3 -131.0 59.8 -2.1 441.2 -0.7 49.6 392.3 -292.9 77.0 415.9 -4.7 45.3 375.2 20.2 -111.8 786.9 -3.6 43.2 747.3 329.0 11.9 337.8 -1.3 81.0 258.1 392.9 -1.7 574.6 -2.1 94.2 482.5 48 49 50 51 52 53 54 FA103181105 171.2 -271.5 -321.1 -239.9 -107.5 -35.4 -167.8 -180.2 -900.9 54 55 56 FA103164105 FA103192105 -214.6 385.8 -536.2 264.7 -611.7 290.6 -533.6 293.7 -314.3 206.8 -481.3 445.8 -430.2 262.5 -453.5 273.2 -1081.9 55 181.0 56 57 FA107005005 128.4 -406.1 -177.7 12.8 1037.9 706.4 188.9 -1091.3 -514.9 57 58 FA105005305 -158.9 189.8 -190.5 -71.7 60.4 -146.8 -165.5 -225.9 -223.9 58 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Foreign direct investment: equity Discrepancy Memo: Financing gap (6) (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) 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. (5) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (6) 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). 466.0 35 275.5 36 19 Z.1, March 7, 2024 F.104 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA116300005 Gross saving = consumption of fixed capital 398.4 445.2 469.8 452.0 457.8 463.0 467.0 472.3 476.9 1 2 FA116000105 Gross saving less net capital transfers paid (1) 403.6 455.4 469.8 488.0 462.2 463.0 467.0 472.3 476.9 2 3 FA116000105 Gross investment 403.6 455.4 469.8 488.0 462.2 463.0 467.0 472.3 476.9 3 4 5 6 FA115050005 FA115019005 FA115020005 Capital expenditures Fixed investment (2) Change in inventories 491.0 490.0 1.0 546.9 533.2 13.7 569.3 560.7 8.5 546.9 546.5 0.4 560.6 541.8 18.8 553.9 554.6 -0.7 560.7 556.6 4.1 582.3 564.0 18.3 580.2 567.7 12.5 4 5 6 7 FA115000005 Net lending (+) or net borrowing (-) -87.4 -91.5 -99.5 -58.9 -98.4 -90.9 -93.7 -110.0 -103.3 7 8 FA114090005 Net acquisition of financial assets 703.1 351.3 135.5 271.9 373.4 237.1 198.2 95.7 10.8 8 9 10 11 FA113020005 FA113030003 FA113034003 Checkable deposits and currency Time and savings deposits Money market funds 78.2 95.4 2.4 42.5 71.3 6.3 7.1 43.7 2.3 -22.9 -3.1 6.3 19.9 115.8 6.6 8.2 108.2 2.8 13.4 46.2 4.6 4.9 15.1 1.4 1.8 9 5.2 10 0.5 11 12 13 14 FA114022005 FA113061003 FA113062003 Debt securities Treasury securities Municipal securities 2.3 2.2 0.1 12.8 11.9 0.9 -0.2 -0.1 -0.1 21.9 20.9 1.0 3.0 3.3 -0.3 -7.3 -7.0 -0.3 8.9 8.6 0.3 15.1 14.2 1.0 -17.6 12 -16.3 13 -1.4 14 15 16 17 FA114023005 FA113065005 FA113066003 Loans Mortgages Consumer credit -1.8 -1.8 0.0 3.8 3.8 0.0 1.0 1.0 0.0 2.9 2.9 0.0 3.1 3.1 0.0 1.2 1.2 0.0 1.9 1.9 0.0 0.6 0.6 0.0 0.2 15 0.2 16 0.0 17 18 FA113092405 Equity investment in GSEs (3) 1.3 0.9 3.2 3.5 -0.3 7.3 2.7 1.1 1.6 18 19 20 21 22 23 FA113070003 FA113090005 FA113076005 FA113072003 FA113093005 Trade receivables Miscellaneous assets Insurance receivables PPP subsidies receivable Other 80.1 445.2 17.1 -102.3 530.4 50.8 162.8 9.5 -41.6 194.9 17.3 61.2 10.4 -1.9 52.6 44.3 218.9 16.9 -24.1 226.1 46.4 178.9 4.7 -7.2 181.4 20.6 96.1 7.7 -3.3 91.7 33.7 86.8 11.1 -2.4 78.2 11.2 46.2 10.9 -2.0 37.3 24 FA114194005 790.4 442.8 234.9 330.8 471.8 328.1 291.8 205.7 114.1 24 25 FA114190005 919.2 537.6 244.7 376.6 557.5 387.5 256.0 167.6 167.9 25 26 27 28 29 30 FA114123005 FA113168005 FA113169005 FA113165005 FA115114305 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Foreign direct investment: intercompany debt 367.0 -30.3 57.0 340.3 -0.2 433.1 77.8 43.2 312.1 0.2 167.2 -10.4 -4.4 182.0 -0.2 324.7 38.7 20.3 265.7 0.8 429.9 105.6 40.8 283.5 0.1 287.7 52.0 -0.1 235.8 -0.6 112.7 -39.6 -39.1 191.4 0.0 115.8 -76.9 18.9 173.8 -0.2 152.6 22.9 2.9 126.8 0.1 31 32 33 FA113170005 FA113178003 FA113193003 Trade payables Taxes payable Miscellaneous liabilities 68.3 32.3 451.7 42.9 11.5 49.9 4.2 6.0 67.5 22.9 9.2 19.1 62.5 10.8 54.2 6.7 6.8 86.9 23.8 11.1 108.4 -6.0 4.5 53.5 -7.6 31 1.5 32 21.2 33 34 FA113181115 -128.7 -94.8 -9.8 -45.9 -85.7 -59.4 35.9 38.1 -53.8 34 35 36 FA115114103 FA112090205 0.8 -129.5 0.5 -95.3 -0.2 -9.7 0.2 -46.0 0.6 -86.3 0.5 -59.9 -0.3 36.1 -0.1 38.1 -0.8 35 -53.0 36 Net increase in liabilities and equity Net increase in liabilities Net equity issues Foreign direct investment: equity Proprietors’ net investment (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. 3.8 15.4 12.0 0.0 3.5 19 20 21 22 23 26 27 28 29 30 Transactions 2021 20 Z.1, March 7, 2024 F.105 General Government (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 7966.6 2743.3 1671.9 390.8 31.1 1563.3 233.7 1337.4 -5.0 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 8323.3 2753.8 1829.9 556.1 34.8 1811.3 149.0 1198.2 -9.7 8635.6 3137.0 1824.0 529.8 33.4 1731.9 180.9 1194.0 4.5 8605.4 3095.7 1820.6 534.1 33.3 1738.6 156.0 1229.5 -2.3 8321.4 2763.7 1831.1 561.1 34.5 1779.9 142.8 1215.4 -7.1 8264.9 2703.8 1821.6 554.1 34.9 1800.1 142.4 1218.1 -10.0 8323.9 2765.3 1830.7 566.7 34.4 1823.3 147.3 1167.3 -11.2 8383.1 2782.3 1836.0 542.4 35.6 1841.7 163.4 1192.1 -10.4 9640.6 10149.8 3570.1 3752.2 3931.7 4024.8 1037.7 1032.6 973.7 1239.1 127.4 101.1 9687.9 3595.5 3912.1 1063.9 998.0 118.4 9897.0 10058.5 10115.3 10201.3 10223.9 10 3654.4 3702.1 3695.5 3790.2 3821.0 11 4003.9 4032.7 4049.0 4020.0 3997.2 12 1043.9 1070.3 1068.8 1008.1 983.1 13 1085.5 1152.0 1202.1 1279.9 1322.4 14 109.2 101.4 99.9 103.1 100.2 15 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 8638.7 3138.3 1810.2 527.5 33.8 1707.4 212.4 1204.6 4.4 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 10463.1 3366.3 4586.7 1172.0 855.5 482.7 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) -2496.6 659.0 -1.2 38.3 -1001.9 722.3 -2.7 -45.9 -1826.4 763.7 -0.9 118.1 20 FA366000105 = Gross saving less net capital transfers -1874.6 -230.9 21 22 23 FA365090005 FA365019005 FA365420005 Gross investment Fixed investment Nonproduced nonfinancial assets -1640.5 826.8 9.2 -332.3 876.8 -89.1 24 FA365000005 Net lending (+) or net borrowing (-) -2476.6 25 FA364090005 Net acquisition of financial assets 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 FA313011005 FA363020005 FA363030005 FA213034003 FA212051003 FA364022005 FA213069103 FA213061103 FA363061705 FA213062003 FA363063005 FA364023005 FA363065005 FA313066220 FA363069005 FA363064105 FA313081115 FA213064203 FA363070005 FA363078005 FA363090005 47 FA364190005 48 49 50 FA313111303 FA713014003 FA313112003 SDR allocations SDR certificates Treasury currency 51 52 53 54 55 56 57 FA364122005 FA313161105 FA313161705 FA213162005 FA364123005 FA313165403 FA363169005 58 59 60 FA313140003 FA363170005 FA363190005 61 FA367005005 62 63 FA374090005 FA374190005 -1052.3 731.8 -3.0 24.4 -1291.6 742.1 -1.5 -63.6 -1179.9 -342.0 -1518.8 991.6 19.0 -1037.0 882.3 -71.4 -1120.0 -2529.4 -654.1 521.9 114.1 -1207.8 -29.6 15.3 10.0 338.4 4.0 390.0 -39.8 3.8 -19.5 179.5 13.7 55.4 110.5 -3.4 -91.5 1.2 56.6 -101.9 65.1 5.8 57.3 -13.4 9.8 10.0 346.1 4.0 309.9 36.3 6.4 -10.5 152.9 21.0 51.0 80.9 -3.4 -3.5 1.2 22.2 -64.1 0.9 1822.5 112.8 0.0 -0.1 Debt securities Treasury securities Budget agency securities Municipal securities Loans Multifamily residential mortgages Other loans and advances Insurance reserves Trade payables Miscellaneous liabilities U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Mortgages Consumer credit Other loans and advances Corporate equities Miscellaneous other equity Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities Discrepancy Memo: Net acquisition of financial assets (consolidated) (4) Net increase in liabilities (consolidated) (4) 1 2 3 4 5 6 7 8 9 -1737.1 754.1 -0.9 -3.8 -1850.4 759.7 -0.8 6.6 -1877.3 766.9 -2.0 432.5 -1840.8 774.1 0.0 37.2 -484.5 -978.3 -1096.6 -1540.9 -1103.9 20 -634.7 918.0 18.9 -1210.1 941.8 19.7 -1761.2 974.4 19.9 -1642.4 1004.7 16.3 -1461.5 21 1045.5 22 20.1 23 -1847.9 -1571.5 -2171.7 -2755.4 -2663.4 -2527.2 24 325.5 -470.0 -558.9 -583.8 870.8 779.4 235.6 25 0.4 335.8 3.9 15.5 10.0 99.0 4.0 94.3 3.0 -0.4 -2.0 -88.1 16.1 -27.2 -76.9 -3.4 -4.9 1.2 16.9 -38.3 -22.5 3.3 -738.6 -12.4 10.4 10.0 236.3 4.0 185.4 47.3 6.7 -7.2 98.8 27.2 46.5 25.1 -3.4 1.3 1.2 4.6 -103.4 22.0 11.6 -858.5 26.2 19.1 10.0 170.7 4.0 154.6 7.2 7.4 -2.6 21.7 21.4 48.7 -48.3 -3.4 -9.5 1.2 18.2 59.9 -26.0 3.1 -897.2 5.2 24.8 10.0 212.5 4.0 183.2 13.7 8.1 3.5 31.6 14.6 18.8 -1.8 -3.4 1.1 1.2 -11.9 57.5 -18.3 0.9 963.0 45.1 11.8 10.0 137.9 4.0 113.0 6.3 8.8 5.8 -112.7 12.1 22.9 -147.7 -3.4 -1.7 1.2 3.9 -147.9 -37.4 1.3 859.8 -28.6 13.3 10.0 48.5 4.0 64.2 -2.9 -8.5 -8.2 -162.0 19.8 -149.4 -32.3 -3.4 2.9 1.2 39.6 12.4 -15.8 -3.6 417.7 -6.2 12.0 10.0 -2.9 4.0 16.8 -4.9 -9.8 -9.0 -109.3 17.8 -1.2 -125.9 -3.4 -22.1 1.2 35.7 -75.2 -18.4 1641.8 2854.9 1377.9 1012.7 1587.9 3626.2 3442.8 2762.7 47 0.0 0.0 -0.4 0.0 0.0 0.0 0.0 0.0 -1.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48 0.0 49 0.0 50 1680.0 1611.4 -0.4 69.1 72.9 0.0 72.9 1235.1 1287.4 0.0 -52.4 260.2 0.0 260.2 2402.2 2381.6 0.4 20.2 239.5 0.0 239.5 974.2 992.7 -1.5 -17.0 110.5 0.0 110.5 605.1 771.1 1.8 -167.7 285.6 0.0 285.6 1204.4 1166.2 -0.2 38.4 30.4 0.0 30.4 3238.9 3156.0 -7.0 89.9 292.2 0.0 292.2 2913.2 2917.6 6.3 -10.7 44.9 0.0 44.9 0.3 115.3 -158.7 0.4 112.0 34.6 1.3 102.5 109.4 1.0 84.4 209.5 -0.1 79.0 43.0 2.0 53.5 297.5 -0.2 83.8 11.6 2.9 132.5 349.3 0.5 58 140.3 59 -220.6 60 -234.1 101.4 338.9 695.0 150.2 231.8 664.6 101.5 357.6 61 -1042.2 1434.3 214.6 1334.6 238.9 2768.3 -667.6 1180.3 -651.6 919.9 -774.4 1397.3 747.0 3502.4 710.8 3374.3 272.2 62 2799.4 63 2252.2 2286.6 2.4 -36.8 590.3 0.0 590.3 16 17 18 19 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 51 52 53 54 55 56 57 (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 57). 21 Z.1, March 7, 2024 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 2023 Q3 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 4388.6 2149.3 178.6 279.9 31.1 1541.1 139.9 60.4 8.4 4976.3 2505.4 194.2 368.9 33.8 1685.0 114.8 66.7 7.6 4720.1 2189.3 173.4 404.3 34.8 1789.4 48.8 72.3 7.8 4991.7 2521.9 192.2 383.6 33.4 1709.6 82.9 60.7 7.4 4934.5 2490.1 180.9 373.6 33.3 1716.7 56.5 75.9 7.5 4651.1 2181.0 177.0 388.6 34.5 1758.5 43.0 60.6 7.8 4680.6 2175.1 175.4 403.3 34.9 1778.7 41.9 63.3 8.0 4736.3 2188.7 171.6 418.0 34.4 1801.4 47.3 67.1 7.8 4812.4 2212.6 169.6 407.2 35.6 1818.9 62.9 98.2 7.5 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 7128.6 1216.4 3686.0 1172.0 574.6 479.6 6038.5 1229.0 2919.4 1037.7 725.7 126.8 6376.1 1329.1 2966.3 1032.6 947.6 100.5 6064.4 1232.4 2896.6 1063.9 753.8 117.7 6175.7 1267.9 2925.7 1043.9 829.6 108.6 6324.8 1303.0 2977.0 1070.3 873.8 100.7 6346.3 1307.2 2961.5 1068.8 909.6 99.2 6400.4 1346.3 2962.4 1008.1 981.3 102.4 6432.7 1359.9 2964.4 983.1 1025.8 99.5 10 11 12 13 14 15 16 FA316006005 Net saving, NIPA basis -2739.9 -1062.2 -1656.0 -1072.7 -1241.2 -1673.7 -1665.7 -1664.1 -1620.4 16 17 18 19 FA316300001 FA313154015 FA315440095 + Consumption of fixed capital - Insurance and pension reserves (1) - Net capital transfers paid (2) 326.0 -1.2 121.2 350.8 -2.7 183.8 370.5 -0.9 213.6 354.4 -3.0 178.5 359.0 -1.5 79.6 364.3 -0.9 85.3 368.0 -0.8 102.3 372.5 -2.0 532.2 377.1 17 0.0 18 134.7 19 20 FA316000105 = Gross saving less net capital transfers paid -2533.9 -892.5 -1498.1 -893.9 -960.4 -1393.7 -1399.2 -1821.8 -1377.9 20 21 22 23 FA315090005 FA315019001 FA315420003 Gross investment Fixed investment Nonproduced nonfinancial assets -2319.7 378.0 -9.0 -970.7 406.5 -108.1 -1900.5 442.7 -0.7 -1527.9 404.0 -90.6 -1165.4 423.9 -0.4 -1610.3 427.7 0.2 -2104.0 437.2 0.3 -2024.1 445.7 -3.5 -1863.8 21 460.2 22 0.1 23 24 FA315000005 Net lending (+) or net borrowing (-) -2688.7 -1269.1 -2342.5 -1841.2 -1588.8 -2038.2 -2541.4 -2466.2 -2324.1 24 25 FA314090005 Net acquisition of financial assets -1242.7 125.2 188.5 -747.1 -710.9 -791.2 692.5 683.1 169.4 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 FA313011005 FA313020005 FA313030003 FA314022005 FA313061703 FA313063763 FA314023005 FA313069005 FA313065005 FA313066220 FA313064105 FA313081115 FA313070000 FA313078000 FA313091105 114.1 -1323.6 1.1 0.0 0.0 0.0 177.9 116.6 6.0 55.4 -0.0 -91.5 10.6 -131.3 -0.0 5.8 42.6 -1.0 0.0 0.0 0.0 155.0 90.7 13.4 51.0 0.0 -3.5 1.9 -75.5 0.0 0.4 321.1 0.1 0.0 0.0 0.0 -87.7 -68.6 8.1 -27.2 0.0 -4.9 3.2 -43.7 -0.0 3.3 -722.4 -0.1 0.0 0.0 0.0 86.2 20.1 19.6 46.5 0.0 1.3 0.6 -116.0 0.0 11.6 -855.0 -0.9 0.0 0.0 0.0 84.8 22.5 13.7 48.7 0.0 -9.5 12.9 45.2 0.0 3.1 -897.7 1.0 0.0 0.0 0.0 25.7 0.1 6.8 18.8 0.0 1.1 20.4 55.2 -0.0 0.9 974.5 -0.6 0.0 0.0 0.0 -121.8 -149.0 4.3 22.9 0.0 -1.7 -3.7 -155.1 0.0 1.3 853.1 0.1 0.0 0.0 0.0 -182.4 -44.7 11.7 -149.4 0.0 2.9 6.2 1.9 0.0 41 FA314190005 1445.9 1394.3 2530.9 1094.2 877.9 1246.9 3233.9 3149.4 2493.5 41 42 43 44 45 46 47 48 49 50 51 FA313111303 FA713014003 FA313112003 FA314122005 FA313161105 FA313161705 FA314123005 FA313165403 FA313169005 FA313169205 SDR allocations SDR certificates Treasury currency Debt securities Treasury securities (5) Budget agency securities Loans Multifamily residential mortgages Other loans and advances Of which: nonmarketable Treasury securities (6) 112.8 0.0 -0.1 1611.0 1611.4 -0.4 72.5 0.0 72.5 72.5 0.0 0.0 -0.4 1287.5 1287.4 0.0 259.4 0.0 259.4 259.4 0.0 0.0 0.0 2382.0 2381.6 0.4 238.5 0.0 238.5 238.5 0.0 0.0 -1.7 991.2 992.7 -1.5 110.0 0.0 110.0 110.0 0.0 0.0 0.0 772.9 771.1 1.8 284.2 0.0 284.2 284.2 0.0 0.0 0.0 1166.0 1166.2 -0.2 29.4 0.0 29.4 -1061.9 0.0 0.0 0.0 3148.9 3156.0 -7.0 291.4 0.0 291.4 1382.7 0.0 0.0 0.0 2923.9 2917.6 6.3 44.4 0.0 44.4 44.4 0.0 0.0 0.0 2289.1 2286.6 2.4 588.7 0.0 588.7 588.7 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 FA313140003 FA313170005 FA313190005 FA343073045 FA313172003 FA313190015 Insurance reserves Trade payables Miscellaneous liabilities Claims of pension fund on sponsor PPP subsidies payable Other 0.3 57.8 -408.3 -94.8 -332.6 19.2 0.4 47.2 -199.7 -163.3 -97.1 60.8 1.3 34.0 -124.9 -177.5 -3.0 55.7 1.0 18.5 -24.7 -17.3 -52.1 44.7 -0.1 12.2 -191.2 -315.3 -15.2 139.3 2.0 -13.6 63.2 68.9 -6.7 1.1 -0.2 16.5 -222.7 -258.5 -3.2 39.0 2.9 63.2 115.0 32.2 -2.0 84.7 0.5 70.1 -454.9 -552.7 0.0 97.8 52 53 54 55 56 57 58 FA317005005 -214.2 78.2 402.4 634.0 205.0 216.6 704.8 202.3 485.9 58 59 FA314000105 -1321.5 39.7 326.1 -864.8 -733.7 -1062.6 1170.5 687.4 509.1 59 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Debt securities Agency- and GSE-backed securities Corporate and foreign bonds Loans Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Miscellaneous other equity Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities Discrepancy Memo: Change in cash balance (7) (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) Marketable Treasury securities (net of premiums and discounts) issued by the federal government. (6) Nonmarketable Treasury securities are classified as other loans and advances because they are not negotiable and are therefore not considered debt securities. (7) 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). -3.6 354.5 0.1 0.0 0.0 0.0 -72.4 -80.7 9.5 -1.2 0.0 -22.1 -10.3 -76.9 0.0 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transactions 2021 22 Z.1, March 7, 2024 F.107 State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 1 FA216010105 2 3 4 5 6 7 8 FA216210001 FA216240001 FA216231001 FA216601001 FA216150105 FA216403105 FA216402101 9 FA216900005 10 11 12 13 14 FA216901001 FA216404001 FA216403001 FA216130001 FA216402001 15 FA216006005 16 17 Current receipts, NIPA basis 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 3577.9 3662.4 3603.2 3643.9 3670.9 3670.3 3584.3 3587.6 3570.7 1 594.0 1493.3 110.9 22.2 93.8 1277.0 -13.3 632.9 1616.0 158.6 22.5 97.6 1138.0 -3.2 564.4 1656.5 151.8 21.9 100.2 1125.9 -17.5 615.2 1631.8 146.2 22.4 98.0 1133.3 -2.9 605.6 1639.6 160.5 22.0 99.5 1153.6 -9.9 582.7 1654.1 172.5 21.5 99.8 1154.7 -14.9 528.8 1646.2 150.7 21.4 100.6 1154.8 -18.0 576.6 1659.2 148.7 21.9 100.1 1100.3 -19.0 569.7 1666.5 135.3 22.8 100.5 1093.9 -17.9 2 3 4 5 6 7 8 3334.6 3602.1 3773.7 3623.5 3721.3 3733.7 3769.0 3800.8 3791.2 9 2149.9 900.7 0.0 280.9 3.1 2341.1 1012.3 0.0 248.0 0.7 2423.1 1058.4 0.0 291.5 0.7 2363.2 1015.5 0.0 244.2 0.7 2386.5 1078.2 0.0 255.9 0.7 2399.1 1055.7 0.0 278.2 0.7 2388.3 1087.5 0.0 292.5 0.7 2443.9 1057.6 0.0 298.6 0.7 2461.1 1032.8 0.0 296.6 0.7 10 11 12 13 14 Net saving, NIPA basis 243.4 60.4 -170.5 20.4 -50.4 -63.4 -184.7 -213.2 -220.5 15 FA216300001 FA215440005 + Consumption of fixed capital - Net capital transfers paid (1) 333.0 -82.9 371.5 -229.8 393.2 -95.5 377.4 -154.1 383.1 -143.2 389.7 -89.0 391.7 -95.7 394.4 -99.7 397.0 16 -97.5 17 18 FA216000105 = Gross saving less net capital transfers paid 659.3 661.6 318.2 551.9 475.9 415.4 302.6 280.9 274.1 18 19 FA215090005 Gross investment 679.2 638.5 381.7 490.8 530.7 400.1 342.8 381.7 402.3 19 20 21 FA215019001 FA215420003 Fixed investment Nonproduced nonfinancial assets 448.8 18.3 470.2 19.1 548.9 19.8 478.4 19.2 494.1 19.3 514.2 19.5 537.2 19.7 559.0 19.8 585.3 20 20.0 21 22 FA215000005 Net lending (+) or net borrowing (-) 212.1 149.2 -186.9 -6.7 17.3 -133.5 -214.0 -197.2 -203.0 22 23 FA214090005 Net acquisition of financial assets 588.7 396.7 137.0 277.0 152.1 207.4 178.2 96.2 66.2 23 24 25 FA213020005 FA213030000 Checkable deposits and currency Time and savings deposits 115.9 -30.8 14.7 -12.4 14.7 3.7 -16.2 -12.4 -3.5 27.0 0.4 4.2 -11.5 45.8 6.7 -28.8 63.2 24 -6.3 25 26 27 FA213034003 FA212051003 Money market fund shares Security repurchase agreements 15.3 10.0 9.8 10.0 15.5 10.0 10.4 10.0 19.1 10.0 24.8 10.0 11.8 10.0 13.3 10.0 12.0 26 10.0 27 28 29 30 31 32 33 FA214022005 FA213069103 FA213061103 FA213061703 FA213062003 FA213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 338.4 4.0 390.0 -39.8 3.8 -19.5 346.1 4.0 309.9 36.3 6.4 -10.5 99.0 4.0 94.3 3.0 -0.4 -2.0 236.3 4.0 185.4 47.3 6.7 -7.2 170.7 4.0 154.6 7.2 7.4 -2.6 212.5 4.0 183.2 13.7 8.1 3.5 137.9 4.0 113.0 6.3 8.8 5.8 48.5 4.0 64.2 -2.9 -8.5 -8.2 -2.9 4.0 16.8 -4.9 -9.8 -9.0 34 35 36 FA214023005 FA213065005 FA213069200 Loans Mortgages Other loans and advances (2) 1.6 7.7 -6.1 -2.1 7.7 -9.8 -0.4 8.0 -8.4 12.6 7.6 4.9 -63.1 7.7 -70.8 5.9 7.8 -1.8 9.1 7.9 1.2 20.4 8.1 12.4 -36.9 34 8.3 35 -45.2 36 37 38 FA213064103 FA213064203 Corporate equities Mutual fund shares -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 37 1.2 38 39 40 41 FA213070003 FA213078005 FA213093003 Trade receivables Taxes receivable Miscellaneous assets 46.0 29.4 65.1 20.4 11.5 0.9 13.7 5.4 -22.5 4.0 12.7 22.0 5.3 14.7 -26.0 -32.3 2.3 -18.3 7.6 7.1 -37.4 33.4 10.5 -15.8 46.0 39 1.7 40 -18.4 41 42 FA214190005 376.6 247.5 324.0 283.7 134.8 340.9 392.3 293.4 269.2 42 43 44 45 FA213162005 FA213162400 FA213162200 Debt securities (municipal securities) Short-term (3) Long-term 69.1 -13.7 82.7 -52.4 -7.5 -44.9 20.2 1.5 18.7 -17.0 3.0 -20.0 -167.7 -8.4 -159.3 38.4 -1.7 40.1 89.9 7.1 82.8 -10.7 10.8 -21.5 -36.8 43 -10.3 44 -26.6 45 46 FA213169203 Loans (U.S. government loans) 0.5 0.7 1.0 0.6 1.5 1.1 0.8 0.5 1.5 46 47 48 FA213170003 FA223073045 Trade payables Claims of pension fund on sponsor (4) 57.5 249.6 64.9 234.3 68.5 234.3 65.9 234.3 66.8 234.3 67.1 234.3 67.3 234.3 69.2 234.3 70.2 47 234.3 48 49 FA217005005 -19.9 23.2 -63.5 61.0 -54.8 15.3 -40.2 -100.8 -128.3 49 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Govt. social benefit payments to persons Other current transfer payments Interest payments Subsidies Net increase in liabilities Discrepancy (1) Table F.5, line 65. (2) State and Local Government Series (SLGS) nonmarketable Treasury securities classified as loans. (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, 2024 F.108 Domestic Financial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FA796000105 Gross saving less net capital transfers paid 312.8 375.8 321.2 295.9 338.7 359.7 299.9 310.8 314.4 1 2 FA795090005 Gross investment 732.7 801.5 358.0 866.0 20.8 789.6 458.2 585.4 -401.3 2 3 4 FA795013005 FA795013005 Capital expenditures Fixed nonresidential investment 307.1 307.1 337.2 337.2 367.8 367.8 342.7 342.7 349.4 349.4 358.8 358.8 370.1 370.1 369.8 369.8 372.6 372.6 3 4 5 FA795000005 Net lending (+) or net borrowing (-) 425.7 464.4 -9.9 523.3 -328.7 430.8 88.0 215.6 -773.9 5 6 FA794090005 Net acquisition of financial assets 7300.5 2429.2 3299.7 2457.5 -90.4 10195.4 -60.1 1066.1 1997.5 6 7 8 9 10 11 12 13 14 15 FA713011005 FA713014003 FA713012003 FA793091005 FA794010005 FA793020005 FA793030005 FA793034005 FA792050005 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos -0.1 0.0 0.4 -2.2 609.3 57.8 -129.9 180.1 1122.2 0.0 0.0 0.5 -7.7 -967.4 -46.9 117.2 -211.3 765.8 0.3 0.0 1.2 7.5 572.0 -81.4 131.8 206.6 -45.8 -0.1 0.0 0.7 16.5 -340.9 -96.1 173.1 -137.0 954.4 0.1 0.0 0.7 -6.3 -778.8 61.8 254.3 -222.9 1299.7 0.0 0.0 0.7 11.0 3247.5 -68.0 190.9 397.1 3098.3 0.2 0.0 0.7 7.2 -720.6 -33.8 31.5 203.9 -941.1 0.4 0.0 2.8 42.5 -263.6 -191.7 19.6 65.6 -1453.5 0.4 0.0 0.7 -30.7 24.7 -32.1 285.4 159.9 -887.0 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA794022005 FA793069175 FA793061105 FA793061705 FA793062005 FA793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3086.0 15.9 1254.9 680.2 175.0 960.0 61.6 145.6 -587.9 71.3 -93.6 526.2 972.7 4.8 835.3 -51.6 -79.7 263.9 -359.3 220.3 -1196.9 -115.5 -48.6 781.5 -1777.7 105.9 -1582.2 -184.6 -285.1 168.2 141.4 -284.6 -691.3 934.3 -94.0 277.1 947.4 -5.7 916.6 -262.3 -38.6 337.4 1731.8 240.4 1796.9 -512.4 -43.9 250.8 1070.3 68.9 1319.2 -366.1 -142.2 190.5 16 17 18 19 20 21 22 23 24 25 26 27 FA794023005 FA793068005 FA793069005 FA793065005 FA793066005 FA793092305 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 1843.1 128.1 306.1 1224.5 184.5 -11.3 2720.5 472.9 655.8 1293.8 297.9 -14.8 1094.7 59.9 281.9 598.1 154.7 -1.5 2548.9 348.3 700.7 1241.3 258.7 -44.6 1965.9 432.8 454.4 839.3 239.4 2.6 1908.4 111.8 942.8 663.7 190.1 26.1 316.0 -19.2 -441.6 602.7 174.1 -19.2 787.8 -6.7 -51.0 688.9 156.5 7.7 1366.7 153.8 677.5 437.1 98.3 -20.7 22 23 24 25 26 27 28 29 30 FA793064105 FA793081115 FA793064205 Corporate equities Other equity Mutual fund shares -90.7 175.5 -382.1 -135.6 65.6 -171.0 -105.4 123.1 -116.0 -47.3 162.5 -134.2 -255.8 84.4 -293.3 -439.1 283.9 143.6 173.4 8.7 -270.7 -285.2 245.3 -197.1 31 32 33 34 FA793040005 FA543050005 FA793070005 FA793090005 Life insurance reserves Pension entitlements Trade receivables Miscellaneous assets 39.5 88.5 35.8 678.6 4.9 104.5 26.2 117.1 8.1 20.3 41.5 470.0 7.2 104.5 -1.9 -349.0 -0.6 104.5 24.6 -553.5 22.5 47.5 51.3 1132.3 -3.1 18.8 44.3 176.2 7.8 9.3 32.5 504.1 35 FA794194005 6874.8 1964.8 3309.6 1934.2 238.3 9764.7 -148.1 850.5 2771.4 35 36 FA794190005 6020.0 1427.2 2724.0 1452.4 -550.7 9279.4 -596.3 259.2 1953.8 36 37 38 39 40 41 FA794110005 FA793120005 FA703130005 FA634090005 FA792150005 Net interbank liabilities Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 697.3 231.3 758.2 439.5 1732.9 -797.5 416.2 -617.3 17.6 720.4 746.3 81.9 -146.0 1134.5 -838.8 109.6 -495.6 -1170.5 8.2 811.5 -708.2 -1526.1 -243.4 299.6 639.2 4101.9 -1146.5 -1572.9 2181.5 1744.1 -1321.7 937.7 540.1 1043.6 -1286.1 -275.0 67.8 226.1 706.3 -1958.2 480.0 468.7 222.6 606.6 -1855.1 37 38 39 40 41 42 43 44 45 FA794122005 FA793169175 FA423161705 FA793163005 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 719.9 -83.8 612.9 190.7 1275.8 206.4 979.4 89.9 494.9 17.9 281.0 196.0 794.1 77.1 1050.8 -333.8 1596.6 204.6 877.3 514.7 1537.2 -108.8 1571.3 74.7 -258.2 54.9 -395.6 82.6 49.8 131.5 -70.4 -11.4 651.0 -6.0 18.8 638.1 42 43 44 45 46 47 48 49 FA794123005 FA793168005 FA793169005 FA793192305 Loans Depository institution loans n.e.c. Other loans and advances Foreign direct investment: intercompany debt 145.5 36.7 108.8 0.8 347.9 -54.4 402.2 -41.2 -150.9 -11.3 -139.6 6.0 278.9 -5.0 283.9 -35.2 352.7 20.0 332.7 -57.4 828.1 -64.5 892.6 -0.6 -973.9 -24.7 -949.2 14.2 -502.1 31.4 -533.6 15.7 44.5 12.7 31.8 -5.2 46 47 48 49 50 FA653164205 Mutual fund shares 215.1 -800.5 -299.7 -590.3 -1014.1 -148.7 -325.5 -305.4 -419.4 50 51 52 53 54 55 FA543140005 FA583150005 FA793170005 FA793178005 FA793190005 Life insurance reserves Pension entitlements Trade payables Taxes payable Miscellaneous liabilities 48.0 274.6 89.7 -10.5 677.7 71.6 523.4 29.0 -76.0 358.0 61.0 561.0 30.7 25.2 1017.8 81.2 580.7 32.7 -76.5 1123.6 45.3 478.7 33.2 46.8 -493.7 82.4 653.6 24.6 33.9 960.8 67.9 637.7 50.6 -21.8 299.1 14.1 416.2 28.2 0.9 1774.7 79.6 536.4 19.6 88.0 1036.6 56 FA793181105 854.8 537.7 585.6 481.8 788.9 485.3 448.2 591.3 817.6 56 57 58 FA793164105 FA793181115 812.9 41.9 488.8 48.9 506.5 79.0 317.3 164.6 650.8 138.1 247.7 237.7 508.9 -60.7 370.9 220.4 898.7 57 -81.1 58 59 FA797005005 -420.0 -425.7 -36.8 -570.1 317.9 -429.9 -158.3 -274.6 715.7 59 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Other equity Discrepancy (1) Sum of financial sectors shown on tables F.109 through F.132. 129.3 28 -45.6 29 -139.6 30 5.0 5.6 37.7 67.3 31 32 33 34 51 52 53 54 55 Transactions 2021 24 Z.1, March 7, 2024 F.109 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 1 FA716000105 Gross saving 2 FA715013005 Fixed nonresidential investment 3 FA714090005 Net acquisition of financial assets 4 5 6 FA713011005 FA713014003 FA713012003 U.S. official reserve assets SDR certificates Treasury currency 7 8 9 10 11 12 13 FA713022003 FA713068705 FA713068703 FA763069143 FA713068725 FA713068763 FA713068753 Federal Reserve float Interbank loans Discount window (2) AMLF and MMLF loans (3) PPPLF loans (4) Bank Term Funding Program loans Other credit extensions 14 FA712051000 Security repurchase agreements 15 16 17 18 19 20 21 22 23 24 25 26 27 FA714022005 FA713069603 FA713061103 FA713061113 FA713061125 FA713061705 FA713061903 FA713061703 FA713068005 FA713068813 FA713068665 FA713068863 FA713068505 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 Loans (depository institution loans n.e.c.) Households (TALF I) (5) Brokers and dealers (6) Finance companies (PPPLF) (4) Other financial business (7) 28 29 30 31 FA713064103 FA713090005 FA713091103 FA713093005 Corporate equities (8) Miscellaneous assets Nonofficial foreign currencies (9) Other 32 FA714194005 Net increase in liabilities and equity 33 FA714190005 34 35 FA713113003 FA703025005 Depository institution reserves Vault cash of depository institutions 36 37 38 39 40 41 42 43 44 FA713120005 FA713123005 FA713123023 FA713123030 FA713123043 FA713124005 FA713129005 FA713122605 FA713125005 Checkable deposits and currency Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account Due to government-sponsored enterprises Due to other financial business (10) Due to rest of the world Currency outside banks 45 46 47 48 FA712151003 FA712151103 FA712151115 FA713193005 Security repurchase agreements Reverse repurchase agreement operations (11) Other (12) Miscellaneous liabilities 49 FA713164005 50 51 FA313094213 FA713164003 52 FA717005005 Net increase in liabilities Net equity issues Treasury contributions to MMLF Federal Reserve Bank stock Discrepancy 2023 Q4 Q1 Q2 Q3 Q4 -0.2 -20.8 -84.2 -10.3 -84.3 -84.3 -84.3 -84.2 -84.2 1 1.1 1.2 1.3 1.2 1.3 1.3 1.3 1.3 1.3 2 1479.7 -199.8 -841.3 -526.6 -817.6 299.4 -1297.5 -1204.0 -1163.0 3 -0.1 0.0 0.4 0.0 0.0 0.5 0.3 0.0 1.2 -0.1 0.0 0.7 0.1 0.0 0.7 0.0 0.0 0.7 0.2 0.0 0.7 0.4 0.0 2.8 0.4 0.0 0.7 4 5 6 -0.0 -31.3 -1.0 -2.0 -28.3 0.0 0.0 0.0 -4.2 4.7 0.0 -8.9 0.0 0.0 -0.0 125.0 -1.8 0.0 -2.4 129.2 0.0 1.6 8.6 19.1 0.0 -10.5 0.0 0.0 -0.7 -10.6 -7.7 0.0 -2.9 0.0 0.0 0.7 1234.6 260.3 0.0 -4.5 258.4 720.4 0.2 -167.5 -264.2 0.0 0.6 149.1 -53.1 -0.1 -320.8 -0.5 0.0 -4.3 23.8 -339.8 -0.8 -246.3 -2.8 0.0 -1.4 85.4 -327.5 7 8 9 10 11 12 13 -1.0 0.0 0.0 0.0 0.0 180.0 -176.0 -4.0 1537.1 0.0 961.6 0.0 961.5 575.5 575.6 -0.0 -10.1 0.0 -2.1 11.7 -19.6 -175.9 0.0 -188.2 -39.4 -148.8 12.3 12.3 -0.0 -19.2 0.0 0.0 -13.5 -5.7 -957.0 0.0 -739.7 -72.6 -667.1 -217.2 -217.2 -0.0 -13.4 0.0 0.0 -5.6 -7.8 -523.0 0.0 -467.6 -68.4 -399.2 -55.5 -55.5 -0.0 -9.3 0.0 0.0 -5.3 -4.0 -812.7 0.0 -577.9 -85.2 -492.7 -234.9 -234.9 -0.0 -12.6 0.0 0.0 -7.1 -5.5 -1101.9 0.0 -908.1 -34.8 -873.3 -193.9 -193.9 -0.0 -8.2 0.0 0.0 -4.7 -3.6 -953.0 0.0 -720.2 -46.9 -673.3 -232.8 -232.8 -0.0 -12.6 0.0 0.0 -8.4 -4.3 -880.8 0.0 -640.2 -120.4 -519.8 -240.6 -240.6 -0.0 -9.7 0.0 0.0 -4.6 -5.1 -892.0 0.0 -690.5 -88.4 -602.1 -201.5 -201.5 -0.0 -23.2 0.0 0.0 -4.7 -18.4 15 16 17 18 19 20 21 22 23 24 25 26 27 0.0 -15.3 -14.5 -0.8 0.0 -1.1 -2.9 1.9 0.0 2.7 0.9 1.7 0.0 -5.1 -0.2 -4.9 0.0 18.3 0.4 17.8 0.0 -6.4 0.7 -7.1 0.0 10.6 -1.5 12.1 0.0 8.3 0.0 8.2 0.0 -1.9 4.5 -6.4 28 29 30 31 1479.7 -199.7 -841.3 -526.5 -818.2 299.4 -1297.5 -1204.1 -1163.0 32 1479.7 -200.8 -842.4 -527.1 -818.0 297.8 -1298.4 -1205.4 -1163.5 33 649.3 -8.7 -959.5 -3.8 449.9 -2.9 -322.4 -28.7 -759.9 -7.6 1995.7 16.5 -547.4 -5.7 79.1 -21.8 272.4 34 -0.6 35 -1128.2 -1322.4 0.0 -1322.5 0.0 -17.1 67.6 -12.5 156.2 79.1 40.6 0.0 40.6 0.0 -11.9 -25.4 -0.4 76.1 323.8 322.2 0.3 321.9 0.0 6.2 -47.0 0.8 41.7 -905.7 -865.8 0.0 -865.8 0.0 -22.4 -59.7 -0.1 42.3 -693.7 -731.2 -0.0 -731.1 0.0 6.9 -37.0 6.0 61.6 -989.4 -1079.4 0.3 -1079.7 0.0 19.1 -17.3 3.0 85.1 1153.7 1171.5 0.3 1171.2 0.0 -17.4 -91.3 0.1 90.7 553.8 685.2 0.4 684.8 0.0 9.5 -97.3 -0.1 -43.6 577.2 511.4 0.2 511.2 0.0 13.4 17.7 0.0 34.6 36 37 38 39 40 41 42 43 44 1967.0 1894.9 72.1 0.3 706.5 649.1 57.4 -23.2 -1498.9 -1535.2 36.3 -114.3 476.8 384.7 92.2 252.8 676.5 511.2 165.3 -33.3 -587.6 -714.2 126.6 -137.5 -1495.0 -1363.4 -131.6 -403.9 -2021.9 -1907.0 -114.9 205.5 -1891.0 -2156.3 265.3 -121.4 45 46 47 48 0.0 14 0.0 1.1 1.1 0.6 -0.2 1.6 0.9 1.3 0.5 49 -1.5 1.5 0.0 1.1 0.0 1.1 0.0 0.6 0.0 -0.2 0.0 1.6 0.0 0.9 0.0 1.3 0.0 50 0.5 51 -1.3 -21.9 -85.6 -11.4 -86.2 -85.6 -85.6 -85.6 -85.6 52 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to U.S.-chartered depository institutions through the 2008-2010 Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) and the 2020 Money Market Mutual Fund Liquidity Facility (MMLF). The AMLF was dissolved in 2010:Q1. (4) Loans extended to depository institutions (line 11) and finance companies (line 26) through the Paycheck Protection Program Liquidity Facility (PPPLF). (5) Loans extended to financial institutions such as domestic hedge funds through the 2008 Term Asset-Backed Securities Loan Facility (TALF I). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF), AMLF (2008-2010), and MMLF (2020). (7) Loans extended to Federal Reserve funding, credit, and liquidity facility special purpose vehicles created in response to the 2008 Financial Crisis and COVID-19 pandemic. (8) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. Series is zero after 2010:Q4. (9) Reciprocal currency arrangements (swap lines) with foreign central banks. (10) Deposits of designated financial market utilities (DFMU) and deposits of Federal Reserve facility LLC’s special purpose vehicles. (11) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). (12) Includes reverse repurchase agreements conducted through the Federal Reserve’s Foreign Repo Pool. 25 Z.1, March 7, 2024 F.110 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA706000105 Gross saving less net capital transfers paid 61.8 86.2 99.1 90.5 102.1 144.3 75.7 87.9 88.5 1 2 FA705013005 Fixed nonresidential investment 79.8 89.6 104.0 90.6 94.9 98.7 107.1 105.4 104.8 2 3 FA705000005 Net lending (+) or net borrowing (-) 229.1 200.4 -93.2 453.0 -464.0 159.6 13.7 142.2 -688.1 3 4 FA704090005 Net acquisition of financial assets 2371.7 656.0 447.3 840.4 -398.9 2224.6 -838.9 107.8 295.7 4 5 6 7 FA703025005 FA713113003 FA702050005 Vault cash Reserves at Federal Reserve Federal funds and security repos -8.7 649.3 -268.9 -3.8 -959.5 2.6 -2.9 449.9 60.7 -28.7 -322.4 157.5 -7.6 -759.9 -55.3 16.5 1995.7 260.4 -5.7 -547.4 -143.9 -21.8 79.1 -78.7 -0.6 272.4 205.1 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 1336.9 -2.1 467.4 605.9 55.3 210.3 -11.4 -0.2 58.8 -230.0 4.8 155.1 -453.9 -0.1 -94.2 -209.7 -64.5 -85.4 -532.5 -1.2 -231.2 -411.0 -7.7 118.5 -596.5 0.0 -171.3 -411.7 -82.5 69.0 -634.6 -0.2 -361.7 -171.0 -71.7 -30.0 -432.2 -0.1 -165.4 -196.5 -67.2 -3.0 -490.4 0.0 -50.5 -266.5 -45.4 -128.0 -258.3 0.0 201.0 -204.9 -73.8 -180.6 8 9 10 11 12 13 14 15 16 17 18 19 FA704023005 FA703068005 FA703069005 FA703065005 FA703066005 FA763092305 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 519.7 138.1 1.9 212.6 167.1 -2.6 1422.0 492.1 -3.2 624.5 308.7 -3.6 431.5 73.4 5.1 256.0 97.1 0.4 1377.1 357.6 -2.2 756.6 265.0 -9.4 1222.7 445.4 5.7 542.6 229.0 -0.7 663.1 120.0 12.7 361.9 168.4 7.0 322.4 -6.5 1.4 229.8 97.7 -4.9 357.5 3.0 3.8 249.9 100.8 3.4 383.2 177.0 2.3 182.2 21.7 -3.7 14 15 16 17 18 19 20 21 22 23 FA703064105 FA763092100 FA703094905 FA703064205 Corporate equities U.S. direct investment abroad: equity Miscellaneous other equity Mutual fund shares 2.4 11.1 -1.9 3.6 -1.9 15.6 21.4 -3.7 8.4 -8.2 -4.6 -1.7 -0.9 30.0 23.3 4.0 -1.2 9.9 28.2 -13.7 -1.3 -6.3 40.4 -3.4 5.2 20.6 -24.7 1.3 4.7 -34.1 -9.5 -5.4 25.1 -13.1 -24.5 0.8 20 21 22 23 24 25 FA763040005 FA703090005 Life insurance reserves Miscellaneous assets 13.3 117.5 6.5 171.7 -2.0 -30.5 8.8 133.6 1.1 -225.8 5.3 -118.2 -14.9 -14.5 -0.6 303.6 2.1 24 -292.7 25 26 FA704194005 2142.6 455.7 540.4 387.4 65.1 2065.0 -852.5 -34.4 983.8 26 27 FA704190005 Net increase in liabilities 2002.3 566.9 418.6 531.7 -172.5 1815.0 -901.6 -125.0 885.9 27 28 FA704110005 Net interbank liabilities 29 30 FA703127005 FA703130005 Checkable deposits Time and savings deposits 31 FA702150005 Federal funds and security repos 32 33 34 FA704122005 FA703169175 FA763163005 Debt securities Open market paper Corporate bonds 35 36 FA703169005 FA753192305 37 38 39 40 FA763178000 FA703190005 FA763194705 FA703193005 41 FA703181105 42 43 44 45 FA763164105 FA753192103 FA763194603 FA753194503 46 FA707005005 Net increase in liabilities and equity 56.7 165.7 299.3 460.7 59.3 2089.7 -768.5 -332.3 208.2 28 1359.4 758.2 337.1 -617.3 -241.9 -146.0 410.1 -1170.5 -832.4 -243.4 -157.1 -1572.9 -216.1 540.1 -486.0 226.1 -108.5 29 222.6 30 -27.4 -38.9 146.9 -26.3 -80.1 684.9 77.8 -59.8 -115.5 31 -136.6 -71.8 -64.8 212.1 134.1 77.9 50.4 51.1 -0.7 29.6 17.8 11.8 333.0 188.6 144.3 -163.3 -69.7 -93.6 165.9 106.3 59.6 44.2 32.3 12.0 154.6 32 135.4 33 19.2 34 Loans (other loans and advances) Foreign direct investment: intercompany debt -78.4 -2.4 464.7 -0.2 -41.2 1.1 569.7 1.7 636.6 0.4 986.1 -0.6 -877.1 2.3 -196.1 0.1 -77.8 35 2.7 36 Taxes payable (net) Miscellaneous liabilities Other investment by holding company parent Other -8.9 81.6 24.0 57.6 -73.8 117.5 -4.6 122.1 26.4 323.7 68.1 255.5 -72.9 329.6 -10.0 339.6 43.3 -89.1 27.3 -116.4 30.5 -82.2 7.5 -89.7 -12.8 186.7 56.1 130.6 -6.8 685.4 124.3 561.2 140.3 -111.2 121.9 -144.2 237.6 250.0 49.0 90.6 2.3 -2.0 123.4 16.6 17.3 10.4 -139.8 0.9 -8.5 13.0 111.2 6.2 3.9 12.2 -204.5 44.1 82.9 22.3 161.1 -28.7 -41.0 13.6 246.5 30.9 0.6 23.4 36.9 -11.8 3.7 4.5 -10.8 93.2 -247.1 -203.7 88.2 -453.1 471.1 -113.9 -45.1 -159.8 671.7 46 0.1 1082.1 -2.7 -567.0 -1.0 -897.5 -3.0 -953.4 -2.9 -761.0 -2.2 -2663.0 -1.1 -529.9 -0.8 -125.3 0.2 47 -271.8 48 Net equity issues Corporate equities Foreign direct investment: equity Equity investment by holding company parent Investment by other financial business Discrepancy 94.6 504.8 84.7 420.1 37 38 39 40 97.9 41 2.7 10.4 172.2 -87.4 42 43 44 45 Memo: 47 48 FA763066303 FA703139105 Consumer leases not included above (2) Uninsured deposits (3) (1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114). (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. (3) Includes checkable deposits (line 29) and time and savings deposits (line 30) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Transactions 2021 26 Z.1, March 7, 2024 F.111 U.S.-Chartered Depository Institutions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA766000105 Gross saving less net capital transfers paid 42.8 49.1 56.5 49.6 60.3 102.0 33.2 45.1 45.5 1 2 FA765013005 Fixed nonresidential investment 61.8 68.5 81.4 69.1 73.3 76.4 84.6 82.7 81.8 2 3 FA764090005 Net acquisition of financial assets 1891.9 101.8 234.0 135.5 -325.6 1342.6 -740.2 -41.7 375.5 3 4 5 6 FA763025000 FA763013005 FA762050005 Vault cash Reserves at Federal Reserve Federal funds and security repos -8.8 388.6 -220.8 -3.7 -952.0 13.4 -2.9 360.7 -9.2 -28.7 -417.6 108.0 -7.6 -387.3 91.4 16.5 1201.7 -24.8 -5.8 -324.2 -196.5 -21.8 156.7 -14.9 -0.6 408.4 199.4 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 FA764022005 FA763069175 FA763061100 FA763061705 FA763061805 FA763061503 FA763061603 FA763061403 FA763061795 FA763062000 FA763063005 FA763063673 FA763063653 FA763063663 FA763063693 FA763063095 FA764023005 FA763068005 FA763069005 FA763065005 FA763066000 FA763092305 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 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 1240.1 -2.0 449.0 535.1 379.9 28.2 41.5 43.9 41.6 53.0 204.9 1.1 0.4 17.1 13.2 173.0 347.3 58.7 1.9 146.5 140.2 -2.6 -109.8 0.0 8.8 -231.2 -108.2 -21.3 -28.7 -92.9 20.0 4.8 107.7 -0.2 0.2 10.1 3.9 93.8 1001.6 281.5 -3.2 519.3 204.1 -3.6 -393.8 0.0 -90.1 -164.7 -57.7 -6.2 -58.1 -20.6 -22.1 -64.7 -74.4 -0.9 -0.1 -4.3 -2.6 -66.4 291.7 10.7 5.1 205.1 70.8 0.4 -649.2 0.0 -271.6 -401.4 -148.6 -101.2 -15.5 -151.8 15.6 -7.3 31.0 -0.1 -0.3 -0.5 3.6 28.3 973.6 204.1 -2.2 627.3 144.4 -9.4 -487.5 0.0 -140.6 -360.0 -208.1 -7.6 -42.0 -98.2 -3.9 -80.5 93.6 2.6 -0.1 -3.6 -12.9 107.6 767.4 150.1 5.7 460.7 150.9 -0.7 -472.2 0.0 -343.1 -108.8 116.2 -3.3 -116.9 -72.8 -32.1 -71.6 51.3 -2.5 -0.3 -2.8 -2.2 59.2 533.2 103.0 12.7 302.9 114.6 7.0 -465.2 0.0 -208.3 -183.0 -104.4 -9.4 -39.0 -13.5 -16.7 -66.5 -7.4 -2.1 -0.2 -4.4 -1.2 0.5 271.4 28.4 1.4 170.5 71.1 -4.9 -530.0 0.0 -34.5 -228.5 -122.5 -11.7 -83.7 -2.1 -8.4 -46.0 -221.0 -0.8 -0.1 -5.0 -6.3 -208.8 162.7 -112.0 3.8 193.2 77.7 3.4 -107.9 0.0 225.7 -138.7 -119.9 -0.6 7.4 5.9 -31.4 -74.5 -120.4 1.9 -0.0 -5.1 -0.8 -116.3 199.6 23.4 2.3 153.9 20.0 -3.7 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 FA763064103 FA763092100 FA763094905 FA763064203 Corporate equities U.S. direct investment abroad: equity Miscellaneous other equity Mutual fund shares 2.4 11.1 -2.4 2.0 -1.9 15.6 19.4 -2.3 8.4 -8.2 -4.8 -1.0 -0.9 30.0 21.2 8.2 -1.2 9.9 25.7 -12.3 -1.3 -6.3 40.7 -1.7 5.2 20.6 -24.2 2.0 4.7 -34.1 -10.7 -3.8 25.1 -13.1 -25.1 -0.6 29 30 31 32 33 34 FA763040005 FA763090005 Life insurance reserves Miscellaneous assets 13.3 121.7 6.5 118.6 -2.0 -5.2 8.8 91.4 1.1 -324.3 5.3 44.3 -14.9 -3.7 -0.6 246.7 2.1 33 -308.1 34 35 FA764194005 1813.7 -98.7 290.3 -138.3 -104.1 1258.4 -854.9 -24.5 782.2 35 36 FA764190005 1688.0 23.9 187.6 62.2 -348.1 1052.9 -892.4 -17.4 607.3 36 37 38 39 40 41 FA764110005 FA713022003 FA713068715 FA764112005 FA764116005 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks -48.0 -0.0 -30.9 9.6 -26.6 -85.2 0.0 -4.2 -12.6 -68.5 248.8 -0.0 125.0 6.2 117.7 158.7 1.6 8.6 104.8 43.7 -119.0 -0.7 -10.6 15.2 -123.0 1371.7 0.7 1234.6 198.5 -62.0 -341.3 0.2 -167.5 -274.0 100.1 -24.6 -0.1 -320.8 71.8 224.5 -10.4 -0.8 -246.3 28.4 208.3 37 38 39 40 41 42 43 44 45 46 47 48 FA763127005 FA763123005 FA763128000 FA763129205 FA763122605 FA763130005 FA762150005 Checkable deposits Federal government State and local government Private domestic Rest of the world Time and savings deposits Federal funds and security repos 1249.3 -0.1 115.9 1113.0 20.6 631.5 -9.9 340.7 0.1 14.7 325.6 0.3 -767.5 24.2 -244.5 3.8 14.7 -266.0 3.1 -151.0 59.7 446.0 1.0 -16.2 395.7 65.5 -1269.1 32.8 -630.2 -1.7 -3.5 -600.4 -24.6 -329.3 33.8 -248.0 15.8 0.4 -284.5 20.2 -1409.5 415.5 -210.6 -0.3 -11.5 -174.8 -24.0 466.2 -101.8 -511.2 2.0 6.7 -518.5 -1.3 212.0 -40.7 -8.2 -2.4 63.2 -86.3 17.3 127.2 -34.3 42 43 44 45 46 47 48 49 50 51 52 FA764122005 FA763169175 FA763163005 FA763169305 Debt securities Open market paper Corporate bonds Loans (other loans and advances) -125.1 -60.3 -64.8 -75.8 153.8 75.9 77.9 408.7 5.6 6.3 -0.7 -29.8 23.7 11.9 11.8 499.1 275.5 131.1 144.3 560.1 -166.6 -73.0 -93.6 1022.0 121.9 62.4 59.6 -866.5 32.1 20.1 12.0 -213.2 35.0 15.8 19.2 -61.6 49 50 51 52 53 54 55 56 FA763178000 FA763190005 FA763194705 FA763193005 Taxes payable (net) Miscellaneous liabilities Other investment by holding company parents Other -8.9 74.9 24.0 50.8 -73.8 22.9 -4.6 27.5 26.4 272.5 68.1 204.3 -72.9 243.9 -10.0 253.9 43.3 -182.3 27.3 -209.7 30.5 37.3 7.5 29.8 -12.8 52.5 56.1 -3.6 -6.8 535.1 124.3 410.8 94.6 464.9 84.7 380.2 53 54 55 56 57 FA763181105 125.7 -122.5 102.7 -200.5 244.0 205.5 37.5 -7.1 174.9 57 58 59 FA763164105 FA763194603 2.3 123.4 17.3 -139.8 -8.5 111.2 3.9 -204.5 82.9 161.1 -41.0 246.5 0.6 36.9 3.7 -10.8 2.7 58 172.2 59 60 FA767005005 -97.1 -219.8 31.3 -293.3 208.5 -58.6 -166.1 -20.5 370.3 60 61 62 FA763066303 FA763139105 0.1 1009.6 -2.7 -661.4 -1.0 -867.0 -3.0 -939.0 -2.9 -661.8 -2.2 -2520.7 -1.1 -593.0 -0.8 -139.9 0.2 61 -214.4 62 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Equity investment by holding company parents Discrepancy Memo: Consumer leases not included above (1) Uninsured deposits (2) (1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. (2) Includes checkable deposits (line 42) and time and savings deposits (line 47) not insured by the Federal Deposit Insurance Corporation. 27 Z.1, March 7, 2024 F.112 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA756330005 Gross saving 7.6 8.9 9.6 9.0 9.2 9.4 9.5 9.6 9.7 1 2 FA755013005 Fixed nonresidential investment 8.7 10.2 11.0 10.4 10.5 10.8 10.9 11.0 11.1 2 3 FA754090005 Net acquisition of financial assets 251.3 411.4 95.5 544.1 -113.0 698.4 -136.4 -8.0 -172.1 3 4 5 FA753025003 FA753013003 Vault cash Reserves at Federal Reserve 0.1 227.8 -0.1 128.7 -0.0 57.5 0.0 213.2 0.0 -292.6 -0.0 658.2 0.0 -183.1 0.0 -58.8 -0.0 -186.4 4 5 6 FA752050005 Federal funds and security repos -47.8 -10.6 69.9 49.8 -146.4 285.3 52.5 -63.8 5.6 6 7 8 9 10 11 12 FA754022005 FA753069603 FA753061103 FA753061703 FA753062003 FA753063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -12.5 0.0 -7.6 -5.7 0.0 0.8 58.4 0.0 16.4 -0.2 0.0 42.2 -36.7 0.0 2.3 -6.2 0.0 -32.8 97.9 0.0 6.0 5.2 0.0 86.7 -45.5 0.0 -13.2 -16.6 0.0 -15.7 -100.1 0.0 1.3 -26.3 0.0 -75.1 52.9 0.0 32.9 13.8 0.0 6.3 -18.4 0.0 -20.0 -8.0 0.0 9.6 13 14 15 16 FA754023005 FA753068005 FA753069703 FA753065005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 84.4 74.3 0.0 10.1 173.8 158.2 0.0 15.5 33.4 34.4 0.0 -1.1 121.2 107.6 0.0 13.6 277.4 263.5 0.0 14.0 -8.7 -8.5 0.0 -0.2 -65.2 -72.9 0.0 7.7 79.5 88.9 0.0 -9.4 17 FA753064103 Corporate equities 18 FA753093005 Miscellaneous assets 19 FA754194005 20 FA754190005 21 22 23 -81.2 7 0.0 8 -5.0 9 -4.3 10 0.0 11 -71.8 12 127.8 130.2 0.0 -2.4 13 14 15 16 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 -0.7 61.1 -28.6 62.1 94.2 -136.3 6.4 53.5 -38.0 18 120.2 447.8 132.9 410.0 130.3 592.9 -13.1 -136.9 88.6 19 Net increase in liabilities 105.6 436.5 113.7 353.6 136.7 548.4 -24.7 -234.6 165.6 20 FA754110005 FA754116005 FA754112005 Net interbank liabilities To foreign banks To domestic banks 100.3 97.1 3.2 262.6 261.5 1.1 41.1 36.6 4.5 312.1 307.4 4.7 191.2 242.8 -51.6 592.3 583.4 8.9 -383.0 -372.6 -10.4 -279.6 -278.2 -1.3 234.8 21 213.8 22 21.0 23 24 25 FA753127005 FA753130005 Checkable deposits Time and savings deposits 25.7 4.2 -12.3 104.2 10.1 -38.4 -65.2 45.9 -163.5 81.7 41.7 -163.3 31.1 39.2 59.9 -56.1 -92.3 24 26.7 25 26 FA752150005 Federal funds and security repos -17.5 -63.3 87.3 -59.2 -114.5 269.8 179.8 -19.1 -81.1 26 27 FA753169175 Debt securities (open market paper) -11.5 58.3 44.8 5.9 57.5 3.3 44.0 12.2 119.6 27 28 FA753192305 Foreign direct investment: intercompany debt -2.4 -0.2 1.1 1.7 0.4 -0.6 2.3 0.1 2.7 28 29 FA753193005 Miscellaneous liabilities 6.9 87.2 -32.4 112.4 83.9 -194.8 62.0 47.9 -44.8 29 30 FA753181115 31 32 FA753192103 FA753194503 33 FA757005005 Net increase in liabilities and equity Net equity issues Foreign direct investment: equity Investment by other financial business Discrepancy 14.6 11.3 19.2 56.3 -6.4 44.5 11.6 97.8 -77.0 30 -2.0 16.6 10.4 0.9 13.0 6.2 12.2 44.1 22.3 -28.7 13.6 30.9 23.4 -11.8 4.5 93.2 10.4 31 -87.4 32 -132.2 35.1 36.0 -135.5 241.9 -106.9 121.9 -130.2 259.3 33 29.9 91.9 -28.3 -19.3 -81.8 -121.5 70.3 3.8 -65.6 34 Memo: 34 FA753139105 Uninsured deposits (2) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). (2) All checkable deposits (line 24) and time and savings deposits (line 25) are considered uninsured according to the Federal Deposit Insurance Act. Transactions 2021 28 Z.1, March 7, 2024 F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA746330005 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 FA745013005 Fixed nonresidential investment 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2 3 FA744090005 Net acquisition of financial assets 1.6 1.5 31.3 33.5 -24.3 5.2 7.6 96.4 15.9 3 4 5 6 7 8 9 10 11 12 13 14 FA743013003 FA744022003 FA743061103 FA743061703 FA743062003 FA743063005 FA744023003 FA743068005 FA743065103 FA743065505 FA743093005 7.2 7.9 6.5 1.9 -0.0 -0.6 -4.4 -2.9 -1.5 0.0 -9.1 -15.9 10.5 7.0 1.4 -0.0 2.0 1.7 1.4 -0.6 0.9 5.3 0.6 19.4 -2.4 -1.1 0.0 22.8 4.1 3.6 0.1 0.4 7.1 -27.7 22.9 19.7 1.1 -0.0 2.2 3.8 2.2 -0.4 2.0 34.4 4.3 -16.3 -13.4 -1.7 -0.0 -1.2 1.5 1.4 0.1 -0.0 -13.8 2.1 -8.4 -4.7 -2.2 -0.0 -1.4 0.6 0.5 -0.3 0.4 10.9 11.0 1.1 1.2 -0.4 -0.0 0.3 2.8 3.1 -0.0 -0.2 -7.3 -11.9 83.2 2.1 0.9 0.0 80.2 6.0 4.9 0.6 0.5 19.0 1.2 1.8 -8.1 -2.6 0.1 12.3 7.1 6.0 0.3 0.8 5.9 4 5 6 7 8 9 10 11 12 13 14 15 FA744190005 -0.0 -5.2 33.4 21.3 -19.5 9.4 4.1 89.6 16 17 18 19 FA744110005 FA743127003 FA743130003 FA743193005 0.0 7.3 -2.2 -5.2 -0.0 -6.2 -2.0 3.0 0.1 2.9 -0.2 30.7 -5.6 10.3 11.0 5.6 5.6 -15.6 -10.7 1.1 -0.2 1.0 8.9 -0.3 0.5 4.1 -2.6 2.1 -0.8 -2.6 3.2 89.7 20 FA747005005 -1.7 -6.8 2.1 -12.2 4.8 4.2 -3.5 -6.8 14.5 20 21 FA743139105 8.4 -7.6 3.7 2.9 -16.0 1.0 12.1 -0.2 2.0 21 Reserves at Federal Reserve Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Commercial mortgages Miscellaneous assets Net increase in liabilities Net interbank liabilities Checkable deposits Time and savings deposits Miscellaneous liabilities Discrepancy Memo: Uninsured deposits (2) 30.4 15 0.8 8.8 -10.3 31.1 16 17 18 19 (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 2 FA475013005 Fixed nonresidential investment 11.2 28.0 32.8 31.6 32.4 32.7 32.8 32.9 33.0 1 9.1 10.6 11.4 10.8 10.9 11.2 11.4 11.4 11.6 2 3 FA474090005 Net acquisition of financial assets 226.9 141.3 86.5 127.4 63.9 178.4 30.1 61.1 76.4 3 4 5 FA473013005 FA472050053 Reserves at Federal Reserve Federal funds and security repos 25.8 -0.3 -120.3 -0.2 31.2 -0.0 -90.3 -0.3 -84.3 -0.3 133.7 -0.1 -51.1 0.0 -7.0 -0.0 49.2 0.1 4 5 6 7 8 9 10 11 12 13 14 15 FA474022005 FA473069153 FA473061105 FA473061705 FA473062005 FA473063005 FA474023000 FA473068005 FA473065100 FA473066000 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Consumer credit 101.5 -0.1 19.5 74.6 2.3 5.2 92.3 7.9 57.5 26.9 29.6 -0.2 26.6 -0.0 0.1 3.2 245.0 51.0 89.3 104.7 -42.8 -0.1 -4.0 -37.7 0.1 -1.1 102.3 24.6 51.4 26.3 -4.1 -1.2 14.8 -15.9 -0.4 -1.4 278.6 43.8 114.2 120.6 -47.2 0.0 -4.0 -33.4 -2.0 -7.7 176.4 30.5 67.8 78.1 -54.0 -0.2 -15.2 -33.6 -0.1 -4.8 138.0 25.1 59.1 53.8 -20.9 -0.1 8.9 -26.8 -0.7 -2.1 113.4 34.9 51.9 26.6 -25.2 0.0 2.0 -31.0 0.6 3.1 109.3 21.3 64.9 23.1 -71.0 0.0 -11.6 -59.4 0.6 -0.7 48.7 17.3 29.6 1.7 6 7 8 9 10 11 12 13 14 15 16 17 FA473092403 FA473064205 Equity in FHLB Mutual fund shares 0.4 1.6 2.0 -1.4 0.2 -0.7 2.1 -4.2 2.5 -1.4 -0.4 -1.7 -0.5 -0.8 1.2 -1.6 18 FA473093005 19 FA474190005 20 21 22 23 24 25 FA474110005 FA473127003 FA473130005 FA472150053 FA473169333 FA473193005 26 FA477005005 27 FA473139103 Miscellaneous assets 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 Memo: Uninsured deposits (1) 0.6 16 1.4 17 5.6 -13.4 -3.8 -54.3 18.2 -37.0 -9.9 -15.6 47.5 18 208.8 111.8 83.9 94.5 58.4 204.2 11.3 37.4 82.6 19 4.4 77.1 124.8 -0.0 -2.5 5.0 -11.6 14.8 48.0 0.2 56.0 4.5 9.2 -10.3 43.5 -0.1 -11.4 53.0 -4.5 19.1 41.7 0.0 70.6 -32.4 -18.5 -23.1 14.8 0.6 76.4 8.2 125.8 48.1 -9.0 -0.3 -35.9 75.6 -44.7 -40.7 37.3 -0.1 -10.6 70.1 -27.3 -32.1 67.0 0.0 17.1 12.7 -16.1 -12.2 18.8 -12.1 16.0 47.3 2.6 -2.3 27.6 26 34.3 10.1 -6.0 1.9 -1.4 -21.8 -19.3 10.9 6.2 27 (1) Includes checkable deposits (line 21) and time and savings deposits (line 22) not insured by the National Credit Union Share Insurance Fund. -17.0 -16.7 78.8 -0.1 -16.2 53.7 20 21 22 23 24 25 29 Z.1, March 7, 2024 F.115 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA516000105 Gross saving less net capital transfers paid (1) 48.5 66.9 89.0 -3.6 94.3 87.7 89.6 89.1 89.4 1 2 FA515013005 Fixed nonresidential investment 37.9 42.2 45.2 43.0 43.4 44.5 44.9 45.2 46.0 2 3 FA514090005 Net acquisition of financial assets 74.7 256.8 122.3 374.5 -2.4 180.1 73.4 160.4 75.1 3 4 5 FA513020005 FA513034005 Checkable deposits and currency Money market fund shares 22.5 -3.2 -22.4 11.4 -9.8 -10.4 1.4 22.1 8.6 31.6 -22.3 -2.8 10.0 21.6 -21.5 -38.6 -5.2 -21.8 4 5 6 FA512051005 Security repurchase agreements -0.0 0.1 1.7 0.5 2.1 0.6 0.3 3.5 2.3 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 71.0 -4.4 31.6 -10.2 -1.1 55.1 80.1 -0.2 37.3 11.8 -7.7 38.9 121.8 3.0 67.3 34.1 -29.3 46.6 105.4 0.7 59.6 13.0 -16.3 48.4 100.4 3.6 110.3 16.6 -26.6 -3.5 78.4 0.7 24.4 11.9 -32.1 73.4 48.4 0.6 25.0 24.1 -28.8 27.5 220.6 6.4 136.7 47.7 -31.0 60.9 139.8 7 4.4 8 83.1 9 52.6 10 -25.0 11 24.7 12 13 14 FA513065505 FA513092305 Loans (commercial mortgages) U.S. direct investment abroad: intercompany debt 3.4 -2.0 2.7 -2.5 1.8 -0.4 2.0 -8.0 -1.8 0.8 0.4 4.4 5.2 -3.2 0.5 1.0 1.3 13 -3.8 14 15 16 17 18 FA513064105 FA513092103 FA513092403 FA513064205 Corporate equities U.S. direct investment abroad: equity Equity in FHLB Mutual fund shares 2.6 16.9 -0.2 -1.0 38.5 11.9 -0.3 -0.6 -31.8 18.7 0.2 -1.3 35.0 19.0 -0.3 2.8 -39.3 11.4 -0.0 1.5 -61.3 9.0 -0.2 -5.8 -15.6 28.1 0.0 -0.1 -31.4 11.0 -0.0 -1.3 -19.0 26.5 1.0 2.3 15 16 17 18 19 20 21 22 23 FA513070005 FA513090005 FA513076005 FA513094703 FA513093005 Trade receivables Miscellaneous assets Policy payables (2) Receivables due from holding company parents Other 22.6 -58.1 27.4 0.4 -85.9 26.3 111.3 26.7 0.8 83.8 27.7 4.1 36.6 -1.2 -31.3 -3.2 197.8 26.7 4.2 166.8 14.9 -132.6 26.7 -0.1 -159.2 56.6 123.2 39.0 -0.5 84.7 24.8 -46.0 31.9 -1.9 -76.0 16.3 0.3 34.6 -2.6 -31.8 13.0 -61.2 41.1 0.0 -102.3 19 20 21 22 23 24 FA514194005 157.0 136.4 222.8 227.6 -12.8 288.0 177.5 203.2 222.7 24 25 FA514190005 159.2 137.3 219.4 221.5 -11.7 293.7 173.1 198.8 212.0 25 26 FA512151003 Security repurchase agreements -0.1 0.1 0.3 0.1 0.3 0.5 0.0 0.5 0.2 26 27 FA513169333 Loans (other loans and advances) -3.0 -1.8 -0.0 -2.6 0.4 -1.8 -1.4 -0.9 4.1 27 28 FA513192305 Foreign direct investment: intercompany debt -0.7 0.2 0.4 2.0 -0.4 -1.2 1.1 0.6 1.3 28 29 30 31 32 33 34 FA513170005 FA513178005 FA513190005 FA513194703 FA513176005 FA513193005 Trade payables Taxes payable Miscellaneous liabilities Other investment by holding company parent Policy payables Other 19.0 -0.2 144.3 -0.2 111.2 33.2 15.1 0.2 123.4 -0.3 120.0 3.7 12.1 -3.0 209.5 0.1 153.1 56.3 15.1 -2.0 208.9 0.0 188.6 20.3 15.1 9.2 -36.3 0.0 59.1 -95.4 12.9 0.6 282.7 0.2 168.1 114.4 10.6 -6.2 169.0 -0.2 137.5 31.7 11.5 0.8 186.3 1.1 149.4 35.9 35 FA513181105 -2.2 -0.9 3.4 6.1 -1.1 -5.7 4.4 4.4 10.7 35 36 37 38 FA513164105 FA513192103 FA513194603 -9.7 6.5 1.1 -16.3 14.5 0.9 -12.1 15.5 0.1 -17.1 22.9 0.3 -12.6 11.3 0.2 -13.2 5.9 1.6 -12.3 17.1 -0.4 -10.5 15.8 -0.9 -12.4 36 23.1 37 -0.0 38 39 FA517005005 92.9 -95.6 144.4 -193.5 40.5 151.1 148.8 86.6 191.0 39 2.4 0.1 -0.7 -1.9 -1.8 0.1 -1.8 -0.7 -0.5 40 94.1 11.2 16.2 6.0 104.6 13.9 12.8 1.5 128.7 17.9 18.7 6.5 173.1 13.9 12.8 1.5 43.6 13.9 12.8 1.5 142.2 19.1 19.9 6.9 116.3 15.6 16.3 5.6 126.3 16.9 17.7 6.1 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equity issues Foreign direct investment: equity Equity investment by holding company parent Discrepancy 13.6 -7.1 200.0 -0.5 157.2 43.3 29 30 31 32 33 34 Memo: 40 FA513200003 Securities lending (3) 41 42 43 44 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 34. 129.9 20.1 21.0 7.3 41 42 43 44 Transactions 2021 30 Z.1, March 7, 2024 F.116 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA546000105 Gross saving less net capital transfers paid (2) -3.7 16.0 17.7 18.4 16.8 17.1 17.6 17.9 18.3 1 2 FA545013005 Fixed nonresidential investment 33.9 38.1 40.7 38.8 39.2 40.1 40.5 40.8 41.4 2 3 FA544090005 Net acquisition of financial assets 203.6 339.4 238.8 486.9 118.0 305.1 350.1 137.4 162.7 3 4 5 FA543020005 FA543034005 Checkable deposits and currency Money market fund shares -8.5 -2.3 -3.9 10.3 9.7 7.5 5.0 7.7 -1.7 7.0 13.3 10.7 64.8 33.8 -41.8 -17.0 2.7 2.5 4 5 6 FA542051075 Security repurchase agreements 1.6 -5.4 3.3 -1.4 -5.0 5.2 3.1 1.9 3.2 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 176.7 7.1 -2.6 -43.1 1.1 214.2 191.9 -16.1 -5.2 -16.3 5.0 224.4 142.4 4.2 6.7 11.9 -5.0 124.5 247.0 -2.0 18.7 7.7 6.1 216.5 124.3 -10.8 -9.3 -31.8 -3.5 179.7 226.7 0.7 0.0 2.6 -3.7 227.2 123.9 3.6 22.7 19.3 -10.4 88.7 125.2 6.9 6.4 12.2 -3.4 103.1 13 14 15 16 FA544023005 FA543069005 FA543065005 FA543092375 Loans Other loans and advances Mortgages U.S. direct investment abroad: intercompany debt 51.6 4.1 47.6 -0.7 71.3 1.5 69.9 -0.2 50.0 0.2 49.8 -0.2 61.1 12.8 48.3 -1.1 48.1 -2.7 50.8 0.5 52.8 4.5 48.3 0.4 59.8 -1.0 60.8 -0.4 51.4 5.0 46.4 -0.0 36.1 -7.6 43.8 -0.6 13 14 15 16 17 18 19 20 FA543064105 FA543092173 FA543092473 FA543064205 Corporate equities U.S. direct investment abroad: equity Equity in FHLB Mutual fund shares -78.4 0.0 1.3 -138.9 -3.3 1.9 -1.0 -88.3 -28.9 14.2 5.6 -107.1 -17.1 4.3 -2.4 -73.4 -33.4 3.7 -1.7 -48.9 -22.1 24.0 -1.1 -129.1 -15.1 3.3 2.4 -112.6 -56.7 19.8 1.4 -112.9 -21.8 9.8 19.5 -73.7 17 18 19 20 21 22 23 24 25 26 27 28 FA543040005 FA543050005 FA543070005 FA543090005 FA543094703 FA543077073 FA543095105 FA543093005 Life insurance reserves Pension entitlements Trade receivables Miscellaneous assets Balances due from holding company parents Deferred and unpaid life ins. premiums Other reserves Other 22.2 88.5 10.1 80.1 0.0 1.5 4.1 74.5 -5.6 104.5 -3.9 71.0 0.0 -1.5 -4.9 77.4 6.1 20.3 10.0 105.9 0.0 2.5 -0.2 103.6 -5.6 104.5 -3.9 162.5 0.0 0.1 -4.9 167.3 -5.6 104.5 -3.9 -69.8 0.0 -9.8 -4.9 -55.2 13.2 47.5 3.3 60.4 0.0 4.1 2.8 53.5 7.8 18.8 12.9 147.8 0.0 0.1 2.3 145.5 4.4 9.3 12.6 139.8 0.0 2.8 1.5 135.5 -1.0 5.6 11.2 75.6 0.0 3.3 -7.5 79.9 21 22 23 24 25 26 27 28 29 FA544194005 126.1 215.1 224.3 401.0 12.8 360.7 309.7 75.1 151.5 29 30 FA544190005 150.0 239.2 245.5 423.7 17.1 375.1 332.2 93.7 181.0 30 31 FA542151073 Security repurchase agreements 1.5 15.8 9.7 30.8 14.9 -7.1 17.7 10.7 17.4 31 32 33 FA543169373 FA543192375 Loans (other loans and advances) Foreign direct investment: intercompany debt 6.9 -0.8 22.1 -4.7 2.4 1.0 12.4 -3.6 0.7 -3.8 27.0 0.2 -14.4 0.6 11.2 0.4 -14.2 32 2.7 33 34 35 FA543140005 FA543150005 Life insurance reserves Pension entitlements (3) 48.0 -31.4 71.6 111.7 61.0 64.2 81.2 191.9 45.3 95.9 82.4 130.1 67.9 167.4 14.1 -78.7 79.6 34 37.9 35 36 37 38 39 40 41 42 43 FA543170005 FA543178075 FA543190005 FA543194703 FA673090543 FA543195005 FA593095005 FA543193005 Trade payables Taxes payable Miscellaneous liabilities Other investment by holding company parent Funding agreements backing securities (4) Other reserves (5) Unallocated insurance contracts Other 66.8 -0.5 59.5 0.0 40.5 17.0 7.7 -5.6 16.3 -1.1 7.6 0.0 18.3 2.6 8.4 -21.7 20.2 0.2 86.9 0.0 9.8 6.0 14.0 57.2 16.3 0.3 94.3 0.0 -3.0 6.6 6.5 84.2 16.4 2.9 -155.0 0.0 9.9 5.9 26.2 -197.0 15.3 1.9 125.3 0.0 8.3 26.1 22.0 68.8 25.3 -3.3 71.0 0.0 10.1 8.1 11.6 41.2 22.2 3.6 110.3 0.0 15.9 6.9 5.7 81.8 18.0 -1.5 41.0 0.0 4.7 -17.3 16.8 36.9 44 FA543181105 -23.9 -24.1 -21.3 -22.7 -4.4 -14.4 -22.5 -18.6 -29.5 44 45 46 47 FA543164175 FA543192173 FA543194603 -24.6 0.7 0.0 -30.5 6.4 0.0 -24.8 3.6 0.0 -32.7 10.0 0.0 -23.6 19.2 0.0 -23.2 8.9 0.0 -27.2 4.7 0.0 -22.7 4.1 0.0 -26.2 45 -3.3 46 0.0 47 48 FA547005005 -115.1 -146.4 -37.5 -106.3 -127.6 32.6 -63.2 -85.2 -34.3 48 6.4 -12.8 -3.9 -24.8 -9.5 7.1 -8.5 -4.1 -10.1 49 37.4 40.2 139.8 -3.1 219.1 75.0 120.6 8.5 142.9 20.0 14.8 0.2 278.4 75.0 120.6 8.5 170.3 75.0 120.6 8.5 250.5 46.6 62.4 1.0 238.0 30.2 28.3 0.4 -34.9 7.8 13.1 0.2 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equity issues Foreign direct investment: equity Equity investment by holding company parent Discrepancy 93.7 7 5.8 8 -2.3 9 13.5 10 -2.7 11 79.2 12 36 37 38 39 40 41 42 43 Memo: 49 FA543200073 Securities lending (6) 50 51 52 53 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 43. 118.1 -4.5 -44.5 -0.8 50 51 52 53 31 Z.1, March 7, 2024 F.116.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA544090075 2 3 4 5 6 7 8 9 10 11 12 13 14 FA543020075 FA543034075 FA542051075 FA544022075 FA543069175 FA543061175 FA543061775 FA543062075 FA543063075 FA544023075 FA543069075 FA543065075 FA543092375 Net acquisition of financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Other loans and advances Mortgages U.S. direct investment abroad: intercompany debt 15 16 17 18 19 20 21 22 FA543064175 FA543092173 FA543092473 FA543064275 FA543040075 FA543050075 FA543070075 FA543090075 23 FA544194075 24 FA544190075 25 26 27 28 29 30 31 32 FA542151073 FA543169373 FA543192375 FA543140075 FA543150075 FA543170075 FA543178075 FA543190075 33 FA543181105 34 35 36 FA543164175 FA543192173 FA543194603 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 330.0 387.2 280.8 468.9 209.4 354.5 293.7 226.7 248.3 1 -4.9 1.1 1.6 130.6 2.0 -8.3 -27.4 0.4 163.9 41.7 4.1 37.7 -0.7 -10.9 2.5 -5.4 142.9 -6.7 -2.2 -20.1 2.7 169.2 60.1 1.5 58.7 -0.2 5.5 6.1 3.3 71.7 3.3 -0.5 2.2 -7.6 74.3 43.7 0.2 43.5 -0.2 -4.8 5.1 -1.4 187.2 6.4 15.7 -4.8 2.0 167.9 45.8 12.8 33.0 -1.1 -5.9 4.5 -5.0 87.8 -1.2 5.1 -21.3 -1.4 106.5 41.2 -2.7 43.8 0.5 3.6 13.9 5.2 159.2 -1.4 -5.7 -10.5 -5.9 182.8 38.1 4.5 33.6 0.4 56.8 31.8 3.1 3.4 1.9 10.2 0.6 -13.7 4.4 47.6 -1.0 48.7 -0.4 -41.6 -19.3 1.9 55.8 6.9 -1.2 8.1 -6.2 48.1 51.7 5.0 46.7 -0.0 3.4 -2.1 3.2 68.5 5.7 -5.1 10.7 -4.6 61.8 37.4 -7.6 45.0 -0.6 2 3 4 5 6 7 8 9 10 11 12 13 14 Corporate equities U.S. direct investment abroad: equity Equity in FHLB Mutual fund shares Life insurance reserves Pension entitlements Trade receivables Miscellaneous assets 13.6 0.0 1.3 -0.7 22.2 88.7 10.0 25.3 1.5 1.9 -1.0 -0.1 -5.6 104.5 -3.9 101.0 -1.2 14.2 5.6 -1.4 6.1 20.4 10.0 96.9 -10.5 4.3 -2.4 2.7 -5.6 104.5 -3.9 149.1 1.5 3.7 -1.7 -1.2 -5.6 104.5 -3.9 -10.9 1.8 24.0 -1.1 -2.0 13.2 47.5 3.3 47.4 -3.5 3.3 2.4 -2.8 7.8 18.7 12.9 112.6 -1.5 19.8 1.4 -0.3 4.4 9.4 12.6 132.6 -1.5 9.8 19.5 -0.4 -1.0 6.1 11.2 95.0 15 16 17 18 19 20 21 22 Net increase in liabilities and equity 255.8 262.7 266.4 388.1 84.8 406.9 247.6 170.3 240.6 23 279.7 286.8 287.6 410.8 89.2 421.3 270.1 189.0 270.2 24 1.5 6.9 -0.8 75.2 82.5 66.8 -0.5 48.1 15.8 22.1 -4.7 36.3 133.4 16.3 -1.1 68.8 9.7 2.4 1.0 71.1 100.7 20.2 0.2 82.4 30.8 12.4 -3.6 42.4 176.5 16.3 0.3 135.6 14.9 0.7 -3.8 9.1 103.6 16.3 2.9 -54.6 -7.1 27.0 0.2 94.1 205.5 15.2 1.9 84.5 17.7 -14.4 0.6 55.7 94.5 25.3 -3.3 94.0 10.7 11.2 0.4 31.4 14.3 22.2 3.6 95.3 -23.9 -24.1 -21.3 -22.7 -4.4 -14.4 -22.5 -18.6 -29.5 33 -24.6 0.7 0.0 -30.5 6.4 0.0 -24.8 3.6 0.0 -32.7 10.0 0.0 -23.6 19.2 0.0 -23.2 8.9 0.0 -27.2 4.7 0.0 -22.7 4.1 0.0 -26.2 34 -3.3 35 0.0 36 Net increase in liabilities Security repurchase agreements Loans (other loans and advances) Foreign direct investment: intercompany debt Life insurance reserves Pension entitlements (1) Trade payables Taxes payable Miscellaneous liabilities Net equity issues Corporate equity issues Foreign direct investment: equity Equity investment by holding company parent 17.4 -14.2 2.7 103.2 88.5 18.0 -1.5 55.9 25 26 27 28 29 30 31 32 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 32). 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 -126.4 -47.9 -42.0 18.0 -91.4 -49.4 56.4 -89.4 -85.6 1 2 3 FA543020083 FA543034385 Checkable deposits and currency Money market fund shares -3.6 -3.4 7.0 7.9 4.2 1.4 9.8 2.6 4.2 2.4 9.7 -3.2 8.0 2.0 -0.2 2.3 -0.7 4.6 2 3 4 5 6 7 8 9 10 11 12 FA544022085 FA543069183 FA543061183 FA543061783 FA543062083 FA543063085 FA544023085 FA543069483 FA543065083 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Other loans and advances Mortgages 46.1 5.1 5.6 -15.7 0.7 50.3 9.9 0.0 9.9 48.9 -9.4 -3.0 3.8 2.3 55.2 11.2 0.0 11.2 70.7 1.0 7.2 9.7 2.5 50.3 6.3 0.0 6.3 59.8 -8.4 3.0 12.5 4.1 48.6 15.3 0.0 15.3 36.5 -9.7 -14.4 -10.5 -2.0 73.1 6.9 0.0 6.9 67.5 2.1 5.8 13.1 2.2 44.4 14.7 0.0 14.7 120.4 1.7 12.5 18.7 3.2 84.3 12.1 0.0 12.1 69.5 -0.0 7.6 4.1 2.8 55.0 -0.3 0.0 -0.3 25.2 4 0.2 5 2.8 6 2.9 7 1.9 8 17.4 9 -1.2 10 0.0 11 -1.2 12 13 14 15 16 17 18 FA543064185 FA543064385 FA543040085 FA543050085 FA543070085 FA543090085 Corporate equities Mutual fund shares Life insurance reserves Pension entitlements Trade receivables Miscellaneous assets -91.9 -138.2 0.0 -0.2 0.1 54.8 -4.8 -88.1 0.0 0.0 -0.1 -29.9 -27.8 -105.7 0.0 -0.1 0.0 9.0 -6.6 -76.1 0.0 0.0 -0.1 13.4 -34.9 -47.7 0.0 0.0 -0.0 -58.9 -23.9 -127.1 0.0 -0.0 0.0 13.0 -11.6 -109.8 0.0 0.0 0.0 35.2 -55.2 -112.6 0.0 -0.1 -0.0 7.2 19 FA544190085 Net increase in liabilities -129.7 -47.7 -42.1 12.9 -72.0 -46.2 62.1 -95.3 -89.1 19 20 21 22 23 FA543140085 FA543150085 FA543170085 FA543190085 Life insurance reserves Pension entitlements (1) Trade payables Miscellaneous liabilities -27.2 -113.9 0.0 11.4 35.3 -21.7 0.0 -61.2 -10.1 -36.5 0.0 4.4 38.7 15.4 0.0 -41.3 36.2 -7.8 0.1 -100.5 -11.7 -75.4 0.1 40.8 12.2 73.0 -0.0 -23.0 -17.3 -93.0 0.0 15.0 -23.6 -50.6 -0.1 -14.9 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds which are included in miscellaneous liabilities (line 23). -20.4 -73.2 0.0 -0.4 0.0 -19.5 13 14 15 16 17 18 20 21 22 23 Transactions 2021 32 Z.1, March 7, 2024 F.117 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA596330005 Gross saving 1.2 2.3 2.5 2.4 2.4 2.5 2.5 2.5 2.6 1 2 FA595013005 Fixed nonresidential investment 4.3 4.9 5.3 5.0 5.1 5.2 5.3 5.3 5.4 2 3 FA594090005 Net acquisition of financial assets (2) 302.9 409.1 494.0 386.2 380.2 520.8 467.5 492.2 495.6 3 4 5 FA593020005 FA593030005 Checkable deposits and currency Time and savings deposits 4.4 0.6 -2.9 5.0 5.5 -1.8 -8.0 -6.0 1.1 26.5 -6.9 -13.7 19.5 -9.9 4.7 12.6 4.9 3.9 4 5 6 7 FA593034005 FA592051005 Money market fund shares Security repurchase agreements 10.1 20.0 10.2 21.9 10.8 15.2 19.3 54.3 22.4 58.2 7.9 26.7 -5.4 -146.6 27.2 156.8 13.6 23.7 6 7 8 9 10 11 12 13 FA594022005 FA593069105 FA593061105 FA593061705 FA593062045 FA593063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 338.7 12.9 149.4 39.7 -0.0 136.7 174.8 -6.9 44.9 2.5 -0.0 134.4 219.7 5.1 180.1 -1.2 0.0 35.7 201.4 -34.9 68.4 -15.4 -0.0 183.3 133.1 -11.1 64.5 -1.0 0.0 80.7 331.0 3.1 276.3 -32.8 0.0 84.4 208.4 5.2 164.0 79.1 0.0 -39.9 185.0 10.1 190.1 -51.2 0.0 36.0 154.5 1.9 89.9 0.3 0.0 62.4 8 9 10 11 12 13 14 15 16 FA594023005 FA343069005 FA593065005 Loans Other loans and advances (3) Mortgages 162.0 161.1 0.8 246.1 245.6 0.6 253.7 254.1 -0.4 83.7 80.0 3.7 295.4 299.7 -4.3 19.2 17.6 1.6 324.4 327.1 -2.7 38.8 38.3 0.5 632.2 14 633.4 15 -1.2 16 17 18 FA593064105 FA593064205 Corporate equities Mutual fund shares -397.8 -245.8 -183.3 -78.4 -190.6 -6.0 -119.8 -67.6 42.0 -232.1 -491.9 281.9 32.0 -159.2 -134.5 -77.6 -168.2 17 -69.0 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 410.6 7.7 -6.5 304.4 105.1 215.6 8.4 -1.9 129.6 79.5 187.5 14.0 -2.9 122.7 53.7 229.0 6.5 -1.4 262.3 -38.4 33.6 26.2 -0.7 -31.4 39.6 366.6 22.0 -4.7 348.5 0.8 204.2 11.6 -3.6 19.0 177.3 279.0 5.7 -1.3 347.5 -72.8 24 FA594190005 306.0 411.7 496.8 388.8 382.8 523.6 470.3 494.9 498.4 24 730.8 295.2 10.9 475.0 -50.3 298.0 374.8 36.9 -242.6 128.9 ND 406.9 90.0 ND ND 143.9 384.8 4.1 -437.0 192.1 462.9 406.4 -23.6 38.2 41.8 620.2 407.0 116.5 28.2 68.4 778.1 406.8 63.5 196.9 110.9 416.2 405.8 89.1 -22.9 -55.9 ND 407.7 90.7 ND ND Net increase in pension entitlements (liabilities) -100.0 16.8 -2.1 -224.3 109.6 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) Nonmarketable Treasury securities classified as loans and suspended reinvestments in the Thrift Savings Plan G Fund. (4) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (5) Unfunded defined benefit pension entitlements. (6) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (7) IRA assets are not included above. See memo item on table F.229 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, 2024 F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA576330005 Gross saving 0.5 1.1 1.2 1.1 1.1 1.1 1.2 1.2 1.2 1 2 FA575013005 Fixed nonresidential investment 2.0 2.2 2.4 2.3 2.3 2.4 2.4 2.4 2.4 2 3 FA574090005 Net acquisition of financial assets (2) 3.8 52.5 93.6 52.0 90.6 120.4 62.5 93.4 98.1 3 4 5 FA573020005 FA573030005 Checkable deposits and currency Time and savings deposits 4.5 0.5 -0.3 0.9 -0.0 1.0 -0.5 1.0 -0.8 1.0 0.6 1.0 0.1 1.2 -0.4 0.9 -0.3 1.0 4 5 6 7 FA573034005 FA572051005 Money market fund shares Security repurchase agreements 7.4 0.3 14.1 0.8 14.2 1.0 16.1 0.8 18.2 0.7 10.3 1.2 15.6 1.2 15.0 0.7 16.0 0.9 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 189.7 1.2 71.3 29.9 87.4 145.2 2.2 74.4 17.1 51.4 167.8 2.5 94.3 17.1 54.0 185.9 2.3 113.3 19.3 51.0 190.5 2.3 115.9 20.7 51.5 228.5 2.4 161.9 13.0 51.1 235.2 2.8 152.6 19.0 60.7 97.8 2.1 30.0 17.4 48.3 109.5 8 2.5 9 32.5 10 18.9 11 55.7 12 13 FA573065005 Loans (mortgages) 1.1 0.8 0.9 0.8 0.8 0.8 1.0 0.8 0.9 13 14 15 FA573064105 FA573064205 Corporate equities Mutual fund shares -295.0 -83.4 -133.8 -43.2 -160.5 -16.1 -136.8 -61.0 -134.6 -57.3 -195.7 53.4 -173.1 -63.0 -125.2 -22.2 -147.7 14 -32.4 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 178.6 -6.7 -6.5 149.6 42.2 67.9 -3.4 -1.9 58.7 14.5 85.3 5.6 -2.9 65.9 16.7 45.8 -2.7 -1.4 45.3 4.5 72.0 13.6 -0.7 49.6 9.6 20.4 10.2 -4.7 45.3 -30.6 44.4 4.9 -3.6 43.2 -0.1 126.1 -0.9 -1.3 81.0 47.4 21 FA574190005 5.3 53.6 94.8 53.1 91.8 121.7 63.7 94.6 99.4 21 -23.9 27.7 15.2 37.3 29.6 64.0 20.0 32.0 29.7 60.9 29.7 90.8 29.7 32.8 29.7 63.7 29.6 22 68.5 23 Net increase in pension entitlements (liabilities) 150.2 8.0 -2.1 94.2 50.1 16 17 18 19 20 Memo: 22 23 FA574090045 FA574090055 Net acquisition of financial assets Defined benefit plans (5) Defined contribution plans (6) (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. (5) Additional detail on defined benefit plans is available on table F.118.b. (6) Additional detail on defined contribution plans is available on table F.118.c. Transactions 2021 34 Z.1, March 7, 2024 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 Net acquisition of financial assets (1) 2023 Q4 Q1 Q2 Q3 Q4 1 FA574090045 -23.9 15.2 29.6 20.0 29.7 29.7 29.7 29.7 29.6 1 2 3 FA573020043 FA573030043 Checkable deposits and currency Time and savings deposits -0.5 0.2 0.8 0.5 1.0 0.7 0.8 0.5 0.7 0.5 1.2 0.8 1.1 0.8 0.7 0.5 0.9 0.6 2 3 4 5 FA573034043 FA572051043 Money market fund shares Security repurchase agreements 0.9 0.3 2.2 0.8 2.7 1.0 2.1 0.8 1.9 0.7 3.3 1.2 3.2 1.2 2.0 0.7 2.5 0.9 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 105.4 0.5 36.9 14.4 53.5 55.5 1.3 26.8 4.2 23.2 84.3 1.6 48.2 5.1 29.4 68.3 1.3 46.4 4.0 16.7 64.6 1.1 45.8 3.6 14.1 129.3 2.0 89.9 6.1 31.3 127.8 1.9 89.7 6.0 30.3 35.5 1.2 5.9 3.7 24.7 44.7 6 1.5 7 7.5 8 4.6 9 31.1 10 11 FA573065043 Loans (mortgages) 1.1 0.4 0.5 0.4 0.4 0.7 0.6 0.4 0.5 11 12 13 FA573064143 FA573064243 Corporate equities Mutual fund shares -227.9 -40.3 -90.8 -11.6 -110.6 -14.1 -85.8 -10.9 -77.5 -9.9 -132.9 -16.9 -129.6 -16.5 -79.6 -10.1 -100.2 12 -12.8 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 136.9 -6.1 -9.7 149.6 3.0 57.1 -2.1 -3.9 58.7 4.4 64.0 -2.5 -4.7 65.9 5.4 43.9 -2.0 -3.7 45.3 4.2 48.3 -1.8 -3.3 49.6 3.8 43.1 -3.0 -5.7 45.3 6.5 41.0 -3.0 -5.6 43.2 6.3 79.6 -1.8 -3.4 81.0 3.9 92.5 -2.3 -4.3 94.2 4.9 19 FA574190043 -22.5 16.3 30.9 21.2 30.9 30.9 30.9 30.9 30.9 19 Net increase in pension entitlements (liabilities) 14 15 16 17 18 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. 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 27.7 37.3 64.0 32.0 60.9 90.8 32.8 63.7 68.5 1 2 3 FA573020033 FA573030033 Checkable deposits and currency Time and savings deposits 5.0 0.3 -1.1 0.4 -1.0 0.4 -1.3 0.5 -1.4 0.5 -0.6 0.2 -1.1 0.4 -1.2 0.4 -1.2 0.4 2 3 4 5 FA573034055 FA572051033 Money market fund shares Security repurchase agreements 6.6 0.0 11.9 0.0 11.5 0.0 14.0 0.0 16.2 0.0 7.0 0.0 12.4 0.0 13.1 0.0 13.5 0.0 4 5 6 7 8 9 10 FA574022035 FA573069133 FA573061133 FA573061733 FA573063033 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 84.4 0.6 34.4 15.5 33.9 89.7 0.9 47.7 12.9 28.2 83.4 0.8 46.0 12.0 24.6 117.6 1.1 66.9 15.3 34.3 125.9 1.2 70.1 17.1 37.5 99.2 0.5 72.0 6.9 19.8 107.4 0.9 63.0 13.1 30.5 62.2 1.0 24.1 13.7 23.6 64.8 6 1.0 7 25.1 8 14.3 9 24.5 10 11 FA573065033 Loans (mortgages) 0.0 0.3 0.3 0.4 0.5 0.2 0.3 0.4 0.4 11 12 13 FA573064133 FA573064255 Corporate equities Mutual fund shares -67.1 -43.1 -43.0 -31.6 -49.9 -2.0 -51.0 -50.1 -57.1 -47.4 -62.8 70.3 -43.5 -46.5 -45.6 -12.1 -47.5 12 -19.6 13 14 15 16 17 FA573090055 FA573095505 FA573074033 FA573093055 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 41.7 -0.6 3.1 39.2 10.7 -1.3 2.0 10.1 21.2 8.1 1.8 11.3 1.9 -0.7 2.3 0.3 23.7 15.4 2.6 5.8 -22.7 13.3 1.0 -37.0 3.4 7.8 2.0 -6.4 46.5 0.9 2.1 43.5 57.7 10.3 2.2 45.2 18 FA574090055 27.7 37.3 64.0 32.0 60.9 90.8 32.8 63.7 68.5 18 Net increase in pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. 14 15 16 17 35 Z.1, March 7, 2024 F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 1 FA344090005 2 FA343020033 Net acquisition of financial assets (1) Checkable deposits and currency 3 4 5 6 7 FA344022005 FA343061105 FA343061705 FA343062033 FA343063005 8 2023 Q4 Q1 Q2 Q3 Q4 74.7 72.3 90.4 45.9 -8.6 87.2 89.6 91.9 92.7 1 0.2 -0.9 -0.2 -0.9 -0.9 -0.8 0.0 0.0 0.0 2 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -2.0 -0.9 0.3 -0.0 -1.4 -3.1 -1.9 -1.2 -0.0 0.1 2.2 1.2 0.4 0.0 0.6 -2.4 -1.9 -0.7 -0.0 0.3 4.0 2.8 -1.2 0.0 2.4 1.6 0.6 0.5 0.0 0.5 6.7 4.1 1.1 0.0 1.5 -0.9 -0.4 -0.4 0.0 -0.1 1.5 0.6 0.5 0.0 0.4 3 4 5 6 7 FA343069005 Loans (other loans and advances) (2) 161.1 245.6 254.1 80.0 299.7 17.6 327.1 38.3 633.4 8 9 FA343064105 Corporate equities 10.2 -6.0 11.8 -13.6 3.9 -0.0 14.3 22.3 10.5 9 10 FA343073045 -94.8 -163.3 -177.5 -17.3 -315.3 68.9 -258.5 32.2 -552.7 10 11 FA344090005 74.7 72.3 90.4 45.9 -8.6 87.2 89.6 91.9 92.7 11 71.3 3.4 71.9 0.3 74.4 16.0 72.0 -26.2 73.9 -82.5 74.6 12.7 74.3 15.2 73.4 18.6 75.3 12 17.5 13 Claims of pension fund on sponsor (misc. assets) (3) Net increase in pension entitlements (liabilities) Memo: 12 13 FA344090045 FA344090055 Net acquisition of financial assets Defined benefit plans (4) Defined contribution plans (5) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Nonmarketable Treasury securities classified as loans and suspended reinvestments in the Thrift Savings Plan G Fund. (3) Unfunded defined benefit pension entitlements. (4) Additional detail on defined benefit plans is available on table F.119.b (5) Additional detail on defined contribution plans is available on table F.119.c. Transactions 2021 36 Z.1, March 7, 2024 F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 1 FA344090045 2 FA343020033 Net acquisition of financial assets (2) Checkable deposits and currency 3 4 5 6 7 FA344022045 FA343061165 FA343061733 FA343062033 FA343063033 8 2023 Q4 Q1 Q2 Q3 Q4 71.3 71.9 74.4 72.0 73.9 74.6 74.3 73.4 75.3 1 0.2 -0.9 -0.2 -0.9 -0.9 -0.8 0.0 0.0 0.0 2 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -1.7 -1.2 -0.3 -0.0 -0.2 -1.1 -1.5 -0.0 -0.0 0.4 1.0 0.7 0.0 0.0 0.2 -0.0 -1.0 0.0 -0.0 0.9 0.6 0.1 0.1 0.0 0.4 0.1 0.0 0.0 0.0 0.1 3.3 2.7 0.1 0.0 0.5 0.2 0.1 -0.0 0.0 0.2 0.2 0.1 0.1 0.0 0.1 3 4 5 6 7 FA343069245 Loans (other loans and advances) (3) 168.2 238.7 251.8 92.7 390.8 7.6 331.0 41.4 627.2 8 9 FA343064135 Corporate equities -0.5 -1.3 -0.6 -2.4 -1.2 -1.2 -1.4 -0.5 0.6 9 10 FA343073045 Claims of pension fund on sponsor (misc. assets) (4) -94.8 -163.3 -177.5 -17.3 -315.3 68.9 -258.5 32.2 -552.7 10 11 FA344190045 71.3 71.9 74.4 72.0 73.9 74.6 74.3 73.4 75.3 11 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) Nonmarketable Treasury securities classified as loans. (4) Unfunded defined benefit pension entitlements. F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA344090055 2 3 4 5 FA344022025 FA343061113 FA343061723 FA343063023 6 FA343069055 7 FA343064125 8 FA344090055 Net acquisition of financial assets 3.4 0.3 16.0 -26.2 -82.5 12.7 15.2 18.6 17.5 1 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds -0.4 0.3 0.6 -1.3 -1.9 -0.5 -1.2 -0.3 1.3 0.5 0.4 0.4 -2.3 -0.9 -0.7 -0.7 3.5 2.7 -1.3 2.1 1.5 0.6 0.4 0.4 3.4 1.4 1.0 1.0 -1.2 -0.5 -0.4 -0.3 1.3 0.5 0.4 0.4 2 3 4 5 Loans (other loans and advances) (2) -7.0 6.9 2.3 -12.6 -91.1 10.0 -3.9 -3.0 6.2 6 Corporate equities 10.7 -4.7 12.4 -11.2 5.1 1.1 15.7 22.8 10.0 7 3.4 0.3 16.0 -26.2 -82.5 12.7 15.2 18.6 17.5 8 Net increase in pension entitlements (liabilities) (1) Thrift Savings Plan. (2) Nonmarketable Treasury securities classified as loans and suspended reinvestments in the Thrift Savings Plan G Fund. 37 Z.1, March 7, 2024 F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA226330005 Gross saving 0.7 1.3 1.4 1.3 1.3 1.3 1.3 1.4 1.4 1 2 FA225013005 Fixed nonresidential investment 2.4 2.7 2.9 2.7 2.8 2.9 2.9 2.9 3.0 2 3 FA224090005 Net acquisition of financial assets (1) 224.4 284.4 310.0 288.4 298.2 313.1 315.5 306.8 304.7 3 4 5 FA223020043 FA223030043 Checkable deposits and currency Time and savings deposits -0.3 0.1 -1.7 4.1 5.8 -2.8 -6.5 -7.0 2.7 25.5 -6.7 -14.7 19.4 -11.1 5.2 11.7 5.2 2.9 4 5 6 7 FA223034005 FA222051043 Money market fund shares Security repurchase agreements 2.7 19.7 -3.9 21.1 -3.4 14.1 3.2 53.5 4.2 57.5 -2.4 25.4 -20.9 -147.8 12.2 156.1 -2.4 22.8 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 151.0 11.7 79.0 9.6 0.0 50.7 32.7 -9.2 -27.6 -13.4 0.0 83.0 49.7 2.6 84.6 -18.6 0.0 -18.8 17.8 -37.3 -43.0 -34.0 0.0 132.1 -61.4 -13.5 -54.2 -20.5 0.0 26.7 100.9 0.6 113.8 -46.3 0.0 32.8 -33.5 2.4 7.3 58.9 0.0 -102.1 88.1 8.0 160.5 -68.2 0.0 -12.2 43.5 -0.6 56.8 -19.0 0.0 6.3 8 9 10 11 12 13 14 FA223065043 Loans (mortgages) -0.3 -0.2 -1.3 2.8 -5.1 0.8 -3.6 -0.2 -2.1 14 15 16 FA223064145 FA223064205 Corporate equities Mutual fund shares -113.1 -162.3 -43.6 -35.2 -42.0 10.1 30.6 -6.5 172.7 -174.8 -296.2 228.6 190.8 -96.2 -31.5 -55.3 -31.0 15 -36.6 16 17 18 19 20 FA223090005 FA223095505 FA223073045 FA223093005 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 326.8 14.4 249.6 62.9 311.0 11.8 234.3 64.9 279.8 8.4 234.3 37.0 200.5 9.2 234.3 -42.9 276.9 12.6 234.3 30.0 277.4 11.8 234.3 31.3 418.3 6.7 234.3 177.4 120.7 6.6 234.3 -120.1 21 FA224190005 226.1 285.8 311.6 289.8 299.6 314.7 317.0 308.4 306.3 21 244.7 -20.2 285.1 -0.8 300.0 10.0 290.1 -1.7 300.1 -2.0 300.1 13.1 300.0 15.4 300.0 6.8 300.0 22 4.7 23 Net increase in pension entitlements (liabilities) 302.6 8.7 234.3 59.6 17 18 19 20 Memo: 22 23 FA224090045 FA224090055 Net acquisition of financial assets Defined benefit plans (4) Defined contribution plans (5) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. (3) Unfunded defined benefit pension entitlements. (4) Additional detail on defined benefit plans is available on table F.120.b. (5) Additional detail on defined contribution plans is available on table F.120.c. Transactions 2021 38 Z.1, March 7, 2024 F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 Net acquisition of financial assets (1) 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FA224090045 244.7 285.1 300.0 290.1 300.1 300.1 300.0 300.0 300.0 1 2 3 FA223020043 FA223030043 Checkable deposits and currency Time and savings deposits -0.3 0.1 -1.7 4.1 5.8 -2.8 -6.5 -7.0 2.7 25.5 -6.7 -14.7 19.4 -11.1 5.2 11.7 5.2 2.9 2 3 4 5 FA223034043 FA222051043 Money market fund shares Security repurchase agreements 3.5 19.7 -3.9 21.1 -4.5 14.1 3.2 53.5 4.2 57.5 -2.5 25.4 -24.9 -147.8 12.2 156.1 -2.8 22.8 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 151.0 11.7 79.0 9.6 0.0 50.7 32.7 -9.2 -27.6 -13.4 0.0 83.0 49.7 2.6 84.6 -18.6 0.0 -18.8 17.8 -37.3 -43.0 -34.0 0.0 132.1 -61.4 -13.5 -54.2 -20.5 0.0 26.7 100.9 0.6 113.8 -46.3 0.0 32.8 -33.5 2.4 7.3 58.9 0.0 -102.1 88.1 8.0 160.5 -68.2 0.0 -12.2 12 FA223065043 Loans (mortgages) -0.3 -0.2 -1.3 2.8 -5.1 0.8 -3.6 -0.2 -2.1 12 13 14 FA223064145 FA223064243 Corporate equities Mutual fund shares -113.1 -130.2 -43.6 -22.5 -42.0 9.8 30.6 4.5 172.7 -160.1 -296.2 227.4 190.8 -100.8 -31.5 -55.4 -31.0 13 -32.2 14 15 16 17 FA223090045 FA223073045 FA223093043 Miscellaneous assets Claims of pension fund on sponsor (2) Other 314.2 249.6 64.6 299.1 234.3 64.8 271.2 234.3 36.9 191.2 234.3 -43.0 264.2 234.3 29.9 265.5 234.3 31.2 411.5 234.3 177.2 114.0 234.3 -120.2 293.7 15 234.3 16 59.5 17 18 FA224190043 246.4 286.5 301.6 291.6 301.6 301.6 301.6 301.6 301.6 18 Net increase in pension entitlements (liabilities) 43.5 6 -0.6 7 56.8 8 -19.0 9 0.0 10 6.3 11 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA224090055 Net acquisition of financial assets 2 FA223034055 Money market fund shares 3 FA223064255 Mutual fund shares 4 5 6 FA223090055 FA223095505 FA223093053 Miscellaneous assets Unallocated insurance contracts (misc. assets) (2) Other 7 FA224090055 Net increase in pension entitlements (liabilities) -20.2 -0.8 10.0 -1.7 -2.0 13.1 15.4 6.8 4.7 1 -0.8 0.0 1.1 0.0 0.0 0.0 4.0 0.0 0.3 2 -32.1 -12.7 0.4 -11.0 -14.7 1.1 4.6 0.1 -4.4 3 12.6 14.4 -1.7 11.9 11.8 0.1 8.6 8.4 0.1 9.3 9.2 0.1 12.7 12.6 0.1 11.9 11.8 0.1 6.8 6.7 0.1 6.7 6.6 0.1 8.8 8.7 0.1 4 5 6 -20.2 -0.8 10.0 -1.7 -2.0 13.1 15.4 6.8 4.7 7 (1) Includes 403(b) and 457 type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. 39 Z.1, March 7, 2024 F.121 Money Market Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA634090005 Net acquisition of financial assets 439.5 17.6 1134.5 8.2 299.6 2181.5 1043.6 706.3 606.6 1 2 3 4 FA633091003 FA633030000 FA632051000 Foreign deposits Time and savings deposits Security repurchase agreements -0.5 -20.5 1427.0 1.1 46.5 480.9 4.1 99.0 -310.8 -1.0 118.1 667.2 1.2 -29.5 960.7 1.2 141.7 1347.8 5.1 91.7 -464.8 31.9 134.0 -1045.6 -21.9 28.6 -1080.5 2 3 4 5 6 7 8 9 10 FA634022005 FA633069175 FA633061105 FA633061700 FA633062000 FA633063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -956.4 -6.0 -651.3 -278.3 -14.6 -6.3 -546.8 27.6 -750.7 169.9 7.0 -0.7 1392.9 48.0 1205.5 128.4 11.7 -0.8 -670.2 111.5 -1044.8 248.4 4.6 10.1 -703.4 123.4 -1092.2 277.1 -12.0 0.4 704.1 -89.3 -180.7 962.4 0.1 11.5 1360.5 24.7 1484.8 -171.4 20.5 2.0 1723.4 134.5 1845.1 -278.2 25.0 -3.0 1783.4 5 122.2 6 1672.7 7 0.9 8 1.2 9 -13.6 10 11 FA633093005 Miscellaneous assets (net) -10.0 35.9 -50.7 -105.8 70.6 -13.2 51.0 -137.4 -103.0 11 12 FA634090005 Net share issues (liabilities) 439.5 17.6 1134.5 8.2 299.6 2181.5 1043.6 706.3 606.6 12 Memo: 13 14 FA634090010 FA634090020 Stable NAV money market funds included above Floating NAV money market funds included above (2) 458.9 -19.3 3.0 14.6 1135.6 -1.1 -96.2 104.3 458.0 -158.5 2124.5 57.1 1020.3 23.2 741.6 -35.3 655.8 13 -49.3 14 15 16 17 FA634090033 FA634090043 FA634090053 Government money market funds included above Prime money market funds included above Tax-exempt money market funds included above 549.2 -89.9 -19.7 -240.2 233.0 24.8 856.2 265.9 12.4 -238.4 464.4 -18.8 210.0 296.7 48.6 1483.9 395.9 -1.8 646.7 237.4 15.0 658.0 239.6 4.8 636.3 15 190.7 16 31.3 17 18 FA634090503 Variable annuity money market funds included above -5.7 8.2 2.3 2.8 3.4 -2.2 2.7 3.1 5.4 18 (1) Open-end investment companies including variable annuity money market funds. (2) Floating NAV data begin 2016:Q4, corresponding to the implementation of Securities and Exchange Commission money market reforms on October 14, 2016. Some funds used floating NAV prior to this date. F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA656006403 Gross saving 2 FA654090000 Net acquisition of financial assets 3 4 FA653034003 FA652051003 Money market funds Security repurchase agreements (net) 5 6 7 8 9 10 FA654022005 FA653069100 FA653061105 FA653061703 FA653062003 FA653063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 FA653069803 Loans (other loans and advances) 12 13 FA653064100 FA653093005 Corporate equities Miscellaneous assets 14 FA653164205 Net share issues (liabilities) 15 FA657005005 Discrepancy 15.6 14.8 8.5 12.4 8.5 8.5 8.5 8.5 8.5 1 215.1 -800.5 -299.7 -590.3 -1014.1 -148.7 -325.5 -305.4 -419.4 2 -1.2 30.1 -40.6 6.1 8.4 2.0 4.7 6.7 -144.8 -3.8 14.7 35.8 0.2 26.7 -52.7 -63.0 71.4 8.5 3 4 595.0 -10.5 345.7 -119.9 109.4 270.3 -191.7 0.2 -25.5 42.0 -130.9 -77.5 205.9 15.6 9.5 129.2 -4.4 56.0 -25.4 20.9 -49.7 -43.9 -54.6 101.9 -438.2 -2.4 -0.1 36.6 -207.4 -264.9 71.9 -8.0 -61.3 213.3 20.2 -92.4 411.6 31.4 5.5 249.9 19.4 105.4 255.6 34.5 86.9 50.3 -8.1 92.0 84.6 5 4.6 6 6.9 7 3.4 8 -49.3 9 119.0 10 55.5 -18.8 -15.7 -56.1 -59.0 -41.0 -29.9 8.2 -0.1 11 -316.7 -147.7 -388.3 -167.2 -319.3 -181.1 -251.4 -268.8 -453.2 84.9 -280.6 50.5 -361.0 -373.2 -283.7 -169.9 -352.0 12 -231.7 13 215.1 -800.5 -299.7 -590.3 -1014.1 -148.7 -325.5 -305.4 -419.4 14 15.6 14.8 8.5 12.4 8.5 8.5 8.5 8.5 8.5 15 -154.1 -102.3 -119.6 -88.3 -61.0 -140.2 -122.5 -124.9 -90.8 16 -332.1 33.4 16.6 397.9 99.3 -216.5 -108.4 -62.2 -281.4 -132.0 -303.4 -44.4 -70.5 119.7 -1.2 -191.5 -72.0 -61.0 -219.9 -49.4 -261.6 -191.7 -94.9 -252.4 -157.5 -294.2 -76.7 -57.6 144.8 46.6 -385.8 -52.5 -74.9 193.0 7.8 -297.8 -35.1 -87.9 135.7 -14.7 Memo: 16 FA654090500 17 18 19 20 21 FA654091600 FA654092603 FA654091403 FA654091303 FA654091203 Variable annuity mutual funds included above Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Hybrid funds Taxable bond funds Municipal bond funds (1) Open-end investment companies including variable annuity mutual funds. Quarterly figures for net acquisition of financial assets by investment objective (lines 17 through 21) are not seasonally adjusted and therefore may not sum to total net acquisition of financial assets (line 2). -235.6 -13.2 -61.4 5.1 -44.6 17 18 19 20 21 Transactions 2021 40 Z.1, March 7, 2024 F.123 Closed-End Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 1 FA554090005 2 3 4 5 FA554022005 FA553061103 FA553062003 FA553063003 6 FA553064103 7 FA554090005 Net acquisition of financial assets Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 2023 Q4 Q1 Q2 Q3 Q4 17.2 -0.5 -0.8 -2.1 -3.5 1.2 0.4 -1.4 -3.6 1 9.2 0.3 0.7 8.2 -0.6 -0.2 -0.3 -0.0 -0.9 -0.3 -0.7 0.1 -2.1 -3.8 -1.8 3.6 -1.3 -0.1 0.2 -1.3 1.1 -0.3 1.0 0.4 0.0 -0.0 -0.6 0.6 -1.3 -0.1 -0.4 -0.8 -3.4 -0.8 -2.8 0.2 2 3 4 5 8.0 0.1 0.1 -0.0 -2.2 0.1 0.4 -0.0 -0.2 6 17.2 -0.5 -0.8 -2.1 -3.5 1.2 0.4 -1.4 -3.6 7 6.0 2.0 6.3 0.7 2.1 -0.3 0.4 -0.2 -0.3 -0.1 0.1 -0.1 -0.0 -0.7 -0.2 -0.0 0.0 -0.3 -1.8 -0.0 -2.1 -0.2 -1.1 0.2 -0.4 0.1 0.0 0.1 1.0 0.0 0.4 -0.0 0.6 -0.6 -0.0 -0.0 0.0 -1.0 -0.4 0.0 0.0 8 -0.2 9 0.2 10 -2.8 11 -0.8 12 935.5 609.3 597.2 395.3 614.9 423.6 630.4 420.7 914.1 1 4.8 -11.5 11.5 15.0 -22.3 19.2 -4.6 16.7 14.8 2 Memo: 8 9 10 11 12 FA554091603 FA554092603 FA554091303 FA554091203 FA554092303 Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Domestic taxable bond funds Municipal bond funds World bond funds F.124 Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA564090005 Net acquisition of financial assets 2 FA563034003 Money market funds 3 4 5 6 FA564022005 FA563061103 FA563062003 FA563063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 202.7 66.5 20.6 115.6 206.5 115.6 29.3 61.6 200.5 97.5 14.6 88.5 210.2 145.3 0.9 64.1 289.1 81.3 60.0 147.8 200.1 165.9 -2.7 36.9 199.2 65.8 10.2 123.1 155.3 105.2 18.6 31.5 247.7 53.2 32.2 162.3 3 4 5 6 7 FA563064100 Corporate equities 731.6 416.2 393.3 213.5 370.7 204.4 439.3 275.0 654.4 7 8 FA563093003 Miscellaneous assets (1) -3.6 -1.8 -8.1 -43.4 -22.6 -0.0 -3.5 -26.2 -2.8 8 9 FA564090005 935.5 609.3 597.2 395.3 614.9 423.6 630.4 420.7 914.1 9 519.1 210.8 -4.1 6.4 182.4 20.9 317.2 100.3 -1.9 -3.1 168.0 28.8 319.0 83.3 -8.2 1.6 186.8 14.7 140.5 8.8 -47.0 -1.3 217.7 1.3 355.1 141.8 -22.2 -3.4 214.2 59.3 124.2 115.8 0.9 -0.8 220.6 -1.4 265.6 81.5 -4.5 1.5 174.3 8.9 185.5 31.9 -27.4 2.0 133.2 18.3 700.8 103.8 -1.8 3.8 219.1 32.9 10 11 12 13 14 15 Net share issues (liabilities) Memo: 10 11 12 13 14 15 FA564091600 FA564092603 FA564091703 FA564091403 FA564091303 FA564091203 Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Commodity funds (1) Hybrid funds Taxable bond funds Municipal bond funds (1) Investments primarily in commodities, currencies, and futures. 