Financial Accounts of the United States

RFor use at 12:00 noon, eastern time March 12, 2020

F EDERAL R ESERVE S TATISTICAL R ELEASE

Z.1 Financial Accounts of the United States

Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts

Fourth Quarter 2019

B OARD OF G OVERNORS OF THE F EDERAL R ESERVE S YSTEM

Recent Developments in Household Net Worth and Domestic Nonfinancial Debt

The net worth of households and nonprofits rose to an annual rate of 4.5 percent, while mortgage debt $118.4 trillion during the fourth quarter of 2019. The (excluding charge-offs) grew at an annual rate of 3.1 value of directly and indirectly held corporate equities percent. increased $2.6 trillion and the value of real estate increased $0.1 trillion. Nonfinancial business debt rose at an annual rate of 2.2 percent in the fourth quarter of 2019, down from a Domestic nonfinancial debt outstanding was $54.3 5.6 percent annual rate in the previous quarter. trillion at the end of the fourth quarter of 2019, of which household debt was $16.1 trillion, nonfinancial business Federal government debt increased 3.8 percent at an debt was $16.1 trillion, and total government debt was annual rate in the fourth quarter of 2019, down from a $22.1 trillion. 10.4 percent annual rate in the previous quarter.

Domestic nonfinancial debt expanded 3.4 percent at an State and local government debt expanded at an annual rate in the fourth quarter of 2019, down from an annual rate of 4.4 percent in the fourth quarter of 2019, annual rate of 6.3 percent in the previous quarter. after expanding at an annual rate of 0.7 percent in the previous quarter. Household debt increased 4.1 percent at an annual rate in the fourth quarter of 2019. Consumer credit grew at

Household Net Worth and Growth of Domestic Nonfinancial Debt Growth of domestic nonfinancial debt2 Household Federal State and Year net worth1 Total Households Businesses government local gov’ts 2010 67,129 4.4 -0.6 -0.8 18.5 2.7 2011 68,414 3.6 -0.0 2.6 10.8 -1.2 2012 73,573 4.8 1.0 5.0 10.1 0.1 2013 82,498 3.7 1.7 4.5 6.7 -1.6 2014 88,440 4.1 2.1 6.5 5.4 -1.2 2015 91,595 4.4 2.4 6.9 5.0 0.4 2016 97,089 4.5 3.2 5.3 5.6 1.1 2017 106,003 4.2 4.0 6.0 3.7 -0.0 2018 107,219 4.7 3.2 4.2 7.6 -1.6 2019 118,368 4.8 3.5 4.8 6.7 0.3

2017: Q4 106,003 3.8 5.1 4.8 1.8 4.0 2018: Q1 106,792 6.7 3.0 3.9 14.3 -3.2 Q2 108,507 4.0 3.6 3.3 5.7 -0.4 Q3 110,594 4.3 3.4 4.3 5.9 -1.4 Q4 107,219 3.4 2.8 4.8 3.7 -1.5 2019: Q1 112,596 6.0 2.1 6.8 9.8 -1.3 Q2 114,419 3.1 4.3 4.3 2.1 -2.5 Q3 115,220 6.3 3.4 5.6 10.4 0.7 Q4 118,368 3.4 4.1 2.2 3.8 4.4 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.

iii

Release Highlights Fourth Quarter 2019

Topic Description Household Balance Sheet and Household Balance Sheet and Changes in Net Worth data Changes in Net Worth data visualizations added detail on directly and indirectly held debt visualizations securities. These data can be found at https://www.federalreserve.gov/releases/z1/dataviz/z1/balance _sheet/chart/ Total mortgages instrument table The format of the total mortgages instrument tables (tables F.217 and L.217) has changed, and now includes additional detail on holdings of institutions that compose the federal government, government-sponsored enterprises, and agency- and GSE-backed mortgage pools sectors. This expansion corresponds to the Federal Reserve’s Mortgage Debt Outstanding table, which now shows a mapping to Financial Accounts’ series and can be accessed at https://www.federalreserve.gov/data/mortoutstand/default.htm. In addition, home mortgages have been renamed one-to-four- family residential mortgages. State and local governments sector Transactions of debt securities held by state and local governments (table F.107) have been revised beginning 2003:Q2 to remove holding gains and losses. Levels were already reported at market value. Security brokers and dealers Transactions of debt securities held by security brokers and dealers (table F.130) have been revised beginning 2000:Q1 to remove holding gains and losses. Levels were already reported at market value. Closely held equity Closely held equity of the nonfinancial corporate business sector (L.223, line 5) and financial corporations (L.223, line 8) has been revised beginning 1996:Q4 due to a change in underlying source data.

Explanatory Notes

Financial Accounts of the United States Concepts of Levels and Transactions in the SNA and the Financial Accounts The Statistical Release Z.1, Financial Accounts of the United States, or Financial Accounts, is organized into The level of an asset or liability (also referred to as the the following sections: “stock” or “outstanding”) measures the value of the asset or liability in existence at a point in time. In the ■ Matrices summarizing transactions and levels Financial Accounts, the levels are reported as of the end across sectors and tables on debt growth, net of each calendar quarter. In the SNA2008, the change in national wealth, gross domestic product (GDP), the level from one period to the next is called the national income, saving, and so on economic flow, and can be decomposed into three broad ■ Transactions of financial assets and liabilities, elements: transactions, which measure the exchange of by sector and by financial instrument assets; revaluations, which measure holding gains and ■ Levels of financial assets and liabilities, by losses; and other changes in volume, which measure sector and by financial instrument discontinuities or breaks in time series due to disaster ■ Balance sheets, including nonfinancial assets, losses or a change in source data or definition. In and changes in net worth for households and practice, other volume changes are relatively rare, and nonprofit organizations, nonfinancial corporate revaluations occur mainly for series carried at market businesses, and nonfinancial noncorporate value (such as corporate equities, real estate, and some businesses debt securities), so for many series the change in the Supplementary balance sheet tables for the level is equal to the transactions element. household sector, nonprofit organization sector, and the household and nonprofit organization Growth Rates sector with additional equity detail Growth rates calculated from levels include revaluations ■ Integrated Macroeconomic Accounts (IMA) and other changes in volume. In order to isolate the effect of transactions on the growth of a given asset or The IMA relate production, income, saving, and capital liability, users should calculate the ratio of transactions formation from the Bureau of Economic Analysis’s in a given period to the level in the preceding period. (BEA) national income and product accounts (NIPA) to changes in net worth from the Financial Accounts on a Growth rates in table D.1 are calculated by dividing sector-by-sector basis. The IMA are published jointly by transactions at a seasonally adjusted annual rate from the Federal Reserve Board and BEA and are based on table D.2 by seasonally adjusted levels at the end of the international guidelines and terminology as defined in previous period from table D.3. Growth rates calculated the System of National Accounts (SNA2008). from changes in unadjusted levels may differ from those in table D.1. Federal Reserve Board staff have taken many steps over the past several years to conform the Financial Accounts Seasonal Adjustment with the SNA2008 guidelines. Nonetheless, a few important differences remain, in particular, the Seasonal factors are recalculated and updated every following in the Financial Accounts: September with the release of second-quarter data. Series that exhibit significant seasonal patterns are ■ The purchase of consumer durables is treated as adjusted. The seasonal factors are generated using the X- investment rather than as consumption. 13-ARIMA seasonal adjustment program from the U.S. ■ Nonfinancial noncorporate businesses (which Census Bureau, estimated using the most recent 10 years are often small businesses) are shown in a of transaction data. Because the effects of the recent separate sector rather than being included in the financial crisis resulted in distortions in the estimated household sector. seasonal factors for some series, seasonal factors for ■ Some debt securities are recorded at book value these series have been extrapolated using pre-crisis data. rather than market value. Seasonally adjusted levels shown in table D.3 are derived by carrying forward year-end levels by seasonally adjusted transactions.

vi Data Revisions breakdown of what the letters and numbers represent in the series mnemonics. Some data submissions to Data shown for the most recent quarters are based on international organizations are also available in the preliminary and potentially incomplete information. A guide. The guide is updated with the quarterly release summary list of the most recent data available for each and is available online: sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation www.federalreserve.gov/apps/fof methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are Enhanced Financial Accounts and Data revised on an ongoing basis. In each release of the Financial Accounts, major revisions are highlighted at Visualization the beginning of the publication. Additional supplementary information is available online in the Enhanced Financial Accounts, which Discrepancies augment the Financial Accounts with finer detail, additional types of activities, higher-frequency data, and The data in the Financial Accounts come from a large more-disaggregated data. Links to the Enhanced variety of sources and are subject to limitations and Financial Accounts are available from both the uncertainty due to measurement errors, missing Financial Accounts Guide page and the main release information, and incompatibilities among data sources. page. In addition, interactive online data visualizations The size of this uncertainty cannot be quantified, but its are available for selected components of the Financial existence is acknowledged by the inclusion of Accounts and Enhanced Financial Accounts. Links are “statistical discrepancies” for various sectors and available also on the same pages. financial instruments.

The discrepancy for a given sector is defined as the Production Schedule difference between the aggregate value of the sector’s The Financial Accounts are published four times per sources of funds and the value of its uses of funds. year, about 10 weeks following the end of each calendar Sources of funds are gross savings less net capital quarter. The publication is available online: transfers paid and net increase in liabilities; uses of funds are capital expenditures and the net acquisition of www.federalreserve.gov/releases/Z1 financial assets. If a sector’s sources of funds are greater than its uses of funds, the sector is a net lender of funds This website also provides CSV files of quarterly data in the accounts. In the reverse case, the sector would be for transactions at a seasonally adjusted annual rate, a net borrower of funds. Most of the data for deriving unadjusted transactions, levels outstanding, balance gross savings come from the BEA’s NIPA. For a sheets, debt tables, supplementary tables, and the IMA. financial instrument category, the discrepancy is defined as the difference between the measurement of funds In addition, the data are available as customizable raised through the financial instrument and funds datasets through the Federal Reserve Board’s Data disbursed through that instrument. The relative size of Download Program online: the statistical discrepancy is one indication of the quality of the underlying source data. Note that differences in www.federalreserve.gov/datadownload/default.htm seasonal adjustment procedures sometimes result in quarterly discrepancies that partially or completely Print Subscription Information offset each other in the annual data. The Federal Reserve Board charges a fee for Financial Accounts Guide subscriptions to print versions of statistical releases. Inquiries regarding print versions should be directed to Substantially more detail on the construction of the the following office: Financial Accounts is available in the Financial Accounts Guide, which provides interactive, online Publications Services, Stop 127 documentation for each data series. The tools and Board of Governors of the Federal Reserve System descriptions in the guide are designed to help users 20th Street and Constitution Avenue, N.W. understand the structure and content of the Financial Washington, DC 20551 Accounts. (202) 452-3245

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

vii Description of Most Recent Data Available

Sector Table Available at time of publication National income and product Second estimate, seasonally adjusted, for 2019:Q4. Corporate accounts (NIPA) profits through 2019:Q3. Government receipts and expeditures (various tables) 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 Estimates for this sector are largely residuals and are derived organizations sector from data for other sectors. Availability of data depends on (tables F.101 and L.101) schedules for other sectors. Data for consumer credit, which are estimated directly, are available through 2019:Q4. Internal Revenue Service Statistics of Income (IRS/SOI) data for private foundations and Section 501(c)(3-9) nonprofit organizations are available through 2016 (table B.101.n). Nonfinancial corporate business Quarterly Financial Report (QFR) of the Census Bureau through (tables F.103 and L.103) 2019:Q3; IRS/SOI data through 2017. Securities offerings, mortgages, bank loans, commercial paper, and other loans through 2019:Q4. Corporate farm data through 2018; USDA forecast through 2019:Q4. Nonfinancial noncorporate business IRS/SOI data through 2016; bank and finance company loans, (tables F.104 and L.104) and mortgage borrowing through 2019:Q4. Noncorporate farm data through 2018; USDA forecast through 2019:Q4. Federal government Data from the Monthly Treasury Statement of Receipts and (tables F.106 and L.106) Outlays and Monthly Statement of the Public Debt through 2019:Q4. Loan programs through 2019:Q4. State and local governments Gross offerings and retirements of municipal securities, deposits (tables F.107 and L.107) at banks, nonmarketable U.S. government security issues, and MMF shares through 2019:Q4. Data for total financial assets from Census Bureau through 2017:Q2. Additional financial asset detail from comprehensive annual financial reports of state and local governments through 2011:Q2. Monetary authority Most data through 2019:Q4. Debt security data through (tables F.109 and L.109) 2019:Q3. U.S.-chartered depository All data through 2019:Q4. institutions (tables F.111 and L.111) Foreign banking offices in U.S. All data through 2019:Q4. (tables F.112 and L.112) Banks in U.S.-affiliated areas All data through 2019:Q4. (tables F.113 and L.113) Credit unions All data through 2019:Q4. (tables F.114 and L.114) Property-casualty insurance All data through 2019:Q3. companies (tables F.115 and L.115)

viii Sector Table Available at time of publication Life insurance companies All data through 2019:Q3. (tables F.116 and L.116) Private pension funds Internal Revenue Service/Department of Labor Form 5500 data (tables F.118 and L.118) through 2017. Investment Company Institute data through 2019:Q3. BEA annual actuarial liability data through 2018:Q4. Federal government retirement Data from the Monthly Treasury Statement of Receipts and funds Outlays, the Thrift Savings Plan, and the National Railroad (tables F.119 and L.119) Retirement Investment Trust through 2019:Q4. BEA annual actuarial liability data through 2018:Q4. State and local government Detailed annual survey data through 2018:Q2 and quarterly employee retirement funds survey data through 2019:Q3 from the Census Bureau. (tables F.120 and L.120) Investment Company Institute data through 2019:Q3. BEA annual actuarial liability data through 2018:Q4. Money market funds All data through 2019:Q4. (tables F.121 and L.121) Mutual funds All data through 2019:Q4. (tables F.122 and L.122) Closed-end funds All data through 2019:Q4. (tables F.123 and L.123) Exchange-traded funds All data through 2019:Q4. (tables F.124 and L.124) Government-sponsored enterprises Data for Fannie Mae, Freddie Mac, FICO, REFCORP, Farmer (GSEs) Mac, and FCS through 2019:Q4. Data for FHLB through (tables F.125 and L.125) 2019:Q3. Agency- and GSE-backed Data for Freddie Mac, Fannie Mae, Farmer Mac, and Ginnie mortgage pools Mae through 2019:Q4. (tables F.126 and L.126) Issuers of asset-backed securities All data for private mortgage pools, consumer credit, business (ABS) loans, student loans, consumer leases, and trade credit (tables F.127 and L.127) securitization through 2019:Q4. Finance companies All data through 2019:Q4. (tables F.128 and L.128) Real estate investment trusts All data through 2019:Q3 and preliminary data for 2019:Q4. (REITs) (tables F.129 and L.129) Security brokers and dealers FOCUS and FOGS reports through 2019:Q4. (tables F.130 and L.130) Holding companies All data through 2019:Q4. (table F.131 and L.131) Other financial business Estimates for this sector are largely residuals and are derived (tables F.132 and L.132) from data for other sectors. Rest of the world NIPA estimates, depository institutions’ Call Reports, and (tables F.133 and L.133) Treasury International Capital System through 2019:Q4. International transaction accounts and international investment position through 2019:Q3.

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 Levels Title Table Page Table Page

Sectors

Domestic Nonfinancial F.100 15 L.100 77 Households and Nonprofit Organizations F.101 16 L.101 78 Nonfinancial Business F.102 17 L.102 79 Nonfinancial Corporate Business F.103 18 L.103 80 Nonfinancial Noncorporate Business F.104 19 L.104 81 General Government F.105 20 L.105 82 Federal Government F.106 21 L.106 83 State and Local Governments F.107 22 L.107 84 Domestic Financial F.108 23 L.108 85 Monetary Authority F.109 24 L.109 86 Private Depository Institutions F.110 25 L.110 87 U.S.-Chartered Depository Institutions F.111 26 L.111 88 Foreign Banking Offices in U.S. F.112 27 L.112 89 Banks in U.S.-Affiliated Areas F.113 28 L.113 90 Credit Unions F.114 29 L.114 90

x Sectors

Property-Casualty Insurance Companies F.115 29 L.115 91 Life Insurance Companies F.116 30 L.116 92 Life Insurance Companies: General Accounts F.116.g 31 L.116.g 93 Life Insurance Companies: Separate Accounts F.116.s 31 L.116.s 93 Private and Public Pension Funds F.117 32 L.117 94 Private Pension Funds F.118 33 L.118 95 Private Pension Funds: Defined Benefit Plans F.118.b 34 L.118.b 96 Private Pension Funds: Defined Contribution Plans F.118.c 34 L.118.c 96 Federal Government Employee Retirement Funds F.119 35 L.119 97 Federal Government Employee Retirement Funds: Defined Benefit Plans F.119.b 36 L.119.b 98 Federal Government Employee Retirement Funds: Defined Contribution Plans F.119.c 37 L.119.c 98 State and Local Government Employee Retirement Funds F.120 37 L.120 99 State and Local Government Employee Retirement Funds: Defined Benefit Plans F.120.b 38 L.120.b 100 State and Local Government Employee Retirement Funds: Defined Contribution Plans F.120.c 38 L.120.c 100 Money Market Funds F.121 39 L.121 101 Mutual Funds F.122 39 L.122 101 Closed-End Funds F.123 40 L.123 102 Exchange-Traded Funds F.124 40 L.124 102 Government-Sponsored Enterprises F.125 41 L.125 103 Agency- and GSE-Backed Mortgage Pools F.126 41 L.126 103 Issuers of Asset-Backed Securities F.127 42 L.127 104 Finance Companies F.128 43 L.128 105 Real Estate Investment Trusts (REITs) F.129 44 L.129 106 Equity Real Estate Investment Trusts F.129.e 45 L.129.e 107 Mortgage Real Estate Investment Trusts F.129.m 45 L.129.m 107 Security Brokers and Dealers F.130 46 L.130 108 Holding Companies F.131 47 L.131 109 Other Financial Business F.132 48 L.132 110 Rest of the World F.133 49 L.133 111

Instruments

U.S. Official Reserve Assets and SDR Allocations F.200 50 L.200 112 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 50 L.201 112 U.S. Deposits in Foreign Countries F.202 50 L.202 112 Net Interbank Transactions F.203 51 L.203 113 Checkable Deposits and Currency F.204 52 L.204 114 Time and Savings Deposits F.205 53 L.205 115 Money Market Fund Shares F.206 53 L.206 115

Federal Funds and Security Repurchase Agreements F.207 54 L.207 116 Debt Securities F.208 55 L.208 117 Open Market Paper F.209 56 L.209 118 Treasury Securities F.210 57 L.210 119 Agency- and GSE-Backed Securities F.211 58 L.211 120 Municipal Securities F.212 59 L.212 121 Corporate and Foreign Bonds F.213 60 L.213 122 Loans F.214 61 L.214 123 Depository Institution Loans Not Elsewhere Classified F.215 62 L.215 124 Other Loans and Advances F.216 63 L.216 125 Total Mortgages F.217 64 L.217 126 One-to-four-family Residential Mortgages F.218 65 L.218 127 Multifamily Residential Mortgages F.219 65 L.219 127 Commercial Mortgages F.220 66 L.220 128 Farm Mortgages F.221 66 L.221 128 Consumer Credit F.222 67 L.222 129 Corporate Equities F.223 68 L.223 130 Mutual Fund Shares F.224 68 L.224 130 Trade Credit F.225 69 L.225 131 Life Insurance Reserves F.226 69 L.226 131 Pension Entitlements F.227 70 L.227 132 Taxes Payable by Businesses F.228 70 L.228 132 Proprietors' Equity in Noncorporate Business F.229 70 L.229 132 Direct Investment F.230 71 L.230 133

xii Total Miscellaneous Financial Claims F.231 72 L.231 134 Identified Miscellaneous Financial Claims—Part I F.232 73 L.232 135 Identified Miscellaneous Financial Claims—Part II F.233 74 L.233 136 Unidentified Miscellaneous Financial Claims F.234 75 L.234 137 Sector Discrepancies F.7 76 Instrument Discrepancies F.8 76

Balance Sheet Change in Net Worth Title Table Page Table Page

Balance Sheet and Change in Net Worth

Households and Nonprofit Organizations B.101 138 R.101 141 Nonfinancial Corporate Business B.103 139 R.103 142 Nonfinancial Noncorporate Business B.104 140 R.104 143

Title Table Page

Supplementary Tables

Balance Sheet of Households B.101.h 144 Balance Sheet of Nonprofit Organizations B.101.n 145 Balance Sheet of Households and Nonprofit Organizations with Debt and Equity Holdings Detail B.101.e 146

Title Table Page

Integrated Macroeconomic Accounts for the United States

Total Economy—Current Account S.1.a 147 Selected Aggregates for Total Economy and Sectors S.2.a 148 Households and Nonprofit Institutions Serving Households S.3.a 150 Nonfinancial Noncorporate Business S.4.a 153 Nonfinancial Corporate Business S.5.a 156 Financial Business S.6.a 159 Central Bank S.61.a 162 Private Depository Institutions S.62.a 164 Insurance Companies S.63.a 167 Pension Funds S.64.a 170 Other Financial Business S.65.a 173 Federal Government S.7.a 176 State and Local Governments S.8.a 179 Rest of the World S.9.a 182

Z.1, March 12, 2020 Financial Accounts Matrix--Transactions for 2019 (Billions of dollars; seasonally adjusted)

Households State Domestic Domestic Instrument and Nonprofit Nonfinancial Federal and Local Nonfinancial Financial Rest of All Discrep- Organziations Business Government Governments Sectors Sectors the World Sectors ancy

USUSUSUSUSUSUSUS (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)

1 Gross saving less net cap. transfers -- 3298.0 -- 2525.3 -- -959.0 -- 154.3 -- 5018.6 -- 264.3 -- 503.4 -- 5786.3 -- 2 Capital consumption -- 1723.5 -- 2018.3 -- 294.2 -- 292.7 -- 4328.7 -- 256.1 ------4584.8 -- 3 Net saving (1 less 2) -- 1574.4 -- 507.0 -- -1253.2 -- -138.4 -- 689.9 -- 8.2 -- 503.4 -- 1201.5 --

4 Gross investment (5 plus 11) 3758.8 -- 2271.5 -- -862.1 -- 112.3 -- 5280.6 -- 358.5 -- 227.2 -- 5866.2 -- -79.9 5 Capital expenditures 2298.1 -- 2551.0 -- 306.4 -- 440.6 -- 5596.1 -- 306.5 -- 0.0 -- 5902.6 -- -116.3 6 Consumer durables 1423.6 ------1423.6 ------1423.6 -- -- 7 Residential 670.9 -- 119.4 -- -0.3 -- 5.1 -- 795.0 -- 7.2 ------802.2 -- -- 8 Nonresidential 216.7 -- 2362.4 -- 309.8 -- 420.4 -- 3309.2 -- 299.3 ------3608.6 -- -- 9 Inventory change -- -- 68.3 ------68.3 ------68.3 -- -- 10 Nonproduced nonfinancial assets -13.0 -- 1.0 -- -3.1 -- 15.1 -- 0.0 ------0.0 ------

11 Net lending (+) or net borrowing (-) 1460.7 -- -279.5 -- -1168.5 -- -328.3 -- -315.5 -- 52.0 -- 227.2 -- -36.4 -- 36.4 12 Net acquisition of financial assets 2023.2 -- 1216.0 -- 12.1 -- -38.7 -- 3212.5 -- 3465.8 -- 535.1 -- 7213.4 -- -- 13 Net increase in liabilities and equity -- 562.5 -- 1495.4 -- 1180.5 -- 289.6 -- 3528.1 -- 3413.8 -- 307.9 -- 7249.8 --

14 U.S. official reserve assets ------7.2 0.0 -- -- 7.2 0.0 0.1 -- 0.0 7.3 7.3 7.3 -- 15 SDR certificates ------0.0 ------0.0 0.0 ------0.0 0.0 -- 16 Treasury currency ------0.0 ------0.0 0.3 ------0.3 0.0 -0.3 17 Foreign deposits -5.9 -- 2.3 ------3.6 -- 5.8 -- -- -26.5 2.2 -26.5 -28.7 18 Interbank claims ------5.6 -103.2 -84.7 -- -90.3 -103.2 -12.9 19 Checkable dep. and currency -139.0 -- 237.4 -- 1.0 -- 6.2 -- 105.6 -- 92.8 256.2 57.8 -- 256.2 256.2 0.0 20 Time and savings deposits 498.1 -- 114.4 -- 0.3 -- 20.5 -- 633.3 -- 59.5 688.4 -4.4 -- 688.4 688.4 -- 21 Money market fund shares 348.3 -- 118.2 ------4.7 -- 471.1 -- 106.0 596.0 18.8 -- 596.0 596.0 -- 22 Fed. funds and security repos -- -- -5.5 ------2.0 -- -7.5 -- 548.7 236.1 13.6 116.2 554.8 352.3 -202.5

23 Debt securities 244.1 -3.4 63.0 258.8 0.0 1174.9 -89.3 8.4 217.8 1438.6 1457.9 460.0 337.7 114.8 2013.4 2013.4 -- 24 Open market paper -- -- 86.9 -1.5 -- -- -1.0 -- 85.9 -1.5 -40.0 1.8 3.3 49.0 49.3 49.3 -- 25 Treasury securities 322.2 -- -17.0 -- -- 1176.6 -45.3 -- 259.8 1176.6 736.2 -- 180.6 -- 1176.6 1176.6 -- 26 Agency- and GSE-backed sec. 88.8 -- -6.9 -- 0.0 -1.7 -22.4 -- 59.5 -1.7 180.1 292.4 51.1 -- 290.7 290.7 -- 27 Municipal securities -50.5 -3.4 0.1 14.5 -- -- -0.9 8.4 -51.3 19.5 68.2 -- 2.6 -- 19.5 19.5 -- 28 Corporate and fgn. bonds -116.4 -- -- 245.8 0.0 -- -19.8 -- -136.2 245.8 513.4 165.7 100.1 65.8 477.4 477.4 --

29 Loans 8.2 551.2 4.6 478.0 102.1 15.8 -3.0 1.8 111.9 1046.8 855.1 -69.8 97.2 87.1 1064.1 1064.1 -- 30 Depository inst. loans n.e.c. -- 12.7 -- 47.1 ------59.8 138.8 0.6 -- 78.4 138.8 138.8 -- 31 Other loans and advances 23.4 36.3 -- 138.4 18.2 15.8 -- 1.8 41.7 192.4 -7.1 -69.4 97.2 8.7 131.7 131.7 -- 32 Mortgages -11.7 321.1 4.6 292.4 0.6 0.0 -3.0 -- -9.5 613.5 622.1 -1.0 -- -- 612.6 612.6 -- 33 Consumer credit -3.6 181.0 0.0 -- 83.3 ------79.7 181.0 101.3 ------181.0 181.0 --

34 Corporate equities 233.6 -- -46.2 -408.5 0.0 -- -3.4 -- 184.0 -408.5 -306.0 210.5 -211.4 -135.3 -333.3 -333.3 -- 35 Mutual fund shares 244.9 -- -9.8 ------1.2 -- 236.2 -- -100.5 210.1 74.4 -- 210.1 210.1 -- 36 Trade credit 4.8 13.0 134.1 155.9 -0.4 7.8 10.9 50.2 149.4 227.0 15.0 7.7 7.3 -15.3 171.7 219.4 47.7

37 Life insurance reserves 42.4 ------0.9 -- -- 42.4 0.9 25.6 62.5 1.4 6.0 69.4 69.4 -- 38 Pension entitlements 417.8 ------417.8 -- -0.3 419.0 -0.3 -1.8 417.2 417.2 -- 39 Taxes payable ------18.4 -105.0 -- 8.1 -- -97.0 -18.4 -- 10.7 -- -- -97.0 -7.7 89.3 40 Equity in noncorp. business 95.8 -- -- 90.6 ------95.8 90.6 -- 5.2 -- -- 95.8 95.8 -- 41 U.S. direct investment abroad -- -- 123.4 ------123.4 -- 26.6 -- -- 150.0 150.0 150.0 -- 42 Foreign direct investment in U.S. ------203.9 ------203.9 -- 22.7 226.6 -- 226.6 226.6 -- 43 Miscellaneous 30.2 1.7 480.0 735.2 6.9 -18.9 7.5 229.2 524.6 947.2 684.7 401.6 1.0 5.4 1210.3 1354.2 143.9