41 Z.1, March 7, 2024 F.125 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA406000105 Gross saving 5.5 5.9 5.4 5.7 5.4 5.4 5.4 5.4 5.5 1 2 FA405013005 Fixed nonresidential investment 0.5 0.5 0.6 0.5 0.5 0.5 0.6 0.6 0.6 2 3 FA404090005 Net acquisition of financial assets 582.9 945.6 134.2 924.8 751.8 1568.8 -616.6 -232.5 -183.0 3 4 5 6 FA403020005 FA403030005 FA402050005 Checkable deposits and currency Time and savings deposits Federal funds and security repos -29.9 -2.2 -2.8 6.5 16.4 42.5 -22.2 4.3 17.7 -38.2 13.0 108.8 97.4 37.6 -209.0 18.4 8.5 443.4 -41.0 19.6 54.1 -11.4 -7.5 -290.0 -54.6 -3.5 -136.6 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 -71.2 -2.6 -43.2 -23.8 -0.4 -1.2 13.9 5.5 -18.4 25.8 -0.2 1.3 42.6 1.4 -1.5 40.5 -0.1 2.2 37.0 7.8 -14.4 41.5 -0.0 2.1 -15.4 1.5 -52.8 35.2 -0.3 1.0 25.1 -3.6 -39.4 66.1 0.0 2.0 68.1 2.7 16.6 45.6 -0.3 3.4 55.8 4.2 19.2 29.8 -0.1 2.6 21.3 7 2.2 8 -2.4 9 20.6 10 -0.0 11 0.9 12 13 FA404023005 Loans 719.5 903.7 87.9 833.4 808.6 1086.2 -716.3 -6.2 -12.1 13 14 15 16 17 18 19 20 21 22 23 24 25 26 FA403069305 FA403069385 FA403069345 FA403069330 FA403065005 FA403065105 FA403065195 FA403065185 FA403065405 FA403065495 FA403065485 FA403065605 FA403066005 -63.6 0.0 11.2 -74.9 783.1 738.9 833.9 -94.9 25.5 36.5 -10.9 18.7 0.0 502.8 0.0 17.8 485.0 400.9 349.3 363.1 -13.7 44.4 40.1 4.2 7.2 0.0 -17.7 0.0 21.2 -38.9 105.6 54.1 59.5 -5.4 41.0 45.3 -4.3 10.5 0.0 593.7 0.0 14.5 579.3 239.7 206.8 242.7 -35.9 26.7 25.9 0.8 6.2 0.0 662.1 0.0 24.4 637.7 146.5 33.3 -34.7 68.0 105.9 62.7 43.1 7.3 0.0 1022.1 0.0 10.9 1011.2 64.1 36.5 102.2 -65.7 18.2 37.1 -18.9 9.4 0.0 -877.8 0.0 15.3 -893.1 161.5 101.3 140.9 -39.6 49.5 53.1 -3.7 10.8 0.0 -153.8 0.0 32.2 -185.9 147.6 82.0 60.7 21.3 55.6 56.2 -0.6 10.0 0.0 27 FA403093005 -30.5 -37.5 3.9 -29.2 32.6 -12.7 -1.2 26.8 2.5 27 28 FA404194005 533.2 827.2 122.0 967.6 737.2 1415.8 -605.8 -176.4 -145.5 28 29 FA404190005 533.9 807.2 118.5 944.3 711.1 1369.5 -584.8 -167.9 -142.7 29 30 FA402150005 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 31 32 33 FA403161705 FA403161795 FA403161785 Debt securities (GSE issues) (3) Consolidated trusts (2) Other 539.4 870.3 -330.9 793.3 403.2 390.1 98.3 104.8 -6.5 841.6 268.7 572.9 695.7 28.0 667.6 1431.6 139.3 1292.3 -588.8 194.1 -782.9 -292.9 116.9 -409.8 -156.7 31 -31.2 32 -125.5 33 34 FA403169283 Loans (U.S. government loans) 35 FA403190005 Miscellaneous liabilities 36 FA403181105 37 38 FA403164105 FA403192405 39 FA407005005 Other loans and advances Sallie Mae Farm Credit System FHLB loans Mortgages One-to-four-family residential Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit Miscellaneous assets Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Equity in GSEs Discrepancy -61.3 0.0 26.6 -87.9 49.2 -3.5 -66.0 62.5 40.7 34.8 5.9 12.0 0.0 14 15 16 17 18 19 20 21 22 23 24 25 26 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34 -5.5 14.0 20.2 102.8 15.4 -62.1 4.0 125.0 14.0 35 -0.8 20.0 3.5 23.3 26.1 46.2 -21.0 -8.5 -2.8 36 0.1 -0.9 0.0 20.0 0.0 3.5 0.0 23.3 0.0 26.1 0.0 46.2 0.0 -21.0 0.0 -8.5 0.0 37 -2.8 38 -44.7 -113.1 -7.3 47.9 -9.7 -148.2 15.7 60.9 42.4 39 (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (F.125). (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Such issues are classified as agency- and GSE-backed securities. F.126 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA413065005 2 3 4 5 FA413065105 FA413065405 FA413065505 FA413065605 6 FA413065005 Net acquisition of financial assets One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages Net increase in pool securities (liabilities) (2) 73.5 186.1 182.7 209.3 181.7 139.7 193.2 222.5 175.5 1 35.4 37.7 0.0 0.3 178.3 7.9 0.0 -0.1 174.1 8.0 0.0 0.7 205.9 3.4 0.0 -0.0 178.4 3.4 0.0 -0.2 142.9 -3.2 0.0 -0.0 186.8 3.9 0.0 2.5 212.7 9.9 0.0 -0.1 153.9 21.4 0.0 0.3 2 3 4 5 73.5 186.1 182.7 209.3 181.7 139.7 193.2 222.5 175.5 6 (1) Ginnie Mae, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.125). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. Transactions 2021 42 Z.1, March 7, 2024 F.127 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA676330023 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 FA675013025 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 FA674090005 Net acquisition of financial assets 163.8 82.2 37.5 76.9 -33.0 82.2 12.0 48.6 7.2 3 4 5 6 FA674022005 FA673061103 FA673061703 Debt securities Treasury securities Agency- and GSE-backed securities (1) 1.5 1.5 0.0 4.6 4.6 0.0 -5.0 -5.0 0.0 2.5 2.5 0.0 0.4 0.4 0.0 -0.2 -0.2 0.0 -7.6 -7.6 0.0 -5.0 -5.0 0.0 -7.0 -7.0 0.0 4 5 6 7 8 9 10 11 12 13 FA674023005 FA673069005 FA673065005 FA673065105 FA673065405 FA673065505 FA673066000 Loans Other loans and advances Mortgages (2) One-to-four-family residential Multifamily residential Commercial Consumer credit 118.7 61.5 57.7 3.8 12.4 41.4 -0.5 55.6 42.1 11.9 12.4 -5.1 4.6 1.6 28.9 -8.7 24.6 10.5 7.8 6.3 13.0 72.2 52.9 18.2 13.7 -0.0 4.5 1.1 -56.8 25.8 -88.3 -13.8 -32.2 -42.4 5.7 82.8 8.6 76.3 14.7 28.1 33.5 -2.1 2.8 3.9 -3.0 7.8 -1.4 -9.4 2.0 34.1 -21.1 54.1 12.9 6.3 34.8 1.1 -4.0 -26.3 -28.9 6.6 -1.8 -33.7 51.2 7 8 9 10 11 12 13 14 15 FA673070003 FA673090543 Trade credit Miscellaneous assets (funding agreements) (3) 3.0 40.5 3.8 18.3 3.8 9.8 5.2 -3.0 13.6 9.9 -8.6 8.3 6.7 10.1 3.6 15.9 13.5 14 4.7 15 16 FA674122005 Net increase in liabilities 163.8 82.2 37.5 76.9 -33.0 82.2 12.0 48.6 7.2 16 17 18 FA673169105 FA673163005 Commercial paper Corporate bonds (net) (4) -32.9 196.7 65.2 17.1 -57.9 95.4 26.4 50.5 12.0 -45.0 -42.3 124.5 -35.5 47.4 -68.6 117.1 -85.3 17 92.5 18 19 FA677005005 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 0.0 16.4 0.0 2.3 0.0 -6.0 0.0 -14.1 0.0 -12.4 0.0 -1.2 0.0 -18.9 0.0 -16.3 0.0 20 12.6 21 Discrepancy Memo: 20 21 FA675013263 FA643065045 Securitized assets not included above Consumer leases (5) Mortgage REIT assets (6) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Funding agreements with life insurance companies. (4) Net issuance less net acquisition of corporate bonds held as assets. (5) Receivables from operating leases, such as consumer automobile leases, are recorded as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. (6) Included in table F.129. 43 Z.1, March 7, 2024 F.128 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA616000105 Gross saving less net capital transfers paid (2) 102.8 91.3 82.8 90.7 89.6 80.4 83.7 83.1 84.0 1 2 FA615013005 Fixed nonresidential investment 63.3 64.5 67.5 65.8 66.0 66.8 67.8 67.7 67.8 2 3 FA614090005 Net acquisition of financial assets -53.8 31.6 179.1 20.1 198.6 44.1 244.8 194.0 233.4 3 4 5 FA613020003 FA613030003 Checkable deposits and currency Time and savings deposits -3.7 -11.2 -9.7 -29.0 4.4 13.1 -10.2 -30.6 4.4 13.2 3.1 9.3 3.6 10.9 0.9 2.8 9.8 29.3 4 5 6 FA613063003 Debt securities (corporate and foreign bonds) 18.2 -4.2 -27.2 0.2 11.4 -50.2 -8.5 -6.5 -43.6 6 7 8 9 10 11 FA614023005 FA613069505 FA613065000 FA613066005 FA613092305 Loans Other loans and advances Mortgages Consumer credit U.S. direct investment abroad: intercompany debt -28.3 -32.6 -13.5 17.8 -2.9 36.5 60.2 -11.4 -12.4 -4.4 106.6 71.4 -9.4 44.6 -0.6 32.9 55.2 -14.8 -7.5 -13.2 102.9 98.2 0.0 4.7 0.6 -8.0 -10.9 -20.8 23.8 7.5 172.6 103.0 -4.8 74.4 -5.4 125.3 84.3 -13.7 54.7 1.7 136.3 7 109.2 8 1.7 9 25.4 10 -6.1 11 12 13 FA613092103 FA613092403 U.S. direct investment abroad: equity Equity in FHLB 24.4 -0.0 33.2 -0.0 25.7 0.0 40.8 -0.0 42.6 0.0 29.0 -0.0 28.0 0.0 25.6 0.0 20.1 12 0.0 13 14 FA613090005 Miscellaneous assets -50.2 9.2 57.1 0.2 23.4 53.3 43.5 44.1 87.6 14 15 FA614194005 -72.4 -32.0 170.6 -121.7 119.4 55.6 182.6 208.4 235.9 15 16 FA614190005 -81.2 -33.0 170.8 -126.1 125.1 62.3 185.4 205.1 230.5 16 17 18 19 FA614122005 FA613169100 FA613163005 Debt securities Open market paper Corporate bonds -61.2 -0.4 -60.8 -22.9 8.9 -31.8 95.7 10.7 85.0 -72.2 30.9 -103.0 88.4 23.1 65.4 24.6 -21.5 46.2 136.6 29.3 107.4 54.8 21.2 33.7 166.7 17 13.8 18 152.9 19 20 21 22 23 FA614123005 FA613168005 FA613169005 FA613192305 Loans Depository institution loans n.e.c. Other loans and advances Foreign direct investment: intercompany debt 16.5 16.8 -0.4 0.4 -58.2 -58.2 0.0 -0.0 -5.8 -5.9 0.0 -0.5 -5.4 -5.4 -0.1 1.1 16.9 16.8 0.1 -0.9 -50.5 -50.5 -0.0 -1.7 36.2 36.1 0.1 -0.4 -2.8 -2.9 0.1 -0.1 -6.2 -6.3 0.0 0.3 20 21 22 23 24 25 26 27 FA613178005 FA613190005 FA613194703 FA613193005 Taxes payable Miscellaneous liabilities Other investment by parent Other -1.0 -35.8 -11.3 -24.5 1.9 46.3 -8.5 54.8 2.2 79.3 3.8 75.5 -0.8 -48.7 -17.2 -31.5 2.8 17.8 -33.1 51.0 -1.2 91.0 73.2 17.9 0.4 12.6 -63.1 75.7 2.2 150.9 109.0 41.8 7.2 62.6 -104.0 166.6 24 25 26 27 28 FA613192103 8.8 1.0 -0.2 4.4 -5.7 -6.7 -2.8 3.3 5.4 28 29 FA617005005 20.9 -36.8 6.8 -116.9 -55.6 25.0 -46.4 29.8 18.7 29 -9.8 -36.8 -7.9 -39.3 -33.3 -19.4 -6.2 -4.0 -2.2 30 Net increase in liabilities and equity Net increase in liabilities Net equity issues (foreign direct investment) Discrepancy Memo: 30 FA613066303 Consumer leases not included above (3) (1) Includes retail captive finance companies and mortgage companies. (2) Net capital transfers paid from table F.5, line 57. (3) Receivables from operating leases, such as consumer automobile leases, are recorded as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. Transactions 2021 44 Z.1, March 7, 2024 F.129 Mortgage Real Estate Investment Trusts (Mortgage REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA646006403 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 FA644090075 Net acquisition of financial assets 17.7 -9.1 27.3 39.2 -50.2 95.3 -40.0 31.4 22.6 2 3 FA643020073 Checkable deposits and currency -1.3 -0.7 -0.6 7.1 -6.7 6.1 -6.9 -0.4 -1.4 3 4 5 6 FA644022075 FA643061773 FA643063073 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds -37.9 -35.2 -2.7 -1.3 -3.3 2.0 24.6 24.2 0.5 58.6 54.8 3.8 -31.6 -29.2 -2.4 77.9 79.4 -1.5 10.0 10.3 -0.3 47.4 44.0 3.4 -36.8 -37.1 0.2 4 5 6 7 8 9 10 FA643065075 FA643065173 FA643065473 FA643065573 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 59.4 26.5 4.6 28.4 8.7 -1.2 1.4 8.4 -12.6 5.3 -1.0 -16.9 -21.8 -3.4 -1.0 -17.3 12.2 3.5 -1.9 10.6 -7.7 5.3 -1.3 -11.7 -37.4 -4.0 -1.6 -31.7 -19.0 5.6 -1.5 -23.1 11 FA643092473 Equity in FHLB 12 FA643093075 Miscellaneous assets 13 FA644194075 14 FA644190075 15 FA642151073 16 17 18 FA644122075 FA643169173 FA643163075 19 20 21 22 13.6 7 14.4 8 0.5 9 -1.3 10 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 11 -2.5 -15.8 16.0 -4.7 -24.2 19.0 -5.7 3.4 47.3 12 17.7 -9.1 27.3 39.2 -50.2 95.3 -40.0 31.4 22.6 13 10.7 -3.0 27.3 49.5 -54.2 92.8 -40.5 40.8 16.2 14 Security repurchase agreements -4.3 -18.8 19.3 10.9 -22.9 83.4 -30.2 60.7 -36.8 15 Debt securities Open market paper Corporate bonds 23.8 0.0 23.8 13.0 0.0 13.0 -0.3 0.0 -0.3 -12.8 0.0 -12.8 24.7 0.0 24.7 -2.1 0.0 -2.1 -18.8 0.0 -18.8 -11.4 0.0 -11.4 31.2 16 0.0 17 31.2 18 FA644123075 FA643168073 FA643169373 FA643193075 Loans Depository institution loans n.e.c. Other loans and advances Miscellaneous liabilities 0.5 0.5 -0.0 -9.3 0.2 0.3 -0.1 2.7 1.2 1.3 -0.1 7.1 2.1 2.3 -0.2 49.4 -2.7 -2.7 0.0 -53.3 4.5 4.5 0.0 6.9 -0.0 0.1 -0.2 8.5 0.4 0.6 -0.2 -8.9 23 FA643164105 Net equity issues (corporate equity) 7.0 -6.1 0.0 -10.2 4.0 2.6 0.5 -9.4 6.4 23 24 FA647005005 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24 16.4 0.0 6.2 2.5 7.8 2.3 0.0 6.6 1.5 -5.8 -6.0 0.0 6.2 -0.8 -11.4 -14.1 0.0 4.0 -0.2 -17.9 -12.4 0.0 0.6 -0.7 -12.3 -1.2 0.0 9.2 -0.5 -9.9 -18.9 0.0 3.0 -1.7 -20.1 -16.3 0.0 0.0 -1.9 -14.5 Net increase in liabilities and equity Net increase in liabilities Discrepancy 0.1 0.1 0.0 21.6 19 20 21 22 Memo: 25 26 27 28 29 FA643065045 FA643061743 FA643065163 FA643065443 FA643065543 Securitized assets included above Agency- and GSE-backed securities One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages (1) Equity REITs which invest primarily in real estate are included in the nonfinancial corporate business sector F.103 and L.103. 12.6 0.0 12.7 0.8 -0.9 25 26 27 28 29 45 Z.1, March 7, 2024 F.130 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA666000105 Gross saving less net capital transfers paid (1) 30.5 25.9 20.2 9.4 18.3 19.4 19.9 20.4 21.0 1 2 FA665013005 Fixed nonresidential investment 50.0 56.0 60.0 57.0 57.6 59.1 59.6 60.1 61.1 2 3 FA664090005 Net acquisition of financial assets 164.4 -84.6 516.8 -138.2 -309.9 1874.7 -6.0 -274.0 472.7 3 4 5 FA663020003 FA662051003 Checkable deposits and currency Security repurchase agreements 2.2 -66.7 8.2 206.1 -20.5 164.2 12.6 -59.9 -17.4 524.0 -64.6 796.4 16.3 -91.0 -26.5 -134.9 -7.2 86.4 4 5 6 7 8 9 10 11 FA664022005 FA663069103 FA663061105 FA663061705 FA663062003 FA663063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -174.4 8.1 -104.3 -22.1 6.0 -62.0 135.8 2.7 85.4 59.6 0.7 -12.6 128.3 0.6 95.5 9.5 1.0 21.6 385.9 31.1 241.7 48.3 20.4 44.4 131.4 -17.6 50.3 160.6 -12.9 -49.0 476.4 37.1 429.1 -1.9 -5.2 17.2 -48.4 2.8 -23.2 -89.0 18.6 42.4 249.2 -17.0 78.5 140.7 0.9 46.1 -164.1 6 -20.3 7 -102.3 8 -11.8 9 -10.4 10 -19.3 11 12 13 FA663069005 FA663092305 Loans (other loans and advances) U.S. direct investment abroad: intercompany debt 175.8 0.0 -178.6 0.0 -10.0 0.0 -57.7 0.0 -581.4 0.0 -71.2 0.0 -20.8 0.0 -12.1 0.0 64.1 12 0.0 13 14 15 FA663064103 FA663092103 Corporate equities U.S. direct investment abroad: equity -33.7 0.0 -13.7 0.0 63.6 0.0 93.6 0.0 -139.3 0.0 213.7 0.0 88.2 0.0 -58.6 0.0 11.1 14 0.0 15 16 17 18 19 FA663090005 FA663070605 FA663094705 FA663093005 Miscellaneous assets Receivables due from other brokers and dealers Balances due from holding company parent Other 261.2 190.6 39.5 31.1 -242.5 -46.1 106.3 -302.6 191.3 64.0 18.0 109.3 -512.7 -349.1 143.8 -307.4 -227.2 -159.8 30.1 -97.5 523.9 291.9 2.4 229.6 49.8 -22.5 33.0 39.3 -291.1 -135.2 37.8 -193.7 482.5 121.6 -1.0 361.9 20 FA664194005 147.2 -8.5 496.5 11.7 -395.1 1751.6 -21.3 -165.6 421.3 20 21 FA664190005 136.2 -77.9 499.4 -155.1 -349.0 1826.2 -16.0 -284.4 471.7 21 22 FA662151003 Security repurchase agreements -203.9 55.7 483.9 319.2 50.7 1569.8 143.5 51.4 170.9 22 23 FA663163003 Debt securities (corporate bonds) 33.8 18.4 0.1 -102.6 50.0 -27.2 -72.5 39.4 60.9 23 24 25 26 27 FA664123005 FA663168005 FA663167005 FA663192305 Loans Depository institution loans n.e.c. Other loans and advances Foreign direct investment: intercompany debt 145.1 39.0 106.0 1.6 -43.4 9.3 -52.7 -1.0 -76.5 1.1 -77.6 0.3 -247.2 2.2 -249.4 -1.3 -256.4 11.4 -267.8 2.0 -144.3 -14.9 -129.4 -0.4 -58.2 -56.7 -1.5 3.0 -205.2 38.8 -244.0 -1.7 101.7 37.3 64.5 0.5 24 25 26 27 28 29 30 31 32 33 FA663170003 FA663178003 FA663190005 FA663170605 FA663194705 FA663193005 Trade payables Taxes payable Miscellaneous liabilities Payables due to other brokers and dealers Other investment by parent companies Other 3.9 0.5 155.2 134.2 53.3 -32.4 -2.4 -2.9 -102.3 -32.8 -51.9 -17.6 -1.6 0.1 92.9 60.1 99.4 -66.6 1.3 -0.9 -123.6 -71.1 -98.2 45.7 1.8 -11.4 -185.7 -75.9 -102.2 -7.7 -3.7 2.0 430.0 183.6 76.5 169.9 14.8 2.6 -49.2 -8.2 -7.5 -33.6 -5.4 1.0 -163.8 -93.5 250.0 -320.3 -11.9 -5.2 154.8 158.4 78.7 -82.3 28 29 30 31 32 33 34 FA663181105 11.0 69.4 -2.9 166.9 -46.1 -74.6 -5.3 118.9 35 36 37 38 39 FA663164105 FA663192103 FA662090003 FA663194605 FA663194505 -4.8 47.4 15.8 -47.5 0.0 -6.9 -25.1 3.7 97.7 0.0 20.1 37.5 14.1 -74.5 0.0 3.6 -53.9 14.4 202.7 0.0 -2.7 55.4 49.0 -147.8 0.0 11.1 24.5 32.2 -142.3 0.0 21.7 63.0 9.1 -99.2 0.0 17.0 -32.0 3.6 130.3 0.0 40 FA667005005 -36.7 46.0 -60.1 102.3 -124.6 -162.8 -55.0 68.8 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Foreign direct investment: equity Proprietors’ net investment Equity investment by holding company parents Equity investment by other financial business Discrepancy (1) Net capital transfers paid from table F.5, line 58. 16 17 18 19 -50.4 34 30.8 94.3 11.4 -187.0 0.0 35 36 37 38 39 -91.6 40 Transactions 2021 46 Z.1, March 7, 2024 F.131 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FA736000105 Gross saving 112.5 158.4 182.6 159.3 188.0 180.9 183.6 182.6 183.2 1 2 FA735013005 Fixed nonresidential investment 36.2 40.2 43.3 40.9 41.4 42.6 43.1 43.4 44.1 2 3 FA734090005 Net acquisition of financial assets 133.6 91.4 236.8 101.5 153.4 203.3 9.3 371.0 363.6 3 4 5 6 FA733091003 FA733030005 FA732051003 Foreign deposits Time and savings deposits Security repurchase agreements -1.8 -96.5 -15.3 -8.8 78.3 10.5 3.4 17.3 -1.4 17.5 78.6 21.7 -7.5 206.5 29.5 9.8 45.0 -2.3 2.1 -80.8 -0.3 10.6 -122.2 -2.6 -8.8 227.2 -0.4 4 5 6 7 8 9 10 FA734022605 FA733061103 FA733061703 FA733063003 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 29.4 34.2 -8.4 3.6 58.2 56.4 -3.1 5.0 -4.5 -4.3 -1.4 1.2 73.6 64.8 -3.4 12.3 15.0 9.3 -2.0 7.7 -71.5 -57.2 -1.9 -12.5 1.5 5.1 -0.8 -2.8 55.4 38.2 -0.6 17.8 -3.4 7 -3.5 8 -2.2 9 2.3 10 11 12 FA733069005 FA733092305 Loans (other loans and advances) U.S. direct investment abroad: intercompany debt 23.6 -3.2 21.0 -4.1 -5.2 -0.8 19.6 -12.9 3.3 1.5 -23.8 6.9 20.8 -5.3 -18.6 1.6 0.8 11 -6.4 12 13 14 FA733092103 FA733094635 U.S. direct investment abroad: equity Equity investment in affiliates 30.3 77.1 23.2 -41.2 28.6 36.8 5.1 -1.5 5.6 13.5 52.5 105.9 25.5 -62.7 19.2 118.6 17.3 13 -14.8 14 15 FA733040005 Life insurance reserves 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 15 16 17 18 FA733090005 FA733094735 FA733093005 Miscellaneous assets Other investment in affiliates Other 86.0 87.4 -1.4 -49.7 -50.3 0.6 158.6 165.1 -6.5 -104.3 -119.7 15.4 -117.9 -96.3 -21.6 76.9 83.9 -7.0 104.5 112.8 -8.3 305.0 280.4 24.6 148.0 16 183.4 17 -35.4 18 19 FA734194005 -47.2 104.2 3.4 131.6 208.4 -71.6 -167.3 33.1 219.4 19 20 FA734190005 99.6 118.6 111.7 67.0 231.0 66.9 10.5 46.0 323.5 20 21 FA732151003 Security repurchase agreements 22 23 24 FA734122005 FA733169103 FA733163005 Debt securities Commercial paper Corporate bonds 25 FA733192305 Foreign direct investment: intercompany debt (2) 26 27 28 29 FA733178013 FA733190005 FA733194735 FA733193005 Taxes payable Miscellaneous liabilities Balances due to affiliates Other 30 FA733181105 31 32 FA733164105 FA733192103 33 FA737005005 Net increase in liabilities and equity Net increase in liabilities Net equity issuance Corporate equity issues Foreign direct investment: equity (2) Discrepancy 0.0 -0.0 -0.0 0.0 -0.1 0.1 -0.1 0.3 -0.4 21 65.0 3.0 62.1 -3.2 1.4 -4.6 19.5 3.1 16.4 -176.1 1.5 -177.6 276.6 1.4 275.2 24.8 -2.2 26.9 -26.9 13.6 -40.5 -207.7 -5.5 -202.1 287.9 22 6.5 23 281.4 24 2.9 -35.4 3.6 -35.2 -54.7 3.2 7.5 16.4 -12.6 25 -0.3 32.0 33.5 -1.5 -0.3 157.6 113.9 43.6 -0.6 89.2 81.2 8.0 0.0 278.3 225.7 52.6 0.0 9.2 -75.2 84.4 0.0 38.9 60.6 -21.8 -2.5 32.4 28.2 4.3 0.0 237.0 205.8 31.2 -146.8 -14.4 -108.3 64.6 -22.6 -138.5 -177.8 -12.9 -104.1 30 -110.1 -36.8 -77.5 63.1 -64.5 -43.8 -23.5 88.1 -8.5 -14.1 -113.3 -25.2 -105.3 -72.5 -26.5 13.6 -13.0 31 -91.1 32 -104.5 131.0 -94.1 148.4 201.5 -136.6 -36.0 -198.7 -5.2 33 (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. (2) Investment in U.S. Intermediate Holding Companies. 0.0 48.6 30.1 18.4 26 27 28 29 47 Z.1, March 7, 2024 F.132 Other Financial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA506006403 Gross saving -61.8 -71.1 -102.4 -79.0 -102.4 -102.4 -102.4 -102.4 -102.4 1 2 FA504090005 Net acquisition of financial assets 178.6 -101.5 93.0 -148.8 -159.0 199.5 39.9 191.1 -58.4 2 3 4 5 FA503020005 FA503034005 FA502051005 Checkable deposits and currency Money market fund shares Security repurchase agreements 72.0 171.8 -1.8 -22.1 -191.2 0.3 -48.0 178.8 1.5 -65.8 -205.8 -0.9 -24.0 -116.7 -1.9 -15.2 347.4 4.3 -99.9 158.2 -2.7 -95.7 130.0 3.1 19.0 79.3 1.2 3 4 5 6 7 8 9 10 FA504022005 FA503069105 FA503061123 FA503063005 FA503062003 Debt securities Open market paper Treasury securities Corporate and foreign bonds Municipal securities 9.4 13.3 -1.8 0.1 -2.2 127.8 133.0 -2.7 -1.3 -1.2 -57.5 -73.2 18.2 0.4 -2.9 72.3 86.4 13.7 -27.8 0.0 16.2 19.3 5.3 -8.4 0.0 -192.8 -225.2 21.6 10.8 0.0 -34.4 -76.6 43.6 -1.4 0.0 43.1 60.8 -13.5 -4.2 0.0 -45.9 6 -51.9 7 21.2 8 -3.7 9 -11.6 10 11 FA503069005 Loans (other loans and advances) -81.2 -16.7 8.5 2.4 2.8 24.2 31.8 14.9 -37.0 11 12 13 FA503064105 FA503094505 Corporate equities Equity investment in affiliates -8.8 16.6 0.0 0.9 0.0 6.2 0.0 44.1 0.0 -28.7 0.0 30.9 0.0 -11.8 0.0 93.2 0.0 12 -87.4 13 14 FA503093023 Miscellaneous assets 0.6 -0.4 3.6 4.9 -6.8 0.7 -1.3 2.5 12.5 14 15 FA504194005 240.4 -30.4 195.4 -69.8 -56.7 301.9 142.2 293.4 44.0 15 16 FA504190005 331.6 -24.5 203.4 -69.8 -46.5 301.9 150.2 290.5 70.9 16 17 18 19 FA504122005 FA503169105 FA503163003 Debt securities Open market paper Corporate bonds 18.4 18.4 0.0 -3.2 -3.2 0.0 11.0 11.0 0.0 0.4 0.4 0.0 -20.4 -20.4 0.0 26.9 26.9 0.0 -58.8 -58.8 0.0 152.2 152.2 0.0 -76.3 17 -76.3 18 0.0 19 20 21 22 23 FA504123005 FA713068505 FA503169005 FA503192305 Loans Depository institution loans n.e.c. Other loans and advances Foreign direct investment: intercompany debt 57.9 -19.6 77.6 0.0 -35.8 -5.7 -30.0 0.0 -30.9 -7.8 -23.1 0.0 -50.1 -4.0 -46.0 0.0 -42.7 -5.5 -37.2 0.0 7.2 -3.6 10.8 0.0 -58.9 -4.3 -54.7 0.0 -108.7 -5.1 -103.6 0.0 24 25 26 FA503190005 FA663070675 FA503193005 Miscellaneous liabilities Securities lending (net) Other 255.3 56.4 199.0 14.5 -13.4 27.9 223.3 3.9 219.5 -20.2 -278.0 257.9 16.7 -83.9 100.6 267.8 108.4 159.4 268.0 -14.4 282.4 247.1 -41.7 288.8 110.5 24 -36.7 25 147.3 26 27 FA503181105 -91.2 -5.9 -8.0 -0.0 -10.2 -0.0 -8.0 2.9 -27.0 27 28 29 30 31 FA503164105 FA503192103 FA503194305 FA503194205 0.0 0.0 0.0 -91.2 -0.0 0.0 0.0 -5.9 -0.0 0.0 0.0 -8.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 -10.2 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 -8.0 -0.0 0.0 0.0 2.9 Net increase in liabilities and equity Net increase in liabilities Net equity issuance Corporate equities Foreign direct investment: equity Equity interest under PPIP Equity in Federal Reserve facilities (2) 36.7 -18.4 55.2 0.0 -0.0 0.0 0.0 -26.9 (1) Includes funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, funds associated with the Public-Private Investment Program (PPIP), Federal Reserve funding, credit, and liquidity facility special purpose vehicles (SPV) created in response to the 2008 Financial Crisis and COVID-19 pandemic, and U.S. central clearing parties. (2) U.S. Treasury Exchange Stabilization Fund Economic Recovery Programs investment in Federal Reserve SPVs. 20 21 22 23 28 29 30 31 Transactions 2021 48 Z.1, March 7, 2024 F.133 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 2022 2023 2022 2023 Q3 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 4690.3 3408.3 928.6 353.4 5427.5 3966.2 1070.7 390.6 5524.0 3827.0 1308.0 389.0 5492.0 3976.5 1094.3 421.2 5454.6 3891.0 1155.2 408.4 5513.8 3890.5 1231.8 391.6 5441.4 3767.9 1279.7 393.9 5538.7 3810.0 1335.8 392.8 5602.3 3839.8 1384.7 377.8 1 2 3 4 5 6 7 8 FA266900005 FA266903011 FA266904001 FA266400201 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world Curr. taxes and trans. payments from rest of world 3842.5 2550.0 1112.1 180.3 4441.7 2995.0 1252.6 194.0 4696.4 3029.6 1474.3 192.5 4557.4 3084.5 1285.5 187.4 4572.1 3013.8 1340.7 217.5 4641.3 3064.8 1390.7 185.8 4604.2 2961.8 1452.7 189.7 4717.8 3030.8 1499.9 187.1 4822.4 3061.1 1553.9 207.4 5 6 7 8 9 10 FA265440005 FA266000105 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -3.5 851.3 -5.1 990.9 -13.5 841.2 16.3 918.3 -14.5 897.0 -23.9 896.5 -11.3 848.5 -8.9 829.8 -10.0 9 789.9 10 11 12 FA265090005 FA265420005 Gross investment Nonproduced nonfinancial assets 572.6 -0.2 482.0 -0.2 1088.0 -0.1 561.3 -0.1 764.7 -0.1 1535.9 -0.2 589.7 -0.2 968.8 -0.1 1257.6 11 0.0 12 13 FA265000005 572.7 482.2 1088.2 561.5 764.8 1536.1 589.9 968.9 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 FA264090005 FA263011205 FA313111303 FA264016005 FA263020005 FA263030005 FA263034003 FA262051005 FA264022005 FA263069103 FA263061105 FA263061705 FA263062003 FA263063005 FA263069005 FA263092305 FA263064105 FA263092101 FA263064203 FA543141905 FA543151905 FA263070005 FA263090005 Net acquisition of financial assets Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds Other loans and advances Foreign direct investment: intercompany debt (4) U.S. corporate equities Foreign direct investment: equity (4) Mutual fund shares Life insurance reserves Pension entitlements Trade receivables Miscellaneous assets 1828.4 0.0 112.8 70.5 66.4 37.2 27.5 283.4 672.3 2.0 605.8 -9.8 1.7 72.7 146.5 -0.5 -112.4 411.3 31.8 -1.4 -1.6 80.7 3.8 1524.9 0.0 0.0 193.0 13.6 -12.6 9.2 48.8 842.4 53.8 417.6 192.9 4.2 173.9 93.3 28.6 -176.7 335.5 97.7 0.1 0.5 44.3 7.2 2085.8 0.0 0.0 154.3 20.5 16.6 9.3 342.6 985.0 -11.5 596.8 148.4 7.7 243.5 -38.0 7.7 179.1 316.0 -16.4 -0.0 0.0 35.8 73.3 2174.7 0.0 0.0 351.1 14.0 16.2 -6.7 165.6 1068.7 172.6 533.7 189.9 4.0 168.5 3.8 85.9 -32.4 377.5 17.9 0.1 0.5 43.8 68.8 181.4 0.0 0.0 119.8 -8.8 -148.0 -6.7 52.7 738.7 58.0 323.0 285.1 1.5 71.1 165.5 8.9 -791.2 295.9 -187.8 0.1 0.5 41.8 -100.0 2546.2 0.0 0.0 521.4 29.1 -37.3 -6.7 453.5 776.6 -59.4 485.7 165.4 3.8 181.0 -34.3 -28.4 404.6 467.2 -101.3 0.0 0.1 33.3 68.3 1430.8 0.0 0.0 -272.5 50.7 15.8 -6.7 -316.0 1283.9 113.4 651.0 174.9 6.9 337.6 15.0 23.3 348.9 295.0 -46.0 0.0 0.1 37.9 1.4 2140.3 0.0 0.0 -53.7 -47.4 -2.9 26.0 923.1 755.4 -85.7 460.2 164.6 4.1 212.2 30.9 4.3 -185.2 282.5 174.7 0.0 0.0 44.7 188.0 37 FA264194005 Net increase in liabilities and equity 1255.7 1042.7 997.7 1613.3 -583.4 1010.1 840.9 1171.4 968.3 37 38 FA264190005 681.5 411.1 698.8 539.6 -80.5 916.8 487.9 738.7 651.9 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 FA263111005 FA263191005 FA262151003 FA264122005 FA263169105 FA263163005 FA264123005 FA263168005 FA263169005 FA263192305 FA263140005 FA263150005 FA263170005 FA263190005 114.0 27.9 -106.1 482.5 105.0 377.5 150.9 152.5 -1.7 -64.0 20.7 42.4 3.4 9.9 5.8 77.9 -11.9 166.0 -113.8 279.8 121.4 112.1 9.3 -41.4 -8.1 86.3 -2.2 17.2 0.7 -67.8 527.8 81.8 -12.3 94.1 87.7 93.6 -5.9 35.3 1.0 10.4 1.7 20.3 3.2 172.4 -77.4 316.1 -10.8 326.9 179.3 140.3 39.0 -147.1 -8.1 86.3 9.2 5.7 11.6 -100.6 161.7 -239.8 -11.4 -228.4 2.8 44.6 -41.7 21.6 -8.1 86.3 -2.8 -13.2 3.1 185.0 443.1 -41.8 -134.6 92.9 128.5 139.0 -10.5 150.0 4.5 25.2 -7.0 26.1 1.1 -290.8 583.6 177.8 -4.9 182.7 27.7 35.7 -8.0 -101.9 2.7 9.9 -3.3 81.1 1.6 4.6 632.0 42.6 88.1 -45.5 72.3 76.1 -3.8 35.6 1.5 5.0 12.7 -69.3 53 FA263181105 54 55 56 FA263164100 FA263192101 FA313092803 57 FA267005005 58 59 60 61 62 FA266903005 FA266904005 FA266400101 FA266400201 FA266000005 Net lending (+) or net borrowing (-) Net increase in liabilities U.S. official reserve assets U.S. private deposits Security repurchase agreements Debt securities Commercial paper Bonds Loans Depository institution loans n.e.c. Other loans and advances U.S. direct investment abroad: intercompany debt (4) Life insurance reserves Pension entitlements Trade payables Miscellaneous liabilities Net equity issues Foreign corporate equities (5) U.S. direct investment abroad: equity (4) U.S. equity in IBRD, etc. Discrepancy (FOF basis) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (6) - Curr. taxes and trans. payments to rest of world + Curr. taxes and trans. payments from rest of world = Balance on current account, NIPAs 1257.6 13 2226.0 0.0 0.0 422.1 49.4 90.9 24.7 309.8 1123.9 -14.2 790.4 88.9 16.0 242.9 -163.4 31.5 148.2 219.1 -93.0 -0.0 -0.1 27.6 35.3 -3.2 -170.0 452.5 148.5 2.4 146.2 122.3 123.5 -1.2 57.6 -4.9 1.4 4.3 43.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 39 40 41 42 43 44 45 46 47 48 49 50 51 52 574.2 631.7 298.8 1073.7 -502.9 93.3 353.0 432.8 316.4 53 197.3 375.8 1.2 185.7 443.6 2.4 -17.9 313.7 3.1 648.4 423.9 1.3 -942.4 438.9 0.7 -183.2 275.4 1.1 26.5 320.1 6.3 98.4 334.4 0.0 -13.3 54 324.8 55 4.9 56 278.7 508.9 -246.9 356.9 132.3 -639.5 258.8 -139.0 -467.7 57 -858.2 183.5 353.4 180.3 -847.8 -971.1 181.9 390.6 194.0 -985.8 -797.4 166.3 389.0 192.5 -827.6 -892.0 191.3 421.2 187.4 -934.6 -877.2 185.6 408.4 217.5 -882.5 -825.7 158.9 391.6 185.8 -872.6 -806.1 173.1 393.9 189.7 -837.2 -779.2 164.1 392.8 187.1 -820.9 -778.7 169.2 377.8 207.4 -779.9 (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) Direct investment reported at market value. Excludes capital gains and losses. (5) Includes American Depositary Receipts (ADRs). (6) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 58 59 60 61 62 49 Z.1, March 7, 2024 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 Net change in liabilities 2023 Q4 Q1 Q2 Q3 Q4 1 FA893111005 226.8 5.8 0.7 3.2 11.6 3.1 1.1 1.6 -3.2 1 2 FA313111303 Federal government: SDR allocations 112.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 FA263111005 FA313011303 FA263111403 FA263111503 Rest of the world SDR holdings Reserve position in IMF Other reserves 114.0 113.7 0.5 -0.2 5.8 5.0 0.8 0.0 0.7 4.9 -4.7 0.5 3.2 2.8 0.5 -0.2 11.6 4.9 6.6 0.1 3.1 3.9 -0.8 0.1 1.1 3.2 -2.5 0.4 1.6 6.9 -5.9 0.7 -3.2 5.6 -9.6 0.9 3 4 5 6 7 FA893011005 226.8 5.8 0.7 3.2 11.6 3.1 1.1 1.6 -3.2 7 8 9 10 11 12 FA313011005 FA313011205 FA313011303 FA313011405 FA313011505 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 114.1 0.0 113.7 0.5 -0.1 5.8 0.0 5.0 0.8 0.0 0.4 0.0 4.9 -4.7 0.3 3.3 0.0 2.8 0.5 -0.1 11.6 0.0 4.9 6.6 0.1 3.1 0.0 3.9 -0.8 0.0 0.9 0.0 3.2 -2.5 0.2 1.3 0.0 6.9 -5.9 0.4 -3.6 8 0.0 9 5.6 10 -9.6 11 0.4 12 13 14 15 FA263011005 FA263011205 FA313111303 Rest of the world Monetary gold (2) SDR allocations 112.8 0.0 112.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 0.0 14 0.0 15 16 17 18 19 FA713011005 FA713011203 FA713011405 FA713011505 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves -0.1 0.0 -0.0 -0.1 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.3 -0.1 0.0 0.0 -0.1 0.1 0.0 -0.0 0.1 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.2 0.4 0.0 0.0 0.4 0.4 0.0 0.0 0.4 16 17 18 19 Net change in assets (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 FA713014003 FA713014003 3 4 FA313112003 FA713012003 5 FA903012005 Liab.: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Liab.: Federal government Asset: Monetary authority -0.1 0.4 -0.4 0.5 0.0 1.2 -1.7 0.7 0.0 0.7 0.0 0.7 0.0 0.7 0.0 2.8 0.0 0.7 3 4 Discrepancy (seigniorage) -0.5 -1.0 -1.2 -2.4 -0.7 -0.7 -0.7 -2.8 -0.7 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 27.9 77.9 -67.8 172.4 -100.6 185.0 -290.8 4.6 -170.0 1 2 3 4 5 FA153091003 FA103091003 FA633091003 FA733091003 Held by: Household sector Nonfinancial corporate business Money market funds Holding companies -0.2 31.3 -0.5 -1.8 3.4 24.4 1.1 -8.8 -5.2 21.8 4.1 3.4 6.2 10.8 -1.0 17.5 -5.5 109.5 1.2 -7.5 -2.5 -15.4 1.2 9.8 -12.9 89.2 5.1 2.1 1.5 32.2 31.9 10.6 -7.0 -19.1 -21.9 -8.8 2 3 4 5 6 FA903091005 Discrepancy--unallocated assets -0.9 57.7 -91.8 138.9 -198.4 191.8 -374.3 -71.6 -113.3 6 Transactions 2021 50 Z.1, March 7, 2024 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 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 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 697.3 -797.5 746.3 109.6 -708.2 4101.9 -1321.7 -275.0 480.0 1 640.6 -48.0 100.3 0.0 4.4 -963.2 -85.2 262.6 -0.0 -11.6 447.0 248.8 41.1 0.1 9.2 -351.1 158.7 312.1 -5.6 -4.5 -767.6 -119.0 191.2 5.6 -18.5 2012.2 1371.7 592.3 -0.2 125.8 -553.2 -341.3 -383.0 0.5 -44.7 57.3 -24.6 -279.6 -0.8 -27.3 271.8 -10.4 234.8 0.8 -17.0 2 3 4 5 6 679.8 -774.4 726.3 10.2 -659.0 3768.9 -993.0 -317.3 446.8 7 -31.3 379.8 227.8 7.2 25.8 70.5 -4.2 -955.7 128.7 -15.9 -120.3 193.0 125.0 357.8 57.5 0.6 31.2 154.3 10.2 -446.3 213.2 -27.7 -90.3 351.1 -11.3 -395.0 -292.6 4.3 -84.3 119.8 1235.3 1218.3 658.2 2.1 133.7 521.4 -167.4 -330.0 -183.1 11.0 -51.1 -272.5 -320.9 135.0 -58.8 -11.9 -7.0 -53.7 -247.1 407.8 -186.4 1.2 49.2 422.1 8 9 10 11 12 13 17.5 -23.1 20.0 99.4 -49.2 333.0 -328.6 42.3 33.2 14 -0.6 15 -0.6 16 -0.0 17 Memo: 15 16 17 FA703025005 FA763025000 FA753025003 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. -8.7 -8.8 0.1 -3.8 -3.7 -0.1 -2.9 -2.9 -0.0 -28.7 -28.7 0.0 -7.6 -7.6 0.0 16.5 16.5 -0.0 -5.7 -5.8 0.0 -21.8 -21.8 0.0 18 19 20 21 22 FA713113003 FA763013005 FA753013003 FA743013003 FA473013005 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 649.3 388.6 227.8 7.2 25.8 -959.5 -952.0 128.7 -15.9 -120.3 449.9 360.7 57.5 0.6 31.2 -322.4 -417.6 213.2 -27.7 -90.3 -759.9 -387.3 -292.6 4.3 -84.3 1995.7 1201.7 658.2 2.1 133.7 -547.4 -324.2 -183.1 11.0 -51.1 79.1 156.7 -58.8 -11.9 -7.0 272.4 408.4 -186.4 1.2 49.2 18 19 20 21 22 23 24 25 26 27 FA714010075 FA713068743 FA714010005 FA713022003 FA713068705 Other transactions with the monetary authority Liab.: U.S.-chartered depository institutions Credit unions Asset: Monetary authority Federal Reserve float Loans to depository institutions -31.0 -0.4 -31.3 -0.0 -31.3 -4.1 -0.0 -4.2 0.0 -4.2 125.0 0.0 125.0 -0.0 125.0 10.2 -0.0 10.2 1.6 8.6 -11.2 -0.0 -11.3 -0.7 -10.6 1235.3 0.0 1235.3 0.7 1234.6 -167.4 0.0 -167.4 0.2 -167.5 -320.9 0.0 -320.9 -0.1 -320.8 -247.1 0.0 -247.1 -0.8 -246.3 23 24 25 26 27 28 29 30 FA764116205 FA763192605 FA763092605 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates -8.5 36.1 44.5 -69.6 -39.3 30.3 112.8 73.9 -38.9 18.0 -35.4 -53.4 -141.1 -74.0 67.1 -71.9 -50.5 21.4 87.0 -87.4 -174.5 225.8 153.7 -72.1 210.4 28 280.0 29 69.6 30 31 32 33 FA754116205 FA753192605 FA753092605 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 100.5 73.2 -27.3 259.3 227.9 -31.5 40.1 132.6 92.5 310.5 271.1 -39.4 224.3 237.3 12.9 588.0 414.6 -173.4 -362.5 -112.4 250.1 -279.2 -40.6 238.6 214.2 31 268.9 32 54.7 33 34 35 36 FA264116205 FA764016205 FA754016205 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 5.0 4.1 0.9 -3.0 -0.2 -2.8 0.3 -4.1 4.4 -11.9 -9.8 -2.1 -15.5 -2.5 -13.0 8.1 -2.3 10.4 -5.7 -10.3 4.6 5.8 3.3 2.5 -7.1 34 -7.1 35 -0.0 36 37 38 39 FA264135125 FA764035125 FA754035125 Loans to foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 7.5 5.7 1.9 7.3 5.2 2.1 -7.0 -4.6 -2.4 -9.8 -14.4 4.6 -14.6 -8.9 -5.7 -14.1 -13.2 -0.9 -7.4 -3.5 -3.9 1.7 0.5 1.2 -8.1 37 -2.3 38 -5.8 39 40 41 42 FA264035125 FA274135123 FA284135125 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -9.0 -8.4 -0.6 7.5 6.1 1.4 -5.3 -3.8 -1.5 0.9 1.5 -0.6 6.5 6.7 -0.2 -0.7 -5.6 4.9 -10.1 -0.7 -9.4 7.2 2.5 4.7 -17.7 40 -11.5 41 -6.2 42 43 FA264016005 70.5 193.0 154.3 351.1 119.8 521.4 -272.5 -53.7 422.1 43 9.6 11.7 -1.1 -0.0 -4.8 -12.6 -12.4 -1.0 0.0 11.6 6.2 9.8 -0.9 -0.1 -9.2 104.8 116.8 7.3 5.6 4.5 15.2 -49.7 -13.3 -5.6 18.4 198.5 217.7 10.3 0.2 -125.8 -274.0 -273.0 11.4 -0.5 44.7 71.8 71.6 1.2 0.8 27.3 2.1 0.2 3.6 12.0 -64.9 19.2 1.0 -0.2 -5.5 49 17.5 -23.1 20.0 99.4 -49.2 333.0 -328.6 42.3 33.2 50 44 45 46 47 48 FA764112005 FA764112205 FA754012205 FA743020005 FA474012205 49 FA754112205 50 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) 28.4 22.9 -26.5 -0.8 17.0 (1) Sum of lines 28 and 31 less line 34 and line 37 plus line 40. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 13 above. However, the unallocated amount (line 50), which is due to inconsistencies in source data, appears on line 14 as the discrepancy between liabilities and assets. (3) Sum of lines 46, 47, 48, and 50. 44 45 46 47 48 51 Z.1, March 7, 2024 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 1 FA793120005 2 3 4 5 6 7 FA713120005 FA713123005 FA713124005 FA713129005 FA713122605 FA713125005 Net change in liabilities Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Due to other financial business Deposits due to foreign Currency outside banks 8 9 10 11 12 FA763127005 FA763123005 FA763128000 FA763122605 FA763129205 U.S.-chartered depository institutions Federal government deposits State and local government deposits Deposits due to foreign Private domestic deposits 13 14 15 FA753127005 FA753122603 FA753129205 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 16 FA743127003 Banks in U.S.-affiliated areas 17 FA473127003 Credit unions 18 FA793120005 19 FA153020005 Household sector 20 21 22 FA143020005 FA103020005 FA113020005 Nonfinancial business Corporate Noncorporate 23 24 FA313020005 FA213020005 Federal government State and local governments 25 FA793020005 Domestic financial sectors 26 27 FA513020005 FA543020005 28 29 30 2023 Q4 Q1 Q2 Q3 Q4 231.3 416.2 81.9 -495.6 -1526.1 -1146.5 937.7 67.8 468.7 1 -1128.2 -1322.4 -17.1 67.6 -12.5 156.2 79.1 40.6 -11.9 -25.4 -0.4 76.1 323.8 322.2 6.2 -47.0 0.8 41.7 -905.7 -865.8 -22.4 -59.7 -0.1 42.3 -693.7 -731.2 6.9 -37.0 6.0 61.6 -989.4 -1079.4 19.1 -17.3 3.0 85.1 1153.7 1171.5 -17.4 -91.3 0.1 90.7 553.8 685.2 9.5 -97.3 -0.1 -43.6 577.2 511.4 13.4 17.7 0.0 34.6 2 3 4 5 6 7 1249.3 -0.1 115.9 20.6 1113.0 340.7 0.1 14.7 0.3 325.6 -244.5 3.8 14.7 3.1 -266.0 446.0 1.0 -16.2 65.5 395.7 -630.2 -1.7 -3.5 -24.6 -600.4 -248.0 15.8 0.4 20.2 -284.5 -210.6 -0.3 -11.5 -24.0 -174.8 -511.2 2.0 6.7 -1.3 -518.5 -8.2 8 -2.4 9 63.2 10 17.3 11 -86.3 12 25.7 10.0 15.7 -12.3 -21.4 9.1 10.1 0.0 10.1 -65.2 -65.3 0.1 -163.5 -35.2 -128.3 41.7 -21.3 63.1 31.1 27.0 4.1 59.9 -7.2 67.2 -92.3 13 1.7 14 -94.0 15 7.3 -6.2 2.9 10.3 -15.6 1.0 4.1 -2.6 8.8 16 77.1 14.8 -10.3 19.1 -23.1 48.1 -40.7 -32.1 -16.7 17 231.3 416.2 81.9 -495.6 -1526.1 -1146.5 937.7 67.8 468.7 18 971.4 389.4 -193.3 634.2 -1407.4 -162.8 37.8 -683.9 35.8 19 343.0 264.8 78.2 3.0 -39.5 42.5 -4.8 -11.9 7.1 -164.4 -141.6 -22.9 561.3 541.3 19.9 118.7 110.5 8.2 -276.4 -289.8 13.4 298.1 293.2 4.9 -159.6 20 -161.4 21 1.8 22 -1323.6 115.9 42.6 14.7 321.1 14.7 -722.4 -16.2 -855.0 -3.5 -897.7 0.4 974.5 -11.5 853.1 6.7 354.5 23 63.2 24 57.8 -46.9 -81.4 -96.1 61.8 -68.0 -33.8 -191.7 -32.1 25 Property-casualty insurance companies Life insurance companies 22.5 -8.5 -22.4 -3.9 -9.8 9.7 1.4 5.0 8.6 -1.7 -22.3 13.3 10.0 64.8 -21.5 -41.8 -5.2 26 2.7 27 FA573020005 FA343020033 FA223020043 Private pension funds Federal government retirement funds State and local govt. retirement funds 4.5 0.2 -0.3 -0.3 -0.9 -1.7 -0.0 -0.2 5.8 -0.5 -0.9 -6.5 -0.8 -0.9 2.7 0.6 -0.8 -6.7 0.1 0.0 19.4 -0.4 0.0 5.2 -0.3 28 0.0 29 5.2 30 31 FA403020005 Government-sponsored enterprises -29.9 6.5 -22.2 -38.2 97.4 18.4 -41.0 -11.4 -54.6 31 32 33 34 35 FA613020003 FA643020073 FA663020003 FA503020005 Finance companies Mortgage REITs Brokers and dealers Other financial business -3.7 -1.3 2.2 72.0 -9.7 -0.7 8.2 -22.1 4.4 -0.6 -20.5 -48.0 -10.2 7.1 12.6 -65.8 4.4 -6.7 -17.4 -24.0 3.1 6.1 -64.6 -15.2 3.6 -6.9 16.3 -99.9 0.9 -0.4 -26.5 -95.7 9.8 -1.4 -7.2 19.0 36 37 38 FA263020005 FA263027003 FA263025003 Rest of the world Checkable deposits Currency 66.4 18.1 48.3 13.6 -21.5 35.0 20.5 3.9 16.6 14.0 0.1 13.9 -8.8 -53.8 45.0 29.1 1.9 27.2 50.7 3.2 47.5 -47.4 -8.7 -38.8 49.4 36 19.0 37 30.4 38 39 FA903020005 Mail float 0.4 -0.3 5.1 -144.6 125.7 -166.3 196.4 -167.1 157.5 39 Net change in assets 32 33 34 35 Transactions 2021 52 Z.1, March 7, 2024 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions 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 2023 Q4 Q1 Q2 Q3 Q4 758.2 -617.3 -146.0 -1170.5 -243.4 -1572.9 540.1 226.1 222.6 1 631.5 4.2 -2.2 124.8 -767.5 104.2 -2.0 48.0 -151.0 -38.4 -0.2 43.5 -1269.1 45.9 11.0 41.7 -329.3 81.7 -10.7 14.8 -1409.5 -163.3 8.9 -9.0 466.2 39.2 -2.6 37.3 212.0 -56.1 3.2 67.0 127.2 26.7 -10.3 78.8 2 3 4 5 758.2 -617.3 -146.0 -1170.5 -243.4 -1572.9 540.1 226.1 222.6 6 779.7 -793.3 -441.1 -1469.0 -497.6 -1751.4 -65.6 128.1 -75.5 7 Nonfinancial business Corporate Noncorporate 101.0 5.6 95.4 84.7 13.3 71.3 142.7 99.1 43.7 121.6 124.7 -3.1 121.6 5.8 115.8 19.6 -88.6 108.2 513.4 467.2 46.2 109.9 94.8 15.1 -72.1 8 -77.2 9 5.2 10 FA313030003 FA213030000 Federal government State and local governments 1.1 -30.8 -1.0 -12.4 0.1 3.7 -0.1 -12.4 -0.9 27.0 1.0 4.2 -0.6 45.8 0.1 -28.8 0.1 11 -6.3 12 13 FA793030005 Domestic financial sectors -129.9 117.2 131.8 173.1 254.3 190.9 31.5 19.6 285.4 13 14 15 16 FA573030005 FA223030043 FA633030000 Private pension funds State and local govt. retirement funds Money market funds 0.5 0.1 -20.5 0.9 4.1 46.5 1.0 -2.8 99.0 1.0 -7.0 118.1 1.0 25.5 -29.5 1.0 -14.7 141.7 1.2 -11.1 91.7 0.9 11.7 134.0 1.0 14 2.9 15 28.6 16 17 18 19 FA403030005 FA613030003 FA733030005 Government-sponsored enterprises Finance companies Holding companies -2.2 -11.2 -96.5 16.4 -29.0 78.3 4.3 13.1 17.3 13.0 -30.6 78.6 37.6 13.2 206.5 8.5 9.3 45.0 19.6 10.9 -80.8 -7.5 2.8 -122.2 -3.5 17 29.3 18 227.2 19 20 FA263030005 37.2 -12.6 16.6 16.2 -148.0 -37.3 15.8 -2.9 90.9 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 439.5 17.6 1134.5 8.2 299.6 2181.5 1043.6 706.3 606.6 1 2 FA634090005 Net purchases 439.5 17.6 1134.5 8.2 299.6 2181.5 1043.6 706.3 606.6 2 3 4 5 FA153034005 FA103034000 FA113034003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 113.3 101.0 2.4 277.2 -73.5 6.3 724.7 176.0 2.3 218.3 -83.1 6.3 494.3 9.2 6.6 1432.3 331.2 2.8 676.2 153.7 4.6 476.9 123.0 1.4 313.6 96.0 0.5 3 4 5 6 FA213034003 State and local governments 15.3 9.8 15.5 10.4 19.1 24.8 11.8 13.3 12.0 6 7 8 FA513034005 FA543034005 Property-casualty insurance companies Life insurance companies -3.2 -2.3 11.4 10.3 -10.4 7.5 22.1 7.7 31.6 7.0 -2.8 10.7 21.6 33.8 -38.6 -17.0 -21.8 2.5 7 8 9 10 FA573034005 FA223034005 Private pension funds State and local govt. retirement funds 7.4 2.7 14.1 -3.9 14.2 -3.4 16.1 3.2 18.2 4.2 10.3 -2.4 15.6 -20.9 15.0 12.2 16.0 9 -2.4 10 11 12 FA653034003 FA563034003 Mutual Funds Exchange-traded funds -1.2 4.8 -40.6 -11.5 8.4 11.5 4.7 15.0 -144.8 -22.3 14.7 19.2 0.2 -4.6 -52.7 16.7 71.4 11 14.8 12 13 FA503034005 Other financial business 171.8 -191.2 178.8 -205.8 -116.7 347.4 158.2 130.0 79.3 13 14 FA263034003 Rest of the world 27.5 9.2 9.3 -6.7 -6.7 -6.7 -6.7 26.0 24.7 14 53 Z.1, March 7, 2024 F.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA892150005 2 FA712151003 Net change in liabilities Monetary authority 3 4 5 FA762150005 FA762152005 FA762151005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 6 7 8 FA752150005 FA752152005 FA752151005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 9 FA472150053 10 11 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1626.8 708.5 -311.0 734.2 800.9 2187.2 -702.5 -1326.1 -1402.6 1 1967.0 706.5 -1498.9 476.8 676.5 -587.6 -1495.0 -2021.9 -1891.0 2 -9.9 -6.8 -3.1 24.2 24.2 0.0 59.7 -16.1 75.7 32.8 44.5 -11.7 33.8 6.2 27.6 415.5 -24.8 440.3 -101.8 -2.7 -99.1 -40.7 -1.1 -39.6 -34.3 -35.7 1.4 3 4 5 -17.5 -0.8 -16.7 -63.3 0.2 -63.5 87.3 2.8 84.5 -59.2 14.5 -73.7 -114.5 -48.1 -66.5 269.8 15.1 254.7 179.8 59.7 120.1 -19.1 -19.1 -0.0 -81.1 -44.3 -36.8 6 7 8 Credit unions -0.0 0.2 -0.1 0.0 0.6 -0.3 -0.1 0.0 -0.1 9 FA512151003 FA542151073 Property-casualty insurance companies Life insurance companies -0.1 1.5 0.1 15.8 0.3 9.7 0.1 30.8 0.3 14.9 0.5 -7.1 0.0 17.7 0.5 10.7 12 13 14 15 FA402150005 FA642151073 FA662151003 FA732151003 Government-sponsored enterprises Mortgage REITs Brokers and dealers Holding companies 0.0 -4.3 -203.9 0.0 0.0 -18.8 55.7 -0.0 0.0 19.3 483.9 -0.0 0.0 10.9 319.2 0.0 0.0 -22.9 50.7 -0.1 0.0 83.4 1569.8 0.1 0.0 -30.2 143.5 -0.1 0.0 60.7 51.4 0.3 16 FA262151003 17 FA892050005 18 19 FA102051003 FA212051003 Nonfinancial corporate business State and local governments 20 FA712051000 Monetary authority 21 22 23 FA762050005 FA762052005 FA762051005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 24 25 26 FA752050005 FA752052005 FA752051005 27 28 29 Rest of the world 0.2 10 17.4 11 0.0 -36.8 170.9 -0.4 12 13 14 15 -106.1 -11.9 527.8 -77.4 161.7 443.1 583.6 632.0 452.5 16 1405.4 826.3 307.4 1130.3 1377.7 3570.7 -1249.6 -521.8 -569.7 17 -10.3 10.0 1.7 10.0 0.6 10.0 0.3 10.0 15.3 10.0 8.9 10.0 -2.5 10.0 -1.4 10.0 -2.5 18 10.0 19 -1.0 0.0 0.0 0.0 0.0 180.0 -176.0 -4.0 0.0 20 -220.8 0.2 -221.0 13.4 0.6 12.8 -9.2 -12.5 3.3 108.0 7.8 100.2 91.4 25.7 65.7 -24.8 -14.6 -10.3 -196.5 -29.5 -167.1 -14.9 22.5 -37.4 199.4 21 -28.7 22 228.1 23 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements -47.8 -0.1 -47.6 -10.6 0.1 -10.7 69.9 -0.2 70.1 49.8 -0.3 50.1 -146.4 0.2 -146.6 285.3 -0.1 285.4 52.5 0.2 52.3 -63.8 -0.1 -63.7 5.6 24 -0.8 25 6.5 26 FA472050053 FA472052053 FA472051053 Credit unions Federal funds Security repurchase agreements -0.3 0.0 -0.3 -0.2 -0.1 -0.1 -0.0 -0.0 0.0 -0.3 -0.1 -0.2 -0.3 -0.3 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 0.1 27 0.1 28 0.0 29 30 31 32 33 FA512051005 FA542051075 FA572051005 FA222051043 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds -0.0 1.6 0.3 19.7 0.1 -5.4 0.8 21.1 1.7 3.3 1.0 14.1 0.5 -1.4 0.8 53.5 2.1 -5.0 0.7 57.5 0.6 5.2 1.2 25.4 0.3 3.1 1.2 -147.8 3.5 1.9 0.7 156.1 34 35 FA632051000 FA652051003 Money market funds Mutual funds (net) 1427.0 30.1 480.9 6.1 -310.8 2.0 667.2 6.7 960.7 -3.8 1347.8 35.8 -464.8 26.7 -1045.6 -63.0 -1080.5 34 8.5 35 36 37 FA402050005 FA402052033 Government-sponsored enterprises Of which: FHLB federal funds (3) -2.8 15.9 42.5 18.6 17.7 15.8 108.8 74.2 -209.0 -97.1 443.4 83.7 54.1 49.9 -290.0 -49.1 -136.6 36 -21.5 37 38 39 40 FA662051003 FA732051003 FA502051005 Brokers and dealers Holding companies Other financial business -66.7 -15.3 -1.8 206.1 10.5 0.3 164.2 -1.4 1.5 -59.9 21.7 -0.9 524.0 29.5 -1.9 796.4 -2.3 4.3 -91.0 -0.3 -2.7 -134.9 -2.6 3.1 86.4 38 -0.4 39 1.2 40 41 FA262051005 Rest of the world 283.4 48.8 342.6 165.6 52.7 453.5 -316.0 923.1 309.8 41 42 FA902050005 221.3 -117.8 -618.4 -396.1 -576.8 -1383.5 547.0 -804.3 -832.9 42 1894.9 1730.0 164.9 649.1 600.0 49.2 -1535.2 -1370.9 -164.3 384.7 630.8 -246.1 511.2 476.1 35.1 -714.2 -435.1 -279.1 -1363.4 -1299.4 -64.0 -1907.0 -1688.2 -218.8 -2156.3 43 -2061.1 44 -95.3 45 Net change in assets Discrepancy 2.3 3.2 0.9 22.8 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 depository 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. Transactions 2021 54 Z.1, March 7, 2024 F.208 Debt Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 Transactions By instrument 1 FA894122005 Net issues 2 3 4 5 6 FA893169175 FA313161105 FA893161705 FA383162005 FA893163005 7 FA894122005 8 FA384122005 9 10 FA163162003 FA104122005 Nonprofit organizations (2) Nonfinancial corporate business 11 12 FA314122005 FA213162005 Federal government State and local governments 13 FA794122005 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 20 21 22 23 FA644122075 FA663163003 FA734122005 FA504122005 Mortgage REITs Brokers and dealers Holding companies Other financial business 24 FA264122005 25 FA894022005 26 FA384022005 27 28 29 FA154022005 FA104022005 FA114022005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 30 31 FA314022005 FA214022005 Federal government State and local governments 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 38 39 FA514022005 FA544022005 40 41 42 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3134.1 2754.8 3217.7 2257.9 1916.8 3271.7 3317.5 3109.7 3171.7 1 27.3 1611.4 612.5 79.5 803.5 151.9 1287.4 979.4 -52.6 388.6 25.9 2381.6 281.4 20.9 507.9 235.3 992.7 1049.4 -31.1 11.7 141.1 771.1 879.1 -185.2 310.7 -315.4 1166.2 1571.1 45.9 804.0 71.0 3156.0 -402.6 109.1 384.1 278.9 2917.6 -64.0 -11.2 -11.5 69.0 2286.6 21.3 -60.3 855.1 2 3 4 5 6 3134.1 2754.8 3217.7 2257.9 1916.8 3271.7 3317.5 3109.7 3171.7 7 1931.7 1313.0 2640.9 1147.7 560.1 1776.3 3397.8 3017.4 2372.2 8 -1.1 252.8 -0.9 78.9 2.1 236.7 -3.0 176.5 1.1 -46.2 0.3 571.6 9.0 150.0 0.2 103.9 -1.1 9 121.1 10 1611.0 69.1 1287.5 -52.4 2382.0 20.2 991.2 -17.0 772.9 -167.7 1166.0 38.4 3148.9 89.9 2923.9 -10.7 2289.1 11 -36.8 12 719.9 1275.8 494.9 794.1 1596.6 1537.2 -258.2 49.8 651.0 13 -125.1 -11.5 539.4 73.5 163.8 -61.2 153.8 58.3 793.3 186.1 82.2 -22.9 5.6 44.8 98.3 182.7 37.5 95.7 23.7 5.9 841.6 209.3 76.9 -72.2 275.5 57.5 695.7 181.7 -33.0 88.4 -166.6 3.3 1431.6 139.7 82.2 24.6 121.9 44.0 -588.8 193.2 12.0 136.6 32.1 12.2 -292.9 222.5 48.6 54.8 35.0 119.6 -156.7 175.5 7.2 166.7 14 15 16 17 18 19 23.8 33.8 65.0 18.4 13.0 18.4 -3.2 -3.2 -0.3 0.1 19.5 11.0 -12.8 -102.6 -176.1 0.4 24.7 50.0 276.6 -20.4 -2.1 -27.2 24.8 26.9 -18.8 -72.5 -26.9 -58.8 -11.4 39.4 -207.7 152.2 31.2 60.9 287.9 -76.3 20 21 22 23 482.5 166.0 81.8 316.1 -239.8 -41.8 177.8 42.6 148.5 24 3134.1 2754.8 3217.7 2257.9 1916.8 3271.7 3317.5 3109.7 3171.7 25 By sector Net issues Domestic nonfinancial sectors Domestic financial sectors Rest of the world Net purchases Domestic nonfinancial sectors Domestic financial sectors -624.2 1850.8 1260.0 1548.5 2955.9 2353.7 1086.1 622.5 977.5 26 -1002.8 37.8 2.3 1510.3 -18.5 12.8 1089.4 71.8 -0.2 1433.7 -143.3 21.9 2753.9 28.4 3.0 2136.6 12.0 -7.3 896.1 43.2 8.9 392.2 166.7 15.1 932.6 27 65.4 28 -17.6 29 0.0 338.4 0.0 346.1 0.0 99.0 0.0 236.3 0.0 170.7 0.0 212.5 0.0 137.9 0.0 48.5 0.0 30 -2.9 31 3086.0 61.6 972.7 -359.3 -1777.7 141.4 947.4 1731.8 1070.3 32 1537.1 1240.1 -12.5 7.9 101.5 -175.9 -109.8 58.4 10.5 29.6 -957.0 -393.8 -36.7 19.4 -42.8 -523.0 -649.2 97.9 22.9 -4.1 -812.7 -487.5 -45.5 -16.3 -47.2 -1101.9 -472.2 -100.1 -8.4 -54.0 -953.0 -465.2 52.9 1.1 -20.9 -880.8 -530.0 -18.4 83.2 -25.2 -892.0 -107.9 -81.2 1.8 -71.0 Property-casualty insurance companies Life insurance companies 71.0 176.7 80.1 191.9 121.8 142.4 105.4 247.0 100.4 124.3 78.4 226.7 48.4 123.9 220.6 125.2 139.8 38 93.7 39 FA574022005 FA344022005 FA224022045 Private pension funds Federal government retirement funds State and local govt. retirement funds 189.7 -2.0 151.0 145.2 -3.1 32.7 167.8 2.2 49.7 185.9 -2.4 17.8 190.5 4.0 -61.4 228.5 1.6 100.9 235.2 6.7 -33.5 97.8 -0.9 88.1 109.5 40 1.5 41 43.5 42 43 44 45 46 FA634022005 FA654022005 FA554022005 FA564022005 Money market funds Mutual funds Closed-end funds Exchange-traded funds -956.4 595.0 9.2 202.7 -546.8 -191.7 -0.6 206.5 1392.9 205.9 -0.9 200.5 -670.2 -25.4 -2.1 210.2 -703.4 -438.2 -1.3 289.1 704.1 71.9 1.1 200.1 1360.5 411.6 0.0 199.2 1723.4 255.6 -1.3 155.3 1783.4 84.6 -3.4 247.7 43 44 45 46 47 48 49 50 FA404022005 FA674022005 FA613063003 FA644022075 Government-sponsored enterprises ABS issuers Finance companies Mortgage REITs -71.2 1.5 18.2 -37.9 13.9 4.6 -4.2 -1.3 42.6 -5.0 -27.2 24.6 37.0 2.5 0.2 58.6 -15.4 0.4 11.4 -31.6 25.1 -0.2 -50.2 77.9 68.1 -7.6 -8.5 10.0 55.8 -5.0 -6.5 47.4 21.3 -7.0 -43.6 -36.8 47 48 49 50 51 52 53 FA664022005 FA734022605 FA504022005 Brokers and dealers Holding companies Other financial business -174.4 29.4 9.4 135.8 58.2 127.8 128.3 -4.5 -57.5 385.9 73.6 72.3 131.4 15.0 16.2 476.4 -71.5 -192.8 -48.4 1.5 -34.4 249.2 55.4 43.1 -164.1 51 -3.4 52 -45.9 53 54 FA264022005 672.3 842.4 985.0 1068.7 738.7 776.6 1283.9 755.4 1123.9 54 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 55 Z.1, March 7, 2024 F.209 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893169175 2 FA893169105 Net issues 3 FA103169100 Nonfinancial corporate business 4 5 6 FA263169105 FA263169110 FA263169123 7 8 9 10 11 12 13 14 FA793169100 FA763169103 FA753169103 FA673169105 FA613169100 FA643169173 FA733169103 FA503169105 15 16 17 FA703169605 FA763169603 FA753169603 18 FA893169175 19 FA103069100 Nonfinancial corporate business 20 FA213069103 State and local governments 21 22 23 24 FA713069603 FA763069175 FA753069603 FA473069153 25 26 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 27.3 151.9 25.9 235.3 141.1 -315.4 71.0 278.9 69.0 1 27.3 151.9 25.9 235.3 141.1 -315.4 71.0 278.9 69.0 2 6.0 59.3 20.2 169.0 -52.1 -72.0 21.0 59.3 72.6 3 Foreign issues in U.S. Nonfinancial Financial 105.0 12.6 92.4 -113.8 -11.1 -102.7 -12.3 -6.3 -6.0 -10.8 16.5 -27.3 -11.4 20.6 -32.1 -134.6 18.5 -153.1 -4.9 11.8 -16.7 88.1 21.6 66.5 2.4 -77.1 79.5 4 5 6 Domestic financial sectors U.S.-chartered depository institutions Foreign banking offices in U.S. ABS issuers Finance companies Mortgage REITs Holding companies Other financial business -83.8 -60.3 -11.5 -32.9 -0.4 0.0 3.0 18.4 206.4 75.9 58.3 65.2 8.9 0.0 1.4 -3.2 17.9 6.3 44.8 -57.9 10.7 0.0 3.1 11.0 77.1 11.9 5.9 26.4 30.9 0.0 1.5 0.4 204.6 131.1 57.5 12.0 23.1 0.0 1.4 -20.4 -108.8 -73.0 3.3 -42.3 -21.5 0.0 -2.2 26.9 54.9 62.4 44.0 -35.5 29.3 0.0 13.6 -58.8 131.5 20.1 12.2 -68.6 21.2 0.0 -5.5 152.2 -6.0 15.8 119.6 -85.3 13.8 0.0 6.5 -76.3 7 8 9 10 11 12 13 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27.3 151.9 25.9 235.3 141.1 -315.4 71.0 278.9 69.0 18 5.4 -51.5 28.5 -161.6 -26.8 24.6 -40.8 120.1 10.3 19 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 20 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 -2.0 0.0 -0.1 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 -0.1 0.0 0.0 0.0 -1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FA513069105 FA543069105 Property-casualty insurance companies Life insurance companies -4.4 7.1 -0.2 -16.1 3.0 4.2 0.7 -2.0 3.6 -10.8 0.7 0.7 0.6 3.6 6.4 6.9 4.4 25 5.8 26 27 28 FA573069105 FA223069143 Private pension funds State and local govt. retirement funds 1.2 11.7 2.2 -9.2 2.5 2.6 2.3 -37.3 2.3 -13.5 2.4 0.6 2.8 2.4 2.1 8.0 2.5 27 -0.6 28 29 30 FA633069175 FA653069100 Money market funds Mutual funds -6.0 -10.5 27.6 0.2 48.0 15.6 111.5 20.9 123.4 -2.4 -89.3 -8.0 24.7 31.4 134.5 34.5 122.2 29 4.6 30 31 32 33 FA403069105 FA663069103 FA503069105 Government-sponsored enterprises Brokers and dealers Other financial business -2.6 8.1 13.3 5.5 2.7 133.0 1.4 0.6 -73.2 7.8 31.1 86.4 1.5 -17.6 19.3 -3.6 37.1 -225.2 2.7 2.8 -76.6 4.2 -17.0 60.8 2.2 31 -20.3 32 -51.9 33 34 FA263069103 Rest of the world 2.0 53.8 -11.5 172.6 58.0 -59.4 113.4 -85.7 -14.2 34 Commercial paper Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Net purchases (1) Excludes banks’ holdings of own acceptances. 0.0 15 0.0 16 0.0 17 21 22 23 24 Transactions 2021 56 Z.1, March 7, 2024 F.210 Treasury Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 1 FA313161105 2 3 FA313161110 FA313161275 Net issues 4 FA893061105 5 FA153061105 Household sector 6 7 FA103061103 FA113061003 Nonfinancial corporate business Nonfinancial noncorporate business 8 FA213061103 9 10 11 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1611.4 1287.4 2381.6 992.7 771.1 1166.2 3156.0 2917.6 2286.6 1 -1195.1 2806.5 -71.8 1359.2 1978.7 402.9 305.3 687.3 -50.0 821.1 1284.1 -118.0 2240.2 915.8 2980.1 -62.5 1410.2 876.5 2 3 1611.4 1287.4 2381.6 992.7 771.1 1166.2 3156.0 2917.6 2286.6 4 -652.1 1112.0 817.6 1435.0 1829.1 1203.2 1402.6 547.5 117.2 5 10.7 2.2 24.0 11.9 37.7 -0.1 14.6 20.9 43.2 3.3 -7.6 -7.0 64.1 8.6 34.7 14.2 59.4 -16.3 6 7 State and local governments 390.0 309.9 94.3 185.4 154.6 183.2 113.0 64.2 16.8 8 FA713061103 FA713061113 FA713061125 Monetary authority Treasury bills Other Treasury securities 961.6 0.0 961.5 -188.2 -39.4 -148.8 -739.7 -72.6 -667.1 -467.6 -68.4 -399.2 -577.9 -85.2 -492.7 -908.1 -34.8 -873.3 -720.2 -46.9 -673.3 -640.2 -120.4 -519.8 12 13 14 15 FA763061100 FA753061103 FA743061103 FA473061105 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 449.0 -7.6 6.5 19.5 8.8 16.4 7.0 26.6 -90.1 2.3 -2.4 -4.0 -271.6 6.0 19.7 14.8 -140.6 -13.2 -13.4 -4.0 -343.1 1.3 -4.7 -15.2 -208.3 32.9 1.2 8.9 -34.5 -20.0 2.1 2.0 16 17 18 FA513061105 FA513061115 FA513061125 Property-casualty insurance companies Treasury bills Other Treasury securities 31.6 2.5 29.2 37.3 13.7 23.6 67.3 47.6 19.7 59.6 22.3 37.3 110.3 71.2 39.2 24.4 17.8 6.6 25.0 8.5 16.6 136.7 101.7 35.0 83.1 16 62.4 17 20.7 18 19 20 21 FA543061105 FA543061115 FA543061125 Life insurance companies Treasury bills Other Treasury securities -2.6 -6.4 3.8 -5.2 7.9 -13.2 6.7 2.6 4.1 18.7 15.0 3.7 -9.3 7.4 -16.7 0.0 -3.7 3.7 22.7 6.8 15.9 6.4 2.8 3.6 -2.3 19 4.4 20 -6.7 21 22 23 24 FA573061105 FA573061143 FA573061133 Private pension funds Defined benefit plans Defined contribution plans 71.3 36.9 34.4 74.4 26.8 47.7 94.3 48.2 46.0 113.3 46.4 66.9 115.9 45.8 70.1 161.9 89.9 72.0 152.6 89.7 63.0 30.0 5.9 24.1 32.5 22 7.5 23 25.1 24 25 26 27 FA343061105 FA343061165 FA343061113 Federal government retirement funds Defined benefit plans Defined contribution plans -0.9 -1.2 0.3 -1.9 -1.5 -0.5 1.2 0.7 0.5 -1.9 -1.0 -0.9 2.8 0.1 2.7 0.6 0.0 0.6 4.1 2.7 1.4 -0.4 0.1 -0.5 0.6 25 0.1 26 0.5 27 28 FA223061143 State and local govt. retirement funds 79.0 -27.6 84.6 -43.0 -54.2 113.8 7.3 160.5 56.8 28 29 30 31 FA633061105 FA633061110 FA633061120 Money market funds Treasury bills Other Treasury securities -651.3 -878.2 226.9 -750.7 -595.1 -155.6 1205.5 1264.0 -58.5 -1044.8 -760.6 -284.2 -1092.2 -869.3 -223.0 -180.7 147.1 -327.8 1484.8 1440.8 44.0 1845.1 1908.1 -63.0 1672.7 29 1559.8 30 112.9 31 32 33 34 FA653061105 FA653061113 FA653061125 Mutual funds Treasury bills Other Treasury securities 345.7 2.4 343.2 -25.5 -44.7 19.2 9.5 -0.1 9.6 -49.7 -94.5 44.8 -0.1 -37.8 37.8 -61.3 12.5 -73.8 5.5 -12.8 18.3 86.9 -2.3 89.2 6.9 32 2.1 33 4.7 34 35 36 37 38 FA553061103 FA563061103 FA403061105 FA673061103 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers 0.3 66.5 -43.2 1.5 -0.2 115.6 -18.4 4.6 -0.3 97.5 -1.5 -5.0 -3.8 145.3 -14.4 2.5 -0.1 81.3 -52.8 0.4 -0.3 165.9 -39.4 -0.2 -0.0 65.8 16.6 -7.6 -0.1 105.2 19.2 -5.0 39 40 41 FA663061105 FA733061103 FA503061123 Brokers and dealers Holding companies Other financial business -104.3 34.2 -1.8 85.4 56.4 -2.7 95.5 -4.3 18.2 241.7 64.8 13.7 50.3 9.3 5.3 429.1 -57.2 21.6 -23.2 5.1 43.6 78.5 38.2 -13.5 -102.3 39 -3.5 40 21.2 41 42 43 44 FA263061105 FA263061110 FA263061120 Rest of the world Treasury bills Other Treasury securities 605.8 -55.4 661.2 417.6 -37.4 455.0 596.8 131.7 465.1 533.7 122.2 411.5 323.0 152.6 170.4 485.7 -15.5 501.2 651.0 -62.7 713.7 460.2 472.4 -12.2 790.4 42 132.5 43 657.9 44 45 FA313169205 72.5 259.4 238.5 110.0 284.2 -1061.9 1382.7 44.4 588.7 45 Treasury bills Other Treasury notes, bonds, and TIPS (2) Net purchases Memo: Nonmarketable Treasury securities (3) (1) Marketable Treasury securities (net of premiums and discounts) issued by the federal government and held by sectors other than the federal government. (2) Inlcudes long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. (3) Nonmarketable Treasury securities are classified as other loans and advances because they are not negotiable and are therefore not considered debt securities. -690.5 9 -88.4 10 -602.1 11 225.7 -5.0 -8.1 -11.6 -0.8 53.2 -2.4 -7.0 12 13 14 15 35 36 37 38 57 Z.1, March 7, 2024 F.211 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Net issues 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FA893161705 2 3 4 FA313161705 FA403161705 FA413065005 5 FA893061705 612.5 6 7 FA153061705 FA103061703 Household sector Nonfinancial corporate business -21.0 2.9 8 9 FA313061703 FA213061703 Federal government State and local governments 0.0 -39.8 0.0 36.3 10 FA713061705 Monetary authority 575.5 12.3 -217.2 -55.5 -234.9 -193.9 -232.8 -240.6 -201.5 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 535.1 -5.7 1.9 74.6 -231.2 -0.2 1.4 -0.0 -164.7 -6.2 -1.1 -37.7 -401.4 5.2 1.1 -15.9 -360.0 -16.6 -1.7 -33.4 -108.8 -26.3 -2.2 -33.6 -183.0 13.8 -0.4 -26.8 -228.5 -8.0 0.9 -31.0 -138.7 -4.3 -2.6 -59.4 15 16 FA513061705 FA543061705 Property-casualty insurance companies Life insurance companies -10.2 -43.1 11.8 -16.3 34.1 11.9 13.0 7.7 16.6 -31.8 11.9 2.6 24.1 19.3 47.7 12.2 52.6 15 13.5 16 17 18 19 FA573061705 FA343061705 FA223061743 Private pension funds Federal government retirement funds State and local govt. retirement funds 29.9 0.3 9.6 17.1 -1.2 -13.4 17.1 0.4 -18.6 19.3 -0.7 -34.0 20.7 -1.2 -20.5 13.0 0.5 -46.3 19.0 1.1 58.9 17.4 -0.4 -68.2 18.9 17 0.5 18 -19.0 19 20 21 22 FA633061700 FA653061703 FA403061705 Money market funds Mutual funds Government-sponsored enterprises -278.3 -119.9 -23.8 169.9 42.0 25.8 128.4 129.2 40.5 248.4 -43.9 41.5 277.1 36.6 35.2 962.4 213.3 66.1 -171.4 249.9 45.6 -278.2 50.3 29.8 0.9 20 3.4 21 20.6 22 23 24 FA673061703 FA643061773 ABS issuers Mortgage REITs 0.0 -35.2 0.0 -3.3 0.0 24.2 0.0 54.8 0.0 -29.2 0.0 79.4 0.0 10.3 0.0 44.0 0.0 23 -37.1 24 25 26 FA663061705 FA733061703 Brokers and dealers Holding companies -22.1 -8.4 59.6 -3.1 9.5 -1.4 48.3 -3.4 160.6 -2.0 -1.9 -1.9 -89.0 -0.8 140.7 -0.6 -11.8 25 -2.2 26 27 FA263061705 Rest of the world -9.8 192.9 148.4 189.9 285.1 165.4 174.9 164.6 88.9 27 Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 612.5 979.4 281.4 1049.4 879.1 1571.1 -402.6 -64.0 21.3 1 -0.4 539.4 73.5 0.0 793.3 186.1 0.4 98.3 182.7 -1.5 841.6 209.3 1.8 695.7 181.7 -0.2 1431.6 139.7 -7.0 -588.8 193.2 6.3 -292.9 222.5 2.4 -156.7 175.5 2 3 4 979.4 281.4 1049.4 879.1 1571.1 -402.6 -64.0 21.3 5 672.2 6.7 174.7 6.8 924.7 3.0 757.1 14.3 458.9 -1.2 -341.9 20.4 278.8 7.9 303.1 0.3 6 7 0.0 3.0 0.0 47.3 0.0 7.2 0.0 13.7 0.0 6.3 0.0 -2.9 0.0 -4.9 8 9 11 12 13 14 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by Ginnie Mae, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.106, line 49. Transactions 2021 58 Z.1, March 7, 2024 F.212 Municipal Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 Net issues 2023 Q4 Q1 Q2 Q3 Q4 1 FA383162005 2 3 4 FA213162005 FA213162400 FA213162200 State and local governments Short-term (1) Long-term 5 6 FA163162003 FA103162000 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 FA893062005 8 9 10 FA153062005 FA103062003 FA113062003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 FA213062003 State and local governments 3.8 6.4 -0.4 6.7 7.4 8.1 8.8 -8.5 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 53.0 0.0 -0.0 2.3 4.8 0.0 -0.0 0.1 -64.7 0.0 0.0 0.1 -7.3 0.0 -0.0 -0.4 -80.5 0.0 -0.0 -2.0 -71.6 0.0 -0.0 -0.1 -66.5 0.0 -0.0 -0.7 -46.0 0.0 0.0 0.6 -74.5 0.0 0.1 0.6 16 17 FA513062005 FA543062005 Property-casualty insurance companies Life insurance companies -1.1 1.1 -7.7 5.0 -29.3 -5.0 -16.3 6.1 -26.6 -3.5 -32.1 -3.7 -28.8 -10.4 -31.0 -3.4 -25.0 16 -2.7 17 18 19 FA343062033 FA223062043 Federal government retirement funds State and local govt. retirement funds -0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 0.0 19 20 21 22 23 FA633062000 FA653062003 FA553062003 FA563062003 Money market funds Mutual funds Closed-end funds Exchange-traded funds -14.6 109.4 0.7 20.6 7.0 -130.9 -0.3 29.3 11.7 -4.4 -0.7 14.6 4.6 -54.6 -1.8 0.9 -12.0 -207.4 0.2 60.0 0.1 20.2 1.0 -2.7 20.5 19.4 -0.6 10.2 25.0 -8.1 -0.4 18.6 1.2 -49.3 -2.8 32.2 24 25 26 FA403062005 FA663062003 FA503062003 Government-sponsored enterprises Brokers and dealers Other financial business -0.4 6.0 -2.2 -0.2 0.7 -1.2 -0.1 1.0 -2.9 -0.0 20.4 0.0 -0.3 -12.9 0.0 0.0 -5.2 0.0 -0.3 18.6 0.0 -0.1 0.9 0.0 -0.0 24 -10.4 25 -11.6 26 27 FA263062003 Rest of the world 1.7 4.2 7.7 4.0 1.5 3.8 6.9 4.1 16.0 27 Net purchases (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (table F.101). 79.5 -52.6 20.9 -31.1 -185.2 45.9 109.1 -11.2 -60.3 1 69.1 -13.7 82.7 -52.4 -7.5 -44.9 20.2 1.5 18.7 -17.0 3.0 -20.0 -167.7 -8.4 -159.3 38.4 -1.7 40.1 89.9 7.1 82.8 -10.7 10.8 -21.5 -36.8 -10.3 -26.6 2 3 4 -1.1 11.5 -0.9 0.7 2.1 -1.4 -3.0 -11.0 1.1 -18.5 0.3 7.2 9.0 10.2 0.2 -0.7 -1.1 -22.4 5 6 79.5 -52.6 20.9 -31.1 -185.2 45.9 109.1 -11.2 -60.3 7 -112.3 11.2 0.1 29.7 -0.2 0.9 93.3 0.0 -0.1 6.0 -0.2 1.0 92.2 -0.9 -0.3 128.3 -0.0 -0.3 131.1 0.5 0.3 36.0 0.1 1.0 77.6 8 -0.4 9 -1.4 10 -9.8 11 12 13 14 15 20 21 22 23 59 Z.1, March 7, 2024 F.213 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 Net issues 2023 Q4 Q1 Q2 Q3 Q4 1 FA893163005 803.5 388.6 507.9 11.7 310.7 804.0 384.1 -11.5 855.1 1 2 FA103163005 Nonfinancial corporate business 235.2 18.8 217.9 18.6 24.4 636.4 118.8 45.4 70.8 2 3 FA793163005 Domestic financial sectors 190.7 89.9 196.0 -333.8 514.7 74.7 82.6 -11.4 638.1 3 4 5 6 7 FA763163005 FA673163005 FA613163005 FA643163075 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies Mortgage REITs -64.8 196.7 -60.8 23.8 77.9 17.1 -31.8 13.0 -0.7 95.4 85.0 -0.3 11.8 50.5 -103.0 -12.8 144.3 -45.0 65.4 24.7 -93.6 124.5 46.2 -2.1 59.6 47.4 107.4 -18.8 12.0 117.1 33.7 -11.4 19.2 92.5 152.9 31.2 4 5 6 7 8 9 10 FA663163003 FA733163005 FA503163003 Brokers and dealers Holding companies Other financial business 33.8 62.1 0.0 18.4 -4.6 0.0 0.1 16.4 0.0 -102.6 -177.6 0.0 50.0 275.2 0.0 -27.2 26.9 0.0 -72.5 -40.5 0.0 39.4 -202.1 0.0 60.9 8 281.4 9 0.0 10 11 FA263163005 377.5 279.8 94.1 326.9 -228.4 92.9 182.7 -45.5 146.2 11 12 FA893063005 Net purchases (3) 803.5 388.6 507.9 11.7 310.7 804.0 384.1 -11.5 855.1 12 13 FA153063005 Household sector -217.4 -303.6 3.8 -932.0 75.5 346.1 -295.6 -470.1 434.6 13 14 FA123063003 Nonfinancial corporate business (equity REITs) 7.7 2.6 -1.3 0.8 -1.5 -3.8 -1.0 3.8 -4.0 14 15 16 FA313063763 FA213063003 Federal government State and local governments 0.0 -19.5 0.0 -10.5 0.0 -2.0 0.0 -7.2 0.0 -2.6 0.0 3.5 0.0 5.8 0.0 -8.2 0.0 15 -9.0 16 17 18 19 FA763063005 FA763063605 FA763063095 U.S.-chartered depository institutions MBS and other ABS Other 204.9 31.9 173.0 107.7 13.9 93.8 -74.4 -8.0 -66.4 31.0 2.8 28.3 93.6 -14.0 107.6 51.3 -7.8 59.2 -7.4 -7.9 0.5 -221.0 -12.2 -208.8 -120.4 17 -4.0 18 -116.3 19 20 21 FA753063005 FA743063005 Foreign banking offices in U.S. Banks in U.S.-affiliated areas 0.8 -0.6 42.2 2.0 -32.8 22.8 86.7 2.2 -15.7 -1.2 -75.1 -1.4 6.3 0.3 9.6 80.2 -71.8 20 12.3 21 22 23 24 FA473063005 FA473063605 FA473063095 Credit unions MBS and other ABS Other 5.2 4.9 0.3 3.2 3.1 0.1 -1.1 -1.0 -0.2 -1.4 -1.5 0.1 -7.7 -7.6 -0.1 -4.8 -4.5 -0.3 -2.1 -2.0 -0.1 3.1 3.2 -0.1 -0.7 22 -0.6 23 -0.2 24 25 26 27 FA513063005 FA513063605 FA513063095 Property-casualty insurance companies MBS and other ABS Other 55.1 12.0 43.2 38.9 9.5 29.4 46.6 10.7 35.9 48.4 29.9 18.5 -3.5 10.6 -14.1 73.4 15.4 58.1 27.5 6.7 20.8 60.9 12.9 48.0 24.7 25 8.0 26 16.7 27 28 29 30 FA543063005 FA543063675 FA543063095 Life insurance companies MBS and other ABS Other 214.2 31.6 182.6 224.4 34.1 190.4 124.5 20.3 104.2 216.5 99.6 117.0 179.7 -311.4 491.1 227.2 40.6 186.6 88.7 1.0 87.6 103.1 9.6 93.5 79.2 28 30.1 29 49.1 30 31 32 33 FA573063005 FA343063005 FA223063045 Private pension funds Federal government retirement funds State and local govt. retirement funds 87.4 -1.4 50.7 51.4 0.1 83.0 54.0 0.6 -18.8 51.0 0.3 132.1 51.5 2.4 26.7 51.1 0.5 32.8 60.7 1.5 -102.1 48.3 -0.1 -12.2 55.7 31 0.4 32 6.3 33 34 35 36 37 FA633063005 FA653063005 FA553063003 FA563063003 Money market funds Mutual funds Closed-end funds Exchange-traded funds -6.3 270.3 8.2 115.6 -0.7 -77.5 -0.0 61.6 -0.8 56.0 0.1 88.5 10.1 101.9 3.6 64.1 0.4 -264.9 -1.3 147.8 11.5 -92.4 0.4 36.9 2.0 105.4 0.6 123.1 -3.0 92.0 -0.8 31.5 38 39 40 FA403063005 FA403063605 FA403063095 Government-sponsored enterprises MBS and other ABS Other -1.2 -0.9 -0.3 1.3 1.7 -0.4 2.2 2.6 -0.3 2.1 2.5 -0.4 1.0 1.6 -0.6 2.0 2.6 -0.6 3.4 3.8 -0.4 2.6 2.9 -0.3 0.9 38 1.1 39 -0.1 40 41 42 FA613063003 FA643063073 Finance companies Mortgage REITs 18.2 -2.7 -4.2 2.0 -27.2 0.5 0.2 3.8 11.4 -2.4 -50.2 -1.5 -8.5 -0.3 -6.5 3.4 -43.6 41 0.2 42 43 44 45 FA663063005 FA733063003 FA503063005 Brokers and dealers Holding companies Other financial business -62.0 3.6 0.1 -12.6 5.0 -1.3 21.6 1.2 0.4 44.4 12.3 -27.8 -49.0 7.7 -8.4 17.2 -12.5 10.8 42.4 -2.8 -1.4 46.1 17.8 -4.2 -19.3 43 2.3 44 -3.7 45 46 47 48 FA263063005 FA263063603 FA263063095 Rest of the world (4) MBS and other ABS Other 72.7 13.1 59.6 173.9 13.2 160.7 243.5 41.7 201.8 168.5 6.6 161.9 71.1 -5.3 76.4 181.0 82.4 98.7 337.6 17.7 320.0 212.2 25.1 187.1 242.9 46 41.6 47 201.3 48 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. -13.6 119.0 0.2 162.3 34 35 36 37 Transactions 2021 60 Z.1, March 7, 2024 F.214 Loans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 Transactions By instrument 1 FA894123005 Net change in total loans 2 3 FA793068005 FA893169005 Depository institution loans n.e.c. Other loans and advances 4 5 6 7 8 FA893065005 FA893065105 FA893065405 FA893065505 FA893065603 Mortgages One-to-four-family residential Multifamily residential Commercial Farm 9 FA153166000 Consumer credit 2272.1 2941.1 920.5 2448.9 2039.8 1845.8 114.8 427.0 1294.5 1 128.1 649.4 472.9 791.7 59.9 101.8 348.3 499.1 432.8 386.8 111.8 806.4 -19.2 -598.8 -6.7 -317.3 153.8 516.6 2 3 1256.8 892.8 146.0 182.2 35.8 1331.0 899.5 165.9 255.1 10.4 633.2 380.1 115.0 117.8 20.2 1274.1 887.6 157.3 218.7 10.5 871.1 499.2 160.5 201.0 10.5 719.9 372.8 128.3 199.0 19.9 630.0 389.1 113.7 107.1 20.1 724.2 478.0 114.8 111.0 20.4 458.6 280.7 103.2 54.3 20.4 4 5 6 7 8 237.8 345.5 125.6 327.4 349.0 207.6 102.7 26.8 165.5 9 By sector 10 FA894123005 11 FA384123005 Net change in liabilities 2272.1 2941.1 920.5 2448.9 2039.8 1845.8 114.8 427.0 1294.5 10 1975.8 2471.9 983.7 1990.7 1684.2 889.1 1061.1 856.8 1127.8 11 12 13 14 FA154123005 FA104123005 FA114123005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1246.7 289.0 367.0 1155.3 623.4 433.1 527.5 49.5 167.2 1215.1 340.5 324.7 632.7 336.0 429.9 473.8 97.2 287.7 528.5 127.6 112.7 622.1 74.0 115.8 485.7 12 -100.9 13 152.6 14 15 16 FA314123005 FA213169203 Federal government State and local governments 72.5 0.5 259.4 0.7 238.5 1.0 110.0 0.6 284.2 1.5 29.4 1.1 291.4 0.8 44.4 0.5 588.7 15 1.5 16 17 FA794123005 145.5 347.9 -150.9 278.9 352.7 828.1 -973.9 -502.1 44.5 17 18 19 20 21 FA763169305 FA473169333 FA513169333 FA543169373 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies -75.8 -2.5 -3.0 6.9 408.7 56.0 -1.8 22.1 -29.8 -11.4 -0.0 2.4 499.1 70.6 -2.6 12.4 560.1 76.4 0.4 0.7 1022.0 -35.9 -1.8 27.0 -866.5 -10.6 -1.4 -14.4 -213.2 17.1 -0.9 11.2 -61.6 -16.2 4.1 -14.2 18 19 20 21 22 23 24 25 26 FA403169283 FA614123005 FA644123075 FA664123005 FA504123005 Government-sponsored enterprises Finance companies Mortgage REITs Brokers and dealers Other financial business 0.0 16.5 0.5 145.1 57.9 0.0 -58.2 0.2 -43.4 -35.8 0.0 -5.8 1.2 -76.5 -30.9 0.0 -5.4 2.1 -247.2 -50.1 0.0 16.9 -2.7 -256.4 -42.7 0.0 -50.5 4.5 -144.3 7.2 0.0 36.2 -0.0 -58.2 -58.9 0.0 -2.8 0.4 -205.2 -108.7 0.0 -6.2 0.1 101.7 36.7 22 23 24 25 26 27 FA264123005 28 FA894123005 29 FA384023005 30 31 32 FA154023005 FA104023005 FA114023005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 33 34 FA314023005 FA214023005 Federal government State and local governments 35 FA794023005 36 37 38 39 40 FA713068005 FA764023005 FA754023005 FA744023003 FA474023000 41 42 43 44 45 Domestic nonfinancial sectors Domestic financial sectors Rest of the world 150.9 121.4 87.7 179.3 2.8 128.5 27.7 72.3 122.3 27 2272.1 2941.1 920.5 2448.9 2039.8 1845.8 114.8 427.0 1294.5 28 282.5 127.4 -136.2 -103.7 -91.6 -28.3 -216.3 -391.6 91.3 29 90.4 14.4 -1.8 -50.5 21.2 3.8 -70.5 21.4 1.0 -242.5 37.0 2.9 -196.8 80.3 3.1 -102.0 40.9 1.2 -31.6 -73.9 1.9 -270.6 40.4 0.6 122.2 30 78.2 31 0.2 32 177.9 1.6 155.0 -2.1 -87.7 -0.4 86.2 12.6 84.8 -63.1 25.7 5.9 -121.8 9.1 -182.4 20.4 -72.4 33 -36.9 34 1843.1 2720.5 1094.7 2548.9 1965.9 1908.4 316.0 787.8 1366.7 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -10.1 347.3 84.4 -4.4 92.3 -19.2 1001.6 173.8 1.7 245.0 -13.4 291.7 33.4 4.1 102.3 -9.3 973.6 121.2 3.8 278.6 -12.6 767.4 277.4 1.5 176.4 -8.2 533.2 -8.7 0.6 138.0 -12.6 271.4 -65.2 2.8 113.4 -9.7 162.7 79.5 6.0 109.3 -23.2 199.6 127.8 7.1 48.7 36 37 38 39 40 FA513065505 FA544023005 FA573065005 FA343069005 FA223065043 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 3.4 51.6 1.1 161.1 -0.3 2.7 71.3 0.8 245.6 -0.2 1.8 50.0 0.9 254.1 -1.3 2.0 61.1 0.8 80.0 2.8 -1.8 48.1 0.8 299.7 -5.1 0.4 52.8 0.8 17.6 0.8 5.2 59.8 1.0 327.1 -3.6 0.5 51.4 0.8 38.3 -0.2 1.3 36.1 0.9 633.4 -2.1 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 55.5 719.5 73.5 118.7 -28.3 -18.8 903.7 186.1 55.6 36.5 -15.7 87.9 182.7 28.9 106.6 -56.1 833.4 209.3 72.2 32.9 -59.0 808.6 181.7 -56.8 102.9 -41.0 1086.2 139.7 82.8 -8.0 -29.9 -716.3 193.2 2.8 172.6 8.2 -6.2 222.5 34.1 125.3 -0.1 -12.1 175.5 -4.0 136.3 46 47 48 49 50 51 52 53 54 FA643065075 FA663069005 FA733069005 FA503069005 Mortgage REITs Brokers and dealers Holding companies Other financial business 59.4 175.8 23.6 -81.2 8.7 -178.6 21.0 -16.7 -12.6 -10.0 -5.2 8.5 -21.8 -57.7 19.6 2.4 12.2 -581.4 3.3 2.8 -7.7 -71.2 -23.8 24.2 -37.4 -20.8 20.8 31.8 -19.0 -12.1 -18.6 14.9 13.6 64.1 0.8 -37.0 51 52 53 54 55 FA263069005 146.5 93.3 -38.0 3.8 165.5 -34.3 15.0 30.9 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. -163.4 55 61 Z.1, March 7, 2024 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA793068005 2 3 4 FA153168005 FA103168005 FA113168005 Net change in liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 FA793168005 Domestic financial sectors 6 7 8 FA613168005 FA643168073 FA663168005 Finance companies Mortgage REITs Brokers and dealers 9 FA713068505 Other financial business (2) 10 11 12 13 FA263168005 FA263168465 FA263168485 FA263168495 14 FA793068005 15 FA713068005 Monetary authority (3) 16 17 18 19 FA763068005 FA753068005 FA743068005 FA473068005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Foreign official institutions Foreign nonfinancial corporations Foreign nondepository financial institutions Net change in assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 128.1 472.9 59.9 348.3 432.8 111.8 -19.2 -6.7 153.8 1 52.3 -83.3 -30.3 71.7 265.7 77.8 -21.1 9.2 -10.4 55.2 119.1 38.7 92.5 170.0 105.6 -86.1 71.4 52.0 -21.4 30.9 -39.6 -2.4 -35.0 -76.9 25.4 -30.7 22.9 2 3 4 36.7 -54.4 -11.3 -5.0 20.0 -64.5 -24.7 31.4 12.7 5 16.8 0.5 39.0 -58.2 0.3 9.3 -5.9 1.3 1.1 -5.4 2.3 2.2 16.8 -2.7 11.4 -50.5 4.5 -14.9 36.1 0.1 -56.7 -2.9 0.6 38.8 -6.3 0.1 37.3 6 7 8 -19.6 -5.7 -7.8 -4.0 -5.5 -3.6 -4.3 -5.1 -18.4 9 152.5 1.0 12.3 139.3 112.1 0.1 15.8 96.2 93.6 -0.3 -8.4 102.2 140.3 1.0 7.5 131.9 44.6 2.1 17.0 25.5 139.0 -3.0 -9.0 151.0 35.7 0.1 -28.2 63.8 76.1 0.9 9.6 65.6 123.5 0.9 -5.9 128.5 10 11 12 13 128.1 472.9 59.9 348.3 432.8 111.8 -19.2 -6.7 153.8 14 -10.1 -19.2 -13.4 -9.3 -12.6 -8.2 -12.6 -9.7 -23.2 15 58.7 74.3 -2.9 7.9 281.5 158.2 1.4 51.0 10.7 34.4 3.6 24.6 204.1 107.6 2.2 43.8 150.1 263.5 1.4 30.5 103.0 -8.5 0.5 25.1 28.4 -72.9 3.1 34.9 -112.0 88.9 4.9 21.3 (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to Federal Reserve funding, credit, and liquidity facility special purpose vehicles. (3) Loans from Federal Reserve banks to the household, broker and dealer, finance companies, and other financial business sectors. 23.4 130.2 6.0 17.3 16 17 18 19 Transactions 2021 62 Z.1, March 7, 2024 F.216 Other Loans and Advances (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA893169005 Total other loans and advances 649.4 791.7 101.8 499.1 386.8 806.4 -598.8 -317.3 516.6 1 2 3 4 FA163069005 FA153169055 FA163069043 Nonprofit organization loans Liab.: Household sector Nonfinancial noncorporate business 4.2 3.0 1.2 5.1 3.8 1.3 4.9 3.7 1.3 5.1 3.8 1.3 5.1 3.8 1.3 4.9 3.7 1.3 4.9 3.7 1.3 4.9 3.7 1.3 4.9 3.7 1.3 2 3 4 5 6 7 8 9 10 11 12 13 FA313069205 FA153169203 FA103169205 FA113169205 FA213169203 FA403169283 FA313069223 FA503169205 FA263169203 Federal government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Other financial business Rest of the world 116.6 8.7 66.9 41.1 0.5 0.0 0.0 0.0 -0.6 90.7 7.0 50.4 33.1 0.7 0.0 0.0 0.0 -0.6 -68.6 5.2 -49.5 -26.2 1.0 0.0 0.0 0.0 1.0 20.1 7.7 7.0 6.3 0.6 0.0 0.0 0.0 -1.5 22.5 4.6 5.8 11.9 1.5 0.0 0.0 0.0 -1.2 0.1 4.3 -7.0 -0.9 1.1 0.0 0.0 0.0 2.6 -149.0 5.3 -96.9 -60.6 0.8 0.0 0.0 0.0 2.4 -44.7 8.1 -36.3 -15.6 0.5 0.0 0.0 0.0 -1.4 -80.7 3.0 -57.9 -27.7 1.5 0.0 0.0 0.0 0.4 5 6 7 8 9 10 11 12 13 14 15 16 FA153169405 FA313069403 FA543069405 Policy loans (Household liability) Asset: Federal government Life insurance companies -1.6 0.0 -1.6 0.1 -0.0 0.1 5.8 -0.0 5.8 2.4 0.0 2.4 4.7 -0.0 4.7 7.2 -0.0 7.2 -1.2 0.0 -1.2 10.4 -0.0 10.4 17 18 19 20 21 22 FA313169005 FA153069205 FA213069200 FA343069055 FA343069245 FA503069203 Nonmarketable Treasury securities classified as loans (2) Asset: Household sector State and local governments Federal govt. defined contribution pension plans (2) Federal govt. defined benefit pension plans Other financial business 72.5 -5.0 -6.1 -7.0 168.2 -77.6 259.4 28.5 -9.8 6.9 238.7 -4.8 238.5 -0.8 -8.4 2.3 251.8 -6.5 110.0 24.7 4.9 -12.6 92.7 0.3 284.2 63.7 -70.8 -91.1 390.8 -8.5 29.4 13.1 -1.8 10.0 7.6 0.5 291.4 -30.5 1.2 -3.9 331.0 -6.4 44.4 -6.8 12.4 -3.0 41.4 0.5 588.7 21.0 -45.2 6.2 627.2 -20.5 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 FA403069330 FA763169335 FA473169333 FA513169333 FA543169373 FA613169333 FA643169373 FA403069395 FA153169305 FA183169303 FA113169305 FA763169383 Federal Home Loan Banks advances Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Mortgage REITs Government-sponsored enterprise (GSE) loans Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) -74.9 -75.8 -2.5 -3.0 6.9 -0.4 -0.0 11.2 0.0 1.3 9.9 0.0 485.0 408.7 56.0 -1.8 22.1 0.0 -0.1 17.8 0.0 1.9 15.9 0.0 -38.9 -29.8 -11.4 -0.0 2.4 0.0 -0.1 21.2 0.0 1.0 20.2 0.0 579.3 499.1 70.6 -2.6 12.4 -0.1 -0.2 14.5 0.0 -3.1 17.6 0.0 637.7 560.1 76.4 0.4 0.7 0.1 0.0 24.4 0.0 -0.1 24.5 0.0 1011.2 1022.0 -35.9 -1.8 27.0 -0.0 0.0 10.9 0.0 4.5 6.4 0.0 -893.1 -866.5 -10.6 -1.4 -14.4 0.1 -0.2 15.3 0.0 -3.4 18.7 0.0 -185.9 -213.2 17.1 -0.9 11.2 0.1 -0.2 32.2 0.0 1.6 30.6 0.0 -87.9 -61.6 -16.2 4.1 -14.2 0.0 0.0 26.6 0.0 1.3 25.3 0.0 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 FA663067005 FA663067003 FA663067063 Margin accounts at brokers and dealers Liab.: Household sector Brokers and dealers 92.4 106.5 -14.2 -170.5 -136.0 -34.6 42.2 16.3 25.9 -11.2 -33.1 21.9 -542.9 -308.0 -234.9 -52.3 -44.3 -7.9 82.3 40.0 42.3 106.7 85.9 20.8 32.2 35 -16.2 36 48.4 37 38 39 40 FA663167015 FA153067005 FA263067005 Cash accounts at brokers and dealers Asset: Household sector Rest of the World (net) 120.2 95.8 24.4 -18.1 -66.2 48.1 -103.5 -64.9 -38.6 -271.3 -263.8 -7.5 -32.9 -217.0 184.1 -121.5 -116.2 -5.3 -43.8 8.2 -52.1 -264.8 -260.5 -4.3 16.1 38 108.7 39 -92.6 40 41 42 43 44 FA503169023 FA763069023 FA663069025 FA503069025 Clearing funds at other financial business Asset: U.S.