44 Sector discrepancies (1 less 4) -460.8 -- 253.8 -- -96.9 -- 42.0 -- -262.0 -- -94.2 -- 276.2 -- -79.9 -- -79.9

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. 1 Summary Z.1, March 12, 2020 Financial Accounts Matrix--Transactions Summary

Households State Domestic Domestic Instrument 2 and Nonprofit Nonfinancial Federal and Local Nonfinancial Financial Rest of All Discrep- Organziations Business Government Governments Sectors Sectors the World Sectors ancy

USUSUSUSUSUSUSUS (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)

1 Gross saving less net cap. transfers -- 156000105 -- 146000105 -- 316000105 -- 216000105 -- 386000105 -- 796000105 -- 266000105 -- 896000105 -- 2 Capital consumption -- 156300005 -- 146300005 -- 316300001 -- 216300001 -- 386300005 -- 796300005 ------886300005 -- 3 Net saving (1 less 2) -- 156006305 -- 146006305 -- 316006305 -- 216006305 -- 386006305 -- 796006305 -- 266000105 -- 896006305 --

4 Gross investment (5 plus 11) 155090005 -- 145090005 -- 315090005 -- 215090005 -- 385090005 -- 795090005 -- 265090005 -- 895090005 -- 907005005 5 Capital expenditures 155050005 -- 145050005 -- 315050005 -- 215050005 -- 385050005 -- 795019005 -- 265420005 -- 895050005 -- 906000105 6 Consumer durables 155111003 ------155111003 ------155111003 -- -- 7 Residential 155012005 -- 145012005 -- 315012065 -- 215012063 -- 385012005 -- 125012063 ------885012005 -- -- 8 Nonresidential 165013005 -- 145013005 -- 315013005 -- 215013005 -- 385013005 -- 795013005 ------885013005 -- -- 9 Inventory change -- -- 145020005 ------145020005 ------145020005 -- -- 10 Nonproduced nonfinancial assets 155420003 -- 105420005 -- 315420003 -- 215420003 -- 385420005 ------265420005 ------

11 Net lending (+) or net borrowing (-) 155000005 -- 145000005 -- 315000005 -- 215000005 -- 385000005 -- 795000005 -- 265000005 -- 895000005 -- 905000005 12 Net acquisition of financial assets 154090005 -- 144090005 -- 314090005 -- 214090005 -- 384090005 -- 794090005 -- 264090005 -- 894090005 -- -- 13 Net increase in liabilities and equity -- 154190005 -- 144194005 -- 314190005 -- 214190005 -- 384190005 -- 794190005 -- 264190005 -- 894190005 --

14 U.S. official reserve assets ------313011005 313111303 -- -- 313011005 313111303 713011005 -- 263011005 263111005 893011005 893111005 -- 15 SDR certificates ------713014003 ------713014003 713014003 ------713014003 713014003 -- 16 Treasury currency ------313112003 ------313112003 713012003 ------713012003 313112003 903012005 17 Foreign deposits 153091003 -- 103091003 ------383091005 -- 633091003 -- -- 263191005 893091005 263191005 903091005 18 Interbank claims ------794010005 794110005 264016005 -- 894010005 794110005 904010005 19 Checkable dep. and currency 153020005 -- 143020005 -- 313020005 -- 213020005 -- 383020005 -- 793020005 793120005 263020005 -- 893020005 793120005 903020005 20 Time and savings deposits 153030005 -- 143030005 -- 313030003 -- 213030000 -- 383030005 -- 793030005 703130005 263030005 -- 703130005 703130005 -- 21 Money market fund shares 153034005 -- 143034005 ------213034003 -- 383034005 -- 793034005 634090005 263034003 -- 634090005 634090005 -- 22 Fed. funds and security repos -- -- 102051003 ------212051003 -- 382051005 -- 792050005 792150005 262051005 262151003 892050005 892150005 902050005

23 Debt securities 154022005 163162003 144022005 104122005 314022005 314122005 214022005 213162005 384022005 384122005 794022005 794122005 264022005 264122005 894122005 894122005 -- 24 Open market paper -- -- 103069100 103169100 -- -- 213069103 -- 383069105 103169100 793069175 793169175 263069103 263169105 893169175 893169175 -- 25 Treasury securities 153061105 -- 143061105 -- -- 313161105 213061105 -- 383061105 313161105 793061105 -- 263061105 -- 313161105 313161105 -- 26 Agency- and GSE-backed sec. 153061705 -- 103061703 -- 313061703 313161705 213061703 -- 383061705 313161705 793061705 423161705 263061705 -- 893161705 893161705 -- 27 Municipal securities 153062005 163162003 143062005 103162000 -- -- 213062003 213162005 383062005 383162005 793062005 -- 263062003 -- 383162005 383162005 -- 28 Corporate and fgn. bonds 153063005 -- -- 103163003 313063763 -- 213063003 -- 383063005 103163003 793063005 793163005 263063005 263163005 893063005 893163005 --

29 Loans 154023005 154123005 144023005 144123005 314023005 314123005 213065005 213169203 384023005 384123005 794023005 794123005 263069500 264123005 894123005 894123005 -- 30 Depository inst. loans n.e.c. -- 153168005 -- 143168005 ------383168005 793068005 793168005 -- 263168005 793068005 793068005 -- 31 Other loans and advances 153069005 153169005 -- 143169005 313069005 313169003 -- 213169203 383069005 383169005 793069005 793169005 263069500 263169005 893169005 893169005 -- 32 Mortgages 153065005 153165005 143065005 143165005 313065005 313165403 213065005 -- 383065005 383165005 793065005 123165005 -- -- 893065005 893065005 -- 33 Consumer credit 163066223 153166000 143066005 -- 313066220 ------383066005 153166000 793066005 ------153166000 153166000 --

34 Corporate equities 153064105 -- 103064103 103164103 313064105 -- 213064103 -- 383064105 103164103 793064105 793164105 263064105 263164100 893064105 893064105 -- 35 Mutual fund shares 153064205 -- 103064203 ------213064203 -- 383064205 -- 793064205 653164205 263064203 -- 653164205 653164205 -- 36 Trade credit 163070005 163170005 143070005 143170005 313070000 313170005 213070003 213170003 383070005 383170005 793070005 793170005 263070005 263170005 893070005 893170005 903070005

37 Life insurance reserves 153040005 ------313140003 -- -- 153040005 313140003 793040005 543140005 543141905 263140005 893140005 893140005 -- 38 Pension entitlements 153050005 ------153050005 -- 543050005 583150005 543151905 263150005 893150005 893150005 -- 39 Taxes payable ------143178005 313078000 -- 213078005 -- 383078005 143178005 -- 793178005 -- -- 893078005 893178005 903078005 40 Equity in noncorp. business 152090205 -- -- 112090205 ------152090205 112090205 -- 662090003 -- -- 152090205 152090205 -- 41 U.S. direct investment abroad -- -- 103092005 ------103092005 -- 793092005 -- -- 263192005 263192005 263192005 -- 42 Foreign direct investment in U.S. ------143192005 ------143192005 -- 793192005 263092001 -- 263092001 263092001 -- 43 Miscellaneous 153090005 543077073 143090005 143190005 313090005 313190005 213093003 223073045 383090005 383190005 793090005 793190005 263076005 263190005 893090005 893190005 903090005

44 Sector discrepancies (1 less 4) 157005005 -- 107005005 -- 317005005 -- 217005005 -- 387005005 -- 797005005 -- 267005005 -- 897005005 -- 907005005

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. Z.1, March 12, 2020 Financial Accounts Matrix--Levels for 2019 (Billions of dollars; amounts outstanding end of period, not seasonally adjusted)

Households State Domestic Domestic Instrument and Nonprofit Nonfinancial Federal and Local Nonfinancial Financial Rest of All Discrep- Organizations Business Government Governments Sectors Sectors the World Sectors ancy

ALALALALALALALAL (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)

1 Total financial assets 95609.8 -- 27627.1 -- 2601.6 -- 3049.6 -- 128888.1 -- 108174.0 -- 34295.1 -- 271357.1 -- -4517.0 2 Total liabilities and equity -- 16576.2 -- 84386.8 -- 21426.0 -- 8224.9 -- 130614.0 -- 112500.3 -- 23725.9 -- 266840.1 -- 3 Total liabilities -- 16576.2 -- 37039.1 -- 21426.0 -- 8224.9 -- 83266.2 -- 100925.6 -- 14200.0 -- 198391.8 --

4 U.S. official reserve assets ------97.8 48.8 -- -- 97.8 48.8 31.6 -- 48.8 118.3 178.2 167.1 -11.0 5 SDR certificates ------5.2 ------5.2 5.2 ------5.2 5.2 -- 6 Treasury currency ------25.3 ------25.3 50.1 ------50.1 25.3 -24.7 7 Foreign deposits 33.8 -- 91.3 ------125.1 -- 7.4 -- -- 762.2 132.5 762.2 629.8 8 Interbank claims ------1631.7 1707.7 122.2 -- 1753.8 1707.7 -46.1

9 Checkable dep. and currency 1263.4 -- 1565.7 -- 407.2 -- 139.1 -- 3375.5 -- 437.1 4800.3 985.8 -- 4798.4 4800.3 1.9 10 Time and savings deposits 10162.5 -- 1341.7 -- 2.3 -- 423.9 -- 11930.4 -- 362.4 12889.3 596.5 -- 12889.3 12889.3 -- 11 Money market fund shares 2148.1 -- 691.0 ------24.5 -- 2863.6 -- 641.2 3634.3 129.5 -- 3634.3 3634.3 -- 12 Fed. Funds and security repos -- -- 8.5 ------140.8 -- 149.3 -- 3850.5 3217.1 1025.3 1153.7 5025.1 4370.8 -654.3

13 Debt securities 5513.5 212.9 385.9 6557.6 0.5 19039.9 1359.5 3063.9 7259.4 28874.4 28955.9 14747.7 12102.3 3729.9 48317.6 47352.0 -965.6 14 Open market paper -- -- 242.3 194.9 -- -- 66.8 -- 309.1 194.9 609.0 433.0 127.2 417.4 1045.2 1045.2 -- 15 Treasury securities 1960.7 -- 109.6 -- -- 19018.7 662.7 -- 2733.0 19018.7 9877.5 -- 6697.9 -- 19308.4 19018.7 -289.7 16 Agency- and GSE-backed sec. 721.3 -- 10.5 -- 0.0 21.2 437.6 -- 1169.3 21.2 7223.3 9382.4 1181.0 -- 9573.6 9403.6 -169.9 17 Municipal securities 1894.0 212.9 23.5 577.6 -- -- 14.4 3063.9 1931.8 3854.5 2105.6 -- 103.3 -- 4140.7 3854.5 -286.2 18 Corporate and fgn. bonds 937.6 -- -- 5785.0 0.5 -- 178.1 -- 1116.2 5785.0 9140.7 4932.3 3992.9 3312.6 14249.7 14029.9 -219.8

19 Loans 891.4 15935.7 123.2 9500.4 1665.0 15.8 220.8 21.1 2900.4 25473.0 24381.6 1953.9 830.5 685.6 28112.5 28112.5 -- 20 Depository inst. loans n.e.c. -- 345.9 -- 2528.4 ------2874.3 3815.3 310.5 -- 630.5 3815.3 3815.3 -- 21 Other loans and advances 806.3 499.6 -- 2078.8 221.7 15.8 -- 21.1 1028.0 2615.4 2233.9 1421.9 830.5 55.1 4092.4 4092.4 -- 22 Mortgages 57.3 10899.4 84.6 4893.2 123.8 0.0 220.8 -- 486.5 15792.6 15527.6 221.5 -- -- 16014.1 16014.1 -- 23 Consumer credit 27.8 4190.7 38.6 -- 1319.5 ------1386.0 4190.7 2804.7 ------4190.7 4190.7 --

24 Corporate equities 21075.5 -- 2249.1 33889.3 33.2 -- 173.2 -- 23531.0 33889.3 23196.3 11491.2 8179.1 9525.9 54906.4 54906.4 -- 25 Mutual fund shares 9682.9 -- 311.9 ------91.5 -- 10086.3 -- 6543.5 17659.5 1029.7 -- 17659.5 17659.5 -- 26 Trade credit 259.5 390.9 4257.7 3408.6 75.0 337.6 238.6 1052.1 4830.8 5189.2 336.5 287.8 337.4 63.9 5504.7 5540.9 36.3

27 Life insurance reserves 1766.4 ------52.2 -- -- 1766.4 52.2 509.2 2162.5 11.8 72.6 2287.3 2287.3 -- 28 Pension entitlements 27995.6 ------27995.6 -- 191.6 28126.3 15.1 75.9 28202.2 28202.2 -- 29 Taxes payable ------394.3 101.6 -- 170.4 -- 272.0 394.3 -- 170.4 -- -- 272.0 564.7 292.7 30 Equity in noncorp. business 13541.9 -- -- 13458.4 ------13541.9 13458.4 -- 83.5 -- -- 13541.9 13541.9 -- 31 U.S. direct investment abroad -- -- 6164.8 ------6164.8 -- 1094.1 -- -- 7258.8 7258.8 7258.8 -- 32 Foreign direct investment in U.S. ------7537.1 ------7537.1 -- 1283.6 8820.7 -- 8820.7 8820.7 -- 33 Miscellaneous 1275.3 36.7 10436.4 9641.1 219.0 1901.1 67.3 4087.8 11998.0 15666.8 15948.2 8285.0 60.2 278.9 28006.4 24230.7 -3775.8

ALALALALALALALAL (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)

1 Total financial assets 154090005 -- 144090005 -- 314090005 -- 214090005 -- 384090005 -- 794090005 -- 264090005 -- 894090005 -- 907005015 2 Total liabilities and equity -- 154190005 -- 144194005 -- 314190005 -- 214190005 -- 384194005 -- 794194005 -- 264194005 -- 894194005 -- 3 Total liabilities -- 154190005 -- 144190005 -- 314190005 -- 214190005 -- 384190005 -- 794190005 -- 264190005 -- 894190005 --

4 U.S. official reserve assets ------313011005 313111303 -- -- 313011005 313111303 713011005 -- 263011005 263111005 893011005 893111005 903011005 5 SDR certificates ------713014003 ------713014003 713014003 ------713014003 713014003 -- 6 Treasury currency ------313112003 ------313112003 713012003 ------713012003 313112003 903012005 7 Foreign deposits 153091003 -- 103091003 ------383091005 -- 633091003 -- -- 263191005 893091005 263191005 903091005 8 Interbank claims ------794010005 794110005 264016005 -- 894010005 794110005 904010005

9 Checkable dep. and currency 153020005 -- 143020005 -- 313020005 -- 213020005 -- 383020005 -- 793020005 793120005 263020005 -- 893020005 793120005 903020005 10 Time and savings deposits 153030005 -- 143030005 -- 313030003 -- 213030000 -- 383030005 -- 793030005 703130005 263030005 -- 703130005 703130005 -- 11 Money market fund shares 153034005 -- 143034005 ------213034003 -- 383034005 -- 793034005 634090005 263034003 -- 634090005 634090005 -- 12 Fed. Funds and security repos -- -- 102051003 ------212051003 -- 382051005 -- 792050005 792150005 262051005 262151003 892050005 892150005 902050005

13 Debt securities 154022005 163162003 144022005 104122005 314022005 314122005 214022005 213162005 384022005 384122005 794022005 794122005 264022005 264122005 894022005 894122005 904022005 14 Open market paper -- -- 103069100 103169100 -- -- 213069103 -- 383069105 103169100 793069175 793169175 263069103 263169105 893169175 893169175 -- 15 Treasury securities 153061105 -- 143061105 -- -- 313161105 213061105 -- 383061105 313161105 793061105 -- 263061105 -- 893061105 313161105 903061103 16 Agency- and GSE-backed sec. 153061705 -- 103061703 -- 313061703 313161705 213061703 -- 383061705 313161705 793061705 423161705 263061705 -- 893061705 893161705 903061703 17 Municipal securities 153062005 163162003 143062005 103162000 -- -- 213062003 213162005 383062005 383162005 793062005 -- 263062003 -- 893062005 383162005 903062003 18 Corporate and fgn. bonds 153063005 -- -- 103163003 313063763 -- 213063003 -- 383063005 103163003 793063005 793163005 263063005 263163005 893063005 893163005 903063003

19 Loans 154023005 154123005 144023005 144123005 314023005 314123005 213065005 213169203 384023005 384123005 794023005 794123005 263069500 264123005 894123005 894123005 -- 20 Depository inst. loans n.e.c. -- 153168005 -- 143168005 ------383168005 793068005 793168005 -- 263168005 793068005 793068005 -- 21 Other loans and advances 153069005 153169005 -- 143169005 313069005 313169003 -- 213169203 383069005 383169005 793069005 793169005 263069500 263169005 893169005 893169005 -- 22 Mortgages 153065005 153165005 143065005 143165005 313065005 313165403 213065005 -- 383065005 383165005 793065005 123165005 -- -- 893065005 893065005 -- 23 Consumer credit 163066223 153166000 143066005 -- 313066220 ------383066005 153166000 793066005 ------153166000 153166000 --

24 Corporate equities 153064105 -- 103064103 103164103 313064105 -- 213064103 -- 383064105 103164103 793064105 793164105 263064105 263164100 893064105 893064105 -- 25 Mutual fund shares 153064205 -- 103064203 ------213064203 -- 383064205 -- 793064205 653164205 263064203 -- 653164205 653164205 -- 26 Trade credit 163070005 163170005 143070005 143170005 313070000 313170005 213070003 213170003 383070005 383170005 793070005 793170005 263070005 263170005 893070005 893170005 903070005

27 Life insurance reserves 153040005 ------313140003 -- -- 153040005 313140003 793040005 543140005 543141905 263140005 893140005 893140005 -- 28 Pension entitlements 153050005 ------153050005 -- 543050005 583150005 543151905 263150005 893150005 893150005 -- 29 Taxes payable ------143178005 313078000 -- 213078005 -- 383078005 143178005 -- 793178005 -- -- 893078005 893178005 903078005 30 Equity in noncorp. business 152090205 -- -- 112090205 ------152090205 112090205 -- 662090003 -- -- 152090205 152090205 -- 31 U.S. direct investment abroad -- -- 103092005 ------103092005 -- 793092005 -- -- 263192005 263192005 263192005 -- 32 Foreign direct investment in U.S. ------143192005 ------143192005 -- 793192005 263092001 -- 263092001 263092001 -- 33 Miscellaneous 153090005 543077073 143090005 143190005 313090005 313190005 213093003 223073045 383090005 383190005 793090005 793190005 263076005 263190005 893090005 893190005 903090005

General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 24) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. F34005F14005F13615F13600F14005F14005F34005F24005F74005FG264104005 FG794104005 FG214104005 FG314104005 FG104104005 FG144104005 FG153166000 FG153165105 FG154104005 FG384104005 Q .440 .544 .105 .744 .74.03 7.84 9.32 -1.88 1.27 -1.14 3.45 5.91 2.68 4.13 2.08 9.35 4.45 2.85 0.68 16.67 1.84 -2.50 2.22 11.78 -1.26 7.56 1.67 3.77 9.45 -1.51 0.16 10.43 -1.44 2.08 8.52 2.88 9.80 -0.37 -1.54 2.47 1.64 -3.17 0.52 2.71 3.66 -4.23 5.79 3.96 5.95 4.44 -0.45 -0.65 5.66 7.96 3.58 -0.60 -1.02 14.29 -4.19 3.57 2.21 -2.46 3.62 5.46 2.18 5.60 5.04 1.79 4.80 5.09 4.27 0.16 6.00 1.25 6.84 1.83 0.68 4.59 4.38 3.66 1.47 2.21 2.60 4.46 12.14 1.04 1.17 1.37 4.75 4.88 0.49 3.48 0.97 4.33 2.39 4.16 1.87 7.35 3.32 4.27 -1.30 5.61 2.16 7.11 3.90 0.48 8.63 6.14 2.07 7.32 3.15 0.22 9.48 3.07 8.18 5.43 3.02 2.03 4.83 1.21 5.46 0.33 3.44 8.42 -1.22 6.09 4.23 8.44 2.24 4.86 -1.61 6.45 3.56 2.04 7.19 1.91 1.52 -0.05 5.99 4.09 6.12 1.38 1.11 9.19 2.39 3.37 9.52 3.14 6.15 0.36 3.06 6.67 4.26 2.17 -0.63 3.42 3.30 6.43 2.14 7.58 14.53 5.94 4.97 -10.40 2.53 5.09 -2.57 -1.20 3.74 4.02 5.29 3.44 15.44 9.71 -1.63 5.56 8.79 2.77 6.32 -4.07 1. Debtsecuritiesandloans. Datashownareonanend-of-periodbasis. 8.57 3.20 7.81 5.02 3.43 21.42 4.75 3.11 0.05 6.03 2.80 -9.62 3.55 4.58 6.11 5.96 3.07 6.82 3.18 Q4 -1.16 2.98 5.37 5.30 6.50 7.98 6.75 13.66 3.52 Q3 6.67 8.24 3.62 7.08 3.40 2.74 1.71 Q2 7.51 7.30 5.10 10.35 9.01 7.66 4.26 4.81 2019 --Q1 10.12 2.51 4.72 2.55 -1.26 3.97 1.44 6.27 4.19 2.65 10.82 4.29 7.36 6.67 6.35 6.84 6.23 5.99 9.45 2.46 Q4 3.72 5.55 7.79 5.33 1.30 Q3 18.53 11.16 4.41 2.77 8.63 6.62 3.83 6.66 5.32 6.91 Q2 4.51 2.61 11.05 20.41 4.53 4.93 2018 --Q1 21.44 1.94 5.26 10.36 4.75 4.21 4.60 11.71 6.52 1.46 4.66 5.05 11.50 3.76 14.19 3.58 4.47 -0.91 2.01 Q4 8.32 6.84 2.26 3.92 16.71 11.09 15.90 0.44 Q3 6.61 5.02 7.06 8.80 -4.84 2.99 2.07 3.98 Q2 12.07 19.54 3.07 2.62 2.85 4.94 1.43 -2.99 2017 --Q1 8.31 15.67 7.15 0.75 13.03 11.73 3.21 4.53 -0.76 4.50 6.10 3.80 9.50 2.24 6.03 3.26 6.81 11.86 7.75 Q4 1.75 5.43 -3.89 5.77 1.47 2.74 1.35 5.06 3.51 4.95 Q3 6.20 5.72 5.41 13.52 4.15 3.22 -6.30 Q2 11.32 -1.96 12.56 3.46 0.20 2.43 3.97 2016 --Q1 -1.10 8.11 -0.28 0.05 5.55 -5.49 -0.21 3.25 -0.68 0.10 10.08 -3.58 3.76 0.36 8.13 -0.74 2.36 6.78 3.01 Q4 8.58 4.79 1.46 -0.26 1.31 3.52 -3.95 5.29 7.96 Q3 -0.68 4.66 6.11 4.60 5.93 2.14 Q2 -1.50 4.20 10.14 1.53 4.38 0.91 1.66 2015 --Q1 9.38 5.18 4.46 2.29 0.88 3.18 1.03 12.88 4.52 4.35 9.23 4.62 5.00 11.08 8.59 5.11 0.74 15.63 1.74 -0.01 8.40 8.88 7.20 5.23 2019 5.57 -0.58 4.13 5.31 10.92 2018 6.62 5.30 3.75 3.84 10.31 11.19 18.24 11.46 5.56 5.98 0.45 2017 24.93 4.75 11.69 13.76 11.18 8.65 10.99 12.03 24.34 8.48 12.47 2016 7.10 -0.03 3.64 21.08 5.23 11.36 7.14 5.44 2015 4.36 13.44 7.63 0.60 7.80 10.55 13.42 5.89 14.49 17.69 13.05 10.94 13.26 2014 8.61 3.69 7.22 10.82 -2.10 5.38 8.68 17.21 15.26 10.55 2013 5.75 5.52 31.85 5.40 8.65 3.06 2012 8.17 9.05 11.57 7.30 2011 8.54 -0.31 11.21 12.33 11.39 11.44 9.35 14.39 13.93 9.73 2010 8.80 10.99 -2.13 8.08 8.02 6.90 8.60 3.63 8.81 17.75 6.11 15.23 8.82 2009 9.16 7.44 6.18 2008 19.10 7.76 16.84 1.13 6.27 18.48 4.86 13.81 9.36 2007 6.69 9.96 -1.07 8.09 11.76 2006 12.64 11.89 5.69 1.87 7.76 5.56 6.55 2005 4.74 5.51 7.05 9.17 16.61 8.36 6.49 11.41 6.30 6.93 2004 6.66 7.01 6.67 13.59 10.98 8.16 2003 6.76 8.85 4.85 7.49 2002 5.55 6.07 16.07 2001 5.21 9.23 9.14 9.17 5.19 10.94 2000 4.88 12.87 5.64 15.95 11.79 9.88 6.81 13.44 1999 5.18 18.37 1998 5.76 4.98 13.75 9.37 12.14 1997 4.67 5.54 14.61 9.78 1996 4.74 0.97 9.68 1995 6.56 11.43 11.36 10.20 4.75 1994 7.49 16.75 7.23 1993 9.20 10.91 1992 8.98 12.62 1991 11.96 11.37 1990 5.62 16.09 7.16 8.77 1989 14.75 1988 12.13 1987 10.17 1986 10.23 1985 9.62 1984 1983 1982 1981 1980 In percent;quarterlyfiguresareseasonallyadjustedannualrates D.1 DebtGrowthbySector oa oa e.mrggscei oa oprt oenetgvrmnsscosworld sectors governments government Corporate Total credit res.mortgages Total Total Households 1 n-ofu-aiyConsumer One-to-four-family Domestic nonfinancialsectors Business eea oa iaca ofthe financial local Federal tt n oetcRest Domestic Stateand Z.1, March12,2020 5