-chartered depository institutions Brokers and dealers Other financial business 77.6 1.9 75.0 0.7 -30.0 -3.2 -17.1 -9.7 -23.1 5.1 -49.5 21.4 -46.0 -2.2 -49.9 6.1 -37.2 5.7 -62.1 19.1 10.8 12.7 -28.0 26.1 -54.7 1.4 -99.4 43.3 -103.6 3.8 -123.4 16.1 55.2 2.3 52.8 -0.0 41 42 43 44 45 46 47 48 49 50 51 FA103169803 FA153069803 FA543069873 FA653069803 FA673069803 FA663069803 FA503069805 Loans to nonfinancial corporate business Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Other financial business 114.9 -8.7 5.7 55.5 55.1 8.4 -1.1 30.9 -5.5 1.4 -18.8 42.9 9.1 1.8 -38.8 -4.5 -5.6 -15.7 -8.8 -2.8 -1.5 13.7 3.7 10.4 -56.1 52.2 3.4 0.0 -59.1 -36.6 -7.3 -59.0 24.5 23.6 -4.2 -25.6 -2.2 -2.6 -41.0 9.7 9.1 1.4 -37.6 -7.2 0.1 -29.9 3.9 -3.8 -0.8 -11.0 -2.4 -5.4 8.2 -19.8 4.7 3.8 -81.0 -6.2 -14.4 -0.1 -29.0 -20.9 -10.3 45 46 47 48 49 50 51 52 53 FA673069505 FA673069505 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 6.5 6.5 -0.8 -0.8 0.1 0.1 0.8 0.8 1.2 1.2 -1.2 -1.2 -0.0 -0.0 -1.2 -1.2 2.7 52 2.7 53 54 55 56 FA613069505 FA103169535 FA113169535 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business -32.6 -38.0 5.4 60.2 65.2 -4.9 71.4 68.4 3.0 55.2 57.6 -2.4 98.2 93.6 4.5 -10.9 -6.4 -4.5 103.0 98.9 4.1 84.3 79.3 5.0 109.2 54 101.8 55 7.4 56 57 58 59 FA733069005 FA733069013 FA733069023 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 23.6 24.7 -1.0 21.0 11.0 9.9 -5.2 1.7 -6.9 19.6 -20.9 40.4 3.3 43.8 -40.5 -23.8 -10.8 -13.0 20.8 31.2 -10.4 -18.6 -16.2 -2.4 0.8 57 2.4 58 -1.6 59 60 61 62 63 64 FA503069075 FA503069003 FA503069013 FA503069023 FA503069033 Other financial business loans Liab.: Household sector (TALF II) Nonfinancial corporate business (MSLF) Nonfinancial noncorporate business (MSLF) Nonprofit organizations (MSLF) -3.3 -2.2 -0.4 -0.6 -0.0 -4.0 -0.4 -1.5 -2.2 0.0 -4.9 -1.0 -1.3 -2.6 0.0 -4.1 -0.3 -1.4 -2.4 0.0 -3.7 -0.2 -2.0 -1.4 0.0 -3.8 -0.3 -1.2 -2.3 0.0 -4.3 -0.5 -1.3 -2.5 0.0 -5.4 -1.8 -1.2 -2.3 0.0 65 66 FA263069500 FA263069500 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 122.1 122.1 45.2 45.2 0.6 0.6 11.3 11.3 -18.6 -18.6 -29.0 -29.0 67.1 67.1 35.2 35.2 6.8 14 -0.0 15 6.8 16 -6.2 -1.3 -1.5 -3.4 0.0 60 61 62 63 64 -70.8 65 -70.8 66 (1) Detailed information on the various categories of other loans and advances is available in the online Financial Accounts Guide table description: https://www.federalreserve.gov/apps/fof/FOFTables.aspx. (2) Includes suspended reinvestments of nonmarketable Treasury securities in the Thrift Savings Plan G Fund. 63 Z.1, March 7, 2024 F.217 Total Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 Net change in mortgages 2023 Q4 Q1 Q2 Q3 Q4 1 FA893065005 2 3 4 5 FA893065105 FA893065405 FA893065505 FA893065603 6 FA893065005 7 FA153165005 Household sector 8 9 10 FA143165005 FA103165005 FA113165005 Nonfinancial business Corporate Noncorporate 11 FA313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 FA893065005 Net change in assets 1256.8 1331.0 633.2 1274.1 871.1 719.9 630.0 724.2 458.6 12 13 14 15 FA153065005 FA103065005 FA113065005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6.1 14.4 -1.8 -8.9 21.2 3.8 -3.3 21.4 1.0 -8.1 10.8 2.9 -8.9 16.3 3.1 -1.4 41.9 1.2 -5.6 18.8 1.9 -2.1 17.1 0.6 -4.2 13 7.8 14 0.2 15 16 17 18 19 20 FA313065005 FA313065015 FA313065075 FA313065035 FA313065095 Federal government Ginnie Mae Farmers Home Administration (FmHA) (2) Federal Housing Administration (FHA) Other (3) 6.0 -0.3 3.4 2.9 0.0 13.4 -0.2 4.4 9.2 0.0 8.1 -2.0 6.0 4.1 0.0 19.6 -0.2 3.1 16.7 0.0 13.7 -0.2 8.0 5.9 0.0 6.8 -0.8 4.2 3.4 0.0 4.3 -2.7 3.3 3.7 0.0 11.7 -2.5 9.9 4.3 0.0 9.5 -2.1 6.5 5.1 0.0 21 FA213065005 State and local governments 7.7 7.7 8.0 7.6 7.7 7.8 7.9 8.1 22 23 24 25 26 FA703065005 FA763065005 FA753065005 FA743065003 FA473065100 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 212.6 146.5 10.1 -1.5 57.5 624.5 519.3 15.5 0.3 89.3 256.0 205.1 -1.1 0.5 51.4 756.6 627.3 13.6 1.6 114.2 542.6 460.7 14.0 0.1 67.8 361.9 302.9 -0.2 0.0 59.1 229.8 170.5 7.7 -0.2 51.9 249.9 193.2 -9.4 1.2 64.9 27 28 FA513065505 FA543065005 Property-casualty insurance companies Life insurance companies 3.4 47.6 2.7 69.9 1.8 49.8 2.0 48.3 -1.8 50.8 0.4 48.3 5.2 60.8 0.5 46.4 1.3 27 43.8 28 29 30 FA573065005 FA223065043 Private pension funds State and local govt. retirement funds 1.1 -0.3 0.8 -0.2 0.9 -1.3 0.8 2.8 0.8 -5.1 0.8 0.8 1.0 -3.6 0.8 -0.2 0.9 29 -2.1 30 31 32 33 34 35 36 FA403065005 FA403065015 FA403065025 FA403065045 FA403065035 FA403065653 Government-sponsored enterprises Fannie Mae Freddie Mac Farm Credit System FHLB Farmer Mac 783.1 309.6 462.9 16.9 -7.3 1.1 400.9 177.5 213.7 8.4 0.6 0.7 105.6 28.3 66.8 5.0 4.9 0.6 239.7 43.5 189.2 8.4 -1.0 -0.4 146.5 67.2 73.4 7.0 -1.8 0.8 64.1 7.8 58.3 -6.8 5.1 -0.4 161.5 65.3 84.2 5.5 5.7 0.9 147.6 31.1 100.0 10.1 6.4 0.0 49.2 9.0 24.7 11.1 2.3 2.0 31 32 33 34 35 36 37 38 39 40 41 42 FA413065005 FA413065015 FA413065025 FA413065045 FA413065653 FA413065035 Agency- and GSE-backed mortgage pools Ginnie Mae Freddie Mac Fannie Mae Farmer Mac Farmers Home Administration (FmHA) (2) 73.5 45.8 28.0 -0.6 0.3 0.0 186.1 187.9 -1.6 -0.1 -0.1 0.0 182.7 181.3 0.9 -0.2 0.7 0.0 209.3 215.5 -6.0 -0.2 -0.0 0.0 181.7 190.0 -8.0 -0.2 -0.2 0.0 139.7 151.8 -11.9 -0.2 -0.0 0.0 193.2 197.2 -6.3 -0.2 2.5 0.0 222.5 217.7 5.1 -0.2 -0.1 0.0 175.5 158.7 16.8 -0.2 0.3 0.0 37 38 39 40 41 42 43 44 45 FA673065005 FA613065000 FA643065075 ABS issuers Finance companies Mortgage REITs 57.7 -13.5 59.4 11.9 -11.4 8.7 24.6 -9.4 -12.6 18.2 -14.8 -21.8 -88.3 0.0 12.2 76.3 -20.8 -7.7 -3.0 -4.8 -37.4 54.1 -13.7 -19.0 -28.9 43 1.7 44 13.6 45 One-to-four-family residential Multifamily residential Commercial Farm Net borrowing 1256.8 1331.0 633.2 1274.1 871.1 719.9 630.0 724.2 458.6 1 892.8 146.0 182.2 35.8 899.5 165.9 255.1 10.4 380.1 115.0 117.8 20.2 887.6 157.3 218.7 10.5 499.2 160.5 201.0 10.5 372.8 128.3 199.0 19.9 389.1 113.7 107.1 20.1 478.0 114.8 111.0 20.4 280.7 103.2 54.3 20.4 2 3 4 5 1256.8 1331.0 633.2 1274.1 871.1 719.9 630.0 724.2 458.6 6 842.2 863.5 393.1 852.0 486.3 381.8 400.0 491.6 298.9 7 414.6 74.3 340.3 467.5 155.4 312.1 240.1 58.2 182.0 422.1 156.4 265.7 384.8 101.3 283.5 338.1 102.3 235.8 230.0 38.7 191.4 232.6 58.8 173.8 159.7 8 32.9 9 126.8 10 16 17 18 19 20 8.3 21 182.2 153.9 -2.4 1.1 29.6 (1) Sum of one-to-four-family residential mortgages (table L.218), multifamily residential mortgages (table L.219), commercial mortgages (table L.220), and farm mortgages (table L.221). (2) FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. (3) Other includes Department of Veterans Affairs, Federal Financing Bank, Public Housing Administration, and Resolution Trust Corporation. 22 23 24 25 26 Transactions 2021 64 Z.1, March 7, 2024 F.218 One-to-four-family Residential Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 1 FA893065105 2 3 4 FA153165105 FA103165105 FA113165105 Net borrowing 5 FA893065105 6 7 8 FA153065103 FA103065105 FA113065103 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 9 10 FA313065105 FA213065103 Federal government State and local governments 11 12 13 14 FA763065105 FA753065103 FA743065103 FA473065100 15 16 17 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 892.8 899.5 380.1 887.6 499.2 372.8 389.1 478.0 280.7 1 820.5 2.1 70.2 838.1 3.4 58.0 360.5 -1.6 21.2 826.6 4.4 56.6 460.9 1.7 36.5 349.2 0.5 23.1 367.4 -2.4 24.1 458.9 -2.4 21.4 266.3 -2.0 16.4 2 3 4 892.8 899.5 380.1 887.6 499.2 372.8 389.1 478.0 280.7 5 -3.5 5.8 -0.6 -3.5 7.5 1.4 -3.5 7.5 0.4 -3.5 7.6 1.1 -3.5 8.1 1.1 -3.5 9.0 0.4 -3.5 9.0 0.7 -3.5 9.5 0.2 -3.5 2.6 0.1 6 7 8 2.2 3.6 9.0 3.6 2.8 3.9 16.3 3.6 6.4 3.7 3.0 3.7 1.2 3.8 3.0 4.0 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 25.8 -0.0 -1.5 57.5 248.0 -0.3 -0.6 89.3 73.7 -0.3 0.1 51.4 318.4 -0.3 -0.4 114.2 197.2 -0.5 0.1 67.8 117.1 -0.1 -0.3 59.1 33.1 -0.3 -0.0 51.9 88.0 -0.4 0.6 64.9 56.9 -0.2 0.3 29.6 FA543065105 FA573065103 FA223065143 Life insurance companies Private pension funds State and local govt. retirement funds 11.0 0.1 -0.1 16.1 0.0 -0.1 4.9 0.1 -0.5 13.8 0.0 1.0 15.5 0.1 -1.9 3.7 0.0 0.3 4.0 0.1 -1.3 5.1 0.0 -0.1 7.0 15 0.1 16 -0.7 17 18 19 FA403065105 FA413065105 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 738.9 35.4 349.3 178.3 54.1 174.1 206.8 205.9 33.3 178.4 36.5 142.9 101.3 186.8 82.0 212.7 -3.5 18 153.9 19 20 21 22 FA673065105 FA613065105 FA643065173 ABS issuers Finance companies Mortgage REITs 3.8 -12.0 26.5 12.4 -9.9 -1.2 10.5 -4.4 5.3 13.7 -7.3 -3.4 -13.8 3.6 3.5 14.7 -19.0 5.3 7.8 -1.3 -4.0 12.9 -6.5 5.6 6.6 20 9.1 21 14.4 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 4.6 3.6 4.2 0.9 0.9 0.9 0.8 1.6 -44.1 -41.0 -0.0 0.2 -0.9 -2.4 32.3 12.7 -0.0 22.5 -1.0 -2.0 34.7 6.5 -0.0 26.9 2.3 -0.9 56.5 23.3 -0.1 36.3 -1.1 -1.8 48.4 17.6 -0.0 31.6 -0.7 -0.2 11.1 -7.0 -0.0 19.3 0.8 -2.0 35.5 4.6 -0.0 28.5 3.1 -0.7 45.1 10.6 -0.0 34.5 1.9 -1.8 3.9 9 4.2 10 11 12 13 14 0.9 23 47.2 17.8 0.0 25.2 3.3 0.9 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 FA103165405 FA113165405 FA313165403 5 FA893065405 6 7 8 FA153065403 FA103065405 FA113065403 9 10 Net borrowing 146.0 165.9 115.0 157.3 160.5 128.3 113.7 114.8 103.2 1 8.1 137.9 0.0 6.2 159.7 0.0 6.5 108.5 0.0 1.3 156.0 0.0 8.4 152.1 0.0 7.8 120.5 0.0 4.8 109.0 0.0 8.4 106.4 0.0 5.2 98.0 0.0 2 3 4 146.0 165.9 115.0 157.3 160.5 128.3 113.7 114.8 103.2 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.7 -0.6 0.0 -1.5 1.3 0.0 0.5 0.3 0.0 -2.2 1.0 0.0 -1.5 1.1 0.0 0.3 0.4 0.0 1.3 0.7 0.0 0.6 0.2 0.0 -0.1 0.1 6 7 8 FA313065405 FA213065403 Federal government State and local governments -0.3 3.6 -0.3 3.6 -0.2 3.6 -0.2 3.6 -0.4 3.6 -0.3 3.6 0.1 3.6 -0.5 3.6 -0.1 9 3.6 10 11 12 FA763065405 FA753065403 U.S.-chartered depository institutions Foreign banking offices in U.S. 34.1 1.9 93.3 5.9 40.3 0.1 113.6 6.6 68.8 3.3 71.7 -1.9 36.1 4.3 28.1 -0.4 25.3 11 -1.6 12 13 14 15 FA543065405 FA573065403 FA223065443 Life insurance companies Private pension funds State and local govt. retirement funds 26.2 0.1 -0.1 15.8 0.1 -0.1 17.5 0.1 -0.4 10.8 0.1 0.9 11.7 0.1 -1.5 12.7 0.1 0.2 17.8 0.1 -1.1 18.9 0.1 -0.1 20.7 13 0.1 14 -0.6 15 16 17 FA403065405 FA413065405 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 25.5 37.7 44.4 7.9 41.0 8.0 26.7 3.4 105.9 3.4 18.2 -3.2 49.5 3.9 55.6 9.9 40.7 16 21.4 17 18 19 20 FA673065405 FA613065403 FA643065473 ABS issuers Finance companies Mortgage REITs 12.4 0.1 4.6 -5.1 -0.7 1.4 7.8 -2.7 -1.0 -0.0 -5.7 -1.0 -32.2 0.3 -1.9 28.1 -0.3 -1.3 -1.4 0.6 -1.6 6.3 -6.0 -1.5 -1.8 18 -4.8 19 0.5 20 Nonfinancial corporate business Nonfinancial noncorporate business Federal government Net change in assets 65 Z.1, March 7, 2024 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893065505 2 3 4 FA163165505 FA103165505 FA113165505 Net borrowing 5 FA893065505 6 7 8 FA153065505 FA103065505 FA113065503 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 9 10 FA313065505 FA213065503 Federal government State and local governments 11 12 13 FA763065505 FA753065503 FA743065505 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 FA513065505 FA543065505 Property-casualty insurance companies Life insurance companies 16 17 FA573065505 FA223065545 18 19 20 21 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 182.2 255.1 117.8 218.7 201.0 199.0 107.1 111.0 54.3 1 21.7 53.5 107.0 25.4 142.5 87.2 32.6 47.4 37.8 25.4 148.1 45.2 25.4 88.1 87.5 32.6 88.4 77.9 32.6 30.9 43.6 32.6 46.5 31.9 32.6 23.9 -2.2 2 3 4 182.2 255.1 117.8 218.7 201.0 199.0 107.1 111.0 54.3 5 0.1 7.9 -0.5 0.1 15.3 1.0 0.0 13.4 0.3 0.1 5.4 0.8 0.1 9.7 0.8 0.1 32.6 0.3 0.0 8.5 0.5 0.0 7.1 0.2 0.0 5.3 0.1 6 7 8 2.8 0.4 3.7 0.4 4.4 0.4 2.2 0.4 6.8 0.4 3.2 0.4 1.7 0.4 8.3 0.4 4.5 9 0.4 10 82.6 8.3 0.0 171.8 9.9 0.9 84.7 -0.9 0.4 189.0 7.4 2.0 188.5 11.1 -0.0 107.9 2.0 0.4 94.9 3.8 -0.2 70.7 -8.8 0.5 65.2 11 -0.4 12 0.8 13 3.4 8.3 2.7 36.5 1.8 26.0 2.0 22.3 -1.8 22.2 0.4 30.5 5.2 37.7 0.5 21.0 1.3 14 14.8 15 Private pension funds State and local govt. retirement funds 0.9 -0.1 0.7 -0.1 0.7 -0.4 0.7 1.0 0.7 -1.7 0.7 0.3 0.8 -1.2 0.6 -0.1 0.6 16 -0.7 17 FA413065505 FA673065505 Agency- and GSE-backed mortgage pools ABS issuers 0.0 41.4 0.0 4.6 0.0 6.3 0.0 4.5 0.0 -42.4 0.0 33.5 0.0 -9.4 0.0 34.8 0.0 18 -33.7 19 FA613065503 FA643065573 Finance companies Mortgage REITs -1.7 28.4 -0.8 8.4 -2.3 -16.9 -1.7 -17.3 -4.0 10.6 -1.6 -11.7 -4.0 -31.7 -1.2 -23.1 -2.6 20 -1.3 21 35.8 10.4 20.2 10.5 10.5 19.9 20.1 20.4 20.4 1 10.7 25.1 3.3 7.1 5.8 14.4 2.6 7.9 3.0 7.5 5.6 14.3 5.4 14.7 6.3 14.1 5.7 14.6 2 3 35.8 10.4 20.2 10.5 10.5 19.9 20.1 20.4 20.4 4 9.5 -0.0 -5.5 0.1 0.1 0.0 -4.7 0.1 -5.5 0.1 2.0 0.0 -2.2 0.0 1.3 0.0 -0.8 0.0 5 6 1.1 0.1 7 8 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business 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 FA183165603 FA233165605 4 FA893065603 5 6 FA153065605 FA113065603 Household sector Nonfinancial noncorporate business 7 8 FA313065605 FA213065603 Federal government State and local governments 1.2 0.1 1.0 0.1 1.1 0.1 1.3 0.1 0.9 0.1 0.9 0.1 1.3 0.1 1.0 0.1 9 10 FA763065633 FA753065603 U.S.-chartered depository institutions Foreign banking offices in U.S. 4.0 0.0 6.2 0.0 6.5 -0.1 6.2 -0.0 6.3 0.1 6.4 -0.2 6.4 -0.1 6.5 0.2 6.5 9 -0.2 10 11 12 FA543065633 FA223065643 Life insurance companies State and local govt. retirement funds 2.1 0.0 1.4 0.0 1.4 0.0 1.4 0.0 1.4 0.0 1.4 0.0 1.4 0.0 1.4 0.0 1.4 11 0.0 12 13 14 FA403065605 FA413065605 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 18.7 0.3 7.2 -0.1 10.5 0.7 6.2 -0.0 7.3 -0.2 9.4 -0.0 10.8 2.5 10.0 -0.1 12.0 13 0.3 14 Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets (1) Excludes mortgages on farm houses. Transactions 2021 66 Z.1, March 7, 2024 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FA153166000 Net change in liabilities (Households) 237.8 345.5 125.6 327.4 349.0 207.6 102.7 26.8 165.5 1 2 FA153166000 Net change in assets 237.8 345.5 125.6 327.4 349.0 207.6 102.7 26.8 165.5 2 3 4 5 FA163066223 FA103066005 FA113066003 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business -2.0 -0.0 0.0 -3.4 -0.0 0.0 -1.9 -0.0 0.0 -4.0 26.2 0.0 -3.1 64.1 0.0 -0.3 -1.0 0.0 -1.5 -92.7 0.0 -3.6 23.3 0.0 -2.0 70.4 0.0 3 4 5 6 7 8 FA313066220 FA763066000 FA473066000 Federal government (2) U.S.-chartered depository institutions Credit unions 55.4 140.2 26.9 51.0 204.1 104.7 -27.2 70.8 26.3 46.5 144.4 120.6 48.7 150.9 78.1 18.8 114.6 53.8 22.9 71.1 26.6 -149.4 77.7 23.1 -1.2 20.0 1.7 6 7 8 9 10 11 FA403066005 FA673066000 FA613066005 Government-sponsored enterprises ABS issuers Finance companies 0.0 -0.5 17.8 0.0 1.6 -12.4 0.0 13.0 44.6 0.0 1.1 -7.5 0.0 5.7 4.7 0.0 -2.1 23.8 0.0 2.0 74.4 0.0 1.1 54.7 12 13 14 15 FA153166100 FA153166400 FA153166220 FA153166205 65.7 90.4 39.6 42.2 159.1 106.8 30.7 49.0 106.4 56.5 -36.9 -0.4 147.2 108.0 28.3 43.8 164.4 118.1 53.5 13.1 110.0 92.0 0.4 5.3 81.5 41.8 -13.2 -7.3 127.1 50.2 -157.3 6.8 107.3 41.8 22.5 -6.2 12 13 14 15 1 2 3 0.0 9 51.2 10 25.4 11 Memo: Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. Assets of the households and nonprofit organizations sector (table F.101). (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. F.223 Direct Investment Intercompany Debt Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 FA263192305 FA263192313 FA263092313 U.S. direct investment abroad: Intercompany Debt Liab.: Rest of the world (1) U.S. parents’ claims Less: U.S. parents’ liabilities -64.0 20.6 84.7 -41.4 -11.3 30.1 35.3 73.9 38.6 -147.1 -129.9 17.2 21.6 10.0 -11.6 150.0 140.5 -9.5 -101.9 -1.1 100.7 35.6 71.3 35.8 57.6 85.0 27.4 4 5 6 7 8 9 10 FA103092305 FA763092305 FA513092305 FA543092375 FA613092305 FA663092305 FA733092305 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies -52.7 -2.6 -2.0 -0.7 -2.9 0.0 -3.2 -26.6 -3.6 -2.5 -0.2 -4.4 0.0 -4.1 36.8 0.4 -0.4 -0.2 -0.6 0.0 -0.8 -102.5 -9.4 -8.0 -1.1 -13.2 0.0 -12.9 19.0 -0.7 0.8 0.5 0.6 0.0 1.5 123.8 7.0 4.4 0.4 7.5 0.0 6.9 -82.7 -4.9 -3.2 -0.4 -5.4 0.0 -5.3 27.8 3.4 1.0 -0.0 1.7 0.0 1.6 78.3 4 -3.7 5 -3.8 6 -0.6 7 -6.1 8 0.0 9 -6.4 10 11 12 13 14 15 16 17 18 19 20 21 22 FA103192305 FA115114305 FA753192305 FA513192305 FA543192375 FA613192305 FA663192305 FA733192305 FA503192305 FA263092305 FA263092323 FA263192323 Foreign direct investment in U.S.: Intercompany debt Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business Asset: Rest of the world (1) U.S. affiliates’ liabilities Less: U.S. affiliates’ claims -1.1 -0.2 -2.4 -0.7 -0.8 0.4 1.6 2.9 0.0 -0.5 -2.8 -2.3 69.5 0.2 -0.2 0.2 -4.7 -0.0 -1.0 -35.4 0.0 28.6 22.5 -6.1 1.8 -0.2 1.1 0.4 1.0 -0.5 0.3 3.6 0.0 7.7 26.1 18.5 120.4 0.8 1.7 2.0 -3.6 1.1 -1.3 -35.2 0.0 85.9 91.0 5.1 66.2 0.1 0.4 -0.4 -3.8 -0.9 2.0 -54.7 0.0 8.9 -16.9 -25.9 -27.2 -0.6 -0.6 -1.2 0.2 -1.7 -0.4 3.2 0.0 -28.4 -9.3 19.1 9.1 0.0 2.3 1.1 0.6 -0.4 3.0 7.5 0.0 23.3 50.4 27.1 -11.2 -0.2 0.1 0.6 0.4 -0.1 -1.7 16.4 0.0 4.3 5.1 0.7 36.5 0.1 2.7 1.3 2.7 0.3 0.5 -12.6 0.0 31.5 58.4 26.9 23 24 FA263192005 FA263092001 Memo: Total U.S. direct investment abroad (1, 2) Total Foreign direct investment in U.S. (1, 2) 311.8 410.8 402.2 364.0 349.0 323.6 276.8 463.4 460.5 304.9 425.4 438.8 218.2 318.3 369.9 286.8 382.4 23 250.6 24 (1) Direct investment is presented on a directional basis and reported at market value. (2) Memo totals are the sum of direct investment equity (tables F.225.a and L.225.a) and intercompany debt (tables F.223 and L.223). 11 12 13 14 15 16 17 18 19 20 21 22 67 Z.1, March 7, 2024 F.224 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 1 FA893064105 2 FA103164105 Net issues Nonfinancial corporate business 3 FA793164105 Domestic financial sectors 4 5 6 7 8 FA763164105 FA513164105 FA543164175 FA554090005 FA564090005 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 9 10 11 12 13 FA403164105 FA643164105 FA663164105 FA733164105 FA503164105 Government-sponsored enterprises Mortgage REITs Brokers and dealers Holding companies Other financial business 14 FA263164100 15 FA893064105 16 17 FA153064105 FA103064103 Household sector Nonfinancial corporate business 18 19 FA313064105 FA213064103 Federal government State and local governments 20 21 22 FA713064103 FA763064103 FA753064103 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 23 24 25 26 27 FA513064105 FA543064105 FA573064105 FA343064105 FA223064145 28 29 30 2023 Q4 Q1 Q2 Q3 Q4 795.5 138.3 -123.1 432.1 -605.9 -416.8 105.2 15.8 -196.5 1 -214.6 -536.2 -611.7 -533.6 -314.3 -481.3 -430.2 -453.5 -1081.9 2 812.9 488.8 506.5 317.3 650.8 247.7 508.9 370.9 898.7 3 2.3 -9.7 -24.6 17.2 935.5 17.3 -16.3 -30.5 -0.5 609.3 -8.5 -12.1 -24.8 -0.8 597.2 3.9 -17.1 -32.7 -2.1 395.3 82.9 -12.6 -23.6 -3.5 614.9 -41.0 -13.2 -23.2 1.2 423.6 0.6 -12.3 -27.2 0.4 630.4 3.7 -10.5 -22.7 -1.4 420.7 2.7 -12.4 -26.2 -3.6 914.1 4 5 6 7 8 0.1 7.0 -4.8 -110.1 0.0 0.0 -6.1 -6.9 -77.5 -0.0 0.0 0.0 20.1 -64.5 -0.0 0.0 -10.2 3.6 -23.5 -0.0 0.0 4.0 -2.7 -8.5 -0.0 0.0 2.6 11.1 -113.3 -0.0 0.0 0.5 21.7 -105.3 -0.0 0.0 -9.4 17.0 -26.5 -0.0 0.0 6.4 30.8 -13.0 -0.0 9 10 11 12 13 197.3 185.7 -17.9 648.4 -942.4 -183.2 26.5 98.4 -13.3 14 795.5 138.3 -123.1 432.1 -605.9 -416.8 105.2 15.8 -196.5 15 1103.4 -101.4 590.2 -136.2 -57.2 -136.2 639.2 -124.1 577.5 -132.9 -242.7 -136.2 -277.5 -136.2 625.8 -136.2 -334.5 16 -136.2 17 -0.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 18 -3.4 19 0.0 2.4 0.0 0.0 -1.9 0.0 0.0 8.4 0.0 0.0 -0.9 0.0 0.0 -1.2 0.0 0.0 -1.3 0.0 0.0 5.2 0.0 0.0 4.7 0.0 0.0 20 25.1 21 0.0 22 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 2.6 -78.4 -295.0 10.2 -113.1 38.5 -3.3 -133.8 -6.0 -43.6 -31.8 -28.9 -160.5 11.8 -42.0 35.0 -17.1 -136.8 -13.6 30.6 -39.3 -33.4 -134.6 3.9 172.7 -61.3 -22.1 -195.7 -0.0 -296.2 -15.6 -15.1 -173.1 14.3 190.8 -31.4 -56.7 -125.2 22.3 -31.5 -19.0 -21.8 -147.7 10.5 -31.0 FA653064100 FA553064103 FA563064100 Mutual funds Closed-end funds Exchange-traded funds -316.7 8.0 731.6 -388.3 0.1 416.2 -319.3 0.1 393.3 -251.4 -0.0 213.5 -453.2 -2.2 370.7 -280.6 0.1 204.4 -361.0 0.4 439.3 -283.7 -0.0 275.0 -352.0 28 -0.2 29 654.4 30 31 32 FA663064103 FA503064105 Brokers and dealers Other financial business -33.7 -8.8 -13.7 0.0 63.6 0.0 93.6 0.0 -139.3 0.0 213.7 0.0 88.2 0.0 -58.6 0.0 11.1 31 0.0 32 33 FA263064105 Rest of the world (3) -112.4 -176.7 179.1 -32.4 -791.2 404.6 348.9 -185.2 148.2 33 Rest of the world (2) Net purchases (1) Includes shares of exchange-traded funds, closed-end funds, and real estate investment trusts. Excludes mutual fund shares shown on table F.226. (2) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (3) Net purchases of U.S. issues by foreign residents. 23 24 25 26 27 Transactions 2021 68 Z.1, March 7, 2024 F.225 Other Equity (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 1 FA893181115 2 3 FA103192105 FA113181115 Net issues Nonfinancial corporate business Nonfinancial noncorporate business 4 5 6 FA713164005 FA763194603 FA753181115 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 7 8 FA513181115 FA543181115 Property-casualty insurance companies Life insurance companies 9 10 11 12 13 FA403192405 FA613192103 FA663181115 FA733192103 FA503181115 14 FA263181115 15 FA893081115 16 17 18 2023 Q4 Q1 Q2 Q3 Q4 676.0 664.7 676.6 837.7 698.8 900.6 564.1 866.1 375.8 1 385.8 -128.7 264.7 -94.8 290.6 -9.8 293.7 -45.9 206.8 -85.7 445.8 -59.4 262.5 35.9 273.2 38.1 181.0 -53.8 2 3 0.0 123.4 14.6 1.1 -139.8 11.3 1.1 111.2 19.2 0.6 -204.5 56.3 -0.2 161.1 -6.4 1.6 246.5 44.5 0.9 36.9 11.6 1.3 -10.8 97.8 0.5 172.2 -77.0 4 5 6 7.5 0.7 15.4 6.4 15.5 3.6 23.2 10.0 11.6 19.2 7.5 8.9 16.7 4.7 14.9 4.1 23.1 -3.3 7 8 Government-sponsored enterprises Finance companies Brokers and dealers Holding companies Other financial business -0.9 8.8 15.7 -36.8 -91.2 20.0 1.0 76.3 63.1 -5.9 3.5 -0.2 -23.0 -43.8 -8.0 23.3 4.4 163.3 88.1 0.0 26.1 -5.7 -43.4 -14.1 -10.2 46.2 -6.7 -85.7 -25.2 0.0 -21.0 -2.8 -27.0 -72.5 -8.0 -8.5 3.3 101.9 13.6 2.9 -2.8 5.4 -81.2 -91.1 -26.9 9 10 11 12 13 Rest of the World 377.0 446.0 316.7 425.3 439.5 276.5 326.4 334.4 329.7 14 Net purchases 676.0 664.7 676.6 837.7 698.8 900.6 564.1 866.1 375.8 15 FA153081115 Households -113.8 -91.6 4.4 -31.6 -37.2 -27.7 45.3 41.7 -41.6 16 FA103081115 FA113092405 Nonfinancial corporate business Nonfinancial noncorporate business 293.2 1.3 357.8 0.9 234.9 3.2 324.4 3.5 365.5 -0.3 168.7 7.3 214.1 2.7 292.5 1.1 264.3 17 1.6 18 19 FA313081115 Federal government -91.5 -3.5 -4.9 1.3 -9.5 1.1 -1.7 2.9 -22.1 19 20 21 FA763081115 FA473092403 U.S.-chartered depository institutions Credit unions 8.7 0.4 35.0 2.0 -13.1 0.2 51.2 2.1 35.5 2.5 34.5 -0.4 -3.7 -0.5 -44.8 1.2 -38.2 20 0.6 21 22 23 FA513081115 FA543081115 Property-casualty insurance companies Life insurance companies 16.8 1.3 11.7 0.8 18.9 19.8 18.7 1.9 11.4 2.0 8.8 22.8 28.1 5.7 11.0 21.3 27.5 22 29.3 23 24 25 26 27 28 FA613081115 FA643092473 FA663092103 FA733081115 FA503094505 Finance companies Mortgage REITs Brokers and dealers Holding companies Other financial business 24.4 0.0 0.0 107.4 16.6 33.2 -0.0 0.0 -18.0 0.9 25.7 -0.0 0.0 65.4 6.2 40.8 -0.0 0.0 3.7 44.1 42.6 -0.0 0.0 19.1 -28.7 29.0 -0.0 0.0 158.4 30.9 28.0 -0.0 0.0 -37.2 -11.8 25.7 -0.0 0.0 137.8 93.2 20.1 0.0 0.0 2.6 -87.4 29 FA263092101 Rest of the World 411.3 335.5 316.0 377.5 295.9 467.2 295.0 282.5 219.1 29 24 25 26 27 28 (1) Other equity is the sum of direct investment equity and miscellaneous other equity. F.225.a Direct Investment Equity Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 FA263192101 FA103092105 FA763092100 FA513092103 FA543092173 FA613092103 FA663092103 FA733092103 U.S. direct investment abroad: Equity Liab.: Rest of the world (1) Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies 375.8 293.1 11.1 16.9 0.0 24.4 0.0 30.3 443.6 357.7 15.6 11.9 1.9 33.2 0.0 23.2 313.7 234.7 -8.2 18.7 14.2 25.7 0.0 28.6 423.9 324.6 30.0 19.0 4.3 40.8 0.0 5.1 438.9 365.7 9.9 11.4 3.7 42.6 0.0 5.6 275.4 167.2 -6.3 9.0 24.0 29.0 0.0 52.5 320.1 214.6 20.6 28.1 3.3 28.0 0.0 25.5 334.4 292.7 -34.1 11.0 19.8 25.6 0.0 19.2 324.8 264.2 -13.1 26.5 9.8 20.1 0.0 17.3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 FA103192105 FA115114103 FA753192103 FA513192103 FA543192173 FA613192103 FA663192103 FA733192103 FA503192103 FA263092101 Foreign direct investment in U.S.: Equity Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business Asset: Rest of the world (1) 385.8 0.8 -2.0 6.5 0.7 8.8 47.4 -36.8 0.0 411.3 264.7 0.5 10.4 14.5 6.4 1.0 -25.1 63.1 0.0 335.5 290.6 -0.2 13.0 15.5 3.6 -0.2 37.5 -43.8 0.0 316.0 293.7 0.2 12.2 22.9 10.0 4.4 -53.9 88.1 0.0 377.5 206.8 0.6 22.3 11.3 19.2 -5.7 55.4 -14.1 0.0 295.9 445.8 0.5 13.6 5.9 8.9 -6.7 24.5 -25.2 0.0 467.2 262.5 -0.3 23.4 17.1 4.7 -2.8 63.0 -72.5 0.0 295.0 273.2 -0.1 4.5 15.8 4.1 3.3 -32.0 13.6 0.0 282.5 181.0 -0.8 10.4 23.1 -3.3 5.4 94.3 -91.1 0.0 219.1 9 10 11 12 13 14 15 16 17 18 19 20 FA263192005 FA263092001 Memo: Total U.S. direct investment abroad (1, 2) Total Foreign direct investment in U.S. (1, 2) 311.8 410.8 402.2 364.0 349.0 323.6 276.8 463.4 460.5 304.9 425.4 438.8 218.2 318.3 369.9 286.8 382.4 19 250.6 20 (1) Direct investment is presented on a directional basis and reported at market value. (2) Memo totals are the sum of direct investment equity (tables F.225.a and L.225.a) and intercompany debt (tables F.223 and L.223). 69 Z.1, March 7, 2024 F.225.b Miscellaneous Other Equity Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 1 FA893194905 Net issues 2023 Q4 Q1 Q2 Q3 Q4 -111.1 -114.4 47.0 36.3 -36.0 157.9 -51.0 249.2 -168.1 1 -129.5 15.8 -113.8 -95.3 3.7 -91.6 -9.7 14.1 4.4 -46.0 14.4 -31.6 -86.3 49.0 -37.2 -59.9 32.2 -27.7 36.1 9.1 45.3 38.1 3.6 41.7 -53.0 11.4 -41.6 2 3 4 2 3 4 FA112090205 FA662090003 FA152090205 Proprietors’ Equity in Noncorporate Business Liab.: Nonfinancial corporate business Brokers and dealers Asset: Households 5 6 FA313092803 FA313092803 Federal government equity in IBRD, etc.: Liab.: Rest of the world Asset: Federal government 1.2 1.2 2.4 2.4 3.1 3.1 1.3 1.3 0.7 0.7 1.1 1.1 6.3 6.3 0.0 0.0 4.9 4.9 5 6 7 8 FA713164003 FA713164003 Federal Reserve Bank stock: Liab.: Monetary authority Asset: U.S.-chartered depository institutions 1.5 1.5 1.1 1.1 1.1 1.1 0.6 0.6 -0.2 -0.2 1.6 1.6 0.9 0.9 1.3 1.3 0.5 0.5 7 8 9 10 11 12 13 14 15 16 17 18 FA403192405 FA103092405 FA113092405 FA313092403 FA763092405 FA473092403 FA513092403 FA543092473 FA613092403 FA643092473 Equity in government-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 (FHLB) Mortgage REITs (FHLB) -0.9 0.2 1.3 0.0 -3.9 0.4 -0.2 1.3 -0.0 0.0 20.0 0.1 0.9 0.0 18.3 2.0 -0.3 -1.0 -0.0 -0.0 3.5 0.2 3.2 0.0 -5.9 0.2 0.2 5.6 0.0 -0.0 23.3 -0.2 3.5 0.0 20.6 2.1 -0.3 -2.4 -0.0 -0.0 26.1 -0.2 -0.3 0.0 25.9 2.5 -0.0 -1.7 0.0 -0.0 46.2 1.5 7.3 0.0 39.1 -0.4 -0.2 -1.1 -0.0 -0.0 -21.0 -0.5 2.7 0.0 -25.1 -0.5 0.0 2.4 0.0 -0.0 -8.5 -0.2 1.1 0.0 -12.0 1.2 -0.0 1.4 0.0 -0.0 -2.8 0.1 1.6 0.0 -25.6 0.6 1.0 19.5 0.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 FA763194603 FA513194603 FA543194603 FA663194605 FA733094635 Holding company equity investment in affiliates: Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Brokers and dealers Asset: Holding companies 123.4 1.1 0.0 -47.5 77.1 -139.8 0.9 0.0 97.7 -41.2 111.2 0.1 0.0 -74.5 36.8 -204.5 0.3 0.0 202.7 -1.5 161.1 0.2 0.0 -147.8 13.5 246.5 1.6 0.0 -142.3 105.9 36.9 -0.4 0.0 -99.2 -62.7 -10.8 -0.9 0.0 130.3 118.6 172.2 -0.0 0.0 -187.0 -14.8 19 20 21 22 23 24 25 26 FA753194503 FA663194505 FA503094505 Other financial business investment in affiliates: Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Other financial business 16.6 0.0 16.6 0.9 0.0 0.9 6.2 0.0 6.2 44.1 0.0 44.1 -28.7 0.0 -28.7 30.9 0.0 30.9 -11.8 0.0 -11.8 93.2 0.0 93.2 -87.4 24 0.0 25 -87.4 26 27 28 29 FA313094213 FA503194205 FA313094205 Federal gov’t investment in Federal Reserve facilities: Liab.: Monetary authority Other financial business Asset: Federal government -1.5 -91.2 -92.7 0.0 -5.9 -5.9 0.0 -8.0 -8.0 0.0 0.0 0.0 0.0 -10.2 -10.2 0.0 0.0 0.0 0.0 -8.0 -8.0 0.0 2.9 2.9 0.0 27 -26.9 28 -26.9 29 30 31 32 FA503194305 FA153094305 FA313094303 Equity investment under Public-Private Inv. Program: Liab.: Other financial business Asset: Households (1) Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 0.0 31 0.0 32 (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). Transactions 2021 70 Z.1, March 7, 2024 F.226 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA653164205 Net issues 215.1 -800.5 -299.7 -590.3 -1014.1 -148.7 -325.5 -305.4 -419.4 1 2 FA653164205 Net purchases 215.1 -800.5 -299.7 -590.3 -1014.1 -148.7 -325.5 -305.4 -419.4 2 3 4 FA153064205 FA103064203 Household sector Nonfinancial corporate business 542.2 22.0 -724.1 -4.4 -164.2 -4.4 -470.9 -4.4 -529.8 -4.4 -187.8 -4.4 -5.6 -4.4 -279.8 -4.4 -183.6 -4.4 3 4 5 FA213064203 State and local governments 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 5 6 7 FA763064203 FA473064205 U.S.-chartered depository institutions Credit unions 2.0 1.6 -2.3 -1.4 -1.0 -0.7 8.2 -4.2 -12.3 -1.4 -1.7 -1.7 2.0 -0.8 -3.8 -1.6 -0.6 1.4 6 7 8 9 FA513064205 FA543064205 Property-casualty insurance companies Life insurance companies -1.0 -138.9 -0.6 -88.3 -1.3 -107.1 2.8 -73.4 1.5 -48.9 -5.8 -129.1 -0.1 -112.6 -1.3 -112.9 2.3 -73.7 8 9 10 11 FA573064205 FA223064205 Private pension funds State and local govt. retirement funds -83.4 -162.3 -43.2 -35.2 -16.1 10.1 -61.0 -6.5 -57.3 -174.8 53.4 228.6 -63.0 -96.2 -22.2 -55.3 -32.4 10 -36.6 11 12 FA263064203 Rest of the world 31.8 97.7 -16.4 17.9 -187.8 -101.3 -46.0 174.7 -93.0 12 (1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds. 71 Z.1, March 7, 2024 F.228 Life Insurance Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 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 2023 Q4 Q1 Q2 Q3 Q4 69.0 63.9 63.3 74.1 37.1 89.0 70.4 18.5 75.2 1 0.3 48.0 20.7 0.4 71.6 -8.1 1.3 61.0 1.0 1.0 81.2 -8.1 -0.1 45.3 -8.1 2.0 82.4 4.5 -0.2 67.9 2.7 2.9 14.1 1.5 0.5 79.6 -4.9 2 3 4 69.0 63.9 63.3 74.1 37.1 89.0 70.4 18.5 75.2 5 30.9 13.3 22.2 4.0 -1.4 58.9 6.5 -5.6 4.0 0.1 55.2 -2.0 6.1 4.0 -0.0 66.7 8.8 -5.6 4.0 0.1 37.6 1.1 -5.6 4.0 0.1 66.5 5.3 13.2 4.0 0.0 73.5 -14.9 7.8 4.0 0.0 10.7 -0.6 4.4 4.0 0.0 70.2 6 2.1 7 -1.0 8 4.0 9 -0.0 10 317.0 609.7 571.4 667.1 565.0 678.9 647.7 421.2 537.8 1 -31.4 5.3 74.7 226.1 42.4 111.7 53.6 72.3 285.8 86.3 64.2 94.8 90.4 311.6 10.4 191.9 53.1 45.9 289.8 86.3 95.9 91.8 -8.6 299.6 86.3 130.1 121.7 87.2 314.7 25.2 167.4 63.7 89.6 317.0 9.9 -78.7 94.6 91.9 308.4 5.0 37.9 99.4 92.7 306.3 1.4 2 3 4 5 6 317.0 609.7 571.4 667.1 565.0 678.9 647.7 421.2 537.8 7 230.1 88.5 -1.6 504.7 104.5 0.5 551.1 20.3 0.0 562.1 104.5 0.5 460.0 104.5 0.5 631.2 47.5 0.1 628.9 18.8 0.1 411.9 9.3 0.0 532.2 8 5.6 9 -0.1 10 475.0 -8.4 -0.7 18.9 -23.0 168.6 319.7 -242.6 -32.1 -0.9 -17.2 72.0 -146.9 -117.4 ND ND ND ND ND ND ND -437.0 -253.2 -0.7 -0.2 52.0 -77.8 -157.1 38.2 -50.2 -3.1 54.0 80.0 -170.0 127.5 28.2 -356.5 1.9 61.7 104.0 -11.5 228.7 196.9 46.6 3.3 56.6 136.0 -10.8 -34.7 -22.9 -218.7 2.6 -22.8 132.0 42.8 41.3 Transactions 2021 F.229 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates 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 Memo: 11 12 13 14 15 16 17 FA893131573 FA763131573 FA473131573 FA543131503 FA633131573 FA653131573 FA153131575 Individual Retirement Accounts (IRAs): (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market funds Mutual funds Other self-directed accounts ND ND ND ND ND ND ND 11 12 13 14 15 16 17 (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Includes public and private defined benefit and defined contribution pension plans, and annuities at life insurance companies. Annuities include those held in individual retirement accounts (IRAs). Social security is excluded. (5) Asset of the household and nonprofit organizations sector (table F.101). Figures for depositories (lines 12 and 13) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 14) and excluded from the money market fund and mutual fund sectors (lines 15 and 16). 72 Z.1, March 7, 2024 F.230 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 2023 Q4 Q1 Q2 Q3 Q4 1 FA893170005 Net change in trade payables 737.8 463.0 283.0 60.0 264.6 -183.6 206.5 527.9 581.1 1 2 FA163170005 Nonprofit organizations (1) 31.3 32.9 31.5 32.9 32.9 31.5 31.5 31.5 31.5 2 3 4 FA103170005 FA113170005 Nonfinancial corporate business Nonfinancial noncorporate business 429.8 68.3 248.3 42.9 112.3 4.2 -122.0 22.9 59.8 62.5 -292.9 6.7 20.2 23.8 329.0 -6.0 392.9 -7.6 3 4 5 6 FA313170005 FA213170003 Federal government State and local governments 57.8 57.5 47.2 64.9 34.0 68.5 18.5 65.9 12.2 66.8 -13.6 67.1 16.5 67.3 63.2 69.2 70.1 70.2 5 6 7 8 9 FA513170005 FA543170005 FA663170003 Property-casualty insurance companies Life insurance companies Brokers and dealers 19.0 66.8 3.9 15.1 16.3 -2.4 12.1 20.2 -1.6 15.1 16.3 1.3 15.1 16.4 1.8 12.9 15.3 -3.7 10.6 25.3 14.8 11.5 22.2 -5.4 13.6 18.0 -11.9 7 8 9 10 FA263170005 Rest of the world 3.4 -2.2 1.7 9.2 -2.8 -7.0 -3.3 12.7 4.3 10 11 FA893070005 763.0 337.8 327.3 -311.9 -150.1 -62.7 292.1 494.7 585.1 11 12 FA163070005 Nonprofit organizations (1) 11.8 13.2 14.3 13.2 13.2 14.3 14.3 14.3 14.3 12 13 14 FA103070005 FA113070003 Nonfinancial corporate business Nonfinancial noncorporate business 498.1 80.1 181.1 50.8 201.5 17.3 -415.9 44.3 -294.2 46.4 -170.3 20.6 157.9 33.7 352.5 11.2 466.0 13 3.8 14 15 16 FA313070000 FA213070003 Federal government State and local governments 10.6 46.0 1.9 20.4 3.2 13.7 0.6 4.0 12.9 5.3 20.4 -32.3 -3.7 7.6 6.2 33.4 -10.3 15 46.0 16 17 18 19 20 FA513070005 FA543070005 FA673070003 FA263070005 Property-casualty insurance companies Life insurance companies ABS issuers Rest of the world 22.6 10.1 3.0 80.7 26.3 -3.9 3.8 44.3 27.7 10.0 3.8 35.8 -3.2 -3.9 5.2 43.8 14.9 -3.9 13.6 41.8 56.6 3.3 -8.6 33.3 24.8 12.9 6.7 37.9 16.3 12.6 3.6 44.7 13.0 11.2 13.5 27.6 21 FA903070005 -25.2 125.2 -44.3 371.9 414.6 -120.8 -85.6 33.2 -3.9 21 -3.7 -36.9 25.1 -65.0 55.5 117.7 -122.5 17.3 87.8 1 -25.5 32.3 27.6 11.5 -6.2 6.0 2.2 9.2 -2.1 10.8 77.0 6.8 -111.8 11.1 11.9 4.5 -1.7 1.5 2 3 Net change in trade receivables Discrepancy 17 18 19 20 (1) Included in the households and nonprofit organizations sector (table F.101). F.231 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893178005 Net change in taxes payable by all businesses 2 3 FA103178005 FA113178003 Nonfinancial corporate business Nonfinancial noncorporate business 4 FA763178000 U.S.-chartered depository institutions -8.9 -73.8 26.4 -72.9 43.3 30.5 -12.8 -6.8 94.6 4 5 6 FA513178005 FA543178075 Property-casualty insurance companies Life insurance companies -0.2 -0.5 0.2 -1.1 -3.0 0.2 -2.0 0.3 9.2 2.9 0.6 1.9 -6.2 -3.3 0.8 3.6 -7.1 -1.5 5 6 7 8 9 FA613178005 FA663178003 FA733178013 Finance companies Brokers and dealers Holding companies -1.0 0.5 -0.3 1.9 -2.9 -0.3 2.2 0.1 -0.6 -0.8 -0.9 0.0 2.8 -11.4 0.0 -1.2 2.0 0.0 0.4 2.6 -2.5 2.2 1.0 0.0 7.2 -5.2 0.0 7 8 9 10 FA893078005 -101.9 -64.1 -38.3 -103.4 59.9 57.5 -147.9 12.4 -75.2 10 11 12 FA313078000 FA213078005 -131.3 29.4 -75.5 11.5 -43.7 5.4 -116.0 12.7 45.2 14.7 55.2 2.3 -155.1 7.1 1.9 10.5 -76.9 11 1.7 12 13 FA903078005 98.2 27.1 63.4 38.3 -4.3 60.2 25.4 4.8 163.1 13 Net change in business taxes receivable Federal government State and local governments Discrepancy 73 Z.1, March 7, 2024 F.232 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 1 FA893190005 2 3 4 FA543077073 FA103190005 FA113193003 Net change in liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 FA313190005 FA223073045 Federal government State and local governments 7 8 9 10 11 FA713193005 FA763190005 FA753193005 FA743193005 FA473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 12 13 FA513190005 FA543190005 14 15 16 2023 Q4 Q1 Q2 Q3 Q4 1088.7 520.9 1746.3 1270.9 21.8 1791.2 1287.1 2448.7 1458.2 1 1.5 106.7 451.7 -1.5 62.7 49.9 2.5 528.8 67.5 0.1 -87.1 19.1 -9.8 441.2 54.2 4.1 415.9 86.9 0.1 786.9 108.4 2.8 337.8 53.5 3.3 574.6 21.2 2 3 4 -408.3 249.6 -199.7 234.3 -124.9 234.3 -24.7 234.3 -191.2 234.3 63.2 234.3 -222.7 234.3 115.0 234.3 -454.9 234.3 5 6 0.3 74.9 6.9 -5.2 5.0 -23.2 22.9 87.2 3.0 4.5 -114.3 272.5 -32.4 30.7 53.0 252.8 243.9 112.4 5.6 -32.4 -33.3 -182.3 83.9 1.1 8.2 -137.5 37.3 -194.8 -0.3 75.6 -403.9 52.5 62.0 2.1 70.1 205.5 535.1 47.9 89.7 12.7 -121.4 7 464.9 8 -44.8 9 31.1 10 53.7 11 Property-casualty insurance companies Life insurance companies 144.3 59.5 123.4 7.6 209.5 86.9 208.9 94.3 -36.3 -155.0 282.7 125.3 169.0 71.0 186.3 110.3 200.0 12 41.0 13 FA403190005 FA613190005 FA643193075 Government-sponsored enterprises Finance companies Mortgage REITs -5.5 -35.8 -9.3 14.0 46.3 2.7 20.2 79.3 7.1 102.8 -48.7 49.4 15.4 17.8 -53.3 -62.1 91.0 6.9 4.0 12.6 8.5 125.0 150.9 -8.9 14.0 14 62.6 15 21.6 16 17 18 19 FA663190005 FA733190005 FA503190005 Brokers and dealers Holding companies Other financial business 155.2 32.0 255.3 -102.3 157.6 14.5 92.9 89.2 223.3 -123.6 278.3 -20.2 -185.7 9.2 16.7 430.0 38.9 267.8 -49.2 32.4 268.0 -163.8 237.0 247.1 154.8 17 48.6 18 110.5 19 20 FA263190005 Rest of the world 9.9 17.2 20.3 5.7 -13.2 26.1 81.1 -69.3 43.4 20 21 FA893090005 1478.8 1250.7 1014.9 962.9 -1306.9 1323.5 665.7 1579.4 491.1 21 22 23 24 FA153090005 FA103090005 FA113090005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 55.3 230.7 445.2 94.3 868.5 162.8 108.0 325.0 61.2 118.7 883.5 218.9 88.7 -895.0 178.9 127.3 -82.2 96.1 95.6 343.0 86.8 93.0 763.8 46.2 116.0 22 275.5 23 15.4 24 25 26 FA313091105 FA213093003 Federal government State and local governments -0.0 65.1 0.0 0.9 -0.0 -22.5 0.0 22.0 0.0 -26.0 -0.0 -18.3 0.0 -37.4 0.0 -15.8 0.0 25 -18.4 26 27 28 29 30 31 FA713090005 FA763090005 FA753093005 FA743093005 FA473093005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -15.3 121.7 -0.7 -9.1 5.6 -1.1 118.6 61.1 5.3 -13.4 2.7 -5.2 -28.6 7.1 -3.8 -5.1 91.4 62.1 34.4 -54.3 18.3 -324.3 94.2 -13.8 18.2 -6.4 44.3 -136.3 10.9 -37.0 10.6 -3.7 6.4 -7.3 -9.9 8.3 246.7 53.5 19.0 -15.6 32 33 FA513090005 FA543090005 Property-casualty insurance companies Life insurance companies -58.1 80.1 111.3 71.0 4.1 105.9 197.8 162.5 -132.6 -69.8 123.2 60.4 -46.0 147.8 0.3 139.8 -61.2 32 75.6 33 34 35 36 FA573090005 FA343073045 FA223090005 Private pension funds Federal government retirement funds State and local govt. retirement funds 178.6 -94.8 326.8 67.9 -163.3 311.0 85.3 -177.5 279.8 45.8 -17.3 200.5 72.0 -315.3 276.9 20.4 68.9 277.4 44.4 -258.5 418.3 126.1 32.2 120.7 150.2 34 -552.7 35 302.6 36 37 38 39 FA633093005 FA653093005 FA563093003 Money market funds Mutual funds Exchange-traded funds -10.0 -147.7 -3.6 35.9 -167.2 -1.8 -50.7 -181.1 -8.1 -105.8 -268.8 -43.4 70.6 84.9 -22.6 -13.2 50.5 -0.0 51.0 -373.2 -3.5 -137.4 -169.9 -26.2 -103.0 37 -231.7 38 -2.8 39 40 41 42 43 FA403093005 FA673090543 FA613090005 FA643093075 Government-sponsored enterprises ABS issuers Finance companies Mortgage REITs -30.5 40.5 -50.2 -2.5 -37.5 18.3 9.2 -15.8 3.9 9.8 57.1 16.0 -29.2 -3.0 0.2 -4.7 32.6 9.9 23.4 -24.2 -12.7 8.3 53.3 19.0 -1.2 10.1 43.5 -5.7 26.8 15.9 44.1 3.4 44 45 46 FA663090005 FA733090005 FA503093023 Brokers and dealers Holding companies Other financial business 261.2 86.0 0.6 -242.5 -49.7 -0.4 191.3 158.6 3.6 -512.7 -104.3 4.9 -227.2 -117.9 -6.8 523.9 76.9 0.7 49.8 104.5 -1.3 -291.1 305.0 2.5 482.5 44 148.0 45 12.5 46 47 FA263090005 Rest of the world 3.8 7.2 73.3 68.8 -100.0 68.3 1.4 188.0 35.3 47 48 FA903090005 -390.1 -729.8 731.4 308.0 1328.7 467.7 621.5 869.3 967.1 48 Net change in assets Discrepancy -1.9 -308.1 -38.0 5.9 47.5 2.5 4.7 87.6 47.3 27 28 29 30 31 40 41 42 43 Transactions 2021 74 Z.1, March 7, 2024 F.233 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2021 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 5 6 7 FA763194705 FA513194703 FA543194703 FA613194733 FA663194705 FA263194735 FA733094735 Holding company other investment in affiliates: 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 24.0 -0.2 0.0 4.3 53.3 6.0 87.4 -4.6 -0.3 0.0 -2.3 -51.9 8.7 -50.3 68.1 0.1 0.0 -3.3 99.4 0.7 165.1 -10.0 0.0 0.0 -5.9 -98.2 -5.5 -119.7 27.3 0.0 0.0 3.6 -102.2 -25.1 -96.3 7.5 0.2 0.0 -4.9 76.5 4.6 83.9 56.1 -0.2 0.0 -1.4 -7.5 65.6 112.8 124.3 1.1 0.0 -7.5 250.0 -87.5 280.4 84.7 -0.5 0.0 0.4 78.7 20.1 183.4 1 2 3 4 5 6 7 8 9 10 11 12 13 FA733194735 FA763094703 FA513094703 FA543094703 FA663094705 FA263094733 Holding company balances due to affiliates: Liab.: Holding companies Asset: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Brokers and dealers Rest of the world 33.5 -4.3 0.4 0.0 39.5 -2.1 113.9 1.2 0.8 0.0 106.3 5.6 81.2 -2.4 -1.2 0.0 18.0 66.8 225.7 10.4 4.2 0.0 143.8 67.2 -75.2 -3.7 -0.1 0.0 30.1 -101.6 60.6 -2.7 -0.5 0.0 2.4 61.4 28.2 1.3 -1.9 0.0 33.0 -4.2 205.8 -11.2 -2.6 0.0 37.8 181.8 30.1 3.2 0.0 0.0 -1.0 28.0 8 9 10 11 12 13 14 15 FA103094705 FA103094705 NFC other investment in finance company affiliates: Liab.: Finance companies Asset: Nonfinancial corporate business -15.6 -15.6 -6.2 -6.2 7.1 7.1 -11.3 -11.3 -36.7 -36.7 78.1 78.1 -61.8 -61.8 116.5 116.5 -104.4 14 -104.4 15 16 17 18 FA663170605 FA663070675 FA663070605 Securities brokers and dealers payables: Liab.: Brokers and dealers Other financial business Asset: Brokers and dealers 134.2 56.4 190.6 -32.8 -13.4 -46.1 60.1 3.9 64.0 -71.1 -278.0 -349.1 -75.9 -83.9 -159.8 183.6 108.4 291.9 -8.2 -14.4 -22.5 -93.5 -41.7 -135.2 158.4 16 -36.7 17 121.6 18 19 20 21 22 23 FA313172003 FA163072003 FA103072005 FA113072003 FA613072003 Paycheck Protection Program subsidies payable: Liab.: Federal government Asset: Nonprofit organizations Nonfinancial corporate business Nonfinancial noncorporate business Finance companies -332.6 -22.1 -206.4 -102.3 -1.8 -97.1 -12.2 -43.3 -41.6 0.0 -3.0 -1.1 0.0 -1.9 0.0 -52.1 -19.4 -8.7 -24.1 0.0 -15.2 -8.0 0.0 -7.2 0.0 -6.7 -3.4 0.0 -3.3 0.0 -3.2 -0.8 0.0 -2.4 0.0 -2.0 0.0 0.0 -2.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 21 22 23 75 Z.1, March 7, 2024 F.234 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 2 3 FA263191103 FA313091105 FA713091103 Nonofficial foreign currencies: Liab.: Rest of the world Asset: Federal government Monetary authority (1) -14.5 -0.0 -14.5 -2.9 0.0 -2.9 0.9 -0.0 0.9 -0.2 0.0 -0.2 0.4 0.0 0.4 0.7 -0.0 0.7 -1.5 0.0 -1.5 0.0 0.0 0.0 4.5 0.0 4.5 1 2 3 4 5 FA313131003 FA313131003 Postal Savings System deposits: Liab.: Federal government Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 6 7 FA403197033 FA403197033 Deposits at Federal Home Loan Banks: Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions -1.0 -1.0 -3.9 -3.9 2.9 2.9 -5.2 -5.2 -6.5 -6.5 19.1 19.1 -7.3 -7.3 -0.2 -0.2 -0.1 -0.1 6 7 8 9 FA673090543 FA673090543 Funding agreements backing securities: Liab.: Life insurance companies (2) Asset: ABS issuers 40.5 40.5 18.3 18.3 9.8 9.8 -3.0 -3.0 9.9 9.9 8.3 8.3 10.1 10.1 15.9 15.9 4.7 4.7 8 9 10 11 FA543077073 FA543077073 Deferred and unpaid life insurance premiums: Liab.: Household sector Asset: Life insurance companies 1.5 1.5 -1.5 -1.5 2.5 2.5 0.1 0.1 -9.8 -9.8 4.1 4.1 0.1 0.1 2.8 2.8 12 13 14 15 FA543195005 FA263195105 FA153095105 FA543095105 Other reserves at life insurance companies: Liab.: Life insurance companies Rest of the world Asset: Household sector Life insurance companies 17.0 2.2 15.1 4.1 2.6 -1.4 6.0 -4.9 6.0 -0.1 6.1 -0.2 6.6 -1.4 10.1 -4.9 5.9 -1.4 9.3 -4.9 26.1 0.8 24.1 2.8 8.1 0.7 6.5 2.3 6.9 0.5 5.8 1.5 -17.3 -2.2 -12.0 -7.5 12 13 14 15 16 17 18 19 20 21 22 FA513176005 FA263176005 FA153076005 FA103076005 FA113076005 FA513076005 FA263076005 Policy payables: Liab.: Property-casualty insurance companies Rest of the world Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Property-casualty insurance companies Rest of the world 111.2 16.2 40.9 36.1 17.1 27.4 6.0 120.0 12.8 62.0 33.1 9.5 26.7 1.5 153.1 18.7 73.1 45.1 10.4 36.6 6.5 188.6 12.8 95.9 60.3 16.9 26.7 1.5 59.1 12.8 29.6 9.2 4.7 26.7 1.5 168.1 19.9 87.7 46.7 7.7 39.0 6.9 137.5 16.3 65.3 39.9 11.1 31.9 5.6 149.4 17.7 72.2 43.2 10.9 34.6 6.1 157.2 21.0 67.2 50.7 12.0 41.1 7.3 16 17 18 19 20 21 22 23 24 25 FA593095005 FA573095005 FA223095505 Unallocated insurance company contracts: Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds 7.7 -6.7 14.4 8.4 -3.4 11.8 14.0 5.6 8.4 6.5 -2.7 9.2 26.2 13.6 12.6 22.0 10.2 11.8 11.6 4.9 6.7 5.7 -0.9 6.6 16.8 23 8.0 24 8.7 25 26 27 FA573074005 FA573074005 Pension fund contributions payable: Liab.: Nonfinancial corporate business Asset: Private pension funds -6.5 -6.5 -1.9 -1.9 -2.9 -2.9 -1.4 -1.4 -0.7 -0.7 -4.7 -4.7 -3.6 -3.6 -1.3 -1.3 -2.1 26 -2.1 27 28 29 FA313195105 FA313195105 Retiree health care funds: Liab.: Federal government (3) Asset: Household sector 21.4 21.4 38.5 38.5 29.8 29.8 32.1 32.1 57.7 57.7 19.0 19.0 24.6 24.6 15.0 15.0 60.7 28 60.7 29 30 31 32 33 34 35 FA573073005 FA343073045 FA223073045 FA573073005 FA343073045 FA223073045 Claims of pension fund on sponsor: Liab.: Nonfinancial corporate business Federal government State and local governments Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds 149.6 -94.8 249.6 149.6 -94.8 249.6 58.7 -163.3 234.3 58.7 -163.3 234.3 65.9 -177.5 234.3 65.9 -177.5 234.3 45.3 -17.3 234.3 45.3 -17.3 234.3 49.6 -315.3 234.3 49.6 -315.3 234.3 45.3 68.9 234.3 45.3 68.9 234.3 43.2 -258.5 234.3 43.2 -258.5 234.3 81.0 32.2 234.3 81.0 32.2 234.3 (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 table F.133 in addition to F.223 and F.225.a. (3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 3.3 10 3.3 11 94.2 -552.7 234.3 94.2 -552.7 234.3 30 31 32 33 34 35 Transactions 2021 76 Z.1, March 7, 2024 F.235 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 2022 2023 2022 Transactions Q3 1 FA893193005 2 3 FA103193005 FA113193003 Net change in liabilities Nonfinancial corporate business Nonfinancial noncorporate business 4 FA313193005 5 6 7 8 9 2023 Q4 Q1 Q2 Q3 Q4 625.3 288.2 1074.6 1079.6 282.9 651.5 1018.3 1423.4 1205.4 1 -36.4 451.7 5.9 49.9 465.8 67.5 -131.0 19.1 392.3 54.2 375.2 86.9 747.3 108.4 258.1 53.5 482.5 21.2 2 3 Federal government -2.3 22.3 25.9 12.6 81.6 -17.9 14.5 69.7 37.1 4 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 0.3 50.8 6.9 -5.2 5.0 -23.2 27.5 87.2 3.0 4.5 -114.3 204.3 -32.4 30.7 53.0 252.8 253.9 112.4 5.6 -32.4 -33.3 -209.7 83.9 1.1 8.2 -137.5 29.8 -194.8 -0.3 75.6 -403.9 -3.6 62.0 2.1 70.1 205.5 410.8 47.9 89.7 12.7 -121.4 380.2 -44.8 31.1 53.7 5 6 7 8 9 10 11 FA513193005 FA543193005 Property-casualty insurance companies Life insurance companies 33.2 -5.6 3.7 -21.7 56.3 57.2 20.3 84.2 -95.4 -197.0 114.4 68.8 31.7 41.2 35.9 81.8 43.3 10 36.9 11 12 13 14 FA403193005 FA613193005 FA643193075 Government-sponsored enterprises Finance companies Mortgage REITs -4.4 -24.5 -9.3 17.9 54.8 2.7 17.4 75.5 7.1 108.0 -31.5 49.4 21.9 51.0 -53.3 -81.1 17.9 6.9 11.3 75.7 8.5 125.2 41.8 -8.9 14.2 12 166.6 13 21.6 14 15 16 17 FA663193005 FA733193005 FA503193005 Brokers and dealers Holding companies Other financial business -32.4 -1.5 199.0 -17.6 43.6 27.9 -66.6 8.0 219.5 45.7 52.6 257.9 -7.7 84.4 100.6 169.9 -21.8 159.4 -33.6 4.3 282.4 -320.3 31.2 288.8 -82.3 15 18.4 16 147.3 17 18 FA893093005 1015.4 1018.0 343.2 771.6 -1045.8 183.8 396.8 554.1 238.2 18 19 20 FA103093005 FA113093005 Nonfinancial corporate business Nonfinancial noncorporate business 416.6 530.4 884.9 194.9 272.8 52.6 843.2 226.1 -867.5 181.4 -207.0 91.7 364.9 78.2 604.1 37.3 329.3 19 3.5 20 21 FA213093003 State and local governments 65.1 0.9 -22.5 22.0 -26.0 -18.3 -37.4 -15.8 -18.4 21 22 23 24 25 26 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 -0.8 126.9 -0.7 -9.1 5.6 1.9 121.4 61.1 5.3 -13.4 1.7 -5.7 -28.6 7.1 -3.8 -4.9 86.2 62.1 34.4 -54.3 17.8 -314.1 94.2 -13.8 18.2 -7.1 27.9 -136.3 10.9 -37.0 12.1 2.3 6.4 -7.3 -9.9 8.2 258.1 53.5 19.0 -15.6 -6.4 -311.2 -38.0 5.9 47.5 27 28 FA513093005 FA543093005 Property-casualty insurance companies Life insurance companies -85.9 74.5 83.8 77.4 -31.3 103.6 166.8 167.3 -159.2 -55.2 84.7 53.5 -76.0 145.5 -31.8 135.5 -102.3 27 79.9 28 29 30 FA573093005 FA223093005 Private pension funds State and local govt. retirement funds 42.2 62.9 14.5 64.9 16.7 37.0 4.5 -42.9 9.6 30.0 -30.6 31.3 -0.1 177.4 47.4 -120.1 50.1 29 59.6 30 31 32 33 FA633093005 FA653093005 FA563093003 Money market funds (net) Mutual funds Exchange-traded funds -10.0 -147.7 -3.6 35.9 -167.2 -1.8 -50.7 -181.1 -8.1 -105.8 -268.8 -43.4 70.6 84.9 -22.6 -13.2 50.5 -0.0 51.0 -373.2 -3.5 -137.4 -169.9 -26.2 -103.0 31 -231.7 32 -2.8 33 34 35 36 FA403093005 FA613093005 FA643093075 Government-sponsored enterprises Finance companies Mortgage REITs -30.5 -48.4 -2.5 -37.5 9.2 -15.8 3.9 57.1 16.0 -29.2 0.2 -4.7 32.6 23.4 -24.2 -12.7 53.3 19.0 -1.2 43.5 -5.7 26.8 44.1 3.4 2.5 34 87.6 35 47.3 36 37 38 39 FA663093005 FA733093005 FA503093023 Brokers and dealers Holding companies Other financial business 31.1 -1.4 0.6 -302.6 0.6 -0.4 109.3 -6.5 3.6 -307.4 15.4 4.9 -97.5 -21.6 -6.8 229.6 -7.0 0.7 39.3 -8.3 -1.3 -193.7 24.6 2.5 361.9 37 -35.4 38 12.5 39 40 FA903090005 -390.1 -729.8 731.4 308.0 1328.7 467.7 621.5 869.3 967.1 40 Net change in assets Discrepancy 22 23 24 25 26 77 Z.1, March 7, 2024 F.7 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2022 2023 2022 Q3 1 FA897005005 2 3 FA157005005 FA107005005 All sectors Household sector Nonfinancial corporate business 4 5 FA317005005 FA217005005 6 FA797005005 7 FA717005005 Monetary authority 8 9 10 11 FA767005005 FA757005005 FA747005005 FA477005005 12 13 2023 Q4 Q1 Q2 Q3 Q4 -79.1 -615.3 -477.3 562.6 823.3 -952.9 157.7 -742.8 -371.2 1 167.8 128.4 -393.8 -406.1 -354.9 -177.7 68.0 12.8 -814.9 1037.9 -821.7 706.4 -796.3 188.9 660.6 -1091.3 -462.0 -514.9 2 3 Federal government State and local governments -214.2 -19.9 78.2 23.2 402.4 -63.5 634.0 61.0 205.0 -54.8 216.6 15.3 704.8 -40.2 202.3 -100.8 485.9 -128.3 4 5 Domestic financial sectors -420.0 -425.7 -36.8 -570.1 317.9 -429.9 -158.3 -274.6 715.7 6 -1.3 -21.9 -85.6 -11.4 -86.2 -85.6 -85.6 -85.6 -85.6 7 U.S.-chartered depository institutions Foreign banking officed in U.S. Banks in U.S.-affiliated areas Credit unions -97.1 -132.2 -1.7 -16.1 -219.8 35.1 -6.8 -12.2 31.3 36.0 2.1 18.8 -293.3 -135.5 -12.2 -12.1 208.5 241.9 4.8 16.0 -58.6 -106.9 4.2 47.3 -166.1 121.9 -3.5 2.6 -20.5 -130.2 -6.8 -2.3 370.3 8 259.3 9 14.5 10 27.6 11 FA517005005 FA547005005 Property-casualty insurance companies Life insurance companies 92.9 -115.1 -95.6 -146.4 144.4 -37.5 -193.5 -106.3 40.5 -127.6 151.1 32.6 148.8 -63.2 86.6 -85.2 191.0 12 -34.3 13 14 15 FA657005005 FA407005005 Mutual funds Government-sponsored enterprises 15.6 -44.7 14.8 -113.1 8.5 -7.3 12.4 47.9 8.5 -9.7 8.5 -148.2 8.5 15.7 8.5 60.9 8.5 14 42.4 15 16 17 18 FA677005005 FA617005005 FA647005005 Issuers of asset-backed securities Finance companies Mortgage REITs 0.0 20.9 0.0 0.0 -36.8 0.0 0.0 6.8 0.0 0.0 -116.9 0.0 0.0 -55.6 0.0 0.0 25.0 0.0 0.0 -46.4 0.0 0.0 29.8 0.0 0.0 16 18.7 17 0.0 18 19 20 FA667005005 FA737005005 Brokers and dealers Holding companies -36.7 -104.5 46.0 131.0 -60.1 -94.1 102.3 148.4 -124.6 201.5 -162.8 -136.6 -55.0 -36.0 68.8 -198.7 -91.6 19 -5.2 20 21 FA267005005 278.7 508.9 -246.9 356.9 132.3 -639.5 258.8 -139.0 -467.7 21 -79.1 -615.3 -477.3 562.6 823.3 -952.9 157.7 -742.8 -371.2 1 -0.5 -0.9 -1.0 57.7 -1.2 -91.8 -2.4 138.9 -0.7 -198.4 -0.7 191.8 -0.7 -374.3 -2.8 -71.6 -0.7 -113.3 2 3 17.5 221.3 -23.1 -117.8 20.0 -618.4 99.4 -396.1 -49.2 -576.8 333.0 -1383.5 -328.6 547.0 42.3 -804.3 33.2 -832.9 4 5 0.4 1.1 0.0 -0.7 -0.3 -1.9 0.0 1.7 5.1 4.8 0.0 0.3 -144.6 -142.4 0.0 -2.2 125.7 122.2 0.0 3.5 -166.3 -165.9 0.0 -0.5 196.4 196.7 0.0 -0.3 -167.1 -165.9 0.0 -1.2 157.5 154.5 0.0 3.0 6 7 8 9 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 4 5 FA904010005 FA902050005 Net interbank transactions Security repurchase agreements 6 7 8 9 FA903020005 FA903023005 FA903028003 FA903029200 Mail floats Federal government State and local governments Private domestic 10 11 FA903070005 FA903078005 Trade credit Taxes payable -25.2 98.2 125.2 27.1 -44.3 63.4 371.9 38.3 414.6 -4.3 -120.8 60.2 -85.6 25.4 33.2 4.8 -3.9 10 163.1 11 12 FA903090005 Miscellaneous -390.1 -729.8 731.4 308.0 1328.7 467.7 621.5 869.3 967.1 12 13 FA906000105 Nonfinancial 0.1 46.5 -541.4 149.2 -216.1 -334.2 -443.4 -646.6 -741.2 13 14 15 FA087005005 FA156600075 -5.5 5.3 -52.3 5.8 535.2 6.1 -155.0 5.8 210.2 5.9 328.2 6.0 437.3 6.1 640.5 6.2 735.0 14 6.2 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas Transactions 2021 78 Z.1, March 7, 2024 L.100 Domestic Nonfinancial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 Total financial assets 2023 Q4 Q1 Q2 Q3 Q4 1 FL384090005 2 3 FL313011005 FL383091005 U.S. official reserve assets Foreign deposits 4 5 6 7 FL383020005 FL383030005 FL383034005 FL382051005 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 8 9 10 11 12 13 FL384022005 FL383069105 FL383061105 FL383061705 FL383062005 FL383063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 5513.7 337.4 1917.6 894.3 1861.8 502.7 7012.2 289.9 3088.5 1511.9 1675.2 446.6 8474.8 322.5 4115.4 1733.7 1822.2 481.0 6257.1 293.3 2623.2 1313.2 1592.2 435.1 7012.2 289.9 3088.5 1511.9 1675.2 446.6 7779.9 291.1 3634.9 1651.7 1742.8 459.5 7916.6 284.2 3832.4 1582.3 1753.0 464.6 7984.8 316.4 3918.3 1610.3 1678.6 461.2 8474.8 322.5 4115.4 1733.7 1822.2 481.0 8 9 10 11 12 13 14 15 16 17 18 FL384023005 FL383069005 FL383065005 FL383066005 LM103092305 Loans Other loans and advances Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 4152.5 2004.7 653.6 1494.2 -29.7 4316.0 2047.4 726.8 1541.8 -59.9 4179.6 1905.1 761.8 1512.7 -40.1 4336.7 2105.6 697.4 1533.6 -65.0 4316.0 2047.4 726.8 1541.8 -59.9 4315.7 2021.8 740.9 1553.0 -21.0 4269.7 1978.8 747.7 1543.3 -63.3 4176.4 1904.5 756.4 1515.4 -59.2 4179.6 1905.1 761.8 1512.7 -40.1 14 15 16 17 18 19 20 21 22 LM383064105 LM103092105 LM383094905 LM383064205 Corporate equities U.S. direct investment abroad: equity Miscellaneous other equity Mutual fund shares 35140.5 29088.9 35153.5 27615.9 29088.9 30815.0 32712.4 31577.6 35153.5 7980.0 6693.8 7779.9 5868.2 6693.8 7245.2 7445.2 7049.2 7779.9 15681.3 16344.0 15871.4 16739.5 16344.0 16006.5 16242.4 16235.6 15871.4 13402.0 10223.5 11534.9 9790.9 10223.5 10676.0 11121.5 10651.4 11534.9 19 20 21 22 23 24 25 26 27 FL153040005 FL153050005 FL383070005 FL383078005 FL383090005 Life insurance reserves Pension entitlements Trade receivables Taxes payable Miscellaneous assets 2000.3 1987.1 2089.6 1961.2 1987.1 2020.9 2050.4 2040.7 2089.6 31560.4 28920.7 30963.7 28578.2 28920.7 29566.1 30161.9 29916.4 30963.7 6103.7 6371.0 6621.0 6422.7 6371.0 6345.1 6371.3 6482.4 6621.0 685.9 668.0 590.1 669.6 668.0 740.5 676.6 646.4 590.1 14509.4 15579.9 16083.5 15649.7 15579.9 15630.2 15740.1 15857.7 16083.5 23 24 25 26 27 28 FL384194005 29 FL384190005 30 31 32 LM313111303 FL713014003 FL313112003 U.S. official reserve assets SDR certificates Treasury currency 33 34 35 36 37 38 FL384122005 FL103169100 FL313161105 FL313161705 FL383162005 FL103163005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 33975.8 35288.8 37929.8 35078.3 35288.8 35897.8 36418.3 37289.0 37929.8 33 138.2 197.6 217.8 198.8 197.6 206.2 192.7 203.2 217.8 34 22557.5 23845.0 26226.6 23616.7 23845.0 24282.0 24772.4 25630.2 26226.6 35 19.8 19.8 20.2 19.4 19.8 19.7 18.0 19.6 20.2 36 4083.8 4031.3 4052.1 4054.3 4031.3 4035.4 4051.2 4040.7 4052.1 37 7176.4 7195.3 7413.1 7189.2 7195.3 7354.4 7384.1 7395.4 7413.1 38 39 40 41 42 43 FL384123005 FL383168005 FL383169005 FL383165005 FL153166000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 32482.8 34987.2 35878.1 34413.7 34987.2 35071.5 35307.5 35552.9 35878.1 39 3101.9 3603.2 3580.9 3496.8 3603.2 3608.7 3593.9 3561.6 3580.9 40 6501.5 6881.7 7040.3 6785.0 6881.7 6826.6 6865.9 6938.5 7040.3 41 18330.9 19608.2 20237.2 19342.6 19608.2 19749.7 19907.0 20091.9 20237.2 42 4548.5 4894.0 5019.7 4789.3 4894.0 4886.5 4940.7 4960.9 5019.7 43 44 LM143192305 Foreign direct investment: intercompany debt 45 46 FL313140003 FL383170005 Life insurance reserves Trade payables 47 48 FL143178005 FL383190005 Taxes payable Miscellaneous liabilities 49 FL143181105 50 51 52 LM103164105 LM143192105 LM112090205 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Foreign direct investment: equity Equity in noncorporate business (1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107. 161688.2 152116.5 165072.0 148910.4 152116.5 155769.4 159611.1 157959.3 165072.0 219.9 214.5 214.1 242.3 215.5 258.8 202.2 216.3 214.1 242.3 217.2 237.8 214.7 256.9 212.3 265.3 1 215.5 258.8 2 3 7420.2 7871.7 8009.5 8187.2 7871.7 7581.4 7679.0 7825.4 8009.5 13114.0 12392.2 12105.9 12417.2 12392.2 11971.5 11985.5 12072.8 12105.9 3803.5 4023.2 4941.8 3841.3 4023.2 4409.0 4595.8 4787.6 4941.8 216.0 227.7 238.4 221.4 227.7 232.5 234.3 236.5 238.4 4 5 6 7 170838.9 161879.5 177452.7 159860.4 161879.5 166116.9 171553.8 170670.7 177452.7 28 90465.7 94889.5 98612.6 94600.3 94889.5 95534.3 96408.7 98035.9 98612.6 29 160.8 5.2 23.0 152.9 5.2 22.6 154.1 5.2 22.6 147.0 5.2 22.6 152.9 5.2 22.6 154.5 5.2 22.6 152.8 5.2 22.6 151.0 5.2 22.6 154.1 30 5.2 31 22.6 32 317.2 387.2 381.1 367.9 387.2 378.8 373.2 376.5 381.1 44 52.6 6076.7 53.0 6512.8 54.3 6763.4 53.0 6468.5 53.0 6512.8 53.5 6425.0 53.5 6481.8 54.2 6638.2 54.3 45 6763.4 46 452.1 491.2 491.0 491.4 491.2 524.5 486.8 493.4 491.0 47 16919.5 16988.5 16932.9 17552.7 16988.5 17000.8 17106.9 17452.9 16932.9 48 80373.2 66990.0 78840.1 65260.0 66990.0 70582.6 75145.2 72634.8 78840.1 49 53502.8 41617.8 51547.2 40117.7 41617.8 44861.8 48382.9 46278.8 51547.2 50 11402.8 9243.1 11649.0 8607.9 9243.1 9939.7 10747.6 10350.0 11649.0 51 15467.6 16129.2 15644.0 16534.4 16129.2 15781.1 16014.6 16006.0 15644.0 52 79 Z.1, March 7, 2024 L.101 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 Q3 Total financial assets 2023 Q4 Q1 Q2 Q3 Q4 1 FL154090005 2 3 4 5 LM153091003 FL153020005 FL153030005 FL153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 7 8 9 10 LM154022005 LM153061105 LM153061705 LM153062005 LM153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 2985.7 435.7 452.4 1807.6 290.0 11 12 13 14 FL154023005 FL153069005 FL153065005 FL163066223 Loans Other loans and advances (2) Mortgages Consumer credit (student loans) 1467.3 1358.6 86.6 22.0 15 16 17 LM153064105 LM153081115 LM153064205 Corporate equities (3) Miscellaneous other equity Mutual fund shares 31656.1 26418.8 31996.5 25087.6 26418.8 27995.0 29696.9 28705.8 31996.5 15 15573.7 16238.9 15767.8 16631.9 16238.9 15898.9 16134.7 16126.9 15767.8 16 12829.6 9759.4 11005.1 9351.7 9759.4 10189.5 10615.6 10163.8 11005.1 17 18 19 20 21 22 23 FL153040005 FL153050005 FL593073005 FL153050025 FL163070005 FL153090005 Life insurance reserves Pension entitlements (4) Claims of pension fund on sponsor Funded pension entitlements Trade receivables Miscellaneous assets 2000.3 1987.1 2089.6 1961.2 1987.1 2020.9 2050.4 2040.7 2089.6 18 31560.4 28920.7 30963.7 28578.2 28920.7 29566.1 30161.9 29916.4 30963.7 19 5140.0 5316.0 4609.9 5978.4 5316.0 5210.0 5069.9 5354.1 4609.9 20 26420.4 23604.7 26353.8 22599.8 23604.7 24356.1 25092.0 24562.3 26353.8 21 298.6 311.7 326.0 308.4 311.7 315.3 318.9 322.4 326.0 22 1432.5 1526.8 1634.8 1493.1 1526.8 1553.1 1574.4 1593.9 1634.8 23 24 FL154190005 25 FL163162003 Debt securities (municipal securities) 26 27 28 29 30 31 FL154123005 FL153165105 FL153166000 FL153168005 FL153169005 FL163165505 Loans One-to-four-family residential mortgages (5) Consumer credit Depository institution loans n.e.c. (6) Other loans and advances Commercial mortgages 32 33 FL163170005 FL543077073 Trade payables Deferred and unpaid life insurance premiums Total liabilities 117865.4 108952.6 118831.9 106735.4 108952.6 111875.8 114946.0 113270.9 118831.9 48.2 51.7 4144.8 4534.2 11063.8 10270.7 2804.4 3081.6 1 46.4 53.0 51.7 4340.9 4789.0 4534.2 9837.8 10343.1 10270.7 3806.3 2919.1 3081.6 51.0 4553.6 9853.2 3389.9 47.8 4459.9 9731.2 3539.0 48.2 4229.6 9795.5 3689.3 46.4 4340.9 9837.8 3806.3 2 3 4 5 4434.3 1461.6 1071.3 1620.5 280.9 5670.7 2321.3 1272.6 1766.3 310.5 3744.7 1051.5 879.7 1540.7 272.8 4434.3 1461.6 1071.3 1620.5 280.9 5096.8 1922.0 1200.5 1685.0 289.3 5222.4 2104.7 1129.3 1693.3 295.1 5313.9 2229.5 1162.0 1623.6 298.9 5670.7 6 2321.3 7 1272.6 8 1766.3 9 310.5 10 1416.8 1320.4 77.7 18.7 1346.3 1255.1 74.4 16.8 1474.3 1374.9 80.0 19.5 1416.8 1320.4 77.7 18.7 1392.5 1296.5 77.4 18.6 1392.6 1298.4 76.0 18.2 1324.4 1231.6 75.5 17.3 1346.3 1255.1 74.4 16.8 11 12 13 14 18851.4 19969.1 20528.8 19746.8 19969.1 20005.6 20176.6 20358.4 20528.8 24 202.7 201.8 203.9 201.6 201.8 201.9 204.1 204.2 203.9 25 18140.5 19227.7 19751.3 19011.4 19227.7 19255.3 19416.1 19589.3 19751.3 26 11926.7 12696.7 13053.2 12540.8 12696.7 12752.6 12844.6 12963.5 13053.2 27 4548.5 4894.0 5019.7 4789.3 4894.0 4886.5 4940.7 4960.9 5019.7 28 423.0 494.7 473.6 471.6 494.7 473.2 467.8 467.2 473.6 29 831.4 706.0 735.9 779.8 706.0 698.6 710.4 737.0 735.9 30 410.8 436.2 468.8 429.9 436.2 444.4 452.5 460.7 468.8 31 469.7 38.4 502.6 37.0 534.1 39.5 494.4 39.4 502.6 37.0 510.5 38.0 518.4 38.0 526.2 38.7 534.1 32 39.5 33 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary balance sheet table B.101.n shows estimates of annual year-end outstandings of nonprofit organizations. (2) Includes nonmarketable Treasury securities, cash accounts at brokers and dealers, and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held corporate equities, including closed-end fund, exchange-traded fund, and real estate investment trust shares. (4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security. (5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23). (6) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF I). Levels 2021 80 Z.1, March 7, 2024 L.102 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 1 FL144090005 2 3 4 5 6 FL103091003 FL143020005 FL143030005 FL143034005 FL102051003 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 8 9 10 11 12 LM144022005 FL103069100 LM143061105 LM103061703 LM143062005 LM123063003 13 14 15 16 2023 Q4 Q1 Q2 Q3 Q4 35944.2 35049.7 37717.3 34012.0 35049.7 35842.9 36482.4 36381.1 37717.3 190.6 2522.4 1749.9 876.5 28.5 212.4 2517.6 1892.7 1054.8 29.1 163.3 2401.1 1719.5 861.9 24.7 190.6 2522.4 1749.9 876.5 28.5 186.8 2483.8 1754.9 947.8 30.7 209.1 2455.1 1883.2 982.5 30.1 217.2 2579.4 1910.7 1020.7 29.7 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds (held by equity REITs) 485.5 256.3 150.9 26.6 31.9 19.8 446.0 204.8 163.6 30.6 28.8 18.3 524.5 233.3 205.3 38.3 29.6 18.0 433.9 209.2 151.5 26.9 28.2 18.2 446.0 204.8 163.6 30.6 28.8 18.3 447.2 205.0 164.3 30.8 29.3 17.9 458.7 197.1 179.4 35.5 29.2 17.4 495.8 228.2 184.7 37.1 28.1 17.7 524.5 7 233.3 8 205.3 9 38.3 10 29.6 11 18.0 12 FL144023005 FL143065005 FL143066005 LM103092305 Loans Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 200.6 164.8 35.8 -29.7 240.3 204.5 35.8 -59.9 262.7 226.9 35.8 -40.1 234.7 199.7 35.0 -65.0 240.3 204.5 35.8 -59.9 250.0 215.3 34.7 -21.0 255.4 220.5 34.9 -63.3 259.9 224.9 35.0 -59.2 262.7 226.9 35.8 -40.1 13 14 15 16 17 18 19 20 LM103064103 LM103092105 FL143092405 LM103064203 Corporate equities U.S. direct investment abroad: equity Equity in GSEs Mutual fund shares 3144.9 7980.0 15.8 444.4 2397.6 6693.8 16.8 358.5 2830.7 7779.9 20.2 407.2 2270.1 5868.2 17.0 339.7 2397.6 6693.8 16.8 358.5 2532.1 7245.2 19.0 375.3 2708.2 7445.2 19.6 389.8 2575.4 7049.2 19.8 375.2 2830.7 7779.9 20.2 407.2 17 18 19 20 21 22 FL143070005 FL143090005 Trade receivables Miscellaneous assets 23 FL144194005 24 FL144190005 25 26 27 28 FL104122005 FL103169100 FL103162000 FL103163005 Debt securities Commercial paper Municipal securities Corporate bonds 29 30 31 32 33 FL144123005 FL143168005 FL143169005 FL143165005 LM143192305 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Foreign direct investment: intercompany debt 11592.6 12749.7 12877.5 12527.4 12749.7 12846.3 12892.0 12920.8 12877.5 29 2678.9 3108.5 3107.3 3025.2 3108.5 3135.5 3126.0 3094.4 3107.3 30 2920.4 3165.8 3055.1 3130.2 3165.8 3158.0 3156.1 3158.7 3055.1 31 5993.4 6475.3 6715.1 6371.9 6475.3 6552.7 6609.9 6667.7 6715.1 32 317.2 387.2 381.1 367.9 387.2 378.8 373.2 376.5 381.1 33 34 35 36 FL143170005 FL143178005 FL143190005 Trade payables Taxes payable Miscellaneous liabilities 3936.1 4227.3 4343.8 4208.4 4227.3 4112.0 4139.1 4259.3 4343.8 34 452.1 491.2 491.0 491.4 491.2 524.5 486.8 493.4 491.0 35 11349.4 11969.1 12328.2 11976.9 11969.1 11985.1 12153.9 12328.6 12328.2 36 37 FL143181105 38 39 40 LM103164105 LM143192105 LM112090205 Total liabilities and equity Total liabilities Total equity (market value) Corporate equities Foreign direct investment: equity Equity in noncorporate business 212.4 2517.6 1892.7 1054.8 29.1 1 166.3 2519.4 1665.3 943.8 26.7 2 3 4 5 6 5434.1 5666.0 5884.9 5723.4 5666.0 5640.0 5659.8 5756.1 5884.9 21 12947.2 13922.5 14340.7 14019.6 13922.5 13951.2 14049.1 14151.2 14340.7 22 115953.5 104826.3 117510.3 102840.0 104826.3 108609.1 113388.9 111230.8 117510.3 23 35580.3 37836.3 38670.2 37579.9 37836.3 38026.5 38243.7 38596.0 38670.2 24 7933.0 138.2 618.3 7176.4 8011.9 197.6 619.0 7195.3 8248.5 217.8 617.6 7413.1 8007.9 198.8 620.0 7189.2 8011.9 197.6 619.0 7195.3 8179.8 206.2 619.2 7354.4 8198.7 192.7 621.9 7384.1 8217.4 203.2 618.8 7395.4 8248.5 217.8 617.6 7413.1 25 26 27 28 80373.2 66990.0 78840.1 65260.0 66990.0 70582.6 75145.2 72634.8 78840.1 37 53502.8 41617.8 51547.2 40117.7 41617.8 44861.8 48382.9 46278.8 51547.2 38 11402.8 9243.1 11649.0 8607.9 9243.1 9939.7 10747.6 10350.0 11649.0 39 15467.6 16129.2 15644.0 16534.4 16129.2 15781.1 16014.6 16006.0 15644.0 40 (1) Sum of nonfinancial corporate business (table L.103) and nonfinancial noncorporate business (table L.104). 81 Z.1, March 7, 2024 L.103 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 Q3 1 FL104090005 2 3 4 5 6 FL103091003 FL103020005 FL103030003 FL103034000 FL102051003 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 8 9 10 11 12 LM104022005 FL103069100 LM103061103 LM103061703 LM103062003 LM123063003 13 14 15 2023 Q4 Q1 Q2 Q3 Q4 28235.3 27001.3 29531.7 26057.3 27001.3 27733.3 28324.6 28202.5 29531.7 190.6 2010.3 297.1 739.5 28.5 212.4 1998.4 396.1 915.5 29.1 163.3 1894.0 295.6 726.5 24.7 190.6 2010.3 297.1 739.5 28.5 186.8 1969.7 274.9 810.1 30.7 209.1 1937.6 391.7 843.6 30.1 217.2 2060.7 415.4 881.5 29.7 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds (held by equity REITs) 409.6 256.3 79.7 26.6 27.3 19.8 369.1 204.8 91.7 30.6 23.8 18.3 446.1 233.3 132.0 38.3 24.6 18.0 358.2 209.2 80.6 26.9 23.3 18.2 369.1 204.8 91.7 30.6 23.8 18.3 370.1 205.0 92.3 30.8 24.2 17.9 380.8 197.1 106.6 35.5 24.2 17.4 417.3 228.2 111.2 37.1 23.1 17.7 446.1 7 233.3 8 132.0 9 38.3 10 24.6 11 18.0 12 FL104023005 FL103065005 FL103066005 Loans Mortgages Consumer credit 149.0 113.2 35.8 184.9 149.1 35.8 206.3 170.5 35.8 180.1 145.1 35.0 184.9 149.1 35.8 194.3 159.6 34.7 199.2 164.3 34.9 203.6 168.6 35.0 206.3 13 170.5 14 35.8 15 16 LM103092305 U.S. direct investment abroad: intercompany debt -29.7 -59.9 -40.1 -65.0 -59.9 -21.0 -63.3 -59.2 -40.1 16 17 18 19 20 LM103064103 LM103092105 FL103092405 LM103064203 Corporate equities U.S. direct investment abroad: equity Equity in GSEs Mutual fund shares 3144.9 7980.0 1.6 444.4 2397.6 6693.8 1.7 358.5 2830.7 7779.9 1.9 407.2 2270.1 5868.2 1.7 339.7 2397.6 6693.8 1.7 358.5 2532.1 7245.2 2.1 375.3 2708.2 7445.2 1.9 389.8 2575.4 7049.2 1.9 375.2 2830.7 7779.9 1.9 407.2 17 18 19 20 21 22 23 24 25 26 FL103070005 FL103090005 FL103076005 FL103094705 FL103072005 FL103093005 Trade receivables Miscellaneous assets Insurance receivables Investment in finance company affiliates PPP subsidies receivable Other 4414.3 8381.7 450.2 150.6 43.3 7737.5 4595.3 9194.2 483.3 144.4 0.0 8566.5 4796.9 9551.2 528.4 151.5 0.0 8871.3 4664.4 9336.0 481.0 153.6 0.0 8701.4 4595.3 9194.2 483.3 144.4 0.0 8566.5 4564.1 9198.8 495.0 163.9 0.0 8539.9 4575.5 9275.0 505.0 148.5 0.0 8621.6 4669.1 9365.5 515.8 177.6 0.0 8672.2 4796.9 9551.2 528.4 151.5 0.0 8871.3 21 22 23 24 25 26 27 FL104194005 28 FL104190005 29 30 31 32 FL104122005 FL103169100 FL103162000 FL103163005 Debt securities Commercial paper Municipal securities (1) Corporate bonds 7933.0 138.2 618.3 7176.4 8011.9 197.6 619.0 7195.3 8248.5 217.8 617.6 7413.1 8007.9 198.8 620.0 7189.2 8011.9 197.6 619.0 7195.3 8179.8 206.2 619.2 7354.4 8198.7 192.7 621.9 7384.1 8217.4 203.2 618.8 7395.4 8248.5 217.8 617.6 7413.1 29 30 31 32 33 34 35 36 37 FL104123005 FL103168005 FL103169005 FL103165005 LM103192305 Loans Depository institution loans n.e.c. Other loans and advances (2) Mortgages Foreign direct investment: intercompany debt 4703.2 1123.0 2491.3 1088.9 311.9 5427.5 1474.9 2693.5 1259.0 381.7 5388.4 1484.0 2587.1 1317.2 375.8 5314.6 1417.1 2671.0 1226.5 362.4 5427.5 1474.9 2693.5 1259.0 381.7 5453.7 1492.3 2683.9 1277.6 373.5 5469.4 1488.6 2693.9 1286.9 368.0 5471.7 1475.8 2694.5 1301.4 371.2 5388.4 1484.0 2587.1 1317.2 375.8 33 34 35 36 37 38 39 40 41 42 43 FL103170005 FL103178005 FL103190005 FL573074005 FL573073005 FL103193005 Trade payables Taxes payable Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 3194.4 249.8 8620.0 70.9 53.4 8495.6 3442.7 277.5 9189.7 68.9 720.1 8400.7 3555.0 271.3 9481.4 66.0 458.0 8957.3 3436.7 280.3 9211.1 69.1 806.4 8335.6 3442.7 277.5 9189.7 68.9 720.1 8400.7 3324.7 309.0 9184.0 67.8 616.3 8499.9 3346.8 268.6 9325.7 66.9 541.8 8717.1 3465.8 274.1 9487.1 66.5 654.8 8765.8 3555.0 271.3 9481.4 66.0 458.0 8957.3 38 39 40 41 42 43 44 LM103181105 45 46 LM103164105 LM103192105 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Foreign direct investment: equity 212.4 1998.4 396.1 915.5 29.1 1 166.3 2049.8 283.7 813.1 26.7 2 3 4 5 6 89773.2 77478.4 90402.4 75232.9 77478.4 81506.3 85979.3 83793.7 90402.4 27 25012.2 26730.8 27320.3 26613.1 26730.8 26824.7 26977.1 27287.2 27320.3 28 64761.0 50747.6 63082.0 48619.8 50747.6 54681.6 59002.2 56506.5 63082.0 44 53502.8 41617.8 51547.2 40117.7 41617.8 44861.8 48382.9 46278.8 51547.2 45 11258.2 9129.8 11534.9 8502.1 9129.8 9819.8 10619.3 10227.6 11534.9 46 Memo: 47 48 49 FL104001005 FL104150005 FL104001006 Total liquid assets (3) Total short-term liabilities (4) Liquid assets/short-term liabilities (percent) 50 FL104140006 Short-term debt/total debt (percent) (5) 7338.5 7196.7 101.97 6391.2 8086.1 79.04 7235.5 8115.2 89.16 6072.0 8004.0 75.86 6391.2 8086.1 79.04 6549.7 8016.1 81.71 6891.1 7990.5 86.24 6972.4 8113.3 85.94 7235.5 47 8115.2 48 89.16 49 29.70 32.49 31.45 32.18 32.49 32.14 32.01 31.95 31.45 50 (1) 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. (2) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (3) Sum of lines 2 through 7 and lines 17 and 20. (4) Sum of lines 30, 34, 35, 38, and 39. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (5) Short-term debt is the sum of lines 30, 34, and 35. Total debt is the sum of lines 29 and 33. Levels 2021 82 Z.1, March 7, 2024 L.104 Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 1 FL114090005 2 3 4 FL113020005 FL113030003 FL113034003 Total financial assets Checkable deposits and currency Time and savings deposits Money market fund shares 5 6 7 LM114022005 LM113061003 LM113062003 8 9 10 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 7709.0 8048.4 8185.6 7954.7 8048.4 8109.6 8157.8 8178.6 8185.6 1 469.5 1381.6 130.7 512.1 1452.9 137.0 519.1 1496.6 139.3 507.1 1423.9 135.4 512.1 1452.9 137.0 514.1 1479.9 137.7 517.4 1491.5 138.9 518.7 1495.3 139.2 519.1 1496.6 139.3 2 3 4 Debt securities Treasury securities Municipal securities 75.9 71.3 4.7 76.9 71.9 5.0 78.4 73.4 5.1 75.8 70.9 4.9 76.9 71.9 5.0 77.0 72.0 5.1 77.8 72.8 5.1 78.5 73.5 5.0 78.4 73.4 5.1 5 6 7 FL114023005 FL113065005 FL113066003 Loans Mortgages Consumer credit 51.6 51.6 0.0 55.4 55.4 0.0 56.4 56.4 0.0 54.6 54.6 0.0 55.4 55.4 0.0 55.7 55.7 0.0 56.2 56.2 0.0 56.3 56.3 0.0 56.4 8 56.4 9 0.0 10 11 FL113092405 Equity investment in GSEs (1) 14.2 15.1 18.3 15.2 15.1 17.0 17.6 17.9 18.3 11 12 13 14 15 16 FL113070003 FL113090005 FL113076005 FL113072003 FL113093005 Trade receivables Miscellaneous assets Insurance receivables PPP subsidies receivable Other 1019.9 4565.5 152.9 43.5 4369.1 1070.7 4728.3 162.4 1.9 4564.0 1088.0 4789.5 172.8 0.0 4616.6 1059.1 4683.6 161.2 3.7 4518.6 1070.7 4728.3 162.4 1.9 4564.0 1075.8 4752.4 164.4 1.1 4586.9 1084.3 4774.1 167.1 0.5 4606.4 1087.0 4785.6 169.9 0.0 4615.8 17 FL114194005 Total liabilities and equity 18 FL114190005 19 20 21 22 FL114123005 FL113168005 FL113169005 FL113165005 23 LM115114305 Foreign direct investment: intercompany debt 24 25 26 FL113170005 FL113178003 FL113193003 Trade payables Taxes payable Miscellaneous liabilities 27 LM113181115 28 29 LM115114103 LM112090205 Total liabilities Loans Depository institution loans n.e.c. Other loans and advances Mortgages Total equity (market value) Foreign direct investment: equity Equity in noncorporate business (1) Equity in the Farm Credit System. 1088.0 4789.5 172.8 0.0 4616.6 12 13 14 15 16 26180.3 27347.9 27108.0 27607.0 27347.9 27102.7 27409.6 27437.1 27108.0 17 10568.1 11105.5 11349.9 10966.8 11105.5 11201.7 11266.6 11308.8 11349.9 18 6889.4 1555.8 429.1 4904.4 7322.2 1633.6 472.3 5216.3 7489.1 1623.3 467.9 5397.9 7212.8 1608.1 459.2 5145.4 7322.2 1633.6 472.3 5216.3 7392.5 1643.3 474.1 5275.2 7422.6 1637.5 462.2 5323.0 7449.1 1618.6 464.2 5366.3 7489.1 1623.3 467.9 5397.9 19 20 21 22 5.3 5.5 5.3 5.5 5.5 5.4 5.3 5.3 5.3 23 741.7 202.3 2729.4 784.6 213.7 2779.4 788.9 219.7 2846.8 771.7 211.0 2765.8 784.6 213.7 2779.4 787.3 215.4 2801.1 792.3 218.2 2828.2 793.5 219.3 2841.6 788.9 24 219.7 25 2846.8 26 15612.2 16242.4 15758.1 16640.2 16242.4 15901.0 16143.0 16128.3 15758.1 27 144.6 113.3 114.1 105.8 113.3 119.9 128.3 122.4 114.1 28 15467.6 16129.2 15644.0 16534.4 16129.2 15781.1 16014.6 16006.0 15644.0 29 83 Z.1, March 7, 2024 L.105 General Government (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL364090005 2 3 4 5 6 FL313011005 FL363020005 FL363030005 FL213034003 FL212051003 Total financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 8 9 10 11 12 FL364022005 FL213069103 FL213061103 FL363061705 FL213062003 FL363063005 13 14 15 16 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 7878.5 8114.2 8522.8 8163.0 8114.2 8050.7 8182.8 8307.3 8522.8 1 219.9 756.1 385.0 55.3 189.2 214.1 815.2 371.6 65.1 199.3 215.5 1151.1 375.5 80.6 209.3 202.2 997.1 354.6 60.3 196.8 214.1 815.2 371.6 65.1 199.3 217.2 544.1 363.4 71.3 201.8 214.7 763.9 371.1 74.3 204.3 212.3 1016.4 366.5 77.6 206.8 215.5 1151.1 375.5 80.6 209.3 2 3 4 5 6 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 2042.5 81.1 1331.0 415.3 22.2 192.9 2131.9 85.2 1463.4 410.1 25.9 147.4 2279.6 89.2 1588.8 422.9 26.3 152.5 2078.4 84.2 1420.2 406.6 23.3 144.1 2131.9 85.2 1463.4 410.1 25.9 147.4 2236.0 86.2 1548.7 420.4 28.5 152.3 2235.5 87.2 1548.3 417.4 30.4 152.2 2175.1 88.2 1504.1 411.3 26.9 144.6 2279.6 7 89.2 8 1588.8 9 422.9 10 26.3 11 152.5 12 FL364023005 FL363065005 FL313066220 FL363069005 Loans Mortgages Consumer credit Other loans and advances 2484.6 402.1 1436.4 646.1 2658.9 444.5 1487.3 727.0 2570.7 460.5 1460.1 650.1 2627.6 417.8 1479.1 730.7 2658.9 444.5 1487.3 727.0 2673.1 448.2 1499.7 725.3 2621.7 451.2 1490.1 680.4 2592.0 456.1 1463.1 672.9 2570.7 460.5 1460.1 650.1 17 18 19 LM363064105 FL313081115 LM213064203 Corporate equities Miscellaneous other equity Mutual fund shares 339.5 91.8 128.0 272.5 88.3 105.6 326.4 83.4 122.6 258.2 90.7 99.5 272.5 88.3 105.6 287.9 88.5 111.2 307.3 88.1 116.1 296.5 88.9 112.4 326.4 17 83.4 18 122.6 19 20 21 22 FL363070005 FL363078005 FL363090005 Trade receivables Taxes receivable Miscellaneous assets 371.0 685.9 129.6 393.2 668.0 130.5 410.1 590.1 108.1 390.9 669.6 137.0 393.2 668.0 130.5 389.9 740.5 126.0 392.6 676.6 116.6 403.8 646.4 112.7 410.1 20 590.1 21 108.1 22 23 FL364190005 24 25 26 LM313111303 FL713014003 FL313112003 SDR allocations SDR certificates Treasury currency 27 28 29 30 FL364122005 FL313161105 FL313161705 FL213162005 Debt securities Treasury securities Budget agency securities Municipal securities 31 32 33 FL364123005 FL313165403 FL363169005 Loans Multifamily residential mortgages Other loans and advances 2749.7 0.0 2749.7 3009.9 0.0 3009.9 3249.3 0.0 3249.3 2874.9 0.0 2874.9 3009.9 0.0 3009.9 2970.0 0.0 2970.0 2999.4 0.0 2999.4 3042.8 0.0 3042.8 3249.3 31 0.0 32 3249.3 33 34 35 36 FL313140003 FL363170005 FL363190005 Insurance reserves Trade payables Miscellaneous liabilities 52.6 1670.9 5531.7 53.0 1782.9 4982.4 54.3 1885.4 4565.2 53.0 1765.6 5536.4 53.0 1782.9 4982.4 53.5 1802.5 4977.8 53.5 1824.4 4915.0 54.2 1852.7 5085.5 54.3 34 1885.4 35 4565.2 36 37 38 FL374090005 FL374190005 Total liabilities 13 14 15 16 36034.1 37084.1 39413.6 37273.6 37084.1 37502.2 37988.3 39081.5 39413.6 23 160.8 5.2 23.0 152.9 5.2 22.6 154.1 5.2 22.6 147.0 5.2 22.6 152.9 5.2 22.6 154.5 5.2 22.6 152.8 5.2 22.6 151.0 5.2 22.6 154.1 24 5.2 25 22.6 26 25840.1 27075.2 29477.4 26868.8 27075.2 27516.1 28015.5 28867.4 29477.4 27 22557.5 23845.0 26226.6 23616.7 23845.0 24282.0 24772.4 25630.2 26226.6 28 19.8 19.8 20.2 19.4 19.8 19.7 18.0 19.6 20.2 29 3262.8 3210.4 3230.6 3232.7 3210.4 3214.3 3225.1 3217.7 3230.6 30 Memo: Total financial assets (consolidated) (2) Total liabilities (consolidated) (2) 6393.0 6501.7 6791.9 6587.3 6501.7 6351.9 6489.8 6658.2 6791.9 37 34548.6 35471.6 37682.7 35697.9 35471.6 35803.3 36295.3 37432.4 37682.7 38 (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 33). Levels 2021 84 Z.1, March 7, 2024 L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 Total financial assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL314090005 2 3 4 FL313011005 FL313020005 FL313030003 U.S. official reserve assets Checkable deposits and currency Time and savings deposits 5 6 7 FL314022005 FL313061703 FL313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 8 9 10 11 FL314023005 FL313069005 FL313065005 FL313066220 Loans Other loans and advances Mortgages Consumer credit (1) 12 LM313064105 Corporate equities (2) 13 14 15 16 FL313081115 FL313070000 FL313078000 FL313091105 Miscellaneous other equity Trade receivables Taxes receivable Miscellaneous assets 17 FL314190005 18 19 20 LM313111303 FL713014003 FL313112003 SDR allocations SDR certificates Treasury currency 21 22 23 FL314122005 FL313161105 FL313161705 Debt securities Treasury securities (3) Budget agency securities 24 25 26 27 FL314123005 FL313165403 FL313169005 FL313169205 Loans Multifamily residential mortgages Other loans and advances Of which: nonmarketable Treasury securities (4) 2727.2 0.0 2727.2 2727.2 2986.6 0.0 2986.6 2986.6 3225.1 0.0 3225.1 3225.1 2852.0 0.0 2852.0 2852.0 2986.6 0.0 2986.6 2986.6 2946.4 0.0 2946.4 2673.6 2975.6 0.0 2975.6 2975.6 3018.9 0.0 3018.9 3018.9 3225.1 0.0 3225.1 3225.1 24 25 26 27 28 29 30 31 32 33 FL313140003 FL313170005 FL313190005 FL343073045 FL313172003 FL313190015 Insurance reserves Trade payables Miscellaneous liabilities Claims of pension fund on sponsor PPP subsidies payable Other 52.6 508.4 1996.1 1550.9 100.1 345.1 53.0 555.6 1777.1 1390.6 3.0 383.6 54.3 589.6 1626.4 1213.0 0.0 413.4 53.0 555.0 1896.9 1532.6 6.8 357.6 53.0 555.6 1777.1 1390.6 3.0 383.6 53.5 558.4 1839.6 1455.5 1.3 382.8 53.5 563.4 1821.5 1434.6 0.5 386.4 54.2 574.5 1796.6 1410.4 0.0 386.3 54.3 589.6 1626.4 1213.0 0.0 413.4 28 29 30 31 32 33 Total liabilities 3438.2 3621.4 3771.3 3765.5 3621.4 3444.2 3556.0 3744.5 3771.3 1 219.9 410.3 2.1 214.1 454.7 1.1 215.5 775.9 1.2 202.2 643.7 1.3 214.1 454.7 1.1 217.2 184.5 1.3 214.7 410.9 1.2 212.3 665.3 1.2 215.5 775.9 1.2 2 3 4 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 5 6 7 2105.9 536.4 133.1 1436.4 2282.4 627.1 168.0 1487.3 2194.6 558.5 176.0 1460.1 2243.7 621.5 143.1 1479.1 2282.4 627.1 168.0 1487.3 2296.4 627.1 169.7 1499.7 2250.7 589.9 170.7 1490.1 2215.4 578.7 173.7 1463.1 2194.6 8 558.5 9 176.0 10 1460.1 11 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 12 91.8 95.5 476.5 2.6 88.3 97.3 447.1 2.6 83.4 100.5 363.8 2.6 90.7 96.3 451.4 2.6 88.3 97.3 447.1 2.6 88.5 102.0 517.8 2.6 88.1 102.9 451.2 2.6 88.9 105.7 419.4 2.6 83.4 100.5 363.8 2.6 13 14 15 16 28050.6 29417.7 31924.0 29167.9 29417.7 29882.0 30385.0 31272.8 31924.0 17 160.8 5.2 23.0 152.9 5.2 22.6 154.1 5.2 22.6 147.0 5.2 22.6 152.9 5.2 22.6 154.5 5.2 22.6 152.8 5.2 22.6 151.0 5.2 22.6 154.1 18 5.2 19 22.6 20 22577.3 23864.8 26246.7 23636.1 23864.8 24301.8 24790.4 25649.7 26246.7 21 22557.5 23845.0 26226.6 23616.7 23845.0 24282.0 24772.4 25630.2 26226.6 22 19.8 19.8 20.2 19.4 19.8 19.7 18.0 19.6 20.2 23 (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) Marketable Treasury securities (net of premiums and discounts) issued by the federal government. (4) Nonmarketable Treasury securities are classified as other loans and advances because they are not negotiable and are therefore not considered debt securities. 85 Z.1, March 7, 2024 L.107 State and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL214090005 4440.3 4492.9 4751.5 4397.5 4492.9 4606.6 4626.8 4562.8 4751.5 1 2 3 FL213020005 FL213030000 Checkable deposits and currency Time and savings deposits 345.7 382.9 360.4 370.5 375.1 374.2 353.4 353.3 360.4 370.5 359.6 362.1 353.0 369.9 351.1 365.3 375.1 374.2 2 3 4 5 FL213034003 FL212051003 Money market fund shares Security repurchase agreements 55.3 189.2 65.1 199.3 80.6 209.3 60.3 196.8 65.1 199.3 71.3 201.8 74.3 204.3 77.6 206.8 80.6 209.3 4 5 6 7 8 9 10 11 LM214022005 FL213069103 LM213061103 LM213061703 LM213062003 LM213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 2042.1 81.1 1331.0 415.3 22.2 192.4 2131.4 85.2 1463.4 410.1 25.9 146.9 2279.1 89.2 1588.8 422.9 26.3 152.0 2078.0 84.2 1420.2 406.6 23.3 143.7 2131.4 85.2 1463.4 410.1 25.9 146.9 2235.5 86.2 1548.7 420.4 28.5 151.8 2235.0 87.2 1548.3 417.4 30.4 151.7 2174.6 88.2 1504.1 411.3 26.9 144.1 2279.1 6 89.2 7 1588.8 8 422.9 9 26.3 10 152.0 11 12 13 14 FL214023005 FL213065005 FL213069200 Loans Mortgages Other loans and advances (1) 378.7 269.0 109.7 376.5 276.6 99.9 376.0 284.5 91.5 383.9 274.7 109.2 376.5 276.6 99.9 376.7 278.5 98.2 371.0 280.5 90.5 376.6 282.5 94.2 376.0 12 284.5 13 91.5 14 15 16 LM213064103 LM213064203 Corporate equities Mutual fund shares 306.4 128.0 239.3 105.6 293.2 122.6 225.1 99.5 239.3 105.6 254.7 111.2 274.2 116.1 263.3 112.4 293.2 15 122.6 16 17 18 19 FL213070003 FL213078005 FL213093003 Trade receivables Taxes receivable Miscellaneous assets 275.5 209.5 127.0 295.9 220.9 127.9 309.6 226.3 105.5 294.6 218.2 134.4 295.9 220.9 127.9 287.8 222.6 123.3 289.7 225.4 114.0 298.1 227.0 110.1 309.6 17 226.3 18 105.5 19 20 FL214190005 7983.5 7666.4 7489.5 8105.8 7666.4 7620.2 7603.4 7808.7 7489.5 20 21 22 23 FL213162005 FL213162400 FL213162200 Debt securities (municipal securities) Short-term (2) Long-term 3262.8 32.9 3229.8 3210.4 25.5 3184.9 3230.6 27.0 3203.7 3232.7 24.9 3207.8 3210.4 25.5 3184.9 3214.3 24.6 3189.7 3225.1 23.7 3201.4 3217.7 26.5 3191.2 3230.6 21 27.0 22 3203.7 23 24 FL213169203 Loans (U.S. government loans) 22.6 23.3 24.3 22.9 23.3 23.6 23.7 23.9 24.3 24 25 26 FL213170003 FL223073045 Trade payables Claims of pension fund on sponsor (3) 1162.5 3535.6 1227.3 3205.3 1295.8 2938.8 1210.7 3639.5 1227.3 3205.3 1244.1 3138.2 1261.0 3093.5 1278.3 3288.9 1295.8 25 2938.8 26 Total liabilities (1) State and Local Government Series (SLGS) nonmarketable Treasury securities classified as loans. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. Levels 2021 86 Z.1, March 7, 2024 L.108 Domestic Financial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 Total financial assets 2023 Q4 Q1 Q2 Q3 Q4 1 FL794090005 2 3 4 5 6 FL713011005 FL713014003 FL713012003 FL793091005 FL794010005 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 31.2 5.2 50.8 19.4 3747.5 29.5 5.2 51.4 11.7 2780.0 29.5 5.2 52.6 19.3 3352.1 27.9 5.2 51.2 13.3 2965.4 29.5 5.2 51.4 11.7 2780.0 29.7 5.2 51.5 14.5 3584.3 29.2 5.2 51.7 16.3 3405.3 28.6 5.2 52.4 26.9 3336.6 29.5 5.2 52.6 19.3 3352.1 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 729.2 629.9 1237.5 4662.4 682.3 747.1 1026.1 5428.2 600.9 870.8 1232.8 5353.1 666.9 696.4 1067.6 5110.4 682.3 747.1 1026.1 5428.2 665.3 796.7 1111.6 6124.3 656.9 821.0 1151.2 6003.2 609.0 817.6 1178.5 5616.9 600.9 7 870.8 8 1232.8 9 5353.1 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 35967.3 31429.5 33185.5 31316.5 31429.5 32128.0 31845.7 31341.9 33185.5 11 576.1 746.4 732.9 696.4 746.4 715.2 702.0 731.1 732.9 12 13277.6 11241.6 12280.1 11488.3 11241.6 11296.4 11201.3 11386.2 12280.1 13 8894.3 7928.3 7963.1 7877.3 7928.3 8274.0 8130.8 7762.9 7963.1 14 2476.8 2102.6 2080.5 2107.8 2102.6 2106.4 2084.8 1986.8 2080.5 15 10742.6 9410.6 10128.9 9146.6 9410.6 9735.9 9726.8 9474.9 10128.9 16 17 18 19 20 21 22 FL794023005 FL793068005 FL793069005 FL793065005 FL793066005 LM793092305 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 30214.1 32931.0 33904.7 32295.7 32931.0 33226.3 33309.2 33538.2 33904.7 17 4344.8 4903.9 4963.8 4781.3 4903.9 4928.0 4915.9 4910.5 4963.8 18 5137.6 5793.4 5958.5 5613.5 5793.4 5955.9 5836.5 5846.8 5958.5 19 17677.3 18881.4 19475.4 18645.2 18881.4 19008.9 19159.3 19335.5 19475.4 20 3054.3 3352.2 3507.0 3255.7 3352.2 3333.5 3397.5 3445.4 3507.0 21 -6.5 -12.4 -17.5 -13.6 -12.4 -4.4 -13.6 -12.8 -17.5 22 23 24 LM793064105 LM793081115 Corporate equities Other equity 30970.7 24792.3 29374.7 23065.5 24792.3 26101.5 27669.7 26502.0 29374.7 23 4357.2 4006.3 4322.4 3841.0 4006.3 4189.6 4231.9 4185.0 4322.4 24 25 LM793064205 Mutual fund shares 26 27 28 29 FL793040005 FL543050005 FL793070005 FL793090005 Life insurance reserves Pension entitlements Trade receivables Miscellaneous assets 30 FL794194005 31 FL794190005 32 FL794110005 Net interbank liabilities 33 34 35 36 FL793120005 FL703130005 FL634090005 FL792150005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 9360.3 9776.4 9858.3 10078.9 9776.4 9481.2 9581.5 9669.0 9858.3 33 14437.6 13820.3 13674.3 13831.3 13820.3 13439.8 13482.1 13565.2 13674.3 34 5205.5 5223.1 6357.6 5084.2 5223.1 5692.6 5917.4 6143.0 6357.6 35 4682.8 5403.2 4564.3 5226.3 5403.2 5817.7 5500.0 5009.5 4564.3 36 37 38 39 40 FL794122005 FL793169175 FL423161705 FL793163005 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 15605.6 16880.3 17369.0 16459.4 16880.3 17242.5 17210.2 17185.5 17369.0 37 491.8 698.3 716.1 652.8 698.3 685.8 710.0 723.8 716.1 38 10679.4 11658.8 11939.8 11423.1 11658.8 12021.6 11954.4 11919.2 11939.8 39 4434.4 4523.3 4713.1 4383.5 4523.3 4535.2 4545.8 4542.5 4713.1 40 41 42 43 44 FL794123005 FL793168005 FL793169005 LM793192305 Loans Depository institution loans n.e.c. Other loans and advances Foreign direct investment: intercompany debt 45 LM653164205 Mutual fund shares 22208.8 17333.4 19599.7 16617.1 17333.4 18166.2 18850.5 18106.6 19599.7 45 46 47 FL543140005 FL583150005 Life insurance reserves Pension entitlements 2399.4 2398.9 2507.2 2371.1 2398.9 2436.6 2464.8 2456.0 2507.2 46 31770.9 29149.6 31202.7 28802.5 29149.6 29800.7 30398.8 30154.3 31202.7 47 48 49 50 FL793170005 FL793178005 FL793190005 Trade payables Taxes payable Miscellaneous liabilities 51 FL793181105 52 53 LM793164105 LM793181115 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Other equity (1) Sum of financial sectors shown on tables L.109 through L.132. 135796.4 126181.2 135283.1 123906.4 126181.2 130717.8 132012.9 130215.7 135283.1 7618.9 6051.2 6864.0 5781.7 6051.2 6404.0 6609.1 6330.6 1 2 3 4 5 6 6864.0 25 556.1 561.0 569.1 561.2 561.0 566.6 565.9 567.8 569.1 380.0 484.2 504.6 458.0 484.2 496.1 500.9 503.1 504.6 412.1 438.3 479.7 432.1 438.3 451.1 462.2 470.3 479.7 14213.5 14738.2 14579.5 15564.2 14738.2 14775.9 14691.9 15118.0 14579.5 26 27 28 29 139030.7 130924.1 140061.7 128381.4 130924.1 134466.4 136197.3 134966.6 140061.7 30 120071.6 114145.4 120866.0 112780.5 114145.4 117561.0 118582.6 117607.5 120866.0 31 3955.5 2118.7 494.8 1623.9 167.4 487.0 146.0 7526.1 3148.0 2466.5 440.4 2026.1 126.0 515.9 70.0 7833.9 3894.3 2315.6 429.1 1886.5 136.0 546.7 95.3 8745.0 3319.1 2378.2 435.4 1942.8 139.3 507.5 56.6 7908.9 3148.0 2466.5 440.4 2026.1 126.0 515.9 70.0 7833.9 4104.4 2642.4 424.3 2218.2 125.4 522.1 72.1 8017.4 3858.0 2435.2 418.1 2017.1 126.4 534.7 67.5 8155.6 3774.2 2306.5 426.0 1880.5 132.4 541.8 71.0 8492.6 3894.3 32 2315.6 429.1 1886.5 136.0 41 42 43 44 546.7 48 95.3 49 8745.0 50 18959.2 16778.7 19195.7 15601.0 16778.7 16905.4 17614.7 17359.1 19195.7 51 14445.4 12779.3 14857.0 11684.3 12779.3 12772.4 13390.1 13169.8 14857.0 52 4513.8 3999.4 4338.7 3916.7 3999.4 4133.0 4224.6 4189.3 4338.7 53 87 Z.1, March 7, 2024 L.109 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL714090005 8910.6 7502.7 6723.9 7662.1 7502.7 7747.1 7319.9 6730.6 6723.9 1 2 3 4 FL713011005 FL713014003 FL713012003 U.S. official reserve assets SDR certificates Treasury currency 31.2 5.2 50.8 29.5 5.2 51.4 29.5 5.2 52.6 27.9 5.2 51.2 29.5 5.2 51.4 29.7 5.2 51.5 29.2 5.2 51.7 28.6 5.2 52.4 29.5 5.2 52.6 2 3 4 5 6 7 8 9 10 11 FL713022003 FL713068705 FL713068703 FL763069143 FL713068725 FL713068763 FL713068753 Federal Reserve float Interbank loans Discount window (2) AMLF and MMLF loans (3) PPPLF loans (4) Bank Term Funding Program loans Other credit extensions -0.6 13.3 0.6 0.0 12.7 0.0 0.0 -0.5 9.1 5.3 0.0 3.8 0.0 0.0 -0.6 134.0 3.5 0.0 1.4 129.2 0.0 -0.4 11.7 7.2 0.0 4.5 0.0 0.0 -0.5 9.1 5.3 0.0 3.8 0.0 0.0 -0.4 317.7 70.3 0.0 2.7 64.6 180.1 -0.3 275.8 4.3 0.0 2.8 101.9 166.8 -0.4 195.6 4.2 0.0 1.8 107.8 81.9 12 FL712051000 Security repurchase agreements 13 14 15 16 17 18 19 20 21 22 23 24 25 LM714022005 FL713069603 LM713061103 LM713061113 LM713061125 LM713061705 LM713061903 LM713061703 FL713068005 FL713068813 FL713068665 FL713068863 FL713068505 Debt securities (5) Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities Loans (depository institution loans n.e.c.) Households (TALF I) (6) Brokers and dealers (7) Finance companies (PPPLF) (4) Other financial business (8) 26 27 28 29 FL713064103 FL713090005 FL713091103 FL713093005 Corporate equities (9) Miscellaneous assets Nonofficial foreign currencies (10) Other 30 FL714194005 31 FL714190005 8747.1 8546.3 7703.9 8750.8 8546.3 8620.7 8296.1 7994.8 7703.9 31 32 33 FL713113003 FL703025005 Depository institution reserves Vault cash of depository institutions 3644.3 90.5 2684.8 86.7 3134.8 83.8 2874.8 79.3 2684.8 86.7 3183.7 83.2 3046.9 82.9 3066.6 74.7 3134.8 32 83.8 33 34 35 36 37 38 39 40 41 42 FL713120005 FL713123005 FL713123023 FL713123030 FL713123043 FL713124005 FL713129005 FL713122605 FL713125005 Checkable deposits and currency Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account Due to government-sponsored enterprises Due to other financial business (11) Due to rest of the world Currency outside banks 2817.5 406.2 0.1 406.1 0.0 33.9 221.9 9.4 2146.2 2896.6 446.8 0.1 446.7 0.0 22.0 196.5 9.0 2222.3 3220.4 769.0 0.4 768.6 0.0 28.2 149.5 9.7 2264.0 3069.7 636.1 0.1 636.0 0.0 20.3 205.8 7.5 2200.0 2896.6 446.8 0.1 446.7 0.0 22.0 196.5 9.0 2222.3 2646.0 177.9 0.2 177.7 0.0 26.8 192.2 9.7 2239.4 2866.1 402.6 0.2 402.4 0.0 22.5 169.4 9.7 2261.9 3085.2 657.2 0.3 656.9 0.0 24.8 145.1 9.7 2248.4 3220.4 769.0 0.4 768.6 0.0 28.2 149.5 9.7 2264.0 34 35 36 37 38 39 40 41 42 43 44 45 46 FL712151003 FL712151103 FL712151115 FL713193005 Security repurchase agreements Reverse repurchase agreement operations (12) Other (13) Miscellaneous liabilities 2183.0 1904.6 278.5 11.8 2889.6 2553.7 335.8 -11.4 1390.7 1018.5 372.2 -125.7 2720.4 2425.9 294.5 6.7 2889.6 2553.7 335.8 -11.4 2742.7 2375.2 367.5 -34.9 2368.9 2034.3 334.6 -68.7 1863.4 1557.6 305.9 -95.1 1390.7 1018.5 372.2 -125.7 43 44 45 46 47 FL713164005 33.9 35.0 36.1 35.1 35.0 35.4 35.6 35.9 36.1 47 48 49 FL313094213 FL713164003 0.0 33.9 0.0 35.0 0.0 36.1 0.0 35.1 0.0 35.0 0.0 35.4 0.0 35.6 0.0 35.9 0.0 48 36.1 49 50 51 52 FL714022065 FL713061163 FL713061765 8605.3 5917.4 2687.9 8429.4 5729.2 2700.2 7465.2 4984.7 2480.5 8632.6 5873.7 2758.9 8429.4 5729.2 2700.2 8153.9 5502.2 2651.7 7915.7 5322.2 2593.5 7695.5 5162.1 2533.3 7465.2 50 4984.7 51 2480.5 52 Total liabilities and equity Total liabilities Total equity (book value) Treasury contributions to MMLF Federal Reserve Bank stock -0.6 5 134.0 6 3.5 7 0.0 8 1.4 9 129.2 10 0.0 11 0.0 0.0 0.0 0.0 0.0 45.0 1.0 0.0 8733.2 0.0 6052.1 325.9 5726.1 2681.1 2677.8 3.3 42.2 0.0 0.0 21.1 21.0 7349.1 0.0 5056.4 286.4 4770.0 2292.7 2289.9 2.7 22.9 0.0 0.0 7.7 15.3 6454.6 0.0 4415.7 213.9 4201.8 2038.9 2036.3 2.7 9.5 0.0 0.0 2.1 7.4 7507.3 0.0 5186.5 307.4 4879.1 2320.8 2318.0 2.7 26.1 0.0 0.0 9.4 16.6 7349.1 0.0 5056.4 286.4 4770.0 2292.7 2289.9 2.7 22.9 0.0 0.0 7.7 15.3 7243.2 0.0 4960.2 277.9 4682.3 2282.9 2280.2 2.8 20.9 0.0 0.0 6.5 14.4 6902.1 0.0 4702.9 266.1 4436.8 2199.2 2196.5 2.7 17.7 0.0 0.0 4.4 13.3 6393.6 0.0 4367.4 236.0 4131.4 2026.1 2023.5 2.6 15.3 0.0 0.0 3.2 12.0 6454.6 0.0 4415.7 213.9 4201.8 2038.9 2036.3 2.7 9.5 0.0 0.0 2.1 7.4 0.0 12 13 14 15 16 17 18 19 20 21 22 23 24 25 0.0 35.4 3.3 32.0 0.0 36.1 0.4 35.7 0.0 39.0 1.4 37.7 0.0 33.1 0.3 32.8 0.0 36.1 0.4 35.7 0.0 34.3 0.6 33.7 0.0 37.5 0.2 37.2 0.0 40.2 0.2 40.0 0.0 39.0 1.4 37.7 26 27 28 29 8781.0 8581.3 7740.0 8785.9 8581.3 8656.2 8331.8 8030.8 7740.0 30 Memo: Amortized cost of debt securities Treasury securities Agency- and GSE-backed securities (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) and the Money Market Mutual Fund Liquidity Facility (MMLF). The AMLF was dissolved in 2010:Q1. (4) Loans extended to depository institutions (line 9) and finance companies (line 24) through the Paycheck Protection Program Liquidity Facility (PPPLF). (5) Shown at estimated fair value. (6) Loans extended to financial institutions such as domestic hedge funds through the 2008 Term Asset-Backed Securities Loan Facility (TALF I). (7) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF), AMLF (2008-2010), and MMLF (2020). (8) Loans extended to Federal Reserve funding, credit, and liquidity, facility special purpose vehicles created in response to the 2008 Financial Crisis and COVID-19 pandemic. (9) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. Series is zero after 2010:Q4. (10) Reciprocal currency arrangements (swap lines) with foreign central banks. (11) Deposits of designated financial market utilities (DFMU) and deposits of Federal Reserve facility LLC’s special purpose vehicles. (12) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). (13) Includes reverse repurchase agreements conducted through the Federal Reserve’s Foreign Repo Pool. Levels 2021 88 Z.1, March 7, 2024 L.110 Private Depository Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 Total financial assets 2023 Q4 Q1 Q2 Q3 Q4 1 FL704090005 2 3 4 FL703025005 FL713113003 FL702050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 90.5 3644.3 593.6 86.7 2684.8 596.2 83.8 3134.8 656.9 79.3 2874.8 610.0 86.7 2684.8 596.2 83.2 3183.7 661.3 82.9 3046.9 625.3 74.7 3066.6 605.6 83.8 3134.8 656.9 5 6 7 8 9 10 LM704022005 FL703069175 LM703061105 LM703061705 LM703062005 LM703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 7056.4 0.3 1641.4 3883.1 643.7 888.0 6354.6 0.1 1580.3 3214.0 590.8 969.4 6058.2 0.0 1520.5 3086.1 543.2 908.4 6414.4 0.1 1606.2 3272.3 590.9 945.0 6354.6 0.1 1580.3 3214.0 590.8 969.4 6287.1 0.0 1492.9 3244.3 577.9 971.9 6116.9 0.0 1434.3 3156.7 559.0 966.9 5870.0 0.0 1428.4 2983.4 529.6 928.5 6058.2 5 0.0 6 1520.5 7 3086.1 8 543.2 9 908.4 10 11 12 13 14 15 16 FL704023005 FL703068005 FL703069005 FL703065005 FL703066005 LM763092305 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 17 18 19 20 LM703064105 LM763092100 FL703094905 LM703064205 Corporate equities U.S. direct investment abroad: equity Miscellaneous other equity Mutual fund shares 54.1 394.7 49.3 22.0 45.8 333.5 70.6 14.3 59.4 377.5 66.0 14.6 40.9 294.6 63.6 16.8 45.8 333.5 70.6 14.3 46.0 358.1 80.7 14.2 48.8 372.4 74.5 15.1 48.5 348.7 72.2 13.2 21 22 FL763040005 FL703090005 Life insurance reserves Miscellaneous assets 198.2 906.4 204.7 1174.3 202.7 1026.2 204.4 1253.4 204.7 1174.3 206.0 1067.5 202.3 1050.4 202.2 1127.2 23 FL704194005 24 FL704190005 25 FL704110005 Net interbank liabilities 26 27 FL703127005 FL703130005 Checkable deposits Time and savings deposits 28 FL702150005 Federal funds and security repos 688.5 649.6 796.4 652.6 649.6 799.3 822.6 806.7 796.4 28 29 30 31 FL704122005 FL703169175 FL763163005 Debt securities Open market paper Corporate bonds 365.5 173.8 191.7 577.6 308.0 269.6 628.0 359.1 268.9 494.4 260.8 233.6 577.6 308.0 269.6 536.8 290.6 246.2 578.3 317.1 261.1 589.3 325.2 264.1 628.0 29 359.1 30 268.9 31 32 33 FL703169005 LM753192305 Loans (other loans and advances) Foreign direct investment: intercompany debt 214.4 17.1 679.1 16.9 637.9 17.9 519.8 16.7 679.1 16.9 894.5 16.7 711.5 16.9 659.3 17.2 637.9 32 17.9 33 34 35 36 37 FL763178000 FL703190005 FL763194705 FL703193005 Taxes payable (net) Miscellaneous liabilities Other investment by holding company parent Other 104.1 596.1 142.9 453.2 30.4 713.6 138.3 575.3 56.7 1037.3 238.0 799.3 17.9 766.4 131.5 634.9 30.4 713.6 138.3 575.3 31.7 670.3 140.2 530.0 29.3 740.8 154.2 586.6 30.8 939.8 185.3 754.5 38 FL703181105 2985.9 2681.9 2877.5 2626.1 2681.9 2739.6 2782.7 2788.1 2877.5 38 39 40 41 42 LM763164105 LM753192103 FL763194603 FL753194503 170.4 463.4 2243.5 108.5 124.2 344.7 2103.7 109.4 100.4 447.9 2213.6 115.6 125.1 321.1 2063.4 116.6 124.2 344.7 2103.7 109.4 85.1 372.1 2165.3 117.1 81.6 412.4 2174.5 114.2 83.2 396.9 2170.5 137.5 100.4 447.9 2213.6 115.6 13.6 10.9 9.9 11.6 10.9 10.3 10.1 9.9 9.9 43 9582.0 9015.0 8117.5 9205.7 9015.0 8349.6 8218.4 8185.7 8117.5 44 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Foreign direct investment: equity Equity investment by holding company parent Investment by other financial business 25639.1 25614.9 26159.4 25542.8 25614.9 26126.0 25872.3 25758.3 26159.4 1 2 3 4 12631.2 14052.3 14482.9 13694.0 14052.3 14139.2 14239.8 14332.4 14482.9 11 4302.7 4881.0 4954.3 4755.2 4881.0 4907.1 4898.2 4895.2 4954.3 12 18.1 14.9 20.0 13.5 14.9 18.1 18.4 19.4 20.0 13 5952.5 6489.9 6744.9 6351.5 6489.9 6569.5 6635.3 6694.9 6744.9 14 2357.8 2666.6 2763.7 2573.8 2666.6 2644.5 2688.0 2722.9 2763.7 15 -1.5 -3.0 -3.4 -3.3 -3.0 -1.0 -3.2 -2.9 -3.4 16 59.4 377.5 66.0 14.6 17 18 19 20 202.7 21 1026.2 22 26172.7 26425.7 27039.7 26299.5 26425.7 26801.1 26607.6 26613.2 27039.7 23 23186.9 23743.8 24162.2 23673.3 23743.8 24061.5 23824.9 23825.1 24162.2 24 220.8 376.5 675.7 365.1 376.5 837.4 728.1 632.9 675.7 25 6542.7 6879.8 6637.9 7009.2 6879.8 6835.1 6715.3 6583.7 6637.9 26 14437.6 13820.3 13674.3 13831.3 13820.3 13439.8 13482.1 13565.2 13674.3 27 56.7 1037.3 238.0 799.3 34 35 36 37 39 40 41 42 Memo: 43 FL763066303 Consumer leases not included above (2) 44 FL703139105 Uninsured deposits (3) (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 26) and time and savings deposits (line 27) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. 89 Z.1, March 7, 2024 L.111 U.S.-Chartered Depository Institutions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 Q3 Total financial assets 2023 Q4 Q1 Q2 Q3 Q4 1 FL764090005 2 3 4 FL763025000 FL763013005 FL762050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 21124.7 20658.8 20967.1 20579.2 20658.8 20936.3 20716.5 20583.4 20967.1 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 LM764022005 FL763069175 LM763061100 LM763061705 LM763061805 LM763061503 LM763061603 LM763061403 LM763061795 LM763062000 LM763063005 LM763063673 LM763063653 LM763063663 LM763063693 LM763063095 FL764023005 FL763068005 FL763069005 FL763065005 FL763066000 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 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 26 LM763092305 U.S. direct investment abroad: intercompany debt 27 28 29 30 LM763064103 LM763092100 FL763094905 LM763064203 31 32 FL763040005 FL763090005 33 FL764194005 34 FL764190005 35 36 37 38 39 FL764110005 FL713022003 FL713068715 FL764112005 FL764116005 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 40 41 42 43 44 FL763127005 FL763123005 FL763128000 FL763129205 FL763122605 Checkable deposits Federal government State and local government Private domestic Rest of the world 45 46 FL763130005 FL762150005 Time and savings deposits Federal funds and security repos 47 48 49 50 FL764122005 FL763169175 FL763163005 FL763169305 Debt securities Open market paper Corporate bonds Loans (other loans and advances) 311.8 120.1 191.7 173.7 51 FL763178000 Taxes payable (net) 104.1 30.4 56.7 17.9 30.4 31.7 29.3 30.8 56.7 51 52 53 54 FL763190005 FL763194705 FL763193005 Miscellaneous liabilities Other investment by holding company parents Other 442.9 142.9 300.0 465.8 138.3 327.5 738.3 238.0 500.3 541.9 131.5 410.4 465.8 138.3 327.5 461.5 140.2 321.3 495.5 154.2 341.3 650.5 185.3 465.2 738.3 52 238.0 53 500.3 54 55 FL763181105 2413.9 2227.8 2314.0 2188.4 2227.8 2250.4 2256.1 2253.8 2314.0 55 56 57 LM763164105 FL763194603 170.4 2243.5 124.2 2103.7 100.4 2213.6 125.1 2063.4 124.2 2103.7 85.1 2165.3 81.6 2174.5 83.2 2170.5 100.4 56 2213.6 57 13.6 10.9 9.9 11.6 10.9 10.3 10.1 9.9 9.9 58 8231.5 7570.1 6703.2 7736.0 7570.1 6940.4 6793.3 6757.0 6703.2 59 90.4 2578.4 317.4 86.7 1626.4 330.8 83.8 1987.1 321.6 79.2 1723.2 307.9 86.7 1626.4 330.8 83.2 1926.8 324.6 82.9 1845.8 275.5 74.6 1884.9 271.7 83.8 1987.1 321.6 1 2 3 4 6319.8 5620.5 5361.7 5660.0 5620.5 5575.3 5406.8 5169.2 5361.7 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 1472.3 1388.9 1329.2 1407.7 1388.9 1301.0 1235.2 1240.9 1329.2 7 3505.5 2873.0 2782.5 2919.1 2873.0 2911.2 2831.4 2672.5 2782.5 8 2265.2 1877.3 1871.1 1891.0 1877.3 1949.2 1903.6 1790.1 1871.1 9 222.7 182.2 179.2 179.1 182.2 184.2 179.3 172.0 179.2 10 575.6 482.6 435.8 495.7 482.6 465.8 447.0 417.9 435.8 11 274.6 160.6 143.4 183.9 160.6 146.8 141.8 136.9 143.4 12 167.4 170.3 153.1 169.4 170.3 165.2 159.6 155.5 153.1 13 631.3 580.0 531.9 579.9 580.0 566.8 548.3 519.2 531.9 14 710.6 778.7 718.2 753.2 778.7 796.3 792.0 736.6 718.2 15 5.3 4.7 3.9 4.0 4.7 4.1 3.6 3.3 3.9 16 3.3 3.3 3.0 3.3 3.3 3.2 3.1 2.9 3.0 17 55.4 58.8 56.7 59.6 58.8 58.6 57.2 54.9 56.7 18 54.8 54.4 52.3 57.4 54.4 53.9 53.3 51.6 52.3 19 591.8 657.6 602.4 629.0 657.6 676.4 674.7 624.0 602.4 20 10437.9 11438.5 11729.3 11205.5 11438.5 11502.9 11591.5 11637.3 11729.3 21 3421.5 3702.9 3713.6 3658.6 3702.9 3725.2 3729.3 3700.7 3713.6 22 18.1 14.9 20.0 13.5 14.9 18.1 18.4 19.4 20.0 23 5172.5 5690.9 5895.1 5575.9 5690.9 5760.1 5809.8 5855.8 5895.1 24 1825.8 2029.9 2100.7 1957.5 2029.9 1999.5 2034.0 2061.4 2100.7 25 -1.5 -3.0 -3.4 -3.3 -3.0 -1.0 -3.2 -2.9 Corporate equities U.S. direct investment abroad: equity Miscellaneous other equity Mutual fund shares 54.1 394.7 45.0 14.9 45.8 333.5 64.4 10.1 59.4 377.5 59.5 10.5 40.9 294.6 57.9 12.4 45.8 333.5 64.4 10.1 46.0 358.1 74.6 10.2 48.8 372.4 68.5 11.1 48.5 348.7 65.8 9.8 59.4 377.5 59.5 10.5 Life insurance reserves Miscellaneous assets 198.2 675.4 204.7 900.3 202.7 777.4 204.4 996.3 204.7 900.3 206.0 829.7 202.3 814.1 202.2 873.6 202.7 31 777.4 32 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Equity investment by holding company parents -3.4 26 27 28 29 30 21486.1 21323.9 21597.7 21271.3 21323.9 21499.4 21262.9 21284.8 21597.7 33 19072.2 19096.1 19283.7 19082.8 19096.1 19249.0 19006.8 19031.0 19283.7 34 -36.1 -0.6 13.2 6.2 -54.9 -121.3 -0.5 9.1 -6.4 -123.4 127.5 -0.6 134.0 -0.3 -5.7 -84.4 -0.4 11.7 -3.1 -92.7 -121.3 -0.5 9.1 -6.4 -123.4 184.8 -0.4 317.7 6.4 -138.9 169.7 -0.3 275.8 8.1 -113.9 143.5 -0.4 195.6 6.0 -57.8 127.5 -0.6 134.0 -0.3 -5.7 35 36 37 38 39 5822.4 2.6 345.7 5391.7 82.5 6163.1 2.6 360.4 5717.3 82.8 5918.6 6.4 375.1 5451.3 85.8 6242.0 3.2 353.4 5796.4 88.9 6163.1 2.6 360.4 5717.3 82.8 6095.7 6.7 359.6 5641.7 87.8 5977.3 6.7 353.0 5535.8 81.8 5839.4 7.2 351.1 5399.6 81.5 5918.6 6.4 375.1 5451.3 85.8 40 41 42 43 44 12092.3 11324.8 11173.8 11349.6 11324.8 10955.3 10990.5 11080.8 11173.8 45 161.0 185.3 244.9 176.8 185.3 289.1 263.7 253.5 244.9 46 465.6 196.0 269.6 582.4 471.2 202.3 268.9 552.6 396.7 163.2 233.6 442.3 465.6 196.0 269.6 582.4 424.0 177.7 246.2 806.9 454.4 193.3 261.1 626.4 462.5 198.3 264.1 570.0 471.2 202.3 268.9 552.6 47 48 49 50 Memo: 58 FL763066303 Consumer leases not included above (1) 59 FL763139105 Uninsured deposits (2) (1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (2) Includes checkable deposits (line 40) and time and savings deposits (line 45) not insured by the Federal Deposit Insurance Corporation. Levels 2021 90 Z.1, March 7, 2024 L.112 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 Total financial assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL754090005 2339.0 2703.8 2809.6 2720.4 2703.8 2886.6 2844.1 2829.5 2809.6 1 2 3 4 FL753025003 FL753013003 FL752050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 0.1 830.2 275.9 0.0 959.0 265.3 0.0 1016.4 335.2 0.0 1032.1 301.9 0.0 959.0 265.3 0.0 1123.5 336.6 0.0 1077.7 349.7 0.0 1063.1 333.8 0.0 1016.4 335.2 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 286.1 0.0 86.9 53.5 0.0 145.6 297.8 0.0 89.5 48.1 0.0 160.1 271.5 0.0 93.5 43.0 0.0 135.0 304.4 0.0 92.5 52.1 0.0 159.8 297.8 0.0 89.5 48.1 0.0 160.1 280.4 0.0 92.3 42.3 0.0 145.8 290.0 0.0 98.8 45.3 0.0 145.8 275.7 0.0 90.0 42.7 0.0 143.0 11 12 13 14 FL754023005 FL753068005 FL753069703 FL753065005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 869.9 778.8 0.0 91.1 1043.6 937.1 0.0 106.6 1077.0 971.5 0.0 105.5 967.5 864.4 0.0 103.1 1043.6 937.1 0.0 106.6 1042.1 935.6 0.0 106.5 1021.0 912.5 0.0 108.5 1038.0 931.9 0.0 106.1 15 FL753064103 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FL753093005 Miscellaneous assets 76.9 138.1 109.4 114.5 138.1 104.0 105.6 118.9 109.4 16 17 FL754194005 2705.6 3024.2 3247.2 2956.5 3024.2 3174.9 3209.6 3158.1 3247.2 17 18 FL754190005 2133.7 2570.2 2683.7 2518.8 2570.2 2685.7 2683.0 2623.8 2683.7 18 19 20 21 FL754110005 FL754116005 FL754112005 Net interbank liabilities To foreign banks To domestic banks 289.0 278.3 10.7 551.6 539.8 11.8 592.8 576.4 16.4 503.8 479.1 24.7 551.6 539.8 11.8 699.7 685.7 14.1 604.0 592.5 11.4 534.1 523.0 11.1 592.8 19 576.4 20 16.4 21 22 23 FL753127005 FL753130005 Checkable deposits Time and savings deposits 282.0 862.2 269.8 966.4 279.9 928.0 310.6 945.9 269.8 966.4 280.2 925.6 288.0 935.4 302.9 921.3 279.9 22 928.0 23 24 FL752150005 Federal funds and security repos 527.5 464.2 551.5 475.8 464.2 510.1 558.9 553.2 551.5 24 25 FL753169175 Debt securities (open market paper) 53.7 112.0 156.8 97.6 112.0 112.8 123.8 126.9 156.8 25 26 LM753192305 Foreign direct investment: intercompany debt 17.1 16.9 17.9 16.7 16.9 16.7 16.9 17.2 17.9 26 27 FL753193005 102.2 189.3 156.9 168.4 189.3 140.7 156.1 168.1 156.9 27 28 FL753181115 571.9 454.1 563.5 437.7 454.1 489.2 526.6 534.4 563.5 28 29 30 LM753192103 FL753194503 463.4 108.5 344.7 109.4 447.9 115.6 321.1 116.6 344.7 109.4 372.1 117.1 412.4 114.2 396.9 137.5 447.9 29 115.6 30 1144.2 1236.1 1207.9 1256.6 1236.1 1205.7 1223.3 1224.3 1207.9 31 Total liabilities and equity Total liabilities Miscellaneous liabilities Total equity Foreign direct investment: equity Investment by other financial business 271.5 5 0.0 6 93.5 7 43.0 8 0.0 9 135.0 10 1077.0 971.5 0.0 105.5 11 12 13 14 Memo: 31 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 22) and time and savings deposits (line 23) are considered uninsured according to the Federal Deposit Insurance Act. 91 Z.1, March 7, 2024 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 Total financial assets 2023 Q4 Q1 Q2 Q3 Q4 1 FL744090005 134.1 128.6 162.7 134.2 128.6 131.1 132.3 154.9 162.7 1 2 FL743013003 Reserves at Federal Reserve 21.9 6.0 6.6 4.9 6.0 6.5 9.2 6.3 6.6 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 47.5 19.6 16.5 0.1 11.3 50.9 23.5 16.2 0.1 11.1 73.2 21.7 15.5 0.1 35.9 54.5 26.8 16.6 0.1 11.1 50.9 23.5 16.2 0.1 11.1 50.0 23.0 16.0 0.1 11.1 49.6 22.8 15.7 0.1 11.0 68.9 22.5 15.7 0.1 30.7 73.2 21.7 15.5 0.1 35.9 3 4 5 6 7 8 9 10 11 FL744023003 FL743068005 FL743065103 FL743065505 Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Commercial mortgages 37.2 15.8 12.0 9.4 38.9 17.2 11.4 10.3 43.0 20.8 11.5 10.7 38.5 16.8 11.4 10.3 38.9 17.2 11.4 10.3 39.0 17.3 11.3 10.4 39.7 18.1 11.3 10.4 41.2 19.3 11.5 10.5 43.0 8 20.8 9 11.5 10 10.7 11 12 FL743093005 13 FL744190005 14 15 16 17 FL744110005 FL743127003 FL743130003 FL743193005 18 FL743139105 Miscellaneous assets Total liabilities Net interbank liabilities Checkable deposits Time and savings deposits Miscellaneous liabilities 27.5 32.8 40.0 36.3 32.8 35.6 33.7 38.5 40.0 12 126.2 121.0 154.3 125.8 121.0 123.3 124.3 146.7 154.3 13 -1.4 64.0 40.7 22.8 -1.4 57.9 38.7 25.8 -1.3 60.7 38.5 56.4 -2.8 61.8 41.4 25.5 -1.4 57.9 38.7 25.8 -1.5 58.1 40.9 25.7 -1.3 59.2 40.3 26.2 -1.5 58.5 41.1 48.6 -1.3 60.7 38.5 56.4 52.5 44.8 48.6 48.8 44.8 45.1 48.1 48.1 48.6 18 14 15 16 17 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 2041.3 2123.8 2220.0 2109.0 2123.8 2172.0 2179.4 2190.4 2220.0 1 Reserves at Federal Reserve Federal funds and security repos 213.8 0.2 93.5 0.1 124.7 0.1 114.6 0.2 93.5 0.1 126.9 0.1 114.1 0.1 112.4 0.1 124.7 0.1 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 403.1 0.3 62.6 307.5 12.3 20.6 385.4 0.1 78.4 276.6 10.8 19.5 351.7 0.0 76.1 245.1 11.3 19.3 395.5 0.1 79.1 284.5 11.0 20.9 385.4 0.1 78.4 276.6 10.8 19.5 381.3 0.0 76.7 274.8 11.0 18.8 370.6 0.0 77.5 264.3 10.7 18.1 356.1 0.0 75.0 252.5 10.4 18.2 351.7 0.0 76.1 245.1 11.3 19.3 4 5 6 7 8 9 10 11 12 13 FL474023000 FL473068005 FL473065100 FL473066000 Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Consumer credit 1286.2 86.6 667.5 532.0 1531.2 223.8 670.7 636.7 1633.5 248.5 722.0 663.0 1482.5 215.4 650.8 616.3 1531.2 223.8 670.7 636.7 1555.2 229.0 681.2 645.0 1587.6 238.2 695.4 654.0 1615.9 243.4 711.0 661.5 1633.5 248.5 722.0 663.0 10 11 12 13 14 15 FL473092403 LM473064205 Equity in FHLB Mutual fund shares 4.3 7.1 6.3 4.2 6.5 4.1 5.6 4.3 6.3 4.2 6.2 4.0 6.0 4.0 6.3 3.5 6.5 14 4.1 15 16 FL473093005 Miscellaneous assets 126.5 103.1 99.4 106.3 103.1 98.3 97.0 96.2 99.4 16 17 FL474190005 1854.9 1956.6 2040.5 1945.8 1956.6 2003.5 2010.7 2023.6 2040.5 17 18 19 20 21 22 23 FL474110005 FL473127003 FL473130005 FL472150053 FL473169333 FL473193005 -30.8 374.2 1442.5 0.0 40.7 28.3 -52.4 389.1 1490.4 0.2 96.7 32.7 -43.2 378.7 1534.0 0.0 85.3 85.7 -51.6 394.8 1494.4 0.0 77.6 30.6 -52.4 389.1 1490.4 0.2 96.7 32.7 -45.7 401.1 1518.0 0.1 87.7 42.4 -44.2 390.9 1516.0 0.0 85.0 63.0 -43.2 382.9 1522.0 0.0 89.3 72.5 -43.2 378.7 1534.0 0.0 85.3 85.7 24 FL473139103 153.8 163.9 157.9 164.3 163.9 158.5 153.6 156.4 Total liabilities Net interbank liabilities Checkable deposits Time and savings deposits Federal funds and security repos Loans (other loans and advances) Miscellaneous liabilities Memo: Uninsured deposits (1) (1) Includes checkable deposits (line 19) and time and savings deposits (line 20) not insured by the National Credit Union Share Insurance Fund. 18 19 20 21 22 23 157.9 24 Levels Memo: 92 Z.1, March 7, 2024 L.115 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 1 FL514090005 2 3 4 FL513020005 FL513034005 FL512051005 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM514022005 FL513069105 LM513061105 LM513061705 LM513062005 LM513063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 FL513065505 LM513092305 Loans (commercial mortgages) U.S. direct investment abroad: intercompany debt 13 14 15 16 LM513064105 LM513092103 FL513092403 LM513064205 17 18 19 20 21 FL513070005 FL513090005 FL513076005 FL513094703 FL513093005 22 FL514194005 23 FL514190005 24 25 26 FL512151003 FL513169333 LM513192305 27 28 29 30 31 32 FL513170005 FL513178005 FL513190005 FL513194703 FL513176005 FL513193005 33 FL513181105 34 35 36 LM513164105 LM513192103 FL513194603 37 FL513200003 Securities lending (2) 38 39 FL514090023 FL514090033 Financial guaranty insurers’ total assets (3) Mortgage guaranty insurers’ total assets (3) 40 41 42 43 FL513176015 FL513176025 FL263176005 FL263076005 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 3100.2 2977.9 3306.1 2880.3 2977.9 3132.0 3178.2 3116.5 3306.1 1 72.7 31.5 2.2 50.3 42.9 2.3 40.5 32.5 4.0 48.1 35.0 1.8 50.3 42.9 2.3 44.7 42.2 2.5 47.2 47.6 2.5 41.8 38.0 3.4 40.5 32.5 4.0 2 3 4 1320.1 4.5 187.9 136.0 289.4 702.4 1241.7 4.3 212.9 129.2 246.1 649.2 1411.4 7.4 283.8 166.8 223.8 729.6 1183.2 3.4 182.9 126.0 244.9 626.0 1241.7 4.3 212.9 129.2 246.1 649.2 1290.0 4.5 223.0 134.3 242.8 685.3 1288.9 4.7 226.5 138.9 233.7 685.2 1300.9 6.3 254.8 149.0 215.2 675.7 1411.4 5 7.4 6 283.8 7 166.8 8 223.8 9 729.6 10 27.7 -1.1 30.4 -2.1 32.3 -3.1 30.9 -2.3 30.4 -2.1 30.5 -0.7 31.8 -2.3 31.9 -2.2 32.3 11 -3.1 12 Corporate equities U.S. direct investment abroad: equity Equity in FHLB Mutual fund shares 642.8 307.2 0.6 36.2 532.9 236.1 0.3 30.8 621.2 293.4 0.5 34.3 506.5 210.4 0.3 28.3 532.9 236.1 0.3 30.8 578.0 257.9 0.3 31.2 608.0 273.2 0.3 32.5 559.7 260.6 0.3 31.0 621.2 293.4 0.5 34.3 13 14 15 16 Trade receivables Miscellaneous assets Policy payables (1) Receivables due from holding company parents Other 233.4 427.2 349.8 0.4 76.9 259.7 552.5 376.6 1.2 174.7 287.4 551.7 413.2 0.0 138.5 256.0 582.1 369.9 1.3 211.0 259.7 552.5 376.6 1.2 174.7 273.9 581.7 386.3 1.1 194.2 280.1 568.5 394.3 0.6 173.6 284.1 567.0 402.9 0.0 164.1 287.4 551.7 413.2 0.0 138.5 17 18 19 20 21 3266.9 3345.4 3749.5 3221.0 3345.4 3414.1 3546.4 3612.9 3749.5 22 1961.1 2098.4 2317.7 2101.2 2098.4 2171.8 2214.8 2264.7 2317.7 23 Security repurchase agreements Loans (other loans and advances) Foreign direct investment: intercompany debt 0.1 7.0 10.3 0.2 5.2 10.5 0.6 5.2 10.8 0.2 5.1 10.5 0.2 5.2 10.5 0.4 4.7 10.1 0.4 4.4 10.2 0.5 4.2 10.5 0.6 24 5.2 25 10.8 26 Trade payables Taxes payable Miscellaneous liabilities Other investment by holding company parent Policy payables Other 109.5 10.3 1823.9 0.3 1504.7 319.0 124.6 10.5 1947.3 0.0 1624.7 322.6 136.8 7.5 2156.8 0.1 1777.7 378.9 120.9 8.2 1956.4 0.0 1609.9 346.5 124.6 10.5 1947.3 0.0 1624.7 322.6 127.9 10.7 2018.0 0.0 1666.7 351.2 130.5 9.1 2060.2 0.0 1701.1 359.1 133.4 9.3 2106.8 0.3 1738.4 368.1 136.8 7.5 2156.8 0.1 1777.7 378.9 1305.8 1247.0 1431.8 1119.8 1247.0 1242.3 1331.6 1348.2 1431.8 33 1022.5 279.7 3.6 1028.6 213.8 4.5 1149.6 277.6 4.6 912.8 202.5 4.5 1028.6 213.8 4.5 1011.2 226.2 4.9 1078.2 248.6 4.8 1101.4 242.3 4.6 1149.6 34 277.6 35 4.6 36 7.9 8.0 7.3 8.5 8.0 8.1 7.6 7.4 7.3 37 20.8 32.1 19.1 32.0 18.5 33.2 19.7 32.5 19.1 32.0 19.0 32.5 19.2 32.2 18.6 32.9 18.5 38 33.2 39 1269.3 170.3 179.5 65.1 1373.8 184.2 192.3 66.6 1502.5 202.2 211.0 73.1 1362.9 180.8 189.1 66.3 1373.8 184.2 192.3 66.6 1409.4 189.0 197.3 68.4 1438.4 192.9 201.4 69.8 1470.0 197.1 205.8 71.3 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Foreign direct investment: equity Equity investment by holding company parent 27 28 29 30 31 32 Memo: 1502.5 202.2 211.0 73.1 (1) Policy payables due from reinsurers. (2) Liability for securities lending collateral, included in line 32. (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. 40 41 42 43 93 Z.1, March 7, 2024 L.116 Life Insurance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL544090005 2 3 4 FL543020005 FL543034005 FL542051075 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM544022005 FL543069105 LM543061105 LM543061705 LM543062005 LM543063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 14 FL544023005 FL543069005 FL543065005 LM543092375 Loans Other loans and advances Mortgages U.S. direct investment abroad: intercompany debt 15 16 17 18 LM543064105 LM543092173 FL543092473 LM543064205 Corporate equities U.S. direct investment abroad: equity Equity in FHLB Mutual fund shares 19 20 21 22 23 24 25 26 FL543040005 FL543050005 FL543070005 FL543090005 FL543094703 FL543077073 FL543095105 FL543093005 Life insurance reserves Pension entitlements Trade receivables Miscellaneous assets Balances due from holding company parent Deferred and unpaid life ins. premiums Other reserves Other 27 FL544194005 28 FL544190005 29 30 31 FL542151073 FL543169373 LM543192375 Security repurchase agreements Loans (other loans and advances) Foreign direct investment: intercompany debt 32 33 FL543140005 FL543150005 34 35 36 37 38 39 40 41 FL543170005 FL543178075 FL543190005 FL543194703 FL673090543 FL543195005 FL593095005 FL543193005 42 FL543181105 43 44 45 LM543164175 LM543192173 FL543194603 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 10066.2 9047.8 9819.6 8811.1 9047.8 9338.8 9469.0 9289.9 9819.6 1 122.2 65.2 10.0 118.3 75.6 4.7 128.1 83.1 8.0 118.8 73.8 5.9 118.3 75.6 4.7 121.7 78.2 6.0 137.9 86.7 6.7 127.4 82.4 7.2 128.1 83.1 8.0 2 3 4 4569.2 41.8 237.1 319.9 241.3 3729.0 3904.9 25.8 183.1 265.4 197.9 3232.7 4226.1 30.0 193.4 283.8 199.0 3519.8 3796.4 29.7 188.8 273.8 197.2 3106.9 3904.9 25.8 183.1 265.4 197.9 3232.7 4065.0 26.9 187.6 270.5 200.9 3379.1 4054.5 29.1 190.1 272.5 196.6 3366.2 3942.6 29.8 185.1 272.0 186.8 3269.0 881.6 172.1 709.5 -0.3 953.0 173.6 779.4 -0.2 1003.0 173.8 829.2 -0.5 939.8 174.2 765.6 -0.3 953.0 173.6 779.4 -0.2 965.6 174.7 790.9 -0.1 978.9 174.5 804.5 -0.3 992.9 175.7 817.2 -0.3 1003.0 173.8 829.2 -0.5 11 12 13 14 811.5 86.7 9.1 1832.3 659.8 25.1 8.1 1413.5 750.1 45.7 13.6 1535.3 629.9 31.3 8.5 1347.2 659.8 25.1 8.1 1413.5 689.3 34.1 7.8 1460.7 702.7 35.9 8.4 1504.0 671.2 39.3 8.7 1423.9 750.1 45.7 13.6 1535.3 15 16 17 18 284.9 380.0 140.5 873.3 0.0 38.4 90.6 744.3 279.3 484.2 136.6 985.0 0.0 37.0 85.7 862.3 285.4 504.6 146.6 1090.7 0.0 39.5 85.5 965.7 280.7 458.0 137.6 983.6 0.0 39.4 86.9 857.2 279.3 484.2 136.6 985.0 0.0 37.0 85.7 862.3 282.6 496.1 137.4 994.4 0.0 38.0 86.4 870.0 284.5 500.9 140.6 1027.6 0.0 38.0 87.0 902.6 285.6 503.1 143.8 1061.9 0.0 38.7 87.4 935.8 285.4 504.6 146.6 1090.7 0.0 39.5 85.5 965.7 19 20 21 22 23 24 25 26 9602.2 9120.4 9766.1 8972.2 9120.4 9325.1 9515.2 9456.3 9766.1 27 9068.1 8755.2 9348.7 8627.9 8755.2 8975.0 9140.2 9072.9 9348.7 28 20.6 113.6 11.4 36.4 135.7 6.6 46.1 138.1 7.5 32.7 135.6 7.5 36.4 135.7 6.6 34.6 142.5 6.6 39.1 138.9 6.7 41.7 141.7 6.9 46.1 29 138.1 30 7.5 31 Life insurance reserves Pension entitlements (2) 2399.4 4109.9 2398.9 3823.1 2507.2 4139.9 2371.1 3714.3 2398.9 3823.1 2436.6 3941.9 2464.8 4040.1 2456.0 3958.0 2507.2 32 4139.9 33 Trade payables Taxes payable Miscellaneous liabilities Other investment by holding company parent Funding agreements backing securities (3) Other reserves (4) Unallocated insurance contracts Other 355.0 7.2 2051.0 0.0 155.4 472.0 914.5 509.1 371.2 6.0 1977.1 0.0 173.7 474.6 871.5 457.4 391.5 6.2 2112.2 0.0 183.5 480.5 903.1 545.1 367.1 5.3 1994.3 0.0 171.3 473.1 853.6 496.4 371.2 6.0 1977.1 0.0 173.7 474.6 871.5 457.4 375.1 6.5 2031.1 0.0 175.8 481.1 888.7 485.5 381.4 5.7 2063.5 0.0 178.3 483.1 899.2 502.9 387.0 6.6 2075.1 0.0 182.3 484.9 892.3 515.7 391.5 6.2 2112.2 0.0 183.5 480.5 903.1 545.1 534.1 365.3 417.3 344.3 365.3 350.1 375.0 383.5 417.3 42 224.6 309.5 0.0 230.4 134.9 0.0 240.8 176.5 0.0 199.4 144.9 0.0 230.4 134.9 0.0 202.0 148.0 0.0 212.6 162.4 0.0 225.4 158.1 0.0 240.8 43 176.5 44 0.0 45 54.5 41.7 37.8 44.1 41.7 43.5 41.4 40.3 37.8 46 7613.6 917.1 689.8 2.3 7310.9 968.0 808.9 10.8 7771.1 997.5 825.6 11.0 7155.7 943.4 777.8 8.7 7310.9 968.0 808.9 10.8 7488.6 986.0 825.7 11.0 7623.2 997.6 833.6 11.2 7531.3 995.0 836.0 11.2 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Foreign direct investment: equity Equity investment by holding company parent 4226.1 5 30.0 6 193.4 7 283.8 8 199.0 9 3519.8 10 34 35 36 37 38 39 40 41 Memo: 46 FL543200073 Securities lending (5) 47 48 49 50 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 38. (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 41. 7771.1 997.5 825.6 11.0 47 48 49 50 Levels 2021 94 Z.1, March 7, 2024 L.116.g Life Insurance Companies: General Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 1 FL544090075 2 3 4 FL543020075 FL543034075 FL542051075 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 11 12 13 14 LM544022075 FL543069175 LM543061175 LM543061775 LM543062075 LM543063075 FL544023075 FL543069075 FL543065075 LM543092375 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Other loans and advances Mortgages U.S. direct investment abroad: intercompany debt 15 16 17 18 LM543064175 LM543092173 FL543092473 LM543064275 19 20 21 22 FL543040075 FL543050075 FL543070075 FL543090075 23 FL544194075 24 25 26 27 28 29 30 31 32 FL544190075 FL542151073 FL543169373 LM543192375 FL543140075 FL543150075 FL543170075 FL543178075 FL543190075 33 34 35 36 FL543181105 LM543164175 LM543192173 FL543194603 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 6733.1 6314.7 6780.4 6178.1 6314.7 6492.0 6525.8 6459.8 6780.4 1 88.0 38.4 10.0 77.1 40.9 4.7 82.6 46.9 8.0 78.6 39.7 5.9 77.1 40.9 4.7 78.0 44.4 6.0 92.2 52.3 6.7 81.8 47.5 7.2 82.6 46.9 8.0 2 3 4 4026.2 23.5 180.0 237.3 227.8 3357.6 830.2 172.1 658.1 -0.3 3402.7 16.8 137.2 187.2 183.8 2877.7 890.4 173.6 716.8 -0.2 3630.5 20.1 139.3 193.9 181.8 3095.4 934.1 173.8 760.3 -0.5 3314.1 18.3 139.5 193.3 183.0 2780.0 879.0 174.2 704.7 -0.3 3402.7 16.8 137.2 187.2 183.8 2877.7 890.4 173.6 716.8 -0.2 3533.4 17.4 139.1 187.7 185.9 3003.3 899.3 174.7 724.6 -0.1 3498.5 19.2 139.4 185.9 181.0 2973.1 909.6 174.5 735.2 -0.3 3387.3 19.9 134.4 185.5 171.2 2876.4 923.7 175.7 748.0 -0.3 3630.5 20.1 139.3 193.9 181.8 3095.4 934.1 173.8 760.3 -0.5 5 6 7 8 9 10 11 12 13 14 Corporate equities U.S. direct investment abroad: equity Equity in FHLB Mutual fund shares 137.4 86.7 9.1 7.9 120.6 25.1 8.1 9.2 140.9 45.7 13.6 9.1 118.9 31.3 8.5 8.2 120.6 25.1 8.1 9.2 127.0 34.1 7.8 9.2 124.8 35.9 8.4 8.8 126.3 39.3 8.7 8.5 140.9 45.7 13.6 9.1 15 16 17 18 Life insurance reserves Pension entitlements Trade receivables Miscellaneous assets 284.9 378.5 140.4 695.7 279.3 483.0 136.6 837.4 285.4 503.4 146.6 934.1 280.7 456.9 137.5 819.1 279.3 483.0 136.6 837.4 282.6 494.9 137.4 838.2 284.5 499.5 140.6 864.2 285.6 501.9 143.8 898.6 285.4 503.4 146.6 934.1 19 20 21 22 6258.3 6376.3 6715.9 6332.9 6376.3 6466.4 6558.7 6614.5 6715.9 23 Total liabilities Security repurchase agreements Loans (other loans and advances) Foreign direct investment: intercompany debt Life insurance reserves Pension entitlements (1) Trade payables Taxes payable Miscellaneous liabilities 5724.2 20.6 113.6 11.4 1960.0 1647.7 354.3 7.2 1609.4 6011.0 36.4 135.7 6.6 1996.3 1781.1 370.6 6.0 1678.2 6298.6 46.1 138.1 7.5 2067.4 1881.8 390.8 6.2 1760.6 5988.6 32.7 135.6 7.5 1994.0 1755.2 366.5 5.3 1691.8 6011.0 36.4 135.7 6.6 1996.3 1781.1 370.6 6.0 1678.2 6116.3 34.6 142.5 6.6 2019.8 1832.5 374.4 6.5 1699.3 6183.7 39.1 138.9 6.7 2033.8 1856.1 380.7 5.7 1722.8 6231.0 41.7 141.7 6.9 2041.6 1859.7 386.3 6.6 1746.6 6298.6 46.1 138.1 7.5 2067.4 1881.8 390.8 6.2 1760.6 24 25 26 27 28 29 30 31 32 Total equity Corporate equities (market value) Foreign direct investment: equity Equity investment by holding company parent 534.1 224.6 309.5 0.0 365.3 230.4 134.9 0.0 417.3 240.8 176.5 0.0 344.3 199.4 144.9 0.0 365.3 230.4 134.9 0.0 350.1 202.0 148.0 0.0 375.0 212.6 162.4 0.0 383.5 225.4 158.1 0.0 417.3 240.8 176.5 0.0 33 34 35 36 3039.2 1 Total liabilities and equity (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 32). L.116.s Life Insurance Companies: Separate Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL544090085 Total financial assets 3333.1 2733.1 3039.2 2633.0 2733.1 2846.8 2943.2 2830.0 2 3 4 5 6 7 8 9 10 11 12 FL543020083 FL543034385 LM544022085 FL543069183 LM543061183 LM543061783 LM543062083 LM543063085 FL544023085 FL543069483 FL543065083 Checkable deposits and currency Money market fund shares Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Other loans and advances Mortgages 34.2 26.8 543.0 18.4 57.1 82.6 13.5 371.4 51.4 0.0 51.4 41.3 34.7 502.2 9.0 45.9 78.2 14.1 355.0 62.6 0.0 62.6 45.5 36.1 595.5 9.9 54.1 89.9 17.2 424.4 68.9 0.0 68.9 40.2 34.1 482.3 11.4 49.3 80.5 14.2 326.9 60.9 0.0 60.9 41.3 34.7 502.2 9.0 45.9 78.2 14.1 355.0 62.6 0.0 62.6 43.7 33.9 531.6 9.5 48.6 82.8 15.0 375.8 66.3 0.0 66.3 45.7 34.4 556.0 9.9 50.8 86.6 15.6 393.0 69.3 0.0 69.3 45.6 35.0 555.3 9.9 50.7 86.5 15.6 392.6 69.2 0.0 69.2 45.5 2 36.1 3 595.5 4 9.9 5 54.1 6 89.9 7 17.2 8 424.4 9 68.9 10 0.0 11 68.9 12 13 14 LM543064185 LM543064385 Corporate equities Mutual fund shares 674.1 1824.4 539.2 1404.4 609.2 1526.2 511.0 1339.0 539.2 1404.4 562.3 1451.5 578.0 1495.1 544.9 1415.5 609.2 13 1526.2 14 15 16 17 18 FL543040085 FL543050085 FL543070085 FL543090085 Life insurance reserves Pension entitlements Trade receivables Miscellaneous assets 0.0 1.4 0.1 177.5 0.0 1.2 0.0 147.6 0.0 1.2 0.0 156.6 0.0 1.2 0.0 164.4 0.0 1.2 0.0 147.6 0.0 1.3 0.0 156.3 0.0 1.3 0.0 163.4 0.0 1.3 0.0 163.2 0.0 1.2 0.0 156.6 15 16 17 18 19 20 21 22 23 FL544190085 LM543140085 LM543150085 FL543170085 FL543190085 Total liabilities Life insurance reserves Pension entitlements (1) Trade payables Miscellaneous liabilities 3343.9 439.4 2462.1 0.7 441.6 2744.2 402.6 2042.0 0.6 299.0 3050.2 439.8 2258.0 0.7 351.6 2639.2 377.1 1959.1 0.6 302.5 2744.2 402.6 2042.0 0.6 299.0 2858.7 416.8 2109.4 0.7 331.8 2956.5 431.1 2183.9 0.7 340.7 2841.8 414.4 2098.3 0.7 328.5 3050.2 439.8 2258.0 0.7 351.6 19 20 21 22 23 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 23). 95 Z.1, March 7, 2024 L.117 Private and Public Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 Q3 Total financial assets (2) 2023 Q4 Q1 Q2 Q3 Q4 1 FL594090005 2 3 FL593020005 FL593030005 Checkable deposits and currency Time and savings deposits 54.0 19.6 51.2 24.7 56.7 22.9 50.9 18.0 51.2 24.7 49.5 21.2 54.3 18.8 55.5 21.9 56.7 22.9 2 3 4 5 FL593034005 FL592051005 Money market fund shares Security repurchase agreements 238.6 46.4 248.8 68.3 259.6 83.5 243.2 53.8 248.8 68.3 250.8 75.0 249.4 38.3 256.2 77.5 259.6 83.5 4 5 6 7 8 9 10 11 LM594022005 FL593069105 LM593061105 LM593061705 LM593062045 LM593063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3065.7 62.3 944.2 469.7 0.0 1589.5 2762.1 55.3 853.2 425.9 0.0 1427.6 3102.8 60.4 1053.8 434.7 0.0 1553.9 2687.5 58.1 834.5 424.4 0.0 1370.5 2762.1 55.3 853.2 425.9 0.0 1427.6 2934.2 56.1 945.4 424.8 0.0 1507.8 2948.9 57.4 969.1 440.0 0.0 1482.4 2898.6 59.9 979.3 421.5 0.0 1437.9 3102.8 6 60.4 7 1053.8 8 434.7 9 0.0 10 1553.9 11 12 13 14 FL594023005 FL343069005 FL593065005 Loans Other loans and advances (3) Mortgages 2466.9 2434.7 32.3 2713.1 2680.2 32.8 2966.8 2934.4 32.4 2575.7 2541.8 33.9 2713.1 2680.2 32.8 2670.4 2637.2 33.2 2707.8 2675.3 32.6 2749.7 2717.0 32.7 2966.8 12 2934.4 13 32.4 14 15 16 LM593064105 LM593064205 Corporate equities Mutual fund shares 7768.0 5728.4 6358.3 4592.6 7345.6 5279.9 5973.2 4389.5 6358.3 4592.6 6540.5 4898.0 6936.9 5057.5 6661.7 4862.4 7345.6 15 5279.9 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 8059.8 914.5 70.9 5140.0 1934.4 8246.1 871.5 68.9 5316.0 1989.7 7744.7 903.1 66.0 4609.9 2165.7 8893.6 853.6 69.1 5978.4 1992.5 8246.1 871.5 68.9 5316.0 1989.7 8224.4 888.7 67.8 5210.0 2057.9 8149.4 899.2 66.9 5069.9 2113.4 8411.7 892.3 66.5 5354.1 2098.9 7744.7 903.1 66.0 4609.9 2165.7 22 FL594190005 Pension entitlements (liabilities) (6) 27447.4 25065.0 26862.4 24885.2 25065.0 25663.8 26161.4 25995.4 26862.4 1 17 18 19 20 21 27661.1 25326.5 27062.9 25088.1 25326.5 25858.8 26358.7 26196.3 27062.9 22 Memo: 23 24 25 FL594190045 FL592000075 FL593073045 26 27 28 29 30 FL153050015 FL594190045 FL594090055 LM893131573 FL543150015 Funded status of defined benefit plans: Pension entitlements Funded by assets (7) Unfunded (line 20) Household retirement assets (8) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (9) Annuities at life insurance companies (10) 16862.7 16201.4 16610.8 16364.6 16201.4 16304.3 16406.7 16507.6 16610.8 23 11722.7 10885.4 12000.9 10386.1 10885.4 11094.3 11336.8 11153.6 12000.9 24 5140.0 5316.0 4609.9 5978.4 5316.0 5210.0 5069.9 5354.1 4609.9 25 45437.9 40360.6 ND 39459.5 40360.6 41503.7 42572.8 41950.3 ND 26 16862.7 16201.4 16610.8 16364.6 16201.4 16304.3 16406.7 16507.6 16610.8 27 10798.3 9125.1 10452.1 8723.6 9125.1 9554.5 9952.0 9688.7 10452.1 28 14460.0 11950.0 ND 11375.0 11950.0 12465.0 12955.0 12566.0 ND 29 3316.9 3084.1 ND 2996.3 3084.1 3179.9 3259.1 3188.0 ND 30 (1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Nonmarketable Treasury securities classified as loans and suspended reinvestments in the Thrift Savings Plan G Fund. (4) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (8) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (9) IRA assets are not included above. See memo items on table L.229 for a sectoral distribution of IRA accounts. (10) Annuities held in IRAs are excluded. They are included in line 29. Levels 2021 96 Z.1, March 7, 2024 L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 Total financial assets (2) 2023 Q4 Q1 Q2 Q3 Q4 1 FL574090005 2 3 FL573020005 FL573030005 Checkable deposits and currency Time and savings deposits 24.5 17.3 24.3 18.2 24.2 19.2 24.4 17.9 24.3 18.2 24.4 18.4 24.4 18.7 24.3 19.0 24.2 19.2 2 3 4 5 FL573034005 FL572051005 Money market fund shares Security repurchase agreements 212.0 18.7 226.1 19.6 240.3 20.6 221.6 19.4 226.1 19.6 228.7 19.9 232.6 20.2 236.3 20.4 240.3 20.6 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 1821.0 41.7 507.8 259.2 1012.2 1679.1 44.0 508.1 250.7 876.4 1908.6 46.4 613.7 274.0 974.5 1606.3 43.4 477.6 244.5 840.8 1679.1 44.0 508.1 250.7 876.4 1778.3 44.6 562.4 258.2 913.1 1814.6 45.3 590.2 260.2 919.0 1779.6 45.8 574.8 261.1 897.9 1908.6 6 46.4 7 613.7 8 274.0 9 974.5 10 11 FL573065005 Loans (mortgages) 25.5 26.2 27.1 26.0 26.2 26.5 26.7 26.9 27.1 11 12 13 LM573064105 LM573064205 Corporate equities Mutual fund shares 3869.8 5430.1 2933.0 4385.0 3463.2 5038.1 2780.0 4152.3 2933.0 4385.0 3083.2 4622.7 3285.4 4804.6 3134.0 4632.1 3463.2 12 5038.1 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 1745.9 640.4 70.9 53.4 981.1 2377.9 593.3 68.9 720.1 995.6 2150.2 613.8 66.0 458.0 1012.3 2448.9 580.2 69.1 806.4 993.2 2377.9 593.3 68.9 720.1 995.6 2277.8 605.8 67.8 616.3 988.0 2210.1 613.5 66.9 541.8 988.0 2327.3 606.2 66.5 654.8 999.8 2150.2 613.8 66.0 458.0 1012.3 19 FL574190005 Pension entitlements (liabilities) (5) 13164.7 11689.4 12891.6 11296.9 11689.4 12079.9 12437.3 12199.9 12891.6 1 14 15 16 17 18 13203.1 11729.0 12932.4 11336.2 11729.0 12119.8 12477.5 12240.3 12932.4 19 Memo: 20 21 22 FL574190043 FL572000075 FL573073005 23 24 FL574090045 FL574090055 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) Total financial assets Defined benefit plans (7) Defined contribution plans (8) 3714.0 3660.5 53.4 3765.3 3045.2 720.1 3796.1 3338.1 458.0 3752.4 2946.1 806.4 3765.3 3045.2 720.1 3773.0 3156.7 616.3 3780.7 3238.9 541.8 3788.4 3133.6 654.8 3796.1 20 3338.1 21 458.0 22 3675.5 9489.2 3725.6 7963.7 3755.3 9136.2 3713.1 7583.8 3725.6 7963.7 3733.0 8346.8 3740.5 8696.8 3747.9 8451.9 3755.3 23 9136.2 24 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (7) Additional detail on defined benefit plans is available on tables L.118.b. (8) Additional detail on defined contribution plans is available on table L.118.c. 97 Z.1, March 7, 2024 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets (1) 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL574090045 3675.5 3725.6 3755.3 3713.1 3725.6 3733.0 3740.5 3747.9 3755.3 1 2 3 FL573020043 FL573030043 Checkable deposits and currency Time and savings deposits 11.7 12.1 12.5 12.7 13.5 13.3 12.3 12.5 12.5 12.7 12.8 12.9 13.1 13.0 13.2 13.2 13.5 13.3 2 3 4 5 FL573034043 FL572051043 Money market fund shares Security repurchase agreements 49.5 18.7 51.8 19.6 54.5 20.6 51.3 19.4 51.8 19.6 52.6 19.9 53.4 20.2 53.9 20.4 54.5 20.6 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 1238.9 29.7 291.3 143.5 774.5 1094.9 31.1 275.8 133.5 654.5 1221.1 32.7 330.1 141.9 716.5 1060.2 30.8 263.5 132.1 633.8 1094.9 31.1 275.8 133.5 654.5 1154.9 31.5 305.8 137.3 680.2 1172.7 32.0 322.6 137.3 680.8 1142.7 32.3 311.6 136.4 662.4 11 FL573065043 Loans (mortgages) 15.6 16.1 16.6 16.0 16.1 16.3 16.4 16.5 16.6 11 12 13 LM573064143 LM573064243 Corporate equities Mutual fund shares 1403.4 414.9 1022.6 327.4 1147.8 361.1 976.4 311.6 1022.6 327.4 1058.8 339.5 1110.7 349.5 1050.2 334.8 1147.8 12 361.1 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 510.6 63.0 27.9 53.4 366.2 1168.3 53.6 24.0 720.1 370.6 906.8 53.5 19.3 458.0 376.0 1253.3 52.4 24.9 806.4 369.7 1168.3 53.6 24.0 720.1 370.6 1065.6 54.4 22.6 616.3 372.2 991.5 54.7 21.2 541.8 373.8 1103.1 53.2 20.4 654.8 374.8 19 FL574190043 3714.0 3765.3 3796.1 3752.4 3765.3 3773.0 3780.7 3788.4 3796.1 19 Pension entitlements (liabilities) (4) 1221.1 6 32.7 7 330.1 8 141.9 9 716.5 10 906.8 53.5 19.3 458.0 376.0 14 15 16 17 18 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. L.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL574090055 9489.2 7963.7 9136.2 7583.8 7963.7 8346.8 8696.8 8451.9 9136.2 1 2 3 FL573020033 FL573030033 Total financial assets Checkable deposits and currency Time and savings deposits 12.8 5.2 11.8 5.5 10.8 5.9 12.1 5.4 11.8 5.5 11.6 5.6 11.3 5.7 11.1 5.8 10.8 5.9 2 3 4 5 FL573034055 FL572051033 Money market fund shares Security repurchase agreements 162.5 0.0 174.3 0.0 185.8 0.0 170.3 0.0 174.3 0.0 176.1 0.0 179.2 0.0 182.5 0.0 185.8 0.0 4 5 6 7 8 9 10 LM574022035 FL573069133 LM573061133 LM573061733 LM573063033 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 582.0 12.0 216.5 115.8 237.7 584.3 12.9 232.2 117.2 221.9 687.5 13.7 283.6 132.1 258.0 546.1 12.6 214.0 112.5 207.0 584.3 12.9 232.2 117.2 221.9 623.4 13.0 256.6 120.9 232.9 641.9 13.3 267.6 122.9 238.2 636.9 13.5 263.2 124.7 235.5 687.5 6 13.7 7 283.6 8 132.1 9 258.0 10 11 FL573065033 Loans (mortgages) 9.8 10.2 10.5 10.0 10.2 10.2 10.3 10.4 10.5 11 12 13 LM573064133 LM573064255 Corporate equities Mutual fund shares 2466.5 5015.1 1910.4 4057.7 2315.4 4677.0 1803.6 3840.7 1910.4 4057.7 2024.4 4283.2 2174.7 4455.1 2083.8 4297.3 2315.4 12 4677.0 13 14 15 16 17 FL573090055 FL573095505 FL573074033 FL573093055 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 1235.2 577.4 42.9 614.9 1209.6 539.7 44.9 625.0 1243.4 560.4 46.7 636.3 1195.6 527.8 44.2 623.6 1209.6 539.7 44.9 625.0 1212.3 551.4 45.2 615.7 1218.6 558.8 45.6 614.2 1224.2 553.0 46.2 625.0 1243.4 560.4 46.7 636.3 18 FL574090055 9489.2 7963.7 9136.2 7583.8 7963.7 8346.8 8696.8 8451.9 9136.2 18 Pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. 14 15 16 17 Levels 2021 98 Z.1, March 7, 2024 L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 1 FL344090005 2 FL343020033 Total financial assets (1) Checkable deposits and currency 3 4 5 6 7 LM344022005 LM343061105 LM343061705 LM343062033 LM343063005 8 2023 Q4 Q1 Q2 Q3 Q4 4559.6 4529.5 4724.4 4498.0 4529.5 4582.6 4637.5 4642.3 4724.4 1 1.1 0.2 0.0 0.4 0.2 0.0 0.0 0.0 0.0 2 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 48.9 22.2 11.7 0.0 15.0 39.7 18.0 9.4 0.0 12.3 43.1 19.5 10.1 0.0 13.5 38.3 17.2 9.7 0.0 11.4 39.7 18.0 9.4 0.0 12.3 41.0 18.5 9.7 0.0 12.8 42.2 19.3 9.9 0.0 13.0 40.8 18.6 9.7 0.0 12.5 43.1 19.5 10.1 0.0 13.5 3 4 5 6 7 FL343069005 Loans (other loans and advances) (2) 2434.7 2680.2 2934.4 2541.8 2680.2 2637.2 2675.3 2717.0 2934.4 8 9 LM343064105 Corporate equities 524.0 418.8 534.0 384.9 418.8 449.0 485.4 474.1 534.0 9 10 FL343073045 Claims of pension fund on sponsor (misc. assets) (3) 1550.9 1390.6 1213.0 1532.6 1390.6 1455.5 1434.6 1410.4 1213.0 10 11 FL344090005 4559.6 4529.5 4724.4 4498.0 4529.5 4582.6 4637.5 4642.3 4724.4 11 3732.7 2181.8 1550.9 3804.1 2413.5 1390.6 3881.0 2668.0 1213.0 3784.1 2251.5 1532.6 3804.1 2413.5 1390.6 3823.8 2368.3 1455.5 3843.2 2408.5 1434.6 3861.0 2450.6 1410.4 3881.0 12 2668.0 13 1213.0 14 3732.7 826.9 3804.1 725.4 3881.0 843.4 3784.1 713.9 3804.1 725.4 3823.8 758.8 3843.2 794.3 3861.0 781.3 3881.0 15 843.4 16 Pension entitlements (liabilities) (4) Levels Memo: 12 13 14 FL344090045 FL342000075 FL343073045 15 16 FL344090045 FL344090055 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 10) Total financial assets Defined benefit plans (6) Defined contribution plans (7) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Nonmarketable Treasury securities classified as loans and suspended reinvestments in the Thrift Savings Plan G Fund. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of projected pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (5) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor. (6) Additional detail on defined benefit plans is available on table L.119.b. (7) Additional detail on defined contribution plans is available on table L.119.c. 99 Z.1, March 7, 2024 L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 1 FL344090045 2 FL343020033 Total financial assets (2) Checkable deposits and currency 3 4 5 6 7 LM344022045 LM343061165 LM343061733 LM343062033 LM343063033 8 2023 Q4 Q1 Q2 Q3 Q4 3732.7 3804.1 3881.0 3784.1 3804.1 3823.8 3843.2 3861.0 3881.0 1 1.1 0.2 0.0 0.4 0.2 0.0 0.0 0.0 0.0 2 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11.9 7.2 0.5 0.0 4.1 9.8 5.6 0.5 0.0 3.7 11.0 6.3 0.5 0.0 4.1 9.5 5.5 0.4 0.0 3.5 9.8 5.6 0.5 0.0 3.7 9.9 5.6 0.5 0.0 3.8 10.7 6.3 0.5 0.0 3.9 10.6 6.2 0.5 0.0 3.8 11.0 6.3 0.5 0.0 4.1 3 4 5 6 7 FL343069245 Loans (other loans and advances) (3) 2149.0 2387.6 2639.4 2226.4 2387.6 2342.0 2381.1 2423.7 2639.4 8 9 LM343064135 Corporate equities 19.8 15.9 17.6 15.1 15.9 16.4 16.7 16.3 17.6 9 10 FL343073045 11 FL344190045 Claims of pension fund on sponsor (misc. assets) (4) Pension entitlements (liabilities) (5) 1550.9 1390.6 1213.0 1532.6 1390.6 1455.5 1434.6 1410.4 1213.0 10 3732.7 3804.1 3881.0 3784.1 3804.1 3823.8 3843.2 3861.0 3881.0 11 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) Nonmarketable Treasury securities classified as loans. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector. L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL344090055 2 3 4 5 LM344022025 LM343061113 LM343061723 LM343063023 6 FL343069055 7 LM343064125 8 FL344090055 Total financial assets 826.9 725.4 843.4 713.9 725.4 758.8 794.3 781.3 843.4 1 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 37.0 14.9 11.2 10.8 29.9 12.4 9.0 8.6 32.1 13.2 9.6 9.4 28.8 11.7 9.3 7.8 29.9 12.4 9.0 8.6 31.0 12.9 9.2 8.9 31.5 13.0 9.4 9.1 30.2 12.4 9.2 8.7 32.1 13.2 9.6 9.4 2 3 4 5 Loans (other loans and advances) (2) 285.7 292.6 294.9 315.4 292.6 295.1 294.1 293.4 294.9 6 Corporate equities Pension entitlements (liabilities) 504.2 402.9 516.4 369.8 402.9 432.7 468.7 457.7 516.4 7 826.9 725.4 843.4 713.9 725.4 758.8 794.3 781.3 843.4 8 (1) Thrift Savings Plan. (2) Nonmarketable Treasury securities classified as loans and suspended reinvestments in the Thrift Savings Plan G Fund. 100 Z.1, March 7, 2024 L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 Total financial assets (1) 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL224090005 9723.2 8846.1 9246.4 9090.4 8846.1 9001.3 9086.7 9153.2 9246.4 1 2 3 FL223020043 FL223030043 Checkable deposits and currency Time and savings deposits 28.4 2.4 26.7 6.5 32.5 3.7 26.0 0.1 26.7 6.5 25.1 2.8 29.9 0.0 31.2 3.0 32.5 3.7 2 3 4 5 FL223034005 FL222051043 Money market fund shares Security repurchase agreements 26.6 27.7 22.7 48.8 19.3 62.9 21.6 34.4 22.7 48.8 22.1 55.1 16.9 18.2 19.9 57.2 19.3 62.9 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 1195.8 20.5 414.2 198.7 0.0 562.4 1043.2 11.4 327.2 165.7 0.0 539.0 1151.2 14.0 420.7 150.6 0.0 565.9 1042.8 14.7 339.6 170.1 0.0 518.3 1043.2 11.4 327.2 165.7 0.0 539.0 1114.9 11.5 364.5 156.9 0.0 581.9 1092.1 12.1 359.6 170.0 0.0 550.4 1078.1 14.1 385.8 150.7 0.0 527.5 12 FL223065043 Loans (mortgages) 6.8 6.6 5.3 7.9 6.6 6.8 5.9 5.8 5.3 12 13 14 LM223064145 LM223064205 Corporate equities Mutual fund shares 3374.2 298.3 3006.6 207.6 3348.4 241.8 2808.3 237.2 3006.6 207.6 3008.2 275.3 3166.1 253.0 3053.6 230.3 3348.4 13 241.8 14 15 16 17 18 FL223090005 FL223095505 FL223073045 FL223093005 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 4763.0 274.1 3535.6 953.3 4477.6 278.2 3205.3 994.0 4381.4 289.3 2938.8 1153.4 4912.1 273.4 3639.5 999.2 4477.6 278.2 3205.3 994.0 4491.0 282.9 3138.2 1069.9 4504.7 285.7 3093.5 1125.4 4674.1 286.1 3288.9 1099.1 4381.4 289.3 2938.8 1153.4 19 FL224190005 9898.3 9068.0 9406.1 9253.9 9068.0 9156.4 9243.8 9313.7 9406.1 19 9416.1 5880.4 3535.6 8632.1 5426.7 3205.3 8933.7 5994.9 2938.8 8828.1 5188.6 3639.5 8632.1 5426.7 3205.3 8707.5 5569.2 3138.2 8782.9 5689.4 3093.5 8858.3 5569.4 3288.9 8933.7 20 5994.9 21 2938.8 22 9240.9 482.3 8410.2 435.9 8774.0 472.4 8664.5 425.8 8410.2 435.9 8552.4 448.9 8625.8 460.9 8697.8 455.4 8774.0 23 472.4 24 Pension entitlements (liabilities) (4) 1151.2 6 14.0 7 420.7 8 150.6 9 0.0 10 565.9 11 15 16 17 18 Memo: 20 21 22 FL224190043 FL222000075 FL223073045 23 24 FL224090045 FL224090055 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 17) Total financial assets Defined benefit plans (6) Defined contribution plans (7) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of projected pension entitlements. These liabilities are assets of the household sector. (5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (6) Additional detail on defined benefit plans is available on table L.120.b. (7) Additional detail on defined contribution plans is available on table L.120.c. 101 Z.1, March 7, 2024 L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL224090045 9240.9 8410.2 8774.0 8664.5 8410.2 8552.4 8625.8 8697.8 8774.0 1 2 3 FL223020043 FL223030043 Checkable deposits and currency Time and savings deposits 28.4 2.4 26.7 6.5 32.5 3.7 26.0 0.1 26.7 6.5 25.1 2.8 29.9 0.0 31.2 3.0 32.5 3.7 2 3 4 5 FL223034043 FL222051043 Money market fund shares Security repurchase agreements 25.2 27.7 21.3 48.8 16.8 62.9 20.3 34.4 21.3 48.8 20.7 55.1 14.5 18.2 17.5 57.2 16.8 62.9 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 1195.8 20.5 414.2 198.7 0.0 562.4 1043.2 11.4 327.2 165.7 0.0 539.0 1151.2 14.0 420.7 150.6 0.0 565.9 1042.8 14.7 339.6 170.1 0.0 518.3 1043.2 11.4 327.2 165.7 0.0 539.0 1114.9 11.5 364.5 156.9 0.0 581.9 1092.1 12.1 359.6 170.0 0.0 550.4 1078.1 14.1 385.8 150.7 0.0 527.5 12 FL223065043 Loans (mortgages) 6.8 6.6 5.3 7.9 6.6 6.8 5.9 5.8 5.3 12 13 14 LM223064145 LM223064243 Corporate equities Mutual fund shares 3374.2 93.3 3006.6 53.1 3348.4 63.1 2808.3 88.0 3006.6 53.1 3008.2 112.6 3166.1 82.1 3053.6 65.4 3348.4 13 63.1 14 15 16 17 FL223090045 FL223073045 LM223093043 Miscellaneous assets Claims of pension fund on sponsor (2) Other 4487.1 3535.6 951.5 4197.4 3205.3 992.1 4090.1 2938.8 1151.3 4636.8 3639.5 997.3 4197.4 3205.3 992.1 4206.2 3138.2 1067.9 4217.0 3093.5 1123.5 4386.0 3288.9 1097.1 4090.1 15 2938.8 16 1151.3 17 18 FL224190043 9416.1 8632.1 8933.7 8828.1 8632.1 8707.5 8782.9 8858.3 8933.7 18 Pension entitlements (liabilities) (3) 1151.2 6 14.0 7 420.7 8 150.6 9 0.0 10 565.9 11 Levels Total financial assets (1) 2022 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. L.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL224090055 Total financial assets 2 FL223034055 Money market fund shares 1.4 1.4 2.5 1.4 1.4 1.4 2.4 2.4 2.5 2 3 LM223064255 Mutual fund shares 205.0 154.4 178.6 149.2 154.4 162.7 170.8 164.9 178.6 3 4 5 6 FL223090055 FL223095505 FL223093053 Miscellaneous assets Unallocated insurance contracts (misc. assets) (2) Other 275.9 274.1 1.8 280.1 278.2 1.9 291.3 289.3 2.0 275.3 273.4 1.9 280.1 278.2 1.9 284.8 282.9 2.0 287.7 285.7 2.0 288.1 286.1 2.0 291.3 289.3 2.0 4 5 6 7 FL224090055 482.3 435.9 472.4 425.8 435.9 448.9 460.9 455.4 472.4 7 Pension entitlements (liabilities) 482.3 435.9 (1) Includes 403(b) and 457 type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. 472.4 425.8 435.9 448.9 460.9 455.4 472.4 1 102 Z.1, March 7, 2024 L.121 Money Market Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 Total financial assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL634090005 5205.5 5223.1 6357.6 5084.2 5223.1 5692.6 5917.4 6143.0 6357.6 1 2 3 4 FL633091003 FL633030000 FL632051000 Foreign deposits Time and savings deposits Security repurchase agreements 0.3 143.6 2495.7 1.4 190.1 2976.6 5.4 289.1 2665.9 1.1 210.3 2743.7 1.4 190.1 2976.6 1.7 227.3 3235.2 2.9 266.8 3233.1 10.9 292.8 2948.8 5.4 289.1 2665.9 2 3 4 5 6 7 8 9 10 FL634022005 FL633069175 FL633061105 FL633061700 FL633062000 FL633063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 2568.8 226.2 1814.7 409.9 110.9 7.2 2022.0 253.8 1064.0 579.8 117.9 6.4 3414.8 301.9 2269.5 708.2 129.6 5.7 2113.2 245.4 1256.1 492.2 113.2 6.3 2022.0 253.8 1064.0 579.8 117.9 6.4 2206.9 250.5 1040.8 791.9 114.4 9.3 2392.5 263.2 1244.0 754.5 121.0 9.8 2881.2 293.4 1767.1 690.2 121.5 9.1 3414.8 5 301.9 6 2269.5 7 708.2 8 129.6 9 5.7 10 11 FL633093005 Miscellaneous assets (net) -2.9 33.0 -17.6 16.1 33.0 21.5 22.1 9.3 -17.6 11 12 FL634090005 5205.5 5223.1 6357.6 5084.2 5223.1 5692.6 5917.4 6143.0 6357.6 12 13 14 FL634090010 FL634090020 Stable NAV money market funds included above Floating NAV money market funds included above (2) 4586.5 619.0 4589.4 633.6 5725.0 632.6 4411.0 673.3 4589.4 633.6 5044.7 647.9 5263.6 653.7 5498.1 644.9 5725.0 13 632.6 14 15 16 17 FL634090033 FL634090043 FL634090053 Government money market funds included above Prime money market funds included above Tax-exempt money market funds included above 4304.3 807.0 94.2 4064.1 1040.0 119.0 4920.4 1305.9 131.3 4011.6 965.8 106.8 4064.1 1040.0 119.0 4435.1 1139.0 118.5 4596.8 1198.3 122.3 4761.3 1258.2 123.5 4920.4 15 1305.9 16 131.3 17 18 FL634090503 Variable annuity money market funds included above 35.2 43.4 45.6 42.5 43.4 42.8 43.5 44.3 45.6 18 Total shares outstanding (liabilities) Levels Memo: (1) Open-end investment companies including variable annuity money market funds. (2) Floating NAV data begin 2016:Q4, corresponding to the implementation of Securities and Exchange Commission money market reforms on October 14, 2016. Some funds used floating NAV prior to this date. L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM654090000 Total financial assets 2 3 FL653034003 FL652051003 Money market funds Security repurchase agreements (net) 266.7 19.7 226.1 25.8 234.5 27.8 262.3 26.8 226.1 25.8 229.7 34.8 229.8 41.4 216.6 25.7 234.5 27.8 2 3 4 5 6 7 8 9 LM654022005 FL653069100 LM653061105 LM653061703 LM653062003 LM653063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 5897.2 39.5 1594.0 539.3 990.8 2733.7 4793.9 39.6 1349.9 529.4 745.8 2129.1 5175.1 55.3 1387.7 672.4 764.4 2295.3 4810.7 37.8 1345.8 518.2 774.3 2134.6 4793.9 39.6 1349.9 529.4 745.8 2129.1 4931.1 38.4 1369.6 591.2 764.9 2167.1 4975.7 47.2 1346.8 647.6 763.9 2170.2 4861.3 51.1 1318.5 652.1 727.9 2111.8 5175.1 55.3 1387.7 672.4 764.4 2295.3 4 5 6 7 8 9 10 FL653069803 Loans (other loans and advances) 144.2 125.4 109.7 140.2 125.4 115.2 107.7 109.7 11 LM653064100 Corporate equities 12 FL653093005 Miscellaneous assets 13 LM654090000 Total shares outstanding (liabilities) 22208.8 17333.4 19599.7 16617.1 17333.4 18166.2 18850.5 18106.6 19599.7 1 109.7 10 15533.8 11867.0 13788.6 11077.4 11867.0 12537.1 13229.7 12605.5 13788.6 11 347.2 295.2 263.9 299.9 295.2 318.3 266.2 287.7 263.9 12 22208.8 17333.4 19599.7 16617.1 17333.4 18166.2 18850.5 18106.6 19599.7 13 Memo: 14 LM654090500 Variable annuity mutual funds included above 2099.2 15 16 17 18 19 LM654091600 LM654092603 LM654091403 LM654091303 LM654091203 Total financial assets by investment objective: Domestic equity funds World equity funds Hybrid funds Taxable bond funds Municipal bond funds 11253.4 3459.3 1805.1 4648.3 977.1 (1) Open-end investment companies including variable annuity mutual funds. 1611.1 1766.5 1533.2 1611.1 1670.5 1725.7 1635.2 1766.5 14 8721.9 10333.5 2630.9 2971.5 1485.4 1550.4 3755.5 3990.7 736.5 753.6 8245.2 2403.1 1432.2 3777.1 756.5 8721.9 2630.9 1485.4 3755.5 736.5 9215.5 2806.5 1510.3 3870.3 759.4 9801.7 2879.1 1528.6 3878.8 756.8 9375.0 10333.5 15 2736.2 2971.5 16 1459.8 1550.4 17 3804.9 3990.7 18 722.7 753.6 19 103 Z.1, March 7, 2024 L.123 Closed-End Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 LM554090005 Total financial assets 310.0 252.1 255.6 243.3 252.1 252.6 253.5 241.9 255.6 1 2 3 4 5 LM554022005 LM553061103 LM553062003 LM553063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 186.6 3.1 98.3 85.3 153.1 2.4 82.4 68.4 155.4 2.1 82.5 70.8 150.1 2.4 80.5 67.2 153.1 2.4 82.4 68.4 153.8 2.4 83.8 67.6 152.0 2.3 82.5 67.3 145.9 2.2 77.7 66.0 155.4 2.1 82.5 70.8 2 3 4 5 6 LM553064103 Corporate equities 123.4 99.0 100.2 93.3 99.0 98.8 101.5 96.0 100.2 6 7 LM554090005 Total shares outstanding (liabilities) 310.0 252.1 255.6 243.3 252.1 252.6 253.5 241.9 255.6 7 90.5 32.8 64.5 98.3 23.8 74.8 24.2 52.0 82.4 18.7 74.7 25.5 54.0 82.5 18.8 70.6 22.7 51.1 80.5 18.5 74.8 24.2 52.0 82.4 18.7 74.2 24.7 51.4 83.8 18.6 75.8 25.7 51.0 82.5 18.6 71.9 24.1 50.0 77.7 18.2 7190.5 6476.9 8085.4 5892.1 6476.9 6882.6 7299.5 7134.3 8085.4 1 38.7 27.1 38.6 32.7 27.1 31.9 30.8 35.0 38.6 2 Memo: 8 9 10 11 12 LM554091603 LM554092603 LM554091303 LM554091203 LM554092303 Total financial assets by investment objective: Domestic equity funds World equity funds Domestic taxable bond funds Municipal bond funds World bond funds 74.7 8 25.5 9 54.0 10 82.5 11 18.8 12 Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM564090005 Total financial assets 2 FL563034003 Money market funds 3 4 5 6 LM564022005 LM563061103 LM563062003 LM563063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 1215.3 332.1 83.3 800.0 1258.7 400.6 104.4 753.6 1491.0 501.6 122.4 867.1 1177.2 381.5 87.0 708.8 1258.7 400.6 104.4 753.6 1336.9 451.6 105.7 779.6 1371.7 460.6 107.5 803.6 1367.3 469.0 108.0 790.3 1491.0 501.6 122.4 867.1 3 4 5 6 7 LM563064100 Corporate equities 5803.3 5059.2 6426.1 4552.1 5059.2 5376.5 5766.1 5608.1 6426.1 7 8 LM563093003 Miscellaneous assets (1) 9 LM564090005 Total shares outstanding (liabilities) 133.2 131.9 129.6 130.0 131.9 137.3 131.0 124.0 129.6 8 7190.5 6476.9 8085.4 5892.1 6476.9 6882.6 7299.5 7134.3 8085.4 9 4519.2 1262.3 138.8 42.4 1143.1 84.7 3940.4 1105.6 137.4 30.6 1157.4 105.5 5100.2 1321.1 135.0 33.5 1372.1 123.5 3582.7 957.3 135.4 32.0 1096.4 88.2 3940.4 1105.6 137.4 30.6 1157.4 105.5 4158.4 1204.7 143.0 30.7 1238.8 107.1 4514.8 1240.1 136.4 31.4 1268.2 108.5 4406.3 1196.4 129.1 31.1 1262.4 109.0 5100.2 1321.1 135.0 33.5 1372.1 123.5 10 11 12 13 14 15 Memo: 10 11 12 13 14 15 LM564091600 LM564092603 LM564091703 LM564091403 LM564091303 LM564091203 Total financial assets by investment objective: Domestic equity funds World equity funds Commodity funds (1) Hybrid funds Taxable bond funds Municipal bond funds (1) Investments primarily in commodities, currencies, and futures. Levels L.124 Exchange-Traded Funds 104 Z.1, March 7, 2024 L.125 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 Total financial assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL404090005 8292.2 9187.9 9323.5 8982.8 9187.9 9539.7 9409.1 9344.1 9323.5 1 2 3 4 FL403020005 FL403030005 FL402050005 Checkable deposits and currency Time and savings deposits Federal funds and security repos 62.6 6.6 209.7 69.1 22.9 252.2 46.9 27.2 270.0 44.7 13.5 304.5 69.1 22.9 252.2 73.7 25.1 363.1 63.4 30.0 376.6 60.6 28.1 304.1 46.9 27.2 270.0 2 3 4 5 6 7 8 9 10 LM404022005 FL403069105 LM403061105 LM403061705 LM403062005 LM403063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 430.2 4.7 202.4 208.4 2.4 12.3 395.6 10.2 155.6 215.1 2.2 12.6 441.6 11.6 157.8 255.2 2.0 14.9 398.9 9.8 168.3 206.2 2.2 12.4 395.6 10.2 155.6 215.1 2.2 12.6 407.9 9.3 149.8 233.5 2.2 13.2 421.6 10.0 151.5 244.1 2.1 13.9 427.2 11.0 150.9 248.8 2.1 14.5 441.6 5 11.6 6 157.8 7 255.2 8 2.0 9 14.9 10 11 FL404023005 Loans 7423.9 8326.2 8412.2 8107.6 8326.2 8551.4 8399.3 8399.2 8412.2 11 12 13 14 15 FL403069305 FL403069385 FL403069345 FL403069330 Other loans and advances Sallie Mae Farm Credit System FHLB 499.9 0.0 164.4 335.4 1002.7 0.0 182.3 820.4 985.0 0.0 203.5 781.5 833.4 0.0 172.6 660.8 1002.7 0.0 182.3 820.4 1229.5 0.0 187.4 1042.1 1043.1 0.0 188.1 855.0 998.4 0.0 193.1 805.4 985.0 0.0 203.5 781.5 12 13 14 15 16 17 18 19 20 21 22 23 FL403065005 FL403065105 FL403065195 FL403065185 FL403065405 FL403065495 FL403065485 FL403065605 Mortgages One-to-four-family residential Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm 6924.1 6312.7 6136.1 176.6 445.0 421.0 23.9 166.4 7323.6 6660.6 6497.7 162.9 489.4 461.2 28.2 173.6 7427.3 6712.7 6555.3 157.5 530.4 506.5 23.9 184.2 7274.2 6639.5 6477.5 162.0 462.9 445.5 17.4 171.8 7323.6 6660.6 6497.7 162.9 489.4 461.2 28.2 173.6 7321.9 6652.1 6494.0 158.1 493.9 470.5 23.5 176.0 7356.2 6671.3 6514.7 156.6 506.3 483.7 22.5 178.7 7400.8 6699.4 6539.8 159.6 520.2 497.8 22.4 181.2 7427.3 6712.7 6555.3 157.5 530.4 506.5 23.9 184.2 16 17 18 19 20 21 22 23 24 FL403066005 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 FL403093005 26 FL404194005 27 FL404190005 28 FL402150005 29 30 31 Miscellaneous assets 0.0 24 159.2 121.7 125.6 113.6 121.7 118.6 118.3 125.0 125.6 25 8325.5 9150.1 9274.4 8954.6 9150.1 9492.8 9379.5 9297.9 9274.4 26 8250.5 9057.7 9176.3 8869.0 9057.7 9389.6 9280.7 9201.4 9176.3 27 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28 FL403161705 FL403161795 FL403161785 Debt securities (GSE issues) (3) Consolidated trusts (2) Other 8177.6 6557.1 1620.4 8970.8 6958.9 2011.9 9069.1 7061.8 2007.4 8785.7 6923.0 1862.7 8970.8 6958.9 2011.9 9303.7 6964.4 2339.3 9189.4 6998.4 2191.0 9098.3 7037.6 2060.7 9069.1 29 7061.8 30 2007.4 31 32 FL403169283 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32 33 FL403190005 Miscellaneous liabilities 72.9 86.9 107.2 83.3 86.9 85.9 91.3 103.1 107.2 33 34 FL403181105 35 36 LM403164105 FL403192405 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Equity in GSEs 75.0 92.4 98.1 85.6 92.4 103.3 98.9 96.5 98.1 34 34.1 40.9 31.6 60.8 33.8 64.3 31.3 54.3 31.6 60.8 30.9 72.4 31.7 67.1 31.5 65.0 33.8 35 64.3 36 (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (L.125). (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Such issues are classified as agency- and GSE-backed securities. L.126 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL413065005 2 3 4 5 FL413065105 FL413065405 FL413065505 FL413065605 6 FL413065005 Total financial assets One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages Total pool securities (liabilities) (2) 2501.8 2687.9 2870.7 2637.4 2687.9 2717.9 2765.0 2820.9 2870.7 1 2044.4 456.2 0.0 1.3 2222.6 464.1 0.0 1.2 2396.7 472.1 0.0 1.9 2172.9 463.2 0.0 1.2 2222.6 464.1 0.0 1.2 2253.4 463.3 0.0 1.2 2298.9 464.3 0.0 1.8 2352.3 466.8 0.0 1.8 2396.7 472.1 0.0 1.9 2 3 4 5 2501.8 2687.9 2870.7 2637.4 2687.9 2717.9 2765.0 2820.9 2870.7 6 (1) Ginnie Mae, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table L.125). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. 105 Z.1, March 7, 2024 L.127 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 1 FL674090005 2 3 4 FL674022005 FL673061103 FL673061703 Total financial assets Debt securities Treasury securities Agency- and GSE-backed securities (1) 5 6 7 8 9 10 11 FL674023005 FL673069005 FL673065005 FL673065105 FL673065405 FL673065505 FL673066000 Loans Other loans and advances (2) Mortgages (3) One-to-four-family residential Multifamily residential Commercial Consumer credit 12 13 FL673070003 FL673090543 Trade credit Miscellaneous assets (funding agreements) (4) 14 FL674122005 15 16 17 FL674122005 FL673169105 FL673163005 Total liabilities Debt securities Commercial paper Corporate bonds (net) (5) 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1388.3 1469.4 1505.7 1472.5 1469.4 1483.8 1487.3 1498.3 1505.7 1 31.9 31.9 0.0 36.4 36.4 0.0 31.4 31.4 0.0 36.3 36.3 0.0 36.4 36.4 0.0 36.4 36.4 0.0 34.5 34.5 0.0 33.2 33.2 0.0 31.4 31.4 0.0 2 3 4 1162.8 272.3 889.2 412.2 64.0 413.0 1.4 1217.3 314.4 900.0 423.5 58.9 417.6 3.0 1245.1 305.6 923.5 432.9 66.7 423.9 16.0 1226.4 307.9 916.2 427.2 66.9 422.1 2.3 1217.3 314.4 900.0 423.5 58.9 417.6 3.0 1231.8 316.5 912.3 426.9 65.9 419.5 3.0 1233.1 317.5 912.6 428.6 65.5 418.5 3.0 1240.5 312.2 924.4 431.5 67.1 425.8 3.8 1245.1 5 305.6 6 923.5 7 432.9 8 66.7 9 423.9 10 16.0 11 38.2 155.4 41.9 173.7 45.7 183.5 38.6 171.3 41.9 173.7 39.8 175.8 41.4 178.3 42.3 182.3 45.7 12 183.5 13 1388.3 1469.4 1505.7 1472.5 1469.4 1483.8 1487.3 1498.3 1505.7 14 1388.3 131.9 1256.4 1469.4 197.0 1272.4 1505.7 139.1 1366.6 1472.5 200.0 1272.5 1469.4 197.0 1272.4 1483.8 187.0 1296.7 1487.3 188.7 1298.5 1498.3 167.9 1330.3 1505.7 15 139.1 16 1366.6 17 0.0 158.1 0.0 160.4 0.0 154.5 0.0 163.5 0.0 160.4 0.0 160.1 0.0 155.4 0.0 151.3 0.0 18 154.5 19 120.1 196.0 202.3 163.2 196.0 177.7 193.3 198.3 202.3 20 18 19 FL675013263 FL643065045 20 FL763169103 Securitized assets not included above Consumer leases (6) Mortgage REIT assets (7) Securitized liabilities not included above Commercial paper (8) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Includes loans backing domestically-issued collateralized loan obligation (CLO) securities; loans backing U.S. CLO securities issued outside the U.S. are shown in line 15 of table L.133. (3) Mortgages backing privately issued pool securities and privately issued CMOs. (4) Funding agreements with life insurance companies. (5) Liabilities net of assets. (6) Receivables from operating leases, such as consumer automobile leases, are recorded as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (7) Included on table L.129. (8) Included on table L.111 line 47. Levels Memo: 106 Z.1, March 7, 2024 L.128 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 Total financial assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL614090005 2471.0 2413.6 2654.2 2304.4 2413.6 2449.1 2521.8 2541.4 2654.2 1 2 3 FL613020003 FL613030003 Checkable deposits and currency Time and savings deposits 20.9 62.6 11.2 33.6 15.6 46.7 10.1 30.3 11.2 33.6 12.0 36.0 12.9 38.7 13.1 39.4 15.6 46.7 2 3 4 LM613063003 Debt securities (corporate and foreign bonds) 68.3 52.0 26.9 47.9 52.0 40.9 38.3 35.3 26.9 4 5 6 7 8 9 FL614023005 FL613069505 FL613065000 FL613066005 LM613092305 Loans Other loans and advances Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 1571.2 523.6 352.6 695.1 -1.7 1607.6 583.8 341.1 682.7 -3.7 1714.1 655.2 331.6 727.3 -5.3 1582.1 560.2 342.2 679.6 -3.9 1607.6 583.8 341.1 682.7 -3.7 1608.2 584.0 338.2 686.0 -1.3 1654.3 611.4 336.4 706.5 -4.0 1680.5 629.5 332.3 718.7 -3.7 1714.1 655.2 331.6 727.3 -5.3 5 6 7 8 9 10 11 LM613092103 FL613092403 U.S. direct investment abroad: equity Equity in FHLB 454.8 0.0 408.8 0.0 495.0 0.0 348.4 0.0 408.8 0.0 448.5 0.0 466.8 0.0 445.3 0.0 12 FL613090005 13 FL614194005 14 FL614190005 15 16 17 FL614122005 FL613169100 FL613163005 Debt securities Open market paper Corporate bonds 18 19 20 21 FL614123005 FL613168005 FL613169005 LM613192305 22 23 24 25 FL613178005 FL613190005 FL613194703 FL613193005 26 FL613192103 Miscellaneous assets 495.0 10 0.0 11 294.8 304.0 361.2 289.5 304.0 304.8 314.8 331.4 361.2 12 2099.3 2016.7 2213.3 1971.7 2016.7 2026.4 2083.1 2128.2 2213.3 13 1901.2 1868.2 2039.0 1828.4 1868.2 1873.9 1922.2 1974.1 2039.0 14 1085.3 57.4 1028.0 1062.4 66.3 996.1 1158.1 76.9 1081.2 1037.0 57.2 979.8 1062.4 66.3 996.1 1068.5 60.9 1007.7 1103.0 68.5 1034.5 1112.7 69.8 1042.9 1158.1 15 76.9 16 1081.2 17 Loans Depository institution loans n.e.c. Other loans and advances Foreign direct investment: intercompany debt 299.4 299.3 0.1 7.3 241.3 241.2 0.1 7.3 235.4 235.3 0.1 6.8 237.0 236.9 0.1 7.4 241.3 241.2 0.1 7.3 228.6 228.5 0.1 6.8 237.7 237.6 0.1 6.6 237.0 236.8 0.1 6.7 235.4 235.3 0.1 6.8 18 19 20 21 Taxes payable Miscellaneous liabilities Other investment by parent Other 14.9 494.3 167.3 326.9 16.7 540.6 158.9 381.7 18.9 619.9 162.6 457.3 16.0 531.0 167.1 363.8 16.7 540.6 158.9 381.7 16.4 553.4 177.1 376.3 16.5 558.4 161.4 397.0 17.1 600.6 188.6 412.0 18.9 619.9 162.6 457.3 22 23 24 25 198.2 148.5 174.3 143.3 148.5 152.6 160.9 154.1 174.3 26 239.4 202.6 194.7 211.0 202.6 197.8 196.2 195.2 194.7 27 Total liabilities and equity Total liabilities Total equity (foreign direct investment) Memo: 27 FL613066303 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) Receivables from operating leases, such as consumer automobile leases, are recorded as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. 107 Z.1, March 7, 2024 L.129 Mortgage Real Estate Investment Trusts (Mortgage REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL644090075 2 FL643020073 Total financial assets Checkable deposits and currency 3 4 5 LM644022075 LM643061773 LM643063073 6 7 8 9 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 532.9 523.8 551.1 536.3 523.8 547.6 537.6 545.4 551.1 1 16.6 15.9 15.2 17.5 15.9 17.4 15.7 15.6 15.2 2 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 180.4 168.4 11.9 159.0 149.1 9.9 188.2 177.4 10.9 166.0 155.8 10.2 159.0 149.1 9.9 181.3 171.5 9.8 181.8 172.2 9.6 191.1 181.0 10.1 188.2 177.4 10.9 3 4 5 FL643065075 FL643065173 FL643065473 FL643065573 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 287.7 79.1 13.5 195.1 296.3 77.9 15.0 203.5 283.7 83.2 14.0 186.6 293.3 77.0 15.4 200.8 296.3 77.9 15.0 203.5 294.4 79.2 14.6 200.6 285.1 78.2 14.2 192.6 280.3 79.6 13.9 186.9 283.7 83.2 14.0 186.6 6 7 8 9 10 FL643092473 Equity in FHLB 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 FL643093075 12 FL644194075 13 FL644190075 14 FL642151073 15 16 17 Miscellaneous assets 0.0 10 48.2 52.5 63.9 59.5 52.5 54.5 55.0 58.4 63.9 11 526.7 501.1 532.3 509.2 501.1 523.2 517.7 525.8 532.3 12 444.4 441.4 468.7 455.0 441.4 464.6 454.5 464.7 468.7 13 Security repurchase agreements 220.1 201.3 220.5 207.0 201.3 222.1 214.6 229.7 220.5 14 FL644122075 FL643169173 FL643163075 Debt securities Open market paper Corporate bonds 203.8 0.0 203.8 216.8 0.0 216.8 216.5 0.0 216.5 210.6 0.0 210.6 216.8 0.0 216.8 216.3 0.0 216.3 211.6 0.0 211.6 208.7 0.0 208.7 216.5 15 0.0 16 216.5 17 18 19 20 21 FL644123075 FL643168073 FL643169373 FL643193075 Loans Depository institution loans n.e.c. Other loans and advances Miscellaneous liabilities 3.4 3.1 0.3 17.1 3.6 3.4 0.2 19.8 4.8 4.7 0.1 26.8 4.3 4.1 0.2 33.1 3.6 3.4 0.2 19.8 4.7 4.5 0.2 21.5 4.7 4.5 0.2 23.6 4.8 4.7 0.1 21.4 4.8 4.7 0.1 26.8 22 LM643164105 82.3 59.7 63.5 54.3 59.7 58.6 63.2 61.1 63.5 22 158.1 0.0 35.1 7.7 115.3 160.4 0.0 41.7 9.2 109.6 154.5 0.0 47.9 8.4 98.2 163.5 0.0 41.6 9.3 112.6 160.4 0.0 41.7 9.2 109.6 160.1 0.0 44.0 9.1 107.1 155.4 0.0 44.7 8.6 102.1 151.3 0.0 44.7 8.2 98.4 Total liabilities and equity Total liabilities Total equity (corporate equities) 18 19 20 21 Memo: 23 24 25 26 27 FL643065045 FL643061743 FL643065163 FL643065443 FL643065543 Securitized assets included above Agency- and GSE-backed securities One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages (1) Equity REITs which invest primarily in real estate are included in the nonfinancial corporate business sector F.103 and L.103. 