Summary Summary F34005F14005F13615F13600F14005F14005F34005F24005F74005FA264104005 FA794104005 FA214104005 FA314104005 FA104104005 FA144104005 FA153166000 FA153165105 FA154104005 FA384104005 Q 831 5.1315 8.0321 20 1.5156 1.8175.33 331.18 375.86 211.28 -74.61 569.83 -45.39 439.37 231.96 135.65 163.16 340.26 20.59 363.43 462.26 -76.73 614.94 296.72 712.05 357.17 -38.88 418.65 266.93 -46.54 1918.58 260.14 381.51 312.65 25.62 -44.54 52.04 -11.33 285.86 1750.71 457.59 576.34 -99.09 389.61 647.83 -51.54 437.45 53.78 425.98 1037.52 122.44 768.11 -70.43 352.16 974.17 -20.04 881.56 -136.43 2372.82 -31.71 209.19 557.88 665.86 -76.91 455.09 551.41 -19.35 295.25 1047.43 -137.78 184.80 113.76 4.94 977.71 119.53 165.48 833.08 331.63 199.69 719.35 705.52 21.11 168.46 416.12 648.89 201.94 68.67 280.77 171.15 309.77 224.67 331.54 482.97 178.29 642.41 401.60 159.11 75.39 42.32 297.41 561.49 315.68 37.92 214.73 610.25 356.59 882.22 31.97 612.49 212.86 390.18 -40.19 230.98 683.68 950.46 14.85 653.31 163.50 345.77 848.77 324.70 6.77 -102.30 136.15 534.61 256.30 62.43 1240.57 245.43 884.93 267.96 467.98 669.11 403.44 806.05 312.17 10.16 184.99 334.09 207.81 1253.26 231.92 125.42 1853.17 333.93 301.84 -50.37 128.02 -1.56 290.28 743.04 254.50 (1) Debtsecuritiesandloans. 3355.34 161.59 286.82 429.88 890.41 183.58 452.78 204.80 34.26 1639.74 783.09 187.27 192.65 527.74 512.83 10.97 3093.35 -94.26 319.07 1190.71 525.22 Q4 541.74 400.73 277.84 1258.09 Q3 -203.70 216.32 1122.63 450.63 -398.89 -37.55 598.65 226.90 1750.52 746.23 312.82 Q2 645.19 -51.77 240.62 842.67 -673.24 343.15 2169.62 2019 --Q1 769.78 458.48 763.43 234.23 1.62 724.57 1987.55 251.59 659.14 277.42 791.14 241.42 378.91 243.19 -37.11 3285.85 Q4 543.73 735.93 -1732.08 283.81 1004.65 632.32 874.47 857.30 85.43 255.52 98.78 Q3 292.40 543.19 218.86 736.75 1864.79 235.87 Q2 576.25 2064.57 234.67 603.17 91.26 42.31 1180.58 124.94 62.26 2185.34 2018 --Q1 16.16 378.47 140.66 1138.69 262.38 805.85 449.19 1420.27 2191.04 219.44 372.42 604.43 680.31 -10.51 1645.92 1688.44 1139.24 184.22 181.02 Q4 57.17 535.65 172.25 827.01 339.89 138.50 181.81 Q3 320.35 319.07 1090.84 971.10 1505.83 1302.50 836.51 1174.96 116.93 189.89 Q2 184.04 733.28 41.69 22.33 482.12 -56.05 2290.85 165.44 2017 --Q1 233.15 71.42 37.64 958.94 434.61 308.70 2080.00 270.39 233.84 909.50 515.80 106.55 286.51 180.37 -318.34 252.05 2725.87 262.60 120.54 Q4 85.48 144.55 219.15 532.50 313.22 221.09 Q3 177.84 75.26 244.44 -77.16 346.87 1112.29 214.88 105.46 2417.46 601.80 547.78 Q2 1087.98 663.47 138.58 16.88 -415.25 159.01 1082.38 487.50 2016 --Q1 402.85 577.67 109.75 420.71 -14.50 61.98 16.89 282.09 406.49 2434.32 579.46 574.58 19.31 37.26 5.00 1634.12 270.43 459.72 -28.15 Q4 10.11 467.37 66.81 55.21 50.76 2485.40 1126.73 329.52 Q3 -94.57 -72.71 -274.98 2298.38 17.94 165.85 34.31 -67.65 -10.04 Q2 468.45 4.77 351.78 820.88 231.80 1982.40 -20.54 293.58 2015 --Q1 -0.99 612.22 -30.09 2016.95 -60.77 -156.49 225.01 181.53 150.21 -11.41 1.12 139.93 63.41 1892.07 343.12 92.66 420.60 140.45 211.28 -0.95 10.58 78.93 63.86 -45.54 57.95 120.11 16.50 2019 9.23 191.09 1725.24 156.64 -81.50 100.44 2018 366.78 174.17 224.12 1512.66 91.18 715.47 303.41 390.22 5.00 2017 535.54 278.77 252.34 117.19 1838.45 63.61 47.06 2016 193.49 1000.36 263.12 -4.34 105.93 1363.23 30.38 161.79 293.20 343.77 40.59 105.18 2015 10.27 1081.25 333.62 1572.69 560.59 191.13 47.37 951.24 150.56 569.24 316.59 19.41 176.55 42.80 380.69 50.41 929.37 2014 232.82 1269.73 1294.85 191.02 280.25 90.45 874.12 2013 232.24 133.22 15.19 164.73 1174.85 1918.15 706.19 97.12 74.20 107.47 112.35 2012 236.48 2520.61 508.15 97.11 180.91 -54.19 2011 383.54 70.29 82.09 1123.75 2426.69 106.73 163.57 187.90 2010 205.45 131.99 1063.76 2299.37 105.72 112.57 174.17 52.53 765.15 -11.26 47.34 379.36 41.72 146.99 245.53 622.53 2009 165.33 -80.38 2127.57 303.20 585.76 27.62 2008 216.11 265.56 22.22 225.51 1668.87 135.00 132.32 2007 205.19 61.40 164.31 1348.44 215.68 9.19 568.79 2006 153.99 226.42 199.75 1086.62 173.37 213.72 454.87 2005 863.20 -8.81 345.52 184.34 309.59 95.47 166.76 86.28 15.11 346.72 222.34 2004 156.46 207.13 1136.55 318.66 293.56 94.49 95.26 2003 173.00 46.98 1079.50 2002 840.38 174.50 254.74 46.57 320.63 125.02 69.53 2001 749.50 199.98 32.29 244.83 320.79 2000 668.55 55.78 199.07 165.82 153.14 224.87 204.52 83.99 1999 674.03 215.57 189.73 229.25 132.72 1998 708.54 221.62 81.71 1997 548.08 199.37 48.16 18.84 288.93 1996 531.91 181.71 273.95 19.84 1995 688.87 3.43 250.82 127.58 264.61 1994 730.93 105.21 47.43 331.36 1993 821.85 66.99 1992 737.77 222.04 90.22 1991 877.90 181.70 1990 85.80 1015.22 101.62 1989 811.03 113.71 1988 594.60 1987 454.03 1986 414.45 1985 354.93 1984 1983 1982 1981 1980 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates D.2 BorrowingbySector 6

Z.1, March12,2020 oa oa e.mrggscei oa oprt oenetgvrmnsscosworld sectors governments government Corporate Total credit res.mortgages Total Total Households 1 n-ofu-aiyConsumer One-to-four-family Domestic nonfinancialsectors Business eea oa iaca ofthe financial local Federal tt n oetcRest Domestic Stateand

L34005L14005L13615L13600L14005L14005L34005L24005L74005LA264104005 LA794104005 LA214104005 LA314104005 LA104104005 LA144104005 LA153166000 LA153165105 LA154104005 LA384104005 Q 44.21186 01.449.21079 01.21057 050 60.44415.56 4346.38 4223.08 4034.39 16701.64 16651.31 3965.45 16511.08 16400.63 3978.99 3085.02 3928.21 3051.11 3045.96 3954.15 16322.06 3065.14 16209.43 19055.74 3885.47 16138.50 18877.73 3687.83 3074.86 18398.08 16060.09 3553.13 18302.70 3086.50 10116.52 3440.80 3097.63 10103.51 15995.41 9959.43 3100.46 15992.19 17865.03 9850.07 16057.95 3307.65 15881.50 17703.07 15970.09 15788.12 3356.47 3125.24 17443.69 3094.63 9654.26 15749.87 3351.68 17200.14 4190.72 3099.64 15583.60 9601.97 3286.76 15707.16 4144.52 3107.57 9488.20 15728.96 16606.94 4094.60 9133.26 16533.13 15318.19 3227.71 15594.93 4052.48 10610.14 3126.79 16288.70 15138.55 15464.52 3225.33 10530.73 16112.32 3125.56 9050.35 14976.62 3286.39 8899.91 4009.70 10455.22 3120.28 14529.63 3304.10 15261.99 16148.61 8739.31 10369.82 3956.01 3103.11 16008.29 15380.79 15988.76 8586.75 4415.56 3895.20 15933.94 14389.45 3965.45 15331.24 15858.52 3862.22 14145.81 10316.23 3092.53 15713.39 54347.32 3885.47 15298.53 15694.99 8368.82 13933.95 3307.65 10259.53 15475.77 3102.58 (1) Debtsecuritiesandloans. Dataareshownonanend-of-periodbasis. 53887.68 13713.07 8398.99 16701.64 3227.71 3828.19 10187.02 3098.87 53052.43 16322.06 3770.21 15615.63 8298.12 10108.54 3097.17 15165.63 52646.44 Q4 15995.41 3738.20 15512.80 8266.77 13447.11 3281.43 15707.16 14852.31 Q3 3692.30 3085.02 15378.80 13379.42 2970.55 15261.99 10048.51 3074.86 14776.85 Q2 51873.71 15256.27 9974.28 8081.01 13184.03 2825.30 3125.24 14554.25 2019 --Q1 51440.92 3644.14 9910.97 3126.79 13053.12 7974.69 2467.65 15286.47 50896.74 9840.41 3590.06 19055.74 3092.53 15147.21 7874.51 2246.44 15019.23 17865.03 50086.51 Q4 3529.91 14961.89 7687.95 12772.93 14870.34 16606.94 Q3 3471.35 9761.36 3081.57 14873.32 16008.29 12604.91 1968.09 15041.95 10116.52 Q2 49268.83 14722.88 9706.45 3119.12 15165.63 9654.26 12440.60 1561.40 15519.69 2018 --Q1 48735.45 3411.00 9650.15 3170.88 9050.35 12190.02 1959.08 1629.65 48195.60 8368.82 9598.92 3491.63 3169.26 14593.82 14441.05 16057.95 16551.59 1325.24 47655.84 Q4 8081.01 3432.96 3206.36 14505.09 13705.13 15318.19 18001.44 Q3 3367.36 9576.79 14361.56 12847.83 14389.45 17291.10 1265.06 15115.89 Q2 47176.01 7526.65 13447.11 4190.72 14235.39 9506.80 3120.93 1144.24 11667.25 13727.92 944.47 2017 --Q1 46944.00 7077.00 12772.93 4009.70 9481.68 2980.28 10528.56 829.45 46379.25 6716.05 3828.19 9445.83 2937.97 14164.41 2765.72 837.12 3644.14 12643.19 45867.39 Q4 6384.36 11972.26 10610.14 14153.87 8882.65 11537.50 2648.79 3411.00 Q3 6065.28 11241.08 10316.23 14136.73 7376.82 10527.26 776.68 Q2 45195.49 9690.75 10774.90 10048.51 14015.23 6074.32 2483.35 805.95 5803.92 3312.51 9761.36 16148.61 2016 --Q1 44713.66 8675.93 1568.44 10271.73 6169.58 763.59 5584.78 3091.41 9576.79 15615.63 44453.04 1447.90 10016.57 6572.27 689.14 2913.57 15147.21 43856.67 Q4 7765.38 1303.35 6325.19 54347.32 602.52 5250.88 5655.22 2756.56 9452.53 14593.82 Q3 6655.39 1197.89 4848.04 51873.71 10155.17 5247.67 2646.81 9478.48 14164.41 Q2 5567.42 4427.33 49268.83 10666.35 473.42 9562.03 2015 --Q1 4985.73 1181.01 484.81 4145.24 47176.01 10100.33 4977.25 8968.66 9776.37 13971.25 4411.15 1143.75 395.55 4090.03 2555.02 4787.35 45195.49 8145.72 9991.96 13722.93 1076.95 375.47 2643.79 4783.30 368.74 13586.47 2019 3940.85 1026.19 4365.00 2609.48 4778.53 43466.13 3464.32 7533.50 2456.72 13586.68 2018 1046.73 4395.09 4655.56 10441.14 7088.86 41788.25 3107.17 354.82 2320.56 13735.58 2017 4406.49 10577.12 7010.91 351.88 40380.08 2859.79 2016 1107.50 4343.08 2678.25 4312.45 10624.99 6854.27 310.45 38694.92 1153.04 2220.12 9940.27 13951.12 2015 4151.99 3911.25 6567.82 300.18 2102.93 37487.08 1095.10 8940.40 14110.36 2463.78 3521.07 290.06 1997.01 1078.60 2211.17 14241.49 2014 3977.83 3244.36 987.42 6032.29 1891.83 36109.87 3784.33 1958.82 7859.15 13318.47 2013 3094.99 5437.28 287.26 1741.27 6914.93 35133.80 3491.13 1683.42 265.01 12033.17 2012 940.36 4868.09 6031.13 33354.11 3147.36 1338.20 892.99 267.24 2011 222.51 2888.05 4489.45 1553.62 5324.94 30856.77 175.82 2830.77 2690.67 842.58 10858.32 2010 4269.63 1441.27 4816.78 9709.31 28412.45 1104.50 2545.00 752.13 1344.17 931.14 8627.36 2550.52 2526.64 677.93 2009 4017.34 2369.62 1273.88 823.43 4434.48 7862.21 723.58 26126.06 2585.39 3805.53 2008 620.15 2181.71 1168.16 4057.44 7239.67 23214.64 513.63 3680.51 2007 2007.55 3754.24 21513.50 2455.22 461.11 3688.60 2006 1762.01 1021.17 2265.21 3538.13 6644.04 20165.06 413.77 3775.91 886.17 2005 372.05 2051.55 3319.93 6077.57 19095.42 344.43 824.77 1496.46 1864.49 5622.71 3645.42 815.58 2004 1280.78 1638.94 3165.94 3407.15 5277.18 18222.34 824.39 2003 1081.03 2999.18 3109.78 4917.70 907.66 17053.69 2002 812.18 1457.97 2840.35 2864.68 15974.23 809.29 2001 1247.24 2667.36 2571.99 4599.04 745.21 15135.90 2000 1129.93 2489.26 4278.41 698.64 14386.06 1038.68 2320.62 4031.21 666.36 919.61 1999 2260.12 1996.22 3832.14 610.57 1370 oa oa e.mrggscei oa oprt oenetgvrmnsscosworld sectors governments government Corporate Total credit res.mortgages Total Total Households n-ofu-aiyConsumer One-to-four-family 1 Domestic nonfinancialsectors Business eea oa iaca ofthe financial local Federal tt n oetcRest Domestic Stateand Z.1, March12,2020 7