154.5 0.0 47.9 8.4 98.2 23 24 25 26 27 Levels 2021 108 Z.1, March 7, 2024 L.130 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 1 FL664090005 2 3 FL663020003 FL662051003 Total financial assets Checkable deposits and currency Security repurchase agreements 4 5 6 7 8 9 LM664022005 FL663069103 LM663061105 LM663061705 LM663062003 LM663063005 10 11 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 4380.3 4373.1 4875.8 4424.2 4373.1 4803.8 4809.2 4757.1 4875.8 1 140.7 1255.4 148.8 1461.5 128.3 1625.8 153.2 1330.5 148.8 1461.5 132.7 1660.6 136.8 1637.9 130.1 1604.2 128.3 1625.8 2 3 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 196.6 16.3 99.0 53.8 12.7 14.8 311.4 19.0 170.7 108.6 12.0 1.1 447.7 19.6 269.2 121.4 13.5 24.0 246.4 23.4 127.0 68.2 14.8 13.0 311.4 19.0 170.7 108.6 12.0 1.1 420.5 28.3 265.9 110.0 11.0 5.5 405.0 29.0 257.9 86.5 15.5 16.0 435.4 24.7 248.1 120.6 15.0 26.9 447.7 19.6 269.2 121.4 13.5 24.0 4 5 6 7 8 9 FL663069005 LM663092305 Loans (other loans and advances) U.S. direct investment abroad: intercompany debt 840.0 0.0 661.5 0.0 651.4 0.0 806.8 0.0 661.5 0.0 643.7 0.0 638.4 0.0 635.4 0.0 651.4 10 0.0 11 12 13 LM663064103 LM663092103 Corporate equities U.S. direct investment abroad: equity 233.9 0.0 170.3 0.0 283.4 0.0 192.2 0.0 170.3 0.0 235.3 0.0 276.0 0.0 251.3 0.0 283.4 12 0.0 13 14 15 16 17 FL663090005 FL663070605 FL663094705 FL663093005 Miscellaneous assets Receivables due from other brokers and dealers Balances due from holding company parent Other 1713.7 1342.7 290.5 80.6 1619.6 1296.5 396.8 -73.8 1739.1 1360.5 400.5 -21.9 1695.1 1336.5 389.3 -30.7 1619.6 1296.5 396.8 -73.8 1711.0 1369.5 397.4 -55.9 1715.0 1363.9 405.6 -54.5 1700.6 1330.1 400.7 -30.2 1739.1 1360.5 400.5 -21.9 18 FL664194005 4975.4 4933.4 5435.3 4971.8 4933.4 5353.8 5365.7 5293.5 5435.3 18 19 FL664190005 4083.5 4082.9 4568.2 4143.8 4082.9 4501.5 4504.4 4449.7 4568.2 19 20 FL662151003 Security repurchase agreements 1570.4 1626.1 2110.0 1613.4 1626.1 2018.5 2054.4 2067.3 2110.0 20 21 FL663163003 Debt securities (corporate bonds) 217.7 236.1 236.2 223.6 236.1 229.3 211.2 221.0 236.2 21 22 23 24 25 FL664123005 FL663168005 FL663167005 LM663192305 Loans Depository institution loans n.e.c. Other loans and advances Foreign direct investment: intercompany debt 1182.1 171.3 1010.8 15.6 1138.7 180.6 958.1 14.5 1062.2 181.7 880.5 19.7 1202.8 177.8 1025.0 13.9 1138.7 180.6 958.1 14.5 1102.6 176.9 925.7 14.4 1088.1 162.7 925.4 14.9 1036.8 172.4 864.4 14.7 1062.2 181.7 880.5 19.7 22 23 24 25 26 27 28 29 30 31 FL663170003 FL663178003 FL663190005 FL663170605 FL663194705 FL663193005 Trade payables Taxes payable Miscellaneous liabilities Payables due to other brokers and dealers Other investment by parent companies Other 22.4 6.8 1068.5 656.9 711.9 -300.4 20.0 3.9 1043.6 624.2 660.0 -240.6 18.5 4.0 1117.6 684.3 833.8 -400.5 19.6 6.7 1063.7 643.2 685.6 -265.0 20.0 3.9 1043.6 624.2 660.0 -240.6 19.1 4.4 1113.2 670.1 679.1 -236.0 22.8 5.0 1108.0 668.0 677.3 -237.3 21.4 5.3 1083.2 644.7 697.7 -259.2 18.5 4.0 1117.6 684.3 833.8 -400.5 26 27 28 29 30 31 32 FL663181105 891.9 850.5 867.1 828.0 850.5 852.2 861.3 843.8 867.1 32 33 34 35 36 37 LM663164105 LM663192103 LM662090003 FL663194605 FL663194505 167.4 422.6 106.1 195.8 0.0 117.3 296.9 109.8 326.5 0.0 130.2 397.9 123.8 215.2 0.0 106.7 268.6 97.5 355.2 0.0 117.3 296.9 109.8 326.5 0.0 127.3 321.5 117.8 285.6 0.0 123.4 362.3 120.1 255.5 0.0 121.1 338.1 121.0 263.6 0.0 130.2 397.9 123.8 215.2 0.0 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Foreign direct investment: equity Equity in noncorporate business Equity investment by holding company parents Equity investment by other financial business 14 15 16 17 33 34 35 36 37 109 Z.1, March 7, 2024 L.131 Holding Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL734090005 4797.2 4754.0 4979.8 4671.9 4754.0 4841.0 4849.8 4844.1 4979.8 1 2 3 4 FL733091003 FL733030005 FL732051003 Foreign deposits Time and savings deposits Security repurchase agreements 19.2 397.5 26.1 10.4 475.8 36.6 13.8 485.0 6.0 12.3 424.2 29.2 10.4 475.8 36.6 12.8 487.0 36.0 13.4 466.8 35.9 16.0 435.5 35.3 13.8 485.0 6.0 2 3 4 5 6 7 8 LM734022605 LM733061103 LM733061703 LM733063003 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 146.4 92.6 24.7 29.2 181.4 133.3 19.2 28.9 182.4 132.4 18.3 31.7 176.4 130.6 19.6 26.2 181.4 133.3 19.2 28.9 168.2 122.6 19.0 26.5 165.9 121.7 18.6 25.6 173.8 126.5 18.3 29.1 182.4 132.4 18.3 31.7 5 6 7 8 9 10 FL733069005 LM733092305 Loans (other loans and advances) U.S. direct investment abroad: intercompany debt 130.2 -1.9 151.2 -3.4 29.1 -5.2 150.4 -3.8 151.2 -3.4 145.2 -1.2 150.4 -3.8 145.8 -3.6 29.1 9 -5.2 10 11 12 LM733092103 FL733094635 U.S. direct investment abroad: equity Equity investment in affiliates 503.4 2442.9 379.7 2434.7 481.7 2433.4 344.1 2423.1 379.7 2434.7 429.2 2455.9 451.4 2434.9 433.7 2438.8 481.7 11 2433.4 12 13 FL733040005 Life insurance reserves 73.0 77.0 81.0 76.0 77.0 78.0 79.0 80.0 81.0 13 14 15 16 FL733090005 FL733094735 FL733093005 Miscellaneous assets Other investment in affiliates Other 1060.3 1020.8 39.5 1010.6 970.5 40.1 1272.7 1241.4 31.3 1040.0 994.5 45.5 1010.6 970.5 40.1 1029.8 991.5 38.3 1055.9 1019.7 36.3 1088.7 1047.7 41.0 1272.7 14 1241.4 15 31.3 16 17 FL734194005 5270.8 4839.4 5085.8 4551.8 4839.4 4593.6 4633.2 4519.2 5085.8 17 18 FL734190005 2130.1 2248.7 2339.5 2191.0 2248.7 2265.4 2268.1 2261.2 2339.5 18 19 FL732151003 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 19 20 21 22 FL734122005 FL733169103 FL733163005 Debt securities Commercial paper Corporate bonds 1544.9 8.1 1536.8 1541.8 9.5 1532.2 1556.2 12.6 1543.6 1472.6 9.2 1463.4 1541.8 9.5 1532.2 1548.0 9.0 1539.0 1541.2 12.4 1528.8 1486.4 11.0 1475.4 1556.2 20 12.6 21 1543.6 22 23 LM733192305 Foreign direct investment: intercompany debt (2) 105.8 70.2 73.3 83.2 70.2 70.7 71.2 76.5 73.3 23 24 25 26 27 FL733178013 FL733190005 FL733194735 FL733193005 Taxes payable Miscellaneous liabilities Balances due to affiliates Other 2.8 476.5 473.7 2.7 2.5 634.3 587.7 46.6 1.9 708.1 654.5 53.6 2.5 632.6 606.5 26.1 2.5 634.3 587.7 46.6 2.5 644.2 602.8 41.4 1.9 653.8 609.9 43.9 1.9 696.4 647.0 49.4 28 LM733181105 3140.7 2590.7 2746.3 2360.9 2590.7 2328.2 2365.1 2258.0 2746.3 28 29 30 LM733164105 LM733192103 3053.7 87.0 2495.2 95.5 2662.3 84.0 2269.0 91.9 2495.2 95.5 2229.4 98.7 2272.3 92.8 2170.5 87.6 2662.3 29 84.0 30 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Foreign direct investment: equity (2) (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. (2) Investment in U.S. Intermediate Holding Companies. 1.9 708.1 654.5 53.6 24 25 26 27 Levels 2021 110 Z.1, March 7, 2024 L.132 Other Financial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 Total financial assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL504090005 1354.6 1277.9 1352.6 1258.6 1277.9 1333.2 1311.3 1348.1 1352.6 1 2 3 4 FL503020005 FL503034005 FL502051005 Checkable deposits and currency Money market fund shares Security repurchase agreements 239.6 596.8 3.6 217.5 405.7 3.9 169.5 584.4 5.4 223.5 420.6 4.4 217.5 405.7 3.9 213.7 478.7 5.0 188.7 507.0 4.3 164.8 550.3 5.1 169.5 584.4 5.4 2 3 4 5 6 7 8 9 FL504022005 FL503069105 FL503061123 FL503063005 FL503062003 Debt securities Open market paper Treasury securities Corporate and foreign bonds Municipal securities 301.0 180.5 45.5 70.9 4.1 453.6 338.3 42.8 69.6 2.9 377.7 246.7 61.1 70.0 0.0 404.7 288.6 41.5 71.7 2.9 453.6 338.3 42.8 69.6 2.9 424.7 301.2 48.2 72.3 2.9 395.5 261.5 59.1 71.9 2.9 384.4 254.9 55.7 70.9 2.9 377.7 246.7 61.1 70.0 0.0 5 6 7 8 9 10 FL503069005 Loans (other loans and advances) 102.6 85.8 94.3 85.1 85.8 91.9 99.8 103.6 94.3 10 11 12 FL503064105 FL503094505 Corporate equities Equity investment in affiliates 0.0 108.5 0.0 109.4 0.0 115.6 0.0 116.6 0.0 109.4 0.0 117.1 0.0 114.2 0.0 137.5 0.0 11 115.6 12 13 FL503093023 Miscellaneous assets 2.4 2.0 5.6 3.7 2.0 2.2 1.8 2.4 5.6 13 14 FL504194005 3544.4 3241.2 3488.0 3108.9 3241.2 3225.8 3285.2 3347.5 3488.0 14 15 FL504190005 1333.3 1262.5 1345.2 1240.6 1262.5 1317.8 1297.9 1334.0 1345.2 15 16 17 18 FL504122005 FL503169105 FL503163003 Debt securities Open market paper Corporate bonds 120.6 120.6 0.0 117.4 117.4 0.0 128.4 128.4 0.0 125.6 125.6 0.0 117.4 117.4 0.0 138.3 138.3 0.0 123.3 123.3 0.0 149.8 149.8 0.0 128.4 16 128.4 17 0.0 18 19 20 21 22 FL504123005 FL713068505 FL503169005 FL503192305 Loans Depository institution loans n.e.c. Other loans and advances Foreign direct investment: intercompany debt 298.7 21.0 277.7 0.0 262.9 15.3 247.7 0.0 232.0 7.4 224.6 0.0 273.6 16.6 257.0 0.0 262.9 15.3 247.7 0.0 264.7 14.4 250.3 0.0 250.0 13.3 236.7 0.0 222.8 12.0 210.8 0.0 232.0 7.4 224.6 0.0 23 24 25 FL503190005 FL663070675 FL503193005 Miscellaneous liabilities Securities lending (net) Other 914.0 685.8 228.3 882.1 672.4 209.8 984.8 676.3 308.5 841.5 693.4 148.1 882.1 672.4 209.8 914.8 699.5 215.3 924.6 695.9 228.8 961.3 685.4 275.9 984.8 23 676.3 24 308.5 25 26 FL503181105 2211.1 1978.7 2142.8 1868.2 1978.7 1907.9 1987.4 2013.6 2142.8 26 27 28 29 30 LM503164105 LM503192103 LM503194305 FL503194205 2189.8 0.0 0.0 21.3 1963.3 0.0 0.0 15.4 2135.4 0.0 0.0 7.4 1850.3 0.0 0.0 17.9 1963.3 0.0 0.0 15.4 1892.5 0.0 0.0 15.4 1974.0 0.0 0.0 13.4 1999.5 0.0 0.0 14.1 2135.4 0.0 0.0 7.4 Total liabilities and equity Total liabilities Total equity Corporate equities (market value) Foreign direct investment: equity Equity interest under PPIP Equity in Federal Reserve facilities (2) (1) Includes funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, funds associated with the Public-Private Investment Program (PPIP), Federal Reserve funding, credit, and liquidity facility special purpose vehicles (SPV) created in response to the 2008 Financial Crisis and COVID-19 pandemic, and U.S. central clearing parties. (2) U.S. Treasury Exchange Stabilization Fund Economic Recovery Programs investment in Federal Reserve SPVs. 19 20 21 22 27 28 29 30 111 Z.1, March 7, 2024 L.133 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 FL264090005 Total financial assets 2 3 LM313111303 FL264016005 SDR allocations Net interbank assets 4 5 FL263020005 FL263030005 U.S. checkable deposits and currency U.S. time deposits 6 7 8 9 10 11 12 13 FL263034003 FL262051005 LM264022005 LM263069103 LM263061105 LM263061705 LM263062003 LM263063005 Money market fund shares Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds 14 15 16 FL263069005 FL263069563 LM263092305 Other loans and advances Of which: loans held by CLOs (1) Foreign direct investment in U.S.: intercompany debt (2) 17 18 19 LM263064105 LM263092101 LM263064203 U.S. corporate equities Foreign direct investment in U.S.: equity (2) Mutual fund shares 20 21 22 23 24 25 FL543141905 FL543151905 LM263070005 FL263090005 FL263076005 FL263094733 Life insurance reserves Pension entitlements Trade receivables Miscellaneous assets Insurance receivables Balances due from U.S. holding companies 26 FL264194005 27 FL264190005 28 29 LM263111005 LM263191005 30 Total liabilities and equity Total liabilities Q1 Q2 Q3 Q4 47994.8 41472.6 48973.5 39894.8 41472.6 43578.1 45465.5 44884.1 48973.5 1 160.8 223.4 152.9 416.4 154.1 570.7 147.0 386.4 152.9 416.4 154.5 546.8 152.8 478.6 151.0 465.2 154.1 570.7 2 3 1209.5 693.7 1223.1 681.0 1243.5 697.6 1225.3 717.8 1223.1 681.0 1230.4 671.6 1243.0 675.6 1231.2 674.8 1243.5 697.6 4 5 164.5 173.7 183.0 175.4 173.7 172.0 170.4 176.8 183.0 6 1367.4 1416.2 1758.8 1403.0 1416.2 1529.6 1450.6 1681.4 1758.8 7 13651.6 12603.1 13910.2 12293.5 12603.1 12951.3 13115.1 13047.7 13910.2 8 138.3 191.3 179.5 176.2 191.3 176.5 204.8 183.1 179.5 9 7740.4 7318.5 8017.9 7251.5 7318.5 7558.1 7607.8 7605.4 8017.9 10 1252.6 1260.6 1428.5 1178.4 1260.6 1294.8 1285.7 1324.6 1428.5 11 118.7 108.4 119.7 104.8 108.4 111.5 112.3 108.2 119.7 12 4401.6 3724.3 4164.6 3582.6 3724.3 3810.4 3904.4 3826.4 4164.6 13 1037.2 644.5 484.6 1130.5 684.3 513.2 1092.5 667.8 517.1 1082.6 680.6 507.2 1130.5 684.3 513.2 1127.9 686.1 504.2 1126.6 685.1 499.6 1125.7 679.3 508.9 1092.5 14 667.8 15 517.1 16 13898.3 10821.9 13524.7 10313.0 10821.9 11514.5 12406.9 12072.3 13524.7 17 13163.1 10477.3 13207.2 9780.2 10477.3 11258.7 12186.9 11727.0 13207.2 18 1187.9 1058.6 1200.7 1044.5 1058.6 1086.3 1120.0 1124.6 1200.7 19 0.2 0.7 511.1 241.0 65.1 175.9 0.3 1.3 555.1 248.2 66.6 181.6 0.3 1.3 590.2 321.5 73.1 248.3 0.3 1.1 544.4 273.2 66.3 207.0 0.3 1.3 555.1 248.2 66.6 181.6 0.3 1.3 563.5 265.3 68.4 196.9 0.3 1.3 572.2 265.7 69.8 195.9 0.3 1.3 583.3 312.6 71.3 241.3 0.3 1.3 590.2 321.5 73.1 248.3 20 21 22 23 24 25 29813.9 26142.6 29607.2 23939.4 26142.6 27589.6 28105.1 27420.4 29607.2 26 7955.2 7686.7 8409.3 7577.2 7686.7 7946.6 7969.5 8065.8 8409.3 27 U.S. official reserve assets (3) U.S. private deposits 240.1 837.0 232.6 914.5 233.9 816.9 219.0 939.4 232.6 914.5 235.8 931.1 232.9 858.4 229.9 859.4 233.9 28 816.9 29 FL262151003 Security repurchase agreements 1173.1 1161.2 1689.0 1120.8 1161.2 1272.0 1417.9 1575.9 1689.0 30 31 32 33 34 LM264122005 FL263169105 LM263163005 LM263163063 Debt securities Commercial paper Bonds Of which: CLO securities (1) 4218.4 421.7 3796.7 566.7 3713.2 331.8 3381.4 617.0 3896.8 301.0 3595.9 656.3 3655.5 314.3 3341.2 611.4 3713.2 331.8 3381.4 617.0 3751.3 291.0 3460.3 633.5 3725.8 288.4 3437.5 640.6 3655.7 303.7 3352.0 652.9 3896.8 301.0 3595.9 656.3 31 32 33 34 35 36 37 38 FL264123005 FL263168005 FL263169005 LM263192305 Loans Depository institution loans n.e.c. Other loans and advances U.S. direct investment abroad: debt (2) 802.3 748.2 54.2 -36.2 923.7 860.3 63.5 -72.2 983.1 953.8 29.3 -57.6 923.0 849.1 73.9 -78.6 923.7 860.3 63.5 -72.2 955.9 895.0 60.9 -25.4 962.8 903.9 58.9 -76.9 980.9 923.0 57.9 -72.0 983.1 953.8 29.3 -57.6 35 36 37 38 39 40 FL263140005 FL263150005 Life insurance reserves Pension entitlements 104.6 170.2 96.5 256.5 97.4 266.9 98.5 234.9 96.5 256.5 97.6 262.8 98.3 265.3 98.7 266.5 97.4 39 266.9 40 41 42 43 44 45 46 LM263170005 FL263190005 FL263191103 FL263194735 FL263195105 FL263176005 Trade payables Miscellaneous liabilities Nonofficial foreign currencies Other investment by U.S. holding companies Accident and health insurance reserves Policy payables 84.8 361.1 6.0 148.9 26.7 179.5 82.4 378.3 3.0 157.7 25.2 192.3 84.2 398.6 4.0 158.4 25.2 211.0 83.0 381.6 2.9 163.9 25.6 189.1 82.4 378.3 3.0 157.7 25.2 192.3 80.7 384.8 3.2 158.8 25.4 197.3 80.0 405.1 2.8 175.2 25.6 201.4 83.1 387.7 2.9 153.4 25.7 205.8 84.2 398.6 4.0 158.4 25.2 211.0 47 FL263181105 48 49 50 LM263164100 LM263192101 FL313092803 Total equity Foreign equities held by U.S. residents (4) U.S. direct investment abroad: equity (2) U.S. equity in IBRD, etc. 41 42 43 44 45 46 21858.6 18455.8 21197.9 16362.2 18455.8 19642.9 20135.6 19354.7 21197.9 47 12061.3 10306.0 11648.7 9726.8 8077.0 9473.2 70.5 72.9 76.0 9192.4 10306.0 10796.8 11016.1 10703.2 11648.7 48 7097.1 8077.0 8773.0 9044.8 8576.7 9473.2 49 72.7 72.9 73.1 74.7 74.7 76.0 50 Memo: 51 52 FL263098013 FL263198013 Financial derivatives (5) Gross positive fair value Gross negative fair value (1) Collateralized loan obligations. (2) Direct investment reported at market value. (3) Does not include monetary gold. (4) Includes American Depositary Receipts (ADRs). (5) Financial derivatives are not included above. 1960.9 1983.0 2473.8 2543.3 ND ND 2708.5 2826.9 2473.8 2543.3 2150.7 2193.1 2455.2 2482.8 2520.2 2583.5 ND 51 ND 52 Levels 1 2023 Q4 112 Z.1, March 7, 2024 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 2023 Q4 Q1 Q2 Q3 Q4 1 LM893111005 Total liabilities 400.9 385.5 388.0 366.1 385.5 390.3 385.6 380.9 388.0 1 2 LM313111303 Federal government: SDR allocations 160.8 152.9 154.1 147.0 152.9 154.5 152.8 151.0 154.1 2 3 4 5 6 LM263111005 LM313011303 LM263111403 LM263111503 Rest of the world SDR holdings Reserve position in IMF Other reserves 240.1 163.6 35.8 40.6 232.6 160.5 35.0 37.1 233.9 166.5 30.2 37.2 219.0 153.2 32.0 33.9 232.6 160.5 35.0 37.1 235.8 163.2 35.1 37.4 232.9 162.2 34.1 36.5 229.9 162.1 32.3 35.5 233.9 166.5 30.2 37.2 3 4 5 6 7 FL893011005 411.9 396.5 399.1 377.1 396.5 401.4 396.7 392.0 399.1 7 8 9 10 11 12 FL313011005 FL313011205 LM313011303 LM313011405 LM313011505 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 219.9 0.0 163.6 36.1 20.2 214.1 0.0 160.5 35.2 18.4 215.5 0.0 166.5 30.5 18.5 202.2 0.0 153.2 32.3 16.8 214.1 0.0 160.5 35.2 18.4 217.2 0.0 163.2 35.4 18.5 214.7 0.0 162.2 34.4 18.1 212.3 0.0 162.1 32.5 17.7 215.5 8 0.0 9 166.5 10 30.5 11 18.5 12 13 LM313111303 Rest of the world: SDR allocations 160.8 152.9 154.1 147.0 152.9 154.5 152.8 151.0 154.1 13 14 15 16 17 FL713011005 FL713011203 FL713011405 LM713011505 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 31.2 11.0 -0.3 20.5 29.5 11.0 -0.3 18.7 29.5 11.0 -0.3 18.7 27.9 11.0 -0.3 17.1 29.5 11.0 -0.3 18.7 29.7 11.0 -0.3 18.9 29.2 11.0 -0.3 18.5 28.6 11.0 -0.3 17.8 18 FL903011005 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 Total assets Discrepancy: monetary gold 29.5 11.0 -0.3 18.7 14 15 16 17 -11.0 18 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 FL713014003 FL713014003 3 4 FL313112003 FL713012003 5 FL903012005 Liab.: Federal government Asset: Monetary authority 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Liab.: Federal government Asset: Monetary authority 23.0 50.8 22.6 51.4 22.6 52.6 22.6 51.2 22.6 51.4 22.6 51.5 22.6 51.7 22.6 52.4 22.6 52.6 3 4 Discrepancy (seigniorage) -27.8 -28.8 -30.0 -28.6 -28.8 -29.0 -29.1 -29.8 -30.0 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 837.0 914.5 816.9 939.4 914.5 931.1 858.4 859.4 816.9 1 2 3 4 5 LM153091003 FL103091003 FL633091003 FL733091003 Held by: Household sector Nonfinancial corporate business Money market funds Holding companies 48.2 166.3 0.3 19.2 51.7 190.6 1.4 10.4 46.4 212.4 5.4 13.8 53.0 163.3 1.1 12.3 51.7 190.6 1.4 10.4 51.0 186.8 1.7 12.8 47.8 209.1 2.9 13.4 48.2 217.2 10.9 16.0 46.4 212.4 5.4 13.8 2 3 4 5 6 FL903091005 Discrepancy--unallocated assets 603.0 660.5 538.9 709.8 660.5 678.7 585.1 567.2 538.9 6 113 Z.1, March 7, 2024 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 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 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 3955.5 3148.0 3894.3 3319.1 3148.0 4104.4 3858.0 3774.2 3894.3 1 3734.8 -36.1 289.0 -1.4 -30.8 2771.5 -121.3 551.6 -1.4 -52.4 3218.6 127.5 592.8 -1.3 -43.2 2954.1 -84.4 503.8 -2.8 -51.6 2771.5 -121.3 551.6 -1.4 -52.4 3267.0 184.8 699.7 -1.5 -45.7 3129.8 169.7 604.0 -1.3 -44.2 3141.3 143.5 534.1 -1.5 -43.2 3218.6 127.5 592.8 -1.3 -43.2 2 3 4 5 6 3970.9 3196.5 3922.8 3351.8 3196.5 4131.1 3883.9 3801.8 3922.8 7 12.7 2668.8 830.3 21.9 213.8 223.4 8.5 1713.1 959.0 6.0 93.5 416.4 133.5 2070.9 1016.5 6.6 124.7 570.7 11.3 1802.5 1032.1 4.9 114.6 386.4 8.5 1713.1 959.0 6.0 93.5 416.4 317.3 2010.1 1123.5 6.5 126.9 546.8 275.5 1928.7 1077.8 9.2 114.1 478.6 195.3 1959.6 1063.1 6.3 112.4 465.2 133.5 2070.9 1016.5 6.6 124.7 570.7 8 9 10 11 12 13 -15.3 -48.4 -28.5 -32.7 -48.4 -26.7 -26.0 -27.5 -28.5 14 83.8 15 83.8 16 0.0 17 15 16 17 FL703025005 FL763025000 FL753025003 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 90.5 90.4 0.1 86.7 86.7 0.0 83.8 83.8 0.0 79.3 79.2 0.0 86.7 86.7 0.0 83.2 83.2 0.0 82.9 82.9 0.0 74.7 74.6 0.0 18 19 20 21 22 FL713113003 FL763013005 FL753013003 FL743013003 FL473013005 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 3644.3 2578.4 830.2 21.9 213.8 2684.8 1626.4 959.0 6.0 93.5 3134.8 1987.1 1016.4 6.6 124.7 2874.8 1723.2 1032.1 4.9 114.6 2684.8 1626.4 959.0 6.0 93.5 3183.7 1926.8 1123.5 6.5 126.9 3046.9 1845.8 1077.7 9.2 114.1 3066.6 1884.9 1063.1 6.3 112.4 3134.8 1987.1 1016.4 6.6 124.7 18 19 20 21 22 23 24 25 26 27 FL714010075 FL713068743 FL714010005 FL713022003 FL713068705 Other transactions with the monetary authority Liab.: U.S.-chartered depository institutions Credit unions Asset: Monetary authority Federal Reserve float Loans to depository institutions 12.6 0.0 12.7 -0.6 13.3 8.5 0.0 8.5 -0.5 9.1 133.5 0.0 133.5 -0.6 134.0 11.3 0.0 11.3 -0.4 11.7 8.5 0.0 8.5 -0.5 9.1 317.3 0.0 317.3 -0.4 317.7 275.5 0.0 275.5 -0.3 275.8 195.3 0.0 195.3 -0.4 195.6 133.5 0.0 133.5 -0.6 134.0 23 24 25 26 27 28 29 30 FL764116205 FL763192605 FL763092605 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates -13.6 450.5 464.0 -83.2 411.1 494.3 29.6 485.1 455.4 -47.9 429.6 477.5 -83.2 411.1 494.3 -101.2 398.5 499.7 -79.4 376.6 456.1 -23.0 415.1 438.0 29.6 28 485.1 29 455.4 30 31 32 33 FL754116205 FL753192605 FL753092605 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 308.3 1092.6 784.3 567.6 1320.4 752.8 607.8 1453.1 845.3 511.6 1261.1 749.6 567.6 1320.4 752.8 714.7 1424.1 709.4 624.0 1396.0 772.0 554.2 1385.8 831.6 607.8 31 1453.1 32 845.3 33 34 35 36 FL264116205 FL764016205 FL754016205 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 38.6 27.1 11.6 35.6 26.9 8.7 35.9 22.8 13.1 39.5 27.5 12.0 35.6 26.9 8.7 37.6 26.3 11.3 36.2 23.7 12.5 37.6 24.5 13.1 35.9 34 22.8 35 13.1 36 37 38 39 FL264135125 FL764035125 FL754035125 Loans to foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 52.1 23.3 28.9 59.4 28.5 30.9 52.4 23.9 28.6 63.1 30.7 32.3 59.4 28.5 30.9 55.9 25.2 30.7 54.0 24.3 29.7 54.5 24.4 30.0 52.4 37 23.9 38 28.6 39 40 41 42 FL264035125 FL274135123 FL284135125 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 19.4 9.0 10.4 27.0 15.1 11.8 21.6 11.3 10.3 25.3 13.5 11.9 27.0 15.1 11.8 26.8 13.7 13.0 24.3 13.6 10.7 26.1 14.2 11.9 21.6 40 11.3 41 10.3 42 43 FL264016005 223.4 416.4 570.7 386.4 416.4 546.8 478.6 465.2 570.7 43 44 45 46 47 48 FL764112005 FL764112205 FL754012205 FL743020005 FL474012205 6.2 39.4 22.6 1.4 30.8 -6.4 27.0 21.6 1.4 52.4 -0.3 36.8 20.7 1.3 43.2 -3.1 46.6 24.9 2.8 51.6 -6.4 27.0 21.6 1.4 52.4 6.4 44.6 24.2 1.5 45.7 8.1 46.6 27.0 1.3 44.2 6.0 44.4 27.3 1.5 43.2 -0.3 36.8 20.7 1.3 43.2 49 FL754112205 33.3 33.4 37.0 49.7 33.4 38.2 38.5 38.4 37.0 49 50 FL904010005 -15.3 -48.4 -28.5 -32.7 -48.4 -26.7 -26.0 -27.5 -28.5 50 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net): U.S.-chartered depository institutions (net) Due to: (3) Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 28 and 31 less line 34 and line 37 plus line 40. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 13 above. However, the unallocated amount (line 50), which is due to inconsistencies in source data, appears on line 14 as the discrepancy between liabilities and assets. (3) Sum of lines 46, 47, 48, and 50. 44 45 46 47 48 Levels Memo: 114 Z.1, March 7, 2024 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 Total liabilities 2023 Q4 Q1 Q2 Q3 Q4 1 FL793120005 9360.3 9776.4 9858.3 10078.9 9776.4 9481.2 9581.5 9669.0 9858.3 1 2 3 4 5 6 7 FL713120005 FL713123005 FL713124005 FL713129005 FL713122605 FL713125005 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Due to other financial business Deposits due to foreign Currency outside banks 2817.5 406.2 33.9 221.9 9.4 2146.2 2896.6 446.8 22.0 196.5 9.0 2222.3 3220.4 769.0 28.2 149.5 9.7 2264.0 3069.7 636.1 20.3 205.8 7.5 2200.0 2896.6 446.8 22.0 196.5 9.0 2222.3 2646.0 177.9 26.8 192.2 9.7 2239.4 2866.1 402.6 22.5 169.4 9.7 2261.9 3085.2 657.2 24.8 145.1 9.7 2248.4 3220.4 769.0 28.2 149.5 9.7 2264.0 2 3 4 5 6 7 8 9 10 11 12 FL763127005 FL763123005 FL763128000 FL763122605 FL763129205 U.S.-chartered depository institutions Federal government deposits State and local government deposits Deposits due to foreign Private domestic deposits 5822.4 2.6 345.7 82.5 5391.7 6163.1 2.6 360.4 82.8 5717.3 5918.6 6.4 375.1 85.8 5451.3 6242.0 3.2 353.4 88.9 5796.4 6163.1 2.6 360.4 82.8 5717.3 6095.7 6.7 359.6 87.8 5641.7 5977.3 6.7 353.0 81.8 5535.8 5839.4 7.2 351.1 81.5 5399.6 5918.6 8 6.4 9 375.1 10 85.8 11 5451.3 12 13 14 15 FL753127005 FL753122603 FL753129205 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 282.0 122.8 159.2 269.8 101.4 168.3 279.9 101.5 178.4 310.6 110.2 200.4 269.8 101.4 168.3 280.2 96.1 184.1 288.0 102.9 185.1 302.9 101.1 201.9 279.9 13 101.5 14 178.4 15 16 FL743127003 Banks in U.S.-affiliated areas 64.0 57.9 60.7 61.8 57.9 58.1 59.2 58.5 60.7 16 17 FL473127003 Credit unions 374.2 389.1 378.7 394.8 389.1 401.1 390.9 382.9 378.7 17 18 FL793120005 9360.3 9776.4 9858.3 10078.9 9776.4 9481.2 9581.5 9669.0 9858.3 18 19 FL153020005 Household sector 4144.8 4534.2 4340.9 4789.0 4534.2 4553.6 4459.9 4229.6 4340.9 19 20 21 22 FL143020005 FL103020005 FL113020005 Nonfinancial business Corporate Noncorporate 2519.4 2049.8 469.5 2522.4 2010.3 512.1 2517.6 1998.4 519.1 2401.1 1894.0 507.1 2522.4 2010.3 512.1 2483.8 1969.7 514.1 2455.1 1937.6 517.4 2579.4 2060.7 518.7 2517.6 20 1998.4 21 519.1 22 23 24 FL313020005 FL213020005 Federal government State and local governments 410.3 345.7 454.7 360.4 775.9 375.1 643.7 353.4 454.7 360.4 184.5 359.6 410.9 353.0 665.3 351.1 775.9 23 375.1 24 25 FL793020005 Domestic financial sectors 729.2 682.3 600.9 666.9 682.3 665.3 656.9 609.0 600.9 25 26 27 FL513020005 FL543020005 Property-casualty insurance companies Life insurance companies 72.7 122.2 50.3 118.3 40.5 128.1 48.1 118.8 50.3 118.3 44.7 121.7 47.2 137.9 41.8 127.4 40.5 26 128.1 27 28 29 30 FL573020005 FL343020033 FL223020043 Private pension funds Federal government retirement funds State and local govt. retirement funds 24.5 1.1 28.4 24.3 0.2 26.7 24.2 0.0 32.5 24.4 0.4 26.0 24.3 0.2 26.7 24.4 0.0 25.1 24.4 0.0 29.9 24.3 0.0 31.2 24.2 28 0.0 29 32.5 30 31 FL403020005 Government-sponsored enterprises 62.6 69.1 46.9 44.7 69.1 73.7 63.4 60.6 46.9 31 32 33 34 35 FL613020003 FL643020073 FL663020003 FL503020005 Finance companies Mortgage REITs Brokers and dealers Other financial business 20.9 16.6 140.7 239.6 11.2 15.9 148.8 217.5 15.6 15.2 128.3 169.5 10.1 17.5 153.2 223.5 11.2 15.9 148.8 217.5 12.0 17.4 132.7 213.7 12.9 15.7 136.8 188.7 13.1 15.6 130.1 164.8 36 37 38 FL263020005 FL263027003 FL263025003 Rest of the world Checkable deposits Currency 1209.5 214.6 994.9 1223.1 193.2 1029.9 1243.5 197.0 1046.5 1225.3 206.6 1018.7 1223.1 193.2 1029.9 1230.4 193.6 1036.7 1243.0 194.4 1048.6 1231.2 192.3 1038.9 1243.5 36 197.0 37 1046.5 38 39 FL903020005 Mail float 1.3 -0.7 4.3 -0.5 -0.7 4.0 2.6 3.4 4.3 39 Total assets 15.6 15.2 128.3 169.5 32 33 34 35 115 Z.1, March 7, 2024 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 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 Nonfinancial business Corporate Noncorporate 11 12 FL313030003 FL213030000 13 FL793030005 14 15 16 FL573030005 FL223030043 FL633030000 17 18 19 FL403030005 FL613030003 FL733030005 20 FL263030005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets 2023 Q4 Q1 Q2 Q3 Q4 14437.6 13820.3 13674.3 13831.3 13820.3 13439.8 13482.1 13565.2 13674.3 1 12092.3 11324.8 11173.8 11349.6 11324.8 10955.3 10990.5 11080.8 11173.8 862.2 966.4 928.0 945.9 966.4 925.6 935.4 921.3 928.0 40.7 38.7 38.5 41.4 38.7 40.9 40.3 41.1 38.5 1442.5 1490.4 1534.0 1494.4 1490.4 1518.0 1516.0 1522.0 1534.0 2 3 4 5 14437.6 13820.3 13674.3 13831.3 13820.3 13439.8 13482.1 13565.2 13674.3 6 11063.8 10270.7 7 9837.8 10343.1 10270.7 9853.2 9731.2 9795.5 9837.8 1665.3 283.7 1381.6 1749.9 297.1 1452.9 1892.7 396.1 1496.6 1719.5 295.6 1423.9 1749.9 297.1 1452.9 1754.9 274.9 1479.9 1883.2 391.7 1491.5 1910.7 415.4 1495.3 1892.7 8 396.1 9 1496.6 10 Federal government State and local governments 2.1 382.9 1.1 370.5 1.2 374.2 1.3 353.3 1.1 370.5 1.3 362.1 1.2 369.9 1.2 365.3 1.2 11 374.2 12 Domestic financial sectors 629.9 747.1 870.8 696.4 747.1 796.7 821.0 817.6 870.8 13 Private pension funds State and local govt. retirement funds Money market funds 17.3 2.4 143.6 18.2 6.5 190.1 19.2 3.7 289.1 17.9 0.1 210.3 18.2 6.5 190.1 18.4 2.8 227.3 18.7 0.0 266.8 19.0 3.0 292.8 19.2 14 3.7 15 289.1 16 Government-sponsored enterprises Finance companies Holding companies 6.6 62.6 397.5 22.9 33.6 475.8 27.2 46.7 485.0 13.5 30.3 424.2 22.9 33.6 475.8 25.1 36.0 487.0 30.0 38.7 466.8 28.1 39.4 435.5 27.2 17 46.7 18 485.0 19 693.7 681.0 697.6 717.8 681.0 671.6 675.6 674.8 697.6 20 5205.5 5223.1 6357.6 5084.2 5223.1 5692.6 5917.4 6143.0 6357.6 1 2804.4 813.1 130.7 3081.6 739.5 137.0 3806.3 915.5 139.3 2919.1 726.5 135.4 3081.6 739.5 137.0 3389.9 810.1 137.7 3539.0 843.6 138.9 3689.3 881.5 139.2 3806.3 915.5 139.3 2 3 4 55.3 31.5 65.2 65.1 42.9 75.6 80.6 32.5 83.1 60.3 35.0 73.8 65.1 42.9 75.6 71.3 42.2 78.2 74.3 47.6 86.7 77.6 38.0 82.4 80.6 32.5 83.1 5 6 7 8 9 Rest of the world L.206 Money Market Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL634090005 2 3 4 FL153034005 FL103034000 FL113034003 Total assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 7 FL213034003 FL513034005 FL543034005 State and local governments Property-casualty insurance companies Life insurance companies 8 9 FL573034005 FL223034005 Private pension funds State and local govt. retirement funds 212.0 26.6 226.1 22.7 240.3 19.3 221.6 21.6 226.1 22.7 228.7 22.1 232.6 16.9 236.3 19.9 240.3 19.3 10 11 FL653034003 FL563034003 Mutual Funds Exchange-traded funds 266.7 38.7 226.1 27.1 234.5 38.6 262.3 32.7 226.1 27.1 229.7 31.9 229.8 30.8 216.6 35.0 234.5 10 38.6 11 12 FL503034005 Other financial business 596.8 405.7 584.4 420.6 405.7 478.7 507.0 550.3 584.4 12 13 FL263034003 Rest of the world 164.5 173.7 183.0 175.4 173.7 172.0 170.4 176.8 183.0 13 Levels 2021 116 Z.1, March 7, 2024 L.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 1 FL892150005 2 FL712151003 Total liabilities Monetary authority 3 4 5 FL762150005 FL762152005 FL762151005 6 7 8 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 5855.9 6564.4 6253.4 6347.1 6564.4 7089.7 6917.9 6585.4 6253.4 1 2183.0 2889.6 1390.7 2720.4 2889.6 2742.7 2368.9 1863.4 1390.7 2 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 161.0 14.8 146.3 185.3 39.0 146.3 244.9 22.9 222.0 176.8 37.4 139.4 185.3 39.0 146.3 289.1 32.8 256.4 263.7 32.1 231.6 253.5 31.8 221.7 244.9 22.9 222.0 3 4 5 FL752150005 FL752152005 FL752151005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 527.5 11.5 515.9 464.2 11.7 452.4 551.5 14.6 536.9 475.8 23.8 452.0 464.2 11.7 452.4 510.1 15.5 494.6 558.9 30.4 528.4 553.2 25.7 527.5 551.5 14.6 536.9 6 7 8 9 FL472150053 Credit unions 0.0 0.2 0.0 0.0 0.2 0.1 0.0 0.0 0.0 9 10 11 FL512151003 FL542151073 Property-casualty insurance companies Life insurance companies 0.1 20.6 0.2 36.4 0.6 46.1 0.2 32.7 0.2 36.4 0.4 34.6 0.4 39.1 0.5 41.7 12 13 14 15 FL402150005 FL642151073 FL662151003 FL732151003 Government-sponsored enterprises Mortgage REITs Brokers and dealers Holding companies 0.0 220.1 1570.4 0.0 0.0 201.3 1626.1 0.0 0.0 220.5 2110.0 0.0 0.0 207.0 1613.4 0.0 0.0 201.3 1626.1 0.0 0.0 222.1 2018.5 0.0 0.0 214.6 2054.4 0.0 0.0 229.7 2067.3 0.1 0.0 220.5 2110.0 0.0 16 FL262151003 Rest of the world 1173.1 1161.2 1689.0 1120.8 1161.2 1272.0 1417.9 1575.9 1689.0 16 17 FL892050005 6245.8 7072.1 7350.3 6734.9 7072.1 7886.4 7688.1 7534.7 7350.3 17 18 19 FL102051003 FL212051003 Nonfinancial corporate business State and local governments 26.7 189.2 28.5 199.3 29.1 209.3 24.7 196.8 28.5 199.3 30.7 201.8 30.1 204.3 29.7 206.8 29.1 18 209.3 19 20 FL712051000 Monetary authority 0.0 0.0 0.0 0.0 0.0 45.0 1.0 0.0 0.0 20 21 22 23 FL762050005 FL762052005 FL762051005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 317.4 25.6 291.8 330.8 26.2 304.6 321.6 13.6 307.9 307.9 19.8 288.2 330.8 26.2 304.6 324.6 22.6 302.0 275.5 15.2 260.3 271.7 20.8 250.9 321.6 21 13.6 22 307.9 23 24 25 26 FL752050005 FL752052005 FL752051005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 275.9 0.2 275.7 265.3 0.3 265.0 335.2 0.1 335.1 301.9 0.3 301.6 265.3 0.3 265.0 336.6 0.3 336.3 349.7 0.3 349.4 333.8 0.3 333.5 335.2 24 0.1 25 335.1 26 27 28 29 FL472050053 FL472052053 FL472051053 Credit unions Federal funds Security repurchase agreements 0.2 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.2 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 27 0.0 28 0.1 29 30 31 32 33 FL512051005 FL542051075 FL572051005 FL222051043 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 2.2 10.0 18.7 27.7 2.3 4.7 19.6 48.8 4.0 8.0 20.6 62.9 1.8 5.9 19.4 34.4 2.3 4.7 19.6 48.8 2.5 6.0 19.9 55.1 2.5 6.7 20.2 18.2 3.4 7.2 20.4 57.2 34 35 FL632051000 FL652051003 Money market funds Mutual funds (net) 2495.7 19.7 2976.6 25.8 2665.9 27.8 2743.7 26.8 2976.6 25.8 3235.2 34.8 3233.1 41.4 2948.8 25.7 2665.9 34 27.8 35 36 37 FL402050005 FL402052033 Government-sponsored enterprises Of which: FHLB federal funds (3) 209.7 47.4 252.2 65.9 270.0 81.7 304.5 90.2 252.2 65.9 363.1 86.9 376.6 99.3 304.1 87.1 270.0 36 81.7 37 38 39 40 FL662051003 FL732051003 FL502051005 Brokers and dealers Holding companies Other financial business 1255.4 26.1 3.6 1461.5 36.6 3.9 1625.8 6.0 5.4 1330.5 29.2 4.4 1461.5 36.6 3.9 1660.6 36.0 5.0 1637.9 35.9 4.3 1604.2 35.3 5.1 1625.8 38 6.0 39 5.4 40 41 FL262051005 Rest of the world 1367.4 1416.2 1758.8 1403.0 1416.2 1529.6 1450.6 1681.4 1758.8 41 42 FL902050005 -389.9 -507.7 -1096.9 -387.7 -507.7 -796.7 -770.3 -949.3 -1096.9 42 0.08 4.10 5.33 2.56 4.10 4.65 5.08 5.33 5.33 43 1904.6 1739.7 164.9 2553.7 2339.6 214.1 1018.5 968.7 49.8 2425.9 2220.6 205.3 2553.7 2339.6 214.1 2375.2 2230.8 144.3 2034.3 1906.0 128.3 1557.6 1484.0 73.6 1018.5 44 968.7 45 49.8 46 Total assets Discrepancy 0.6 10 46.1 11 4.0 8.0 20.6 62.9 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 depository 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, 2024 L.208 Debt Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 By instrument 1 FL894122005 Total debt securities 2 3 4 5 6 FL893169175 FL313161105 FL893161705 FL383162005 FL893163005 7 FL894122005 8 FL384122005 9 10 FL163162003 FL104122005 Nonprofit organizations (2) Nonfinancial corporate business 11 12 FL314122005 FL213162005 Federal government State and local governments 13 FL794122005 14 15 16 17 18 19 FL764122005 FL753169175 FL403161705 FL413065005 FL674122005 FL614122005 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 311.8 53.7 8177.6 2501.8 1388.3 1085.3 465.6 112.0 8970.8 2687.9 1469.4 1062.4 471.2 156.8 9069.1 2870.7 1505.7 1158.1 396.7 97.6 8785.7 2637.4 1472.5 1037.0 465.6 112.0 8970.8 2687.9 1469.4 1062.4 424.0 112.8 9303.7 2717.9 1483.8 1068.5 454.4 123.8 9189.4 2765.0 1487.3 1103.0 462.5 126.9 9098.3 2820.9 1498.3 1112.7 471.2 156.8 9069.1 2870.7 1505.7 1158.1 14 15 16 17 18 19 20 21 22 23 FL644122075 FL663163003 FL734122005 FL504122005 Mortgage REITs Brokers and dealers Holding companies Other financial business 203.8 217.7 1544.9 120.6 216.8 236.1 1541.8 117.4 216.5 236.2 1556.2 128.4 210.6 223.6 1472.6 125.6 216.8 236.1 1541.8 117.4 216.3 229.3 1548.0 138.3 211.6 211.2 1541.2 123.3 208.7 221.0 1486.4 149.8 216.5 236.2 1556.2 128.4 20 21 22 23 24 LM264122005 4218.4 3713.2 3896.8 3655.5 3713.2 3751.3 3725.8 3655.7 3896.8 24 25 FL894022005 26 FL384022005 27 28 29 30 31 LM154022005 LM104022005 LM114022005 FL314022005 LM214022005 32 FL794022005 33 34 35 36 37 LM714022005 LM764022005 LM754022005 LM744022003 LM474022005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 8733.2 6319.8 286.1 47.5 403.1 7349.1 5620.5 297.8 50.9 385.4 6454.6 5361.7 271.5 73.2 351.7 7507.3 5660.0 304.4 54.5 395.5 7349.1 5620.5 297.8 50.9 385.4 7243.2 5575.3 280.4 50.0 381.3 6902.1 5406.8 290.0 49.6 370.6 6393.6 5169.2 275.7 68.9 356.1 6454.6 5361.7 271.5 73.2 351.7 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 1320.1 4569.2 1821.0 48.9 1195.8 1241.7 3904.9 1679.1 39.7 1043.2 1411.4 4226.1 1908.6 43.1 1151.2 1183.2 3796.4 1606.3 38.3 1042.8 1241.7 3904.9 1679.1 39.7 1043.2 1290.0 4065.0 1778.3 41.0 1114.9 1288.9 4054.5 1814.6 42.2 1092.1 1300.9 3942.6 1779.6 40.8 1078.1 1411.4 4226.1 1908.6 43.1 1151.2 38 39 40 41 42 43 44 45 46 FL634022005 LM654022005 LM554022005 LM564022005 Money market funds Mutual funds Closed-end funds Exchange-traded funds 2568.8 5897.2 186.6 1215.3 2022.0 4793.9 153.1 1258.7 3414.8 5175.1 155.4 1491.0 2113.2 4810.7 150.1 1177.2 2022.0 4793.9 153.1 1258.7 2206.9 4931.1 153.8 1336.9 2392.5 4975.7 152.0 1371.7 2881.2 4861.3 145.9 1367.3 3414.8 5175.1 155.4 1491.0 43 44 45 46 47 48 49 50 LM404022005 FL674022005 LM613063003 LM644022075 Government-sponsored enterprises ABS issuers Finance companies Mortgage REITs 430.2 31.9 68.3 180.4 395.6 36.4 52.0 159.0 441.6 31.4 26.9 188.2 398.9 36.3 47.9 166.0 395.6 36.4 52.0 159.0 407.9 36.4 40.9 181.3 421.6 34.5 38.3 181.8 427.2 33.2 35.3 191.1 441.6 31.4 26.9 188.2 47 48 49 50 51 52 53 LM664022005 LM734022605 FL504022005 Brokers and dealers Holding companies Other financial business 196.6 146.4 301.0 311.4 181.4 453.6 447.7 182.4 377.7 246.4 176.4 404.7 311.4 181.4 453.6 420.5 168.2 424.7 405.0 165.9 395.5 435.4 173.8 384.4 447.7 51 182.4 52 377.7 53 54 LM264022005 Rest of the world 13651.6 12603.1 13910.2 12293.5 12603.1 12951.3 13115.1 13047.7 13910.2 54 55 LM904022005 Discrepancy (3) -1332.8 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 53799.8 55882.4 59195.6 55193.2 55882.4 56891.6 57354.3 58130.2 59195.6 1 1051.8 1227.6 1234.9 1165.9 1227.6 1182.9 1191.1 1230.6 1234.9 22557.5 23845.0 26226.6 23616.7 23845.0 24282.0 24772.4 25630.2 26226.6 10699.2 11678.6 11960.0 11442.4 11678.6 12041.3 11972.4 11938.8 11960.0 4083.8 4031.3 4052.1 4054.3 4031.3 4035.4 4051.2 4040.7 4052.1 15407.5 15099.9 15722.1 14913.9 15099.9 15349.9 15367.3 15289.9 15722.1 2 3 4 5 6 53799.8 55882.4 59195.6 55193.2 55882.4 56891.6 57354.3 58130.2 59195.6 7 33975.8 35288.8 37929.8 35078.3 35288.8 35897.8 36418.3 37289.0 37929.8 8 By sector Domestic nonfinancial sectors Domestic financial sectors Rest of the world Total assets Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfinancial noncorporate business Federal government State and local governments Domestic financial sectors 202.7 7933.0 201.8 8011.9 203.9 8248.5 201.6 8007.9 201.8 8011.9 201.9 8179.8 204.1 8198.7 204.2 8217.4 203.9 9 8248.5 10 22577.3 23864.8 26246.7 23636.1 23864.8 24301.8 24790.4 25649.7 26246.7 11 3262.8 3210.4 3230.6 3232.7 3210.4 3214.3 3225.1 3217.7 3230.6 12 15605.6 16880.3 17369.0 16459.4 16880.3 17242.5 17210.2 17185.5 17369.0 13 55132.6 51044.7 55570.6 49867.0 51044.7 52859.2 52877.4 52374.5 55570.6 25 5513.7 7012.2 8474.8 6257.1 7012.2 7779.9 7916.6 7984.8 8474.8 26 2985.7 409.6 75.9 0.5 2042.1 4434.3 369.1 76.9 0.5 2131.4 5670.7 446.1 78.4 0.5 2279.1 3744.7 358.2 75.8 0.5 2078.0 4434.3 369.1 76.9 0.5 2131.4 5096.8 370.1 77.0 0.5 2235.5 5222.4 380.8 77.8 0.5 2235.0 5313.9 417.3 78.5 0.5 2174.6 5670.7 446.1 78.4 0.5 2279.1 27 28 29 30 31 35967.3 31429.5 33185.5 31316.5 31429.5 32128.0 31845.7 31341.9 33185.5 32 4837.6 3625.0 5326.2 (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. 4837.6 4032.4 4476.9 5755.7 3625.0 55 Levels Total liabilities 118 Z.1, March 7, 2024 L.209 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 1 FL893169175 2 FL893169105 3 FL103169100 4 5 6 Total liabilities 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1051.8 1227.6 1234.9 1165.9 1227.6 1182.9 1191.1 1230.6 1234.9 1 1051.8 1227.6 1234.9 1165.9 1227.6 1182.9 1191.1 1230.6 1234.9 2 Nonfinancial corporate business 138.2 197.6 217.8 198.8 197.6 206.2 192.7 203.2 217.8 3 FL263169105 FL263169110 FL263169123 Foreign issues in U.S. Nonfinancial Financial 421.7 38.3 383.4 331.8 29.3 302.6 301.0 30.3 270.6 314.3 25.6 288.7 331.8 29.3 302.6 291.0 26.7 264.3 288.4 28.2 260.1 303.7 26.9 276.8 301.0 30.3 270.6 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 Mortgage REITs Holding companies Other financial business 491.8 120.1 53.7 131.9 57.4 0.0 8.1 120.6 698.3 196.0 112.0 197.0 66.3 0.0 9.5 117.4 716.1 202.3 156.8 139.1 76.9 0.0 12.6 128.4 652.8 163.2 97.6 200.0 57.2 0.0 9.2 125.6 698.3 196.0 112.0 197.0 66.3 0.0 9.5 117.4 685.8 177.7 112.8 187.0 60.9 0.0 9.0 138.3 710.0 193.3 123.8 188.7 68.5 0.0 12.4 123.3 723.8 198.3 126.9 167.9 69.8 0.0 11.0 149.8 716.1 202.3 156.8 139.1 76.9 0.0 12.6 128.4 7 8 9 10 11 12 13 14 15 FL703169605 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 17 FL763169603 FL753169603 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 0.0 17 18 FL893169175 1051.8 1227.6 1234.9 1165.9 1227.6 1182.9 1191.1 1230.6 1234.9 18 19 FL103069100 Nonfinancial corporate business 256.3 204.8 233.3 209.2 204.8 205.0 197.1 228.2 233.3 19 20 FL213069103 State and local governments 81.1 85.2 89.2 84.2 85.2 86.2 87.2 88.2 89.2 20 21 22 23 24 FL713069603 FL763069175 FL753069603 FL473069153 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 26 FL513069105 FL543069105 Property-casualty insurance companies Life insurance companies 4.5 41.8 4.3 25.8 7.4 30.0 3.4 29.7 4.3 25.8 4.5 26.9 4.7 29.1 6.3 29.8 7.4 25 30.0 26 27 28 FL573069105 FL223069143 Private pension funds State and local govt. retirement funds 41.7 20.5 44.0 11.4 46.4 14.0 43.4 14.7 44.0 11.4 44.6 11.5 45.3 12.1 45.8 14.1 46.4 27 14.0 28 29 30 FL633069175 FL653069100 Money market funds Mutual funds 226.2 39.5 253.8 39.6 301.9 55.3 245.4 37.8 253.8 39.6 250.5 38.4 263.2 47.2 293.4 51.1 301.9 29 55.3 30 31 32 33 FL403069105 FL663069103 FL503069105 Government-sponsored enterprises Brokers and dealers Other financial business 4.7 16.3 180.5 10.2 19.0 338.3 11.6 19.6 246.7 9.8 23.4 288.6 10.2 19.0 338.3 9.3 28.3 301.2 10.0 29.0 261.5 11.0 24.7 254.9 11.6 31 19.6 32 246.7 33 34 LM263069103 Rest of the world 138.3 191.3 179.5 176.2 191.3 176.5 204.8 183.1 179.5 34 Commercial paper Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Total assets (1) Excludes banks’ holdings of own acceptances. 0.0 0.0 0.0 0.0 21 22 23 24 119 Z.1, March 7, 2024 L.210 Treasury Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 Q3 1 FL313161105 2 3 FL313161110 FL313161275 Total liabilities 4 FL893061105 5 LM153061105 Household sector 6 7 LM103061103 LM113061003 Nonfinancial corporate business Nonfinancial noncorporate business 8 LM213061103 9 10 11 Treasury bills Other Treasury notes, bonds, and TIPS (2) Total assets 2023 Q4 Q1 Q2 Q3 Q4 22557.5 23845.0 26226.6 23616.7 23845.0 24282.0 24772.4 25630.2 26226.6 1 3768.0 3696.2 5674.8 3643.7 3696.2 4067.5 4465.7 5259.3 5674.8 18789.6 20148.8 20551.7 19973.0 20148.8 20214.5 20306.7 20370.8 20551.7 2 3 22935.6 21648.6 24413.4 21363.1 21648.6 22489.5 22641.5 22909.9 24413.4 4 435.7 1461.6 2321.3 1051.5 1461.6 1922.0 2104.7 2229.5 2321.3 5 79.7 71.3 91.7 71.9 132.0 73.4 80.6 70.9 91.7 71.9 92.3 72.0 106.6 72.8 111.2 73.5 132.0 73.4 6 7 State and local governments 1331.0 1463.4 1588.8 1420.2 1463.4 1548.7 1548.3 1504.1 1588.8 8 LM713061103 LM713061113 LM713061125 Monetary authority Treasury bills Other Treasury securities 6052.1 325.9 5726.1 5056.4 286.4 4770.0 4415.7 213.9 4201.8 5186.5 307.4 4879.1 5056.4 286.4 4770.0 4960.2 277.9 4682.3 4702.9 266.1 4436.8 4367.4 236.0 4131.4 4415.7 9 213.9 10 4201.8 11 12 13 14 15 LM763061100 LM753061103 LM743061103 LM473061105 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1472.3 86.9 19.6 62.6 1388.9 89.5 23.5 78.4 1329.2 93.5 21.7 76.1 1407.7 92.5 26.8 79.1 1388.9 89.5 23.5 78.4 1301.0 92.3 23.0 76.7 1235.2 98.8 22.8 77.5 1240.9 90.0 22.5 75.0 1329.2 93.5 21.7 76.1 12 13 14 15 16 17 18 19 20 21 LM513061105 LM513061115 LM513061125 LM543061105 LM543061115 LM543061125 Property-casualty insurance companies Treasury bills Other Treasury securities Life insurance companies Treasury bills Other Treasury securities 187.9 54.3 133.6 237.1 9.7 227.4 212.9 68.0 144.9 183.1 17.6 165.5 283.8 115.6 168.2 193.4 20.2 173.2 182.9 50.3 132.7 188.8 15.7 173.1 212.9 68.0 144.9 183.1 17.6 165.5 223.0 72.5 150.5 187.6 16.7 171.0 226.5 74.6 151.9 190.1 18.4 171.8 254.8 100.0 154.7 185.1 19.1 166.0 283.8 115.6 168.2 193.4 20.2 173.2 16 17 18 19 20 21 22 23 24 LM573061105 LM573061143 LM573061133 Private pension funds Defined benefit plans Defined contribution plans 507.8 291.3 216.5 508.1 275.8 232.2 613.7 330.1 283.6 477.6 263.5 214.0 508.1 275.8 232.2 562.4 305.8 256.6 590.2 322.6 267.6 574.8 311.6 263.2 613.7 22 330.1 23 283.6 24 25 26 27 LM343061105 LM343061165 LM343061113 Federal government retirement funds Defined benefit plans Defined contribution plans 22.2 7.2 14.9 18.0 5.6 12.4 19.5 6.3 13.2 17.2 5.5 11.7 18.0 5.6 12.4 18.5 5.6 12.9 19.3 6.3 13.0 18.6 6.2 12.4 19.5 25 6.3 26 13.2 27 28 LM223061143 State and local govt. retirement funds 414.2 327.2 420.7 339.6 327.2 364.5 359.6 385.8 420.7 28 29 30 31 FL633061105 FL633061110 FL633061120 Money market funds Treasury bills Other Treasury securities 1814.7 1197.1 617.6 1064.0 602.0 462.0 2269.5 1866.0 403.5 1256.1 767.0 489.2 1064.0 602.0 462.0 1040.8 665.2 375.6 1244.0 888.5 355.5 1767.1 1422.4 344.8 2269.5 29 1866.0 30 403.5 31 32 33 34 LM653061105 LM653061113 LM653061125 Mutual funds Treasury bills Other Treasury securities 1594.0 57.4 1536.6 1349.9 12.7 1337.2 1387.7 12.6 1375.2 1345.8 22.2 1323.7 1349.9 12.7 1337.2 1369.6 15.8 1353.8 1346.8 12.6 1334.2 1318.5 12.0 1306.5 1387.7 32 12.6 33 1375.2 34 35 36 37 38 LM553061103 LM563061103 LM403061105 FL673061103 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers 3.1 332.1 202.4 31.9 2.4 400.6 155.6 36.4 2.1 501.6 157.8 31.4 2.4 381.5 168.3 36.3 2.4 400.6 155.6 36.4 2.4 451.6 149.8 36.4 2.3 460.6 151.5 34.5 2.2 469.0 150.9 33.2 2.1 501.6 157.8 31.4 39 40 41 LM663061105 LM733061103 FL503061123 Brokers and dealers Holding companies Other financial business 99.0 92.6 45.5 170.7 133.3 42.8 269.2 132.4 61.1 127.0 130.6 41.5 170.7 133.3 42.8 265.9 122.6 48.2 257.9 121.7 59.1 248.1 126.5 55.7 269.2 39 132.4 40 61.1 41 42 43 44 LM263061105 LM263061110 LM263061120 Rest of the world Treasury bills Other Treasury securities 7740.4 987.4 6753.0 7318.5 950.0 6368.5 8017.9 1082.7 6935.3 7251.5 919.6 6331.9 7318.5 950.0 6368.5 7558.1 962.6 6595.5 7607.8 949.6 6658.2 7605.4 1060.9 6544.5 8017.9 42 1082.7 43 6935.3 44 45 LM903061103 Discrepancy (3) -378.0 2196.4 1813.2 2253.6 2196.4 1792.6 2130.8 2720.2 1813.2 45 46 FL313169205 2727.2 2986.6 3225.1 2852.0 2986.6 2673.6 2975.6 3018.9 3225.1 46 Memo: Nonmarketable Treasury securities (4) (1) Marketable Treasury securities (net of premiums and discounts) issued by the federal government and held by sectors other than the federal government. (2) Inlcudes long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. (3) The accumulated valuation difference between issuance and holdings. (4) Nonmarketable Treasury securities are classified as other loans and advances because they are not negotiable and are therefore not considered debt securities. 35 36 37 38 Levels 2021 120 Z.1, March 7, 2024 L.211 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 Total liabilities 2023 Q4 Q1 Q2 Q3 Q4 1 FL893161705 2 3 4 FL313161705 FL403161705 FL413065005 5 FL893061705 6 7 LM153061705 LM103061703 Household sector Nonfinancial corporate business 452.4 26.6 1071.3 30.6 1272.6 38.3 879.7 26.9 1071.3 30.6 1200.5 30.8 1129.3 35.5 1162.0 37.1 1272.6 38.3 6 7 8 9 FL313061703 LM213061703 Federal government State and local governments 0.0 415.3 0.0 410.1 0.0 422.9 0.0 406.6 0.0 410.1 0.0 420.4 0.0 417.4 0.0 411.3 0.0 422.9 8 9 10 LM713061705 Monetary authority 2681.1 2292.7 2038.9 2320.8 2292.7 2282.9 2199.2 2026.1 2038.9 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 3505.5 53.5 16.5 307.5 2873.0 48.1 16.2 276.6 2782.5 43.0 15.5 245.1 2919.1 52.1 16.6 284.5 2873.0 48.1 16.2 276.6 2911.2 42.3 16.0 274.8 2831.4 45.3 15.7 264.3 2672.5 42.7 15.7 252.5 2782.5 43.0 15.5 245.1 15 16 LM513061705 LM543061705 Property-casualty insurance companies Life insurance companies 136.0 319.9 129.2 265.4 166.8 283.8 126.0 273.8 129.2 265.4 134.3 270.5 138.9 272.5 149.0 272.0 166.8 15 283.8 16 17 18 19 LM573061705 LM343061705 LM223061743 Private pension funds Federal government retirement funds State and local govt. retirement funds 259.2 11.7 198.7 250.7 9.4 165.7 274.0 10.1 150.6 244.5 9.7 170.1 250.7 9.4 165.7 258.2 9.7 156.9 260.2 9.9 170.0 261.1 9.7 150.7 274.0 17 10.1 18 150.6 19 20 21 22 FL633061700 LM653061703 LM403061705 Money market funds Mutual funds Government-sponsored enterprises 409.9 539.3 208.4 579.8 529.4 215.1 708.2 672.4 255.2 492.2 518.2 206.2 579.8 529.4 215.1 791.9 591.2 233.5 754.5 647.6 244.1 690.2 652.1 248.8 708.2 20 672.4 21 255.2 22 23 24 FL673061703 LM643061773 ABS issuers Mortgage REITs 0.0 168.4 0.0 149.1 0.0 177.4 0.0 155.8 0.0 149.1 0.0 171.5 0.0 172.2 0.0 181.0 0.0 23 177.4 24 25 26 LM663061705 LM733061703 Brokers and dealers Holding companies 53.8 24.7 108.6 19.2 121.4 18.3 68.2 19.6 108.6 19.2 110.0 19.0 86.5 18.6 120.6 18.3 121.4 25 18.3 26 27 LM263061705 Rest of the world 1252.6 1260.6 1428.5 1178.4 1260.6 1294.8 1285.7 1324.6 1428.5 27 28 LM903061703 Discrepancy (2) -342.0 977.8 834.6 1073.5 977.8 820.9 973.5 1241.0 834.6 28 Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 10699.2 11678.6 11960.0 11442.4 11678.6 12041.3 11972.4 11938.8 11960.0 19.8 8177.6 2501.8 19.8 8970.8 2687.9 20.2 9069.1 2870.7 19.4 8785.7 2637.4 19.8 8970.8 2687.9 19.7 9303.7 2717.9 18.0 9189.4 2765.0 19.6 9098.3 2820.9 1 20.2 9069.1 2870.7 2 3 4 11041.2 10700.8 11125.4 10368.9 10700.8 11220.4 10998.9 10697.8 11125.4 5 11 12 13 14 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by Ginnie Mae, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown on table L.106, line 25. (2) The accumulated valuation difference between issuance and holdings. 121 Z.1, March 7, 2024 L.212 Municipal Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 Q3 Total liabilities 2023 Q4 Q1 Q2 Q3 Q4 1 FL383162005 2 3 4 FL213162005 FL213162400 FL213162200 State and local governments Short-term (1) Long-term 5 6 FL163162003 FL103162000 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 FL893062005 8 9 10 LM153062005 LM103062003 LM113062003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 LM213062003 State and local governments 22.2 25.9 26.3 23.3 25.9 28.5 30.4 26.9 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 631.3 0.0 0.1 12.3 580.0 0.0 0.1 10.8 531.9 0.0 0.1 11.3 579.9 0.0 0.1 11.0 580.0 0.0 0.1 10.8 566.8 0.0 0.1 11.0 548.3 0.0 0.1 10.7 519.2 0.0 0.1 10.4 531.9 0.0 0.1 11.3 16 17 LM513062005 LM543062005 Property-casualty insurance companies Life insurance companies 289.4 241.3 246.1 197.9 223.8 199.0 244.9 197.2 246.1 197.9 242.8 200.9 233.7 196.6 215.2 186.8 223.8 16 199.0 17 18 19 LM343062033 LM223062043 Federal government retirement funds State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 0.0 19 20 21 22 23 FL633062000 LM653062003 LM553062003 LM563062003 Money market funds Mutual funds Closed-end funds Exchange-traded funds 110.9 990.8 98.3 83.3 117.9 745.8 82.4 104.4 129.6 764.4 82.5 122.4 113.2 774.3 80.5 87.0 117.9 745.8 82.4 104.4 114.4 764.9 83.8 105.7 121.0 763.9 82.5 107.5 121.5 727.9 77.7 108.0 24 25 26 LM403062005 LM663062003 FL503062003 Government-sponsored enterprises Brokers and dealers Other financial business 2.4 12.7 4.1 2.2 12.0 2.9 2.0 13.5 0.0 2.2 14.8 2.9 2.2 12.0 2.9 2.2 11.0 2.9 2.1 15.5 2.9 2.1 15.0 2.9 2.0 24 13.5 25 0.0 26 27 LM263062003 Rest of the world 118.7 108.4 119.7 104.8 108.4 111.5 112.3 108.2 119.7 27 28 LM903062003 Discrepancy (3) -373.4 145.0 29.7 249.5 145.0 74.7 101.1 267.1 29.7 28 Total assets (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables L.101 and B.101). (3) The accumulated valuation difference between issuance and holdings. 4083.8 4031.3 4052.1 4054.3 4031.3 4035.4 4051.2 4040.7 4052.1 1 3262.8 32.9 3229.8 3210.4 25.5 3184.9 3230.6 27.0 3203.7 3232.7 24.9 3207.8 3210.4 25.5 3184.9 3214.3 24.6 3189.7 3225.1 23.7 3201.4 3217.7 26.5 3191.2 3230.6 27.0 3203.7 2 3 4 202.7 618.3 201.8 619.0 203.9 617.6 201.6 620.0 201.8 619.0 201.9 619.2 204.1 621.9 204.2 618.8 203.9 617.6 5 6 4457.3 3886.2 4022.4 3804.7 3886.2 3960.7 3950.1 3773.6 4022.4 7 1807.6 27.3 4.7 1620.5 23.8 5.0 1766.3 24.6 5.1 1540.7 23.3 4.9 1620.5 23.8 5.0 1685.0 24.2 5.1 1693.3 24.2 5.1 1623.6 23.1 5.0 1766.3 8 24.6 9 5.1 10 26.3 11 129.6 764.4 82.5 122.4 12 13 14 15 20 21 22 23 Levels 2021 122 Z.1, March 7, 2024 L.213 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 Total liabilities 2023 Q4 Q1 Q2 Q3 Q4 1 FL893163005 2 FL103163005 Nonfinancial corporate business 7176.4 7195.3 7413.1 7189.2 7195.3 7354.4 7384.1 7395.4 7413.1 2 3 FL793163005 Domestic financial sectors 4434.4 4523.3 4713.1 4383.5 4523.3 4535.2 4545.8 4542.5 4713.1 3 4 5 6 7 FL763163005 FL673163005 FL613163005 FL643163075 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies Mortgage REITs 191.7 1256.4 1028.0 203.8 269.6 1272.4 996.1 216.8 268.9 1366.6 1081.2 216.5 233.6 1272.5 979.8 210.6 269.6 1272.4 996.1 216.8 246.2 1296.7 1007.7 216.3 261.1 1298.5 1034.5 211.6 264.1 1330.3 1042.9 208.7 268.9 1366.6 1081.2 216.5 4 5 6 7 8 9 10 FL663163003 FL733163005 FL503163003 Brokers and dealers Holding companies Other financial business 217.7 1536.8 0.0 236.1 1532.2 0.0 236.2 1543.6 0.0 223.6 1463.4 0.0 236.1 1532.2 0.0 229.3 1539.0 0.0 211.2 1528.8 0.0 221.0 1475.4 0.0 236.2 8 1543.6 9 0.0 10 11 LM263163005 3796.7 3381.4 3595.9 3341.2 3381.4 3460.3 3437.5 3352.0 3595.9 11 12 FL893063005 13 LM153063005 Household sector 14 LM123063003 Nonfinancial corporate business (equity REITs) 15 16 FL313063763 LM213063003 17 18 19 Rest of the world (2) Total assets (3) 15407.5 15099.9 15722.1 14913.9 15099.9 15349.9 15367.3 15289.9 15722.1 1 15646.8 13581.4 14774.5 13164.4 13581.4 14005.8 14095.8 13762.5 14774.5 12 290.0 280.9 310.5 272.8 280.9 289.3 295.1 298.9 310.5 13 19.8 18.3 18.0 18.2 18.3 17.9 17.4 17.7 18.0 14 Federal government State and local governments 0.5 192.4 0.5 146.9 0.5 152.0 0.5 143.7 0.5 146.9 0.5 151.8 0.5 151.7 0.5 144.1 0.5 15 152.0 16 LM763063005 LM763063605 LM763063095 U.S.-chartered depository institutions MBS and other ABS Other 710.6 118.8 591.8 778.7 121.1 657.6 718.2 115.8 602.4 753.2 124.3 629.0 778.7 121.1 657.6 796.3 119.9 676.4 792.0 117.2 674.7 736.6 112.6 624.0 718.2 17 115.8 18 602.4 19 20 21 LM753063005 LM743063005 Foreign banking offices in U.S. Banks in U.S.-affiliated areas 145.6 11.3 160.1 11.1 135.0 35.9 159.8 11.1 160.1 11.1 145.8 11.1 145.8 11.0 143.0 30.7 135.0 20 35.9 21 22 23 24 LM473063005 LM473063605 LM473063095 Credit unions MBS and other ABS Other 20.6 19.7 0.8 19.5 18.7 0.8 19.3 18.7 0.7 20.9 20.1 0.8 19.5 18.7 0.8 18.8 18.1 0.7 18.1 17.4 0.7 18.2 17.6 0.7 19.3 22 18.7 23 0.7 24 25 26 27 LM513063005 LM513063605 LM513063095 Property-casualty insurance companies MBS and other ABS Other 702.4 152.4 550.1 649.2 128.1 521.1 729.6 145.4 584.2 626.0 123.0 503.0 649.2 128.1 521.1 685.3 135.4 549.9 685.2 135.7 549.4 675.7 134.1 541.6 729.6 25 145.4 26 584.2 27 28 29 30 LM543063005 LM543063675 LM543063095 Life insurance companies MBS and other ABS Other 3729.0 632.9 3096.1 3232.7 657.4 2575.3 3519.8 710.0 2809.8 3106.9 613.1 2493.8 3232.7 657.4 2575.3 3379.1 685.5 2693.6 3366.2 678.7 2687.5 3269.0 656.6 2612.4 3519.8 28 710.0 29 2809.8 30 31 32 33 LM573063005 LM343063005 LM223063045 Private pension funds Federal government retirement funds State and local govt. retirement funds 1012.2 15.0 562.4 876.4 12.3 539.0 974.5 13.5 565.9 840.8 11.4 518.3 876.4 12.3 539.0 913.1 12.8 581.9 919.0 13.0 550.4 897.9 12.5 527.5 974.5 31 13.5 32 565.9 33 34 35 36 37 FL633063005 LM653063005 LM553063003 LM563063003 Money market funds Mutual funds Closed-end funds Exchange-traded funds 7.2 2733.7 85.3 800.0 6.4 2129.1 68.4 753.6 5.7 2295.3 70.8 867.1 6.3 2134.6 67.2 708.8 6.4 2129.1 68.4 753.6 9.3 2167.1 67.6 779.6 9.8 2170.2 67.3 803.6 9.1 2111.8 66.0 790.3 5.7 2295.3 70.8 867.1 34 35 36 37 38 39 40 41 42 LM403063005 LM403063605 LM403063095 LM613063003 LM643063073 Government-sponsored enterprises MBS and other ABS Other Finance companies Mortgage REITs 12.3 9.3 3.0 68.3 11.9 12.6 10.1 2.5 52.0 9.9 14.9 12.8 2.1 26.9 10.9 12.4 9.8 2.6 47.9 10.2 12.6 10.1 2.5 52.0 9.9 13.2 10.9 2.3 40.9 9.8 13.9 11.7 2.2 38.3 9.6 14.5 12.3 2.1 35.3 10.1 14.9 12.8 2.1 26.9 10.9 38 39 40 41 42 43 44 45 LM663063005 LM733063003 FL503063005 Brokers and dealers Holding companies Other financial business 14.8 29.2 70.9 1.1 28.9 69.6 24.0 31.7 70.0 13.0 26.2 71.7 1.1 28.9 69.6 5.5 26.5 72.3 16.0 25.6 71.9 26.9 29.1 70.9 24.0 43 31.7 44 70.0 45 46 47 48 LM263063005 LM263063603 LM263063095 Rest of the world (4) MBS and other ABS Other 4401.6 355.5 4046.1 3724.3 344.8 3379.5 4164.6 393.6 3770.9 3582.6 348.5 3234.1 3724.3 344.8 3379.5 3810.4 368.6 3441.7 3904.4 371.9 3532.4 3826.4 378.9 3447.5 4164.6 46 393.6 47 3770.9 48 49 LM903063003 Discrepancy (5) -239.3 1518.5 947.6 1749.5 1518.5 1344.1 1271.5 1527.4 947.6 49 (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, 2024 L.214 Loans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 By instrument 1 FL894123005 Total loans 2 3 FL793068005 FL893169005 Depository institution loans n.e.c. Other loans and advances 4 5 6 7 8 FL893065005 FL893065105 FL893065405 FL893065505 FL893065603 Mortgages One-to-four-family residential Multifamily residential Commercial Farm 9 FL153166000 Consumer credit 35403.8 38377.5 39176.9 37714.9 38377.5 38669.8 38705.5 38840.2 39176.9 4344.8 8179.5 4963.8 8956.2 2 3 18330.9 19608.2 20237.2 19342.6 19608.2 19749.7 19907.0 20091.9 20237.2 12787.3 13618.5 13994.4 13453.1 13618.5 13680.2 13777.6 13901.2 13994.4 1917.8 2083.7 2198.7 2043.6 2083.7 2115.8 2144.2 2172.9 2198.7 3301.4 3571.2 3689.1 3513.7 3571.2 3613.9 3640.4 3667.9 3689.1 324.4 334.8 355.0 332.2 334.8 339.8 344.8 349.9 355.0 4 5 6 7 8 4548.5 4903.9 8971.3 4894.0 4963.8 8956.2 5019.7 4781.3 8801.7 4789.3 4903.9 8971.3 4894.0 4928.0 9105.6 4886.5 4915.9 8941.8 4940.7 4910.5 8876.9 1 4960.9 5019.7 9 By sector 10 FL894123005 11 FL384123005 12 13 14 FL154123005 FL104123005 FL114123005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FL314123005 FL213169203 Federal government State and local governments 17 FL794123005 18 19 20 21 FL763169305 FL473169333 FL513169333 FL543169373 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies 22 23 24 25 26 FL403169283 FL614123005 FL644123075 FL664123005 FL504123005 Government-sponsored enterprises Finance companies Mortgage REITs Brokers and dealers Other financial business 27 FL264123005 28 FL894123005 29 FL384023005 30 31 32 FL154023005 FL104023005 FL114023005 33 34 FL314023005 FL214023005 35 FL794023005 36 37 38 39 40 FL713068005 FL764023005 FL754023005 FL744023003 FL474023000 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 41 42 43 44 45 FL513065505 FL544023005 FL573065005 FL343069005 FL223065043 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 27.7 881.6 25.5 2434.7 6.8 30.4 953.0 26.2 2680.2 6.6 32.3 1003.0 27.1 2934.4 5.3 30.9 939.8 26.0 2541.8 7.9 30.4 953.0 26.2 2680.2 6.6 30.5 965.6 26.5 2637.2 6.8 31.8 978.9 26.7 2675.3 5.9 31.9 992.9 26.9 2717.0 5.8 32.3 1003.0 27.1 2934.4 5.3 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 144.2 7423.9 2501.8 1162.8 1571.2 125.4 8326.2 2687.9 1217.3 1607.6 109.7 8412.2 2870.7 1245.1 1714.1 140.2 8107.6 2637.4 1226.4 1582.1 125.4 8326.2 2687.9 1217.3 1607.6 115.2 8551.4 2717.9 1231.8 1608.2 107.7 8399.3 2765.0 1233.1 1654.3 109.7 8399.2 2820.9 1240.5 1680.5 109.7 8412.2 2870.7 1245.1 1714.1 46 47 48 49 50 51 52 53 54 FL643065075 FL663069005 FL733069005 FL503069005 Mortgage REITs Brokers and dealers Holding companies Other financial business 287.7 840.0 130.2 102.6 296.3 661.5 151.2 85.8 283.7 651.4 29.1 94.3 293.3 806.8 150.4 85.1 296.3 661.5 151.2 85.8 294.4 643.7 145.2 91.9 285.1 638.4 150.4 99.8 280.3 635.4 145.8 103.6 283.7 651.4 29.1 94.3 51 52 53 54 55 FL263069005 1037.2 1130.5 1092.5 1082.6 1130.5 1127.9 1126.6 1125.7 Domestic nonfinancial sectors Domestic financial sectors Rest of the world Total assets Domestic nonfinancial sectors 35403.8 38377.5 39176.9 37714.9 38377.5 38669.8 38705.5 38840.2 39176.9 10 32482.8 34987.2 35878.1 34413.7 34987.2 35071.5 35307.5 35552.9 35878.1 11 18140.5 19227.7 19751.3 19011.4 19227.7 19255.3 19416.1 19589.3 19751.3 12 4703.2 5427.5 5388.4 5314.6 5427.5 5453.7 5469.4 5471.7 5388.4 13 6889.4 7322.2 7489.1 7212.8 7322.2 7392.5 7422.6 7449.1 7489.1 14 2727.2 22.6 2986.6 23.3 3225.1 24.3 2852.0 22.9 2986.6 23.3 2946.4 23.6 2975.6 23.7 3018.9 23.9 3225.1 15 24.3 16 2118.7 2466.5 2315.6 2378.2 2466.5 2642.4 2435.2 2306.5 2315.6 17 173.7 40.7 7.0 113.6 582.4 96.7 5.2 135.7 552.6 85.3 5.2 138.1 442.3 77.6 5.1 135.6 582.4 96.7 5.2 135.7 806.9 87.7 4.7 142.5 626.4 85.0 4.4 138.9 570.0 89.3 4.2 141.7 552.6 85.3 5.2 138.1 18 19 20 21 0.0 299.4 3.4 1182.1 298.7 0.0 241.3 3.6 1138.7 262.9 0.0 235.4 4.8 1062.2 232.0 0.0 237.0 4.3 1202.8 273.6 0.0 241.3 3.6 1138.7 262.9 0.0 228.6 4.7 1102.6 264.7 0.0 237.7 4.7 1088.1 250.0 0.0 237.0 4.8 1036.8 222.8 0.0 235.4 4.8 1062.2 232.0 22 23 24 25 26 802.3 923.7 983.1 923.0 923.7 955.9 962.8 980.9 983.1 27 35403.8 38377.5 39176.9 37714.9 38377.5 38669.8 38705.5 38840.2 39176.9 28 4152.5 4316.0 4179.6 4336.7 4316.0 4315.7 4269.7 4176.4 4179.6 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1467.3 149.0 51.6 1416.8 184.9 55.4 1346.3 206.3 56.4 1474.3 180.1 54.6 1416.8 184.9 55.4 1392.5 194.3 55.7 1392.6 199.2 56.2 1324.4 203.6 56.3 1346.3 30 206.3 31 56.4 32 Federal government State and local governments 2105.9 378.7 2282.4 376.5 2194.6 376.0 2243.7 383.9 2282.4 376.5 2296.4 376.7 2250.7 371.0 2215.4 376.6 2194.6 33 376.0 34 Domestic financial sectors Rest of the world 30214.1 32931.0 33904.7 32295.7 32931.0 33226.3 33309.2 33538.2 33904.7 35 42.2 22.9 9.5 26.1 22.9 20.9 17.7 15.3 9.5 36 10437.9 11438.5 11729.3 11205.5 11438.5 11502.9 11591.5 11637.3 11729.3 37 869.9 1043.6 1077.0 967.5 1043.6 1042.1 1021.0 1038.0 1077.0 38 37.2 38.9 43.0 38.5 38.9 39.0 39.7 41.2 43.0 39 1286.2 1531.2 1633.5 1482.5 1531.2 1555.2 1587.6 1615.9 1633.5 40 (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. 1092.5 55 Levels Total liabilities 124 Z.1, March 7, 2024 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 1 FL793068005 2 3 4 FL153168005 FL103168005 FL113168005 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 FL793168005 Domestic financial sectors 6 7 8 FL613168005 FL643168073 FL663168005 Finance companies Mortgage REITs Brokers and dealers 9 FL713068505 Other financial business (2) 10 11 12 13 FL263168005 FL263168465 FL263168485 FL263168495 14 FL793068005 15 FL713068005 Monetary authority (3) 16 17 18 19 FL763068005 FL753068005 FL743068005 FL473068005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Foreign official institutions Foreign nonfinancial corporations Foreign nondepository financial institutions Total assets 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 4344.8 4903.9 4963.8 4781.3 4903.9 4928.0 4915.9 4910.5 4963.8 1 423.0 1123.0 1555.8 494.7 1474.9 1633.6 473.6 1484.0 1623.3 471.6 1417.1 1608.1 494.7 1474.9 1633.6 473.2 1492.3 1643.3 467.8 1488.6 1637.5 467.2 1475.8 1618.6 473.6 1484.0 1623.3 2 3 4 494.8 440.4 429.1 435.4 440.4 424.3 418.1 426.0 429.1 5 299.3 3.1 171.3 241.2 3.4 180.6 235.3 4.7 181.7 236.9 4.1 177.8 241.2 3.4 180.6 228.5 4.5 176.9 237.6 4.5 162.7 236.8 4.7 172.4 235.3 4.7 181.7 6 7 8 21.0 15.3 7.4 16.6 15.3 14.4 13.3 12.0 7.4 9 748.2 3.5 198.8 545.9 860.3 3.6 214.6 642.1 953.8 3.3 206.2 744.3 849.1 3.1 210.4 635.7 860.3 3.6 214.6 642.1 895.0 2.8 212.4 679.8 903.9 2.8 205.3 695.8 923.0 3.1 207.7 712.2 953.8 3.3 206.2 744.3 10 11 12 13 4344.8 4903.9 4963.8 4781.3 4903.9 4928.0 4915.9 4910.5 4963.8 14 42.2 22.9 9.5 26.1 22.9 20.9 17.7 15.3 9.5 15 3421.5 778.8 15.8 86.6 3702.9 937.1 17.2 223.8 3713.6 971.5 20.8 248.5 3658.6 864.4 16.8 215.4 3702.9 937.1 17.2 223.8 3725.2 935.6 17.3 229.0 3729.3 912.5 18.1 238.2 3700.7 931.9 19.3 243.4 (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to Federal Reserve funding, credit, and liquidity facility special purpose vehicles. (3) Loans from Federal Reserve banks to the household, broker and dealer, finance companies, and other financial business sectors. 3713.6 971.5 20.8 248.5 16 17 18 19 125 Z.1, March 7, 2024 L.216 Other Loans and Advances (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL893169005 Total other loans and advances 8179.5 8971.3 8956.2 8801.7 8971.3 9105.6 8941.8 8876.9 8956.2 1 2 3 4 FL163069005 FL153169055 FL163069043 Nonprofit organization loans Liab.: Household sector Nonfinancial noncorporate business 154.4 121.0 33.4 159.4 124.8 34.7 164.4 128.5 35.9 158.2 123.8 34.3 159.4 124.8 34.7 160.7 125.7 35.0 161.9 126.6 35.3 163.1 127.5 35.6 164.4 128.5 35.9 2 3 4 5 6 7 8 9 10 11 12 13 FL313069205 FL153169203 FL103169205 FL113169205 FL213169203 FL403169283 FL313069223 FL503169205 FL263169203 Federal government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Other financial business Rest of the world 536.3 57.8 255.9 169.7 22.6 0.0 0.0 2.4 28.0 626.9 64.9 306.3 202.8 23.3 0.0 0.0 2.4 27.4 558.4 70.0 256.8 176.6 24.3 0.0 0.0 2.4 28.4 621.3 63.7 304.9 199.8 22.9 0.0 0.0 2.4 27.7 626.9 64.9 306.3 202.8 23.3 0.0 0.0 2.4 27.4 627.0 65.9 304.6 202.5 23.6 0.0 0.0 2.4 28.0 589.7 67.3 280.3 187.4 23.7 0.0 0.0 2.4 28.6 578.6 69.3 271.3 183.5 23.9 0.0 0.0 2.4 28.3 558.4 70.0 256.8 176.6 24.3 0.0 0.0 2.4 28.4 5 6 7 8 9 10 11 12 13 14 15 16 FL153169405 FL313069403 FL543069405 Policy loans (Household liability) Asset: Federal government Life insurance companies 133.7 0.2 133.5 133.7 0.2 133.6 139.5 0.2 139.4 132.6 0.2 132.4 133.7 0.2 133.6 135.5 0.2 135.4 135.2 0.2 135.1 137.8 0.2 137.7 139.5 14 0.2 15 139.4 16 17 18 19 20 21 22 FL313169005 FL153069205 FL213069200 FL343069055 FL343069245 FL503069203 Nonmarketable Treasury securities classified as loans (2) Asset: Household sector State and local governments Federal govt. defined contribution pension plans (2) Federal govt. defined benefit pension plans Other financial business 2727.2 164.7 109.7 285.7 2149.0 18.1 2986.6 193.2 99.9 292.6 2387.6 13.3 3225.1 192.4 91.5 294.9 2639.4 6.8 2852.0 185.6 109.2 315.4 2226.4 15.4 2986.6 193.2 99.9 292.6 2387.6 13.3 2946.4 197.7 98.2 295.1 2342.0 13.4 2975.6 198.1 90.5 294.1 2381.1 11.8 3018.9 195.8 94.2 293.4 2423.7 11.9 3225.1 192.4 91.5 294.9 2639.4 6.8 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 FL403069330 FL763169335 FL473169333 FL513169333 FL543169373 FL613169333 FL643169373 FL403069395 FL153169305 FL183169303 FL113169305 FL763169383 Federal Home Loan Banks advances Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Mortgage REITs Government-sponsored enterprise (GSE) loans Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) 335.4 173.7 40.7 7.0 113.6 0.1 0.3 164.4 0.0 16.3 148.2 0.0 820.4 582.4 96.7 5.2 135.7 0.1 0.2 182.3 0.0 18.2 164.1 0.0 781.5 552.6 85.3 5.2 138.1 0.1 0.1 203.5 0.0 19.2 184.3 0.0 660.8 442.3 77.6 5.1 135.6 0.1 0.2 172.6 0.0 17.6 155.0 0.0 820.4 582.4 96.7 5.2 135.7 0.1 0.2 182.3 0.0 18.2 164.1 0.0 1042.1 806.9 87.7 4.7 142.5 0.1 0.2 187.4 0.0 20.2 167.2 0.0 855.0 626.4 85.0 4.4 138.9 0.1 0.2 188.1 0.0 18.5 169.6 0.0 805.4 570.0 89.3 4.2 141.7 0.1 0.1 193.1 0.0 18.3 174.8 0.0 781.5 552.6 85.3 5.2 138.1 0.1 0.1 203.5 0.0 19.2 184.3 0.0 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 FL663067005 FL663067003 FL663067063 Margin accounts at brokers and dealers Liab.: Household sector Brokers and dealers 574.7 517.6 57.2 404.2 381.6 22.6 446.4 397.9 48.5 539.9 458.6 81.3 404.2 381.6 22.6 391.1 370.5 20.6 411.7 380.5 31.2 438.4 402.0 36.4 446.4 35 397.9 36 48.5 37 38 39 40 FL663167015 FL153067005 FL263067005 Cash accounts at brokers and dealers Asset: Household sector Rest of the World (net) 953.6 942.6 11.1 935.5 876.3 59.2 832.0 811.4 20.6 943.7 930.6 13.2 935.5 876.3 59.2 905.1 847.3 57.9 894.2 849.3 44.8 828.0 784.2 43.8 832.0 38 811.4 39 20.6 40 41 42 43 44 FL503169023 FL763069023 FL663069025 FL503069025 Clearing funds at other financial business Asset: U.S.-chartered depository institutions Brokers and dealers Other financial business 275.3 18.1 199.5 57.7 245.3 14.9 182.4 48.0 222.2 20.0 132.9 69.4 254.6 13.5 197.9 43.2 245.3 14.9 182.4 48.0 248.0 18.1 175.4 54.5 234.3 18.4 150.5 65.4 208.4 19.4 119.7 69.4 222.2 20.0 132.9 69.4 41 42 43 44 45 46 47 48 49 50 51 FL103169803 FL153069803 FL543069873 FL653069803 FL673069803 FL663069803 FL503069805 Loans to nonfinancial corporate business Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Other financial business 621.3 97.0 38.6 144.2 265.8 65.8 10.0 652.2 91.4 40.0 125.4 308.7 74.9 11.8 613.4 86.9 34.4 109.7 299.9 72.1 10.3 667.0 100.6 41.8 140.2 302.6 69.0 12.8 652.2 91.4 40.0 125.4 308.7 74.9 11.8 645.8 90.9 39.3 115.2 311.2 77.2 12.1 636.4 89.1 39.4 107.7 312.1 76.2 11.9 633.7 88.5 38.0 109.7 307.2 77.4 12.9 613.4 86.9 34.4 109.7 299.9 72.1 10.3 45 46 47 48 49 50 51 52 53 FL673069505 FL673069505 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 6.5 6.5 5.6 5.6 5.7 5.7 5.3 5.3 5.6 5.6 5.3 5.3 5.3 5.3 5.0 5.0 5.7 52 5.7 53 54 55 56 FL613069505 FL103169535 FL113169535 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 523.6 455.6 68.0 583.8 520.7 63.1 655.2 589.2 66.1 560.2 498.2 62.0 583.8 520.7 63.1 584.0 521.8 62.2 611.4 548.0 63.4 629.5 565.1 64.4 655.2 54 589.2 55 66.1 56 57 58 59 FL733069005 FL733069013 FL733069023 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 130.2 104.1 26.2 151.2 115.1 36.1 29.1 28.2 0.9 150.4 104.2 46.2 151.2 115.1 36.1 145.2 112.4 32.8 150.4 120.2 30.2 145.8 116.2 29.6 29.1 57 28.2 58 0.9 59 60 61 62 63 64 FL503069075 FL503069003 FL503069013 FL503069023 FL503069033 Other financial business loans Liab.: Household sector (TALF II) Nonfinancial corporate business (MSLF) Nonfinancial noncorporate business (MSLF) Nonprofit organizations (MSLF) 16.8 1.3 5.5 9.9 0.0 12.8 1.0 4.0 7.7 0.0 7.8 0.0 2.7 5.1 0.0 13.7 1.1 4.5 8.1 0.0 12.8 1.0 4.0 7.7 0.0 11.8 0.9 3.7 7.2 0.0 10.7 0.8 3.4 6.5 0.0 9.4 0.3 3.1 6.0 0.0 65 66 FL263069500 FL263069500 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 1026.1 1026.1 1071.3 1071.3 1071.9 1071.9 1069.4 1069.4 1071.3 1071.3 1070.1 1070.1 1081.8 1081.8 1081.9 1081.9 7.8 0.0 2.7 5.1 0.0 60 61 62 63 64 1071.9 65 1071.9 66 (1) Detailed information on the various categories of other loans and advances is available in the online Financial Accounts Guide table description: https://www.federalreserve.gov/apps/fof/FOFTables.aspx. (2) Includes suspended reinvestments of nonmarketable Treasury securities in the Thrift Savings Plan G Fund. Levels 2021 126 Z.1, March 7, 2024 L.217 Total Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 Total mortgages 2023 Q4 Q1 Q2 Q3 Q4 1 FL893065005 2 3 4 5 FL893065105 FL893065405 FL893065505 FL893065603 6 FL893065005 7 FL153165005 Household sector 8 9 10 FL143165005 FL103165005 FL113165005 Nonfinancial business Corporate Noncorporate 11 FL313165403 12 FL893065005 13 14 15 FL153065005 FL103065005 FL113065005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 86.6 113.2 51.6 77.7 149.1 55.4 74.4 170.5 56.4 80.0 145.1 54.6 77.7 149.1 55.4 77.4 159.6 55.7 76.0 164.3 56.2 75.5 168.6 56.3 74.4 13 170.5 14 56.4 15 16 17 18 19 20 FL313065005 FL313065015 FL313065075 FL313065035 FL313065095 Federal government Ginnie Mae Farmers Home Administration (FmHA) (2) Federal Housing Administration (FHA) Other (3) 133.1 2.0 111.7 19.5 0.0 168.0 23.2 116.0 28.7 0.0 176.0 21.1 122.0 32.9 0.0 143.1 1.8 114.0 27.3 0.0 168.0 23.2 116.0 28.7 0.0 169.7 23.0 117.1 29.6 0.0 170.7 22.3 117.9 30.5 0.0 173.7 21.7 120.4 31.6 0.0 176.0 21.1 122.0 32.9 0.0 21 FL213065005 State and local governments 269.0 276.6 284.5 274.7 276.6 278.5 280.5 282.5 284.5 21 22 23 24 25 26 FL703065005 FL763065005 FL753065005 FL743065003 FL473065100 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 5952.5 5172.5 91.1 21.4 667.5 6489.9 5690.9 106.6 21.7 670.7 6744.9 5895.1 105.5 22.2 722.0 6351.5 5575.9 103.1 21.7 650.8 6489.9 5690.9 106.6 21.7 670.7 6569.5 5760.1 106.5 21.7 681.2 6635.3 5809.8 108.5 21.7 695.4 6694.9 5855.8 106.1 22.0 711.0 27 28 FL513065505 FL543065005 Property-casualty insurance companies Life insurance companies 27.7 709.5 30.4 779.4 32.3 829.2 30.9 765.6 30.4 779.4 30.5 790.9 31.8 804.5 31.9 817.2 32.3 27 829.2 28 29 30 FL573065005 FL223065043 Private pension funds State and local govt. retirement funds 25.5 6.8 26.2 6.6 27.1 5.3 26.0 7.9 26.2 6.6 26.5 6.8 26.7 5.9 26.9 5.8 27.1 29 5.3 30 31 32 33 34 35 36 FL403065005 FL403065015 FL403065025 FL403065045 FL403065035 FL403065653 Government-sponsored enterprises Fannie Mae Freddie Mac Farm Credit System FHLB Farmer Mac 6924.1 3899.0 2789.8 171.4 55.5 8.3 7323.6 4075.6 3003.0 179.8 56.1 9.0 7427.3 4102.6 3069.1 184.8 61.0 9.6 7274.2 4058.7 2972.6 178.1 56.1 8.8 7323.6 4075.6 3003.0 179.8 56.1 9.0 7321.9 4072.6 3005.9 178.2 56.3 8.9 7356.2 4084.5 3025.3 179.5 57.7 9.1 7400.8 4100.3 3049.4 182.1 59.9 9.1 7427.3 4102.6 3069.1 184.8 61.0 9.6 31 32 33 34 35 36 37 38 39 40 41 42 FL413065005 FL413065015 FL413065025 FL413065045 FL413065653 FL413065035 Agency- and GSE-backed mortgage pools Ginnie Mae Freddie Mac Fannie Mae Farmer Mac Farmers Home Administration (FmHA) (2) 2501.8 2149.2 346.7 4.7 1.3 0.0 2687.9 2337.1 345.1 4.6 1.2 0.0 2870.7 2518.4 346.0 4.4 1.9 0.0 2637.4 2284.5 347.1 4.6 1.2 0.0 2687.9 2337.1 345.1 4.6 1.2 0.0 2717.9 2370.0 342.1 4.5 1.2 0.0 2765.0 2418.2 340.5 4.5 1.8 0.0 2820.9 2472.8 341.8 4.5 1.8 0.0 2870.7 2518.4 346.0 4.4 1.9 0.0 37 38 39 40 41 42 43 44 45 FL673065005 FL613065000 FL643065075 ABS issuers Finance companies Mortgage REITs 889.2 352.6 287.7 900.0 341.1 296.3 923.5 331.6 283.7 916.2 342.2 293.3 900.0 341.1 296.3 912.3 338.2 294.4 912.6 336.4 285.1 924.4 332.3 280.3 One-to-four-family residential Multifamily residential Commercial Farm Total liabilities Federal government Total assets 18330.9 19608.2 20237.2 19342.6 19608.2 19749.7 19907.0 20091.9 20237.2 1 12787.3 13618.5 13994.4 13453.1 13618.5 13680.2 13777.6 13901.2 13994.4 1917.8 2083.7 2198.7 2043.6 2083.7 2115.8 2144.2 2172.9 2198.7 3301.4 3571.2 3689.1 3513.7 3571.2 3613.9 3640.4 3667.9 3689.1 324.4 334.8 355.0 332.2 334.8 339.8 344.8 349.9 355.0 2 3 4 5 18330.9 19608.2 20237.2 19342.6 19608.2 19749.7 19907.0 20091.9 20237.2 6 12337.5 13132.9 13522.1 12970.7 13132.9 13197.0 13297.1 13424.2 13522.1 7 5993.4 1088.9 4904.4 6475.3 1259.0 5216.3 6715.1 1317.2 5397.9 6371.9 1226.5 5145.4 6475.3 1259.0 5216.3 6552.7 1277.6 5275.2 6609.9 1286.9 5323.0 6667.7 1301.4 5366.3 6715.1 8 1317.2 9 5397.9 10 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 18330.9 19608.2 20237.2 19342.6 19608.2 19749.7 19907.0 20091.9 20237.2 12 6744.9 5895.1 105.5 22.2 722.0 16 17 18 19 20 22 23 24 25 26 923.5 43 331.6 44 283.7 45 (1) Sum of one-to-four-family residential mortgages (table L.218), multifamily residential mortgages (table L.219), commercial mortgages (table L.220), and farm mortgages (table L.221). (2) FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. (3) Other includes Department of Veterans Affairs, Federal Financing Bank, Public Housing Administration, and Resolution Trust Corporation. 127 Z.1, March 7, 2024 L.218 One-to-four-family Residential Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 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 Federal government State and local governments 11 12 13 14 FL763065105 FL753065103 FL743065103 FL473065100 15 16 17 Household sector Nonfinancial corporate business Nonfinancial noncorporate business Total assets 2023 Q4 Q1 Q2 Q3 Q4 12787.3 13618.5 13994.4 13453.1 13618.5 13680.2 13777.6 13901.2 13994.4 1 11926.7 12696.7 13053.2 12540.8 12696.7 12752.6 12844.6 12963.5 13053.2 18.8 22.2 20.7 21.8 22.2 22.3 21.7 21.2 20.7 841.8 899.6 920.5 890.5 899.6 905.3 911.2 916.5 920.5 2 3 4 12787.3 13618.5 13994.4 13453.1 13618.5 13680.2 13777.6 13901.2 13994.4 5 64.8 32.6 18.8 61.3 40.1 20.2 57.9 47.6 20.5 62.2 38.1 19.9 61.3 40.1 20.2 60.5 42.3 20.3 59.6 44.6 20.5 58.7 47.0 20.5 32.6 137.4 63.1 140.9 65.9 144.7 40.0 140.0 63.1 140.9 63.8 141.8 64.1 142.7 64.9 143.7 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2606.2 1.2 12.0 667.5 2853.2 0.9 11.4 670.7 2926.0 0.7 11.5 722.0 2804.1 1.0 11.4 650.8 2853.2 0.9 11.4 670.7 2875.9 0.9 11.3 681.2 2891.3 0.8 11.3 695.4 2911.0 0.7 11.5 711.0 FL543065105 FL573065103 FL223065143 Life insurance companies Private pension funds State and local govt. retirement funds 51.2 1.6 2.5 67.3 1.7 2.4 72.2 1.7 1.9 63.4 1.6 2.8 67.3 1.7 2.4 68.2 1.7 2.4 69.2 1.7 2.1 70.5 1.7 2.1 72.2 15 1.7 16 1.9 17 18 19 FL403065105 FL413065105 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 6312.7 2044.4 6660.6 2222.6 6712.7 2396.7 6639.5 2172.9 6660.6 2222.6 6652.1 2253.4 6671.3 2298.9 6699.4 2352.3 6712.7 18 2396.7 19 20 21 22 FL673065105 FL613065105 FL643065173 ABS issuers Finance companies Mortgage REITs 412.2 310.6 79.1 423.5 300.7 77.9 432.9 296.2 83.2 427.2 300.9 77.0 423.5 300.7 77.9 426.9 298.2 79.2 428.6 297.3 78.2 431.5 295.1 79.6 432.9 20 296.2 21 83.2 22 23 24 25 26 27 28 FL893065125 FL763065125 FL753065203 FL473065125 FL673065123 FL613065123 446.2 292.9 0.0 86.2 4.9 62.1 478.1 305.3 0.0 108.7 3.9 60.1 512.3 311.3 0.0 135.6 6.2 59.2 466.1 301.0 0.0 100.8 4.1 60.2 478.1 305.3 0.0 108.7 3.9 60.1 480.8 303.5 0.0 113.5 4.1 59.6 489.5 304.5 0.0 120.7 4.9 59.5 500.7 307.1 0.0 129.3 5.3 59.0 512.3 311.3 0.0 135.6 6.2 59.2 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies 57.9 47.6 20.5 6 7 8 65.9 9 144.7 10 2926.0 0.7 11.5 722.0 11 12 13 14 23 24 25 26 27 28 (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893065405 2 3 FL103165405 FL113165405 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business 1917.8 2083.7 2198.7 2043.6 2083.7 2115.8 2144.2 2172.9 2198.7 1 120.4 1797.4 126.6 1957.1 133.1 2065.6 124.5 1919.1 126.6 1957.1 128.5 1987.2 129.7 2014.5 131.8 2041.1 133.1 2065.6 2 3 4 FL313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 FL893065405 6 7 8 FL153065403 FL103065405 FL113065403 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1917.8 2083.7 2198.7 2043.6 2083.7 2115.8 2144.2 2172.9 2198.7 5 0.0 3.1 17.7 0.0 1.6 19.0 0.0 2.1 19.3 0.0 1.9 18.7 0.0 1.6 19.0 0.0 1.6 19.1 0.0 2.0 19.2 0.0 2.1 19.3 0.0 2.1 19.3 6 7 8 9 10 FL313065405 FL213065403 Federal government State and local governments 10.9 108.7 10.5 112.3 10.3 115.9 10.6 111.4 10.5 112.3 10.5 113.2 10.5 114.1 10.3 115.0 10.3 9 115.9 10 11 12 FL763065405 FL753065403 U.S.-chartered depository institutions Foreign banking offices in U.S. 560.9 15.9 654.2 21.8 694.4 21.9 637.0 21.0 654.2 21.8 672.1 21.3 681.1 22.4 688.1 22.3 694.4 11 21.9 12 13 14 15 FL543065405 FL573065403 FL223065443 Life insurance companies Private pension funds State and local govt. retirement funds 201.6 2.6 2.0 217.5 2.6 2.0 235.0 2.7 1.6 214.6 2.6 2.4 217.5 2.6 2.0 220.7 2.7 2.0 225.1 2.7 1.8 229.8 2.7 1.7 235.0 13 2.7 14 1.6 15 16 17 FL403065405 FL413065405 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 445.0 456.2 489.4 464.1 530.4 472.1 462.9 463.2 489.4 464.1 493.9 463.3 506.3 464.3 520.2 466.8 530.4 16 472.1 17 18 19 20 FL673065405 FL613065403 FL643065473 ABS issuers Finance companies Mortgage REITs 64.0 15.7 13.5 58.9 15.0 15.0 66.7 12.3 14.0 66.9 14.9 15.4 58.9 15.0 15.0 65.9 14.9 14.6 65.5 15.1 14.2 67.1 13.5 13.9 66.7 18 12.3 19 14.0 20 Total assets Levels 2021 128 Z.1, March 7, 2024 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2021 1 FL893065505 2 3 4 FL163165505 FL103165505 FL113165505 5 FL893065505 6 7 8 FL153065505 FL103065505 FL113065503 9 10 Total liabilities 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 3301.4 3571.2 3689.1 3513.7 3571.2 3613.9 3640.4 3667.9 3689.1 1 410.8 862.6 2028.0 436.2 1019.8 2115.2 468.8 1067.3 2153.0 429.9 990.6 2093.3 436.2 1019.8 2115.2 444.4 1034.9 2134.7 452.5 1042.3 2145.5 460.7 1053.7 2153.5 468.8 1067.3 2153.0 2 3 4 3301.4 3571.2 3689.1 3513.7 3571.2 3613.9 3640.4 3667.9 3689.1 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1.3 77.5 14.1 1.4 107.5 15.1 1.5 120.8 15.4 1.4 105.0 14.9 1.4 107.5 15.1 1.4 115.6 15.2 1.5 117.7 15.4 1.5 119.5 15.4 1.5 120.8 15.4 6 7 8 FL313065505 FL213065503 Federal government State and local governments 78.2 21.4 81.8 21.8 86.3 22.2 80.2 21.7 81.8 21.8 82.6 21.9 83.1 22.0 85.2 22.1 86.3 9 22.2 10 11 12 13 FL763065505 FL753065503 FL743065505 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 1904.7 73.8 9.4 2076.5 83.7 10.3 2161.2 82.8 10.7 2029.4 80.9 10.3 2076.5 83.7 10.3 2103.5 84.2 10.4 2127.2 85.1 10.4 2144.9 82.9 10.5 2161.2 11 82.8 12 10.7 13 14 15 FL513065505 FL543065505 Property-casualty insurance companies Life insurance companies 27.7 435.4 30.4 471.9 32.3 497.9 30.9 465.3 30.4 471.9 30.5 479.0 31.8 486.8 31.9 493.2 32.3 14 497.9 15 16 17 FL573065505 FL223065545 Private pension funds State and local govt. retirement funds 21.3 2.3 21.9 2.2 22.6 1.8 21.8 2.7 21.9 2.2 22.1 2.3 22.3 2.0 22.5 2.0 22.6 16 1.8 17 18 19 FL413065505 FL673065505 Agency- and GSE-backed mortgage pools ABS issuers 0.0 413.0 0.0 417.6 0.0 423.9 0.0 422.1 0.0 417.6 0.0 419.5 0.0 418.5 0.0 425.8 0.0 18 423.9 19 20 21 FL613065503 FL643065573 Finance companies Mortgage REITs 26.2 195.1 25.4 203.5 23.1 186.6 26.4 200.8 25.4 203.5 25.0 200.6 24.0 192.6 23.7 186.9 23.1 20 186.6 21 324.4 334.8 355.0 332.2 334.8 339.8 344.8 349.9 355.0 1 87.1 237.3 90.4 244.4 96.1 258.9 89.6 242.6 90.4 244.4 91.8 248.0 93.1 251.7 94.7 255.2 96.1 258.9 2 3 324.4 334.8 355.0 332.2 334.8 339.8 344.8 349.9 355.0 4 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business 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 FL183165603 FL233165605 4 FL893065603 5 6 FL153065605 FL113065603 Household sector Nonfinancial noncorporate business 20.5 1.0 15.0 1.1 15.1 1.1 16.3 1.1 15.0 1.1 15.5 1.1 14.9 1.1 15.3 1.1 15.1 1.1 5 6 7 8 FL313065605 FL213065603 Federal government State and local governments 11.5 1.5 12.5 1.5 13.6 1.6 12.3 1.5 12.5 1.5 12.7 1.6 13.0 1.6 13.3 1.6 13.6 1.6 7 8 9 10 FL763065633 FL753065603 U.S.-chartered depository institutions Foreign banking offices in U.S. 100.8 0.1 107.0 0.2 113.5 0.1 105.4 0.2 107.0 0.2 108.6 0.1 110.2 0.1 111.8 0.2 113.5 9 0.1 10 11 12 FL543065633 FL223065643 Life insurance companies State and local govt. retirement funds 21.3 0.0 22.7 0.0 24.1 0.0 22.3 0.0 22.7 0.0 23.0 0.0 23.4 0.0 23.7 0.0 24.1 11 0.0 12 13 14 FL403065605 FL413065605 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 166.4 1.3 173.6 1.2 184.2 1.9 171.8 1.2 173.6 1.2 176.0 1.2 178.7 1.8 181.2 1.8 184.2 13 1.9 14 Nonfinancial corporate business Nonfinancial noncorporate business Total assets (1) Excludes mortgages on farm houses. 129 Z.1, March 7, 2024 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FL153166000 Total liabilities (Households) 4548.5 4894.0 5019.7 4789.3 4894.0 4886.5 4940.7 4960.9 5019.7 1 2 FL153166000 Total assets 4548.5 4894.0 5019.7 4789.3 4894.0 4886.5 4940.7 4960.9 5019.7 2 3 4 5 FL163066223 FL103066005 FL113066003 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business 22.0 35.8 0.0 18.7 35.8 0.0 16.8 35.8 0.0 19.5 35.0 0.0 18.7 35.8 0.0 18.6 34.7 0.0 18.2 34.9 0.0 17.3 35.0 0.0 16.8 35.8 0.0 3 4 5 6 7 8 FL313066220 FL763066000 FL473066000 Federal government (2) U.S.-chartered depository institutions Credit unions 1436.4 1825.8 532.0 1487.3 2029.9 636.7 1460.1 2100.7 663.0 1479.1 1957.5 616.3 1487.3 2029.9 636.7 1499.7 1999.5 645.0 1490.1 2034.0 654.0 1463.1 2061.4 661.5 1460.1 2100.7 663.0 6 7 8 9 10 11 FL403066005 FL673066000 FL613066005 Government-sponsored enterprises ABS issuers Finance companies 0.0 1.4 695.1 0.0 3.0 682.7 0.0 16.0 727.3 0.0 2.3 679.6 0.0 3.0 682.7 0.0 3.0 686.0 0.0 3.0 706.5 0.0 3.8 718.7 12 13 14 15 FL153166100 FL153166400 FL153166220 FL153166205 1053.5 1392.7 1733.4 368.9 1212.6 1499.5 1764.1 417.9 1319.1 1556.0 1727.2 417.5 1133.1 1476.9 1761.7 417.6 1212.6 1499.5 1764.1 417.9 1178.9 1516.4 1774.9 416.3 1224.2 1535.2 1761.2 420.2 1253.8 1552.4 1732.6 422.1 1319.1 1556.0 1727.2 417.5 12 13 14 15 1 2 3 0.0 9 16.0 10 727.3 11 Memo: Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) Levels (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. L.223 Direct Investment Intercompany Debt Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 LM263192305 LM263192313 LM263092313 U.S. direct investment abroad: Intercompany Debt Liab.: Rest of the world (1) U.S. parents’ claims Less: U.S. parents’ liabilities -36.2 723.6 759.9 -72.2 731.9 804.2 -57.6 803.5 861.1 -78.6 728.5 807.1 -72.2 731.9 804.2 -25.4 763.3 788.7 -76.9 763.0 839.9 -72.0 782.2 854.3 -57.6 803.5 861.1 4 5 6 7 8 9 10 LM103092305 LM763092305 LM513092305 LM543092375 LM613092305 LM663092305 LM733092305 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies -29.7 -1.5 -1.1 -0.3 -1.7 0.0 -1.9 -59.9 -3.0 -2.1 -0.2 -3.7 0.0 -3.4 -40.1 -3.4 -3.1 -0.5 -5.3 0.0 -5.2 -65.0 -3.3 -2.3 -0.3 -3.9 0.0 -3.8 -59.9 -3.0 -2.1 -0.2 -3.7 0.0 -3.4 -21.0 -1.0 -0.7 -0.1 -1.3 0.0 -1.2 -63.3 -3.2 -2.3 -0.3 -4.0 0.0 -3.8 -59.2 -2.9 -2.2 -0.3 -3.7 0.0 -3.6 -40.1 4 -3.4 5 -3.1 6 -0.5 7 -5.3 8 0.0 9 -5.2 10 11 12 13 14 15 16 17 18 19 LM103192305 LM115114305 LM753192305 LM513192305 LM543192375 LM613192305 LM663192305 LM733192305 LM503192305 311.9 5.3 17.1 10.3 11.4 7.3 15.6 105.8 0.0 381.7 5.5 16.9 10.5 6.6 7.3 14.5 70.2 0.0 375.8 5.3 17.9 10.8 7.5 6.8 19.7 73.3 0.0 362.4 5.5 16.7 10.5 7.5 7.4 13.9 83.2 0.0 381.7 5.5 16.9 10.5 6.6 7.3 14.5 70.2 0.0 373.5 5.4 16.7 10.1 6.6 6.8 14.4 70.7 0.0 368.0 5.3 16.9 10.2 6.7 6.6 14.9 71.2 0.0 371.2 5.3 17.2 10.5 6.9 6.7 14.7 76.5 0.0 375.8 5.3 17.9 10.8 7.5 6.8 19.7 73.3 0.0 20 21 22 LM263092305 LM263092323 LM263192323 484.6 959.7 475.1 513.2 981.2 468.1 517.1 1009.2 492.1 507.2 983.1 475.9 513.2 981.2 468.1 504.2 974.0 469.8 499.6 985.2 485.6 508.9 994.2 485.4 23 24 LM263192005 LM263092001 Foreign direct investment in U.S.: Intercompany debt Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business Asset: Rest of the world (1) U.S. affiliates’ liabilities Less: U.S. affiliates’ claims Memo: Total U.S. direct investment abroad (1, 2) Total Foreign direct investment in U.S. (1, 2) 11 12 13 14 15 16 17 18 19 517.1 20 1009.2 21 492.1 22 9690.6 8004.8 9415.6 7018.4 8004.8 8747.6 8967.9 8504.7 9415.6 23 13647.7 10990.5 13724.3 10287.4 10990.5 11762.9 12686.6 12235.9 13724.3 24 (1) Direct investment is presented on a directional basis and reported at market value. (2) Memo totals are the sum of direct investment equity (tables F.225.a and L.225.a) and intercompany debt (tables F.223 and L.223). 130 Z.1, March 7, 2024 L.224 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 2023 Q4 Q1 Q2 Q3 Q4 1 LM893064105 Issues at market value 80009.5 64703.1 78052.9 60994.4 64703.1 68431.0 72789.1 70151.8 78052.9 1 2 3 4 LM103164105 LM103164115 LM103164125 Nonfinancial corporate business Publicly traded Closely held 53502.8 41617.8 51547.2 40117.7 41617.8 44861.8 48382.9 46278.8 51547.2 45059.0 34230.5 42602.9 32747.5 34230.5 37192.6 40295.8 38520.3 42602.9 8443.8 7387.3 8944.3 7370.3 7387.3 7669.2 8087.1 7758.6 8944.3 2 3 4 5 LM793164105 Financial corporations 14445.4 12779.3 14857.0 11684.3 12779.3 12772.4 13390.1 13169.8 14857.0 5 6 7 8 LM763164105 LM763164113 LM763164123 U.S.-chartered depository institutions Publicly traded (2) Closely held 9 10 11 LM513164105 LM513164113 LM513164123 Property-casualty insurance companies Publicly traded Closely held 12 13 14 LM543164175 LM543164113 LM543164123 Life insurance companies Publicly traded Closely held 15 16 17 LM554090005 LM564090005 LM403164105 Closed-end funds Exchange-traded funds Government-sponsored enterprises (2) 18 19 20 LM643164105 LM643164113 LM643164123 Mortgage REITs Publicly traded Closely held 21 22 23 LM663164105 LM663164113 LM663164123 24 25 26 170.4 159.2 11.2 124.2 115.3 8.9 100.4 92.2 8.2 125.1 117.0 8.0 124.2 115.3 8.9 85.1 78.8 6.3 81.6 75.4 6.2 83.2 77.1 6.1 100.4 92.2 8.2 6 7 8 1022.5 1018.4 4.1 1028.6 1021.2 7.4 1149.6 1143.2 6.4 912.8 905.9 6.9 1028.6 1021.2 7.4 1011.2 1002.6 8.6 1078.2 1069.5 8.7 1101.4 1093.1 8.3 1149.6 9 1143.2 10 6.4 11 224.6 221.7 3.0 230.4 225.6 4.8 240.8 237.0 3.8 199.4 195.5 3.9 230.4 225.6 4.8 202.0 197.6 4.4 212.6 207.9 4.7 225.4 220.7 4.7 240.8 12 237.0 13 3.8 14 310.0 7190.5 34.1 252.1 6476.9 31.6 255.6 8085.4 33.8 243.3 5892.1 31.3 252.1 6476.9 31.6 252.6 6882.6 30.9 253.5 7299.5 31.7 241.9 7134.3 31.5 255.6 15 8085.4 16 33.8 17 82.3 77.9 4.3 59.7 56.8 2.9 63.5 62.0 1.5 54.3 50.9 3.3 59.7 56.8 2.9 58.6 55.0 3.6 63.2 59.2 4.0 61.1 57.3 3.8 63.5 18 62.0 19 1.5 20 Brokers and dealers Publicly traded Closely held 167.4 164.0 3.4 117.3 113.5 3.8 130.2 128.6 1.5 106.7 102.6 4.1 117.3 113.5 3.8 127.3 122.5 4.9 123.4 118.3 5.1 121.1 116.1 5.0 130.2 21 128.6 22 1.5 23 LM733164105 LM733164113 LM733164123 Holding companies Publicly traded (2) Closely held 3053.7 2921.5 132.2 2495.2 2379.7 115.5 2662.3 2509.2 153.1 2269.0 2170.5 98.5 2495.2 2379.7 115.5 2229.4 2125.6 103.8 2272.3 2164.7 107.6 2170.5 2070.0 100.5 2662.3 24 2509.2 25 153.1 26 27 28 29 LM503164105 LM503164115 LM503164125 Other financial business Publicly traded (2) Closely held 2189.8 2093.2 96.7 1963.3 1868.9 94.4 2135.4 2024.8 110.6 1850.3 1752.1 98.2 1963.3 1868.9 94.4 1892.5 1780.3 112.3 1974.0 1852.7 121.3 1999.5 1880.3 119.1 2135.4 27 2024.8 28 110.6 29 30 LM263164100 Rest of the world (3) 12061.3 10306.0 11648.7 31 LM893064105 Holdings at market value 80009.5 64703.1 78052.9 60994.4 64703.1 68431.0 72789.1 70151.8 78052.9 31 32 33 34 35 LM153064105 LM103064103 LM313064105 LM213064103 Household sector Nonfinancial corporate business Federal government State and local governments 31656.1 26418.8 31996.5 25087.6 26418.8 27995.0 29696.9 28705.8 31996.5 32 3144.9 2397.6 2830.7 2270.1 2397.6 2532.1 2708.2 2575.4 2830.7 33 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 34 306.4 239.3 293.2 225.1 239.3 254.7 274.2 263.3 293.2 35 36 37 38 FL713064103 LM763064103 FL753064103 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 39 40 41 42 43 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 44 45 46 47 48 LM653064100 LM553064103 LM563064100 LM663064103 FL503064105 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Other financial business 15533.8 11867.0 13788.6 11077.4 11867.0 12537.1 13229.7 12605.5 13788.6 44 123.4 99.0 100.2 93.3 99.0 98.8 101.5 96.0 100.2 45 5803.3 5059.2 6426.1 4552.1 5059.2 5376.5 5766.1 5608.1 6426.1 46 233.9 170.3 283.4 192.2 170.3 235.3 276.0 251.3 283.4 47 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48 49 LM263064105 Rest of the world (4) 13898.3 10821.9 13524.7 10313.0 10821.9 11514.5 12406.9 12072.3 13524.7 49 9192.4 10306.0 10796.8 11016.1 10703.2 11648.7 30 0.0 54.1 0.0 0.0 45.8 0.0 0.0 59.4 0.0 0.0 40.9 0.0 0.0 45.8 0.0 0.0 46.0 0.0 0.0 48.8 0.0 0.0 48.5 0.0 642.8 811.5 3869.8 524.0 3374.2 532.9 659.8 2933.0 418.8 3006.6 621.2 750.1 3463.2 534.0 3348.4 506.5 629.9 2780.0 384.9 2808.3 532.9 659.8 2933.0 418.8 3006.6 578.0 689.3 3083.2 449.0 3008.2 608.0 702.7 3285.4 485.4 3166.1 559.7 671.2 3134.0 474.1 3053.6 0.0 36 59.4 37 0.0 38 621.2 750.1 3463.2 534.0 3348.4 39 40 41 42 43 Memo: 50 51 52 53 LM883164115 LM883164123 LM883164133 LM883164135 Publicly traded equity at market value (5) Closely held equity at market value (6) S corporations C corporations 54 PC073164013 Percent change in Dow Jones U.S. Total Market Index 59249.5 46772.1 57174.7 44208.8 46772.1 49721.0 53428.2 51442.6 57174.7 50 8698.7 7625.0 9229.5 7593.2 7625.0 7913.2 8344.8 8006.0 9229.5 51 6382.3 5682.5 7075.6 5751.4 5682.5 5930.8 6337.9 6109.2 7075.6 52 2316.3 1942.5 2153.9 1841.8 1942.5 1982.4 2006.9 1896.8 2153.9 53 24.01 -20.80 24.06 -4.95 6.71 (1) Includes shares of exchange-traded funds, closed-end funds, and real estate investment trusts. Excludes mutual fund shares shown on table L.226. (2) Includes corporate equities issued by financial corporations under the federal financial stabilization programs. (3) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (4) Holdings of U.S. issues by foreign residents. (5) Equal to the sum of lines 3, 7, 10, 13, 15, 16, 17, 19, 22, 25, and 28. (6) Equal to the sum of lines 4, 8, 11, 14, 20, 23, 26, and 29. 6.79 7.96 -3.65 11.68 54 131 Z.1, March 7, 2024 L.225 Other Equity (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 LM893181115 Issues 41181.5 37521.5 41180.9 36228.8 37521.5 38700.0 40106.5 39196.7 41180.9 1 2 3 LM103192105 LM113181115 Nonfinancial corporate business Nonfinancial noncorporate business 11258.2 9129.8 11534.9 8502.1 9129.8 9819.8 10619.3 10227.6 11534.9 15612.2 16242.4 15758.1 16640.2 16242.4 15901.0 16143.0 16128.3 15758.1 2 3 4 5 6 FL713164005 FL763194603 LM753181115 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 7 8 LM513181115 LM543181115 9 10 11 12 13 33.9 2243.5 571.9 35.0 2103.7 454.1 36.1 2213.6 563.5 35.1 2063.4 437.7 35.0 2103.7 454.1 35.4 2165.3 489.2 35.6 2174.5 526.6 35.9 2170.5 534.4 36.1 2213.6 563.5 4 5 6 Property-casualty insurance companies Life insurance companies 283.3 309.5 218.4 134.9 282.2 176.5 206.9 144.9 218.4 134.9 231.1 148.0 253.4 162.4 246.9 158.1 282.2 176.5 7 8 FL403192405 LM613192103 LM663181115 LM733192103 LM503181115 Government-sponsored enterprises Finance companies Brokers and dealers Holding companies Other financial business 40.9 198.2 724.5 87.0 21.3 60.8 148.5 733.2 95.5 15.4 64.3 174.3 736.9 84.0 7.4 54.3 143.3 721.3 91.9 17.9 60.8 148.5 733.2 95.5 15.4 72.4 152.6 724.9 98.7 15.4 67.1 160.9 737.9 92.8 13.4 65.0 154.1 722.7 87.6 14.1 64.3 174.3 736.9 84.0 7.4 9 10 11 12 13 14 LM263181115 Rest of the World 9797.3 8149.9 9549.2 7169.8 8149.9 8846.2 9119.6 8651.5 15 LM893081115 Holdings 41181.5 37521.5 41180.9 36228.8 37521.5 38700.0 40106.5 39196.7 41180.9 15 16 LM153081115 Households 15573.7 16238.9 15767.8 16631.9 16238.9 15898.9 16134.7 16126.9 15767.8 16 17 18 LM103081115 FL113092405 Nonfinancial corporate business Nonfinancial noncorporate business 19 LM313081115 Federal government 20 21 LM763081115 FL473092403 22 23 9549.2 14 7981.5 14.2 6695.5 15.1 7781.8 18.3 5869.9 15.2 6695.5 15.1 7247.3 17.0 7447.1 17.6 7051.1 17.9 7781.8 17 18.3 18 91.8 88.3 83.4 90.7 88.3 88.5 88.1 88.9 83.4 19 U.S.-chartered depository institutions Credit unions 439.7 4.3 397.9 6.3 437.0 6.5 352.6 5.6 397.9 6.3 432.6 6.2 440.9 6.0 414.5 6.3 437.0 20 6.5 21 LM513081115 LM543081115 Property-casualty insurance companies Life insurance companies 307.7 95.8 236.4 33.2 293.9 59.3 210.7 39.8 236.4 33.2 258.2 41.9 273.5 44.2 260.8 48.0 293.9 22 59.3 23 24 25 26 27 28 LM613081115 FL643092473 LM663092103 LM733081115 FL503094505 Finance companies Mortgage REITs Brokers and dealers Holding companies Other financial business 454.8 0.0 0.0 2946.3 108.5 408.8 0.0 0.0 2814.4 109.4 495.1 0.0 0.0 2915.0 115.6 348.4 0.0 0.0 2767.2 116.6 408.8 0.0 0.0 2814.4 109.4 448.5 0.0 0.0 2885.1 117.1 466.8 0.0 0.0 2886.3 114.2 445.3 0.0 0.0 2872.5 137.5 29 LM263092101 Rest of the World 13163.1 10477.3 13207.2 495.1 0.0 0.0 2915.0 115.6 24 25 26 27 28 9780.2 10477.3 11258.7 12186.9 11727.0 13207.2 29 (1) Other equity is the sum of direct investment equity and miscellaneous other equity. L.225.a Direct Investment Equity Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 LM263192101 LM103092105 LM763092100 LM513092103 LM543092173 LM613092103 LM663092103 LM733092103 U.S. direct investment abroad: Equity Liab.: Rest of the world (1) Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies 9 10 11 12 13 14 15 16 17 18 LM103192105 LM115114103 LM753192103 LM513192103 LM543192173 LM613192103 LM663192103 LM733192103 LM503192103 LM263092101 Foreign direct investment in U.S.: Equity Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business Asset: Rest of the world (1) 11258.2 9129.8 11534.9 144.6 113.3 114.1 463.4 344.7 447.9 279.7 213.8 277.6 309.5 134.9 176.5 198.2 148.5 174.3 422.6 296.9 397.9 87.0 95.5 84.0 0.0 0.0 0.0 13163.1 10477.3 13207.2 19 20 LM263192005 LM263092001 Memo: Total U.S. direct investment abroad (1, 2) Total Foreign direct investment in U.S. (1, 2) 9690.6 8004.8 9415.6 7018.4 8004.8 8747.6 8967.9 8504.7 9415.6 19 13647.7 10990.5 13724.3 10287.4 10990.5 11762.9 12686.6 12235.9 13724.3 20 9726.8 7980.0 394.7 307.2 86.7 454.8 0.0 503.4 8077.0 6693.8 333.5 236.1 25.1 408.8 0.0 379.7 9473.2 7779.9 377.5 293.4 45.7 495.0 0.0 481.7 7097.1 5868.2 294.6 210.4 31.3 348.4 0.0 344.1 8077.0 6693.8 333.5 236.1 25.1 408.8 0.0 379.7 8773.0 7245.2 358.1 257.9 34.1 448.5 0.0 429.2 9044.8 7445.2 372.4 273.2 35.9 466.8 0.0 451.4 8576.7 7049.2 348.7 260.6 39.3 445.3 0.0 433.7 9473.2 7779.9 377.5 293.4 45.7 495.0 0.0 481.7 1 2 3 4 5 6 7 8 8502.1 9129.8 9819.8 10619.3 10227.6 11534.9 9 105.8 113.3 119.9 128.3 122.4 114.1 10 321.1 344.7 372.1 412.4 396.9 447.9 11 202.5 213.8 226.2 248.6 242.3 277.6 12 144.9 134.9 148.0 162.4 158.1 176.5 13 143.3 148.5 152.6 160.9 154.1 174.3 14 268.6 296.9 321.5 362.3 338.1 397.9 15 91.9 95.5 98.7 92.8 87.6 84.0 16 0.0 0.0 0.0 0.0 0.0 0.0 17 9780.2 10477.3 11258.7 12186.9 11727.0 13207.2 18 (1) Direct investment is presented on a directional basis and reported at market value. (2) Memo totals are the sum of direct investment equity (tables F.225.a and L.225.a) and intercompany debt (tables F.223 and L.223). Levels 2021 132 Z.1, March 7, 2024 L.225.b Miscellaneous Other Equity Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 Levels 1 FL893194905 Total miscellaneous other equity 2023 Q4 Q1 Q2 Q3 Q4 18291.6 18967.1 18500.5 19351.5 18967.1 18668.3 18874.7 18893.0 18500.5 1 15467.6 16129.2 15644.0 16534.4 16129.2 15781.1 16014.6 16006.0 15644.0 106.1 109.8 123.8 97.5 109.8 117.8 120.1 121.0 123.8 15573.7 16238.9 15767.8 16631.9 16238.9 15898.9 16134.7 16126.9 15767.8 2 3 4 2 3 4 LM112090205 LM662090003 LM152090205 Proprietors’ Equity in Noncorporate Business Liab.: Nonfinancial corporate business Brokers and dealers Asset: Households 5 6 FL313092803 FL313092803 Federal government equity in IBRD, etc.: Liab.: Rest of the world Asset: Federal government 70.5 70.5 72.9 72.9 76.0 76.0 72.7 72.7 72.9 72.9 73.1 73.1 74.7 74.7 74.7 74.7 76.0 76.0 5 6 7 8 FL713164003 FL713164003 Federal Reserve Bank stock: Liab.: Monetary authority Asset: U.S.-chartered depository institutions 33.9 33.9 35.0 35.0 36.1 36.1 35.1 35.1 35.0 35.0 35.4 35.4 35.6 35.6 35.9 35.9 36.1 36.1 7 8 9 10 11 12 13 14 15 16 17 18 FL403192405 FL103092405 FL113092405 FL313092403 FL763092405 FL473092403 FL513092403 FL543092473 FL613092403 FL643092473 Equity in government-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 (FHLB) Mortgage REITs (FHLB) 40.9 1.6 14.2 0.0 11.1 4.3 0.6 9.1 0.0 0.0 60.8 1.7 15.1 0.0 29.4 6.3 0.3 8.1 0.0 0.0 64.3 1.9 18.3 0.0 23.5 6.5 0.5 13.6 0.0 0.0 54.3 1.7 15.2 0.0 22.9 5.6 0.3 8.5 0.0 0.0 60.8 1.7 15.1 0.0 29.4 6.3 0.3 8.1 0.0 0.0 72.4 2.1 17.0 0.0 39.1 6.2 0.3 7.8 0.0 0.0 67.1 1.9 17.6 0.0 32.9 6.0 0.3 8.4 0.0 0.0 65.0 1.9 17.9 0.0 29.9 6.3 0.3 8.7 0.0 0.0 64.3 1.9 18.3 0.0 23.5 6.5 0.5 13.6 0.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 FL763194603 FL513194603 FL543194603 FL663194605 FL733094635 Holding company equity investment in affiliates: Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Brokers and dealers Asset: Holding companies 2243.5 3.6 0.0 195.8 2442.9 2103.7 4.5 0.0 326.5 2434.7 2213.6 4.6 0.0 215.2 2433.4 2063.4 4.5 0.0 355.2 2423.1 2103.7 4.5 0.0 326.5 2434.7 2165.3 4.9 0.0 285.6 2455.9 2174.5 4.8 0.0 255.5 2434.9 2170.5 4.6 0.0 263.6 2438.8 2213.6 4.6 0.0 215.2 2433.4 19 20 21 22 23 24 25 26 FL753194503 FL663194505 FL503094505 Other financial business investment in affiliates: Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Other financial business 108.5 0.0 108.5 109.4 0.0 109.4 115.6 0.0 115.6 116.6 0.0 116.6 109.4 0.0 109.4 117.1 0.0 117.1 114.2 0.0 114.2 137.5 0.0 137.5 115.6 24 0.0 25 115.6 26 27 28 29 FL313094213 FL503194205 FL313094205 Federal gov’t investment in Federal Reserve facilities: Liab.: Monetary authority Other financial business Asset: Federal government 0.0 21.3 21.3 0.0 15.4 15.4 0.0 7.4 7.4 0.0 17.9 17.9 0.0 15.4 15.4 0.0 15.4 15.4 0.0 13.4 13.4 0.0 14.1 14.1 0.0 27 7.4 28 7.4 29 30 31 32 LM503194305 LM153094305 LM313094303 Equity investment under Public-Private Inv. Program: Liab.: Other financial business Asset: Households (1) Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 0.0 31 0.0 32 (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 133 Z.1, March 7, 2024 L.226 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 2023 Q4 Q1 Q2 Q3 Q4 1 LM653164205 Shares at market value 22208.8 17333.4 19599.7 16617.1 17333.4 18166.2 18850.5 18106.6 19599.7 1 2 LM653164205 Holdings at market value 22208.8 17333.4 19599.7 16617.1 17333.4 18166.2 18850.5 18106.6 19599.7 2 3 4 5 LM153064205 LM103064203 LM213064203 Household sector Nonfinancial corporate business State and local governments 12829.6 444.4 128.0 3 4 5 6 7 LM763064203 LM473064205 U.S.-chartered depository institutions Credit unions 8 9 10 11 LM513064205 LM543064205 LM573064205 LM223064205 12 LM263064203 9759.4 11005.1 358.5 407.2 105.6 122.6 9351.7 339.7 99.5 9759.4 10189.5 10615.6 10163.8 11005.1 358.5 375.3 389.8 375.2 407.2 105.6 111.2 116.1 112.4 122.6 14.9 7.1 10.1 4.2 10.5 4.1 12.4 4.3 10.1 4.2 10.2 4.0 11.1 4.0 9.8 3.5 10.5 4.1 6 7 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 36.2 1832.3 5430.1 298.3 30.8 1413.5 4385.0 207.6 34.3 1535.3 5038.1 241.8 28.3 1347.2 4152.3 237.2 30.8 1413.5 4385.0 207.6 31.2 1460.7 4622.7 275.3 32.5 1504.0 4804.6 253.0 31.0 1423.9 4632.1 230.3 34.3 8 1535.3 9 5038.1 10 241.8 11 Rest of the world 1187.9 1058.6 1200.7 1044.5 1058.6 1086.3 1120.0 1124.6 1200.7 12 Levels (1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds. 134 Z.1, March 7, 2024 L.228 Life Insurance Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 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 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 2556.6 2548.4 2659.0 2522.7 2548.4 2587.8 2616.6 2608.8 2659.0 1 52.6 2399.4 104.6 53.0 2398.9 96.5 54.3 2507.2 97.4 53.0 2371.1 98.5 53.0 2398.9 96.5 53.5 2436.6 97.6 53.5 2464.8 98.3 54.2 2456.0 98.7 54.3 2507.2 97.4 2 3 4 2556.6 2548.4 2659.0 2522.7 2548.4 2587.8 2616.6 2608.8 2659.0 5 2000.3 198.2 284.9 73.0 0.2 1987.1 204.7 279.3 77.0 0.3 2089.6 202.7 285.4 81.0 0.3 1961.2 204.4 280.7 76.0 0.3 1987.1 204.7 279.3 77.0 0.3 2020.9 206.0 282.6 78.0 0.3 2050.4 202.3 284.5 79.0 0.3 2040.7 202.2 285.6 80.0 0.3 2089.6 6 202.7 7 285.4 8 81.0 9 0.3 10 L.229 Pension Entitlements Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893150005 2 3 FL543150005 FL574190005 Total liabilities Life insurance companies (1) Private pension funds (2) 4 5 6 FL344090005 FL224190005 FL263150005 Federal government retirement funds (3) State and local govt. retirement funds Rest of the world 7 FL893150005 8 9 10 FL153050005 FL543050005 FL543151905 Total assets Households (4) Life insurance companies Rest of the world 31941.1 29406.1 31469.6 29037.4 29406.1 30063.5 30664.1 30420.8 31469.6 1 4109.9 3823.1 4139.9 3714.3 3823.1 3941.9 4040.1 3958.0 4139.9 13203.1 11729.0 12932.4 11336.2 11729.0 12119.8 12477.5 12240.3 12932.4 2 3 4559.6 9898.3 170.2 4529.5 9068.0 256.5 4724.4 9406.1 266.9 4498.0 9253.9 234.9 4529.5 9068.0 256.5 4582.6 9156.4 262.8 4637.5 9243.8 265.3 4642.3 9313.7 266.5 4724.4 9406.1 266.9 4 5 6 31941.1 29406.1 31469.6 29037.4 29406.1 30063.5 30664.1 30420.8 31469.6 7 31560.4 28920.7 30963.7 28578.2 28920.7 29566.1 30161.9 29916.4 30963.7 8 380.0 484.2 504.6 458.0 484.2 496.1 500.9 503.1 504.6 9 0.7 1.3 1.3 1.1 1.3 1.3 1.3 1.3 1.3 10 Memo: 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 14460.0 11950.0 592.2 560.1 83.9 83.0 793.0 739.0 368.0 440.0 5614.0 4437.0 7008.8 5690.9 ND 11375.0 11950.0 12465.0 12955.0 12566.0 ND 572.6 560.1 471.0 482.6 427.9 ND 83.8 83.0 83.5 84.3 84.9 ND 718.0 739.0 762.0 781.0 770.0 ND 420.0 440.0 466.0 500.0 533.0 ND 4232.0 4437.0 4656.0 4847.0 4689.0 ND 5348.6 5690.9 6026.6 6260.1 6061.1 ND ND ND ND ND ND ND 11 12 13 14 15 16 17 (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Includes public and private defined benefit and defined contribution pension plans, and annuities at life insurance companies. Annuities include those held in individual retirement accounts (IRAs). Social security is excluded. (5) Asset of the household and nonprofit organizations sector (tables L.101 and B.101). Figures for depositories (lines 12 and 13) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 14) and excluded from the money market fund and mutual fund sectors (lines 15 and 16). 135 Z.1, March 7, 2024 L.230 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893170005 2 FL163170005 Total trade payables Nonprofit organizations (1) 3 4 FL103170005 FL113170005 5 6 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 6648.4 7111.1 7394.2 7059.0 7111.1 7027.8 7096.5 7263.1 7394.2 1 469.7 502.6 534.1 494.4 502.6 510.5 518.4 526.2 534.1 2 Nonfinancial corporate business Nonfinancial noncorporate business 3194.4 741.7 3442.7 784.6 3555.0 788.9 3436.7 771.7 3442.7 784.6 3324.7 787.3 3346.8 792.3 3465.8 793.5 3555.0 788.9 3 4 FL313170005 FL213170003 Federal government State and local governments 508.4 1162.5 555.6 1227.3 589.6 1295.8 555.0 1210.7 555.6 1227.3 558.4 1244.1 563.4 1261.0 574.5 1278.3 589.6 1295.8 5 6 7 8 9 FL513170005 FL543170005 FL663170003 Property-casualty insurance companies Life insurance companies Brokers and dealers 109.5 355.0 22.4 124.6 371.2 20.0 136.8 391.5 18.5 120.9 367.1 19.6 124.6 371.2 20.0 127.9 375.1 19.1 130.5 381.4 22.8 133.4 387.0 21.4 136.8 391.5 18.5 7 8 9 10 LM263170005 11 FL893070005 12 FL163070005 Nonprofit organizations (1) 13 14 FL103070005 FL113070003 Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FL313070000 FL213070003 17 18 19 20 FL513070005 FL543070005 FL673070003 LM263070005 21 FL903070005 Rest of the world 84.8 82.4 84.2 83.0 82.4 80.7 80.0 83.1 84.2 10 7026.8 7364.3 7690.9 7399.3 7364.3 7359.7 7405.7 7535.9 7690.9 11 298.6 311.7 326.0 308.4 311.7 315.3 318.9 322.4 326.0 12 4414.3 1019.9 4595.3 1070.7 4796.9 1088.0 4664.4 1059.1 4595.3 1070.7 4564.1 1075.8 4575.5 1084.3 4669.1 1087.0 4796.9 13 1088.0 14 Federal government State and local governments 95.5 275.5 97.3 295.9 100.5 309.6 96.3 294.6 97.3 295.9 102.0 287.8 102.9 289.7 105.7 298.1 100.5 15 309.6 16 Property-casualty insurance companies Life insurance companies ABS issuers Rest of the world 233.4 140.5 38.2 511.1 259.7 136.6 41.9 555.1 287.4 146.6 45.7 590.2 256.0 137.6 38.6 544.4 259.7 136.6 41.9 555.1 273.9 137.4 39.8 563.5 280.1 140.6 41.4 572.2 284.1 143.8 42.3 583.3 287.4 146.6 45.7 590.2 -378.4 -253.2 -296.6 -340.3 -253.2 -331.9 -309.1 -272.9 Total trade receivables Discrepancy 17 18 19 20 -296.6 21 (1) Included in the households and nonprofit organizations sector (tables L.101 and B.101). L.231 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893178005 Total taxes payable by all businesses 598.1 561.2 586.3 548.0 561.2 596.6 554.3 564.4 586.3 1 2 3 FL103178005 FL113178003 Nonfinancial corporate business Nonfinancial noncorporate business 249.8 202.3 277.5 213.7 271.3 219.7 280.3 211.0 277.5 213.7 309.0 215.4 268.6 218.2 274.1 219.3 271.3 219.7 2 3 4 FL763178000 U.S.-chartered depository institutions 104.1 30.4 56.7 17.9 30.4 31.7 29.3 30.8 56.7 4 5 6 FL513178005 FL543178075 Property-casualty insurance companies Life insurance companies 10.3 7.2 10.5 6.0 7.5 6.2 8.2 5.3 10.5 6.0 10.7 6.5 9.1 5.7 9.3 6.6 7.5 6.2 5 6 7 8 9 FL613178005 FL663178003 FL733178013 Finance companies Brokers and dealers Holding companies 14.9 6.8 2.8 16.7 3.9 2.5 18.9 4.0 1.9 16.0 6.7 2.5 16.7 3.9 2.5 16.4 4.4 2.5 16.5 5.0 1.9 17.1 5.3 1.9 18.9 4.0 1.9 7 8 9 10 FL893078005 685.9 668.0 590.1 669.6 668.0 740.5 676.6 646.4 590.1 10 11 12 FL313078000 FL213078005 476.5 209.5 447.1 220.9 363.8 226.3 451.4 218.2 447.1 220.9 517.8 222.6 451.2 225.4 419.4 227.0 363.8 11 226.3 12 13 FL903078005 -87.8 -106.8 -3.9 -121.6 -106.8 -143.9 -122.3 -82.0 -3.9 13 Total business taxes receivable Federal government State and local governments Discrepancy Levels 2021 136 Z.1, March 7, 2024 L.232 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 Total liabilities 2023 Q4 Q1 Q2 Q3 Q4 1 FL893190005 2 3 4 FL543077073 FL103190005 FL113193003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 38.4 8620.0 2729.4 37.0 9189.7 2779.4 39.5 9481.4 2846.8 39.4 9211.1 2765.8 37.0 9189.7 2779.4 38.0 9184.0 2801.1 38.0 9325.7 2828.2 38.7 9487.1 2841.6 39.5 9481.4 2846.8 2 3 4 5 6 FL313190005 FL223073045 Federal government State and local governments 1996.1 3535.6 1777.1 3205.3 1626.4 2938.8 1896.9 3639.5 1777.1 3205.3 1839.6 3138.2 1821.5 3093.5 1796.6 3288.9 1626.4 2938.8 5 6 7 8 9 10 11 FL713193005 FL763190005 FL753193005 FL743193005 FL473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 11.8 442.9 102.2 22.8 28.3 -11.4 465.8 189.3 25.8 32.7 -125.7 738.3 156.9 56.4 85.7 6.7 541.9 168.4 25.5 30.6 -11.4 465.8 189.3 25.8 32.7 -34.9 461.5 140.7 25.7 42.4 -68.7 495.5 156.1 26.2 63.0 -95.1 650.5 168.1 48.6 72.5 -125.7 7 738.3 8 156.9 9 56.4 10 85.7 11 12 13 FL513190005 FL543190005 Property-casualty insurance companies Life insurance companies 1823.9 2051.0 1947.3 1977.1 2156.8 2112.2 1956.4 1994.3 1947.3 1977.1 2018.0 2031.1 2060.2 2063.5 2106.8 2075.1 2156.8 12 2112.2 13 14 15 16 FL403190005 FL613190005 FL643193075 Government-sponsored enterprises Finance companies Mortgage REITs 72.9 494.3 17.1 86.9 540.6 19.8 107.2 619.9 26.8 83.3 531.0 33.1 86.9 540.6 19.8 85.9 553.4 21.5 91.3 558.4 23.6 103.1 600.6 21.4 107.2 14 619.9 15 26.8 16 17 18 19 FL663190005 FL733190005 FL503190005 Brokers and dealers Holding companies Other financial business 1068.5 476.5 914.0 1043.6 634.3 882.1 1117.6 708.1 984.8 1063.7 632.6 841.5 1043.6 634.3 882.1 1113.2 644.2 914.8 1108.0 653.8 924.6 1083.2 696.4 961.3 1117.6 17 708.1 18 984.8 19 20 FL263190005 Rest of the world 361.1 378.3 398.6 381.6 378.3 384.8 405.1 387.7 398.6 20 21 FL893090005 22 23 24 FL153090005 FL103090005 FL113090005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 FL313091105 FL213093003 27 28 29 30 31 Total assets 24806.7 25200.7 26076.5 25843.2 25200.7 25403.0 25667.6 26333.2 26076.5 1 28963.9 30566.2 30984.5 31487.1 30566.2 30671.4 30697.7 31288.3 30984.5 21 1432.5 8381.7 4565.5 1526.8 9194.2 4728.3 1634.8 9551.2 4789.5 1493.1 9336.0 4683.6 1526.8 9194.2 4728.3 1553.1 9198.8 4752.4 1574.4 9275.0 4774.1 1593.9 9365.5 4785.6 1634.8 22 9551.2 23 4789.5 24 Federal government State and local governments 2.6 127.0 2.6 127.9 2.6 105.5 2.6 134.4 2.6 127.9 2.6 123.3 2.6 114.0 2.6 110.1 2.6 25 105.5 26 FL713090005 FL763090005 FL753093005 FL743093005 FL473093005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 35.4 675.4 76.9 27.5 126.5 36.1 900.3 138.1 32.8 103.1 39.0 777.4 109.4 40.0 99.4 33.1 996.3 114.5 36.3 106.3 36.1 900.3 138.1 32.8 103.1 34.3 829.7 104.0 35.6 98.3 37.5 814.1 105.6 33.7 97.0 40.2 873.6 118.9 38.5 96.2 39.0 777.4 109.4 40.0 99.4 32 33 FL513090005 FL543090005 Property-casualty insurance companies Life insurance companies 427.2 873.3 552.5 985.0 551.7 1090.7 582.1 983.6 552.5 985.0 581.7 994.4 568.5 1027.6 567.0 1061.9 551.7 32 1090.7 33 34 35 36 FL573090005 FL343073045 FL223090005 Private pension funds Federal government retirement funds State and local govt. retirement funds 1745.9 1550.9 4763.0 2377.9 1390.6 4477.6 2150.2 1213.0 4381.4 2448.9 1532.6 4912.1 2377.9 1390.6 4477.6 2277.8 1455.5 4491.0 2210.1 1434.6 4504.7 2327.3 1410.4 4674.1 2150.2 34 1213.0 35 4381.4 36 37 38 39 FL633093005 FL653093005 LM563093003 Money market funds Mutual funds Exchange-traded funds -2.9 347.2 133.2 33.0 295.2 131.9 -17.6 263.9 129.6 16.1 299.9 130.0 33.0 295.2 131.9 21.5 318.3 137.3 22.1 266.2 131.0 9.3 287.7 124.0 -17.6 37 263.9 38 129.6 39 40 41 42 43 FL403093005 FL673090543 FL613090005 FL643093075 Government-sponsored enterprises ABS issuers Finance companies Mortgage REITs 159.2 155.4 294.8 48.2 121.7 173.7 304.0 52.5 125.6 183.5 361.2 63.9 113.6 171.3 289.5 59.5 121.7 173.7 304.0 52.5 118.6 175.8 304.8 54.5 118.3 178.3 314.8 55.0 125.0 182.3 331.4 58.4 125.6 183.5 361.2 63.9 44 45 46 FL663090005 FL733090005 FL503093023 Brokers and dealers Holding companies Other financial business 1713.7 1060.3 2.4 1619.6 1010.6 2.0 1739.1 1272.7 5.6 1695.1 1040.0 3.7 1619.6 1010.6 2.0 1711.0 1029.8 2.2 1715.0 1055.9 1.8 1700.6 1088.7 2.4 1739.1 44 1272.7 45 5.6 46 47 FL263090005 Rest of the world 241.0 248.2 321.5 273.2 248.2 265.3 265.7 312.6 321.5 47 48 FL903090005 -4157.2 -5365.6 -4908.1 -5643.9 -5365.6 -5268.4 -5030.1 -4955.1 -4908.1 48 Discrepancy 27 28 29 30 31 40 41 42 43 137 Z.1, March 7, 2024 L.233 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 FL763194705 FL513194703 FL543194703 FL613194733 FL663194705 FL263194735 FL733094735 Holding company other investment in affiliates: 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 8 9 10 11 12 13 FL733194735 FL763094703 FL513094703 FL543094703 FL663094705 FL263094733 14 15 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 142.9 0.3 0.0 16.7 711.9 148.9 1020.8 138.3 0.0 0.0 14.5 660.0 157.7 970.5 238.0 0.1 0.0 11.1 833.8 158.4 1241.4 131.5 0.0 0.0 13.6 685.6 163.9 994.5 138.3 0.0 0.0 14.5 660.0 157.7 970.5 140.2 0.0 0.0 13.2 679.1 158.8 991.5 154.2 0.0 0.0 12.9 677.3 175.2 1019.7 185.3 0.3 0.0 11.0 697.7 153.4 1047.7 238.0 0.1 0.0 11.1 833.8 158.4 1241.4 1 2 3 4 5 6 7 Holding company balances due to affiliates: Liab.: Holding companies Asset: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Brokers and dealers Rest of the world 473.7 6.9 0.4 0.0 290.5 175.9 587.7 8.1 1.2 0.0 396.8 181.6 654.5 5.7 0.0 0.0 400.5 248.3 606.5 9.0 1.3 0.0 389.3 207.0 587.7 8.1 1.2 0.0 396.8 181.6 602.8 7.4 1.1 0.0 397.4 196.9 609.9 7.7 0.6 0.0 405.6 195.9 647.0 4.9 0.0 0.0 400.7 241.3 654.5 5.7 0.0 0.0 400.5 248.3 8 9 10 11 12 13 FL103094705 FL103094705 NFC other investment in finance company affiliates: Liab.: Finance companies Asset: Nonfinancial corporate business 150.6 150.6 144.4 144.4 151.5 151.5 153.6 153.6 144.4 144.4 163.9 163.9 148.5 148.5 177.6 177.6 151.5 14 151.5 15 16 17 18 FL663170605 FL663070675 FL663070605 Securities brokers and dealers payables: Liab.: Brokers and dealers Other financial business Asset: Brokers and dealers 656.9 685.8 1342.7 624.2 672.4 1296.5 684.3 676.3 1360.5 643.2 693.4 1336.5 624.2 672.4 1296.5 670.1 699.5 1369.5 668.0 695.9 1363.9 644.7 685.4 1330.1 684.3 16 676.3 17 1360.5 18 19 20 21 22 23 FL313172003 FL163072003 FL103072005 FL113072003 FL613072003 Paycheck Protection Program subsidies payable: Liab.: Federal government Asset: Nonprofit organizations Nonfinancial corporate business Nonfinancial noncorporate business Finance companies 100.1 13.2 43.3 43.5 0.0 3.0 1.1 0.0 1.9 0.0 0.0 0.0 0.0 0.0 0.0 6.8 3.1 0.0 3.7 0.0 3.0 1.1 0.0 1.9 0.0 1.3 0.2 0.0 1.1 0.0 0.5 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 21 22 23 Levels 2021 138 Z.1, March 7, 2024 L.234 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Levels Q3 2023 Q4 Q1 Q2 Q3 Q4 1 2 3 FL263191103 FL313091105 FL713091103 Nonofficial foreign currencies: Liab.: Rest of the world Asset: Federal government Monetary authority (1) 6.0 2.6 3.3 3.0 2.6 0.4 4.0 2.6 1.4 2.9 2.6 0.3 3.0 2.6 0.4 3.2 2.6 0.6 2.8 2.6 0.2 2.9 2.6 0.2 4.0 2.6 1.4 1 2 3 4 5 FL313131003 FL313131003 Postal Savings System deposits: Liab.: Federal government Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 6 7 FL403197033 FL403197033 Deposits at Federal Home Loan Banks: Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions 14.3 14.3 10.4 10.4 13.2 13.2 12.0 12.0 10.4 10.4 15.1 15.1 13.3 13.3 13.3 13.3 13.2 13.2 6 7 8 9 FL673090543 FL673090543 Funding agreements backing securities: Liab.: Life insurance companies (2) Asset: ABS issuers 155.4 155.4 173.7 173.7 183.5 183.5 171.3 171.3 173.7 173.7 175.8 175.8 178.3 178.3 182.3 182.3 183.5 183.5 8 9 10 11 FL543077073 FL543077073 Deferred and unpaid life insurance premiums: Liab.: Household sector Asset: Life insurance companies 38.4 38.4 37.0 37.0 39.5 39.5 39.4 39.4 37.0 37.0 38.0 38.0 38.0 38.0 38.7 38.7 12 13 14 15 FL543195005 FL263195105 FL153095105 FL543095105 Other reserves at life insurance companies: Liab.: Life insurance companies Rest of the world Asset: Household sector Life insurance companies 472.0 26.7 408.1 90.6 474.6 25.2 414.1 85.7 480.5 25.2 420.2 85.5 473.1 25.6 411.8 86.9 474.6 25.2 414.1 85.7 481.1 25.4 420.1 86.4 483.1 25.6 421.8 87.0 484.9 25.7 423.2 87.4 480.5 25.2 420.2 85.5 12 13 14 15 16 17 18 19 20 21 22 FL513176005 FL263176005 FL153076005 FL103076005 FL113076005 FL513076005 FL263076005 Policy payables: Liab.: Property-casualty insurance companies Rest of the world Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Property-casualty insurance companies Rest of the world 1504.7 179.5 666.1 450.2 152.9 349.8 65.1 1624.7 192.3 728.1 483.3 162.4 376.6 66.6 1777.7 211.0 801.2 528.4 172.8 413.2 73.1 1609.9 189.1 720.7 481.0 161.2 369.9 66.3 1624.7 192.3 728.1 483.3 162.4 376.6 66.6 1666.7 197.3 750.0 495.0 164.4 386.3 68.4 1701.1 201.4 766.3 505.0 167.1 394.3 69.8 1738.4 205.8 784.4 515.8 169.9 402.9 71.3 1777.7 211.0 801.2 528.4 172.8 413.2 73.1 16 17 18 19 20 21 22 23 24 25 FL593095005 FL573095005 FL223095505 Unallocated insurance company contracts: Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds 914.5 640.4 274.1 871.5 593.3 278.2 903.1 613.8 289.3 853.6 580.2 273.4 871.5 593.3 278.2 888.7 605.8 282.9 899.2 613.5 285.7 892.3 606.2 286.1 903.1 23 613.8 24 289.3 25 26 27 FL573074005 FL573074005 Pension fund contributions payable: Liab.: Nonfinancial corporate business Asset: Private pension funds 70.9 70.9 68.9 68.9 66.0 66.0 69.1 69.1 68.9 68.9 67.8 67.8 66.9 66.9 66.5 66.5 66.0 26 66.0 27 28 29 FL313195105 FL313195105 Retiree health care funds: Liab.: Federal government (3) Asset: Household sector 345.1 345.1 383.6 383.6 413.4 413.4 357.6 357.6 383.6 383.6 382.8 382.8 386.4 386.4 386.3 386.3 413.4 28 413.4 29 30 31 32 33 34 35 FL573073005 FL343073045 FL223073045 FL573073005 FL343073045 FL223073045 Claims of pension fund on sponsor: Liab.: Nonfinancial corporate business Federal government State and local governments Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds 53.4 1550.9 3535.6 53.4 1550.9 3535.6 720.1 1390.6 3205.3 720.1 1390.6 3205.3 458.0 1213.0 2938.8 458.0 1213.0 2938.8 806.4 1532.6 3639.5 806.4 1532.6 3639.5 720.1 1390.6 3205.3 720.1 1390.6 3205.3 616.3 1455.5 3138.2 616.3 1455.5 3138.2 541.8 1434.6 3093.5 541.8 1434.6 3093.5 654.8 1410.4 3288.9 654.8 1410.4 3288.9 (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 table L.133 in addition to L.223 and L.225.a. (3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 39.5 10 39.5 11 458.0 1213.0 2938.8 458.0 1213.0 2938.8 30 31 32 33 34 35 139 Z.1, March 7, 2024 L.235 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 FL893193005 2 3 FL103193005 FL113193003 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business 4 FL313193013 Federal government 5 6 7 8 9 FL713193005 FL763193005 FL753193005 FL743193005 FL473193005 10 11 Q1 Q2 Q3 Q4 12851.4 13017.7 13941.6 12963.4 13017.7 13122.1 13459.2 13739.8 13941.6 1 8495.6 2729.4 8400.7 2779.4 8957.3 2846.8 8335.6 2765.8 8400.7 2779.4 8499.9 2801.1 8717.1 2828.2 8765.8 2841.6 8957.3 2846.8 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 11.8 300.0 102.2 22.8 28.3 -11.4 327.5 189.3 25.8 32.7 -125.7 500.3 156.9 56.4 85.7 6.7 410.4 168.4 25.5 30.6 -11.4 327.5 189.3 25.8 32.7 -34.9 321.3 140.7 25.7 42.4 -68.7 341.3 156.1 26.2 63.0 -95.1 465.2 168.1 48.6 72.5 -125.7 500.3 156.9 56.4 85.7 5 6 7 8 9 FL513193005 FL543193005 Property-casualty insurance companies Life insurance companies 319.0 509.1 322.6 457.4 378.9 545.1 346.5 496.4 322.6 457.4 351.2 485.5 359.1 502.9 368.1 515.7 378.9 10 545.1 11 12 13 14 FL403193005 FL613193005 FL643193075 Government-sponsored enterprises Finance companies Mortgage REITs 58.6 326.9 17.1 76.6 381.7 19.8 93.9 457.3 26.8 71.3 363.8 33.1 76.6 381.7 19.8 70.7 376.3 21.5 78.0 397.0 23.6 89.8 412.0 21.4 93.9 12 457.3 13 26.8 14 15 16 17 FL663193005 FL733193005 FL503193005 Brokers and dealers Holding companies Other financial business -300.4 2.7 228.3 -240.6 46.6 209.8 -400.5 53.6 308.5 -265.0 26.1 148.1 -240.6 46.6 209.8 -236.0 41.4 215.3 -237.3 43.9 228.8 -259.2 49.4 275.9 -400.5 15 53.6 16 308.5 17 18 FL893093005 19 20 FL103093005 FL113093005 Nonfinancial corporate business Nonfinancial noncorporate business 21 FL213093003 22 23 24 25 26 Total assets 17008.6 18383.3 18849.6 18607.3 18383.3 18390.5 18489.2 18694.9 18849.6 18 7737.5 4369.1 8566.5 4564.0 8871.3 4616.6 8701.4 4518.6 8566.5 4564.0 8539.9 4586.9 8621.6 4606.4 8672.2 4615.8 8871.3 19 4616.6 20 State and local governments 127.0 127.9 105.5 134.4 127.9 123.3 114.0 110.1 105.5 21 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 32.0 654.2 76.9 27.5 126.5 35.7 881.9 138.1 32.8 103.1 37.7 758.5 109.4 40.0 99.4 32.8 975.3 114.5 36.3 106.3 35.7 881.9 138.1 32.8 103.1 33.7 807.2 104.0 35.6 98.3 37.2 793.1 105.6 33.7 97.0 40.0 855.4 118.9 38.5 96.2 37.7 758.5 109.4 40.0 99.4 27 28 FL513093005 FL543093005 Property-casualty insurance companies Life insurance companies 76.9 744.3 174.7 862.3 138.5 965.7 211.0 857.2 174.7 862.3 194.2 870.0 173.6 902.6 164.1 935.8 138.5 27 965.7 28 29 30 FL573093005 FL223093005 Private pension funds State and local govt. retirement funds 981.1 953.3 995.6 994.0 1012.3 1153.4 993.2 999.2 995.6 994.0 988.0 1069.9 988.0 1125.4 999.8 1099.1 1012.3 29 1153.4 30 31 32 33 FL633093005 FL653093005 LM563093003 Money market funds (net) Mutual funds Exchange-traded funds -2.9 347.2 133.2 33.0 295.2 131.9 -17.6 263.9 129.6 16.1 299.9 130.0 33.0 295.2 131.9 21.5 318.3 137.3 22.1 266.2 131.0 9.3 287.7 124.0 -17.6 31 263.9 32 129.6 33 34 35 36 FL403093005 FL613093005 FL643093075 Government-sponsored enterprises Finance companies Mortgage REITs 159.2 294.8 48.2 121.7 304.0 52.5 125.6 361.2 63.9 113.6 289.5 59.5 121.7 304.0 52.5 118.6 304.8 54.5 118.3 314.8 55.0 125.0 331.4 58.4 125.6 34 361.2 35 63.9 36 37 38 39 FL663093005 FL733093005 FL503093023 Brokers and dealers Holding companies Other financial business 80.6 39.5 2.4 -73.8 40.1 2.0 -21.9 31.3 5.6 -30.7 45.5 3.7 -73.8 40.1 2.0 -55.9 38.3 2.2 -54.5 36.3 1.8 -30.2 41.0 2.4 -21.9 37 31.3 38 5.6 39 40 FL903090005 -4157.2 -5365.6 -4908.1 -5643.9 -5365.6 -5268.4 -5030.1 -4955.1 -4908.1 40 Discrepancy 22 23 24 25 26 Levels 1 2023 Q4 140 Z.1, March 7, 2024 B.101 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Balance Sheets Q3 Assets 2023 Q4 Q1 Q2 Q3 Q4 1 FL152000005 2 LM152010005 3 4 5 6 7 8 LM155035005 LM155035015 LM165035005 LM165015205 LM165013765 LM155111005 9 FL154090005 10 11 12 13 LM153091003 FL153020005 FL153030005 FL153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 14 15 16 17 18 LM154022005 LM153061105 LM153061705 LM153062005 LM153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 2985.7 435.7 452.4 1807.6 290.0 19 20 21 22 FL154023005 FL153069005 FL153065005 FL163066223 Loans Other loans and advances (4) Mortgages Consumer credit (student loans) (5) 1467.3 1358.6 86.6 22.0 23 24 25 LM153064105 LM153081115 LM153064205 Corporate equities Miscellaneous other equity Mutual fund shares 31656.1 26418.8 31996.5 25087.6 26418.8 27995.0 29696.9 28705.8 31996.5 23 15573.7 16238.9 15767.8 16631.9 16238.9 15898.9 16134.7 16126.9 15767.8 24 12829.6 9759.4 11005.1 9351.7 9759.4 10189.5 10615.6 10163.8 11005.1 25 26 27 28 29 FL153040005 FL153050005 FL163070005 FL153090005 Life insurance reserves Pension entitlements (6) Trade receivables (5) Miscellaneous assets 2000.3 1987.1 2089.6 1961.2 1987.1 2020.9 2050.4 2040.7 2089.6 26 31560.4 28920.7 30963.7 28578.2 28920.7 29566.1 30161.9 29916.4 30963.7 27 298.6 311.7 326.0 308.4 311.7 315.3 318.9 322.4 326.0 28 1432.5 1526.8 1634.8 1493.1 1526.8 1553.1 1574.4 1593.9 1634.8 29 30 FL154190005 31 32 33 34 35 36 37 FL163162003 FL154123005 FL153165105 FL153166000 FL153168005 FL153169005 FL163165505 Debt securities (municipal securities) (5) Loans One-to-four-family residential mortgages (7) Consumer credit Depository institution loans n.e.c. Other loans and advances Commercial mortgages (5) 38 39 FL163170005 FL543077073 Trade payables (5) Deferred and unpaid life insurance premiums 40 FL152090005 Nonfinancial assets Real estate Households (2) Nonprofit organizations Equipment (nonprofits) (3) Intellectual property products (nonprofits) (3) Consumer durable goods (3) Financial assets Liabilities Net worth (assets minus liabilities) 169084.0 164596.7 176743.2 163262.5 164596.7 167526.7 172956.9 171734.1 176743.2 1 51218.6 55644.1 57911.3 56527.1 55644.1 55650.9 58010.9 58463.2 57911.3 2 43402.8 47117.7 49092.7 48084.0 47117.7 47011.1 49258.6 49685.6 49092.7 38902.0 42594.7 44843.8 43521.6 42594.7 42540.7 44701.8 45209.7 44843.8 4500.9 4523.0 4248.9 4562.4 4523.0 4470.4 4556.8 4475.9 4248.9 582.5 627.9 666.9 617.8 627.9 645.7 650.0 659.2 666.9 235.1 252.7 273.5 249.0 252.7 258.7 263.3 268.3 273.5 6998.1 7645.6 7878.1 7576.3 7645.6 7735.3 7839.0 7850.1 7878.1 3 4 5 6 7 8 117865.4 108952.6 118831.9 106735.4 108952.6 111875.8 114946.0 113270.9 118831.9 9 48.2 51.7 4144.8 4534.2 11063.8 10270.7 2804.4 3081.6 46.4 53.0 51.7 4340.9 4789.0 4534.2 9837.8 10343.1 10270.7 3806.3 2919.1 3081.6 51.0 4553.6 9853.2 3389.9 47.8 4459.9 9731.2 3539.0 48.2 4229.6 9795.5 3689.3 46.4 4340.9 9837.8 3806.3 10 11 12 13 4434.3 1461.6 1071.3 1620.5 280.9 5670.7 2321.3 1272.6 1766.3 310.5 3744.7 1051.5 879.7 1540.7 272.8 4434.3 1461.6 1071.3 1620.5 280.9 5096.8 1922.0 1200.5 1685.0 289.3 5222.4 2104.7 1129.3 1693.3 295.1 5313.9 2229.5 1162.0 1623.6 298.9 5670.7 2321.3 1272.6 1766.3 310.5 14 15 16 17 18 1416.8 1320.4 77.7 18.7 1346.3 1255.1 74.4 16.8 1474.3 1374.9 80.0 19.5 1416.8 1320.4 77.7 18.7 1392.5 1296.5 77.4 18.6 1392.6 1298.4 76.0 18.2 1324.4 1231.6 75.5 17.3 1346.3 1255.1 74.4 16.8 19 20 21 22 18851.4 19969.1 20528.8 19746.8 19969.1 20005.6 20176.6 20358.4 20528.8 30 202.7 201.8 203.9 201.6 201.8 201.9 204.1 204.2 203.9 31 18140.5 19227.7 19751.3 19011.4 19227.7 19255.3 19416.1 19589.3 19751.3 32 11926.7 12696.7 13053.2 12540.8 12696.7 12752.6 12844.6 12963.5 13053.2 33 4548.5 4894.0 5019.7 4789.3 4894.0 4886.5 4940.7 4960.9 5019.7 34 423.0 494.7 473.6 471.6 494.7 473.2 467.8 467.2 473.6 35 831.4 706.0 735.9 779.8 706.0 698.6 710.4 737.0 735.9 36 410.8 436.2 468.8 429.9 436.2 444.4 452.5 460.7 468.8 37 469.7 38.4 502.6 37.0 534.1 39.5 494.4 39.4 502.6 37.0 510.5 38.0 518.4 38.0 526.2 38.7 534.1 38 39.5 39 150232.6 144627.6 156214.4 143515.8 144627.6 147521.0 152780.3 151375.7 156214.4 40 Memo: 41 42 43 44 FL893131573 FL154023205 LM154023223 FL154023213 Assets held in IRAs (8) Assets held in 529 college plans (8) College savings plans Prepaid tuition plans 45 46 47 48 LM155012605 LM155012665 LM165012665 LM165013665 Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 49 50 51 52 FA156012005 FL152090006 FL155035065 FL155035066 Disposable personal income (DPI) (SAAR) Net worth/DPI (percent) (line 40/line 49) Owners’ equity in real estate (line 4 less line 33) Owners’ equity/real estate (percent) (line 51/line 4) 14460.0 11950.0 480.3 411.3 452.6 388.0 27.7 23.3 ND 11375.0 11950.0 12465.0 12955.0 12566.0 471.0 388.2 411.3 432.5 450.7 431.5 446.6 365.5 388.0 408.5 426.9 408.6 24.4 22.7 23.3 24.1 23.8 22.9 ND 471.0 446.6 24.4 41 42 43 44 24042.4 26981.1 27652.4 26647.9 26981.1 26878.3 26900.2 27298.1 27652.4 45 23674.7 26573.1 27237.7 26243.9 26573.1 26472.7 26495.1 26887.9 27237.7 46 367.7 408.0 414.6 404.1 408.0 405.6 405.1 410.2 414.6 47 2439.3 2832.8 2920.9 2767.8 2832.8 2890.4 2906.1 2898.2 2920.9 48 18664.4 18702.5 20221.9 18881.7 19178.4 19880.2 20164.2 20320.4 20522.9 49 804.92 773.31 772.50 760.08 754.12 742.05 757.68 744.95 761.17 50 26975.3 29898.0 31790.6 30980.8 29898.0 29788.1 31857.2 32246.1 31790.6 51 69.34 70.19 70.89 71.18 70.19 70.02 71.27 71.33 70.89 52 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary balance sheet tables B.101.h and B.101.n show estimates of annual year-end outstandings of households and nonprofit organizations, respectively. Detail on the sector’s indirect holdings of debt securities and equity is shown on table B.101.e. (2) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. At market value. (3) At replacement (current) cost. (4) Includes nonmarketable Treasury securities, 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) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23). (8) Included in assets shown on the household balance sheet. 141 Z.1, March 7, 2024 B.103 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2022 2023 2022 Q3 Assets 2023 Q4 Q1 Q2 Q3 Q4 1 FL102000005 57647.6 57551.2 59751.3 56452.1 57551.2 58425.7 59462.3 59200.5 59751.3 1 2 3 4 5 6 LM102010005 LM105035005 LM105015205 LM105013765 LM105020015 Nonfinancial assets Real estate (market value) Equipment (replacement cost) Intellectual property products (replacement cost) Inventories (replacement cost) 29412.4 30549.9 30219.6 30394.8 30549.9 30692.4 31137.7 30998.0 30219.6 17064.8 17088.7 16166.3 17093.3 17088.7 17004.5 17394.3 17081.2 16166.3 5827.3 6282.6 6540.6 6181.7 6282.6 6429.5 6437.5 6497.1 6540.6 3359.4 3686.9 4042.1 3611.0 3686.9 3784.3 3871.5 3950.9 4042.1 3160.8 3491.6 3470.6 3508.8 3491.6 3474.1 3434.4 3468.8 3470.6 2 3 4 5 6 7 8 9 10 11 12 FL104090005 FL103091003 FL103020005 FL103030003 FL103034000 FL102051003 Financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 28235.3 27001.3 29531.7 26057.3 27001.3 27733.3 28324.6 28202.5 29531.7 7 166.3 190.6 212.4 163.3 190.6 186.8 209.1 217.2 212.4 8 2049.8 2010.3 1998.4 1894.0 2010.3 1969.7 1937.6 2060.7 1998.4 9 283.7 297.1 396.1 295.6 297.1 274.9 391.7 415.4 396.1 10 813.1 739.5 915.5 726.5 739.5 810.1 843.6 881.5 915.5 11 26.7 28.5 29.1 24.7 28.5 30.7 30.1 29.7 29.1 12 13 14 15 16 17 18 LM104022005 FL103069100 LM103061103 LM103061703 LM103062003 LM123063003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds (held by equity REITs) 409.6 256.3 79.7 26.6 27.3 19.8 369.1 204.8 91.7 30.6 23.8 18.3 446.1 233.3 132.0 38.3 24.6 18.0 358.2 209.2 80.6 26.9 23.3 18.2 369.1 204.8 91.7 30.6 23.8 18.3 370.1 205.0 92.3 30.8 24.2 17.9 380.8 197.1 106.6 35.5 24.2 17.4 417.3 228.2 111.2 37.1 23.1 17.7 446.1 233.3 132.0 38.3 24.6 18.0 13 14 15 16 17 18 19 20 21 22 FL104023005 FL103065005 FL103066005 LM103092305 Loans Mortgages Consumer credit U.S. direct investment abroad: intercompany debt 149.0 113.2 35.8 -29.7 184.9 149.1 35.8 -59.9 206.3 170.5 35.8 -40.1 180.1 145.1 35.0 -65.0 184.9 149.1 35.8 -59.9 194.3 159.6 34.7 -21.0 199.2 164.3 34.9 -63.3 203.6 168.6 35.0 -59.2 206.3 170.5 35.8 -40.1 19 20 21 22 23 24 25 26 LM103064103 LM103092105 FL103092405 LM103064203 Corporate equities U.S. direct investment abroad: equity Equity in GSEs Mutual fund shares 3144.9 7980.0 1.6 444.4 2397.6 6693.8 1.7 358.5 2830.7 7779.9 1.9 407.2 2270.1 5868.2 1.7 339.7 2397.6 6693.8 1.7 358.5 2532.1 7245.2 2.1 375.3 2708.2 7445.2 1.9 389.8 2575.4 7049.2 1.9 375.2 2830.7 7779.9 1.9 407.2 23 24 25 26 27 28 FL103070005 FL103090005 Trade receivables Miscellaneous assets 4414.3 8381.7 4595.3 9194.2 4796.9 9551.2 4664.4 9336.0 4595.3 9194.2 4564.1 9198.8 4575.5 9275.0 4669.1 9365.5 4796.9 27 9551.2 28 29 FL104194005 Total liabilities and equity 89773.2 77478.4 90402.4 75232.9 77478.4 81506.3 85979.3 83793.7 90402.4 29 30 31 32 33 34 FL104190005 FL104122005 FL103169100 FL103162000 FL103163005 Liabilities Debt securities Commercial paper Municipal securities (1) Corporate bonds 25012.2 26730.8 27320.3 26613.1 26730.8 26824.7 26977.1 27287.2 27320.3 30 7933.0 8011.9 8248.5 8007.9 8011.9 8179.8 8198.7 8217.4 8248.5 31 138.2 197.6 217.8 198.8 197.6 206.2 192.7 203.2 217.8 32 618.3 619.0 617.6 620.0 619.0 619.2 621.9 618.8 617.6 33 7176.4 7195.3 7413.1 7189.2 7195.3 7354.4 7384.1 7395.4 7413.1 34 35 36 37 38 39 FL104123005 FL103168005 FL103169005 FL103165005 LM103192305 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Foreign direct investment: intercompany debt 4703.2 1123.0 2491.3 1088.9 311.9 5427.5 1474.9 2693.5 1259.0 381.7 5388.4 1484.0 2587.1 1317.2 375.8 5314.6 1417.1 2671.0 1226.5 362.4 5427.5 1474.9 2693.5 1259.0 381.7 5453.7 1492.3 2683.9 1277.6 373.5 5469.4 1488.6 2693.9 1286.9 368.0 5471.7 1475.8 2694.5 1301.4 371.2 5388.4 1484.0 2587.1 1317.2 375.8 40 41 42 FL103170005 FL103178005 FL103190005 Trade payables Taxes payable Miscellaneous liabilities 3194.4 249.8 8620.0 3442.7 277.5 9189.7 3555.0 271.3 9481.4 3436.7 280.3 9211.1 3442.7 277.5 9189.7 3324.7 309.0 9184.0 3346.8 268.6 9325.7 3465.8 274.1 9487.1 3555.0 40 271.3 41 9481.4 42 43 44 45 LM103181105 LM103164105 LM103192105 Total equity (market value) Corporate equities Foreign direct investment: equity 35 36 37 38 39 64761.0 50747.6 63082.0 48619.8 50747.6 54681.6 59002.2 56506.5 63082.0 43 53502.8 41617.8 51547.2 40117.7 41617.8 44861.8 48382.9 46278.8 51547.2 44 11258.2 9129.8 11534.9 8502.1 9129.8 9819.8 10619.3 10227.6 11534.9 45 Memo: 46 FL102090005 Net worth (assets minus liabilities) 47 48 49 FL103164106 FL104104016 FL104104006 Equity/net worth (percent) (2) Debt/equity (percent) (2) Debt/net worth (percent) (2) 32635.4 30820.4 32431.0 29839.0 30820.4 31600.9 32485.2 31913.2 32431.0 46 198.44 19.51 38.72 164.66 26.48 43.61 194.51 21.62 42.05 162.94 27.40 44.65 164.66 26.48 43.61 173.04 24.93 43.14 181.63 23.17 42.07 177.06 24.23 42.89 194.51 47 21.62 48 42.05 49 With nonfinancial assets stated at historical cost: 50 51 52 53 54 55 FL102000115 FL102010115 FL105035045 FL105013213 FL105013715 FL105020000 Assets (sum of lines 7 and 51) Nonfinancial assets Real estate Equipment Intellectual property products Inventories 46029.9 45872.2 49050.2 44742.1 45872.2 46874.4 47595.2 47684.0 49050.2 50 17794.6 18870.9 19518.5 18684.8 18870.9 19141.1 19270.6 19481.5 19518.5 51 6973.5 7210.7 7589.2 7148.8 7210.7 7296.1 7376.5 7484.3 7589.2 52 5300.1 5496.2 5696.3 5443.0 5496.2 5547.9 5600.7 5649.9 5696.3 53 3031.5 3288.5 3552.8 3222.5 3288.5 3354.8 3420.9 3486.7 3552.8 54 2489.6 2875.6 2680.2 2870.6 2875.6 2942.3 2872.6 2860.7 2680.2 55 56 FL102090115 Net worth (historical cost) (line 50 less line 30) 21017.7 19141.4 21729.9 18129.0 19141.4 20049.7 20618.0 20396.8 21729.9 56 57 58 FL105012613 FL105013613 Historical-cost value of structures: Residential Nonresidential 134.4 6201.1 143.5 6449.6 151.1 6784.5 141.5 6381.3 143.5 6449.6 145.4 6528.1 147.2 6611.3 (1) 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. (2) Debt is calculated as the sum of debt securities (line 31) and loans (line 35). Equity is total equity (line 43). 149.2 6696.7 151.1 57 6784.5 58 Balance Sheets 2021 142 Z.1, March 7, 2024 B.104 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Balance Sheets Q3 1 FL112000005 2 LM112010005 Assets 3 4 5 LM115035005 LM115035023 LM115035035 Real estate (1) Residential Nonresidential 6 7 8 LM115015205 LM115012265 LM115013265 Equipment (2) Residential (3) Nonresidential 9 10 LM115013765 LM115020005 Intellectual property products (2) Inventories (2) 11 FL114090005 12 13 14 FL113020005 FL113030003 FL113034003 Checkable deposits and currency Time and savings deposits Money market fund shares 15 16 17 LM114022005 LM113061003 LM113062003 18 19 20 Nonfinancial assets 2023 Q4 Q1 Q2 Q3 Q4 26180.3 27347.9 27108.0 27607.0 27347.9 27102.7 27409.6 27437.1 27108.0 1 18471.3 19299.5 18922.4 19652.3 19299.5 18993.1 19251.8 19258.5 18922.4 2 16810.5 17506.3 17158.8 17888.8 17506.3 17190.1 17464.9 17478.3 17158.8 10055.6 10545.5 10292.7 10988.6 10545.5 10217.8 10330.4 10389.5 10292.7 6754.9 6960.7 6866.2 6900.3 6960.7 6972.3 7134.5 7088.7 6866.2 3 4 5 1000.4 87.9 912.5 1071.2 91.3 980.0 966.6 86.7 879.9 1057.9 91.2 966.7 1071.2 91.3 980.0 1058.2 90.6 967.6 1022.4 88.0 934.4 995.7 87.5 908.3 966.6 86.7 879.9 375.4 285.1 413.1 308.9 477.7 319.2 405.2 300.4 413.1 308.9 429.9 314.9 446.0 318.4 460.7 323.9 477.7 9 319.2 10 7709.0 8048.4 8185.6 7954.7 8048.4 8109.6 8157.8 8178.6 8185.6 11 469.5 1381.6 130.7 512.1 1452.9 137.0 519.1 1496.6 139.3 507.1 1423.9 135.4 512.1 1452.9 137.0 514.1 1479.9 137.7 517.4 1491.5 138.9 518.7 1495.3 139.2 519.1 12 1496.6 13 139.3 14 Debt securities Treasury securities Municipal securities 75.9 71.3 4.7 76.9 71.9 5.0 78.4 73.4 5.1 75.8 70.9 4.9 76.9 71.9 5.0 77.0 72.0 5.1 77.8 72.8 5.1 78.5 73.5 5.0 78.4 15 73.4 16 5.1 17 FL114023005 FL113065005 FL113066003 Loans Mortgages Consumer credit 51.6 51.6 0.0 55.4 55.4 0.0 56.4 56.4 0.0 54.6 54.6 0.0 55.4 55.4 0.0 55.7 55.7 0.0 56.2 56.2 0.0 56.3 56.3 0.0 56.4 18 56.4 19 0.0 20 21 FL113092405 Equity investment in GSEs (4) 14.2 15.1 18.3 15.2 15.1 17.0 17.6 17.9 18.3 21 22 23 24 25 26 FL113070003 FL113090005 FL113076005 FL113072003 FL113093005 Trade receivables Miscellaneous assets Insurance receivables PPP subsidies receivable Other 1019.9 4565.5 152.9 43.5 4369.1 1070.7 4728.3 162.4 1.9 4564.0 1088.0 4789.5 172.8 0.0 4616.6 1059.1 4683.6 161.2 3.7 4518.6 1070.7 4728.3 162.4 1.9 4564.0 1075.8 4752.4 164.4 1.1 4586.9 1084.3 4774.1 167.1 0.5 4606.4 1087.0 4785.6 169.9 0.0 4615.8 27 FL114194005 Total liabilities and equity 28 FL114190005 29 30 31 32 33 FL114123005 FL113168005 FL113169005 FL113165005 LM115114305 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Foreign direct investment: intercompany debt 6889.4 1555.8 429.1 4904.4 5.3 7322.2 1633.6 472.3 5216.3 5.5 7489.1 1623.3 467.9 5397.9 5.3 7212.8 1608.1 459.2 5145.4 5.5 7322.2 1633.6 472.3 5216.3 5.5 7392.5 1643.3 474.1 5275.2 5.4 7422.6 1637.5 462.2 5323.0 5.3 7449.1 1618.6 464.2 5366.3 5.3 7489.1 1623.3 467.9 5397.9 5.3 34 35 36 FL113170005 FL113178003 FL113193003 Trade payables Taxes payable Miscellaneous liabilities 741.7 202.3 2729.4 784.6 213.7 2779.4 788.9 219.7 2846.8 771.7 211.0 2765.8 784.6 213.7 2779.4 787.3 215.4 2801.1 792.3 218.2 2828.2 793.5 219.3 2841.6 788.9 34 219.7 35 2846.8 36 37 FL113181115 38 39 LM115114103 LM112090205 Financial assets Liabilities Total equity Foreign direct investment: equity Equity in noncorporate business (5) 1088.0 4789.5 172.8 0.0 4616.6 6 7 8 22 23 24 25 26 26180.3 27347.9 27108.0 27607.0 27347.9 27102.7 27409.6 27437.1 27108.0 27 10568.1 11105.5 11349.9 10966.8 11105.5 11201.7 11266.6 11308.8 11349.9 28 29 30 31 32 33 15612.2 16242.4 15758.1 16640.2 16242.4 15901.0 16143.0 16128.3 15758.1 37 144.6 113.3 114.1 105.8 113.3 119.9 128.3 122.4 114.1 38 15467.6 16129.2 15644.0 16534.4 16129.2 15781.1 16014.6 16006.0 15644.0 39 Memo: 40 FL112090005 Net worth (assets minus liabilities) 41 42 FL115012665 FL115013665 Replacement-cost value of structures: Residential Nonresidential 43 FL114104006 Debt/net worth (percent) (line 29/line 40) (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 24. 15612.2 16242.4 15758.1 16640.2 16242.4 15901.0 16143.0 16128.3 15758.1 40 4765.9 2681.0 5270.6 3041.4 5356.4 2935.4 5222.9 2989.0 5270.6 3041.4 5240.1 3052.5 5232.9 3018.9 5299.4 2961.4 5356.4 41 2935.4 42 44.13 45.08 47.53 43.35 45.08 46.49 45.98 46.19 47.53 43 143 Z.1, March 7, 2024 R.101 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2021 2022 2023 2022 Q3 1 FC152090005 2 FU152090005 3 FU152010005 4 5 6 7 8 FU155035005 FU165015205 FU165013765 FU155111005 FU155420003 9 10 FU154090005 FU154190005 11 FR152090005 12 FR152010005 13 14 15 16 FR155035005 FR165015205 FR165013765 FR155111005 17 FR154090005 18 19 20 21 22 23 24 25 FR154022005 FR153064105 FR152090205 FR153094305 FR153064205 FR153040005 FR153050005 FR153030005 26 FV152090005 Change in net worth (1) 18834.2 Q1 Q2 Q3 Q4 -3268.9 1111.8 2893.4 5259.2 -1404.6 4838.7 1 2448.6 1387.4 1719.8 286.5 576.5 692.1 188.5 302.0 537.2 2 915.5 791.1 667.9 186.9 160.7 173.2 167.4 163.6 163.8 3 Real estate Equipment Intellectual property products Consumer durable goods Nonproduced nonfinancial assets 421.9 19.9 9.6 479.0 -14.9 375.1 22.3 10.7 398.6 -15.5 277.2 19.0 10.1 377.7 -16.0 85.7 5.0 2.2 97.9 -3.9 72.0 4.5 2.0 86.1 -3.9 69.9 4.8 2.4 100.0 -4.0 69.0 5.0 2.4 95.0 -4.0 68.7 4.5 2.4 92.0 -4.0 69.6 4.7 2.8 90.8 -4.1 4 5 6 7 8 Net acquisition of financial assets Less: Net increase in liabilities 2811.5 1278.5 1782.0 1185.8 1615.5 563.7 432.5 332.9 617.5 201.7 556.3 37.4 192.8 171.8 321.7 183.2 544.7 9 171.3 10 16884.1 -6403.4 9783.3 -3574.2 900.8 2219.9 4965.1 -1797.4 4395.7 11 6703.0 3648.0 1583.3 -1229.6 -1047.7 -170.3 2188.6 284.7 -719.7 12 6187.9 19.1 3.1 492.8 3369.0 23.1 7.0 249.0 1697.8 20.0 10.7 -145.2 -1304.1 4.5 2.2 67.7 -1038.3 5.6 1.7 -16.8 -176.6 13.1 3.5 -10.3 2178.5 -0.8 2.2 8.7 358.3 4.7 2.6 -80.9 -662.4 3.1 2.4 -62.8 10181.1 -10051.4 8200.0 -2344.6 1948.6 2390.2 2776.4 -2082.1 5115.5 17 286.9 3365.1 -366.9 0.0 884.6 31.4 914.4 0.0 Net investment Nonfinancial investment Net holding gains Nonfinancial assets Real estate Equipment (2) Intellectual property products (2) Consumer durable goods (2) Financial assets Debt securities Corporate equities Equity in noncorporate business Equity investment under PPIP Mutual fund shares Life insurance reserves Pension entitlements Other financial assets Other volume changes (3) -5605.0 11586.8 2023 Q4 -109.2 4999.1 2519.7 0.0 1291.1 47.7 1436.2 -3.6 -406.1 -5885.9 772.1 0.0 -2346.1 -72.1 -2111.8 -1.4 135.1 5600.9 -475.2 0.0 1399.9 47.3 1492.0 0.0 -144.5 -1139.5 -0.7 0.0 -562.4 -17.0 -480.7 0.1 61.9 1236.2 -398.4 0.0 539.2 16.4 493.4 -0.2 96.4 1589.2 -274.1 0.0 474.1 17.1 487.4 -0.0 -64.6 1775.0 204.8 0.0 411.4 11.2 438.5 0.0 -183.6 -1128.4 -39.0 0.0 -370.3 -12.4 -348.4 0.0 -498.4 -589.0 83.8 18.8 -365.6 -18.6 105.7 90.9 13 14 15 16 18 19 20 21 22 23 24 25 -94.2 26 27 28 LM152090005 FA156012005 Net worth outstanding (4) Disposable personal income 150232.6 144627.6 156214.4 143515.8 144627.6 147521.0 152780.3 151375.7 156214.4 27 18664.4 18702.5 20221.9 18881.7 19178.4 19880.2 20164.2 20320.4 20522.9 28 (1) Sum of net investment (line 2), net holding gains (line 11), and other volume changes (line 26). (2) Valued at current cost. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. (4) Table B.101, line 40. Balance Sheets Memo: 144 Z.1, March 7, 2024 R.103 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2021 2022 2023 2022 Balance Sheets Q3 1 FC102090005 2 FU102090005 3 FU102010005 4 5 6 7 8 FU105035005 FU105015205 FU105013765 FU105020015 FU105420005 9 10 FU104090005 FU104190005 11 FR102090005 12 FR102010005 13 14 15 16 FR105035005 FR105015205 FR105013765 FR105020015 17 FR104090005 18 19 20 21 22 23 FR104022005 FR103092305 FR103064103 FR103092105 FR103064203 FR103090005 24 FR104190005 25 26 27 FR103192305 FR573073005 FR103193005 28 FV102090005 Change in net worth (1) 2023 Q4 Q1 Q2 Q3 Q4 5736.6 -1815.0 1610.6 -513.4 981.3 780.6 884.2 -571.9 517.8 1 925.3 801.2 625.1 145.4 -132.0 -16.7 69.0 427.1 145.8 2 642.3 742.2 511.5 199.2 63.9 157.7 72.4 169.3 112.2 3 Real estate Equipment Intellectual property products Inventories Nonproduced nonfinancial assets 100.8 89.7 178.2 267.8 5.8 73.0 120.1 204.5 239.8 104.8 184.6 95.0 204.8 29.9 -2.9 29.4 31.9 51.7 64.5 21.8 16.6 29.1 51.7 -32.7 -0.8 36.1 25.8 51.7 45.1 -0.9 30.3 26.4 51.3 -34.7 -0.9 59.3 22.9 50.8 36.4 -0.0 59.0 20.0 51.0 -16.8 -1.0 4 5 6 7 8 Net acquisition of financial assets Less: Net increase in liabilities 1334.6 1051.6 1169.4 1110.4 1036.5 922.9 53.8 107.6 17.9 213.8 36.0 210.4 242.1 245.5 469.2 211.3 4922.8 -2478.1 982.6 -616.5 1117.6 796.4 814.3 -999.1 371.0 11 2943.9 513.2 -844.6 278.2 90.4 -16.2 372.0 -309.0 -891.5 12 2308.7 341.1 74.3 219.9 -40.3 339.4 123.0 91.0 -1107.0 162.9 150.4 -50.9 268.6 65.5 24.9 -80.7 -21.2 71.8 24.2 15.6 -120.2 121.1 45.7 -62.6 359.5 -18.3 35.9 -5.0 -372.4 36.7 28.6 -2.0 -973.9 23.5 40.2 18.7 1676.3 -2418.0 1493.9 -762.9 926.1 696.0 349.2 -591.3 1039.9 17 -5.5 -10.7 703.1 942.0 46.7 0.8 -22.0 41.9 -611.1 -1749.4 -81.5 4.1 5.2 -17.1 569.2 884.4 53.1 -0.9 -7.3 30.4 -128.2 -639.1 -19.9 1.2 1.6 0.8 160.7 743.6 19.9 -0.5 4.0 7.8 168.5 498.3 17.9 -0.5 -2.4 -21.5 210.2 147.2 15.6 0.2 -6.3 -3.3 -98.8 -470.0 -13.6 0.6 -302.6 573.3 -333.4 131.8 -101.1 -116.5 -93.1 98.7 -222.5 24 -8.1 -294.5 -0.0 0.3 573.0 0.0 -5.4 -328.0 0.0 1.2 130.6 -0.0 2.7 -103.8 0.0 -1.4 -115.1 0.0 -7.8 -85.3 0.0 6.0 92.8 0.0 -2.2 25 -220.3 26 0.0 27 -111.5 -138.1 2.9 -42.3 -4.3 0.9 0.9 0.0 1.0 28 Net investment Nonfinancial investment Net holding gains Nonfinancial assets Real estate Equipment (2) Intellectual property products (2) Inventories (2,3) Financial assets Debt securities U.S. direct investment abroad: intercompany debt Corporate equities U.S. direct investment abroad: equity Mutual fund shares Miscellaneous assets Less: liabilities Foreign direct investment: intercompany debt Claims of pension fund on sponsor Miscellaneous liabilities Other volume changes (4) 289.3 9 255.6 10 9.9 -0.0 289.4 708.8 33.1 -1.2 13 14 15 16 18 19 20 21 22 23 Memo: 29 LM102090005 Net worth outstanding (5) 32635.4 30820.4 32431.0 29839.0 30820.4 31600.9 32485.2 31913.2 32431.0 29 (1) Sum of net investment (line 2), net holding gains (line 11), and other volume changes (line 28). (2) Valued at current cost. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 46. 145 Z.1, March 7, 2024 R.104 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2021 2022 2023 2022 Q3 1 FC112090005 2 FU112090005 3 FU112010005 4 5 6 7 8 9 FU115035023 FU115035035 FU115012265 FU115013265 FU115013765 FU115020005 10 11 FU114090005 FU114190005 12 FR112090005 13 FR112010005 14 15 16 17 18 19 FR115035023 FR115035035 FR115012265 FR115013265 FR115013765 FR115020005 20 FR114022005 21 FR115114305 22 FV112090005 Change in net worth (1) 2023 Q4 Q1 Q2 Q3 Q4 2385.8 630.2 -484.3 -9.5 -397.8 -341.4 242.0 -14.6 -370.2 1 -123.6 -84.7 -9.8 21.1 -5.0 -73.7 28.8 30.5 4.7 2 92.6 101.6 99.5 47.6 40.3 -36.6 44.2 48.7 43.1 3 52.6 47.5 5.8 -33.1 18.8 1.0 44.1 51.3 5.0 -35.8 23.4 13.7 5.7 82.5 3.6 -30.4 29.5 8.5 28.8 19.8 1.2 -8.5 6.3 0.1 2.3 17.6 1.0 8.7 6.0 4.7 -27.5 7.8 1.3 -25.7 7.6 -0.2 17.3 21.4 1.1 -3.7 7.1 1.0 18.3 28.0 0.8 -10.1 7.2 4.6 -2.4 25.2 0.4 9.0 7.7 3.1 4 5 6 7 8 9 703.1 919.2 351.3 537.6 135.5 244.7 68.0 94.5 93.3 138.7 59.3 96.3 49.5 65.0 23.9 42.2 2.7 10 41.2 11 2539.6 728.0 -474.8 -17.4 -392.8 -267.8 213.1 -45.2 -374.9 12 2543.6 739.8 -476.6 -13.4 -393.1 -269.7 214.4 -42.0 -379.3 13 1570.1 813.5 6.2 100.9 8.9 44.0 457.6 155.7 -1.6 103.8 14.3 10.1 -258.6 -177.0 -8.2 -69.7 35.1 1.7 -161.8 127.9 -2.2 21.6 2.6 -1.6 -445.3 42.8 -1.0 4.6 1.8 3.9 -300.3 3.7 -1.9 13.3 9.3 6.2 95.4 140.8 -3.7 -29.5 9.0 2.5 40.8 -73.7 -1.4 -16.1 7.5 0.8 -94.5 -247.8 -1.2 -37.4 9.4 -7.8 Financial assets (debt securities) -4.2 -11.8 1.7 -4.0 0.4 1.9 -1.4 -3.1 4.3 20 Less: liabilities (foreign direct investment: intercompany debt) -0.1 0.0 -0.0 0.0 0.0 -0.0 -0.1 0.1 0.0 21 -30.2 -13.0 0.3 -13.2 0.1 0.1 0.1 0.1 0.1 22 Net investment Nonfinancial investment Residential real estate Nonresidential real estate Residential equipment Nonresidential equipment Intellectual property products Inventories Net acquisition of financial assets Less: Net increase in liabilities Net holding gains Nonfinancial assets Residential real estate Nonresidential real estate Residential equipment (2) Nonresidential equipment (2) Intellectual property products (2) Inventories (2) Other volume changes (3) 14 15 16 17 18 19 Memo: LM112090005 Net worth outstanding (4) 15612.2 16242.4 15758.1 16640.2 16242.4 15901.0 16143.0 16128.3 15758.1 23 (1) Sum of net investment (line 2), net holding gains (line 12), and other volume changes (line 22). (2) Valued at current cost. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. (4) Table B.104, line 40. Balance Sheets 23 146 Z.1, March 7, 2024 B.101.h Balance Sheet of Households (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Assets 2016 2017 2018 2019 2020 2021 2022 2023 103447.7 112203.6 113285.5 125673.1 139921.0 159267.3 154459.9 166314.1 1 30039.7 32014.6 33858.8 35557.4 39010.2 45900.1 50240.4 52721.9 2 24903.0 5136.7 26746.9 5267.6 28387.2 5471.6 29887.5 5669.9 32983.9 6026.2 38902.0 6998.1 42594.7 7645.6 44843.8 7878.1 3 4 1 FL192000005 2 LM192010005 3 4 LM155035015 LM155111005 5 FL194090005 73408.0 80189.0 79426.7 90115.7 100910.8 113367.2 104219.6 113592.1 5 6 7 8 FL193020005 FL193030205 FL193034005 Checkable deposits and currency Time deposits and short-term investments Money market fund shares 971.6 8469.9 1494.4 1171.9 8599.4 1566.0 1000.7 9033.9 1731.2 979.9 9550.7 2159.3 2917.1 9989.3 2550.3 3840.2 10707.2 2656.2 4184.9 9886.9 2907.6 3948.2 9435.8 3590.9 6 7 8 9 10 11 LM194022005 LM193061005 LM193063005 Debt securities U.S. government and municipal securities Corporate and foreign bonds 3063.2 3063.2 0.0 3048.5 3048.5 0.0 3667.8 3667.8 0.0 3956.1 3956.1 0.0 3410.0 3410.0 0.0 2535.5 2514.4 21.1 3957.3 3957.3 0.0 5146.1 5146.1 0.0 9 10 11 12 13 14 FL194023005 FL193069005 FL193065005 Loans Other loans and advances (4) Mortgages 1061.1 968.8 92.3 1005.4 916.0 89.3 961.5 878.0 83.5 983.5 902.5 80.9 1095.8 1016.5 79.3 1192.6 1107.3 85.3 1145.8 1069.5 76.3 1076.7 1003.8 72.9 12 13 14 15 16 LM193064005 LM152090205 Corporate equities and mutual fund shares Equity in noncorporate business (6) 21052.8 10158.6 24991.5 10952.3 22883.1 11334.4 29203.4 12137.4 34696.3 13199.5 41881.8 15573.7 33464.6 16238.9 39938.5 15767.8 15 16 17 18 FL153040005 FL153050005 Life insurance reserves Pension entitlements (5) 1617.5 24372.1 1678.6 25973.9 1709.9 25850.5 1786.2 28062.8 1921.8 29789.0 2000.3 31560.4 1987.1 28920.7 2089.6 30963.7 17 18 19 FL193090005 Miscellaneous assets 1146.9 1201.6 1253.8 1296.5 1341.9 1419.3 1525.7 1634.8 19 20 FL194190005 14048.7 14592.2 15077.0 15537.2 16075.5 17659.2 18709.0 19193.5 20 21 22 23 24 25 FL194123005 FL153165105 FL153166000 FL193168005 FL193169005 Loans One-to-four-family residential mortgages (7) Consumer credit Depository institution loans n.e.c. Other loans and advances 14017.0 9660.3 3636.4 223.3 497.0 14558.7 9930.8 3830.8 225.6 571.5 15041.6 10206.6 4007.0 270.3 557.7 15500.3 10478.7 4192.2 254.2 575.1 16038.5 10865.0 4184.9 271.7 717.0 17620.8 11926.7 4548.5 314.1 831.4 18672.0 12696.7 4894.0 375.3 706.0 19154.0 13053.2 5019.7 345.1 735.9 21 22 23 24 25 26 FL543077073 Deferred and unpaid life insurance premiums 31.7 33.5 35.4 36.9 37.0 38.4 37.0 39.5 26 27 FL192090005 89399.0 97611.4 98208.5 110136.0 123845.5 141608.1 135751.0 147120.6 27 95012.8 103759.0 104324.3 116891.3 131398.4 150232.6 144627.6 156214.4 28 109947.3 103447.7 7996.6 1602.7 105.7 119256.1 112203.6 8739.1 1786.7 100.2 120304.0 113285.5 8643.5 1719.8 94.8 133504.1 125673.1 9683.7 1961.2 108.5 148604.2 139921.0 10899.4 2321.9 105.6 169084.0 159267.3 12289.7 2570.0 97.0 164596.7 154459.9 12900.4 2855.1 91.4 176743.2 166314.1 13481.7 3139.4 86.9 29 30 31 32 33 14934.5 14048.7 1707.5 821.8 15497.0 14592.2 1791.7 886.8 15979.6 15077.0 1778.7 876.1 16612.8 15537.2 2050.3 974.7 17205.8 16075.5 2204.1 1073.8 18851.4 17659.2 2369.3 1177.2 19969.1 18709.0 2548.5 1288.4 20528.8 19193.5 2718.8 1383.4 34 35 36 37 Nonfinancial assets Real estate (2) Consumer durable goods (3) Financial assets Liabilities Net worth Memo: Supplements Reconciliation with household and nonprofit organization sector net worth: (8) 28 FL152090005 Household and nonprofit net worth (B.101, line 40) 29 30 31 32 33 FL152000005 FL192000005 FL162000005 FL163093005 FL153069803 Household and nonprofit total assets (B.101, line 1) Household total assets (B.101.h, line 1) Nonprofit total assets (B.101.n, line 1) Less: Nonprofit misc. assets (B.101.n, line 19) Plus: Domestic hedge fund syndicated loans (9) 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) (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) Includes nonmarketable Treasury securities, cash accounts at brokers and dealers, and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (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 36) and owners’ equity in unincorporated security brokers and dealers. (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23). (8) Some financial asset and liability items shown on the supplemental balance sheet of nonprofit organizations (table B.101.n) are not included on the balance sheet of the household and nonprofit organization sector (table B.101). Therefore, some adjustments are necessary to reconcile the combined assets and liabilities of the household sector (table B.101.h) and nonprofit organization sector (table B.101.n) with the household and nonprofit organization sector’s (table B.101) in the core Financial Accounts. (9) Syndicated loans included in household and nonprofit organizations’ other loans and advances (table B.101, line 20) but assumed to be held by domestic hedge funds. 147 Z.1, March 7, 2024 B.101.n Balance Sheet of Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2016 2017 2018 2019 2020 2021 2022 2023 1 FL162000005 Total assets 7996.6 8739.1 8643.5 9683.7 10899.4 12289.7 12900.4 13481.7 1 2 FL162010005 Nonfinancial assets 3625.3 3867.0 3989.8 4319.0 4594.7 5318.5 5403.7 5189.4 2 3 4 5 FL165035005 FL165015205 FL165013765 3017.8 434.8 172.7 3227.0 458.0 182.0 3310.3 485.5 193.9 3598.7 514.9 205.4 3828.8 543.5 222.4 4500.9 582.5 235.1 4523.0 627.9 252.7 4248.9 666.9 273.5 3 4 5 6 FL164090005 4371.4 4872.0 4653.7 5364.7 6304.7 6971.2 7496.7 8292.3 6 7 8 9 FL163020005 FL163030205 FL163034003 Cash and non-interest-bearing deposits Other deposits and short-term investments (4) Money market fund shares 157.5 250.4 85.8 166.9 275.8 87.0 163.1 275.5 96.7 218.8 334.7 114.1 264.1 359.4 140.9 304.6 404.8 148.3 349.3 435.4 174.0 392.7 448.4 215.4 7 8 9 10 11 12 LM164022005 LM163061005 LM163063005 Debt securities U.S. government and municipal securities (5) Corporate and foreign bonds 280.2 102.0 178.1 305.2 114.5 190.7 332.1 139.7 192.4 352.2 140.4 211.8 415.0 165.4 249.6 450.1 181.3 268.8 476.9 196.0 280.9 524.6 214.0 310.5 10 11 12 13 14 15 16 FL164023005 FL163065013 FL163066223 FL163069005 Loans Mortgages Consumer credit Other loans and advances 177.2 1.2 41.3 134.7 178.5 0.8 35.2 142.5 170.5 0.9 31.3 138.3 172.8 1.4 27.3 144.2 175.4 1.2 24.1 150.1 177.7 1.3 22.0 154.4 179.6 1.4 18.7 159.4 182.7 1.5 16.8 164.4 13 14 15 16 17 LM163064005 Corporate equities and mutual fund shares 1573.6 1812.0 1630.6 1946.6 2305.9 2603.9 2713.6 3063.1 17 18 FL163070005 Grants and trade receivables 243.9 259.9 265.5 264.3 286.8 298.6 311.7 326.0 18 19 20 21 FL163090005 FL163072003 FL163093005 Miscellaneous assets PPP subsidies receivable Other (6) 1602.7 0.0 1602.7 1786.7 0.0 1786.7 1719.8 0.0 1719.8 1961.2 0.0 1961.2 2357.2 35.3 2321.9 2583.2 13.2 2570.0 2856.2 1.1 2855.1 3139.4 0.0 3139.4 19 20 21 22 FL164190005 1707.5 1791.7 1778.7 2050.3 2204.1 2369.3 2548.5 2718.8 22 23 FL163162003 Debt securities (municipal securities) 216.9 218.0 215.9 213.5 203.8 202.7 201.8 203.9 23 24 25 26 27 FL164123005 FL163165505 FL163168005 FL163169005 Loans Commercial mortgages Depository institution loans n.e.c. Other loans and advances 320.2 252.2 68.0 0.0 332.8 259.3 73.5 0.0 324.4 255.7 68.7 0.0 451.4 355.4 96.0 0.0 488.1 389.1 99.0 0.0 519.7 410.8 108.9 0.0 555.6 436.2 119.4 0.0 597.3 468.8 128.5 0.0 24 25 26 27 28 FL163170005 Trade payables 348.7 354.1 362.3 410.8 438.4 469.7 502.6 534.1 28 29 FL163193005 Miscellaneous liabilities (7) 821.8 886.8 876.1 974.7 1073.8 1177.2 1288.4 1383.4 29 30 FL162090005 6289.1 6947.4 6864.7 7633.4 8695.3 9920.4 10351.9 10762.9 30 31 32 FL164090015 FL164090025 840.7 3530.7 948.0 3924.1 930.0 3723.7 1037.7 4327.0 1114.8 5154.6 1190.5 5767.4 1216.8 6278.8 1299.0 6993.3 31 32 Real estate (2) Equipment (3) Intellectual property products (3) Financial assets Liabilities Net worth Total financial assets of private foundations Total financial assets of 501(c) organizations (1) Includes private foundations, including charitable trusts, and organizations that are tax-exempt under Sections 501(c)(3) through 501(c)(9) of the Internal Revenue Code. Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. Most financial asset and liability information from annual tax data available with a lag; recent values estimated by staff. (2) Residential and nonresidential real estate at market value. (3) At replacement (current) cost. (4) Includes interest-bearing checking and savings accounts, deposits in transit, commercial paper, certificates of deposit, and U.S. Treasury bills or other governmental obligations that mature in one year or less. (5) Excludes the short-term debt securities included in line 16. (6) Includes pledges receivable, receivables from officers and disqualified persons, prepaid expenses and deferred charges, other investments, and other financial assets. Not included on table B.101. (7) Not included on table B.101. Supplements Memo: 148 Z.1, March 7, 2024 B.101.e Balance Sheet of Households and Nonprofit Organizations with Debt and Equity Holdings Detail Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 1 FL152000005 2 FL152010005 Assets Nonfinancial assets 3 FL154090005 4 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 169084.0 164596.7 176743.2 163262.5 164596.7 167526.7 172956.9 171734.1 176743.2 1 51218.6 55644.1 57911.3 56527.1 55644.1 55650.9 58010.9 58463.2 57911.3 2 Financial assets 117865.4 108952.6 118831.9 106735.4 108952.6 111875.8 114946.0 113270.9 118831.9 3 FL154000025 Deposits (1) 18061.2 17938.1 18031.4 18104.2 17938.1 17847.7 17778.0 17762.7 18031.4 4 5 LM154022375 Debt securities at market value 8882.0 9301.0 10981.2 8569.6 9301.0 10118.0 10313.5 10287.9 10981.2 5 6 LM154022005 Directly held 2985.7 4434.3 5670.7 3744.7 4434.3 5096.8 5222.4 5313.9 5670.7 6 7 LM154022075 Indirectly held 5896.4 4866.7 5310.4 4824.9 4866.7 5021.2 5091.1 4974.0 5310.4 7 8 9 10 11 12 LM544022053 LM574022075 LM344022025 LM223064223 LM654022055 484.5 1913.7 37.0 54.4 3406.7 388.4 1706.5 29.9 42.7 2699.2 403.0 1922.4 32.1 47.2 2905.8 387.6 1658.0 28.8 43.2 2707.3 388.4 1706.5 29.9 42.7 2699.2 394.0 1786.1 31.0 44.2 2765.9 394.7 1817.8 31.5 45.1 2802.1 380.0 1790.6 30.2 44.3 2728.8 403.0 1922.4 32.1 47.2 2905.8 8 9 10 11 12 13 FL154023005 Loans 1467.3 1416.8 1346.3 1474.3 1416.8 1392.5 1392.6 1324.4 1346.3 13 14 LM153064475 Equity shares at market value 49036.8 39697.4 47546.0 37453.7 39697.4 42003.2 44548.9 42849.7 47546.0 14 15 LM153064105 Directly held 31656.1 26418.8 31996.5 25087.6 26418.8 27995.0 29696.9 28705.8 31996.5 15 16 LM153064175 Indirectly held 17380.7 13278.6 15549.6 12366.1 13278.6 14008.2 14852.0 14143.9 15549.6 16 17 18 19 20 21 LM543064153 LM573064175 LM343064125 LM223064213 LM653064155 1785.3 5974.3 504.2 143.4 8973.6 1399.9 4688.4 402.9 105.7 6681.7 1559.5 5605.7 516.4 125.7 7742.3 1298.8 4363.9 369.8 99.4 6234.1 1399.9 4688.4 402.9 105.7 6681.7 1450.8 4980.4 432.7 112.3 7032.1 1511.7 5301.4 468.7 119.9 7450.3 1420.0 5075.6 457.7 114.8 7075.9 1559.5 5605.7 516.4 125.7 7742.3 17 18 19 20 21 22 FL153099475 40418.1 40599.4 40927.0 41133.5 40599.4 40514.4 40913.0 41046.2 40927.0 22 23 FL154190005 Liabilities 18851.4 19969.1 20528.8 19746.8 19969.1 20005.6 20176.6 20358.4 20528.8 23 24 FL152090005 Net worth 150232.6 144627.6 156214.4 143515.8 144627.6 147521.0 152780.3 151375.7 156214.4 24 Life insurance companies Private pension funds (2) Federal govt. retirement funds (2) State and local govt. retirement funds (2) Mutual funds Life insurance companies Private pension funds (2) Federal govt. retirement funds (2) State and local govt. retirement funds (2) Mutual funds Other (3) Memo: 25 26 FL154022376 FL154022386 Debt securities (line 5) as a percent of Total assets (line 1) Financial assets (line 3) 5.25 7.54 5.65 8.54 6.21 9.24 5.25 8.03 5.65 8.54 6.04 9.04 5.96 8.97 5.99 9.08 6.21 9.24 25 26 27 28 FL153064476 FL153064486 Equity shares (line 14) as a percent of Total assets (line 1) Financial assets (line 3) 29.00 41.60 24.12 36.44 26.90 40.01 22.94 35.09 24.12 36.44 25.07 37.54 25.76 38.76 24.95 37.83 26.90 40.01 27 28 Supplements (1) Includes foreign deposits, checkable deposits and currency, time and savings deposits, and money market fund shares. (2) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 22. (3) Other (line 22) includes proprietor’s equity in noncorporate business, defined benefit plan pension entitlements, asset of defined contribution pension plans and mutual funds not included above. 149 Z.1, March 7, 2024 B.101.f Balance Sheet of Domestic Hedge Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 1 FL622000623 2 FL625035003 Assets Nonfinancial assets (real estate) 3 FL624090005 Financial assets 4 5 6 7 FL623091003 FL623039003 FL623039013 FL623034003 8 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 2745.6 2557.7 ND 2583.9 2557.7 2621.9 2618.5 2637.2 ND 1 142.6 149.5 ND 148.3 149.5 161.3 173.7 167.5 ND 2 2603.0 2408.2 ND 2435.6 2408.2 2460.5 2444.9 2469.6 ND 3 Foreign currency Deposits Other cash and cash equivalents Money market fund shares 23.4 43.4 112.9 94.6 24.2 40.0 110.4 89.7 ND ND ND ND 21.8 37.7 111.2 92.4 24.2 40.0 110.4 89.7 23.7 42.3 94.9 80.2 27.1 49.9 92.5 69.4 24.8 34.7 85.2 70.2 ND ND ND ND 4 5 6 7 FL622051003 Security repurchase agreements 93.8 85.7 ND 99.6 85.7 92.1 91.9 92.0 ND 8 9 10 11 12 13 LM624022005 LM623061103 LM623061703 LM623062003 LM623063003 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 657.9 161.1 8.5 15.4 473.0 641.1 172.7 5.8 12.7 449.9 ND ND ND ND ND 675.0 192.3 10.8 12.9 459.0 641.1 172.7 5.8 12.7 449.9 652.9 189.3 11.9 12.3 439.5 656.9 196.5 14.1 12.7 433.5 693.8 223.5 17.2 12.2 440.8 ND ND ND ND ND 9 10 11 12 13 14 15 16 FL623069005 FL623069503 FL623069003 Loans Leveraged loans Other loans 178.4 119.9 58.5 211.4 139.5 71.9 ND ND ND 204.1 133.5 70.6 211.4 139.5 71.9 214.3 142.9 71.4 226.0 147.3 78.7 228.5 148.7 79.8 ND ND ND 14 15 16 17 18 LM623064103 LM623064203 Corporate equities Mutual fund shares 1139.7 11.8 935.6 11.3 ND ND 904.7 10.8 935.6 11.3 950.2 11.4 975.2 11.1 949.6 6.0 ND ND 17 18 19 FL623093005 Miscellaneous assets 247.1 258.9 ND 278.2 258.9 298.5 244.8 284.9 ND 19 20 FL624190005 827.1 735.1 ND 753.5 735.1 764.7 753.5 769.9 ND 20 21 22 23 FL622151005 FL622151013 FL622151063 Security repurchase agreements Domestic institutions Foreign institutions 67.6 40.9 26.7 60.5 41.4 19.1 ND ND ND 64.1 42.4 21.7 60.5 41.4 19.1 75.8 56.6 19.2 70.0 50.3 19.7 67.9 47.4 20.5 ND ND ND 21 22 23 24 FL624123005 Loans 642.2 571.6 ND 566.8 571.6 586.2 600.7 577.8 ND 24 25 26 27 FL624123035 FL623167003 FL623169533 Secured borrowing via prime brokerage From domestic institutions From foreign institutions 484.3 423.2 61.2 397.6 348.1 49.5 ND ND ND 393.7 347.8 46.0 397.6 348.1 49.5 410.2 360.2 50.0 426.3 376.1 50.1 401.1 351.7 49.4 ND ND ND 25 26 27 28 29 30 FL624123015 FL623168013 FL623169513 Other secured borrowing From domestic institutions From foreign institutions 136.1 102.3 33.8 153.4 122.8 30.6 ND ND ND 152.4 121.2 31.2 153.4 122.8 30.6 156.2 124.0 32.2 154.7 119.7 35.0 158.8 124.5 34.3 ND ND ND 28 29 30 31 FL623168023 Unsecured borrowing 21.7 20.6 ND 20.6 20.6 19.9 19.7 17.9 ND 31 32 FL623193005 Miscellaneous liabilities 117.4 103.0 ND 122.6 103.0 102.6 82.7 124.1 ND 32 33 34 FL622000003 FL623098003 1918.5 1076.7 1822.6 913.6 ND ND 1830.4 1022.1 1822.6 913.6 1857.2 965.6 1865.1 992.3 1867.3 958.6 ND ND 33 34 Liabilities Memo: Total net assets Derivatives (2) Supplements (1) Data begin 2012:Q4. Includes only hedge funds domiciled in the United States as reported on SEC forms ADV and PF. (2) Long exposure of derivatives. 