Summary Summary 6 P12905 ecn hnei oshl e ot .811 04 .2-.550 .207 .336 2.73 0.70 33 3.68 1.62 35 0.28 3148.4 5.02 800.4 1.77 32 -3.05 1823.1 3719.6 5.45 5377.3 277.2 1.92 -3375.1 34 -5.06 1756.3 2087.2 118368.2 10.40 115219.8 31 5119.2 114419.4 2.01 11149.2 112596.3 104735.2 107219.0 101015.7 1.15 1216.2 -5000.4 110594.0 100738.5 118368.2 98982.2 107219.0 1951.0 8913.4 11.58 106002.8 93862.9 9.18 10872.3 98863.4 30 -1.63 -1556.0 104735.2 26115.9 93862.9 10058.9 26057.5 29 95419.0 11.78 23 25693.3 8179.1 147.5 27 24910.5 7521.9 14200.0 23395.1 28 145.6 14250.4 24411.4 7535.1 34295.1 14062.3 26 26115.9 33579.4 7238.9 143.3 9525.9 13628.0 23395.1 33228.3 12733.1 23482.5 6510.6 8782.4 32149.4 141.8 13631.2 36PC152090005Percentchangeinhouseholdnetworth 29905.7 7577.3 14200.0 8936.5 35FC152090005Changeinhouseholdnetworth 31988.7 139.7 12733.1 8179.1 8720.6 34295.1 34FL152090005B.Householdnetworth(5) 13904.5 25 29905.7 19 6510.6 138.4 7996.5 23725.9 30502.0 1113.5 23032.8 33PC892090005PercentchangeinU.S.netwealth 7019.4 8980.9 147.5 22998.8 1104.8 32FC892090005ChangeinU.S.netwealth 9525.9 22348.5 1095.2 31FL892090005A.U.S.netwealth(line1) 139.7 20729.6 24 7996.5 22612.2 1091.7 -10569.2 -10546.5 9118.1 132.3 23725.9 Memo: 1080.0 -10229.5 20729.6 -9800.9 15 23022.6 1078.7 -9176.0 30FL264090035Otherforeignfinancialclaims 11491.2 16 1113.5 -9376.6 10 29LM263064105ForeignholdingsofU.S.corporateequities 10665.9 3589.1 296.3 -10569.2 10619.6 28FL264090005Less:ForeignfinancialclaimsonU.S. 1080.0 20 -9176.0 12 14 10131.5 3566.1 12017.1 83.5 -7479.3 1055.9 33889.3 293.9 9248.7 11957.0 3546.0 27FL264190005OtherU.S.financialclaims 31206.9 11847.9 10474.5 31266.6 291.1 26LM263164100U.S.holdingsofforeigncorporateequities 80.6 3531.9 11632.3 11491.2 30424.1 25FL264194005U.S.financialclaimsontherestofworld 11553.9 9248.7 3503.8 26668.1 287.4 11410.2 78.4 31399.8 10035.0 3481.9 6 12017.1 24FL882090265NetU.S.financialclaimsontherestofworld 13 33889.3 285.0 11553.9 5752.3 3589.1 45380.5 26668.1 78.4 10957.4 41872.8 28901.7 283.2 23LM215013765Intellectualpropertyproducts 5717.2 3503.8 41886.3 5 22LM215013265Equipment 5649.2 3405.6 78.2 40555.6 296.3 213.9 21LM215015605Structures 35916.8 5591.7 20LM212010095Stateandlocalgovernmentsnonfinancialassets(4) 41874.3 285.0 78.7 210.2 5519.3 45380.5 35916.8 273.0 19LM315013765Intellectualpropertyproducts 5466.0 206.2 38936.6 83.5 18LM315013265Equipment 5752.3 202.1 17LM315015605Structures 5519.3 78.2 16LM315015005Federalgovernmentnonfinancialassets(4) 198.7 5302.6 7 68.7 15LM793164105Financialcorporateequity 197.9 14899.7 14LM103164103Nonfinancialcorporateequity 14862.2 213.9 13LM883164105Marketvalueofdomesticcorporations(3) 14634.0 14331.5 198.7 14118.9 12LM662090003Fin.noncorporatebusinessesnonfinancialassets(2) 2 13976.1 189.4 14899.7 39334.6 11LM115020005Inventories 14118.9 39223.4 13569.7 10LM115013765Intellectualpropertyproducts 38975.4 9LM115015205Equipment 38653.3 37867.4 8LM115035005Realestate 37418.7 7LM112010005Nonfin.noncorporatebusinessesnonfinancialassets 39334.6 37867.4 6LM155111005Consumerdurablegoods 35960.3 5LM165013765Intellectualpropertyproducts(nonprofits) 4LM165015205Equipment(nonprofits) 3LM155035005Realestate 2LM152010005Households’directholdingsofnonfinancialassets 1FL892090005U.S.netwealth(1) Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted B.1 DerivationofU.S.NetWealth 8 (5) Householdnetworthiscalculatedasthedifferencebetweentotalassetsandliabilitiesofhousehold andnonprofitorganizationssector.SeetableB.101. (4) Excludeslandandnonproducednonfinancialassets. becauseofdifferencesinthevaluationassets. (3) ThismeasuredoesnotequalthenetworthofnonfinancialcorporatebusinessandfinancialsectorsreportedinIntegratedMacroeconomicAccounts(tablesS.2.aS.2.q) (2) Assumedtobeequalproprietors’equityinnoncorporatebrokersanddealers. marketvalueofdomesticnonfinancialandfinancialcorporations,netU.S.obligationstotherestworld(sumlines2+7+12+13+16+20+24). (1) U.S.netwealthmeasuresthevalueoftangibleassetscontrolledbyhouseholdandnonprofitorganizations,noncorporatebusiness,governmentsectorseconomy

Z.1, March12,2020 07. 15. 10. 10. 15. 12. 13. 14. 10. 21 11603.4 11544.9 11438.9 11224.6 11150.1 11009.9 11603.4 11150.1 10570.0 8 13209.5 13195.9 13164.9 12873.4 12673.0 12562.0 3 13209.5 12673.0 32909.3 12231.7 32841.9 32669.8 32415.5 31712.3 1 31322.5 104735.2 32909.3 101015.7 100738.5 31712.3 98982.2 30055.6 93862.9 98863.4 104735.2 93862.9 95419.0 0721 092018 2019 2018 2017 52112. 60911. 68413. 69715. 60917 1660.9 1657.1 1649.7 1639.6 1628.4 1617.0 1660.9 1628.4 1582.1 5. 6. 6. 6. 6. 6. 6. 6. 6. 22 266.2 266.5 265.7 18 265.9 814.8 264.2 804.3 261.8 801.0 266.2 800.6 264.2 795.4 255.0 786.2 11 814.8 250.2 9 795.4 247.9 939.7 767.6 258.3 925.2 262.6 912.2 261.2 4 894.8 459.1 254.6 875.9 454.1 250.2 869.7 450.1 261.2 939.7 444.0 260.0 875.9 437.1 834.0 432.3 459.1 437.1 412.6 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

8 F25203 tt n oa oenet 371. 511. 491. 541. 4738 36 14.7 -1.1 15.2 0.1 15.4 0.2 15.3 4.7 14.9 0.3 14.6 15.1 -1.7 14.5 1.0 13.7 -1.1 34 22037.8 31 0.4 311.0 21851.5 21641.3 309.0 21356.7 21150.4 21022.1 301.0 21721.8 20848.1 257.9 19762.7 252.6 272.4 39FA265420005Restoftheworld 25 294.7 38FA215420003Stateandlocalgovernments 3063.6 20 37FA315420003Federalgovernment 3034.2 267.9 0.1 36FA105420005Nonfinancialcorporatebusiness 3008.4 35FA155420003Householdsector 243.3 2968.0 Acquisitionofnonproducednonfinancialassets(net) 5.5 19 18 2949.4 17.7 17.9 34FA086902105GDP+netU.S.incomereceipts 15 2928.7 6.3 2.2 Grossnationalproduct(GNP)= 61.5 67.0 3018.5 2904.3 11.0 33FA266904101-U.S.incomepayments 21 68.5 2.0 74.8 -577.4 2757.2 32FA266904001U.S.incomereceipts 31FA266904005NetU.S.incomereceiptsfromrestofworld 8.3 -653.0 102.3 113.3 4.3 -662.7 91.8 Memo: 100.1 16 7.9 -633.8 117.2 2.6 87.3 79.4 30FA215019001Stateandlocal -684.1 115.2 5.7 29FA315019001Federal 8.1 -671.4 68.3 62.5 28FA365019005Grossinvestment(5) 115.7 9 -631.7 3.6 54.7 118.4 51.1 27FA216901001Stateandlocal 6.3 216.4 11 -638.2 292.2 26FA316901001Federal 122.1 -575.3 30.2 217.0 2.3 25FA366901005Consumptionexpenditures(5) 27.9 2.8 296.3 122.8 217.1 10 24FA366902005grossinvestment 299.9 2056.0 116.6 6.4 Governmentconsumptionexpendituresand 216.5 2063.6 302.7 122.3 207.3 2072.3 23FA266903001-Imports 11.3 304.2 22FA266903011Exports 118.2 2066.5 205.8 306.1 2036.6 6 216.7 21FA266903005NetU.S.exportsofgoodsandservices 2010.0 3699.2 297.8 204.1 2064.6 3744.6 20FA115020005Nonfinancialnoncorporatebusiness 302.5 19FA105020005Nonfinancialcorporatebusiness 1994.6 3749.5 192.5 18FA145020005Changeinprivateinventories 279.4 1847.8 3783.4 3725.2 17FA125012063REITs 3684.0 16FA115012005Nonfinancialnoncorporatebusiness 15FA105012005Nonfinancialcorporatebusiness 3744.2 14FA155012005Householdsector 3628.3 1 13FA835012001Residential 3370.7 21726.8 2 21542.5 12FA795013005Financialinstitutions 14789.3 21340.3 14678.2 11FA115013005Nonfinancialnoncorporatebusiness 21098.8 14511.2 20897.8 10FA105013005Nonfinancialcorporatebusiness 14266.3 20749.8 9FA165013005Nonprofitorganizations(4) 14211.9 21427.1 8FA835013001Nonresidential 14114.6 20580.2 14561.2 19519.4 13998.7 7FA835019005Fixedinvestment(3) 13312.1 6FA835019905Grossprivatedomesticinvestment 5FA156901041Services 4FA156901035Nondurablegoods 3FA155011001Durablegoods 2FA156901001Personalconsumptionexpenditures(2) 1FA086902005Grossdomesticproduct(GDP) Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.2 DistributionofGrossDomesticProduct(1) (5) Governmentinventoryinvestmentisincludedinconsumptionexpenditures. (4) Includedinthehouseholdsandnonprofitorganizationssector(tableF.101). (3) Structures,equipment,andintellectualpropertyproducts. (2) Componentofpersonaloutlays,foundontableF.101,line4. (1) ThistableisbasedonNIPA1.1.5intheSurveyofCurrentBusiness,BureauEconomic Analysis(www.bea.gov). 0721 092018 2019 2018 2017 74614. 94516. 86317. 87911. 90627 1930.6 1913.2 1897.9 24 1876.4 3815.7 1876.3 3772.8 1860.6 23 3742.3 3074.9 22 1904.5 3683.1 2497.5 3148.2 1847.4 3644.8 2495.1 3166.7 1764.6 3622.6 2504.0 3154.1 3753.5 2520.3 3194.7 3591.5 2510.5 3181.6 3412.0 2510.3 3136.0 2504.2 3148.5 2510.3 2932.1 2356.7 8 2863.7 7 2877.2 3681.3 2890.0 3677.6 2882.7 3674.7 2840.7 3670.1 4 2807.7 5 3 3625.2 3012.9 2878.4 10229.4 1546.9 3596.7 3007.0 10121.5 2786.9 1549.7 10004.2 3675.9 2982.4 2584.7 9868.6 1524.6 3573.6 2912.3 9812.5 1485.4 3340.5 2913.8 9716.6 1485.6 2912.8 10055.9 1485.2 2978.6 9633.9 1526.6 2889.2 9147.0 1475.6 2752.5 1412.6 1. 3. 6. 4. 7. 9. 7. 5. 4. 33 849.0 851.4 876.2 32 1160.0 891.2 30 1160.4 433.2 29 874.4 1177.2 318.9 28 427.4 1149.0 752.1 843.6 311.2 1127.0 429.2 738.5 866.9 304.7 1116.0 412.0 733.9 838.3 1161.6 303.1 396.7 1106.2 715.1 714.6 26 298.7 957.9 403.3 1133.0 695.4 290.6 1121.1 425.4 693.9 1110.5 309.5 396.8 734.9 1091.6 290.4 378.0 1073.1 687.2 276.8 1068.1 654.8 1114.0 1056.9 992.6 14 690.2 13 817.6 675.2 12 800.3 299.2 659.2 784.7 300.4 659.1 787.4 300.7 652.7 784.4 297.0 656.3 789.0 292.6 670.9 797.5 285.9 654.5 786.7 299.3 627.9 755.7 285.7 265.1 1. 1. 1. 1. 1. 1. 1. 1. 1. 35 -12.7 -13.1 -13.3 -13.2 -12.8 -12.6 -13.0 -12.5 -11.9 00000000000000000039 0.0 0.0 37 -0.9 0.0 -2.2 0.0 -2.3 0.0 -6.8 0.0 -2.4 0.0 -0.3 0.0 -3.1 -0.9 -0.0 -2.2 17 7.9 8.0 5.5 7.3 1.6 3.6 7.2 3.5 -1.7 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 9