150 Z.1, March 7, 2024 L.132.c Central Clearing Counterparties (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 2022 2023 2022 Q3 1 FL504090025 2 3 4 FL503020025 FL713129003 FL503020023 Total financial assets Checkable deposits and currency Federal Reserve deposits Other 5 6 FL503034023 FL502051023 Money market fund shares Security repurchase agreements 7 FL503061123 Treasury securities 8 FL503093023 Miscellaneous assets 9 FL504190025 10 FL503169023 Other loans and advances (2) 11 FL503169123 Commercial paper 12 FL503193023 Miscellaneous liabilities Total liabilities Supplements (1) Included in Other Financial Business sector, table L.132. (2) Clearing fund contributions listed on table L.216. 2023 Q4 Q1 Q2 Q3 Q4 291.6 263.8 240.0 270.4 263.8 266.7 251.6 225.9 240.0 1 236.4 218.7 17.7 215.1 194.1 21.0 168.0 147.9 20.1 220.8 203.1 17.7 215.1 194.1 21.0 211.3 189.8 21.5 186.3 167.0 19.4 162.7 142.9 19.7 168.0 147.9 20.1 2 3 4 3.7 3.6 0.0 3.9 0.0 5.4 0.0 4.4 0.0 3.9 0.0 5.0 0.0 4.3 0.0 5.1 0.0 5.4 5 6 45.5 42.8 61.1 41.5 42.8 48.2 59.1 55.7 61.1 7 2.4 2.0 5.6 3.7 2.0 2.2 1.8 2.4 5.6 8 289.0 261.1 237.1 267.6 261.1 263.8 248.7 223.0 237.1 9 275.3 245.3 222.2 254.6 245.3 248.0 234.3 208.4 222.2 10 8.3 9.1 9.1 7.9 9.1 9.2 7.7 7.9 9.1 11 5.4 6.7 5.8 5.1 6.7 6.6 6.7 6.7 5.8 12 151 Z.1, March 7, 2024 F.4.g Gross Fixed Investment (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 Gross fixed investment (by type) 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1 FA885019005 2 3 4 5 6 7 FA885019065 FA885019025 FA885013075 FA885013035 FA885013045 FA835013051 Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals 5031.4 5476.1 5778.4 5524.6 5536.4 5643.9 5736.1 5817.7 5916.0 1 2097.9 1332.6 1555.6 628.2 837.1 90.3 2233.2 1455.9 1726.4 702.4 919.8 104.1 2350.6 1520.8 1846.5 752.3 982.3 111.8 2234.5 1477.9 1751.6 715.2 928.7 107.7 2209.0 1490.7 1776.1 723.6 944.8 107.7 2269.0 1499.7 1814.7 742.5 962.2 109.9 2312.6 1528.5 1834.4 743.8 978.2 112.4 2377.6 1525.7 1853.8 752.4 989.6 111.8 2443.1 1529.2 1883.1 770.5 999.4 113.2 2 3 4 5 6 7 8 FA105013893 Miscellaneous adjustments (2) 45.3 60.6 60.6 60.6 60.6 60.6 60.6 60.6 60.6 8 9 FA885019005 5031.4 5476.1 5778.4 5524.6 5536.4 5643.9 5736.1 5817.7 5916.0 9 10 11 12 FA155019005 FA105019085 FA115019085 Households and nonprofit organizations Nonfinancial corporate business Nonfinancial noncorporate business 1192.4 2215.1 490.0 1245.8 2483.2 533.2 1184.0 2687.2 547.8 1228.3 2533.7 537.6 1173.4 2565.5 530.1 1172.2 2633.2 537.9 1170.8 2673.9 547.0 1191.2 2700.0 552.0 1201.9 2741.7 554.3 10 11 12 13 14 FA315019001 FA215019001 Federal government State and local governments 378.0 448.8 406.5 470.2 442.7 548.9 404.0 478.4 423.9 494.1 427.7 514.2 437.2 537.2 445.7 559.0 460.2 585.3 13 14 15 FA795013005 Domestic financial sectors (3) 307.1 337.2 367.8 342.7 349.4 358.8 370.1 369.8 372.6 15 16 FA715013005 Monetary authority 1.1 1.2 1.3 1.2 1.3 1.3 1.3 17 18 19 20 21 FA705013005 FA765013005 FA755013005 FA745013005 FA475013005 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 79.8 61.8 8.7 0.2 9.1 89.6 68.5 10.2 0.2 10.6 104.0 81.4 11.0 0.2 11.4 90.6 69.1 10.4 0.2 10.8 94.9 73.3 10.5 0.2 10.9 98.7 76.4 10.8 0.2 11.2 107.1 84.6 10.9 0.2 11.4 1.3 1.3 16 105.4 82.7 11.0 0.2 11.4 104.8 81.8 11.1 0.2 11.6 17 18 19 20 21 22 23 24 25 FA515013005 FA545013005 FA575013005 FA225013005 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 37.9 33.9 2.0 2.4 42.2 38.1 2.2 2.7 45.2 40.7 2.4 2.9 43.0 38.8 2.3 2.7 43.4 39.2 2.3 2.8 44.5 40.1 2.4 2.9 44.9 40.5 2.4 2.9 45.2 40.8 2.4 2.9 46.0 41.4 2.4 3.0 22 23 24 25 26 27 28 29 30 FA405013005 FA675013025 FA615013005 FA665013005 FA735013005 Government-sponsored enterprises ABS issuers Finance companies Security brokers and dealers Holding companies 0.5 0.0 63.3 50.0 36.2 0.5 0.0 64.5 56.0 40.2 0.6 0.0 67.5 60.0 43.3 0.5 0.0 65.8 57.0 40.9 0.5 0.0 66.0 57.6 41.4 0.5 0.0 66.8 59.1 42.6 0.6 0.0 67.8 59.6 43.1 0.6 0.0 67.7 60.1 43.4 0.6 0.0 67.8 61.1 44.1 26 27 28 29 30 1844.8 11.7 1957.9 157.3 2022.1 57.3 1971.0 82.3 1958.0 177.7 2018.6 23.7 2017.4 18.6 2027.4 102.0 2025.1 84.8 31 32 Gross fixed investment (by sector) Memo: 31 32 FA155111003 FA145020005 Consumer durable goods (4) Inventories (5) Supplements (1) Private gross fixed investment is from BEA, NIPA table 5.2.5. Structures is from BEA, NIPA table 5.4.5. Equipment is from BEA, NIPA table 5.5.5. Intellectual Property Products is from BEA, NIPA table 5.6.5. Government gross fixed investment is from BEA, NIPA table 3.9.5. (2) Calculated as the difference between gross fixed investment in BEA’s NIPA and gross fixed investment in BEA’s fixed assets accounts (FAA); the latter are used to estimate stocks of fixed assets for balance sheets. For the minor definitional differences between the two estimates of gross fixed investment, see the BEA FAA web page https://apps.bea.gov/iTable/index_FA.cfm. (3) Domestic financial subsector detail are based on FRB staff estimates. (4) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, however, consumer durables are included in household sector fixed investment (table F.101, line 14). (5) Inventories are not included above but are part of nonfinancial business gross investment (table F.4, lines 25 and 26). 152 Z.1, March 7, 2024 F.4.c Consumption of Fixed Capital Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 1 FA886300095 2 3 4 5 6 7 FA886300065 FA886300025 FA886330075 FA886330035 FA886330045 FA836330053 Consumption of fixed capital (by type) Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals 8 FA366300095 Miscellaneous government adjustements (1) 9 FA886300095 10 11 12 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 3873.3 4299.9 4585.4 4368.2 4430.3 4507.4 4557.0 4611.5 4665.6 1 1378.8 1231.1 1262.8 520.1 655.7 87.0 1578.1 1339.3 1382.4 575.8 712.9 93.7 1684.5 1428.1 1472.7 614.0 758.6 100.1 1604.1 1360.4 1403.5 584.9 723.4 95.2 1628.3 1379.3 1422.6 593.1 733.0 96.6 1656.9 1403.2 1447.2 603.4 745.5 98.3 1674.4 1419.1 1463.4 610.2 753.8 99.4 1693.7 1436.4 1481.3 617.5 763.0 100.7 1712.8 1453.7 1499.0 624.9 772.2 101.9 2 3 4 5 6 7 0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 8 Consumption of fixed capital (by sector) 3873.3 4299.9 4585.4 4368.2 4430.3 4507.4 4557.0 4611.5 4665.6 9 FA156300003 FA106300011 FA116300001 Households and nonprofit organizations Nonfinancial corporate business Nonfinancial noncorporate business 722.0 1818.3 398.4 821.0 2004.7 445.2 855.7 2165.1 469.8 835.7 2036.0 452.0 843.1 2070.3 457.8 843.1 2121.6 463.0 848.3 2153.1 467.0 862.0 2177.5 472.3 869.5 2208.2 476.9 10 11 12 13 14 FA316300001 FA216300001 Federal government State and local governments 326.0 333.0 350.8 371.5 370.5 393.2 354.4 377.4 359.0 383.1 364.3 389.7 368.0 391.7 372.5 394.4 377.1 397.0 13 14 15 FA796330005 Domestic financial sectors (2) 275.7 306.6 331.0 312.7 317.1 325.6 328.9 332.8 336.9 15 16 FA716330005 Monetary authority 1.0 1.1 1.2 1.1 1.1 1.2 1.2 1.2 1.2 16 17 18 19 20 21 FA706330005 FA766330005 FA756330005 FA746330005 FA476330005 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 68.3 52.5 7.6 0.2 8.0 76.3 58.0 8.9 0.2 9.3 82.9 63.2 9.6 0.2 10.0 78.3 59.6 9.0 0.2 9.4 79.2 60.3 9.2 0.2 9.6 81.6 62.2 9.4 0.2 9.8 82.4 62.8 9.5 0.2 9.9 83.3 63.5 9.6 0.2 10.0 84.3 64.2 9.7 0.2 10.1 17 18 19 20 21 22 23 24 25 FA516330005 FA546330005 FA576330005 FA226330005 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 30.6 25.3 0.5 0.7 34.6 29.0 1.1 1.3 37.2 31.3 1.2 1.4 35.2 29.6 1.1 1.3 35.7 30.0 1.1 1.3 36.6 30.8 1.1 1.3 37.0 31.1 1.2 1.3 37.4 31.5 1.2 1.4 37.9 31.8 1.2 1.4 22 23 24 25 26 27 28 29 30 FA406330005 FA676330023 FA616330005 FA666330005 FA736330005 Government-sponsored enterprises ABS issuers Finance companies Security brokers and dealers Holding companies 0.6 0.0 74.6 36.9 37.4 0.6 0.0 78.5 43.2 40.9 0.7 0.0 84.6 46.5 44.1 0.6 0.0 79.9 44.0 41.6 0.7 0.0 81.1 44.6 42.2 0.7 0.0 83.2 45.8 43.4 0.7 0.0 84.1 46.2 43.8 0.7 0.0 85.0 46.8 44.3 0.7 0.0 86.1 47.4 44.9 26 27 28 29 30 1365.8 1559.4 1644.4 1579.4 1613.5 1618.6 1637.6 1659.5 1661.9 31 Memo: 31 FA156300103 Consumer durable goods (3) Supplements (1) Calculated as the difference between consumption of fixed capital in BEA’s NIPA and consumption of fixed capital in BEA’s fixed assets accounts (FAA); the latter are used to estimate. (2) Domestic financial subsector detail are based on FRB staff estimates. (3) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, consumer durables are included in household sector capital expenditures. 153 Z.1, March 7, 2024 F.4.f Net Fixed Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2021 1 FA885015005 2 3 4 5 6 7 FA885019665 FA885019265 FA885013765 FA885013365 FA885013465 FA835013565 Net fixed investment (by type) Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals 8 FA105013893 9 FA365015095 10 FA885015005 11 12 13 FA155015005 FA105015085 FA115015005 14 15 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 1158.0 1176.2 1193.1 1156.5 1106.1 1136.5 1179.1 1206.2 1250.4 1 719.1 101.4 292.8 108.0 181.3 3.4 655.1 116.6 344.0 126.7 206.9 10.4 666.1 92.7 373.7 138.3 223.7 11.7 630.4 117.5 348.0 130.4 205.2 12.5 580.7 111.4 353.5 130.5 211.8 11.1 612.1 96.4 367.5 139.1 216.7 11.6 638.2 109.4 371.0 133.6 224.4 12.9 683.9 89.3 372.5 134.8 226.5 11.1 730.3 75.6 384.0 145.6 227.2 11.3 2 3 4 5 6 7 Miscellaneous adjustments (1) 45.3 60.6 60.6 60.6 60.6 60.6 60.6 60.6 60.6 8 Miscellaneous government adjustements (2) -0.6 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 9 1158.0 1176.2 1193.1 1156.5 1106.1 1136.5 1179.1 1206.2 1250.4 10 Households and nonprofit organizations Nonfinancial corporate business Nonfinancial noncorporate business 470.4 396.8 91.6 424.8 478.5 87.9 328.3 522.1 78.0 392.6 497.7 85.6 330.3 495.2 72.3 329.0 511.6 75.0 322.5 520.8 79.9 329.2 522.6 79.7 332.4 533.5 77.4 11 12 13 FA315015005 FA215015005 Federal government State and local governments 51.9 115.9 55.7 98.7 72.2 155.7 49.6 101.0 64.9 111.0 63.3 124.4 69.1 145.5 73.1 164.6 83.1 188.3 14 15 16 FA795015085 Domestic financial sectors (3) 31.4 30.5 36.8 30.0 32.4 33.2 41.2 37.0 35.7 16 17 FA715013865 Monetary authority 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 17 18 19 20 21 22 FA705013865 FA765013865 FA755013865 FA745013865 FA475013865 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 11.5 9.3 1.1 0.0 1.1 13.2 10.5 1.3 0.0 1.4 21.1 18.2 1.4 0.0 1.4 12.3 9.5 1.3 0.0 1.4 15.7 12.9 1.3 0.0 1.4 17.0 14.2 1.4 0.0 1.4 24.7 21.8 1.4 0.0 1.5 22.1 19.2 1.4 0.0 1.4 20.5 17.6 1.4 0.0 1.5 18 19 20 21 22 23 24 25 26 FA515013865 FA545013865 FA575013865 FA225013865 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 7.4 8.6 1.4 1.7 7.6 9.1 1.2 1.4 7.9 9.4 1.2 1.6 7.8 9.2 1.2 1.4 7.7 9.2 1.2 1.5 7.9 9.3 1.2 1.5 7.9 9.4 1.2 1.6 7.8 9.3 1.2 1.6 8.1 9.5 1.3 1.6 23 24 25 26 27 28 29 30 31 FA405013865 FA675013263 FA615013865 FA665013865 FA735013865 Government-sponsored enterprises ABS issuers Finance companies Security brokers and dealers Holding companies -0.1 0.0 -11.3 13.1 -1.1 -0.1 0.0 -14.0 12.8 -0.7 -0.1 0.0 -17.1 13.4 -0.8 -0.1 0.0 -14.2 13.0 -0.7 -0.1 0.0 -15.1 13.0 -0.8 -0.1 0.0 -16.4 13.3 -0.8 -0.1 0.0 -16.2 13.4 -0.7 -0.1 0.0 -17.4 13.3 -0.9 -0.1 0.0 -18.3 13.7 -0.7 27 28 29 30 31 479.0 398.6 377.7 391.6 344.5 400.0 379.8 367.9 363.2 32 Net fixed investment (by sector) Memo: 32 FA155111005 Consumer durable goods (4) Supplements (1) Included in nonfinancial corporate business sector gross fixed investment, line 11. (2) Calculated as the difference between net fixed investment in BEA’s NIPA and net fixed investment in BEA’s fixed assets accounts (FAA); the latter are used to estimate. (3) Domestic financial subsector detail are based on FRB staff estimates. (4) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, consumer durables are included in household sector capital expenditures. 154 Z.1, March 7, 2024 L.4.s Net Stocks of Fixed Assets, current cost Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2021 1 FL885019865 2 3 4 5 6 7 FL885019665 FL885019265 FL885013765 FL885013365 FL885013465 FL835013565 8 FL885019865 9 10 11 FL155015015 FL105015085 FL115015005 12 13 Net stocks (by type) 2022 2023 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 77441.2 85943.2 88450.0 84768.0 85943.2 86754.7 87008.9 87643.9 88450.0 1 62437.6 9303.9 5699.7 1078.1 4023.5 598.0 69726.7 9984.3 6232.2 1214.6 4376.8 640.8 71368.9 10227.6 6853.5 1381.7 4795.5 676.3 68814.6 9840.5 6112.8 1196.5 4282.9 633.5 69726.7 9984.3 6232.2 1214.6 4376.8 640.8 70194.0 10158.3 6402.4 1271.6 4477.8 653.0 70321.7 10137.5 6549.7 1301.7 4582.9 665.1 70759.0 10190.9 6693.9 1339.1 4690.4 664.5 71368.9 10227.6 6853.5 1381.7 4795.5 676.3 2 3 4 5 6 7 77441.2 85943.2 88450.0 84768.0 85943.2 86754.7 87008.9 87643.9 88450.0 8 Households and nonprofit organizations Nonfinancial corporate business Nonfinancial noncorporate business 27299.3 20919.4 8822.6 30694.5 23086.2 9796.3 31513.7 24093.1 9736.2 30282.5 22726.3 9675.1 30694.5 23086.2 9796.3 30673.2 23585.8 9780.7 30719.5 23748.6 9720.2 31123.8 23854.6 9717.2 31513.7 24093.1 9736.2 9 10 11 FL315015005 FL215015005 Federal government State and local governments 4098.2 14063.2 4412.6 15427.1 4611.2 15894.1 4356.4 15250.6 4412.6 15427.1 4476.3 15662.3 4514.0 15723.6 4556.7 15806.3 4611.2 15894.1 12 13 14 FL795013865 Domestic financial sectors (1) 2238.4 2526.4 2601.8 2477.0 2526.4 2576.5 2583.0 2585.4 2601.8 14 15 FL715013865 Monetary authority 12.8 14.7 15.1 14.4 14.7 15.0 15.1 15.0 15.1 15 16 17 18 19 20 FL705013865 FL765013865 FL755013865 FL745013865 FL475013865 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 599.3 440.5 76.8 1.9 80.2 688.5 497.7 92.4 2.0 96.3 713.9 516.9 95.5 2.1 99.5 672.9 488.3 89.4 2.0 93.2 688.5 497.7 92.4 2.0 96.3 703.4 508.7 94.4 2.1 98.3 706.8 511.3 94.7 2.1 98.7 708.0 512.4 94.8 2.1 98.8 713.9 516.9 95.5 2.1 99.5 16 17 18 19 20 21 22 23 24 FL515013865 FL545013865 FL575013865 FL225013865 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 205.8 178.7 3.5 9.2 237.2 207.5 4.7 12.2 248.5 220.9 5.9 14.0 231.7 202.0 4.4 11.6 237.2 207.5 4.7 12.2 242.9 213.0 5.0 12.8 244.6 215.6 5.3 13.2 245.8 217.6 5.6 13.5 248.5 220.9 5.9 14.0 21 22 23 24 25 26 27 28 29 FL405013865 FL675013263 FL615013865 FL665013865 FL735013865 Government-sponsored enterprises ABS issuers Finance companies Security brokers and dealers Holding companies 3.8 0.0 514.8 257.0 453.6 4.4 0.0 542.5 297.7 517.2 4.3 0.0 538.7 315.6 524.9 4.3 0.0 538.2 290.4 507.1 4.4 0.0 542.5 297.7 517.2 4.4 0.0 548.5 305.7 525.7 4.4 0.0 543.5 308.8 525.8 4.3 0.0 541.1 311.2 523.2 4.3 0.0 538.7 315.6 524.9 25 26 27 28 29 30 31 FL155111005 FL145020005 6998.1 3445.9 7645.6 3800.6 7878.1 3789.9 7576.3 3809.1 7645.6 3800.6 7735.3 3789.0 7839.0 3752.8 7850.1 3792.6 7878.1 3789.9 30 31 Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals Net stocks (by sector) Memo: Consumer durable goods (2) Inventories (3) Supplements (1) Domestic financial subsector detail are based on FRB staff estimates. (2) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, consumer durables are included in household sector fixed investment (table B.101, line 8). (3) Not included above. 155 Z.1, March 7, 2024 S.1.a Total Economy - Current Account Billions of dollars 2017 2018 2019 2020 2021 2022 2023 18752.0 19544.2 20593.1 21479.0 21264.7 23599.5 25796.4 ND 1 3008.1 3149.0 3312.6 3479.8 3625.5 3873.3 4299.9 4585.4 2 15743.9 9977.1 8102.2 1874.9 1247.4 4519.4 16395.2 10435.0 8485.0 1950.0 1304.1 4656.2 17280.5 10967.7 8910.1 2057.6 1393.8 4919.0 17999.1 11459.8 9336.8 2123.0 1460.2 5079.2 17639.2 11602.3 9472.3 2130.0 863.7 5173.2 19726.2 12556.6 10323.4 2233.2 1189.2 5980.4 21496.5 13455.2 11132.1 2323.2 1682.8 6358.5 ND 14271.5 11834.2 2437.3 1728.7 ND 3 4 5 6 7 8 892.9 661.5 1031.1 738.2 1138.7 848.4 1174.7 892.8 993.0 778.1 1112.1 928.6 1252.6 1070.7 ND ND 9 10 1 FA896902505 Gross value added (income approach) 2 FA886300091 Less: Consumption of fixed capital 3 4 5 6 7 8 FA896902601 FA896025001 FA896020001 FA896401001 FA896240101 FA896402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9 10 FA266904095 FA266904195 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 FA896140001 FA896402101 FA156025105 FA156020101 FA156401101 FA896240001 FA366402015 FA896150105 FA896130101 FA896120105 FA896121101 FA156122101 FA893092201 FA896112101 FA896150005 FA896130001 FA896120005 FA896121001 FA896122001 FA893192201 FA896112001 Equals: Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Taxes on production and imports, receivable Subsidies paid Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on U.S. direct investment abroad Rents on land and natural resources Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on foreign direct investment Rents on land and natural resources 15975.3 4519.4 9966.1 8091.2 1874.9 1309.1 -61.7 6850.4 3332.4 3189.7 1709.3 1480.4 312.7 15.6 6608.1 3510.0 3004.0 1523.6 1480.4 78.5 15.6 16688.2 4656.2 10424.4 8474.4 1950.0 1364.0 -59.9 7420.9 3582.9 3437.6 1882.3 1555.3 383.7 16.8 7117.3 3778.2 3227.2 1671.9 1555.3 95.1 16.8 17570.8 4919.0 10957.4 8899.8 2057.6 1457.1 -63.3 8286.7 3947.2 4581.6 2948.1 1633.5 -261.4 19.4 7986.1 4167.2 3680.6 2047.1 1633.5 118.9 19.4 18281.0 5079.2 11447.9 9325.0 2123.0 1533.1 -73.0 8454.2 4208.3 4048.1 2355.8 1692.3 177.9 19.9 8160.5 4447.6 3569.0 1876.8 1692.3 123.9 19.9 17854.0 5173.2 11594.7 9464.6 2130.0 1520.5 -656.9 7772.9 3569.5 3978.3 2241.7 1736.6 208.9 16.3 7550.5 3795.3 3653.4 1916.8 1736.6 85.5 16.3 19909.7 5980.4 12545.9 10312.6 2233.2 1671.9 -482.7 8051.2 3322.8 4385.6 2456.9 1928.7 322.0 20.8 7856.9 3562.2 4050.7 2122.0 1928.7 223.2 20.8 21678.4 6358.5 13439.2 11116.0 2323.2 1810.2 -127.4 8772.5 3838.3 4543.2 2551.3 1991.9 361.9 29.2 8574.6 4113.2 4208.5 2216.6 1991.9 223.7 29.2 ND ND 14254.2 11817.0 2437.3 1829.9 -101.1 ND ND ND ND ND ND ND ND ND ND ND ND ND ND 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) 15975.3 2347.9 2334.8 3961.6 3977.1 823.5 950.6 16688.2 2358.5 2346.0 4111.6 4128.2 817.1 940.6 17570.8 2385.0 2371.6 4293.0 4310.4 857.1 991.5 18281.0 2509.7 2496.7 4518.5 4537.1 881.6 1027.8 17854.0 2578.8 2564.0 5637.3 5666.0 1135.1 1279.3 19909.7 3165.2 3147.9 6117.5 6144.7 1425.1 1588.3 21678.4 3699.6 3680.7 5610.4 5633.4 1303.8 1496.3 ND ND ND 5804.1 5829.9 1302.5 ND 32 33 34 35 36 37 38 39 FA896012005 Equals: Disposable income, net 15845.8 16560.6 17432.4 18129.2 17695.9 19736.6 21481.8 ND 39 40 FA896901001 Less: Final consumption expenditures 15380.2 16006.3 16794.2 17432.5 17384.5 19409.2 21081.8 ND 40 41 FA896006001 Equals: Net saving 465.6 554.2 638.2 696.7 311.3 327.4 400.0 ND 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 18752.0 52.9 18804.9 18778.5 0.28 19544.2 67.9 19612.1 19578.2 0.35 20593.1 63.4 20656.5 20624.8 0.31 21479.0 42.4 21521.4 21500.2 0.20 21264.7 58.2 21323.0 21293.8 0.27 23599.5 -5.5 23594.0 23596.8 -0.02 25796.4 -52.3 25744.1 25770.3 -0.20 ND ND 27357.8 ND ND 42 43 44 45 46 Integrated Accounts 2016 156 Z.1, March 7, 2024 S.2.a Selected Aggregates for Total Economy and Sectors Integrated Accounts Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 1 2 3 4 5 6 7 FA896902505 FA156902505 FA116902505 FA106902501 FA796902505 FA316902505 FA216902505 Gross value added Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government 18752.0 2334.3 3241.3 9346.4 1412.2 754.1 1663.7 19544.2 2423.2 3411.9 9771.4 1456.5 772.8 1708.3 20593.1 2539.1 3614.2 10337.8 1516.4 803.1 1782.5 21479.0 2655.9 3765.2 10801.0 1596.9 825.5 1834.5 21264.7 2778.3 3572.9 10500.0 1656.7 865.8 1891.0 23599.5 2916.0 4029.0 11995.9 1800.7 907.2 1950.8 25796.4 3165.8 4467.9 13300.8 1865.5 951.4 2045.1 ND 3447.2 ND ND ND 1005.4 2148.8 1 2 3 4 5 6 7 8 9 10 11 12 13 FA896006001 FA156006005 FA106012095 FA796012095 FA316006085 FA216006095 Net saving Households and nonprofit institutions serving households Nonfinancial corporate business Financial business Federal government State and local government 465.6 746.2 464.7 164.2 -667.3 -242.2 554.2 841.6 527.0 147.3 -736.8 -224.8 638.2 996.7 560.3 187.5 -906.4 -199.9 696.7 1190.9 577.9 178.1 -1044.4 -205.9 311.3 2678.6 525.8 53.3 -2894.4 -51.9 327.4 2120.5 638.6 64.8 -2739.9 243.4 400.0 622.8 674.2 104.9 -1062.2 60.4 ND 912.2 ND ND ND ND 8 9 10 11 12 13 14 15 16 17 18 19 20 FA155440005 FA115440005 FA105440005 FA795440005 FA315440005 FA215440005 FA265440005 Net capital transfers Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 14.6 0.0 2.6 1.8 60.5 -72.5 -7.0 -15.2 -9.4 200.8 76.6 -164.5 -72.4 -16.0 9.4 -3.0 -6.2 16.9 60.6 -73.1 -4.6 15.1 0.0 -12.4 0.0 79.0 -74.8 -6.8 3.0 0.0 13.6 0.0 73.4 -83.8 -6.3 -42.4 -5.2 -9.8 22.7 121.2 -82.9 -3.5 2.7 -10.1 30.3 28.2 183.8 -229.8 -5.1 -104.1 0.0 -0.5 0.0 213.6 -95.5 -13.5 14 15 16 17 18 19 20 21 22 23 24 25 26 27 FA885019005 FA155019005 FA115019085 FA105019085 FA795013005 FA315019001 FA215019001 Gross fixed capital formation Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 3888.9 803.5 364.8 1826.8 244.1 275.0 374.6 4116.4 856.8 410.9 1919.8 247.5 287.6 393.9 4399.0 909.8 411.7 2080.2 266.7 311.9 418.8 4595.2 935.6 456.9 2126.3 301.4 332.5 442.5 4602.4 1004.7 448.1 2047.6 285.4 364.8 451.7 5031.4 1192.4 490.0 2215.1 307.1 378.0 448.8 5476.1 1245.8 533.2 2483.2 337.2 406.5 470.2 5778.4 1184.0 547.8 2687.2 367.8 442.7 548.9 21 22 23 24 25 26 27 28 29 30 31 32 33 34 FA886300095 FA156300003 FA116300001 FA106300003 FA796330081 FA316300001 FA216300001 Consumption of fixed capital Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 3008.1 517.6 313.8 1441.0 203.2 273.7 258.8 3149.0 548.6 326.6 1509.4 214.4 280.2 269.7 3312.6 586.5 342.6 1582.1 226.1 290.2 285.2 3479.8 614.7 357.9 1666.2 243.0 299.2 298.9 3625.5 647.5 372.1 1730.2 257.9 309.4 308.4 3873.3 722.0 398.4 1818.3 275.7 326.0 333.0 4299.9 821.0 445.2 2004.7 306.6 350.8 371.5 4585.4 855.7 469.8 2165.1 331.0 370.5 393.2 28 29 30 31 32 33 34 35 36 37 FA145020005 FA115020005 FA105020005 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business 39.1 2.5 36.6 32.7 1.3 31.3 56.4 3.4 53.0 72.2 0.3 71.9 -37.6 -12.0 -25.6 11.7 1.0 10.7 157.3 13.7 143.6 57.3 8.5 48.7 35 36 37 38 39 40 41 42 43 44 FA885000985 FA155000905 FA115000905 FA105000905 FA795000995 FA315000995 FA215000995 -461.3 456.9 -53.5 32.4 121.5 -720.3 -298.3 -461.9 560.9 -76.3 -115.8 37.6 -577.4 -290.9 -509.3 677.7 -69.5 16.5 130.0 -987.2 -276.8 -497.8 869.1 -99.2 59.1 119.7 -1154.7 -291.7 -634.0 2332.8 -64.1 220.6 25.8 -3020.4 -128.8 -846.0 1707.4 -87.4 235.1 10.7 -2904.0 192.2 -938.8 210.9 -91.5 -83.0 46.1 -1193.6 172.3 ND 704.0 -86.5 ND ND ND ND 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 52.9 408.4 67.9 394.0 63.4 445.8 42.4 455.3 58.2 575.8 -5.5 851.5 -52.3 991.1 ND ND 45 46 47 48 49 50 51 52 53 FA885000005 FA155000005 FA115000005 FA105000005 FA795000005 FA315000005 FA215000005 -518.7 373.0 -53.5 -202.1 200.7 -687.4 -149.5 361.4 896.6 -76.3 224.2 1.8 -519.9 -165.0 -356.3 864.6 -69.5 -86.0 67.9 -969.9 -163.4 586.1 1831.3 -99.2 187.1 65.5 -1113.6 -285.0 -384.3 2862.8 -64.1 131.0 41.9 -3296.3 -59.6 -493.5 1533.1 -87.4 111.8 425.7 -2688.7 212.1 179.7 596.3 -91.5 330.5 464.4 -1269.1 149.2 -1152.2 1051.8 -99.5 434.7 -9.9 -2342.5 -186.9 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 310.8 375.3 241.6 361.4 453.1 572.7 482.2 1088.2 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 291.1 0.0 -354.8 284.4 56.6 73.0 -44.7 653.5 -0.0 231.7 -25.7 134.0 63.8 -58.6 396.6 0.0 265.1 108.7 2.2 38.7 168.7 1876.7 -0.0 -32.7 -217.6 -37.8 58.9 0.7 960.8 0.0 -47.8 215.0 -246.3 51.4 -99.5 -216.3 0.0 -11.5 623.1 379.6 -81.6 433.2 176.9 0.0 207.5 839.0 119.5 812.7 -561.3 787.3 0.0 ND ND ND ND 316.3 55 56 57 58 59 60 61 62 63 64 65 66 67 68 FR158200095 FR118200005 FR108200005 FR798200005 FR318200005 FR218200005 FR265000005 Holding gains/losses Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 4089.0 -0.0 -1136.6 -819.9 67.6 381.1 386.6 7235.9 -9.4 -2931.9 -596.3 91.3 854.4 -790.4 -818.6 -3.0 853.9 115.7 98.4 256.6 1267.8 9514.5 0.0 -6257.6 -215.1 50.9 949.5 1333.9 10870.7 -0.0 -7972.7 514.2 93.7 932.2 2451.1 16887.6 -5.2 -7093.7 -2301.0 265.7 2114.1 2711.0 -6402.0 -10.1 11347.0 -2136.2 256.9 630.7 -3280.8 9783.3 0.0 -11678.4 -183.9 126.2 949.9 2878.7 62 63 64 65 66 67 68 157 Z.1, March 7, 2024 S.2.a Selected Aggregates for Total Economy and Sectors 2016 2017 2018 2019 2020 2021 2022 2023 69 70 71 72 73 74 75 FC152090005 FC112090095 FC102090095 FC792090095 FC312090095 FC212090095 FC262090095 Change in net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 5111.7 0.0 -1029.3 -373.1 -603.6 284.4 750.3 8746.3 0.0 -2374.0 -551.4 -347.0 765.7 -455.0 565.3 0.0 1685.5 395.0 -866.4 168.5 1882.3 12567.0 0.0 -5700.0 -254.5 -1110.3 877.4 1790.0 14507.1 0.0 -7508.3 782.5 -3120.5 1015.6 2927.4 18834.2 0.0 -6456.8 -1635.8 -2215.8 2358.8 3995.6 -5605.0 0.0 12198.4 -1220.6 -869.5 1733.5 -2851.0 11586.8 0.0 -10723.8 39.7 -2157.9 902.4 4036.2 69 70 71 72 73 74 75 76 77 78 79 80 81 82 FL152090005 FL112090095 FL102090095 FL792090095 FL312090095 FL212090095 FL262090095 Net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 95012.8 0.0 -11772.0 268.2 -12854.2 5334.1 8040.8 103759.0 0.0 -14146.0 -283.2 -13201.2 6099.8 7585.7 104324.3 0.0 -12460.5 111.8 -14067.6 6268.3 9468.0 116891.3 0.0 -18160.5 -142.7 -15177.9 7145.7 11258.0 131398.4 0.0 -25668.8 639.8 -18298.4 8161.2 14185.4 150232.6 0.0 -32125.6 -995.9 -20514.2 10520.1 18181.0 144627.6 0.0 -19927.2 -2216.5 -21383.7 12253.6 15330.0 156214.4 0.0 -30651.0 -2176.9 -23541.6 13156.0 19366.3 76 77 78 79 80 81 82 Integrated Accounts Billions of dollars 158 Z.1, March 7, 2024 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 2334.3 2423.2 2539.1 2655.9 2778.3 2916.0 3165.8 3447.2 1 517.6 548.6 586.5 614.7 647.5 722.0 821.0 855.7 2 1816.8 865.9 711.2 154.8 180.9 770.0 1874.6 890.6 735.7 154.9 188.0 796.0 1952.6 935.7 771.2 164.5 196.4 820.4 2041.2 980.4 808.2 172.2 208.7 852.0 2130.8 1015.2 832.6 182.6 215.4 900.2 2194.0 1058.1 877.6 180.5 219.3 916.7 2344.8 1140.8 948.3 192.5 232.7 971.3 2591.4 1231.7 ND ND 249.9 1109.8 3 4 5 6 7 8 Current account 1 FA156902505 Gross value added 2 FA156300003 Less: Consumption of fixed capital 3 4 5 6 7 8 FA156902605 FA156025005 FA156020001 FA156401001 FA156240101 FA156402101 Equals: Net value added Compensation paid by households and NPISHs Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9 10 11 12 13 14 15 16 17 18 19 FA156140005 FA156402101 FA156025105 FA156020101 FA156401101 FA156150105 FA156130101 FA156120105 FA156121101 FA156122101 FA156130001 Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Less: Uses of property income (interest paid) 14079.3 14817.1 15587.0 16293.3 16555.0 18043.1 19206.6 20178.6 9 770.0 796.0 820.4 852.0 900.2 916.7 971.3 1109.8 10 9966.1 10424.4 10957.4 11447.9 11594.7 12545.9 13439.2 14254.2 11 8091.2 8474.4 8899.8 9325.0 9464.6 10312.6 11116.0 11817.0 12 1874.9 1950.0 2057.6 2123.0 2130.0 2233.2 2323.2 2437.3 13 3897.3 4167.6 4424.3 4643.7 4651.9 5145.1 5425.8 ND 14 1389.4 1468.0 1555.9 1604.9 1511.8 1517.2 1629.4 ND 15 2507.9 2699.6 2868.4 3038.7 3140.1 3627.9 3796.4 ND 16 1027.4 1144.3 1234.9 1346.5 1403.5 1699.2 1804.5 ND 17 1480.4 1555.3 1633.5 1692.3 1736.6 1928.7 1991.9 ND 18 554.1 570.9 615.1 650.3 591.8 564.5 629.7 ND 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) 14079.3 14817.1 15587.0 16293.3 16555.0 18043.1 19206.6 20178.6 20 1958.8 2048.8 2074.2 2199.3 2256.5 2743.3 3138.3 2753.8 21 2717.3 2807.4 2926.0 3088.5 4182.7 4554.1 3903.0 3992.9 22 1238.8 1298.9 1361.7 1424.6 1449.3 1558.0 1701.7 1805.1 23 59.7 48.3 50.3 55.8 47.2 87.7 99.1 104.3 24 185.7 192.8 196.4 205.3 194.4 220.2 234.2 237.3 25 26 FA156012095 Equals: Disposable income, net 13473.0 14132.3 14931.1 15608.5 16884.8 18163.5 18134.5 19479.6 26 27 FA156901001 Less: Final consumption expenditures 12726.8 13290.6 13934.4 14417.6 14206.2 16043.0 17511.7 18567.4 27 28 FA156006005 Equals: Net saving 746.2 841.6 996.7 1190.9 2678.6 2120.5 622.8 912.2 28 1016.3 29 912.2 30 -104.1 31 Capital account 29 30 31 FA156006315 FA156006005 FA155440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 731.6 746.2 14.6 856.8 841.6 -15.2 987.3 996.7 9.4 1175.8 1190.9 15.1 2675.6 2678.6 3.0 2162.9 2120.5 -42.4 620.1 622.8 2.7 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 274.7 803.5 581.0 222.5 517.6 -11.3 295.9 856.8 635.6 221.2 548.6 -12.2 309.5 909.8 668.4 241.4 586.5 -13.8 306.7 935.6 678.1 257.5 614.7 -14.2 342.8 1004.7 752.1 252.7 647.5 -14.4 455.5 1192.4 937.7 254.7 722.0 -14.9 409.2 1245.8 970.8 275.0 821.0 -15.5 38 FA155000905 Net lending (+) or borrowing (-), capital account (lines 29-32) 456.9 560.9 677.7 869.1 2332.8 1707.4 210.9 704.0 38 312.3 1184.0 893.5 290.5 855.7 -16.0 32 33 34 35 36 37 Integrated Accounts Financial account 39 FA155000905 Net lending (+) or borrowing (-) (line 38) 456.9 560.9 677.7 869.1 2332.8 1707.4 210.9 704.0 39 40 FA154090005 Net acquisition of financial assets 831.2 1484.9 1362.1 2430.3 3459.2 2811.5 1782.0 1615.5 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 646.0 -58.3 710.0 -5.6 0.0 432.4 209.7 210.0 12.7 0.0 259.1 -175.0 431.2 2.9 0.0 598.2 24.4 575.0 -1.2 0.0 2415.6 1982.5 425.2 7.8 0.0 1750.8 971.4 779.7 -0.2 0.0 -400.5 389.4 -793.3 3.4 0.0 -639.6 -193.3 -441.1 -5.2 0.0 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 -127.5 105.0 -55.3 19.6 -196.7 -103.8 -41.8 18.0 -32.2 -47.8 790.6 585.6 167.7 1.8 35.6 148.7 128.2 34.3 -61.9 48.1 -600.6 -329.3 -297.8 -27.5 54.0 -1002.8 -652.1 -21.0 -112.3 -217.4 1510.3 1112.0 672.2 29.7 -303.6 1089.4 817.6 174.7 93.3 3.8 46 47 48 49 50 51 52 53 FA154023005 FA154041005 FA153065005 Loans Short term Long term (mortgages) -16.5 -11.3 -5.2 -59.9 -56.6 -3.3 -57.3 -51.5 -5.8 38.0 40.2 -2.1 112.1 113.8 -1.7 90.4 84.3 6.1 -50.5 -41.6 -8.9 54 55 56 57 58 59 FA153081005 FA153064105 FA153064205 FA153034005 FA152090205 FA153094305 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) -96.7 206.3 53.9 -143.4 -213.4 0.0 647.0 158.1 308.2 72.9 107.9 0.0 -19.7 -178.3 16.1 174.8 -32.3 0.0 1152.0 345.8 303.8 445.5 56.9 0.0 907.8 624.6 -159.5 417.8 24.9 0.0 1645.1 1103.4 542.2 113.3 -113.8 0.0 51.7 590.2 -724.1 277.2 -91.6 0.0 -70.5 51 -67.2 52 -3.3 53 507.7 -57.2 -164.2 724.7 4.4 0.0 54 55 56 57 58 59 159 Z.1, March 7, 2024 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2016 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 553.1 31.6 21.0 477.4 13.5 9.6 2018 383.8 17.9 48.5 283.1 20.4 13.9 2019 494.5 12.0 20.0 431.9 16.3 14.4 2020 566.6 21.3 93.4 427.7 15.9 8.2 2021 338.4 40.9 30.9 230.1 15.1 21.4 2022 670.0 62.0 58.9 504.7 6.0 38.5 2023 60 61 62 63 64 65 FA153052005 FA153076005 FA153040005 FA153050005 FA153095105 FA313195105 66 FA163096005 Other accounts receivable 3.2 16.0 5.5 -1.2 57.8 -10.3 1.0 13.2 66 67 FA154190005 Net incurrence of liabilities 458.2 588.3 497.6 599.0 596.4 1278.5 1185.8 563.7 67 68 FA163162003 Debt securities (municipals) -3.2 1.1 -2.1 -2.5 -9.7 -1.1 -0.9 2.1 68 69 70 71 72 73 74 FA154123005 FA154141005 FA153166000 FA153168005 FA153169005 FA153165005 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 452.4 242.6 236.2 10.6 -4.3 209.8 580.1 276.7 194.3 7.9 74.5 303.3 489.5 198.7 172.7 39.9 -13.9 290.8 551.4 213.8 185.2 11.1 17.5 337.6 578.5 150.4 -12.0 20.5 141.9 428.1 1246.7 404.5 237.8 52.3 114.3 842.2 1155.3 291.7 345.5 71.7 -125.4 863.5 75 FA543077073 Insurance, pension and standardized guarantee schemes -0.3 1.8 1.9 1.5 0.1 1.5 -1.5 2.5 75 76 FA163170005 Other accounts payable (trade debt) 9.3 5.3 8.2 48.5 27.5 31.3 32.9 31.5 76 77 FA155000005 373.0 896.6 864.6 1831.3 2862.8 1533.1 596.3 1051.8 77 291.1 220.2 11.3 143.5 83.9 653.5 224.0 -43.0 136.8 -335.7 396.6 247.9 -15.9 -22.2 -186.8 1876.7 234.9 14.2 665.4 -962.2 960.8 291.2 14.4 125.2 -530.0 -216.3 479.0 -4.8 -516.2 174.3 176.9 398.6 -13.6 -593.4 -385.4 787.3 377.7 16.0 45.7 -347.8 78 79 80 81 82 6703.0 6187.9 19.1 3.1 492.8 Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 422.7 31.1 44.6 320.6 13.5 12.9 2017 715.3 73.1 55.2 551.1 6.1 29.8 527.5 134.5 125.6 -21.1 30.0 393.1 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) Revaluation account 83 84 85 86 87 FR152010005 FR155035005 FR165015205 FR165013765 FR155111005 Nonfinancial assets Real estate Equipment Intellectual property products Consumer durable goods 1621.5 1697.0 -3.1 1.7 -74.1 1754.7 1846.1 -1.7 3.4 -93.1 1444.0 1486.9 -0.7 1.7 -43.9 1496.5 1533.2 -0.7 0.6 -36.6 3088.8 3009.3 7.4 7.0 65.2 3648.0 3369.0 23.1 7.0 249.0 1583.3 1697.8 20.0 10.7 -145.2 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 2467.5 -39.2 1154.5 298.5 587.5 0.0 466.1 5481.3 54.5 2618.5 1049.4 706.1 0.0 1052.8 -2262.6 -65.8 -1458.9 -675.8 458.8 0.0 -521.0 8018.0 184.7 4011.3 1511.4 746.7 0.0 1563.9 7781.9 10184.6 -10050.0 158.4 -109.2 -406.1 4195.1 4999.1 -5885.9 1145.7 1291.1 -2346.1 1032.6 2519.7 772.1 0.0 0.0 0.0 1250.1 1483.9 -2184.0 8200.0 135.1 5600.9 1399.9 -475.2 0.0 1539.3 88 89 90 91 92 93 94 95 FR158200095 4089.0 7235.9 -818.6 5111.7 8746.3 Changes in net worth due to nominal holding gains/losses 9514.5 10870.7 16887.6 -6402.0 9783.3 95 Changes in balance sheet account 96 FC152090005 Change in net worth (lines 32+38+78+95) 97 FL152000005 Total assets 565.3 12567.0 14507.1 18834.2 -5605.0 11586.8 96 Balance sheet account (end of period) 103 FL154090005 104 105 106 107 108 FL154000005 FL153020005 LM153091003 FL153030005 FL313131003 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products Financial assets Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 33665.0 35881.6 37848.6 39876.4 43604.9 51218.6 55644.1 57911.3 98 27920.7 29974.0 31697.6 33486.2 36812.7 43402.8 47117.7 49092.7 99 5136.7 5267.6 5471.6 5669.9 6026.2 6998.1 7645.6 7878.1 100 434.8 458.0 485.5 514.9 543.5 582.5 627.9 666.9 101 172.7 182.0 193.9 205.4 222.4 235.1 252.7 273.5 102 76282.3 83374.5 82455.3 93627.8 104999.3 117865.4 108952.6 118831.9 103 9849.4 10213.9 10473.2 11084.0 13529.8 15256.8 14856.5 14225.1 104 1129.1 1338.8 1163.8 1198.7 3181.2 4144.8 4534.2 4340.9 105 26.3 39.0 41.8 40.6 48.5 48.2 51.7 46.4 106 8694.0 8836.2 9267.5 9844.7 10300.2 11063.8 10270.7 9837.8 107 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 108 Integrated Accounts 98 LM152010005 99 LM155035005 100 LM155111005 101 LM165015205 102 LM165013765 109947.3 119256.1 120304.0 133504.1 148604.2 169084.0 164596.7 176743.2 97 160 Z.1, March 7, 2024 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 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 3343.4 690.6 556.9 1917.8 178.1 3353.7 649.6 578.8 1934.6 190.7 3999.8 1200.1 719.0 1888.4 192.4 4308.3 1400.8 779.7 1915.9 211.8 3825.0 1148.4 485.7 1941.2 249.6 2985.7 435.7 452.4 1807.6 290.0 4434.3 1461.6 1071.3 1620.5 280.9 5670.7 2321.3 1272.6 1766.3 310.5 114 115 116 FL154023005 FL154041005 FL153065005 Loans Short term Long term (mortgages) 1343.9 1250.4 93.5 1284.1 1193.9 90.2 1226.8 1142.4 84.4 1264.8 1182.5 82.3 1376.9 1296.3 80.6 1467.3 1380.6 86.6 1416.8 1339.0 77.7 1346.3 114 1271.9 115 74.4 116 117 118 119 120 121 122 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) 34365.2 39408.8 37676.0 45560.7 52892.9 15276.4 18095.9 16465.8 21139.9 26005.9 7350.0 8707.6 8047.9 10010.1 10996.3 1580.2 1653.1 1827.9 2273.4 2691.2 10158.6 10952.3 11334.4 12137.4 13199.5 0.0 0.0 0.0 0.0 0.0 123 124 125 126 127 128 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 27136.5 28854.1 28814.1 31145.5 33052.6 34980.0 32433.5 34688.1 123 542.4 574.0 591.9 603.9 625.2 666.1 728.1 801.2 124 1617.5 1678.6 1709.9 1786.2 1921.8 2000.3 1987.1 2089.6 125 24372.1 25973.9 25850.5 28062.8 29789.0 31560.4 28920.7 30963.7 126 326.9 340.4 360.8 377.1 393.0 408.1 414.1 420.2 127 277.6 287.1 301.0 315.4 323.6 345.1 383.6 413.4 128 129 FL163096005 Other accounts receivable 130 FL152100005 Total liabilities and net worth 131 FL154190005 132 FL163162003 Debt securities (municipals) 133 134 135 136 137 138 FL154123005 FL154141005 FL153166000 FL153168005 FL153169005 FL153165005 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 139 FL543077073 Insurance, pension and standardized guarantee schemes 140 FL163170005 Other accounts payable (trade debt) 141 FL152090005 Liabilities Net worth 243.9 259.9 265.5 264.3 322.1 62863.8 55498.8 62575.8 117 31656.1 26418.8 31996.5 118 12829.6 9759.4 11005.1 119 2804.4 3081.6 3806.3 120 15573.7 16238.9 15767.8 121 0.0 0.0 0.0 122 311.8 312.8 326.0 129 109947.3 119256.1 120304.0 133504.1 148604.2 169084.0 164596.7 176743.2 130 14934.5 15497.0 15979.6 16612.8 17205.8 18851.4 19969.1 20528.8 131 216.9 218.0 215.9 213.5 203.8 202.7 201.8 203.9 132 14337.2 14891.5 15366.0 15951.6 16526.6 18140.5 19227.7 19751.3 133 4424.7 4701.4 4903.7 5117.5 5272.6 5803.0 6094.7 6229.2 134 3636.4 3830.8 4007.0 4192.2 4184.9 4548.5 4894.0 5019.7 135 291.3 299.1 339.0 350.2 370.7 423.0 494.7 473.6 136 497.0 571.5 557.7 575.1 717.1 831.4 706.0 735.9 137 9912.5 10190.1 10462.3 10834.1 11254.0 12337.5 13132.9 13522.1 138 31.7 33.5 35.4 36.9 37.0 38.4 37.0 39.5 139 348.7 354.1 362.3 410.8 438.4 469.7 502.6 534.1 140 95012.8 103759.0 104324.3 116891.3 131398.4 150232.6 144627.6 156214.4 141 (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. Integrated Accounts 109 110 111 112 113 161 Z.1, March 7, 2024 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 3241.3 3411.9 3614.2 3765.2 3572.9 4029.0 4467.9 ND 1 313.8 326.6 342.6 357.9 372.1 398.4 445.2 469.8 2 Current account 1 FA116902505 Gross value added 2 FA116300001 Less: Consumption of fixed capital 3 4 5 6 7 8 FA116902605 FA116025001 FA116020001 FA116401005 FA116240101 FA116402105 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 2927.5 1041.2 883.2 158.0 208.7 1677.7 3085.3 1093.7 927.7 166.0 223.7 1768.0 3271.7 1150.9 975.5 175.4 244.6 1876.2 3407.3 1209.9 1027.8 182.1 253.5 1943.8 3200.8 1184.9 1006.9 177.9 37.5 1978.5 3630.6 1313.2 1124.1 189.1 106.0 2211.3 4022.7 1437.7 1233.5 204.1 276.5 2308.5 ND 1511.8 ND ND 282.8 ND 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 22.2 1677.7 15.6 1671.1 232.6 1438.2 0.3 0.0 29.0 1768.0 17.8 1756.8 253.5 1503.0 0.3 0.0 33.2 1876.2 20.1 1863.0 258.7 1603.2 1.1 0.0 29.0 1943.8 20.6 1935.4 274.2 1659.8 1.5 0.0 29.5 1978.5 18.8 1967.8 291.2 1675.6 1.0 0.0 48.2 2211.3 14.7 2177.8 288.0 1887.3 2.5 0.0 73.2 2308.5 19.5 2254.9 300.4 1952.1 2.4 0.0 69.3 ND ND ND ND ND ND ND 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) 22.2 22.2 29.0 29.0 33.2 33.2 29.0 29.0 29.5 29.5 48.2 48.2 73.2 73.2 69.3 69.3 17 18 19 FA116012005 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 FA116012005 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 0.0 0.0 0.0 9.4 0.0 -9.4 3.0 0.0 -3.0 0.0 0.0 0.0 0.0 0.0 0.0 5.2 0.0 -5.2 10.1 0.0 -10.1 0.0 0.0 0.0 21 22 23 Capital account 21 22 23 FA116006305 FA116012005 FA115440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 24 25 26 27 28 29 FA115050985 FA115019085 FA115013085 FA115012005 FA116300001 FA115020005 Capital formation, net Gross fixed capital formation Nonresidential Residential Less: Consumption of fixed capital Change in private inventories 53.5 364.8 246.3 118.5 313.8 2.5 85.6 410.9 284.3 126.6 326.6 1.3 72.5 411.7 279.0 132.7 342.6 3.4 99.2 456.9 319.1 137.8 357.9 0.3 64.1 448.1 296.8 151.3 372.1 -12.0 92.6 490.0 307.9 182.1 398.4 1.0 101.6 533.2 343.8 189.3 445.2 13.7 86.5 547.8 373.0 174.8 469.8 8.5 24 25 26 27 28 29 30 FA115000905 Net lending (+) or borrowing (-), capital account (lines 21-24) -53.5 -76.3 -69.5 -99.2 -64.1 -87.4 -91.5 -86.5 30 31 FA115000905 Net lending (+) or borrowing (-) (line 30) -53.5 -76.3 -69.5 -99.2 -64.1 -87.4 -91.5 -86.5 31 32 FA114090005 Net acquisition of financial assets 383.9 613.6 309.1 123.7 1034.2 703.1 351.3 135.5 32 33 34 35 FA114000005 FA113020005 FA113030003 Currency and deposits Currency and transferable deposits Time and savings deposits 73.0 24.8 48.2 117.9 26.7 91.1 59.3 11.5 47.8 49.4 13.8 35.5 262.8 60.0 202.7 173.6 78.2 95.4 113.9 42.5 71.3 50.7 7.1 43.7 33 34 35 36 37 38 FA114022005 FA113061003 FA113062003 Debt securities Treasury securities Municipal securities 2.8 2.0 0.9 6.9 6.1 0.8 1.9 2.2 -0.3 -3.2 -1.1 -2.1 -1.6 -2.3 0.7 2.3 2.2 0.1 12.8 11.9 0.9 -0.2 -0.1 -0.1 36 37 38 39 40 41 FA114023005 FA113066003 FA113065005 Loans Short term (consumer credit) Long term (mortgages) -2.0 0.0 -2.0 8.4 0.0 8.4 1.0 0.0 1.0 1.7 0.0 1.7 2.6 0.0 2.6 -1.8 0.0 -1.8 3.8 0.0 3.8 1.0 0.0 1.0 39 40 41 42 43 44 FA113081005 FA113034003 FA113092405 Equity and investment fund shares Money market fund shares Equity in government-sponsored enterprises (3) 3.3 2.6 0.7 11.6 9.1 2.6 4.9 4.8 0.2 3.8 3.5 0.3 20.5 20.2 0.2 3.6 2.4 1.3 7.2 6.3 0.9 5.5 2.3 3.2 42 43 44 45 FA113076005 Insurance, pension and standardized guarantee schemes (4) -3.0 4.0 -1.3 9.9 6.9 17.1 9.5 10.4 45 46 47 48 49 FA113096005 FA113070003 FA113072003 FA113093005 Other accounts receivable Trade receivables PPP subsidies receivable Other (miscellaneous assets) 309.7 76.7 0.0 232.9 464.8 55.0 0.0 409.7 243.2 49.6 0.0 193.6 62.1 -89.4 0.0 151.4 743.0 176.6 145.8 420.6 508.2 80.1 -102.3 530.4 204.1 50.8 -41.6 194.9 68.1 17.3 -1.9 52.6 46 47 48 49 50 FA114194005 437.4 689.8 378.6 223.0 1098.3 790.4 442.8 234.9 50 51 52 53 54 55 56 57 FA114135005 FA114141005 FA113168005 FA113169005 FA114142005 FA113165005 FA115114305 389.3 119.1 118.2 0.8 270.2 269.3 1.0 463.5 132.4 127.3 5.1 331.0 331.4 -0.4 297.7 86.3 77.5 8.8 211.4 206.7 4.7 113.6 26.0 16.6 9.3 87.7 87.6 0.0 525.0 198.1 101.6 96.5 326.8 328.0 -1.2 366.8 26.7 -30.3 57.0 340.1 340.3 -0.2 433.3 121.0 77.8 43.2 312.3 312.1 0.2 167.0 -14.8 -10.4 -4.4 181.8 182.0 -0.2 51 52 53 54 55 56 57 Net incurrence of liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt Integrated Accounts Financial account 162 Z.1, March 7, 2024 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2016 58 59 60 FA113181005 FA112090205 FA115114103 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the U.S.: equity 61 62 63 64 FA113196005 FA113170005 FA113178003 FA113193003 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 65 FA115000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-50) 2017 2018 2019 2020 2021 2022 2023 -229.0 -230.7 1.7 109.6 106.9 2.7 -36.8 -41.8 5.0 55.6 51.7 3.9 20.1 18.1 2.0 -128.7 -129.5 0.8 -94.8 -95.3 0.5 -9.8 -9.7 -0.2 58 59 60 277.1 65.8 10.0 201.4 116.8 7.8 4.6 104.4 117.8 5.7 18.5 93.6 53.8 -57.0 6.8 104.0 553.2 131.4 7.6 414.2 552.3 68.3 32.3 451.7 104.3 42.9 11.5 49.9 77.7 4.2 6.0 67.5 61 62 63 64 -53.5 -76.3 -69.5 -99.2 -64.1 -87.4 -91.5 -99.5 65 0.0 0.0 0.0 -0.0 -25.2 25.2 0.0 -13.4 13.4 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 -11.9 11.9 0.0 -13.3 13.3 0.0 0.0 0.0 66 67 68 591.5 573.0 381.2 191.8 28.1 -2.6 30.7 2.8 -12.4 698.8 649.0 434.9 214.1 37.4 -1.5 38.9 5.9 6.4 475.0 423.8 386.6 37.2 50.3 4.0 46.2 2.9 -1.8 766.3 729.9 454.0 275.9 36.4 -2.5 38.9 3.5 -3.7 1040.1 976.7 747.7 229.1 55.4 7.4 47.9 13.7 -5.6 2543.6 2383.6 1570.1 813.5 107.1 6.2 100.9 8.9 44.0 739.8 613.3 457.6 155.7 102.1 -1.6 103.8 14.3 10.1 -476.6 -435.6 -258.6 -177.0 -77.9 -8.2 -69.7 35.1 1.7 69 70 71 72 73 74 75 76 77 -1.0 0.1 -1.2 3.2 3.5 -4.2 -11.8 1.7 78 590.6 -0.1 587.5 3.2 708.3 0.1 706.1 2.1 476.9 0.1 458.8 18.0 769.5 -0.2 746.7 22.9 1043.7 -0.1 1032.6 11.2 2544.6 -0.1 2519.7 25.0 738.1 0.0 772.1 -34.0 -474.8 -0.0 -475.2 0.4 79 80 81 82 -0.0 -9.4 -3.0 0.0 -0.0 -5.2 -10.1 0.0 83 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84 17507.8 18880.6 19722.8 20715.2 22857.2 26180.3 27347.9 27108.0 85 12584.0 13343.2 13877.4 14742.9 15847.1 18471.3 19299.5 18922.4 11260.5 11967.8 12454.2 13270.6 14337.7 16810.5 17506.3 17158.8 6332.2 6771.7 7172.4 7655.1 8440.0 10055.6 10545.5 10292.7 4928.3 5196.1 5281.7 5615.5 5897.7 6754.9 6960.7 6866.2 819.3 839.2 868.5 895.4 921.6 1000.4 1071.2 966.6 51.8 55.0 63.4 64.7 76.0 87.9 91.3 86.7 767.6 784.2 805.0 830.7 845.6 912.5 980.0 879.9 252.3 276.6 293.6 319.2 347.7 375.4 413.1 477.7 251.8 259.5 261.1 257.7 240.1 285.1 308.9 319.2 86 87 88 89 90 91 92 93 94 Other changes in volume account 66 67 68 FV118090105 FV112010005 FV118090085 Total other volume changes Disaster losses Other volume changes 69 70 71 72 73 74 75 76 77 FR112010005 FR115035005 FR115035023 FR115035035 FR115015205 FR115012265 FR115013265 FR115013765 FR115020005 Nonfinancial assets Real estate Residential Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 78 FR114022005 Financial assets (debt securities) 79 80 81 82 FR114190085 FR115114305 FR112090205 FR115114103 Liabilities Direct investment in the U.S.: debt Equity in noncorporate business Direct investment in the U.S.: equity 83 FR118200005 Revaluation account Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 84 FC112090095 Change in net worth (lines 24+30+66+83) 85 FL112000005 Total assets 86 87 88 89 90 91 92 93 94 LM112010005 LM115035005 LM115035023 LM115035035 LM115015205 LM115012265 LM115013265 LM115013765 LM115020005 Nonfinancial assets Real estate Residential (5) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 95 FL114090005 Financial assets 96 97 98 FL114000005 FL113020005 FL113030003 Integrated Accounts Balance sheet account (end of period) 99 LM114022005 100 LM113061003 101 LM113062003 Currency and deposits Currency and transferable deposits Time and savings deposits Debt securities Treasury securities Municipal securities 4923.8 5537.5 5845.4 5972.4 7010.1 7709.0 8048.4 8185.6 95 1188.2 279.2 909.0 1306.1 306.0 1000.1 1365.4 317.5 1047.9 1414.7 331.3 1083.4 1677.5 391.3 1286.2 1851.1 469.5 1381.6 1964.9 512.1 1452.9 2015.7 519.1 1496.6 96 97 98 68.1 63.0 5.1 75.1 69.0 6.0 75.8 70.2 5.6 75.9 72.1 3.8 77.8 73.2 4.6 75.9 71.3 4.7 76.9 71.9 5.0 78.4 99 73.4 100 5.1 101 39.5 0.0 39.5 48.0 0.0 48.0 49.0 0.0 49.0 50.7 0.0 50.7 53.4 0.0 53.4 51.6 0.0 51.6 55.4 0.0 55.4 56.4 102 0.0 103 56.4 104 102 103 104 FL114023005 FL113066003 FL113065005 Loans Short term (consumer credit) Long term (mortgages) 105 106 107 FL113081005 FL113034003 FL113092405 Equity and investment fund shares Money market fund shares Equity in government-sponsored enterprises (3) 100.5 90.7 9.8 112.1 99.8 12.3 117.0 104.6 12.5 120.8 108.1 12.7 141.3 128.3 13.0 144.9 130.7 14.2 152.1 137.0 15.1 157.6 105 139.3 106 18.3 107 108 FL113076005 Insurance, pension and standardized guarantee schemes (4) 116.2 120.3 118.9 128.9 135.8 152.9 162.4 172.8 108 163 Z.1, March 7, 2024 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 109 110 111 112 FL113096005 FL113070003 FL113072003 FL113093005 Other accounts receivable Trade receivables PPP subsidies receivable Other (miscellaneous assets) 113 FL112100005 Total liabilities and net worth 114 FL114194005 115 116 117 118 119 120 121 FL114135005 FL114141005 FL113168005 FL113169005 FL114142005 FL113165005 FL115114305 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt 122 123 124 LM113181005 LM112090205 LM115114103 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the U.S.: equity 125 126 127 128 FL113196005 FL113170005 FL113178003 FL113193003 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 129 FL112090095 Liabilities Net worth 2016 2017 2018 2019 2020 2021 2022 2023 3411.3 747.9 0.0 2663.3 3876.0 802.9 0.0 3073.1 4119.3 852.6 0.0 3266.7 4181.3 763.2 0.0 3418.1 4924.3 939.8 145.8 3838.7 5432.5 1019.9 43.5 4369.1 5636.6 1070.7 1.9 4564.0 5704.6 1088.0 0.0 4616.6 109 110 111 112 17507.8 18880.6 19722.8 20715.2 22857.2 26180.3 27347.9 27108.0 113 17507.8 18880.6 19722.8 20715.2 22857.2 26180.3 27347.9 27108.0 114 5114.5 1496.8 1263.0 233.8 3617.7 3615.0 2.7 5576.4 1629.3 1390.4 238.9 3947.2 3944.8 2.4 5872.9 1715.5 1467.9 247.7 4157.4 4150.3 7.1 5985.4 1741.5 1484.5 257.0 4243.9 4237.0 7.0 6509.7 1939.6 1586.1 353.5 4570.1 4564.4 5.7 6894.7 1984.9 1555.8 429.1 4909.8 4904.4 5.3 7327.8 2105.9 1633.6 472.3 5221.8 5216.3 5.5 7494.5 2091.2 1623.3 467.9 5403.3 5397.9 5.3 115 116 117 118 119 120 121 10113.8 10908.0 11335.8 12162.0 13226.4 15612.2 16242.4 15758.1 122 10090.8 10883.6 11256.2 12053.9 13109.2 15467.6 16129.2 15644.0 123 22.9 24.4 79.6 108.1 117.2 144.6 113.3 114.1 124 2279.5 585.4 132.5 1561.5 2396.2 593.2 137.2 1665.9 2514.0 598.9 155.6 1759.5 2567.8 542.0 162.4 1863.5 3121.0 673.4 170.0 2277.7 3673.4 741.7 202.3 2729.4 3777.7 784.6 213.7 2779.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3855.4 788.9 219.7 2846.8 125 126 127 128 0.0 129 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. 164 Z.1, March 7, 2024 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 Current account 1 FA106902501 Gross value added 9346.4 9771.4 10337.8 10801.0 10500.0 11995.9 13300.8 ND 1 2 FA106300003 Less: Consumption of fixed capital 1441.0 1509.4 1582.1 1666.2 1730.2 1818.3 2004.7 2165.1 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 7905.4 5448.4 4574.4 874.0 785.2 1671.8 8262.0 5727.6 4804.9 922.7 825.9 1708.5 8755.7 6047.0 5068.5 978.6 873.5 1835.1 9134.8 6343.8 5322.9 1020.8 928.3 1862.7 8769.9 6349.0 5351.0 998.1 537.2 1883.7 10177.6 6987.8 5915.6 1072.2 795.2 2394.6 11296.1 7580.2 6441.1 1139.1 1092.1 2623.8 ND 8063.6 6859.3 1204.3 1114.7 ND 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 800.1 1671.8 520.6 151.4 102.5 266.7 1392.3 479.7 832.0 65.0 15.6 833.7 1708.5 595.8 166.4 102.0 327.3 1470.6 501.6 871.6 80.6 16.8 871.0 1835.1 913.3 188.8 947.2 -222.6 1877.5 527.7 1229.6 100.8 19.4 864.7 1862.7 767.3 239.5 379.1 148.8 1765.4 593.9 1046.9 104.7 19.9 825.3 1883.7 541.7 172.0 197.1 172.6 1600.1 482.1 1029.7 71.9 16.3 1058.1 2394.6 501.9 145.4 91.7 264.8 1838.4 427.7 1201.3 188.6 20.8 1215.7 2623.8 574.1 179.7 95.4 299.0 1982.2 432.1 1328.7 192.2 29.2 ND ND ND ND ND ND ND ND ND ND ND 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) 800.1 262.1 73.3 833.7 213.8 92.9 871.0 212.9 97.8 864.7 196.9 89.9 825.3 208.6 90.9 1058.1 298.0 121.5 1215.7 416.9 124.6 ND ND 136.9 20 21 22 23 FA106012095 Equals: Disposable income, net 464.7 527.0 560.3 577.9 525.8 638.6 674.2 ND 23 24 FA106012095 Equals: Net saving 464.7 527.0 560.3 577.9 525.8 638.6 674.2 ND 24 25 26 27 FA106006385 FA106012095 FA105440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 462.1 464.7 2.6 326.1 527.0 200.8 566.5 560.3 -6.2 590.4 577.9 -12.4 512.1 525.8 13.6 648.5 638.6 -9.8 643.9 674.2 30.3 ND ND -0.5 25 26 27 28 FA105050985 429.6 441.9 550.0 531.2 291.5 413.3 726.9 568.0 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 1826.8 1441.0 7.3 36.6 1919.8 1509.4 0.2 31.3 2080.2 1582.1 -1.0 53.0 2126.3 1666.2 -0.8 71.9 2047.6 1730.2 -0.3 -25.6 2215.1 1818.3 5.8 10.7 2483.2 2004.7 104.8 143.6 2687.2 2165.1 ND 48.7 29 30 31 32 33 FA105000905 Net lending (+) or borrowing (-), capital account (lines 25-28) 32.4 -115.8 16.5 59.1 220.6 235.1 -83.0 ND 33 Capital account Integrated Accounts Financial account 34 FA105000905 Net lending (+) or borrowing (-) (line 33) 35 FA104090005 Net acquisition of financial assets 36 37 38 39 FA104000005 FA103020005 FA103030003 FA103091003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 40 41 42 43 44 45 FA104022005 FA103069100 FA103061103 FA103061703 FA103062003 FA123063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds (held by equity REITs) 46 47 48 FA104035005 FA104041005 FA104042005 Loans Short term Long term 49 50 51 52 53 54 FA103081005 FA103034000 FA103064103 FA103064203 FA103092105 FA103092405 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares U.S. direct investment abroad: equity Equity in government-sponsored enterprises (2) 55 FA103076005 Insurance, pension and standardized guarantee schemes (3) 32.4 -115.8 16.5 59.1 220.6 235.1 -83.0 ND 34 960.2 578.5 855.3 2404.6 432.7 1334.6 1169.4 1036.5 35 178.2 157.0 17.5 3.7 66.8 -44.4 -7.7 119.0 145.8 250.2 5.8 -110.3 179.5 140.6 14.3 24.7 525.0 444.2 76.7 4.0 301.6 264.8 5.6 31.3 -1.8 -39.5 13.3 24.4 108.9 -11.9 99.1 21.8 36 37 38 39 -3.8 -6.9 4.2 1.3 -2.7 0.4 30.8 -8.8 30.1 10.0 -2.5 2.0 22.3 38.4 -15.6 -5.5 1.7 3.2 69.4 55.4 6.7 2.4 4.8 0.0 37.1 33.3 7.4 3.6 -8.4 1.2 37.8 5.4 10.7 2.9 11.2 7.7 -18.5 -51.5 24.0 6.7 -0.2 2.6 71.8 28.5 37.7 6.8 0.0 -1.3 40 41 42 43 44 45 -14.1 26.8 -40.9 -70.6 -52.7 -18.0 53.2 -24.7 78.0 -96.4 -1.9 -94.6 4.3 23.6 -19.3 -48.5 -10.3 -38.3 -3.7 1.7 -5.4 58.9 0.6 58.2 46 47 48 222.4 -112.5 66.9 -5.4 273.4 0.1 330.4 68.7 -89.9 7.9 343.4 0.3 -316.8 -51.0 -40.7 -8.9 -216.3 0.1 231.3 108.4 10.2 5.3 107.4 0.1 247.2 122.2 -136.0 9.9 251.0 0.1 314.8 101.0 -101.4 22.0 293.1 0.2 143.8 -73.5 -136.2 -4.4 357.7 0.1 270.3 176.0 -136.2 -4.4 234.7 0.2 49 50 51 52 53 54 6.6 14.0 11.4 15.0 22.0 36.1 33.1 45.1 55 165 Z.1, March 7, 2024 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2016 56 57 58 59 60 FA103096005 FA103070005 FA103072005 FA103094705 FA103093005 Other accounts receivable Trade receivables PPP subsidies receivable Other investment in finance company subsidiaries Other (miscellaneous assets) 61 FA104194005 62 63 64 65 FA104122005 FA103169100 FA103162000 FA103163005 Debt securities Open market paper Municipal securities Corporate bonds 66 67 68 69 70 71 72 FA104135005 FA104141005 FA103168005 FA103169005 FA104142005 FA103165005 FA103192305 73 74 75 2017 2018 2019 2020 2021 2022 2023 570.9 198.8 0.0 -13.1 385.2 207.1 163.4 0.0 12.5 31.2 939.4 396.3 0.0 2.5 540.7 2005.9 540.5 0.0 -0.6 1466.0 -402.9 -137.0 249.8 -3.0 -512.6 692.7 498.1 -206.4 -15.6 416.6 1016.5 181.1 -43.3 -6.2 884.9 481.4 201.5 0.0 7.1 272.8 56 57 58 59 60 1162.3 354.3 941.3 2217.6 301.7 1222.8 838.8 601.8 61 316.7 1.8 21.5 293.4 367.7 25.9 17.8 324.1 169.0 -10.2 -2.5 181.6 316.3 -1.9 15.8 302.5 696.0 -62.3 5.5 752.7 252.8 6.0 11.5 235.2 78.9 59.3 0.7 18.8 236.7 20.2 -1.4 217.9 62 63 64 65 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt -28.5 -35.5 -13.3 -22.2 7.0 9.3 -2.3 34.5 70.7 -47.3 118.0 -36.2 -27.6 -8.5 128.3 117.8 107.0 10.9 10.5 83.4 -72.9 311.6 152.5 24.5 128.0 159.1 166.3 -7.2 274.9 336.4 148.4 188.1 -61.5 3.9 -65.4 287.9 214.8 -83.3 298.1 73.2 74.3 -1.1 692.9 468.0 265.7 202.3 224.9 155.4 69.5 51.3 -8.7 9.2 -17.8 59.9 58.2 1.8 66 67 68 69 70 71 72 FA103181005 FA103164105 FA103192105 Equity and investment fund shares Corporate equities Foreign direct investment in the U.S.: equity 60.2 -353.0 413.3 39.9 -258.6 298.4 -368.9 -604.8 235.9 -94.0 -324.8 230.7 56.9 -106.6 163.5 171.2 -214.6 385.8 -271.5 -536.2 264.7 -321.1 -611.7 290.6 73 74 75 76 77 78 FA103152025 FA573074005 FA573073005 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 64.7 8.8 55.9 -47.9 19.2 -67.0 41.2 -34.6 75.7 68.8 -4.6 73.4 -9.2 -2.7 -6.5 143.1 -6.5 149.6 56.7 -1.9 58.7 63.0 -2.9 65.9 76 77 78 79 80 81 82 FA103196005 FA103170005 FA103178005 FA103193005 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 749.2 184.2 -8.1 573.1 -40.0 81.3 220.4 -341.7 971.8 320.7 -11.3 662.4 1614.8 230.1 -7.5 1392.2 -716.9 -155.9 7.7 -568.6 367.8 429.8 -25.5 -36.4 281.9 248.3 27.6 5.9 571.9 112.3 -6.2 465.8 79 80 81 82 83 FA105000005 -202.1 224.2 -86.0 187.1 131.0 111.8 330.5 434.7 83 -354.8 -7.3 -107.8 234.5 5.2 231.7 -19.9 -135.9 -339.9 -47.6 265.1 -4.5 321.1 102.5 -51.0 -32.7 0.8 -159.8 -128.0 1.7 -47.8 0.3 24.8 89.6 -16.7 -11.5 -30.5 -114.8 123.4 -257.1 207.5 -117.8 -184.5 -413.6 -96.2 ND 2.9 -32.2 ND 18.8 84 85 86 87 88 -844.6 -1107.0 162.9 150.4 -50.9 89 90 91 92 93 Net incurrence of liabilities Addendum: Net lending (+) or borrowing (-), financial account (lines 35-60) Other changes in volume account 84 85 86 87 88 FV108090105 FV102010005 FV108090085 FU107005045 FU105020601 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-82) (4) Less: Inventory valuation adjustment Revaluation account 89 90 91 92 93 FR102010005 FR105035005 FR105015205 FR105013765 FR105020015 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 666.6 610.0 -28.8 30.0 55.4 727.9 626.6 22.8 63.2 15.3 176.8 63.5 57.4 31.8 24.0 947.3 908.3 13.7 32.4 -7.1 848.9 628.6 38.4 142.6 39.3 2943.9 2308.7 341.1 74.3 219.9 513.2 -40.3 339.4 123.0 91.0 94 95 96 97 98 99 100 FR108080095 FR104022005 FR103092305 FR103064103 FR103064203 FR103092105 FR103093005 Financial assets Debt securities Direct investment abroad: debt Corporate equities Mutual fund shares Direct investment abroad: equity Other accounts receivable (miscellaneous assets) 184.1 -0.7 -14.6 146.1 13.3 40.1 -0.1 1317.3 0.6 8.9 326.2 37.0 944.7 -0.1 -1308.4 -2.4 -0.7 -118.7 -22.1 -1164.9 0.5 1526.2 5.1 -24.2 517.7 51.2 977.4 -1.0 727.6 2.5 -6.1 361.4 39.4 331.1 -0.7 1676.3 -5.5 -10.7 703.1 46.7 942.0 0.8 -2418.0 -22.0 41.9 -611.1 -81.5 -1749.4 4.1 101 102 103 104 105 106 FR104190085 FR103192305 FR103164105 FR103192105 FR103152025 FR103193005 1987.3 -38.3 1870.7 297.3 -142.4 0.0 4977.1 13.2 4400.6 833.5 -270.2 0.0 -1985.4 9.1 -1559.1 -587.6 152.1 0.0 8731.0 -8.7 7695.0 1479.3 -434.6 0.0 9549.2 -5.8 8789.5 1076.0 -310.5 0.0 11713.9 -8.1 9868.0 2148.5 -294.5 -0.0 -13251.8 0.3 -11348.8 -2476.3 573.0 0.0 107 FR108200005 -1136.6 -2931.9 853.9 -6257.6 -7972.7 -7093.7 11347.0 -11678.4 107 -1029.3 -2374.0 1685.5 -5700.0 -7508.3 -6456.8 12198.4 -10723.8 108 39301.5 42356.7 43056.1 48886.7 51066.1 57647.6 57551.2 59751.3 109 Changes in net worth due to nominal holding gains/losses 12327.6 -5.4 10541.1 2119.9 -328.0 0.0 101 102 103 104 105 106 Changes in balance sheet account 108 FC102090095 Change in net worth (lines 28+33+83+106) (5) 109 FL102000005 Total assets Balance sheet account (end of period) Integrated Accounts Liabilities Foreign direct investment in the U.S.: debt Corporate equity Foreign direct investment in the U.S.: equity Insurance, pension and standardized guarantee schemes Other accounts payable (miscellaneous liabilities) 1493.9 94 5.2 95 -17.1 96 569.2 97 53.1 98 884.4 99 -0.9 100 166 Z.1, March 7, 2024 S.5.a Nonfinancial Corporate Business (1) Integrated Accounts Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 110 111 112 113 114 LM102010005 LM105035005 LM105015205 LM105013765 LM105020015 Nonfinancial assets (6) Real estate Equipment Intellectual property products Inventories 21425.8 12009.2 4734.5 2325.0 2357.2 22585.2 12715.7 4921.6 2496.5 2451.5 23337.7 12929.2 5167.6 2661.4 2579.5 24837.5 14044.2 5323.3 2827.4 2642.7 25856.6 14672.8 5403.7 3107.0 2673.1 29412.4 17064.8 5827.3 3359.4 3160.8 30549.9 17088.7 6282.6 3686.9 3491.6 30219.6 16166.3 6540.6 4042.1 3470.6 115 FL104090005 Financial assets 17875.7 19771.4 19718.4 24049.2 25209.5 28235.3 27001.3 29531.7 115 116 117 118 119 FL104000005 FL103020005 FL103030003 FL103091003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 1281.5 994.8 189.0 97.6 1348.3 950.4 181.3 216.6 1494.1 1200.7 187.2 106.3 1673.7 1341.2 201.5 131.0 2198.6 1785.5 278.1 135.0 2499.8 2049.8 283.7 166.3 2498.0 2010.3 297.1 190.6 2606.9 1998.4 396.1 212.4 116 117 118 119 120 121 122 123 124 125 LM104022005 FL103069100 LM103061103 LM103061703 LM103062003 LM123063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds (held by equity REITs) 211.9 132.5 41.2 13.7 19.3 5.2 243.4 123.7 71.3 23.8 17.2 7.3 263.2 162.1 54.4 18.1 18.5 10.0 337.6 217.6 63.6 21.2 24.2 11.0 377.2 250.9 72.9 24.3 16.3 12.9 409.6 256.3 79.7 26.6 27.3 19.8 369.1 204.8 91.7 30.6 23.8 18.3 446.1 233.3 132.0 38.3 24.6 18.0 120 121 122 123 124 125 126 127 128 129 130 131 132 FL104035005 FL104041005 FL102051003 FL103066005 FL104042005 FL103065005 FL103092305 Loans Short term Security repurchases Consumer credit Long term Mortgages U.S. direct investment abroad: debt 357.7 128.5 90.3 38.2 229.2 50.7 178.5 295.9 75.8 39.6 36.2 220.1 65.3 154.8 309.4 51.1 14.6 36.5 258.3 61.5 196.8 188.7 49.2 13.4 35.8 139.5 67.4 72.1 188.3 72.8 37.0 35.8 115.4 81.8 33.6 146.0 62.5 26.7 35.8 83.5 113.2 -29.7 153.5 64.3 28.5 35.8 89.2 149.1 -59.9 195.3 64.9 29.1 35.8 130.4 170.5 -40.1 126 127 128 129 130 131 132 133 134 135 136 137 138 FL103081005 FL103034000 LM103064103 LM103064203 LM103092105 FL103092405 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares U.S. direct investment abroad: equity Equity in government-sponsored enterprises (2) 7701.8 463.8 1712.9 256.0 5268.1 0.9 9348.2 532.5 1949.3 300.9 6564.3 1.2 7757.1 481.5 1789.9 269.9 5214.6 1.2 9449.9 589.9 2317.7 326.4 6214.6 1.3 10395.5 712.1 2543.2 375.7 6763.2 1.4 12383.9 813.1 3144.9 444.4 7980.0 1.6 10191.1 739.5 2397.6 358.5 6693.8 1.7 11935.2 915.5 2830.7 407.2 7779.9 1.9 133 134 135 136 137 138 139 FL103076005 Insurance, pension and standardized guarantee schemes (3) 351.7 365.7 377.1 392.1 414.1 450.2 483.3 140 141 142 143 144 FL103096005 FL103070005 FL103072005 FL103094705 FL103093005 Other accounts receivable Trade receivables PPP subsidies receivable Other investment in finance company subsidiaries Other (miscellaneous assets) 7971.1 2953.0 0.0 98.2 4919.9 8170.0 3116.4 0.0 110.7 4942.9 9517.4 3512.7 0.0 113.2 5891.6 12007.2 4053.2 0.0 112.5 7841.4 11635.8 3916.2 249.8 109.5 7360.3 12345.7 4414.3 43.3 150.6 7737.5 13306.2 4595.3 0.0 144.4 8566.5 13819.7 4796.9 0.0 151.5 8871.3 145 FL102100085 39301.5 42356.7 43056.1 48886.7 51066.1 57647.6 57551.2 59751.3 145 146 FL104194005 51073.5 56502.7 55516.6 67047.2 76734.9 89773.2 77478.4 90402.4 146 147 148 149 150 FL104122005 FL103169100 FL103162000 FL103163005 Debt securities Open market paper Municipal securities Corporate bonds 6135.3 180.8 570.1 5384.4 6503.1 206.7 587.9 5708.5 6672.0 196.5 585.5 5890.1 6988.4 194.5 601.3 6192.6 7684.3 132.2 606.8 6945.3 7933.0 138.2 618.3 7176.4 8011.9 197.6 619.0 7195.3 8248.5 217.8 617.6 7413.1 147 148 149 150 151 152 153 154 155 156 157 FL104135005 FL104141005 FL103168005 FL103169005 FL104142005 FL103165005 LM103192305 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt 3371.8 2084.1 975.0 1109.1 1287.7 820.5 467.2 3557.4 2292.6 927.7 1364.9 1264.8 792.8 471.9 4021.3 2744.4 1034.7 1709.7 1276.9 868.7 408.2 4272.4 2896.9 1059.2 1837.8 1375.4 983.1 392.3 4541.5 3233.4 1207.5 2025.9 1308.1 987.0 321.1 5015.0 3614.3 1123.0 2491.3 1400.8 1088.9 311.9 5809.1 4168.4 1474.9 2693.5 1640.7 1259.0 381.7 5764.1 4071.2 1484.0 2587.1 1693.0 1317.2 375.8 151 152 153 154 155 156 157 158 159 160 FL103181005 LM103164105 FL103192105 Equity and investment fund shares Corporate equity Foreign direct investment in the U.S.: equity 30824.2 25818.2 5006.0 36114.4 29960.2 6154.2 33609.5 27796.3 5813.2 42664.2 35166.5 7497.8 52567.6 43849.4 8718.2 64761.0 53502.8 11258.2 50747.6 41617.8 9129.8 63082.0 158 51547.2 159 11534.9 160 161 162 163 FL103152025 FL573074005 FL573073005 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 681.6 100.1 581.5 445.0 119.3 325.8 685.7 84.7 601.0 494.0 80.1 413.9 205.1 77.4 127.7 124.3 70.9 53.4 789.0 68.9 720.1 524.0 161 66.0 162 458.0 163 164 165 166 167 FL103196005 FL103170005 FL103178005 FL103193005 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 10060.6 2288.3 66.1 7706.1 9882.8 2369.7 286.6 7226.6 10528.1 2690.4 275.3 7562.5 12628.3 2920.5 267.7 9440.0 11736.4 2764.6 275.4 8696.4 11939.9 3194.4 249.8 8495.6 12120.8 3442.7 277.5 8400.7 168 FL102090095 -11772.0 -14146.0 -12460.5 -18160.5 -25668.8 -32125.6 -19927.2 Total liabilities and net worth Liabilities Net worth 110 111 112 113 114 528.4 139 12783.6 3555.0 271.3 8957.3 140 141 142 143 144 164 165 166 167 -30651.0 168 (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. 167 Z.1, March 7, 2024 S.6.a Financial Business (1) Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 1412.2 1456.5 1516.4 1596.9 1656.7 1800.7 1865.5 ND 1 203.2 214.4 226.1 243.0 257.9 275.7 306.6 331.0 2 Current account 1 FA796902505 Gross value added 2 FA796330081 Less: Consumption of fixed capital 3 4 5 6 7 8 FA796902605 FA796025005 FA796020001 FA796401001 FA796240101 FA796402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 1209.0 734.1 625.5 108.7 72.7 402.1 1242.0 787.6 668.5 119.1 66.5 387.9 1290.3 819.1 693.1 126.0 79.3 391.9 1353.9 851.7 727.2 124.5 69.6 432.6 1398.7 912.4 787.5 125.0 73.6 412.7 1525.0 993.6 859.9 133.7 68.6 462.8 1558.8 1026.9 886.6 140.2 81.5 450.5 ND 1064.2 ND ND 81.3 ND 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 342.5 402.1 2193.9 1680.5 467.4 46.0 2253.5 1506.5 733.8 691.6 42.2 13.2 0.0 250.2 387.9 2413.6 1830.9 526.4 56.3 2551.3 1684.6 852.5 800.3 52.2 14.2 0.0 302.1 391.9 2714.0 2071.8 681.0 -38.8 2803.8 1938.9 847.8 817.6 30.3 17.0 0.0 323.0 432.6 2816.2 2227.1 560.0 29.1 2925.8 2045.7 862.4 829.9 32.5 17.8 0.0 184.4 412.7 2347.1 1763.0 547.8 36.3 2575.5 1614.9 948.0 887.0 61.0 12.6 0.0 197.8 462.8 2155.8 1548.2 550.5 57.2 2420.8 1426.5 962.1 920.7 41.4 32.1 0.0 257.0 450.5 2540.8 1909.2 568.6 62.9 2734.2 1777.4 927.8 887.9 39.8 29.1 0.0 ND ND ND ND ND ND ND ND ND ND ND ND ND 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) 342.5 114.0 64.4 250.2 83.3 19.6 302.1 84.5 30.1 323.0 100.5 44.3 184.4 98.9 32.2 197.8 106.6 26.4 257.0 125.5 26.6 ND ND ND 22 23 24 25 FA796012095 Equals: Disposable income, net 164.2 147.3 187.5 178.1 53.3 64.8 104.9 ND 25 26 FA796012095 Equals: Net saving 164.2 147.3 187.5 178.1 53.3 64.8 104.9 ND 26 Capital account 27 28 29 FA796006385 FA796012095 FA795440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 162.4 164.2 1.8 70.7 147.3 76.6 170.6 187.5 16.9 178.1 178.1 0.0 53.3 53.3 0.0 42.1 64.8 22.7 76.6 104.9 28.2 ND ND 0.0 27 28 29 30 31 32 FA795015085 FA795013005 FA796330081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 40.9 244.1 203.2 33.1 247.5 214.4 40.6 266.7 226.1 58.4 301.4 243.0 27.5 285.4 257.9 31.4 307.1 275.7 30.5 337.2 306.6 36.8 367.8 331.0 30 31 32 33 FA795000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 121.5 37.6 130.0 119.7 25.8 10.7 46.1 ND 33 34 FA795000995 Net lending (+) or borrowing (-) (line 33) 35 FA794090005 Net acquisition of financial assets 121.5 37.6 130.0 119.7 25.8 10.7 46.1 ND 34 2036.8 2846.9 1698.7 3458.7 9682.4 7300.5 2429.2 3299.7 35 36 FA713011203 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 37 FA794000005 Currency and deposits -532.6 271.7 -401.8 80.7 1695.6 606.0 -885.6 519.1 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 1063.8 -87.2 670.3 300.8 24.8 155.1 959.1 92.0 216.7 270.5 44.8 335.2 712.1 1.3 425.4 -18.1 -46.7 350.2 1028.4 -10.9 591.4 195.9 67.9 184.1 6181.6 -45.0 4321.1 1017.1 116.2 772.3 3086.0 15.9 1254.9 680.2 175.0 960.0 61.6 145.6 -587.9 71.3 -93.6 526.2 972.7 4.8 835.3 -51.6 -79.7 263.9 38 39 40 41 42 43 44 45 46 FA794035005 FA794041005 FA794042005 Loans Short term Long term 995.5 494.5 501.0 1242.1 675.4 566.7 1501.2 908.7 592.5 1478.7 907.2 571.5 1129.5 399.5 730.0 2908.1 1695.0 1213.1 3464.3 2185.3 1279.1 1173.3 576.7 596.6 44 45 46 47 48 49 50 51 52 53 54 FA793081005 FA793064105 FA793064205 FA793034005 FA793092405 FA793092105 FA713164003 FA793094605 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment abroad: equity Stock in Federal Reserve Banks Equity investment in subsidiaries 46.0 -174.7 -82.1 139.3 1.9 52.4 1.0 108.3 93.5 80.1 -32.5 14.3 1.4 49.1 0.9 -19.7 -85.8 -142.6 -101.6 25.4 0.8 -3.1 0.9 134.3 -85.8 -295.7 -53.4 141.2 -4.0 64.5 -0.6 62.2 -175.2 -388.5 -81.3 170.9 -7.1 50.5 0.7 79.6 -117.2 -90.7 -382.1 180.1 -2.3 82.7 1.5 93.6 -452.3 -135.6 -171.0 -211.3 18.9 85.9 1.1 -40.3 108.4 -105.4 -116.0 206.6 0.1 79.0 1.1 43.0 47 48 49 50 51 52 53 54 55 FA793052005 Insurance, pension and standardized guarantee schemes 401.0 267.0 293.4 325.0 358.0 466.6 265.9 201.0 55 56 FA793096005 Other accounts receivable 63.2 13.4 -320.4 631.6 492.7 350.9 -24.7 325.2 56 Integrated Accounts Financial account 168 Z.1, March 7, 2024 S.6.a Financial Business (1) Billions of dollars Net incurrence of liabilities 2016 2017 2018 2019 2020 2021 2022 2023 57 FA794194005 1836.1 2845.1 1630.8 3393.2 9640.5 6874.8 1964.8 3309.6 57 58 FA794100005 Currency and deposits 459.7 792.8 494.3 866.3 6597.7 1757.6 -980.1 569.8 58 59 60 61 62 FA794122005 FA423161705 FA793163005 FA793169175 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 284.0 351.7 -37.5 -30.2 340.7 346.6 7.2 -13.1 255.0 246.9 42.2 -34.1 462.5 318.6 70.1 73.8 910.3 658.2 229.1 23.0 719.9 612.9 190.7 -83.8 1275.8 979.4 89.9 206.4 494.9 281.0 196.0 17.9 59 60 61 62 63 64 65 FA794135005 FA794141005 FA793192305 Loans Short term Long term 176.2 69.1 107.1 56.0 55.3 0.7 -16.6 17.7 -34.3 144.1 157.3 -13.1 -149.1 -154.0 4.9 1847.9 1847.1 0.8 1022.9 1064.0 -41.2 -858.7 -864.7 6.0 63 64 65 66 67 68 69 70 71 72 73 74 75 FA793181005 FA634090005 FA793164105 FA653164205 FA403192405 FA793192105 FA662090003 FA793194605 FA713164005 FA503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent Equity in Federal Reserve Banks Equity investment in Federal Reserve facilities 234.1 -123.0 240.0 28.4 2.7 -40.7 17.3 108.3 1.0 0.0 881.6 165.3 380.4 317.4 4.2 32.2 1.0 -19.7 0.9 0.0 511.9 169.2 183.5 -64.6 1.1 78.1 9.5 134.3 0.9 0.0 1183.3 712.8 157.8 207.3 -3.7 42.3 5.2 62.2 -0.6 0.0 1213.5 763.5 476.6 -230.4 -6.8 9.5 6.9 79.6 2.2 112.5 1509.4 439.5 812.9 215.1 -0.9 24.6 15.8 93.6 0.0 -91.2 -245.2 17.6 488.8 -800.5 20.0 70.3 3.7 -40.3 1.1 -5.9 1420.3 1134.5 506.5 -299.7 3.5 25.5 14.1 43.0 1.1 -8.0 66 67 68 69 70 71 72 73 74 75 76 FA583152005 Insurance, pension and standardized guarantee schemes 503.6 629.1 443.6 532.6 637.3 458.5 725.9 795.0 76 77 FA793196005 Other accounts payable 178.5 144.8 -57.5 204.3 430.8 581.6 165.6 888.2 77 78 FA795000005 200.7 1.8 67.9 65.5 41.9 425.7 464.4 -9.9 78 284.4 0.0 205.1 -79.2 -25.7 -1.8 12.0 35.8 108.7 -2.4 173.2 62.1 -217.6 0.0 -163.4 54.2 215.0 0.0 199.0 -16.1 623.1 -0.4 208.6 -414.9 839.0 -1.5 422.3 -418.2 ND 0.0 196.6 ND 79 80 81 82 10.2 14.4 -2.8 -1.5 22.8 24.4 -0.7 -0.9 50.7 49.1 4.5 -3.0 33.6 36.7 -0.3 -2.8 22.1 17.4 5.2 -0.5 220.2 175.0 46.6 -1.3 259.0 210.0 42.1 6.9 38.6 25.1 17.1 -3.6 83 84 85 86 5791.9 782.0 -3.6 4752.8 938.8 198.2 -876.1 87 88 89 90 91 92 93 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) Other changes in volume account 79 80 81 82 FV798090185 FV795013865 FV798090085 FU797005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (4) Revaluation account 83 84 85 86 FR795013865 FR795013665 FR795013265 FR795013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 87 88 89 90 91 92 93 FR794090085 FR794022005 FR793092305 FR793064105 FR793064205 FR793092105 FR593052025 Financial assets Debt securities U.S. direct investment abroad: debt Corporate equities Mutual fund shares U.S. direct investment abroad: equity Insurance, pension, and standardized guarantee schemes 1201.5 -39.1 -2.5 1176.8 341.7 7.7 -283.0 3830.7 215.2 1.5 3390.5 766.9 160.8 -704.2 -2704.8 -643.3 -0.1 -1817.3 -401.8 -199.5 357.2 6201.9 1308.8 -4.4 4625.4 1054.0 197.6 -979.6 4535.0 853.3 -1.2 3611.1 810.2 76.5 -814.9 4341.5 -1005.3 -2.3 5084.6 947.5 215.3 -898.2 -11371.8 -4623.4 8.9 -6042.8 -1396.7 -389.4 1071.6 94 95 96 97 98 99 100 101 FR794190085 FR793192305 FR793164105 FR653164205 FR793192105 FR662090003 FR793194605 FR583152005 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Mutual fund shares Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent Insurance, pension and standardized guarantee schemes 2031.6 -8.9 834.0 689.9 38.3 0.0 0.0 478.2 4449.9 6.0 1272.3 1966.0 123.5 0.0 0.0 1082.1 -2769.8 4.2 -956.5 -1164.5 -119.6 0.0 0.0 -533.4 6450.6 -4.1 1802.4 2782.4 265.8 0.0 0.0 1604.1 4043.0 -2.7 423.3 2133.5 210.3 0.0 0.0 1278.7 6862.8 -4.4 2604.3 2431.1 315.4 0.0 0.0 1516.2 -8976.5 -0.3 -2154.8 -4074.9 -510.8 0.0 0.0 -2235.6 6014.3 94 1.8 95 1595.5 96 2566.0 97 293.6 98 0.0 99 0.5 100 1557.0 101 102 FR798200005 Changes in net worth due to nominal holding gains/losses -819.9 -596.3 115.7 -215.1 514.2 -2301.0 -2136.2 -183.9 102 -373.1 -551.4 395.0 -254.5 782.5 -1635.8 -1220.6 39.7 103 94719.1 101512.4 100808.6 110703.9 125142.9 138034.8 128707.6 137884.9 104 1702.6 925.1 591.9 185.6 1756.7 945.4 609.4 201.9 1845.5 992.2 635.4 217.9 1937.6 1033.2 659.1 245.3 1987.2 1052.4 662.6 272.2 2238.4 1222.1 708.5 307.8 2526.4 1421.1 748.2 357.2 Integrated Accounts Changes in balance sheet account 103 FC792090095 Change in net worth (lines 30+33+79+102) Balance sheet account (end of period) 104 FL792000095 105 106 107 108 LM795013865 LM795013665 LM795013265 LM795013765 Total assets Nonfinancial assets (5) Structures (nonresidential) Equipment Intellectual property products 2601.8 1438.9 760.9 402.0 105 106 107 108 169 Z.1, March 7, 2024 S.6.a Financial Business (1) Billions of dollars 2017 2018 2019 2020 2021 2022 2023 109 FL794090005 Financial assets 93016.5 99755.7 98963.0 108766.3 123155.7 135796.4 126181.2 135283.1 109 110 FL713011203 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 110 111 FL794000005 Currency and deposits 3049.4 3353.8 2951.5 3019.3 4716.3 5353.5 4466.1 4976.8 111 112 113 114 115 116 117 FL794022005 FL793069175 FL793061105 FL793061705 FL793062005 FL793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 23198.4 527.8 6326.7 6727.5 2027.6 7588.7 24366.3 618.8 6557.3 7012.0 2102.8 8075.4 24435.1 620.6 6937.0 6920.2 2015.6 7941.8 26877.1 613.2 7754.1 7346.3 2152.9 9010.6 33857.4 511.2 12370.7 8424.8 2322.8 10227.9 35967.3 576.1 13277.6 8894.3 2476.8 10742.6 31429.5 746.4 11241.6 7928.3 2102.6 9410.6 33185.5 732.9 12280.1 7963.1 2080.5 10128.9 118 119 120 FL794035005 FL794041005 FL794042005 Loans Short term Long term 26063.0 12230.0 13833.0 27360.5 12986.3 14374.2 28838.1 13898.6 14939.5 30292.9 14804.7 15488.2 31417.2 15209.0 16208.3 34886.5 17215.8 17670.8 38356.3 19487.2 18869.0 39375.7 118 19917.8 119 19457.9 120 121 122 123 124 125 126 127 128 FL793081005 LM793064105 LM793064205 FL793034005 FL793092405 LM793092105 FL713164003 FL793094605 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment abroad: equity Stock in Federal Reserve Banks Equity investment in subsidiaries 26467.4 17260.4 5239.9 705.6 36.3 917.7 30.4 2277.0 30846.2 20731.0 5974.4 719.9 37.7 1119.5 31.4 2232.5 28361.3 18771.0 5470.9 745.3 38.5 924.4 32.3 2378.7 33740.5 22789.3 6324.5 886.5 34.5 1271.4 31.7 2402.7 38050.8 25986.9 7053.5 1057.4 27.4 1430.6 32.4 2462.7 44184.3 30970.7 7618.9 1237.5 25.1 1746.8 33.9 2551.4 35876.0 24792.3 6051.2 1026.1 44.0 1383.2 35.0 2544.1 41793.8 29374.7 6864.0 1232.8 44.1 1693.3 36.1 2549.0 129 FL793052005 Insurance, pension and standardized guarantee schemes 8291.4 7966.0 8713.8 8261.2 7900.0 7540.3 7800.9 7190.9 129 130 FL793096005 Other accounts receivable 5935.8 5851.9 5652.3 6564.2 7202.9 7853.5 8241.5 8749.3 130 131 FL792100005 Total liabilities and net worth 132 FL794194005 133 FL794100005 134 135 136 137 112 113 114 115 116 117 121 122 123 124 125 126 127 128 94719.1 101512.4 100808.6 110703.9 125142.9 138034.8 128707.6 137884.9 131 94450.9 101795.6 100696.7 110846.6 124503.1 139030.7 130924.1 140061.7 132 Currency and deposits 17401.2 18194.0 18688.4 19554.6 26152.3 27909.9 26919.8 27489.6 133 FL794122005 FL423161705 FL793163005 FL793169175 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 12668.3 8496.1 3646.1 526.0 12972.5 8842.7 3616.9 512.9 13212.2 9089.6 3643.8 478.8 13667.8 9408.3 3707.0 552.6 14572.1 10066.5 3930.0 575.6 15605.6 10679.4 4434.4 491.8 16880.3 11658.8 4523.3 698.3 17369.0 11939.8 4713.1 716.1 138 139 140 FL794135005 FL794141005 FL793192305 Loans Short term Long term 4996.2 4786.7 209.5 5058.2 4842.0 216.2 5045.8 4859.7 186.1 5185.8 5017.0 168.8 5034.0 4863.0 171.0 6982.1 6814.7 167.4 8004.7 7878.7 126.0 141 142 143 144 145 146 147 148 149 150 FL793181005 FL634090005 LM793164105 LM653164205 FL403192405 LM793192105 LM662090003 FL793194605 FL713164005 FL503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent Equity in Federal Reserve Banks Equity investment in Federal Reserve facilities 27048.0 2955.2 7260.7 13615.6 46.9 794.4 67.7 2277.0 30.4 0.0 31276.8 3120.5 8936.3 15899.0 51.1 937.2 68.7 2232.5 31.4 0.0 29517.0 3289.7 8163.2 14669.8 52.2 852.7 78.2 2378.7 32.3 0.0 35541.4 4002.5 10128.3 17659.5 48.6 1184.7 83.5 2402.7 31.7 0.0 39525.2 4765.9 11028.2 19562.6 41.8 1427.4 90.3 2462.7 33.9 112.5 46373.4 5205.5 14445.4 22208.8 40.9 1760.3 106.1 2551.4 33.9 21.3 39335.1 5223.1 12779.3 17333.4 60.8 1234.3 109.8 2544.1 35.0 15.4 45152.9 6357.6 14857.0 19599.7 64.3 1558.1 123.8 2549.0 36.1 7.4 151 FL583152005 Insurance, pension and standardized guarantee schemes 28735.3 30558.1 30565.6 32975.4 34981.7 37061.6 34519.3 36871.3 151 152 FL793196005 Other accounts payable 3601.9 3736.0 3667.8 3921.6 4237.8 5098.2 5265.0 6028.8 152 153 FL792090095 268.2 -283.2 111.8 -142.7 639.8 -995.9 -2216.5 -2176.9 153 Liabilities Net worth (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. 