Summary Summary 2 F06005 rs oetcpout()15942502247127982878208823032525276842 41 21726.8 311.0 21542.5 21340.3 309.0 21098.8 39 20897.8 301.0 593.6 20749.8 21427.1 257.9 589.8 20580.2 38 19519.4 2923.9 252.6 584.6 2896.1 272.4 579.5 2861.9 294.7 573.9 2822.6 2784.2 267.9 569.1 37 2746.8 36 18370.9 243.3 586.9 -11.0 2876.1 18216.2 18092.3 565.7 2725.8 17912.4 -12.6 2578.2 17743.1 543.2 17673.5 -12.9 18147.9 42FA086902005Grossdomesticproduct(2) 17545.9 -11.5 Equals: 16708.8 32 -9.9 166.6 41FA266904005NetU.S.incomereceiptsfromrestofworld Less: 184.6 -7.3 163.3 26 40FA087005005Statisticaldiscrepancy 7.4 30 -12.0 39FA366300005Governmentconsumptionoffixedcapital 165.4 1518.4 29 38FA836300005Privateconsumptionoffixedcapital 641.1 -6.5 1507.6 Plus: 159.2 4.1 25 1479.3 636.4 13.0 166.1 -2.5 37FA086010005NationalIncome,fromline1above 1472.3 2.2 644.7 22 170.0 1475.2 27.9 fromNationalincome: 481.8 657.2 1442.3 153.7 Calculationofgrossdomesticproduct 6.9 -4.4 463.7 1494.4 668.4 145.4 1441.8 Memo: 442.6 54.3 677.0 -15.5 18 1364.5 440.6 479.6 36FA366402105Currentsurplusofgovernmententerprises 644.8 -15.2 59.2 601.9 471.5 672.6 35FA266403101Torestoftheworld(net) -42.1 5.2 34FA366403145Togovernment(net) 496.7 512.9 608.0 5.3 33FA156403101Topersons(net) 457.2 14 499.0 62.7 32FA146403005Businesscurrenttransferpayments(net) 144.2 -51.5 804.5 404.0 13 31FA366402005Less:Subsidies -78.1 149.2 204.0 351.7 514.6 -48.9 168.9 30FA366240005Taxesonproductionandimports 209.3 490.7 157.3 225.2 29FA086130003Netinterestandmiscellaneouspayments 196.8 157.5 215.4 28FA796310003Domesticfinancial 681.2 166.8 27FA106310005Domesticnonfinancial 218.5 10 26FA096310003Capitalconsumptionadjustment(CCAdj) 1105.5 154.9 230.3 1084.5 25FA105020601Inventoryvaluationadjustment(IVA) 155.6 213.5 1124.3 8 232.5 24FA266006403Restoftheworld 2101.1 1097.0 219.8 23FA796006403Domesticfinancial 2073.9 1163.4 319.4 22FA106006405Domesticnonfinancial 2080.5 1178.1 21FA096006401Undistributedprofits 6 1999.9 1102.8 789.0 2031.3 1156.9 20FA266121073Restoftheworld 7 779.7 19FA796121073Domesticfinancial 2045.0 1265.4 2108.5 18FA106121075Domesticnonfinancial 2063.9 777.2 2078.0 17FA096121073Netdividends 4 2011.9 16FA096060015Profitsaftertax 2082.7 767.0 5 2151.7 2084.1 Equals: 2006.9 1693.9 2132.1 764.1 2085.6 1683.4 2113.3 2 15FA796231003Domesticfinancial 765.2 2104.2 1632.9 14FA106231005Domesticnonfinancial 11546.5 2095.1 11441.7 13FA096231001Taxesoncorporateincome 2069.0 778.2 1621.2 2067.4 11386.9 Less: 2074.6 1624.4 11306.6 2052.0 756.8 11057.4 2005.9 1590.0 2123.0 12FA266060005Restoftheworld 10994.3 718.8 1657.8 11420.4 11FA796060005Domesticfinancial 2040.0 10928.5 10FA106060005Domesticnonfinancial 1588.8 1949.5 10411.6 9FA096060005Profitsbeforetax 1518.2 8FA096060025CorporateprofitswithIVA 7FA096060035CorporateprofitswithIVAandCCAdj 6FA116112101RentalincomeofpersonswithCCAdj 5FA146111105Proprietors’incomewithIVAandCCAdj 4FA156401101Supplementstowagesandsalaries 3FA156020101Wagesandsalaries 2FA156025105Compensationofemployees 1FA086010005Nationalincome Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.3 DistributionofNationalIncome(1) 10 (2) TherelationshipofNationalincome(line37) toGrossdomesticproduct(line42)isshownonNIPAtable1.7.5intheSurveyofCurrentBusiness, BureauofEconomicAnalysis. (1) ThistablecorrespondstoNIPA1.12in the SurveyofCurrentBusiness,BureauEconomicAnalysis(www.bea.gov).

Z.1, March12,2020 60. 74. 84. 77. 74. 71. 89. 81. 87. 1 18370.9 18216.2 18092.3 17912.4 17743.1 17673.5 18147.9 17545.9 16708.8 0721 092018 2019 2018 2017 29611. 30812. 32512. 36913. 32117 1352.1 16 1884.1 1339.6 1836.6 1346.9 1859.7 1324.6 1800.0 1362.5 1828.1 1329.7 1856.8 1340.8 1845.1 1312.6 1843.7 1239.6 1813.6 9 2088.1 2046.0 2084.9 2015.5 2046.5 2087.1 2058.6 2063.5 3 2133.0 9394.8 9309.6 9273.6 9211.5 8990.0 8942.2 9297.4 8888.5 8462.1 5. 3463. 3. 1871. 89-. 4324 34.3 -5.4 21 78.9 532.0 20 18.6 497.1 529.7 19 342.8 512.9 -168.7 549.1 318.9 475.4 -38.2 459.3 374.7 465.6 31.6 480.9 344.7 527.1 661.0 -344.6 297.5 504.3 252.9 549.8 265.3 531.1 504.8 345.3 573.9 12 846.2 564.0 11 269.6 418.5 201.2 543.7 357.2 417.7 538.2 422.4 499.5 419.0 492.3 390.8 511.6 397.4 536.4 419.4 501.7 405.0 454.1 413.5 6. 081093. 924. 0. 4. 4. 40 149.4 149.5 102.5 42.1 49.2 32.9 110.9 10.8 -67.6 28 27 -11.5 19.0 -12.7 16.8 -12.7 14.8 23 -11.7 16.0 18.6 -5.8 38.7 60.1 -5.7 -8.6 64.9 -12.2 16.1 17.3 -5.2 32.4 67.9 -24.8 68.5 -53.3 15.6 71.3 -30.7 815. 465. 475. 445. 4933 34 54.9 85.3 54.6 31 104.5 82.0 89.2 54.4 82.6 88.5 54.4 61.9 90.4 54.7 72.6 115.0 54.4 81.3 91.9 54.6 58.4 101.4 53.2 74.7 97.1 48.1 64.4 61.1 15 59.8 60.1 56.2 58.1 61.0 63.5 58.6 64.1 86.9 . 092. 321. 241. 552. 35 26.4 25.5 19.6 22.4 14.1 -3.2 23.5 -0.9 0.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F15003 oshlsadisiuin 604. . 2. 000000000056 0.0 0.0 0.0 0.0 40.0 128.0 52 0.0 149.4 149.5 42.0 48 102.5 974.8 76.0 42.1 973.5 46 -64.8 45 998.1 38 49.2 264.2 3.2 -73.7 1083.9 192.5 32.9 1000.0 -79.5 4.6 108.1 907.6 110.9 36 -91.3 0.0 -17.9 1007.6 5.8 35 10.8 -84.0 -1.5 59FA215404003Stateandlocal 928.8 78.2 0.0 58FA315404003Federal -67.6 -89.5 7.8 32 774.7 -0.4 57FA365404005Government 54.3 0.4 42 56FA155404003Householdsandinstitutions -77.3 0.0 -444.6 -26.1 55FA825404003Domesticbusiness -0.4 136.7 -85.6 0.5 -507.4 54FA835404005Private -4.0 0.0 66.5 53FA895404005Disasterlosses -514.5 4.2 -67.9 Addenda: 0.4 -547.0 5.4 -181.4 -8.6 -15.6 -575.1 29 52FA087005005Statisticaldiscrepancy(line21lessline1) 28 752.1 0.5 -2.7 -3.5 -528.4 906.6 -7.3 51FA215000905Stateandlocal 738.5 -503.4 892.2 50FA315000905Federal -10.5 -26.9 0.0 0.5 733.9 -506.7 49FA365000905Government 876.2 -1.7 48FA155000905Householdsandinstitutions -476.0 715.1 26 -3.0 47FA795000905Financialbusiness -7.0 875.6 425.6 46FA115000905Nonfinancialnoncorporatebusiness 0.5 695.4 860.0 45FA105000995Nonfinancialcorporatebusiness(3) 431.6 -9.4 191.9 693.9 44FA825000905Domesticbusiness 25 862.1 -2.8 433.7 22 2067.8 43FA835000905Private 4451.3 734.9 42FA885000905Netlending(+)ornetborrowing(-),NIPAs(3) 23 2120.5 887.6 441.5 4483.1 9.5 3699.2 687.2 2138.8 858.7 41FA215430005Stateandlocal 4483.4 438.7 3744.6 2169.3 654.8 40FA315430005Federal 4498.5 3749.5 820.4 435.2 17 2134.0 39FA365430005Government 611.9 4420.6 3783.4 21 38FA155430005Householdsandinstitutions 2100.9 433.1 4007.2 4377.9 3725.2 37FA795440005Financialbusiness 605.9 2124.1 3976.2 4479.1 428.4 36FA115440005Nonfinancialnoncorporatebusiness 3684.0 2055.6 597.5 3969.3 35FA105430005Nonfinancialcorporatebusiness 4315.5 3744.2 400.0 1885.3 15 34FA825430005Domesticbusiness 3951.9 4025.5 591.8 3628.3 360.8 33FA835430005Private 3835.1 3370.7 32FA265430003Capitalaccounttransactions(net)(2) 586.3 357.9 3847.8 14 579.3 3976.1 354.2 31FA215019001Stateandlocal 1691.7 11 30FA315019001Federal 3806.0 1675.2 601.8 3517.5 350.2 29FA365019005Grossgovernmentinvestment 3558.9 1657.4 3485.9 28FA155019005Householdsandinstitutions 574.4 346.1 1633.3 3446.5 27FA795013005Financialbusiness 537.2 342.2 26FA115050085Nonfinancialnoncorporatebusiness 7 1609.4 5 3402.2 25FA105019985Nonfinancialcorporatebusiness 1272.8 1586.4 489.4 3358.1 355.8 24FA825019905Domesticbusiness 1264.3 1664.4 3315.8 487.9 23FA835019905Grossprivatedomesticinvestment 339.8 1282.6 1575.2 3463.0 22FA885019905Grossdomesticinvestment 486.5 322.7 1375.5 1495.6 3291.4 21FA885090015transactions,andnetlending,NIPAs 1247.6 480.2 3121.4 Grossdomesticinvestment,capitalaccount 1186.4 538.0 1298.8 20FA216300001Stateandlocal 528.6 1210.4 19FA316300001Federal 1030.9 18FA366300005Government 486.0 17FA156300003Householdsandinstitutions 529.1 16FA796300081Financialbusiness 15FA116300001Nonfinancialnoncorporatebusiness 467.7 14FA106300003Nonfinancialcorporatebusiness 13FA826300003Domesticbusiness 12FA836300005Private 11FA886300095Consumptionoffixedcapital 10FA216006005Stateandlocal 9FA316006005Federal 8FA366006005Netgovernmentsaving 7FA156006005Householdsandinstitutions 6FA796012005Financialbusiness 5FA106012005Nonfinancialcorporatebusiness 4FA826006005Domesticbusiness 3FA836006005Netprivatesaving 2FA896006005Netsaving 1FA886000115Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.4 SavingandInvestmentbySector(1) (3) Differsfromnetlendingorborrowing(capital account)intheIntegratedMacroeconomicAccountsofUnitedStatesbystatisticaldiscrepancy (line52). (2) Consistsofnetcapitaltransfersshownontable F.5andtheacquisitionofnonproducednonfinancialassets(net)shownontableF.2. UnitedStatesjointlycompiledbytheFederal ReserveBoardandtheBureauofEconomicAnalysis. (1) ThistableisbasedonNIPA5.1intheSurveyofCurrentBusiness,BureauEconomic Analysis(www.bea.gov).ItisconsistentwiththeIntegratedMacroeconomicAccountsof 0721 092018 2019 2018 2017 50326. 86522. 85320. 83225. 72624 2792.6 2852.4 2873.2 2907.8 2865.3 2821.9 2856.5 2769.6 2550.3 13 2312.1 12 2923.9 2290.2 2896.1 2264.4 2861.9 2230.9 2822.6 2198.0 2784.2 2167.4 2746.8 2274.4 2876.1 2151.4 2725.8 3 2041.0 2578.2 1825.3 1793.4 1 1793.3 3857.7 1842.3 3826.7 1752.2 3866.8 1730.6 3909.8 1813.6 3785.9 1752.7 3814.9 1477.8 3865.3 3795.2 3626.5 316-9. 263-0. 301-7. 232-9. 37751 47 -307.7 23.5 -299.0 -2.2 -263.2 44 50 222.9 -275.3 -1334.6 49 -23.9 -1298.6 -1642.3 116.7 -310.1 40 39 -1254.1 -1597.6 60.2 -63.0 -1.2 -308.9 4.6 -1183.4 -1517.3 -1127.5 -1458.7 -286.3 -131.6 57.3 -3.7 -1041.1 -1437.6 -172.3 -297.6 -50.8 -1267.7 -1350.0 54.0 -137.5 -301.6 -1065.8 -1554.0 -5.0 -16.4 -534.0 -1363.4 -86.0 49.3 -835.5 -52.9 -11.5 43.0 50.1 -165.9 -8.4 -72.0 56.8 -6.3 -415.2 55.2 -5.4 51.8 -7.0 -190.4 -248.9 10 -232.1 -227.4 -185.0 9 -1252.9 -211.7 8 -1225.2 -1485.0 -256.8 -1188.0 -1452.6 -1122.9 -250.1 -1373.0 -1067.6 -1334.7 -214.1 -981.3 -1324.5 -239.2 -1197.3 -1231.5 -248.1 -1009.8 -1411.3 -724.7 -1248.9 -972.8 0. 10001006. . . . . 54 0.0 53 0.0 0.0 0.0 0.0 0.0 0.0 0.0 64.0 64.0 140.0 140.6 0.0 0.0 51.0 51.2 102.0 104.1 37 43 0.0 1197.7 1090.2 34 0.0 1002.8 33 -1.5 1.7 911.7 0.0 -0.4 862.5 4.2 821.6 -0.4 0.0 5.4 1050.6 4.2 48.2 856.7 12.0 359.5 31 19.4 24.0 433.2 30 -2.1 318.9 427.4 0.0 8.6 311.2 4.6 27 429.2 299.2 16.9 0.5 304.7 412.0 5.8 300.4 303.1 102.7 396.7 6.8 300.7 298.7 4.2 403.3 297.0 285.3 290.6 425.4 258.3 292.6 309.5 396.8 285.9 290.4 378.0 20 299.3 296.2 276.8 19 297.4 18 285.7 294.7 593.6 295.1 265.1 16 292.0 589.8 259.6 292.6 287.7 584.6 257.0 291.9 284.9 579.5 252.7 289.0 281.5 573.9 247.4 287.6 292.7 569.1 242.5 294.2 279.6 586.9 238.8 286.1 266.1 565.7 254.2 277.1 543.2 236.5 4 552.4 222.7 2 529.1 340.2 510.7 340.9 466.8 420.3 504.6 507.6 544.2 427.8 514.7 499.1 542.3 402.3 446.9 503.8 505.0 5. 5. 6. 6. 5. 6. 5. 6. 6. 41 -61.5 -60.9 -59.0 -60.8 -58.5 -63.1 -60.5 -58.8 -58.5 6 63.0 41.2 24.1 -13.4 -33.4 15.6 28.7 13.2 -20.8 6090001. 400000000055 0.0 0.0 0.0 0.0 24.0 12.0 0.0 9.0 26.0 ...... 59 0.0 58 0.0 57 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.0 0.6 0.0 0.0 0.0 0.2 0.0 0.2 2.1 0.0 2.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 11