134 135 136 137 7150.0 138 7014.0 139 136.0 140 141 142 143 144 145 146 147 148 149 150 Integrated Accounts 2016 170 Z.1, March 7, 2024 S.61.a Central Bank Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 Current account 1 FA716902505 Gross value added 6.1 7.0 7.1 7.4 7.8 8.3 8.3 ND 1 2 FA716330085 Less: Consumption of fixed capital 0.8 0.8 0.9 0.9 0.9 1.0 1.1 ND 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 5.3 2.5 2.2 0.3 0.0 2.7 6.2 2.7 2.3 0.3 0.0 3.5 6.3 2.8 2.5 0.3 0.0 3.5 6.5 3.0 2.6 0.4 0.0 3.6 6.9 3.1 2.8 0.3 0.0 3.8 7.3 3.3 3.0 0.4 0.0 4.0 7.2 3.3 3.0 0.4 0.0 3.8 ND ND ND ND ND ND 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 2.5 2.7 111.1 111.1 0.0 0.0 111.3 19.1 92.2 92.2 0.0 0.0 0.0 -0.3 3.5 113.6 113.6 0.0 0.0 117.4 36.1 81.3 81.3 0.0 0.0 0.0 -0.6 3.5 112.3 112.3 0.0 0.0 116.3 50.0 66.3 66.3 0.0 0.0 0.0 2.4 3.6 102.7 102.7 0.0 0.0 103.9 48.3 55.6 55.6 0.0 0.0 0.0 1.5 3.8 101.5 101.5 0.0 0.0 103.8 16.5 87.3 87.3 0.0 0.0 0.0 2.4 4.0 122.6 122.6 0.0 0.0 124.1 14.5 109.6 109.6 0.0 0.0 0.0 -14.4 3.8 170.1 170.1 0.0 0.0 188.4 111.1 77.2 77.2 0.0 0.0 0.0 ND ND ND ND ND ND ND ND ND ND ND ND ND 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) 2.5 0.0 2.0 -0.3 0.0 2.0 -0.6 0.0 2.0 2.4 0.0 2.2 1.5 0.0 2.3 2.4 0.0 2.6 -14.4 0.0 2.8 ND ND ND 22 23 24 25 FA716012005 Equals: Disposable income, net 0.5 -2.4 -2.6 0.2 -0.8 -0.2 -17.2 ND 25 26 FA716012005 Equals: Net saving 0.5 -2.4 -2.6 0.2 -0.8 -0.2 -17.2 ND 26 0.5 0.5 0.0 -2.4 -2.4 0.0 -2.6 -2.6 0.0 0.2 0.2 0.0 -0.8 -0.8 0.0 -0.2 -0.2 0.0 -17.2 -17.2 0.0 ND ND ND 27 28 29 -0.1 0.7 0.8 0.0 0.8 0.8 -0.1 0.7 0.9 -0.1 0.8 0.9 0.0 0.9 0.9 0.1 1.1 1.0 0.1 1.2 1.1 ND ND ND 30 31 32 0.6 -2.4 -2.5 0.3 -0.8 -0.3 -17.3 ND 33 Capital account 27 28 29 FA716006385 FA716012005 FA715440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 FA715015085 FA715013085 FA716330085 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 FA715000995 Net lending (+) or borrowing (-), capital account (lines 27-30) Integrated Accounts Financial account 34 FA715000995 Net lending (+) or borrowing (-) (line 33) 35 FA714090005 Net acquisition of financial assets 36 37 FA713011203 FA714000005 Monetary gold Currency and deposits 38 39 40 41 FA714022005 FA713069603 FA713061103 FA713061705 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) 42 43 44 FA714041005 FA713064103 FA713096105 Loans (short term) Equity shares Other accounts receivable 45 FA714194005 Net incurrence of liabilities 46 47 48 49 FA714100005 FA712151003 FA713164005 FA713193005 50 FA715000005 Currency and deposits Loans Equity shares Other accounts payable Addendum: Net lending (+) or borrowing (-), financial account (lines 35-45) 0.6 -2.4 -2.5 0.3 -0.8 -0.3 -17.3 ND 34 -31.1 -2.6 -389.8 116.4 3084.6 1479.7 -199.8 -841.3 35 0.0 0.1 0.0 0.8 0.0 0.5 0.0 0.5 0.0 0.5 0.0 0.3 0.0 0.6 0.0 1.5 36 37 -35.8 0.0 -13.3 -22.5 -10.9 0.0 -21.7 10.8 -379.5 0.0 -243.3 -136.2 -137.5 0.0 99.1 -236.6 3217.0 0.0 2554.3 662.7 1537.1 0.0 961.6 575.5 -175.9 0.0 -188.2 12.3 -957.0 0.0 -739.7 -217.2 38 39 40 41 4.5 0.0 0.1 6.6 0.0 0.9 -7.9 0.0 -3.0 255.1 0.0 -1.7 -143.7 0.0 10.8 -56.9 0.0 -0.8 -26.4 0.0 1.9 112.5 0.0 1.7 42 43 44 -31.1 -2.6 -386.6 116.4 3084.7 1479.7 -199.7 -841.3 45 -45.6 12.8 1.0 0.6 157.7 -161.3 0.9 -0.0 -128.7 -259.9 0.9 1.1 83.9 32.6 -0.6 0.5 3200.3 -120.6 2.2 2.8 -487.5 1967.0 0.0 0.3 -884.1 706.5 1.1 -23.2 770.9 -1498.9 1.1 -114.3 46 47 48 49 0.0 -0.0 -3.2 0.0 -0.1 -0.1 -0.1 0.0 50 171 Z.1, March 7, 2024 S.61.a Central Bank Billions of dollars 2016 51 52 53 54 FV718090185 FV712010095 FV718090085 FU717005045 Other changes in volume account Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-50) (3) 2017 2018 2019 2020 2021 2022 2023 -0.6 0.0 0.0 0.6 2.4 0.0 0.0 -2.4 -0.7 0.0 0.0 0.7 -0.3 0.0 0.0 0.3 0.8 0.0 0.0 -0.8 0.3 0.0 0.0 -0.3 17.2 0.0 0.0 -17.2 ND 0.0 ND ND 51 52 53 54 0.1 0.1 -0.0 -0.0 0.2 0.2 0.0 0.0 0.4 0.4 0.0 -0.0 0.3 0.3 -0.0 -0.0 0.2 0.2 0.0 0.0 1.5 1.4 0.1 0.0 1.8 1.7 0.1 0.0 0.3 0.2 0.0 0.0 55 56 57 58 -39.9 13.6 -86.3 166.8 193.4 -226.1 -1208.2 62.5 59 -39.8 13.8 -85.9 167.0 193.6 -224.7 -1206.4 62.8 60 -39.8 13.8 -89.1 167.0 193.6 -224.6 -1206.4 63.0 61 4571.3 4582.5 4106.7 4390.1 7668.3 8923.4 7517.4 6739.1 62 10.3 8.0 1.4 0.9 10.5 8.1 1.3 1.1 10.8 8.4 1.3 1.1 11.0 8.6 1.2 1.2 11.2 8.6 1.2 1.3 12.8 10.0 1.2 1.5 14.7 11.6 1.3 1.8 15.1 11.7 1.3 2.1 63 64 65 66 4561.0 4572.0 4095.9 4379.1 7657.1 8910.6 7502.7 6723.9 67 11.0 67.1 11.0 69.6 11.0 69.7 11.0 70.0 11.0 71.9 11.0 70.5 11.0 69.3 11.0 70.5 68 69 4445.6 0.0 2640.7 1804.9 4448.3 0.0 2633.0 1815.3 3982.6 0.0 2338.0 1644.6 4011.9 0.0 2540.7 1471.1 7422.2 0.0 5254.6 2167.7 8733.2 0.0 6052.1 2681.1 7349.1 0.0 5056.4 2292.7 6454.6 0.0 4415.7 2038.9 70 71 72 73 5.6 0.0 31.7 12.2 0.0 30.9 4.3 0.0 28.3 259.4 0.0 26.9 115.7 0.0 36.3 58.8 0.0 37.2 32.4 0.0 40.9 144.9 0.0 42.9 74 75 76 4571.3 4582.5 4106.7 4390.1 7668.3 8923.4 7517.4 6739.1 77 4489.4 4486.8 4100.2 4216.6 7301.3 8781.0 8581.3 7740.0 78 3726.6 725.2 30.4 7.2 3884.3 564.0 31.4 7.1 3755.6 304.0 32.3 8.2 3839.5 336.6 31.7 8.7 7039.8 216.1 33.9 11.5 6552.3 2183.0 33.9 11.8 5668.1 2889.6 35.0 -11.4 6439.0 1390.7 36.1 -125.7 79 80 81 82 81.9 95.7 6.5 173.5 367.0 142.4 -1063.9 -1000.9 83 Revaluation account 55 56 57 58 FR712010095 FR715013665 FR715013265 FR715013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 59 FR714022005 Financial assets (debt securities) 60 FR718200005 Changes in net worth due to nominal holding gains/losses 61 FC712090095 Change in net worth (lines 30+33+51+60) Changes in balance sheet account Balance sheet account (end of period) 62 FL712000095 Total assets 63 64 65 66 LM712010095 LM715013665 LM715013265 LM715013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 67 FL714090005 Financial assets 68 69 FL713011203 FL714000005 Monetary gold Currency and deposits 70 71 72 73 LM714022005 FL713069603 LM713061103 LM713061705 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) 74 75 76 FL714041005 FL713064103 FL713096105 Loans (short term) Equity shares Other accounts receivable 77 FL712100005 Total liabilities and net worth 78 FL714194005 79 80 81 82 FL714100005 FL712151003 FL713164005 FL713193005 83 FL712090095 Liabilities Currency and deposits Loans Equity shares Other accounts payable Net worth Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 172 Z.1, March 7, 2024 S.62.a Private Depository Institutions Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 Current account 1 FA706902505 Gross value added 397.7 474.6 516.4 497.0 507.8 551.0 640.2 ND 1 2 FA706330081 Less: Consumption of fixed capital 36.5 39.1 42.7 49.3 55.1 58.9 65.8 0.0 2 3 4 5 6 7 8 FA706902605 FA706025005 FA706020001 FA706401001 FA706240101 FA706402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 361.2 181.8 155.1 26.7 10.7 168.7 435.5 183.1 155.9 27.2 11.3 241.1 473.7 208.3 176.8 31.5 11.6 253.8 447.7 211.0 180.7 30.3 12.2 224.5 452.7 226.6 196.2 30.4 10.0 216.1 492.1 240.6 208.8 31.8 10.9 240.6 574.4 230.4 198.8 31.6 12.9 331.1 ND ND ND ND ND ND 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 142.5 168.7 278.8 264.6 2.0 12.2 305.0 198.2 102.7 102.6 0.1 4.1 0.0 184.7 241.1 307.9 291.2 2.1 14.6 364.3 238.4 121.5 121.4 0.1 4.4 0.0 125.9 253.8 346.8 354.2 2.7 -10.1 474.7 305.0 164.3 164.2 0.1 5.4 0.0 85.0 224.5 400.1 390.5 2.4 7.2 539.6 352.3 181.9 181.7 0.2 5.4 0.0 173.1 216.1 316.9 306.8 1.6 8.5 359.9 272.9 83.5 83.3 0.2 3.5 0.0 107.5 240.6 250.8 236.3 1.4 13.1 383.9 220.4 155.2 155.0 0.2 8.3 0.0 110.9 331.1 248.7 231.9 2.2 14.6 468.9 321.3 140.2 140.0 0.2 7.4 0.0 ND ND ND ND ND ND ND ND ND ND ND ND ND 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) 142.5 34.9 8.1 184.7 22.9 8.6 125.9 24.0 9.1 85.0 29.4 9.7 173.1 30.1 9.4 107.5 27.3 9.9 110.9 32.6 10.6 ND ND ND 22 23 24 25 FA706012005 Equals: Disposable income, net 99.5 153.2 92.8 45.9 133.6 70.3 67.7 ND 25 26 FA706012005 Equals: Net saving 99.5 153.2 92.8 45.9 133.6 70.3 67.7 ND 26 Capital account 27 28 29 FA706006385 FA706012005 FA705440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 99.5 99.5 0.0 148.6 153.2 4.6 92.8 92.8 0.0 45.9 45.9 0.0 133.6 133.6 0.0 70.3 70.3 0.0 65.7 67.7 2.0 ND ND ND 27 28 29 30 31 32 FA705015085 FA705013081 FA706330081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 5.6 42.1 36.5 7.8 46.9 39.1 11.6 54.4 42.7 27.0 76.3 49.3 12.4 67.5 55.1 7.4 66.3 58.9 8.5 74.3 65.8 ND ND 0.0 30 31 32 33 FA705000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 93.9 140.8 81.1 18.9 121.2 62.9 57.2 ND 33 Integrated Accounts Financial account 34 FA705000995 Net lending (+) or borrowing (-) (line 33) 35 FA704090005 Net acquisition of financial assets 93.9 140.8 81.1 18.9 121.2 62.9 57.2 ND 34 713.9 865.7 416.9 773.4 3230.3 2371.7 656.0 447.3 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 -209.7 1.8 -211.0 -0.4 195.7 1.2 194.8 -0.3 -388.4 4.9 -393.1 -0.2 -2.9 1.4 -7.1 2.8 1466.8 15.8 1446.1 4.9 639.6 -8.7 649.3 -1.0 -967.2 -3.8 -959.5 -3.9 449.9 -2.9 449.9 2.9 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 293.6 0.0 121.9 144.4 47.2 -19.9 133.7 -0.0 -37.3 168.1 20.4 -17.5 117.3 0.2 124.3 52.4 -40.0 -19.5 218.3 0.5 126.7 115.1 -29.1 5.1 1092.5 1.6 303.2 694.0 72.3 21.5 1336.9 -2.1 467.4 605.9 55.3 210.3 -11.4 -0.2 58.8 -230.0 4.8 155.1 -453.9 -0.1 -94.2 -209.7 -64.5 -85.4 40 41 42 43 44 45 46 47 48 FA704035005 FA704041005 FA704042005 Loans Short term Long term 590.5 294.4 296.1 521.4 306.7 214.7 783.1 610.7 172.4 493.6 283.4 210.2 491.8 405.6 86.1 248.2 38.2 210.0 1421.1 800.2 620.9 492.7 236.3 256.4 46 47 48 49 50 51 52 53 54 FA703081005 FA703064105 FA703064205 FA703092405 FA763092100 FA713164003 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad: equity Stock in Federal Reserve Banks -6.7 -6.9 -1.9 2.0 -0.9 1.0 14.1 -2.0 0.2 1.4 13.6 0.9 -0.3 2.5 -3.1 0.5 -1.1 0.9 8.1 0.8 1.4 -4.6 11.1 -0.6 0.1 2.9 2.4 -9.7 3.8 0.7 15.1 2.4 3.6 -3.4 11.1 1.5 31.3 -1.9 -3.7 20.2 15.6 1.1 -6.1 8.4 -1.7 -5.7 -8.2 1.1 49 50 51 52 53 54 55 FA763040005 Insurance, pension and standardized guarantee schemes 5.6 6.4 3.9 6.7 6.1 13.3 6.5 -2.0 55 56 FA703096105 Other accounts receivable 40.5 -5.6 -98.7 49.6 173.0 118.6 175.6 -33.3 56 57 FA704194005 Net incurrence of liabilities 652.2 821.1 611.5 891.6 3188.9 2142.6 455.7 540.4 57 173 Z.1, March 7, 2024 S.62.a Private Depository Institutions Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 58 59 60 FA704100005 FA703127005 FA703130205 Currency and deposits Checkable deposits Other deposits 499.0 106.6 392.5 623.4 183.6 439.8 620.2 55.9 564.3 773.5 182.6 590.9 3369.3 2534.6 834.7 2205.6 1359.4 846.2 -110.3 337.1 -447.4 -213.6 -241.9 28.3 58 59 60 61 62 63 FA704122005 FA763163005 FA703169175 Debt securities Corporate bonds Commercial paper -55.3 -33.6 -21.6 -40.4 -24.6 -15.8 -47.7 -18.0 -29.7 60.8 20.9 39.8 103.1 54.8 48.4 -136.6 -64.8 -71.8 212.1 77.9 134.1 50.4 -0.7 51.1 61 62 63 64 65 66 FA704135005 FA704141005 FA753192305 Loans Short term Long term (foreign direct investment in the U.S.: debt) 107.2 101.9 5.3 112.1 115.1 -3.0 -86.9 -82.6 -4.3 -31.8 -27.9 -3.9 -201.4 -198.5 -2.9 -139.5 -137.1 -2.4 421.4 421.6 -0.2 231.8 230.6 1.1 64 65 66 67 68 69 70 FA703181105 FA763164105 FA753192103 FA703194605 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent 73.0 -5.0 5.6 72.3 70.6 2.8 10.3 57.5 114.7 -5.2 12.8 107.1 89.8 1.4 5.5 83.0 89.7 1.9 8.5 79.4 140.3 2.3 -2.0 140.0 -111.2 17.3 10.4 -139.0 121.9 -8.5 13.0 117.4 67 68 69 70 71 FA703196005 Other accounts payable 28.2 55.4 11.2 -0.7 -171.8 72.7 43.7 350.1 71 72 FA705000005 61.8 44.6 -194.5 -118.2 41.4 229.1 200.4 -93.2 72 -50.2 0.0 -18.0 32.1 -142.1 0.0 -45.9 96.2 -228.0 0.0 47.7 275.7 -210.6 0.0 -73.5 137.1 -22.7 0.0 57.1 79.8 56.9 0.0 -109.3 -166.3 274.3 0.0 131.2 -143.1 ND ND ND ND 73 74 75 76 2.8 4.2 -1.0 -0.4 6.8 6.9 0.3 -0.4 14.7 14.8 0.6 -0.8 9.4 11.2 -1.0 -0.8 5.4 5.5 0.4 -0.6 61.2 55.2 6.7 -0.7 76.0 67.6 7.3 1.1 ND 7.5 1.5 -4.7 77 78 79 80 -25.6 -29.1 -0.7 2.5 0.3 1.4 60.8 13.2 0.4 4.6 0.4 42.3 -104.2 -47.6 -0.0 -3.7 -0.6 -52.3 173.5 118.8 -1.1 7.0 1.6 47.1 113.9 92.3 -0.3 2.3 2.6 16.9 -92.6 -148.7 -0.5 7.4 2.1 47.0 -785.1 -690.5 2.1 -6.4 -4.0 -86.3 207.3 157.5 -0.8 5.2 1.9 43.5 81 82 83 84 85 86 44.6 -2.3 30.0 17.0 0.0 49.6 0.9 13.7 35.0 0.0 -35.9 0.6 -6.7 -29.8 0.0 81.0 -0.6 21.7 59.9 0.0 39.0 -0.3 -9.5 48.8 0.0 109.5 -0.5 48.9 61.2 0.0 -181.0 -0.0 -63.6 -117.5 0.0 71.0 -0.1 -15.2 86.3 0.0 87 88 89 90 91 -67.4 18.1 -53.6 101.8 80.3 -140.9 -528.1 140.7 92 -18.1 24.5 -188.9 -62.8 191.2 -13.6 -188.0 -44.1 93 18403.9 19293.2 19684.4 20594.1 24008.2 26238.4 26303.4 26873.3 94 412.0 284.1 90.5 37.5 432.4 291.8 96.4 44.1 463.5 308.6 103.4 51.5 505.1 325.8 114.4 64.8 526.5 334.8 121.0 70.8 599.3 389.9 132.1 77.3 688.5 455.6 144.9 87.9 ND 463.0 153.5 97.4 95 96 97 98 17991.8 18860.8 19220.9 20089.0 23481.7 25639.1 25614.9 26159.4 99 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) Other changes in volume account 73 74 75 76 FV708090185 FV702010095 FV708090085 FU707005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-72) (3) Revaluation account 77 78 79 80 FR702010095 FR705013665 FR705013265 FR705013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 81 82 83 84 85 86 FR704090085 FR704022005 FR763092305 FR703064105 FR703064205 FR763092100 Financial assets Debt securities U.S. direct investment abroad: debt Corporate equities Mutual fund shares U.S. direct investment abroad: equity 87 88 89 90 91 FR704190085 FR753192305 FR763164105 FR753192103 FR703194605 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent 92 FR708200005 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 93 FC702090095 Change in net worth (lines 30+33+73+92) 94 FL702000095 95 96 97 98 LM702010095 LM705013665 LM705013265 LM705013765 Total assets Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 99 FL704090005 Financial assets 100 101 102 103 FL704000005 FL703025005 FL713113003 FL403197033 Currency and deposits Vault cash Reserves at the Federal Reserve Deposits at Federal Home Loan Banks 1838.3 76.0 1754.2 8.1 2034.0 77.2 1949.0 7.8 1645.6 82.0 1556.0 7.6 1642.7 83.4 1548.8 10.4 3109.5 99.2 2994.9 15.3 3749.1 90.5 3644.3 14.3 2781.9 86.7 2684.8 10.4 3231.8 83.8 3134.8 13.2 100 101 102 103 104 105 106 107 108 109 LM704022005 FL703069175 LM703061105 LM703061705 LM703062005 LM703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 4129.5 0.0 654.1 2241.2 551.7 682.5 4276.4 0.0 616.0 2410.7 578.9 670.8 4346.2 0.2 736.7 2445.5 533.5 630.4 4683.3 0.7 879.3 2634.4 514.3 654.6 5868.2 2.3 1203.6 3375.7 593.9 692.7 7056.4 0.3 1641.4 3883.1 643.7 888.0 6354.6 0.1 1580.3 3214.0 590.8 969.4 6058.2 0.0 1520.5 3086.1 543.2 908.4 104 105 106 107 108 109 Integrated Accounts Balance sheet account (end of period) 174 Z.1, March 7, 2024 S.62.a Private Depository Institutions Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 10693.8 5615.2 5078.6 5070.7 7.9 11211.7 5921.9 5289.8 5282.9 6.9 11991.8 6540.2 5451.6 5442.5 9.1 12482.0 6823.6 5658.4 5654.9 3.5 12976.7 7234.0 5742.7 5741.1 1.7 13223.3 7272.2 5951.1 5952.5 -1.5 14645.4 8158.6 6486.9 6489.9 -3.0 15136.3 8394.9 6741.5 6744.9 -3.4 110 111 112 113 114 115 116 117 118 119 120 110 111 112 113 114 FL704035005 FL704041005 FL704042005 FL703065005 FL763092305 Loans Short term Long term Mortgages U.S. direct investment abroad: debt 115 116 117 118 119 120 FL703081005 LM703064105 LM703064205 FL703092405 LM763092100 FL713164003 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad: equity Stock in Federal Reserve Banks 336.8 29.8 11.4 31.3 233.9 30.4 401.6 32.3 12.0 32.6 293.3 31.4 345.9 31.2 8.2 33.1 241.0 32.3 411.5 39.0 11.3 28.5 300.9 31.7 444.0 44.3 16.3 18.8 332.2 32.4 520.1 54.1 22.0 15.4 394.7 33.9 464.3 45.8 14.3 35.6 333.5 35.0 517.5 59.4 14.6 30.0 377.5 36.1 121 FL763040005 Insurance, pension and standardized guarantee schemes 161.8 168.2 172.1 178.8 184.8 198.2 204.7 202.7 121 122 FL703096105 Other accounts receivable 123 FL702100005 Total liabilities and net worth 124 FL704194005 125 126 127 FL704100005 FL703127005 FL703130205 Currency and deposits Checkable deposits Other deposits 128 129 130 FL704122005 FL763163005 FL703169175 Debt securities Corporate bonds Commercial paper 131 132 133 FL704135005 FL704141005 FL753192305 134 135 136 137 FL703181105 LM763164105 LM753192103 FL703194605 138 FL703196005 139 FL702090095 831.6 768.9 719.4 690.8 898.6 892.1 1164.0 1012.9 122 18403.9 19293.2 19684.4 20594.1 24008.2 26238.4 26303.4 26873.3 123 18288.6 19153.4 19733.5 20706.0 23928.9 26172.7 26425.7 27039.7 124 13595.9 2226.6 11369.3 14219.3 2410.2 11809.1 14839.5 2466.1 12373.3 15612.9 2648.7 12964.2 18982.2 5183.3 13798.9 21187.9 6542.7 14645.1 21067.5 6879.8 14187.7 20853.9 125 6637.9 126 14216.0 127 426.3 223.3 203.0 385.9 198.8 187.2 338.3 180.8 157.5 399.0 201.7 197.3 502.1 256.5 245.7 365.5 191.7 173.8 577.6 269.6 308.0 628.0 128 268.9 129 359.1 130 Loans Short term Long term (foreign direct investment in the U.S.: debt) 1280.6 1247.1 33.5 1393.6 1362.2 31.4 1307.4 1279.6 27.8 1275.0 1251.7 23.3 1073.2 1053.2 20.0 933.2 916.2 17.1 1354.6 1337.7 16.9 1586.3 131 1568.4 132 17.9 133 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent 2271.8 102.2 287.4 1882.2 2385.1 118.7 323.8 1942.6 2467.9 106.8 311.4 2049.7 2619.7 126.9 360.1 2132.7 2743.8 119.3 412.5 2212.0 2985.9 170.4 463.4 2352.0 2681.9 124.2 344.7 2213.1 2877.5 100.4 447.9 2329.2 714.0 769.4 780.5 799.3 627.5 700.3 744.0 1094.1 138 115.3 139.8 -49.1 -111.9 79.3 65.7 -122.3 -166.4 139 Liabilities 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. 134 135 136 137 175 Z.1, March 7, 2024 S.63.a Insurance Companies Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 Current account 1 FA526902505 Gross value added 413.8 382.3 402.6 441.3 427.0 413.8 430.9 ND 1 2 FA526330081 Less: Consumption of fixed capital 33.2 35.1 36.9 39.7 43.5 48.7 55.9 0.0 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 380.6 143.4 121.2 22.2 38.6 198.6 347.2 150.4 127.3 23.1 29.3 167.6 365.6 155.5 131.5 24.0 44.5 165.6 401.6 163.0 139.0 24.0 32.8 205.8 383.5 172.6 148.6 23.9 48.7 162.2 365.0 170.8 146.9 23.9 35.6 158.6 375.0 181.2 155.8 25.3 39.5 154.4 ND ND ND ND ND ND 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 102.3 198.6 260.4 244.2 17.9 -1.6 356.8 329.4 22.6 18.6 3.9 4.8 0.0 83.5 167.6 279.6 256.3 18.2 5.1 363.7 331.4 32.0 28.7 3.3 0.2 0.0 92.3 165.6 301.5 257.8 48.3 -4.6 374.8 340.0 27.0 23.6 3.4 7.8 0.0 164.2 205.8 323.4 280.9 36.5 6.0 365.0 339.2 23.4 20.8 2.6 2.4 0.0 81.1 162.2 275.0 239.8 21.5 13.7 356.1 335.6 20.3 18.8 1.4 0.2 0.0 43.2 158.6 226.0 198.7 12.7 14.5 341.3 324.2 13.3 11.2 2.0 3.9 0.0 46.3 154.4 261.5 236.5 13.8 11.2 369.5 347.9 5.8 3.9 1.9 15.8 0.0 ND ND ND ND ND ND ND ND ND ND ND ND ND 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) 102.3 38.1 25.7 83.5 25.7 -19.4 92.3 29.5 -11.1 164.2 29.0 18.5 81.1 27.2 -10.7 43.2 25.7 -18.8 46.3 4.2 -8.4 ND ND ND 22 23 24 25 FA526012005 Equals: Disposable income, net 38.5 77.2 73.8 116.7 64.6 36.4 50.5 ND 25 26 FA526012005 Equals: Net saving 38.5 77.2 73.8 116.7 64.6 36.4 50.5 ND 26 Capital account 27 28 29 FA526006385 FA526012005 FA525440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 38.5 38.5 0.0 20.7 77.2 56.5 56.9 73.8 16.9 116.7 116.7 0.0 64.6 64.6 0.0 13.7 36.4 22.7 26.0 50.5 24.5 ND ND ND 27 28 29 30 31 32 FA525015085 FA525013081 FA526330081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 7.5 40.7 33.2 7.4 42.5 35.1 7.2 44.1 36.9 7.6 47.3 39.7 14.0 57.5 43.5 15.5 64.2 48.7 16.0 71.9 55.9 ND ND 0.0 30 31 32 33 FA525000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 30.9 13.2 49.8 109.1 50.6 -1.8 10.0 ND 33 34 FA525000995 Net lending (+) or borrowing (-) (line 33) 35 FA524090005 Net acquisition of financial assets 30.9 13.2 49.8 109.1 50.6 -1.8 10.0 ND 34 237.5 201.9 248.4 249.4 475.9 278.3 596.2 361.1 35 36 FA523020005 Currency and deposits -14.9 22.3 -2.2 21.6 36.0 14.0 -26.2 -0.0 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 194.9 13.4 32.5 16.3 11.1 121.6 119.2 -17.6 33.4 12.8 -3.4 94.1 134.4 -7.2 -21.8 21.7 -41.6 183.3 156.2 -4.0 -13.6 4.8 -5.6 174.7 226.2 4.4 7.1 -19.3 -1.0 235.0 247.7 2.7 29.0 -53.3 -0.0 269.3 272.0 -16.2 32.1 -4.5 -2.7 263.3 264.2 7.3 74.0 46.0 -34.3 171.2 37 38 39 40 41 42 43 44 45 FA524035005 FA524041005 FA524042005 Loans Short term Long term 35.1 -3.5 38.6 44.9 0.6 44.3 66.2 -1.1 67.3 56.2 4.2 52.1 26.7 3.3 23.4 54.0 5.7 48.3 66.1 -3.8 69.9 56.3 5.2 51.1 43 44 45 46 47 48 49 50 51 FA523081005 FA523064105 FA523064205 FA523034005 FA523092405 FA523092105 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad: equity -94.2 -24.2 -48.1 -20.6 0.4 -1.7 -57.2 4.3 -74.9 7.8 0.4 5.2 -106.9 -24.2 -88.8 9.4 0.5 -3.8 -79.0 -4.4 -87.3 6.3 0.6 5.8 -82.4 -22.7 -100.3 17.8 3.1 19.7 -203.0 -75.7 -139.9 -5.4 1.1 17.0 -19.3 35.3 -88.8 21.7 -1.3 13.8 -133.4 -60.8 -108.3 -2.9 5.7 32.9 46 47 48 49 50 51 52 FA523052005 Insurance, pension and standardized guarantee schemes 55.2 84.9 79.1 29.7 109.9 143.7 119.3 65.3 52 53 FA523096005 Other accounts receivable 61.4 -12.2 77.7 64.7 159.5 21.8 184.4 108.7 53 54 FA524194005 Net incurrence of liabilities 244.4 212.7 136.0 210.3 487.7 283.1 351.5 447.1 54 55 FA673090543 6.7 12.0 3.1 6.0 23.2 40.5 18.3 9.8 55 Currency and deposits (funding agreements) Integrated Accounts Financial account 176 Z.1, March 7, 2024 S.63.a Insurance Companies Billions of dollars 2016 56 57 58 FA524135005 FA524141005 FA523192305 Loans Short term Long term (foreign direct investment in the U.S.: debt) 59 60 61 62 FA523181105 FA523164105 FA523192105 FA523194605 63 2017 2018 2019 2020 2021 2022 2023 13.7 10.2 3.4 4.7 6.4 -1.7 2.3 9.4 -7.1 2.5 1.4 1.1 21.8 23.1 -1.3 3.7 5.3 -1.6 31.7 36.2 -4.6 13.8 12.4 1.4 56 57 58 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent 4.3 -24.9 29.7 -0.4 -25.5 -28.8 0.8 2.5 -12.8 -21.7 19.1 -10.1 -17.5 -23.4 5.2 0.7 -24.8 -18.1 0.5 -7.2 -26.1 -34.3 7.1 1.1 -25.0 -46.8 20.9 0.9 -17.8 -36.9 19.1 0.1 59 60 61 62 FA523152005 Insurance, pension and standardized guarantee schemes 169.9 146.6 155.2 122.7 256.9 152.5 314.3 298.2 63 64 FA523196005 Other accounts payable 49.9 74.9 -11.9 96.6 210.7 112.5 12.2 143.2 64 65 FA525000005 -6.9 -10.8 112.4 39.1 -11.8 -4.8 244.7 -86.0 65 -17.2 0.0 20.6 37.8 -91.6 0.0 -67.5 24.1 89.0 0.0 26.4 -62.6 -102.8 0.0 -32.8 70.0 -97.8 0.0 -35.4 62.4 -14.0 0.0 -10.9 3.0 336.0 0.0 101.3 -234.7 ND ND ND ND 66 67 68 69 1.4 2.3 -0.5 -0.4 4.2 4.1 0.2 -0.2 8.0 8.3 0.5 -0.7 5.6 6.5 -0.2 -0.7 3.5 2.8 0.4 0.3 34.3 31.2 3.2 -0.2 43.4 37.4 3.8 2.3 7.4 4.6 2.1 0.8 70 71 72 73 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) Other changes in volume account 66 67 68 69 FV528090185 FV522010095 FV528090085 FU527005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-65) (3) Revaluation account 70 71 72 73 FR522010095 FR525013665 FR525013265 FR525013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 74 75 76 77 78 79 FR524090085 FR524022005 FR523092305 FR523064105 FR523064205 FR523092105 Financial assets Debt securities U.S. direct investment abroad: debt Corporate equities Mutual fund shares U.S. direct investment abroad: equity 173.3 28.4 -0.5 52.8 91.1 1.5 477.1 104.4 0.3 125.8 210.7 35.8 -409.6 -200.0 -0.0 -81.4 -84.4 -43.8 995.2 448.3 -1.0 215.9 286.6 45.4 611.2 253.0 -0.3 135.0 204.1 19.4 394.4 -174.9 -0.5 240.3 284.1 45.4 -1736.7 -1014.7 1.8 -296.8 -335.3 -91.8 738.8 226.7 -0.7 239.3 233.6 39.9 74 75 76 77 78 79 80 81 82 83 84 85 FR524190085 FR523192305 FR523164105 FR523192105 FR523194605 FR523152005 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent Insurance, pension and standardized guarantee schemes 233.8 -2.3 111.6 10.3 0.0 114.3 513.0 0.9 180.4 39.5 0.0 292.2 -208.1 0.6 -45.4 -41.4 0.0 -121.9 620.3 -0.5 131.4 88.0 0.0 401.5 323.6 -0.4 -52.2 74.4 0.0 301.8 683.0 -0.6 244.7 94.4 0.0 344.6 -654.0 -0.0 58.6 -190.6 0.0 -522.0 572.2 -0.1 168.3 86.6 0.0 317.5 80 81 82 83 84 85 86 FR528200005 -59.2 -31.7 -193.5 380.5 291.1 -254.3 -1039.3 174.0 86 -37.9 -102.6 -47.6 394.4 257.9 -254.6 -677.3 75.1 87 9915.9 10606.3 10460.9 11720.9 12827.8 13550.9 12470.3 13595.1 88 272.4 163.2 52.1 57.1 283.8 167.2 55.8 60.8 299.8 174.8 59.7 65.3 314.6 180.5 61.6 72.5 334.3 184.4 66.5 83.3 384.5 215.2 73.6 95.7 444.6 251.1 81.4 112.1 469.4 254.6 87.3 127.5 89 90 91 92 9643.5 10322.5 10161.1 11406.2 12493.5 13166.4 12025.6 13125.7 93 103.1 125.4 123.3 144.9 180.8 194.8 168.6 168.6 94 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 87 FC522090095 Change in net worth (lines 30+33+66+86) 88 FL522000095 Total assets 89 90 91 92 LM522010095 LM525013665 LM525013265 LM525013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 93 FL524090005 Financial assets 94 FL523020005 Currency and deposits 95 96 97 98 99 100 LM524022005 FL523069105 LM523061105 LM523061705 LM523062005 LM523063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 4574.8 68.1 340.3 491.1 541.7 3133.6 4798.4 50.4 384.4 512.7 543.0 3307.9 4732.8 43.2 366.2 502.0 487.5 3333.9 5337.3 39.2 374.8 548.9 507.0 3867.5 5816.5 43.6 404.1 520.4 538.4 4310.0 5889.3 46.3 425.0 455.9 530.7 4431.5 5146.6 30.1 396.0 394.6 444.0 3881.9 5637.5 37.4 477.2 450.6 422.9 4249.4 95 96 97 98 99 100 101 102 103 104 105 FL524035005 FL524041005 FL524042005 FL523065005 FL523092305 Loans Short term Long term Mortgages U.S. direct investment abroad: debt 673.5 171.7 501.8 495.3 6.5 718.7 172.3 546.4 540.6 5.8 784.9 171.2 613.7 606.1 7.5 840.2 175.4 664.8 661.4 3.4 866.6 178.6 687.9 686.2 1.7 920.0 184.3 735.7 737.2 -1.5 988.0 180.5 807.5 809.8 -2.3 1043.6 185.8 857.8 861.4 -3.6 101 102 103 104 105 Integrated Accounts Balance sheet account (end of period) 177 Z.1, March 7, 2024 S.63.a Insurance Companies Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 2655.7 941.2 1458.7 60.9 3.9 191.0 2985.2 1071.4 1594.4 68.7 4.3 246.5 2668.9 965.9 1421.2 78.1 4.8 199.0 3181.3 1177.4 1620.4 84.4 5.4 293.6 3464.3 1289.7 1724.2 102.1 8.5 339.7 3823.0 1454.3 1868.5 96.7 9.6 393.9 3025.1 1192.7 1444.4 118.4 8.4 261.2 3409.6 1371.3 1569.6 115.6 14.1 339.1 106 107 108 109 110 111 106 107 108 109 110 111 FL523081005 LM523064105 LM523064205 FL523034005 FL523092405 FL523092105 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad: equity 112 FL523052005 Insurance, pension and standardized guarantee schemes 695.7 780.6 859.6 889.8 999.9 1143.7 1262.7 1328.2 112 113 FL523096005 Other accounts receivable 940.8 914.1 991.7 1012.9 1165.5 1195.6 1434.6 1538.2 113 114 FL522100005 Total liabilities and net worth 9915.9 10606.3 10460.9 11720.9 12827.8 13550.9 12470.3 13595.1 114 115 FL524194005 9481.7 10274.7 10176.9 11042.5 11891.5 12869.1 12465.8 13515.6 115 116 FL673090543 Currency and deposits (funding agreements) 117 118 119 FL524135005 FL524141005 FL523192305 Loans Short term Long term (foreign direct investment in the U.S.: debt) 120 121 122 123 FL523181105 LM523164105 FL523192105 FL523194605 124 Liabilities 70.7 82.6 85.7 91.8 114.9 155.4 173.7 183.5 116 128.0 95.7 32.3 133.7 102.1 31.5 136.6 111.6 25.0 138.6 113.0 25.6 159.9 136.0 23.9 163.0 141.3 21.7 194.6 177.6 17.1 208.3 189.9 18.4 117 118 119 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Equity investment by parent 1150.3 857.0 276.8 16.6 1410.2 1066.3 324.8 19.1 1288.4 999.2 280.3 9.0 1512.6 1107.1 395.8 9.7 1531.6 1036.8 492.4 2.5 1839.9 1247.2 589.2 3.6 1612.3 1259.0 348.7 4.5 1849.1 1390.4 454.1 4.6 120 121 122 123 FL523152005 Insurance, pension and standardized guarantee schemes 7348.5 7787.2 7820.6 8344.8 8903.5 9400.5 9192.8 9808.4 124 125 FL523196005 Other accounts payable 784.1 861.0 845.6 954.8 1181.5 1310.3 1292.4 1466.2 125 126 FL522090095 434.3 331.6 284.0 678.4 936.3 681.7 4.5 79.5 126 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. 178 Z.1, March 7, 2024 S.64.a Pension Funds Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 Current account 1 FA596902505 Gross value added 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ND 1 2 FA596330081 Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 8 FA596902605 FA596025005 FA596020001 FA596401001 FA596240101 FA596402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ND ND ND ND ND ND 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA596140005 FA596402101 FA596150105 FA596130101 FA596121101 FA593092281 FA596150005 FA596130001 FA596120005 FA596121001 FA596122001 FA593192281 FA596112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 0.0 0.0 633.5 466.7 166.8 0.0 633.5 466.7 166.8 166.8 0.0 0.0 0.0 0.0 0.0 655.5 475.6 179.8 0.0 655.5 475.6 179.8 179.8 0.0 0.0 0.0 0.0 0.0 672.4 491.2 181.2 0.0 672.4 491.2 181.2 181.2 0.0 0.0 0.0 0.0 0.0 688.2 499.1 189.2 0.0 688.2 499.1 189.2 189.2 0.0 0.0 0.0 0.0 0.0 673.0 466.9 206.1 0.0 673.0 466.9 206.1 206.1 0.0 0.0 0.0 0.0 0.0 665.6 449.9 215.8 0.0 665.6 449.9 215.8 215.8 0.0 0.0 0.0 0.0 0.0 670.1 466.2 203.9 0.0 670.1 466.2 203.9 203.9 0.0 0.0 0.0 ND ND ND ND ND ND ND ND ND ND ND ND ND 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA596140005 FA596220001 FA596403105 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Plus: Other current transfers received, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 ND ND ND 22 23 24 25 FA596012005 Equals: Disposable income, net 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 ND 25 26 FA596012005 Equals: Net saving 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 ND 26 Capital account 27 28 29 FA596006385 FA596012005 FA595440083 Net saving less capital transfers Net saving Less: Capital transfers (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 ND ND ND 27 28 29 30 31 32 FA595015085 FA595013081 FA596330081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ND ND 0.0 30 31 32 33 FA595000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 ND 33 34 FA596403105 Addenda: Other current transfers received, net (line 24) 35 36 37 38 39 40 FA596403115 FA596403125 FA596403133 FA596403143 FA596403153 FA596403013 41 42 FA596403163 FA596403023 43 44 45 FA596403033 FA596403043 FA596403053 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 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 ND 34 1512.7 886.1 628.6 -114.0 400.6 29.1 1571.2 923.3 699.0 -172.6 428.3 31.4 1639.2 975.4 669.8 -122.1 459.9 32.1 1711.1 1032.2 697.1 -122.8 491.7 33.8 1723.1 1060.3 731.8 -146.3 510.0 35.2 1796.7 1142.7 755.5 -134.3 559.1 37.6 1857.2 1196.8 835.6 -208.7 610.0 40.1 ND ND ND ND ND ND 35 36 37 38 39 40 633.5 6.8 655.5 7.5 672.4 8.6 688.2 9.4 673.0 10.1 665.6 11.7 670.1 9.7 ND ND 41 42 1176.5 169.4 166.8 1248.9 154.4 167.9 1328.6 152.3 158.3 1414.1 143.2 153.8 1546.3 112.8 63.9 1589.5 121.1 86.1 1654.9 111.6 90.7 ND ND ND 43 44 45 Integrated Accounts Financial account 46 FA595000995 Net lending (+) or borrowing (-) (line 33) 47 FA594090005 Net acquisition of financial assets 48 49 50 FA594000005 FA593020005 FA593030005 Currency and deposits Currency and transferable deposits Time and savings deposits 51 52 53 54 55 56 FA594022005 FA593069105 FA593061105 FA593061705 FA593062045 FA593063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 ND 46 333.6 482.3 288.8 410.3 380.6 302.9 409.1 494.0 47 -1.0 -0.8 -0.2 -2.3 -5.6 3.3 -12.3 -6.9 -5.4 0.4 11.5 -11.1 2.7 2.4 0.2 5.1 4.4 0.6 2.2 -2.9 5.0 3.8 5.5 -1.8 48 49 50 55.1 11.2 68.9 10.9 0.2 -36.2 198.4 1.6 117.2 34.0 0.7 44.9 137.6 -7.2 77.6 25.3 0.7 41.1 -90.0 -7.1 20.0 35.6 -1.0 -137.6 165.4 1.7 5.6 40.3 -0.0 117.8 338.7 12.9 149.4 39.7 -0.0 136.7 174.8 -6.9 44.9 2.5 -0.0 134.4 219.7 5.1 180.1 -1.2 0.0 35.7 51 52 53 54 55 56 179 Z.1, March 7, 2024 S.64.a Pension Funds Billions of dollars 2016 57 58 59 FA594035005 FA594041005 FA593065005 Loans Short term Long term (mortgages) 60 61 62 63 FA593081005 FA593064105 FA593064205 FA593034005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares 64 FA593052025 Insurance, pension and standardized guarantee schemes 65 FA593093005 Other accounts receivable 66 FA594190005 Net incurrence of liabilities (pension entitlements) 67 FA595000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 47-66) 2017 2018 2019 2020 2021 2022 2023 108.8 102.1 6.8 65.1 68.3 -3.2 161.1 158.5 2.6 125.4 127.4 -2.0 149.6 149.3 0.3 182.0 181.2 0.8 268.1 267.5 0.6 268.8 269.3 -0.4 57 58 59 -229.2 -212.6 -32.2 15.5 -68.6 -108.5 42.3 -2.4 -196.4 -183.9 -9.7 -2.8 -162.8 -219.0 32.5 23.7 -123.6 -165.0 16.6 24.8 -633.5 -397.8 -245.8 10.1 -251.5 -183.3 -78.4 10.2 -185.8 -190.6 -6.0 10.8 60 61 62 63 336.1 171.7 206.4 284.6 238.1 305.5 136.1 133.7 64 63.8 118.1 -7.6 252.7 -51.6 105.1 79.5 53.7 65 333.7 482.5 288.3 409.9 380.4 306.0 411.7 496.8 66 -0.1 -0.2 0.5 0.3 0.2 -3.1 -2.6 -2.8 67 -0.0 0.0 0.1 0.1 -0.0 0.0 0.2 0.2 0.0 0.0 -0.5 -0.5 -28.2 0.0 -28.5 -0.3 68.8 0.0 68.6 -0.2 41.2 0.0 44.4 3.1 -68.3 0.0 -65.7 2.6 ND ND ND ND 68 69 70 71 0.1 0.1 -0.0 -0.0 0.1 0.2 0.0 -0.0 0.3 0.3 0.0 -0.0 0.2 0.2 -0.0 -0.0 0.1 0.1 0.0 -0.0 1.2 1.2 0.0 0.0 1.7 1.5 0.0 0.1 0.2 0.2 0.0 -0.1 72 73 74 75 394.0 12.6 414.1 250.3 -283.0 815.7 23.7 940.3 555.8 -704.2 -396.0 -94.9 -341.5 -316.8 357.2 1156.6 170.6 1199.8 765.8 -979.6 913.2 119.0 1005.6 603.5 -814.9 1095.8 -139.5 1472.3 661.2 -898.2 -1690.6 -478.5 -1226.3 -1057.4 1071.6 1171.2 101.1 1242.9 703.3 -876.1 76 77 78 79 80 364.0 789.9 -411.5 1202.6 976.9 1171.7 -1713.6 1239.5 81 30.1 26.0 15.9 -45.9 -63.5 -74.6 24.7 -68.2 82 30.1 26.0 15.9 -74.1 5.3 -33.4 -43.6 64.0 83 21246.1 22656.2 22646.1 24457.7 25910.6 27460.1 25081.9 26882.3 84 8.3 6.7 0.4 1.2 8.7 6.8 0.5 1.4 8.4 7.0 0.4 1.1 8.3 7.1 0.4 0.9 8.2 7.1 0.3 0.8 12.6 8.7 0.8 3.1 16.9 10.6 1.3 4.9 19.9 11.3 1.9 6.6 85 86 87 88 21237.8 22647.5 22637.7 24449.3 25902.3 27447.4 25065.0 26862.4 89 92.8 58.6 34.3 90.5 53.0 37.5 78.2 46.1 32.1 66.0 47.2 18.8 68.6 49.6 19.0 73.7 54.0 19.6 75.8 51.2 24.7 79.6 56.7 22.9 90 91 92 93 94 95 96 97 98 Other changes in volume account 68 69 70 71 FV598090185 FV592010095 FV598090085 FU597005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-67) (3) 72 73 74 75 FR592010095 FR595013665 FR595013265 FR595013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 76 77 78 79 80 FR594090085 FR594022005 FR593064105 FR593064205 FR593052025 Financial assets Debt securities Corporate equities Mutual fund shares Insurance, pension, and standardized guarantee schemes 81 FR594190005 Liabilities (pension entitlements) 82 FR598200005 Changes in net worth due to nominal holding gains/losses 83 FC592090095 Change in net worth (lines 30+33+68+82) Revaluation account Changes in balance sheet account 84 FL592000095 85 86 87 88 LM592010095 LM595013665 LM595013265 LM595013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 89 FL594090005 Financial assets 90 91 92 FL594000005 FL593020005 FL593030005 Currency and deposits Currency and transferable deposits Time and savings deposits 93 94 95 96 97 98 LM594022005 FL593069105 LM593061105 LM593061705 LM593062045 LM593063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 2171.3 95.3 547.4 277.2 2.7 1248.7 2393.4 96.9 664.3 312.3 3.4 1316.6 2436.1 89.7 762.1 355.7 4.1 1224.5 2582.1 47.7 796.7 403.6 0.1 1334.1 2866.5 49.4 839.6 441.1 0.0 1536.4 3065.7 62.3 944.2 469.7 0.0 1589.5 2762.1 55.3 853.2 425.9 0.0 1427.6 3102.8 60.4 1053.8 434.7 0.0 1553.9 Loans Short term Long term (mortgages) 1834.1 1797.3 36.8 1899.2 1865.7 33.6 2060.3 2024.2 36.1 2181.7 2150.6 31.2 2331.3 2299.9 31.4 2513.3 2481.0 32.3 2781.4 2748.6 32.8 3050.2 99 3017.8 100 32.4 101 8905.5 4912.2 3769.8 223.4 10333.0 5744.0 4368.0 221.0 9478.3 5218.6 4041.5 218.2 10784.3 5888.0 4692.8 203.6 12244.8 6703.5 5312.9 228.4 13734.9 7768.0 5728.4 238.6 11199.6 6358.3 4592.6 248.8 99 FL594035005 100 FL594041005 101 FL593065005 102 103 104 105 FL593081005 LM593064105 LM593064205 FL593034005 Total assets Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares 12885.1 7345.6 5279.9 259.6 102 103 104 105 Integrated Accounts Balance sheet account (end of period) 180 Z.1, March 7, 2024 S.64.a Pension Funds Billions of dollars 106 FL593052025 Insurance, pension and standardized guarantee schemes 107 FL593093005 Other accounts receivable 108 FL592000095 Total liabilities and net worth 109 FL594190005 Liabilities (pension entitlements) 110 FL592090095 Net worth 2016 2017 2018 2019 2020 2021 2022 2023 7381.0 6960.2 7621.1 7127.6 6646.3 6125.4 6256.4 5579.0 106 853.1 971.2 963.6 1707.6 1744.7 1934.4 1989.7 2165.7 107 21246.1 22656.2 22646.1 24457.7 25910.6 27460.1 25081.9 26882.3 108 21386.8 22770.9 22745.0 24630.6 26078.2 27661.1 25326.5 27062.9 109 -140.7 -114.7 -98.8 -172.9 -167.6 -201.0 -244.6 -180.6 110 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 181 Z.1, March 7, 2024 S.65.a Other Financial Business (1) Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 Current account 1 FA856902505 Gross value added 594.6 592.5 590.3 651.2 714.1 827.6 786.1 ND 1 2 FA856330085 Less: Consumption of fixed capital 132.7 139.4 145.6 153.2 158.5 167.1 183.9 329.9 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 461.9 406.4 347.0 59.5 23.4 32.1 453.2 451.5 383.0 68.5 25.9 -24.2 444.7 452.5 382.4 70.1 23.2 -31.0 498.0 474.7 404.9 69.9 24.6 -1.3 555.6 510.1 439.9 70.2 14.9 30.6 660.5 578.8 501.2 77.6 22.1 59.6 602.2 612.0 529.0 83.0 29.1 -38.9 ND ND ND ND ND ND 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA856140005 FA856402105 FA856150105 FA856130105 FA856121105 FA853092285 FA856150005 FA856130005 FA856120005 FA856121005 FA856122005 FA853192285 FA856112005 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (2) Reinvested earnings on foreign direct investment Rents on land and natural resources 95.2 32.1 910.1 594.0 280.7 35.4 847.0 493.1 349.6 311.4 38.2 4.3 0.0 -17.7 -24.2 1057.0 694.1 326.3 36.6 1050.5 603.1 437.8 389.0 48.8 9.5 0.0 84.5 -31.0 1281.1 856.4 448.8 -24.1 1165.6 752.7 409.1 382.3 26.8 3.8 0.0 71.3 -1.3 1301.7 953.9 331.9 15.9 1229.1 806.9 412.3 382.6 29.7 9.9 0.0 -71.4 30.6 980.7 648.0 318.6 14.1 1082.7 523.1 550.8 491.5 59.3 8.8 0.0 44.7 59.6 890.9 540.8 320.6 29.5 905.8 417.6 468.3 429.1 39.2 20.0 0.0 114.1 -38.9 1190.3 804.5 348.7 37.1 1037.3 530.9 500.6 462.9 37.7 5.8 0.0 ND ND ND ND ND ND ND ND ND ND ND ND ND 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) 95.2 40.9 28.6 -17.7 34.8 28.3 84.5 30.9 30.1 71.3 42.0 14.0 -71.4 41.6 31.2 44.7 53.6 32.7 114.1 88.7 21.6 ND ND ND 22 23 24 25 FA856012005 Equals: Disposable income, net 25.7 -80.8 23.6 15.3 -144.2 -41.7 3.8 ND 25 26 FA856012005 Equals: Net saving 25.7 -80.8 23.6 15.3 -144.2 -41.7 3.8 ND 26 23.9 25.7 1.8 -96.2 -80.8 15.5 23.6 23.6 0.0 15.3 15.3 0.0 -144.2 -144.2 0.0 -41.7 -41.7 0.0 2.1 3.8 1.7 ND ND ND 27 28 29 27.8 160.5 132.7 17.8 157.2 139.4 21.9 167.5 145.6 23.9 177.1 153.2 1.0 159.5 158.5 8.4 175.4 167.1 5.9 189.8 183.9 ND ND 329.9 30 31 32 -3.9 -114.1 1.6 -8.6 -145.2 -50.1 -3.8 ND 33 Capital account 27 28 29 FA856006385 FA856012005 FA855440085 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 FA855015085 FA855013085 FA856330085 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 FA855000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 34 FA855000995 Net lending (+) or borrowing (-) (line 33) 35 FA854090005 Net acquisition of financial assets -3.9 -114.1 1.6 -8.6 -145.2 -50.1 -3.8 ND 34 782.8 1299.5 1134.3 1909.1 2511.0 2867.9 967.7 2838.6 35 36 FA854000005 Currency and deposits -307.1 55.2 0.5 61.1 189.7 -52.9 105.0 64.0 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 (3) Municipal securities Corporate and foreign bonds 556.0 -111.8 460.2 151.7 -33.8 89.7 518.7 108.0 125.1 44.8 27.1 213.7 702.2 15.5 488.5 18.6 34.3 145.4 881.4 -0.3 359.1 277.0 103.7 141.9 1480.5 -52.8 1450.9 -360.6 44.9 398.0 -374.4 2.3 -352.5 -487.7 119.7 343.7 -198.0 168.9 -535.5 290.9 -95.7 -26.6 1899.7 -7.5 1415.1 330.5 19.1 142.5 37 38 39 40 41 42 43 44 45 FA854035005 FA854041005 FA814042005 Loans Short term Long term 256.5 97.0 159.5 604.2 293.2 311.0 498.7 148.5 350.2 548.4 237.1 311.2 605.2 -15.0 620.1 2480.9 1526.8 954.0 1735.4 1147.7 587.7 243.0 -46.6 289.6 43 44 45 46 47 48 49 50 51 FA813081005 FA813064105 FA813034005 FA813092405 FA803092105 FA793094605 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment aboard: equity Equity investment in subsidiaries 376.1 69.1 144.3 -0.5 54.9 108.3 205.3 186.2 8.9 -0.4 30.2 -19.7 217.7 62.9 18.8 -0.2 1.9 134.3 147.9 -73.2 111.2 -0.0 47.7 62.2 30.7 -203.7 128.3 -0.5 27.0 79.6 704.1 380.4 175.4 -0.0 54.7 93.6 -212.8 14.3 -243.3 -0.0 56.5 -40.3 433.6 137.6 198.7 0.0 54.3 43.0 46 47 48 49 50 51 52 FA733040005 Insurance, pension and standardized guarantee schemes 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 52 53 FA853096005 Other accounts receivable -102.6 -87.8 -288.8 266.4 200.9 106.3 -466.0 194.4 53 54 FA854194005 Net incurrence of liabilities 636.9 1331.3 981.6 1764.9 2498.9 2663.3 945.7 2666.6 54 55 FA403197033 -0.4 -0.3 -0.2 2.8 4.9 -1.0 -3.9 2.9 55 Currency and deposits Integrated Accounts Financial account 182 Z.1, March 7, 2024 S.65.a Other Financial Business (1) Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 56 57 58 59 FA814122005 FA423161705 FA813163005 FA813169105 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 339.2 351.7 -3.8 -8.6 381.1 346.6 31.8 2.7 302.7 246.9 60.2 -4.4 401.8 318.6 49.2 34.0 807.2 658.2 174.3 -25.4 856.5 612.9 255.5 -11.9 1063.7 979.4 12.0 72.3 444.6 281.0 196.7 -33.2 56 57 58 59 60 61 62 FA814135005 FA814141005 FA803192305 Loans Short term Long term 42.5 -55.9 98.4 100.4 95.0 5.4 327.9 350.8 -22.9 140.7 151.1 -10.4 151.2 142.1 9.1 16.7 11.8 4.9 -136.7 -100.3 -36.4 394.6 391.2 3.5 60 61 62 63 64 65 66 67 68 69 70 71 FA853181005 FA634090005 FA813164105 FA653164205 FA403192405 FA803192105 FA662090003 FA803194605 FA503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent Equity investment in Federal Reserve facilities 155.8 -123.0 269.9 28.4 2.7 -76.0 17.3 36.4 0.0 835.5 165.3 406.3 317.4 4.2 21.1 1.0 -79.7 0.0 409.1 169.2 210.4 -64.6 1.1 46.2 9.5 37.3 0.0 1111.6 712.8 179.9 207.3 -3.7 31.6 5.2 -21.5 0.0 1146.4 763.5 492.9 -230.4 -6.8 0.5 6.9 7.5 112.5 1395.1 439.5 844.9 215.1 -0.9 19.5 15.8 -47.5 -91.2 -110.1 17.6 518.2 -800.5 20.0 39.1 3.7 97.7 -5.9 1315.2 1134.5 552.0 -299.7 3.5 -6.6 14.1 -74.5 -8.0 63 64 65 66 67 68 69 70 71 72 FA813196005 Other accounts payable 99.8 14.6 -57.8 107.9 389.1 396.0 132.8 509.3 72 73 FA855000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) 145.9 -31.8 152.7 144.2 12.1 204.5 22.0 172.1 73 74 75 76 77 FV858090185 FV812010095 FV858090085 FU857005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-75) (4) 352.3 0.0 202.5 -149.9 205.7 -1.8 125.2 -82.3 248.4 -2.4 99.7 -151.1 124.4 0.0 -28.5 -152.9 265.9 0.0 108.7 -157.3 538.6 -0.4 284.5 -254.6 279.7 -1.5 255.5 -25.7 ND ND ND ND 74 75 76 77 5.8 7.7 -1.3 -0.6 11.5 13.0 -1.2 -0.3 27.3 25.3 3.4 -1.4 18.1 18.5 1.0 -1.3 12.9 8.7 4.4 -0.2 122.0 86.0 36.5 -0.4 136.1 101.8 30.9 3.4 ND 12.6 13.3 0.4 78 79 80 81 699.8 -11.2 -1.3 707.5 4.7 2463.6 60.3 0.8 2319.8 82.7 -1708.7 -214.6 -0.1 -1390.7 -103.3 3709.9 404.4 -2.3 3202.7 105.1 2703.4 195.6 -0.7 2468.2 40.2 3170.0 -316.1 -1.2 3364.5 122.8 -5951.2 -1231.5 5.0 -4513.3 -211.4 3612.1 234.1 -2.1 3265.3 114.7 82 83 84 85 86 1389.1 -4.2 692.4 689.9 11.0 0.0 0.0 3097.5 4.2 1078.2 1966.0 49.1 0.0 0.0 -2114.3 3.0 -904.4 -1164.5 -48.4 0.0 0.0 4546.7 -2.9 1649.3 2782.4 117.9 0.0 0.0 2703.6 -2.0 485.0 2133.5 87.1 0.0 0.0 4898.6 -3.3 2310.8 2431.1 159.9 0.0 0.0 -6427.9 -0.3 -2149.9 -4074.9 -202.8 0.0 0.0 4131.6 2.0 1442.4 2566.0 120.7 0.0 0.5 87 88 89 90 91 92 93 -683.6 -622.4 432.9 -818.6 12.8 -1606.5 612.8 -493.2 94 -307.4 -513.0 704.8 -679.0 134.5 -1109.6 894.7 -118.3 95 40581.9 44374.3 43910.4 49541.1 54728.0 61862.0 57334.7 63795.1 96 999.6 463.2 447.6 88.8 1021.4 471.5 455.4 94.5 1063.0 493.3 470.7 99.0 1098.6 511.2 481.5 105.9 1106.9 517.4 473.6 116.0 1229.2 598.3 500.7 130.2 1361.7 692.1 519.2 150.4 ND 97 698.2 98 516.9 99 168.3 100 39582.3 43352.9 42847.4 48442.6 53621.1 60632.8 55973.0 62411.6 101 948.2 1034.3 1034.8 1095.9 1285.5 1265.4 1370.5 1426.3 102 7877.2 364.5 2144.2 1913.2 931.6 2523.8 8449.8 471.5 2259.6 1961.1 977.5 2780.1 8937.4 487.5 2734.0 1972.4 990.5 2753.0 10262.5 525.6 3162.5 2288.3 1131.6 3154.4 11884.0 415.8 4668.9 1920.0 1190.5 3688.8 11222.7 467.2 4215.1 1404.4 1302.5 3833.5 9817.1 660.9 3355.7 1601.2 1067.7 3131.6 Other changes in volume account Revaluation account 78 79 80 81 FR812010095 FR815013665 FR815013265 FR815013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 82 83 84 85 86 FR854090085 FR854022005 FR803092305 FR813064105 FR803092105 Financial assets Debt securities U.S. direct investment aboard: debt Corporate equities U.S. direct investment aboard: equity 87 88 89 90 91 92 93 FR814190085 FR803192305 FR813164105 FR653164205 FR803192105 FR662090003 FR803194605 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Mutual fund shares Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent 94 FR858200005 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 95 FC852090095 Change in net worth (lines 30+33+76+96) 96 FL852000095 Total assets Integrated Accounts Balance sheet account (end of period) 97 LM812010095 98 LM815013665 99 LM815013265 100 LM815013765 Nonfinancial assets (5) Structures (nonresidential) Equipment Intellectual property products 101 FL854090005 102 FL854000005 Financial assets Currency and deposits 103 104 105 106 107 108 FL854022005 FL853069175 FL853061105 FL853061705 FL853062005 FL853063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 11932.4 635.1 4812.8 1952.8 1114.4 3417.2 103 104 105 106 107 108 183 Z.1, March 7, 2024 S.65.a Other Financial Business (1) Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 109 110 111 112 113 FL854035005 FL854041005 FL814042005 FL813065005 FL803092305 Loans Short term Long term Mortgages U.S. direct investment abroad: debt 12855.9 4640.1 8215.8 8199.1 16.7 13518.7 5014.2 8504.5 8490.8 13.7 13996.8 5158.7 8838.1 8819.8 18.3 14529.6 5395.8 9133.9 9126.0 7.8 15127.0 5380.8 9746.2 9742.4 3.8 18171.2 7219.5 10951.7 10955.3 -3.6 19909.0 8367.1 11541.9 11548.9 -7.1 20000.7 8174.5 11826.2 11836.7 -10.5 109 110 111 112 113 114 115 116 117 118 119 FL813081005 LM813064105 FL813034005 FL813092405 FL803092105 FL793094605 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment aboard: equity Equity investment in subsidiaries 14569.5 11377.2 421.3 1.1 492.8 2277.0 17126.3 13883.2 430.2 0.7 579.7 2232.5 15868.1 12555.3 449.0 0.6 484.4 2378.7 19363.4 15684.9 598.5 0.6 676.8 2402.7 21897.7 17949.4 726.8 0.1 758.7 2462.7 26106.2 21694.4 902.2 0.0 958.2 2551.4 21187.0 17195.5 658.9 0.0 788.5 2544.1 24981.7 20598.4 857.6 0.0 976.7 2549.0 114 115 116 117 118 119 120 FL733040005 Insurance, pension and standardized guarantee schemes 53.0 57.0 61.0 65.0 69.0 73.0 77.0 121 FL853096005 Other accounts receivable 3278.6 3166.8 2949.3 3126.1 3357.8 3794.3 3612.4 3989.6 121 122 FL852100005 Total liabilities and net worth 40581.9 44374.3 43910.4 49541.1 54728.0 61862.0 57334.7 63795.1 122 123 FL854194005 40804.5 45109.9 43941.1 50250.9 55303.2 63546.8 58124.9 64703.6 123 124 FL403197033 Currency and deposits 8.1 7.8 7.6 10.4 15.3 14.3 10.4 13.2 124 125 126 127 128 FL814122005 FL423161705 FL813163005 FL813169105 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 12241.9 8496.1 3422.8 323.0 12586.6 8842.7 3418.1 325.7 12874.0 9089.6 3463.1 321.3 13268.8 9408.3 3505.3 355.3 14069.9 10066.5 3673.5 329.9 15240.1 10679.4 4242.7 318.0 16302.7 11658.8 4253.7 390.3 129 130 131 FL814135005 FL814141005 FL803192305 Loans Short term Long term 2862.3 2718.7 143.7 2966.9 2813.7 153.2 3297.9 3164.5 133.3 3435.6 3315.6 120.0 3584.8 3457.7 127.1 3702.8 3574.1 128.7 3565.9 3473.9 92.0 132 133 134 135 136 137 138 139 140 FL853181005 FL634090005 LM813164105 LM653164205 FL403192405 FL803192105 LM662090003 FL803194605 FL503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Equity investment by parent Equity investment in Federal Reserve facilities 23595.5 2955.2 6301.4 13615.6 46.9 230.2 67.7 378.3 0.0 27450.1 3120.5 7751.3 15899.0 51.1 288.6 68.7 270.8 0.0 25728.3 3289.7 7057.3 14669.8 52.2 261.0 78.2 320.1 0.0 31377.4 4002.5 8894.3 17659.5 48.6 428.8 83.5 260.3 0.0 35215.9 4765.9 9872.1 19562.6 41.8 522.6 90.3 248.1 112.5 41513.8 5205.5 13027.8 22208.8 40.9 707.7 106.1 195.8 21.3 35006.0 5223.1 11396.2 17333.4 60.8 540.9 109.8 326.5 15.4 141 FL813196005 Other accounts payable 2096.7 2098.5 2033.4 2158.7 2417.3 3075.9 3240.0 3594.3 141 142 FL852090095 -222.6 -735.6 -30.7 -709.8 -575.2 -1684.8 -790.2 -908.5 142 Liabilities Net worth 81.0 120 16741.0 11939.8 4444.1 357.1 125 126 127 128 3964.8 129 3865.0 130 99.8 131 40390.3 6357.6 13366.2 19599.7 64.3 656.2 123.8 215.2 7.4 132 133 134 135 136 137 138 139 140 Integrated Accounts (1) Includes the following sectors as defined in the Financial Accounts of the United States: Money Market Funds; Mutual Funds; Closed-End Funds; Exchange-Traded Funds; Government-Sponsored Enterprises; Agency- and GSE-Backed Mortgage Pools; Issuers of Asset-Backed Securities; Finance Companies; Mortgage REITs; Security Brokers and Dealers; Holding Companies; Other Financial Business. (2) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (3) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the 2004:Q4. (4) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (5) Excludes land. Includes corporate and noncorporate financial business. 184 Z.1, March 7, 2024 S.7.a Federal Government (1) Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 Current account 1 FA316902505 Gross value added 754.1 772.8 803.1 825.5 865.8 907.2 951.4 1005.4 1 2 FA316300001 Less: Consumption of fixed capital 273.7 280.2 290.2 299.2 309.4 326.0 350.8 370.5 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 480.4 479.7 336.4 143.4 0.7 492.6 489.5 344.1 145.4 3.1 513.0 509.6 357.3 152.4 3.3 526.3 525.0 365.5 159.5 1.3 556.3 551.1 381.8 169.2 5.3 581.2 572.8 393.0 179.8 8.4 600.5 592.9 404.4 188.5 7.6 634.9 627.2 ND ND 7.8 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA316140005 FA316402101 FA316240001 FA316402015 FA316150195 FA316130101 FA316121185 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) -236.9 0.7 137.3 -61.2 140.7 29.6 106.3 4.8 454.3 -262.6 3.1 131.4 -59.3 138.9 29.2 103.7 6.1 476.7 -314.9 3.3 163.5 -62.7 121.7 34.8 79.0 7.9 540.6 -363.6 1.3 174.9 -72.4 110.0 37.8 63.8 8.3 577.4 -898.4 5.3 155.3 -656.2 118.6 26.1 87.0 5.4 521.4 -727.3 8.4 178.6 -479.6 139.9 21.6 109.2 9.1 574.6 -535.9 7.6 194.2 -126.8 114.8 21.8 76.1 16.8 725.7 ND 7.8 173.4 -100.5 ND ND ND ND ND 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) -236.9 1883.9 1224.4 2045.2 73.8 605.0 -262.6 1868.4 1284.3 2119.6 77.6 606.4 -314.9 1865.0 1346.6 2217.6 83.0 634.1 -363.6 1938.3 1409.3 2349.8 70.4 659.3 -898.4 2002.9 1434.6 3401.1 58.5 932.3 -727.3 2460.3 1541.1 3686.0 60.4 1172.0 -535.9 2908.1 1685.0 2919.4 66.7 1037.7 ND ND 1789.4 2966.3 72.3 1032.6 17 18 19 20 21 22 23 24 FA316012005 FA316901001 Equals: Disposable income, net Less: Final consumption expenditures 295.0 962.3 241.7 978.5 128.0 1034.4 45.3 1089.7 -1735.8 1158.6 -1523.6 1216.4 166.8 1229.0 ND 1329.1 23 24 25 FA316006085 Equals: Net saving -667.3 -736.8 -906.4 -1044.4 -2894.4 -2739.9 -1062.2 ND 25 -727.8 -667.3 60.5 -572.3 -736.8 -164.5 -967.0 -906.4 60.6 -1123.4 -1044.4 79.0 -2967.9 -2894.4 73.4 -2861.1 -2739.9 121.2 -1246.0 -1062.2 183.8 ND ND 213.6 26 27 28 -7.6 5.1 20.1 31.4 52.5 42.9 -52.4 71.4 29 275.0 273.7 -8.9 287.6 280.2 -2.2 311.9 290.2 -1.6 332.5 299.2 -1.9 364.8 309.4 -2.8 378.0 326.0 -9.0 406.5 350.8 -108.1 442.7 370.5 -0.7 30 31 32 -720.3 -577.4 -987.2 -1154.7 -3020.4 -2904.0 -1193.6 ND 33 -720.3 -577.4 -987.2 -1154.7 -3020.4 -2904.0 -1193.6 ND 34 195.9 114.6 324.4 72.2 1722.8 -1242.7 125.2 188.5 35 0.7 0.0 0.7 0.1 0.0 0.1 0.2 0.0 0.2 0.2 0.0 0.2 0.1 0.0 0.1 113.7 0.0 113.7 5.0 0.0 5.0 4.9 0.0 4.9 36 37 38 Capital account 26 27 28 FA316006385 FA316006085 FA315440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 FA315050905 30 31 32 FA315019001 FA316300001 FA315420003 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 FA315000995 Net lending (+) or borrowing (-), capital account (lines 26-29) Integrated Accounts Financial account 34 FA315000995 Net lending (+) or borrowing (-) (line 33) 35 FA314090005 Net acquisition of financial assets 36 37 38 FA313011105 FA313011205 FA313011303 Monetary gold and SDRs Monetary gold SDR holdings 39 40 41 42 43 44 FA314000005 FA313011505 FA313011405 FA313020005 FA313030003 FA313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 67.0 0.0 1.5 65.7 -0.2 0.0 -171.6 0.0 -1.8 -170.2 0.4 0.0 178.5 0.0 4.8 173.5 0.1 0.0 5.7 0.1 4.3 1.0 0.3 0.0 1333.8 0.0 8.8 1326.3 -1.3 0.0 -1322.1 -0.1 0.5 -1323.6 1.1 -0.0 42.4 0.0 0.8 42.6 -1.0 0.0 316.8 0.3 -4.7 321.1 0.1 -0.0 39 40 41 42 43 44 45 46 47 FA314022005 FA313061703 FA313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45 46 47 48 49 50 51 52 FA314023005 FA314041005 FA313066220 FA313069005 FA313065005 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 98.0 94.7 99.6 -4.9 3.3 95.7 95.6 96.3 -0.7 0.1 99.2 95.7 90.7 5.0 3.4 93.5 92.9 83.0 9.9 0.7 254.1 250.7 61.7 189.0 3.4 177.9 171.9 55.4 116.6 6.0 155.0 141.6 51.0 90.7 13.4 -87.7 -95.8 -27.2 -68.6 8.1 48 49 50 51 52 53 54 55 56 57 58 FA313081105 FA313064105 FA313092803 FA313092403 FA313094303 FA313094205 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (2) Equity investment under Public-Private Inv. Program Equity investment in Federal Reserve facilities 1.7 -0.1 1.7 0.0 0.0 0.0 1.4 -0.1 1.5 0.0 0.0 0.0 5.3 4.0 1.3 0.0 0.0 0.0 1.4 0.0 1.4 0.0 0.0 0.0 115.8 0.0 1.8 0.0 0.0 114.0 -91.6 -0.0 1.2 0.0 0.0 -92.7 -3.5 0.0 2.4 0.0 0.0 -5.9 -4.9 0.0 3.1 0.0 0.0 -8.0 53 54 55 56 57 58 185 Z.1, March 7, 2024 S.7.a Federal Government (1) Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 59 60 61 FA313096005 FA313070000 FA313078000 Other accounts receivable Trade receivables Taxes receivable 28.5 3.8 24.7 189.0 0.1 188.9 41.3 10.4 30.9 -28.6 -1.9 -26.7 18.9 11.3 7.6 -120.7 10.6 -131.3 -73.7 1.9 -75.5 -40.6 3.2 -43.7 59 60 61 62 FA314190005 Net incurrence of liabilities 883.2 634.5 1294.4 1185.8 5019.0 1445.9 1394.3 2530.9 62 63 FA313111303 SDR allocations 64 FA314100005 Currency and deposits 65 66 67 FA314122005 FA313161105 FA313161705 68 69 70 71 72 0.0 0.0 0.0 0.0 0.0 112.8 0.0 0.0 63 -0.6 -0.3 -0.3 -0.5 -0.0 -0.1 -0.4 0.0 64 Debt securities Treasury securities Federal agency securities 711.1 711.2 -0.1 554.3 554.4 -0.1 1130.2 1131.6 -1.5 1061.0 1062.7 -1.7 4316.2 4317.3 -1.0 1611.0 1611.4 -0.4 1287.5 1287.4 0.0 2382.0 2381.6 0.4 65 66 67 FA314123005 Loans 131.5 44.3 127.9 113.9 264.9 72.5 259.4 238.5 68 FA313152005 FA313140003 FA313195105 FA343073045 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 6.0 0.1 12.9 -7.0 15.3 -0.2 9.6 6.0 -39.1 0.2 13.9 -53.2 -25.7 0.9 14.4 -41.0 -26.1 0.2 8.2 -34.5 -73.1 0.3 21.4 -94.8 -124.5 0.4 38.5 -163.3 -146.4 1.3 29.8 -177.5 69 70 71 72 73 74 75 76 77 FA313196005 FA713014003 FA313170005 FA313172003 FA313193005 Other accounts payable SDR certificates Trade payables PPP subsidies payable Other (miscellaneous liabilities) 35.2 0.0 29.4 0.0 5.8 20.7 0.0 17.5 0.0 3.2 75.6 0.0 74.0 0.0 1.6 37.2 0.0 33.3 0.0 3.9 463.9 0.0 35.0 432.7 -3.8 -277.1 0.0 57.8 -332.6 -2.3 -27.6 0.0 47.2 -97.1 22.3 56.9 0.0 34.0 -3.0 25.9 73 74 75 76 77 78 FA315000005 -687.4 -519.9 -969.9 -1113.6 -3296.3 -2688.7 -1269.1 -2342.5 78 56.6 0.0 23.7 -32.9 134.0 0.0 76.4 -57.6 2.2 0.0 -15.0 -17.2 -37.8 0.0 -79.0 -41.2 -246.3 0.0 29.6 275.9 379.6 0.0 164.3 -215.4 119.5 0.0 195.1 75.5 ND 0.0 -13.1 ND 79 80 81 82 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-62) Other changes in volume account 79 80 81 82 FV318090185 FV312010095 FV318090085 FU317005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (3) Revaluation account 83 84 85 86 FR312010095 FR315015605 FR315013265 FR315013765 Nonfinancial assets Structures Equipment Intellectual property products 68.2 47.1 5.8 15.2 90.1 57.0 7.5 25.6 102.9 68.5 12.5 21.9 51.0 39.9 5.8 5.3 92.2 55.6 6.9 29.7 266.8 206.6 37.8 22.3 258.8 187.6 41.4 29.8 126.4 50.3 25.8 50.2 83 84 85 86 87 88 89 90 91 FR318080005 FR313011105 FR314000005 FR313064105 FR313094303 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program -2.1 -1.5 -0.6 0.0 0.0 4.0 2.9 1.1 0.0 0.0 -5.7 -1.2 -0.4 -4.0 0.0 -0.4 -0.3 -0.1 0.0 0.0 3.5 2.1 1.4 0.0 0.0 -4.0 -3.0 -1.0 0.0 0.0 -9.7 -8.1 -1.7 0.0 0.0 1.1 1.1 -0.0 0.0 0.0 87 88 89 90 91 92 FR313111303 Liabilities (SDR allocations) -1.5 2.8 -1.2 -0.3 2.0 -2.9 -7.9 1.2 92 93 FR318200005 67.6 91.3 98.4 50.9 93.7 265.7 256.9 126.2 93 -603.6 -347.0 -866.4 -1110.3 -3120.5 -2215.8 -869.5 -2157.9 94 5561.3 5826.8 6268.7 6369.1 8298.4 7536.4 8034.0 8382.4 95 3325.2 1556.6 752.4 1016.3 3422.7 1603.3 765.9 1053.5 3547.2 1663.1 790.3 1093.8 3631.6 1697.4 816.7 1117.5 3779.2 1750.5 846.0 1182.7 4098.2 1949.2 901.2 1247.7 4412.6 2128.3 950.6 1333.8 4611.2 2172.1 982.8 1456.3 96 97 98 99 2236.1 2404.1 2721.4 2737.5 4519.2 3438.2 3621.4 3771.3 100 48.9 0.0 48.9 51.9 0.0 51.9 50.8 0.0 50.8 50.8 0.0 50.7 52.9 0.0 52.9 163.6 0.0 163.6 160.5 0.0 160.5 166.5 101 0.0 102 166.5 103 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 94 FC312090095 Change in net worth (lines 29+33+79+93) 95 FL312000095 Total assets 96 97 98 99 LM312010095 LM315015605 LM315013265 LM315013765 100 FL314090005 101 102 103 FL313011105 FL313011205 FL313011303 Nonfinancial assets (4) Structures Equipment Intellectual property products Financial assets Monetary gold and SDRs Monetary gold SDR holdings Integrated Accounts Balance sheet account (end of period) 186 Z.1, March 7, 2024 S.7.a Federal Government (1) Billions of dollars 2016 104 105 106 107 108 109 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 110 111 112 FL314022005 FL313061703 FL313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 113 114 115 116 117 FL314023005 FL314041005 FL313066220 FL313069005 FL313065005 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 118 119 120 121 122 123 FL313081105 LM313064105 FL313092803 FL313092403 LM313094303 FL313094205 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (2) Equity investment under Public-Private Inv. Program Equity investment in Federal Reserves facilities 124 125 126 FL313096005 FL313070000 FL313078000 127 FL312000095 128 FL314190005 129 FL313111303 SDR allocations 130 FL314100005 Currency and deposits 131 132 133 FL314122005 FL313161105 FL313161705 Debt securities Treasury securities Federal agency securities 134 FL314123005 135 136 137 138 2017 2018 2019 2020 2021 2022 2023 446.1 19.3 18.7 404.0 1.5 2.6 275.6 21.2 17.9 232.0 1.9 2.6 453.7 20.8 22.3 405.9 2.0 2.6 459.2 20.6 26.4 407.2 2.3 2.6 1794.4 22.1 36.6 1732.1 1.0 2.6 471.3 20.2 36.1 410.3 2.1 2.6 512.1 18.4 35.2 454.7 1.1 2.6 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 1385.5 1265.9 1049.3 216.6 119.6 1481.2 1361.5 1145.6 216.0 119.7 1580.4 1457.3 1236.3 221.0 123.1 1673.9 1550.1 1319.2 230.9 123.8 1928.0 1800.9 1381.0 419.9 127.1 2105.9 1972.8 1436.4 536.4 133.1 2282.4 2114.4 1487.3 627.1 168.0 2194.6 2018.6 1460.1 558.5 176.0 113 114 115 116 117 96.6 33.3 63.3 0.0 0.0 0.0 98.0 33.2 64.8 0.0 0.0 0.0 99.3 33.2 66.1 0.0 0.0 0.0 100.6 33.2 67.5 0.0 0.0 0.0 216.5 33.2 69.3 0.0 0.0 114.0 124.9 33.2 70.5 0.0 0.0 21.3 121.4 33.2 72.9 0.0 0.0 15.4 116.5 33.2 76.0 0.0 0.0 7.4 118 119 120 121 122 123 Other accounts receivable Trade receivables Taxes receivable 258.5 64.9 193.5 496.9 65.0 431.9 536.8 75.4 461.4 452.5 73.5 379.0 526.9 84.9 442.0 571.9 95.5 476.5 544.5 97.3 447.1 464.3 124 100.5 125 363.8 126 Total liabilities and net worth 5561.3 5826.8 6268.7 6369.1 8298.4 7536.4 8034.0 8382.4 127 18415.5 19028.0 20336.3 21547.0 26596.8 28050.6 29417.7 31924.0 128 47.5 50.3 49.1 48.8 50.9 160.8 152.9 154.1 129 24.2 24.0 23.7 23.2 23.1 23.0 22.6 22.6 130 13904.7 13880.2 24.5 14459.0 14434.6 24.4 15589.2 15566.2 22.9 16650.1 16628.9 21.2 20966.4 20946.2 20.2 22577.3 22557.5 19.8 23864.8 23845.0 19.8 26246.7 131 26226.6 132 20.2 133 Loans 2103.6 2148.0 2275.9 2389.8 2654.7 2727.2 2986.6 3225.1 134 FL313152005 FL313140003 FL313195105 FL343073045 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 2039.0 51.3 277.6 1710.1 2033.2 51.1 287.1 1695.0 2011.1 51.3 301.0 1658.8 2014.6 52.2 315.4 1647.0 2013.2 52.4 323.6 1637.2 1948.6 52.6 345.1 1550.9 1827.1 53.0 383.6 1390.6 1680.7 54.3 413.4 1213.0 135 136 137 138 139 140 141 142 143 FL313196005 FL713014003 FL313170005 FL313172003 FL313193013 Other accounts payable SDR certificates Trade payables PPP subsidies payable Other (miscellaneous liabilities) 296.5 5.2 290.7 0.0 0.6 313.5 5.2 308.2 0.0 0.1 387.3 5.2 382.3 0.0 -0.2 420.5 5.2 415.5 0.0 -0.2 888.5 5.2 450.6 432.7 0.0 613.7 5.2 508.4 100.1 0.0 563.7 5.2 555.6 3.0 0.0 594.8 5.2 589.6 0.0 0.0 139 140 141 142 143 144 FL312090095 -12854.2 -13201.2 -14067.6 -15177.9 -18298.4 -20514.2 -21383.7 Liabilities Net worth 828.8 18.5 30.5 775.9 1.2 2.6 0.5 110 0.0 111 0.5 112 -23541.6 144 (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. Integrated Accounts 104 105 106 107 108 109 187 Z.1, March 7, 2024 S.8.a State and Local Governments (1) Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 1663.7 1708.3 1782.5 1834.5 1891.0 1950.8 2045.1 2148.8 1 Current account 1 FA216902505 Gross value added 2 FA216300001 Less: Consumption of fixed capital 258.8 269.7 285.2 298.9 308.4 333.0 371.5 393.2 2 3 4 5 6 7 FA216902605 FA216025001 FA216020001 FA216401005 FA216402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 1404.8 1407.7 971.7 436.0 -2.8 1438.6 1445.9 1004.1 441.8 -7.3 1497.3 1505.2 1044.6 460.6 -7.9 1535.6 1548.9 1085.1 463.8 -13.3 1582.6 1589.7 1112.5 477.2 -7.1 1617.8 1631.2 1153.3 477.9 -13.3 1673.6 1676.7 1218.0 458.7 -3.2 1755.6 1773.1 ND ND -17.5 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA216140005 FA216402101 FA216240001 FA216402015 FA216150195 FA216130101 FA216121101 FA216112101 FA216130095 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) 968.0 -2.8 1171.9 -0.5 82.3 65.8 5.7 10.8 282.8 1020.8 -7.3 1232.5 -0.6 87.1 70.6 5.8 10.7 290.9 1092.4 -7.9 1293.6 -0.6 93.2 75.8 6.0 11.4 286.0 1134.6 -13.3 1358.2 -0.6 96.5 78.4 6.5 11.6 306.2 1158.3 -7.1 1365.2 -0.6 94.8 77.7 6.2 10.9 293.9 1289.8 -13.3 1493.3 -3.1 93.8 75.8 6.3 11.7 280.9 1461.8 -3.2 1616.0 -0.7 97.6 78.7 6.6 12.4 248.0 ND -17.5 1656.5 -0.7 ND ND ND ND ND 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA216140005 FA216220005 FA216601001 FA216404001 FA216403105 FA216403001 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 968.0 464.0 20.0 693.1 690.0 0.0 1020.8 490.2 19.8 709.7 691.2 0.0 1092.4 520.0 20.4 731.1 723.8 0.0 1134.6 571.4 20.7 762.7 755.4 0.0 1158.3 575.9 20.0 815.7 1029.3 0.0 1289.8 704.9 22.2 900.7 1277.0 0.0 1461.8 791.5 22.5 1012.3 1138.0 0.0 ND ND 21.9 1058.4 1125.9 0.0 17 18 19 20 21 22 23 FA216012005 Equals: Disposable income, net 1448.9 1512.4 1625.4 1719.3 1967.8 2393.3 2401.4 ND 23 24 FA216901001 Less: Final consumption expenditures 1691.1 1737.2 1825.3 1925.2 2019.7 2149.9 2341.1 2423.1 24 25 FA216006095 Equals: Net saving -242.2 -224.8 -199.9 -205.9 -51.9 243.4 60.4 ND 25 -169.7 -242.2 -72.5 -152.4 -224.8 -72.4 -126.7 -199.9 -73.1 -131.1 -205.9 -74.8 31.9 -51.9 -83.8 326.3 243.4 -82.9 290.1 60.4 -229.8 ND ND -95.5 26 27 28 128.7 138.5 150.1 160.6 160.7 134.1 117.8 175.5 29 374.6 258.8 12.9 393.9 269.7 14.3 418.8 285.2 16.5 442.5 298.9 17.0 451.7 308.4 17.4 448.8 333.0 18.3 470.2 371.5 19.1 548.9 393.2 19.8 30 31 32 -298.3 -290.9 -276.8 -291.7 -128.8 192.2 172.3 ND 33 -298.3 -290.9 -276.8 -291.7 -128.8 192.2 172.3 ND 34 171.0 85.6 68.6 24.9 347.7 588.7 396.7 137.0 35 Capital account 26 27 28 FA216006395 FA216006095 FA215440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 FA215050905 30 31 32 FA215019001 FA216300001 FA215420003 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 FA215000995 Net lending (+) or borrowing (-), capital account (lines 26-29) 34 FA215000995 Net lending (+) or borrowing (-) (line 33) 35 FA214090005 Net acquisition of financial assets 36 37 38 FA214000005 FA213020005 FA213030000 Currency and deposits Currency and transferable deposits Time and savings deposits 14.1 5.9 8.2 11.7 -2.5 14.1 0.3 -7.6 7.9 25.9 6.2 19.8 81.3 90.8 -9.5 85.1 115.9 -30.8 2.3 14.7 -12.4 18.4 14.7 3.7 36 37 38 39 40 41 42 43 44 FA214022005 FA213069103 FA213061103 FA213061703 FA213062003 FA213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 71.0 0.5 37.7 25.8 1.0 6.1 73.5 4.2 35.0 26.0 0.5 7.7 35.2 0.5 13.8 5.6 0.5 14.6 24.1 -0.6 39.8 2.4 -0.9 -16.6 181.7 -0.4 253.3 -71.4 1.5 -1.2 338.4 4.0 390.0 -39.8 3.8 -19.5 346.1 4.0 309.9 36.3 6.4 -10.5 99.0 4.0 94.3 3.0 -0.4 -2.0 39 40 41 42 43 44 45 46 47 FA214035005 FA212051003 FA214023005 Loans Short term Long term (mortgages) 53.9 7.4 46.5 5.9 8.9 -3.0 -23.0 1.1 -24.2 8.3 -1.3 9.6 58.7 15.7 43.0 11.6 10.0 1.6 7.9 10.0 -2.1 9.6 10.0 -0.4 45 46 47 48 49 50 51 FA213081005 FA213034003 FA213064103 FA213064203 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 3.2 5.4 -3.4 1.2 -1.9 0.3 -3.4 1.2 -4.3 -2.1 -3.4 1.2 4.6 6.8 -3.4 1.2 11.3 13.5 -3.4 1.2 13.1 15.3 -3.4 1.2 7.6 9.8 -3.4 1.2 13.3 15.5 -3.4 1.2 48 49 50 51 52 53 54 55 FA213096005 FA213070003 FA213078005 FA213093003 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 28.7 17.5 10.7 0.6 -3.6 6.2 5.1 -15.0 60.5 22.9 19.4 18.3 -38.0 12.1 8.5 -58.7 14.7 -12.8 9.4 18.1 140.4 46.0 29.4 65.1 32.7 20.4 11.5 0.9 -3.4 13.7 5.4 -22.5 52 53 54 55 Integrated Accounts Financial account 188 Z.1, March 7, 2024 S.8.a State and Local Governments (1) Billions of dollars 2016 56 FA214190005 57 58 59 FA213162005 FA213162400 FA213162200 Net incurrence of liabilities Debt securities (municipals) Short term Other 60 FA213169203 Loans (short term) 61 FA223073045 Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor) 62 FA213170003 Other accounts payable (trade payables) 63 FA215000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-56) 2017 2018 2019 2020 2021 2022 2023 320.5 250.5 232.0 309.9 407.3 376.6 247.5 324.0 56 32.5 -2.7 35.2 -0.5 4.8 -5.3 -40.0 2.9 -42.9 -1.5 6.8 -8.2 91.4 1.7 89.7 69.1 -13.7 82.7 -52.4 -7.5 -44.9 20.2 1.5 18.7 57 58 59 0.3 0.5 1.1 1.0 1.0 0.5 0.7 1.0 60 244.8 205.8 223.2 259.0 261.6 249.6 234.3 234.3 61 43.0 44.7 47.7 51.4 53.4 57.5 64.9 68.5 62 -149.5 -165.0 -163.4 -285.0 -59.6 212.1 149.2 -186.9 63 73.0 0.0 -75.9 -148.9 63.8 -2.1 -60.1 -126.0 38.7 -0.2 -74.6 -113.5 58.9 0.0 52.2 -6.7 51.4 0.0 -17.7 -69.1 -81.6 -4.0 -97.6 -19.9 812.7 -3.0 838.9 23.2 ND 0.0 -36.0 ND 64 65 66 67 209.6 207.2 0.7 1.7 350.5 346.4 2.0 2.1 493.2 486.2 4.5 2.5 301.0 300.5 0.4 0.1 347.4 342.5 2.6 2.3 1404.4 1383.2 18.2 3.1 1268.0 1239.6 20.9 7.5 311.1 303.8 2.7 4.7 68 69 70 71 18.8 40.7 -19.3 63.5 52.0 73.8 -87.3 73.1 72 -152.7 -463.2 217.4 -585.0 -532.8 -635.9 550.1 -565.7 73 381.1 854.4 256.6 949.5 932.2 2114.1 630.7 949.9 74 284.4 765.7 168.5 877.4 1015.6 2358.8 1733.5 902.4 75 13625.5 14229.8 14880.6 15481.2 16411.3 18503.5 19920.0 20645.6 76 10512.1 10136.9 244.1 131.1 10984.6 10595.4 248.2 140.9 11611.3 11205.2 255.0 151.1 12055.9 11641.8 257.1 157.0 12546.6 12118.7 263.3 164.6 14063.2 13605.1 283.9 174.2 15427.1 14934.9 303.7 188.5 15894.1 15382.5 309.8 201.8 77 78 79 80 3113.4 3245.2 3269.4 3425.3 3864.7 4440.3 4492.9 4751.5 81 524.4 143.0 381.3 536.0 140.6 395.5 536.3 132.9 403.4 562.2 139.1 423.2 643.5 229.9 413.6 728.6 345.7 382.9 730.9 360.4 370.5 749.4 375.1 374.2 82 83 84 1379.4 73.4 607.6 486.7 15.8 195.9 1458.8 77.7 642.5 514.7 16.7 207.2 1469.0 78.2 647.0 518.4 16.8 208.6 1560.9 77.6 715.4 539.3 16.7 211.9 1782.3 77.1 996.1 466.5 18.6 223.9 2042.1 81.1 1331.0 415.3 22.2 192.4 2131.4 85.2 1463.4 410.1 25.9 146.9 2279.1 89.2 1588.8 422.9 26.3 152.0 85 86 87 88 89 90 Other changes in volume account 64 65 66 67 FV218090185 FV212010095 FV218090085 FU217005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-63) (3) Revaluation account 68 69 70 71 FR212010095 FR215015605 FR215013265 FR215013765 Nonfinancial assets Structures Equipment Intellectual property products 72 FR213081005 Financial assets (equity and investment fund shares) 73 FR223073045 Liabilities (claim of pension funds on sponsor) 74 FR218200005 Changes in net worth due to nominal holding gains/losses 75 FC212090095 Change in net worth (lines 29+33+64+74) Changes in balance sheet account 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 81 FL214090005 Financial assets 82 83 84 FL214000005 FL213020005 FL213030000 Currency and deposits Currency and transferable deposits Time and savings deposits 85 86 87 88 89 90 FL214022005 FL213069103 FL213061103 FL213061703 FL213062003 FL213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 91 92 93 FL214035005 FL212051003 FL214023005 Loans Short term Long term (mortgages) 507.4 154.8 352.6 513.0 163.7 349.3 489.7 164.9 324.8 497.8 163.6 334.3 556.5 179.2 377.2 567.9 189.2 378.7 575.7 199.3 376.5 585.3 209.3 376.0 91 92 93 94 95 96 97 FL213081005 FL213034003 LM213064103 LM213064203 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 256.3 21.6 159.4 75.3 295.1 21.9 185.8 87.4 271.5 19.8 169.6 82.2 339.6 26.5 214.1 98.9 402.8 40.0 250.0 112.8 489.7 55.3 306.4 128.0 410.0 65.1 239.3 105.6 496.4 80.6 293.2 122.6 94 95 96 97 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 445.9 201.2 145.6 99.2 442.3 207.4 150.7 84.2 502.8 230.3 170.1 102.5 464.8 242.4 178.6 43.8 479.6 229.6 188.1 61.9 612.0 275.5 209.5 127.0 644.7 295.9 220.9 127.9 641.4 98 309.6 99 226.3 100 105.5 101 98 FL213096005 99 FL213070003 100 FL213078005 101 FL213093003 Total assets 189 Z.1, March 7, 2024 S.8.a State and Local Governments (1) Billions of dollars 102 FL212100005 103 FL214190005 Total liabilities and net worth 104 105 106 FL213162005 FL213162400 FL213162200 Debt securities (municipals) Short term Other 107 FL213169203 Loans (short term) 108 FL223073045 Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor) 109 FL213170003 Other accounts payable (trade payables) 110 FL212090095 Liabilities Net worth 2016 2017 2018 2019 2020 2021 2022 2023 13625.5 14229.8 14880.6 15481.2 16411.3 18503.5 19920.0 20645.6 102 8291.4 8130.0 8612.3 8335.6 8250.1 7983.5 7666.4 7489.5 103 3144.3 30.4 3113.8 3143.8 35.2 3108.6 3103.8 38.1 3065.7 3102.3 44.9 3057.5 3193.7 46.6 3147.1 3262.8 32.9 3229.8 3210.4 25.5 3184.9 3230.6 104 27.0 105 3203.7 106 18.5 18.9 20.1 21.1 22.1 22.6 23.3 24.3 107 4220.8 4014.7 4488.2 4160.5 3929.2 3535.6 3205.3 2938.8 108 907.9 952.6 1000.3 1051.6 1105.0 1162.5 1227.3 1295.8 109 5334.1 6099.8 6268.3 7145.7 8161.2 10520.1 12253.6 13156.0 110 Integrated Accounts (1) The state and local government sector excludes state and local government employee retirement funds. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land and nonproduced nonfinancial assets. 190 Z.1, March 7, 2024 S.9.a Rest of the World Billions of dollars 2016 2017 2018 2019 2020 2021 2022 2023 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 3676.5 2738.8 661.5 276.1 3963.1 2931.6 738.2 293.4 4271.8 3131.2 848.4 292.3 4323.6 3117.0 892.8 313.8 3885.3 2776.5 778.1 330.7 4690.3 3408.3 928.6 353.4 5427.5 3966.2 1070.7 390.6 ND 3827.0 ND 389.0 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) 3275.1 2235.6 892.9 146.7 3585.1 2388.3 1031.1 165.7 3830.7 2538.1 1138.7 153.9 3875.2 2538.5 1174.7 162.0 3315.6 2150.1 993.0 172.5 3842.5 2550.0 1112.1 180.3 4441.7 2995.0 1252.6 194.0 ND 3029.6 ND 192.5 5 6 7 8 9 FA266000095 Equals: Net saving (current external balance) 401.4 378.0 441.2 448.4 569.7 847.8 985.8 ND 9 401.4 -7.0 0.0 408.4 378.0 -16.0 -0.0 394.0 441.2 -4.6 -0.1 445.8 448.4 -6.8 -0.1 455.3 569.7 -6.3 0.2 575.8 847.8 -3.5 -0.2 851.5 985.8 -5.1 -0.2 991.1 ND -13.5 ND ND 10 11 12 13 Capital account 10 11 12 13 FA266000095 FA265440005 FA265420095 FA265000905 Net saving Less: Net capital transfers Less: Acquisition of nonproduced nonfinancial assets Net lending (+) or borrowing (-), capital account (lines 10-11-12) Integrated Accounts Financial account 14 FA265000905 Net lending (+) or borrowing (-) (line 13) 408.4 394.0 445.8 455.3 575.8 851.5 991.1 ND 14 15 FA264090005 Net acquisition of U.S. financial assets 760.0 1531.3 778.4 605.5 1454.8 1828.4 1524.9 2085.8 15 16 17 18 FA263011005 FA263011205 FA313111303 Monetary gold and SDRs Monetary gold SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 112.8 0.0 112.8 0.0 0.0 0.0 0.0 0.0 0.0 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 -13.1 42.3 17.8 70.8 -144.0 201.9 69.7 11.9 16.4 104.0 165.8 65.3 14.2 37.4 48.9 -26.3 51.3 7.7 -2.1 -83.3 280.9 121.3 34.7 95.4 29.4 174.1 48.3 18.1 37.2 70.5 194.0 35.0 -21.5 -12.6 193.0 191.4 16.6 3.9 16.6 154.3 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 341.6 36.9 -107.9 79.1 7.2 326.3 652.5 -6.3 308.2 22.0 7.1 321.5 141.9 -10.2 120.2 95.7 -1.6 -62.2 545.0 5.4 297.7 81.9 4.0 156.0 244.8 -46.2 67.0 5.7 4.8 213.4 672.3 2.0 605.8 -9.8 1.7 72.7 842.4 53.8 417.6 192.9 4.2 173.9 985.0 -11.5 596.8 148.4 7.7 243.5 24 25 26 27 28 29 30 31 32 33 34 FA264035005 FA264041005 FA262051005 FA263069005 FA263092305 Loans Short term Security repurchases Other loans and advances Long term (U.S. direct investment abroad: debt) 184.5 78.7 68.7 10.0 105.8 124.3 132.5 31.3 101.2 -8.2 -64.0 38.5 -31.3 69.9 -102.5 80.1 100.4 22.4 77.9 -20.3 -9.9 51.9 18.0 33.9 -61.8 429.5 429.9 283.4 146.5 -0.5 170.7 142.1 48.8 93.3 28.6 312.3 304.6 342.6 -38.0 7.7 30 31 32 33 34 35 36 37 38 39 FA263081005 FA263034003 FA263064105 FA263064203 FA263092101 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the U.S.: equity 234.5 -14.3 -186.3 60.9 374.2 483.0 0.1 117.0 32.6 333.3 475.9 17.3 111.0 28.7 318.9 -14.5 7.4 -249.2 -49.7 277.0 862.4 18.9 669.3 -0.8 174.9 358.2 27.5 -112.4 31.8 411.3 265.7 9.2 -176.7 97.7 335.5 488.0 9.3 179.1 -16.4 316.0 35 36 37 38 39 40 41 42 43 FA263052005 FA263076005 FA543141905 FA543151905 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements 13.4 1.2 11.0 1.2 13.5 10.4 2.7 0.4 10.9 9.1 -9.3 11.0 2.9 2.0 0.3 0.6 -24.9 -2.1 -9.1 -13.6 2.9 6.0 -1.4 -1.6 2.2 1.5 0.1 0.5 6.5 6.5 -0.0 0.0 40 41 42 43 44 FA263096005 Other accounts receivable -0.9 56.2 48.0 18.3 101.6 78.6 49.9 102.6 44 45 FA264194005 Net incurrence of liabilities 449.2 1156.0 536.9 244.1 1001.7 1255.7 1042.7 997.7 45 46 FA313011303 SDR holdings 0.7 0.1 0.2 0.2 0.1 113.7 5.0 4.9 46 47 48 49 50 51 FA264100005 FA263111503 FA263111403 FA263191005 FA313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies -83.4 0.1 1.3 -84.8 0.0 255.2 0.0 -1.8 257.0 0.0 71.2 0.0 4.8 66.4 0.0 21.8 0.2 4.3 17.3 0.0 110.8 0.1 8.8 102.0 0.0 28.2 -0.2 0.5 27.9 -0.0 78.7 0.0 0.8 77.9 0.0 -72.0 0.5 -4.7 -67.8 -0.0 47 48 49 50 51 52 53 54 FA264122005 FA263169105 FA263163005 Debt securities Commercial paper Bonds 7.0 -28.2 35.1 355.6 68.3 287.3 191.9 74.4 117.6 -23.5 -22.6 -0.9 38.8 -19.0 57.8 482.5 105.0 377.5 166.0 -113.8 279.8 81.8 -12.3 94.1 52 53 54 55 56 57 58 59 60 61 FA264135005 FA264141005 FA262151003 FA263169005 FA263168005 FA713091103 FA263192305 Loans Short term Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) Long term (foreign direct investment in the U.S.: debt) 132.8 153.1 115.9 -1.5 34.1 4.6 -20.3 -49.9 -11.1 -33.1 2.8 12.7 6.5 -38.8 252.1 161.8 117.3 -5.8 58.2 -7.9 90.3 88.6 204.9 111.2 7.0 87.1 -0.5 -116.3 94.1 134.2 55.5 -1.8 66.3 14.2 -40.1 -33.8 30.2 -106.1 -1.7 152.5 -14.5 -64.0 65.2 106.6 -11.9 9.3 112.1 -2.9 -41.4 651.8 616.5 527.8 -5.9 93.6 0.9 35.3 55 56 57 58 59 60 61 191 Z.1, March 7, 2024 S.9.a Rest of the World Billions of dollars 2016 62 63 64 65 FA263181105 FA263164100 FA313092803 FA263192101 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad: equity 66 FA263152005 67 68 69 FA263196005 FA263170005 FA263194735 70 FA265000005 2017 2018 2019 2020 2021 2022 2023 349.2 21.7 1.7 325.7 533.9 139.9 1.5 392.5 -46.7 171.3 1.3 -219.3 148.0 -25.3 1.4 171.9 699.4 396.0 1.8 301.6 574.2 197.3 1.2 375.8 631.7 185.7 2.4 443.6 298.8 -17.9 3.1 313.7 62 63 64 65 Insurance, pension and standardized guarantee schemes 21.9 47.4 27.5 11.2 65.0 81.6 89.6 30.0 66 Other accounts payable Trade payables Other investment by U.S. holding companies 21.1 2.7 18.4 13.7 7.4 6.3 40.7 2.7 38.0 -2.2 2.2 -4.4 -6.6 -0.4 -6.2 9.4 3.4 6.0 6.6 -2.2 8.7 2.4 1.7 0.7 67 68 69 310.8 375.3 241.6 361.4 453.1 572.7 482.2 1088.2 70 -44.7 52.9 97.6 -58.6 -39.9 18.7 168.7 373.0 204.3 0.7 94.6 93.9 -99.5 23.2 122.7 433.2 711.9 278.7 -561.3 -52.4 508.9 316.3 69.4 ND 71 72 73 2232.7 -1603.7 4343.5 3676.4 4940.6 -8005.4 5424.9 74 -0.3 2.0 1.2 75 Addendum: Net lending (+) or borrowing (-), financial account (lines 15-45) Other changes in volume account 71 72 73 FV268090185 FV268090085 FU267005085 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 13-70) (3) Revaluation account FR264090005 Financial assets 691.6 75 FR263011005 Monetary gold and SDRs 76 FR264000005 Currency and deposits -0.7 2.0 -1.1 -4.1 4.6 77 78 79 80 81 82 FR264022005 FR263069103 FR263061105 FR263061705 FR263062003 FR263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds -69.3 -0.4 -43.0 -7.0 -1.9 -17.0 68.5 1.0 -21.7 -2.8 2.5 89.4 -359.7 -0.5 -61.5 -22.6 -2.6 -272.5 527.7 0.1 196.5 38.9 4.7 287.5 628.1 2.3 305.2 34.3 3.1 283.2 83 FR263092305 Foreign direct investment in the U.S.: debt -47.4 19.3 13.4 -12.9 -8.6 84 85 86 87 FR263081005 FR263064105 FR263064203 FR263092101 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the U.S.: equity 810.7 439.2 32.8 338.7 2139.7 -1254.8 1078.6 -507.2 101.9 -58.4 959.2 -689.3 3835.6 1917.3 150.3 1768.0 3053.0 1630.1 125.5 1297.4 88 FR263096005 89 FR264194005 90 FR313011303 SDR holdings -1.5 2.9 91 92 93 94 95 FR264100005 FR263111503 FR263111403 FR263191005 FR263191103 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 0.1 -0.3 -0.6 1.0 0.0 96 FR263163005 Debt securities (corporate bonds) 97 98 99 FR264135005 FR263169203 FR263192305 Loans Short term (other loans and advances) Long term (U.S. direct investment abroad: debt) Other accounts receivable Liabilities -1.5 -0.2 FR263181105 FR263164100 FR263192101 Equity and investment fund shares Corporate equities U.S. direct investment abroad: equity 103 FR263152005 Insurance, pension and standardized guarantee schemes 104 FR263196005 Other accounts payable 105 FR265000005 Changes in net worth due to nominal holding gains/losses -2.9 -7.9 3.6 1.4 -0.0 76 -496.9 -1903.1 -0.0 -0.8 -210.2 -842.5 -5.0 -186.3 -1.3 -14.4 -280.4 -859.0 322.2 -0.3 102.5 19.4 3.5 197.0 77 78 79 80 81 82 -0.0 -3.7 83 5449.3 -6095.5 2828.5 -2847.3 131.8 -227.0 2488.9 -3021.2 5106.0 2533.6 158.5 2413.9 84 85 86 87 -0.3 -0.7 88 2229.7 -4724.6 2546.2 89 -12.7 -0.3 -2.4 -2.6 3009.6 1225.4 -1.2 -0.3 2.1 -3.0 -8.1 1.1 90 -2.6 3.7 1.1 -7.3 0.0 -2.7 -0.8 -0.4 -1.4 0.0 0.8 -0.5 -0.1 1.5 0.0 2.0 2.9 1.4 -2.4 0.0 -4.4 -3.6 -1.0 0.2 0.0 -5.5 -3.6 -1.7 -0.3 0.0 -7.9 -0.4 -0.0 -7.5 0.0 91 92 93 94 95 49.1 135.4 -98.6 240.1 196.4 -109.5 -675.7 114.0 96 -17.0 0.0 -17.0 10.4 0.0 10.4 -0.9 0.0 -0.9 -28.6 0.0 -28.6 -7.4 0.0 -7.4 -13.0 0.0 -13.0 50.7 0.0 50.7 -20.7 0.0 -20.7 97 98 99 2876.3 -2767.7 1770.8 -1403.3 1105.5 -1364.4 2797.3 1622.3 1175.0 1031.9 624.3 407.6 274.6 226.8 47.8 0.4 -1.2 3023.1 -2871.5 305.0 100 101 102 2.8 0.4 2359.8 -4085.9 1202.6 -1947.2 1157.2 -2138.8 2459.7 100 1377.1 101 1082.5 102 0.0 0.0 -0.0 0.2 -0.0 0.0 -0.0 0.0 103 -0.3 0.7 -0.3 0.0 0.3 -0.2 -0.2 0.1 104 386.6 -790.4 1267.8 1333.9 2451.1 2711.0 -3280.8 2878.7 105 750.3 -455.0 1882.3 1790.0 2927.4 3995.6 -2851.0 4036.2 106 Changes in balance sheet account 106 FC262090095 Change in net worth (lines 13+70+105) Financial 107 FL264090005 108 FL313111303 Balance sheet account (end of period) Total financial assets (4) SDR allocations 26775.2 30608.7 30186.6 35302.5 40507.3 47994.8 41472.6 48973.5 107 47.5 50.3 49.1 48.8 50.9 160.8 152.9 154.1 108 Integrated Accounts 74 192 Z.1, March 7, 2024 S.9.a Rest of the World Integrated Accounts Billions of dollars 109 110 111 112 113 FL264000005 FL263025003 FL263027003 FL263030005 FL264016005 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 114 115 116 117 118 119 FL264022005 LM263069103 LM263061105 LM263061705 LM263062003 LM263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 120 121 122 123 124 FL264035005 FL264041005 FL262051005 FL263069005 FL263092305 Loans Short term Security repurchases Other loans and advances Long term (U.S. direct investment abroad: debt) 125 126 127 128 129 FL263081005 FL263034003 LM263064105 LM263064203 LM263092101 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the U.S.: equity 130 131 132 133 FL263052005 FL263076005 FL543141905 FL543151905 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements 134 LM263096005 Other accounts receivable 135 FL262100005 Total liabilities and net worth 136 FL264194005 Total liabilities 137 FL313011303 SDR holdings 138 139 140 141 142 FL264100005 FL263111503 FL263111403 LM263191005 FL313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 143 144 145 FL264122005 FL263169105 LM263163005 146 147 148 149 150 151 152 2016 2017 2018 2019 2020 2021 2022 2023 1371.6 638.9 128.0 550.8 54.0 1571.0 708.6 139.9 564.6 158.0 1736.7 773.9 154.1 601.9 206.8 1710.4 825.2 161.8 599.8 123.6 1961.1 946.5 196.5 665.1 152.9 2126.6 994.9 214.6 693.7 223.4 2320.4 1029.9 193.2 681.0 416.4 2511.8 1046.5 197.0 697.6 570.7 109 110 111 112 113 10661.1 11341.9 11186.0 12368.5 13254.2 13651.6 12603.1 13910.2 114 140.8 135.4 124.7 130.2 86.3 138.3 191.3 179.5 115 6002.8 6211.3 6270.1 6917.8 7291.6 7740.4 7318.5 8017.9 116 991.6 1012.2 1087.0 1230.7 1276.4 1252.6 1260.6 1428.5 117 96.2 105.7 101.6 110.3 118.3 118.7 108.4 119.7 118 3429.8 3877.3 3602.6 3979.5 4481.7 4401.6 3724.3 4164.6 119 1851.7 1172.4 971.5 200.8 679.4 2068.4 1377.9 1002.9 375.0 690.5 2351.8 1750.4 971.5 778.9 601.3 2491.0 1922.8 1066.0 856.8 568.2 2472.4 1974.6 1084.0 890.7 497.8 2889.2 2404.6 1367.4 1037.2 484.6 3059.9 2546.7 1416.2 1130.5 513.2 3368.5 2851.3 1758.8 1092.5 517.1 120 121 122 123 124 12393.6 15057.4 14284.8 18086.8 22097.5 28413.7 22531.5 28115.6 125 93.3 93.4 110.7 118.1 137.0 164.5 173.7 183.0 126 5782.7 7019.4 6629.5 8278.5 10673.4 13898.3 10821.9 13524.7 127 694.2 828.7 799.0 899.6 1024.3 1187.9 1058.6 1200.7 128 5823.4 7115.9 6745.5 8790.5 10262.9 13163.1 10477.3 13207.2 129 60.6 39.8 17.0 3.9 74.2 50.1 19.7 4.3 85.0 59.2 10.4 15.4 88.0 61.3 10.7 16.0 63.1 59.1 1.6 2.4 66.0 65.1 0.2 0.7 68.2 66.6 0.3 1.3 388.9 445.5 493.2 509.1 608.0 687.0 736.6 74.7 73.1 0.3 1.3 130 131 132 133 838.5 134 26775.2 30608.7 30186.6 35302.5 40507.3 47994.8 41472.6 48973.5 135 18734.4 23023.0 20718.6 24044.5 26321.9 29813.9 26142.6 29607.2 136 48.9 51.9 50.8 50.7 52.9 163.6 160.5 166.5 137 560.4 38.9 18.4 500.6 2.6 820.6 42.6 17.6 757.7 2.6 890.5 41.8 22.0 824.1 2.6 834.2 41.4 26.2 764.0 2.6 920.2 44.4 36.4 836.8 2.6 916.1 40.6 35.8 837.0 2.6 989.2 37.1 35.0 914.5 2.6 887.0 37.2 30.2 816.9 2.6 Debt securities Commercial paper Bonds 2672.1 167.7 2504.3 3186.3 236.0 2950.2 3294.9 310.4 2984.6 3558.3 291.4 3266.9 3753.9 217.7 3536.2 4218.4 421.7 3796.7 3713.2 331.8 3381.4 3896.8 143 301.0 144 3595.9 145 FL264135005 FL264141005 FL262151003 FL263169005 FL263168005 FL713091103 FL263192305 Loans Short term Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) Long term (foreign direct investment in the U.S.: debt) 1631.1 1421.5 905.4 36.0 474.6 5.6 209.6 1609.3 1428.0 872.3 56.4 487.3 12.1 181.2 1821.5 1589.9 989.6 50.6 545.5 4.2 231.7 2004.6 1917.8 1223.8 57.6 632.6 3.7 86.8 2092.7 2052.0 1279.2 55.9 699.0 17.9 40.7 1942.5 1978.8 1173.1 54.2 748.2 3.3 -36.2 2013.1 2085.4 1161.2 63.5 860.3 0.4 -72.2 2615.9 2673.5 1689.0 29.3 953.8 1.4 -57.6 153 154 155 156 FL263181105 LM263164100 FL313092803 LM263192101 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad: equity 157 FL263152005 Insurance, pension and standardized guarantee schemes 248.2 295.6 323.0 334.3 399.4 480.9 570.5 600.5 157 158 159 160 LM263196005 LM263170005 FL263194735 Other accounts payable Trade payables Other investment by U.S. holding companies 178.3 69.0 109.3 192.7 77.1 115.6 233.1 79.4 153.6 230.9 81.6 149.2 224.6 81.6 143.0 233.7 84.8 148.9 240.1 82.4 157.7 242.6 158 84.2 159 158.4 160 161 FL262090095 8040.8 7585.7 Net worth (external account) 138 139 140 141 142 146 147 148 149 150 151 152 13395.4 16866.7 14104.7 17031.4 18878.1 21858.6 18455.8 21197.9 153 7146.3 9118.1 7899.6 9478.0 10615.0 12061.3 10306.0 11648.7 154 63.3 64.8 66.1 67.5 69.3 70.5 72.9 76.0 155 6185.8 7683.8 6139.1 7486.0 8193.8 9726.8 8077.0 9473.2 156 9468.0 11258.0 14185.4 18181.0 15330.0 19366.3 161 (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.