Summary Summary 7 F25405 yters ftewrd(ie 14)-. . 05171. 05-. 05-. 67 -0.4 -0.5 65 62 60 59 -76.2 0.0 0.0 0.0 -0.4 63 -76.1 -15.0 0.0 0.0 0.0 -0.5 -74.4 54 61 -16.7 0.0 -0.4 56 0.0 0.0 -76.1 0.0 0.0 10.5 -18.1 -0.5 0.0 55 -73.3 -19.9 0.0 0.0 1.7 0.0 0.0 0.0 -77.6 -0.6 -20.8 0.0 -8.6 52 0.0 -0.5 0.0 0.0 0.0 -75.7 53 0.0 -20.5 -0.6 51 0.0 0.0 -0.4 -3.5 2.8 -73.3 0.0 0.0 -17.4 0.0 0.0 -16.0 0.0 0.0 -0.5 -72.2 0.0 0.0 49 -20.6 -9.4 0.0 -5.6 0.0 0.0 0.0 0.0 0.0 -0.6 -260.4 0.0 0.0 -3.0 -0.5 0.0 48 0.0 0.0 0.0 0.0 0.0 0.4 -0.6 0.0 -9.4 0.0 -5.9 0.0 0.0 0.0 0.0 0.0 45 23.6 48.2 0.5 0.0 48.2 191.5 0.0 0.0 0.0 10.3 19.4 0.0 0.4 19.4 0.0 3.0 67FA265440005Bytherestof world (lines21-47) -0.5 0.0 41 0.0 0.0 0.0 40 0.0 66FA155440005Bypersons(lines18-44) 0.5 5.5 0.0 0.0 65FA215440005Stateandlocal(lines 16-39) 8.0 16.9 17.8 0.0 64FA315440005Federal(lines9-36) 16.9 0.4 5.5 63FA365440005Bygovernment(lines 8-35) 0.0 0.0 102.7 284.9 62FA115440005Noncorporatebusiness (lines7-32) 0.0 58.8 61FA105440005Nonfinancialcorporations (lines6-29) 0.4 5.5 42 0.0 35.2 60FA505400033Otherfinancialbusiness (AIG) 70.7 0.0 59FA735400033Holdingcompanies(GMAC) 37 0.5 5.7 33 12.6 17.4 58FA665410003Brokersanddealers 0.0 70.6 0.0 57FA615410003Financecompanies 29 22.3 0.0 56FA405400033Government-sponsoredenterprises 18.3 0.4 5.7 0.4 68.9 0.0 55FA765440005U.S.-chartereddepositoryinstitutions 0.0 30 54FA545410003Lifeinsurancecompanies 19.7 70.4 12.0 0.0 0.6 5.7 0.5 3.2 53FA515440005Property-casualtyinsurancecompanies 0.0 27 52FA795440005Financialcorporations(lines3-26) 21.4 67.6 30.3 0.0 0.0 51FA825440005Byprivatebusiness(lines2-25) 5.5 0.6 0.0 0.0 22.3 68.8 Addenda:Netcapitaltransferspaidbysector 0.0 0.0 5.6 0.6 0.8 22.5 8.6 70.1 50FA265400003Other 0.0 0.0 49FA265400073Disaster-relatedinsurancebenefits 5.3 16.0 19.2 1.7 66.8 3.5 48FA265400033CapitaltransferspaidbyU.S.government 22 0.0 47FA265400005Bytherestofworld 0.0 5.6 15.3 22.9 66.4 0.0 20 46FA155400003Other 4.8 1.7 23.2 0.0 0.5 5.5 45FA155400073Disaster-relatedinsurancebenefits 24 3.0 44FA155400005Bypersons 101.5 19 0.0 0.5 17.4 0.0 5.9 5.5 17 101.5 43FA215400003Other 9.4 0.0 42FA215400033Investmentgrantspaidbyfederalgovernment 18.3 5.0 0.0 101.1 0.0 16.0 5.5 41FA215400053Estateandgifttaxespaidbypersons 0.0 40FA215400073Disaster-relatedinsurancebenefits 104.6 19.7 14.3 14 0.6 39FA215400005Stateandlocal 10.9 5.7 15 7.0 163.7 38FA315400003Other 13 21.4 12 0.4 0.0 0.4 0.0 37FA315400053Estateandgifttaxespaidbypersons 2.1 11 1.6 129.8 5.7 0.0 36FA315400005Federal 6.1 22.3 0.5 0.0 35FA365400005Bygovernment 102.2 0.5 0.0 0.0 6 5.7 22.5 0.0 6.1 124.8 34FA115400003Other 0.0 0.4 0.0 0.6 0.0 33FA115400075Disaster-relatedinsurancebenefits 3.2 439.8 19.2 5.5 0.0 32FA115400005Noncorporatebusiness 6.1 0.0 0.5 0.0 10 31FA105400003Other 0.6 0.0 22.9 13.4 70.7 30FA105400073Disaster-relatedinsurancebenefits 5.6 0.0 6.1 4 29FA105400005Nonfinancialcorporations 0.0 0.4 0.0 23.2 70.6 0.7 0.0 28FA795400003Other 0.0 5.3 0.0 27FA515400073Disaster-relatedinsurancebenefits 7.0 0.0 0.4 68.9 0.0 26FA795400005Financialcorporations 0.8 0.0 0.0 25FA825400005Byprivatebusiness 2.6 6.3 70.4 0.0 0.5 1.2 0.5 0.0 24FA895400005Capitaltransfersreceived,bysector 0.0 0.0 67.6 6.8 0.0 0.4 23FA265410003Other 0.9 0.0 1 0.0 22FA265410073Disaster-relatedinsurancebenefits 68.8 0.7 6.2 101.5 0.0 21FA265410005Bytherestofworld 0.6 1.7 0.0 49.9 70.1 101.5 10.0 20FA215400053Estateandgifttaxes,statelocal 0.0 19FA315400053Estateandgifttaxes,federal 101.1 19.9 66.8 18FA155410035Bypersons 104.6 207.5 0.0 66.4 17FA215410073Disaster-relatedinsurancebenefits 163.7 16FA215410073Stateandlocal 17.5 129.8 15FA315410063Capitaltransferspaidtorestofworld(net) 14FA315410053Othercapitaltransferspaidtopersons 102.2 54.9 13FA315410043Othercapitaltransferspaidtobusiness 12FA315410093Financialstabilizationpayments(2) 124.8 11FA315410073Disaster-relatedinsurancebenefits 439.8 10FA215400033Investmentgrantstostateandlocalgovts. 9FA315410005Federal 8FA365410005Bygovernment 7FA115410003Noncorporatebusiness 6FA105410003Nonfinancialcorporations 5FA795410003Other 4FA515410073Disaster-relatedinsurancebenefits 3FA795410005Financialcorporations 2FA825410005Byprivatebusiness 1FA895410005Capitaltransferspaid,bysector Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.5 NetCapitalTransfers(1) 12 (2) Seriestreatedascapital lossesinthefinancialcorporationssectorsrather thanascapitaltransfersintheFinancialAccounts oftheUnitedStates. (1) Thistableisbasedon NIPAtable5.11intheSurveyofCurrentBusiness, BureauofEconomicAnalysis(www.bea.gov).

Z.1, March12,2020 0721 092018 2019 2018 2017 1825. 835. 255. 635. 1264 61.2 59.5 56.3 56.1 52.5 57.1 58.3 52.7 -188.2 5...... 38 0.0 0.0 36 0.0 17.4 35 93.6 18.3 0.0 94.4 19.7 0.0 94.0 21.4 0.0 97.5 22.3 0.0 95.7 22.5 100.1 0.0 19.2 94.9 22.9 250.0 96.2 273.2 346.6 3 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49.9 49.9 19.9 19.9 0.0 0.0 17.5 17.5 104.3 311.8 1. . 8486-332. 911. 5966 15.9 17.7 19.1 21.0 -13.3 8.6 18.4 9.8 -15.0 12000000000000000058 0.0 57 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47 0.0 0.4 0.0 46 0.0 7.0 0.5 0.0 0.0 44 6.1 0.4 7.0 11.2 11.9 6.1 0.5 6.1 6.1 0.4 6.1 6.1 0.4 39 6.1 76.2 7.0 0.5 41.3 76.1 6.3 19.6 0.4 74.4 6.3 6.8 76.1 22.8 73.3 18.7 13.1 77.6 43.5 25 0.4 75.7 73.3 0.5 73.4 0.6 21 0.0 0.6 0.0 26.3 0.0 9.6 18 22.9 0.0 0.5 23.8 10.9 9.5 25.2 2.1 27.1 26.9 0.0 28.0 9 8 78.6 3.2 28.2 5 78.6 0.0 77.7 24.7 13.4 77.7 76.0 0.0 28.5 76.0 77.5 28.5 0.0 77.5 74.9 0.0 74.9 79.6 79.6 0.0 77.4 77.4 0.0 75.6 75.6 84.9 0.0 86.1 0.0 49.4 ...... 50 0.0 0.0 0.0 0.0 43 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34 0.0 0.0 0.0 32 0.0 31 0.0 0.0 0.4 0.0 0.0 0.0 28 0.5 0.0 0.0 26 0.0 0.0 0.6 0.0 0.0 0.0 0.0 0.0 0.6 0.0 0.0 8.6 23 0.0 0.7 0.0 0.0 0.0 3.5 0.0 0.8 0.0 0.0 0.0 0.0 0.0 0.5 1.7 0.0 0.0 3.0 0.0 0.9 0.5 0.0 0.0 16 9.4 0.0 1.7 0.0 0.0 0.0 0.0 0.6 0.0 0.0 0.0 1.6 0.0 0.0 0.0 7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.2 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

1 F16006 IAcnet(IAdt)(ie4)69 .979 .977 .978 .676 51 7.66 50 7.66 4.05 49 5.81 7.84 10.32 12.20 8.49 9.10 10.93 7.79 19.59 21.29 7.30 7.49 8.86 13.40 7.91 15.05 48 16623.7 10.72 44 12.51 16501.6 7.69 5.5 16355.7 10.89 12.54 16198.5 6.95 16005.4 7.37 40 5.4 15842.0 8.97 15.9 16419.9 46 43 15741.5 1272.8 5.4 -2.7 42 17.7 14833.0 1264.3 301.1 45 1282.6 -2.3 19.1 5.4 317.3 673.6 1375.5 305.4 1703.2 21.0 1247.6 -0.9 5.2 1487.9 41 1186.4 283.2 966.6 -21.9 52FA176007086Difference(line47) -3.5 3174.1 1298.8 5.2 257.0 51FA156007016NIPAconcept(NIPAdata)(line46) 1168.6 2012.8 1210.4 5.1 50FA176007006NIPAconcept(FOFdata)(line45) -2.1 269.7 2122.7 1786.9 1030.9 49FA176007026FOFconcept(FOFdata)(line41) 5.4 1759.7 3448.5 Personalsavingasapercentageofdisposablepersonalincome: 18.4 301.8 34 -2.4 35 1185.2 1714.2 1418.3 342.5 266.6 5.2 32 48FA156012005Disposablepersonalincome 6.8 1093.9 1093.6 2384.8 -12.7 -2.3 Memo: 335.2 244.7 1069.7 2053.7 30 5.0 -13.1 29 92.1 -24.4 831.7 1973.5 369.0 -2.1 47FA176007085Difference 249.7 1331.1 -13.3 1271.6 240.5 100.5 238.0 -2.1 46FA156007015Personalsaving,NIPAconcept(NIPA) 850.4 -13.2 255.7 109.9 229.0 45FA176007005=Personalsaving,NIPAconcept(FOF)(6) 1045.1 -12.8 335.9 114.6 239.2 1029.7 25 26 28 44FA156600075+Contr.forgovt.soc.insur.,U.S.-affiliatedareas 557.7 416.4 321.8 -12.6 109.4 630.5 1025.2 243.7 43FA313154015-Governmentinsuranceandpensionfundreserves(5) 552.4 412.8 302.4 42FA155111005-Netinvestmentinconsumerdurables 113.9 -13.0 648.2 255.3 545.8 407.0 329.9 22 104.3 637.4 24 -12.5 41FA176007025Personalsaving,FOFconcept(FOF) 239.0 -12.7 2115.4 538.4 404.6 112.2 634.8 256.9 -11.9 2092.9 40FA175440005Netcapitaltransferspaid(4) -13.1 19 20 531.0 402.1 96.1 807.4 2069.1 605.6 508.5 261.9 -13.3 39FA173199005Otherliabilities 523.9 2044.7 398.0 790.3 634.2 513.3 38FA173169005Otherloansandadvances 2061.4 -13.2 37FA153166000Consumercredit 548.6 17 410.2 774.9 637.7 517.0 2037.0 419.9 36FA173165205Othermortgages -12.8 519.9 394.5 35FA173165105One-to-four-familyresidentialmortgages 2080.5 777.5 626.9 519.2 436.6 2023.7 484.3 -12.6 375.8 774.8 593.0 511.5 34FA174190005Netincreaseinliabilities 312.3 18 1929.0 2745.9 -13.0 779.1 511.8 364.8 33FA115020005Inventories 2741.1 -12.5 32FA155420003Nonproducednonfinancialassets 787.5 514.5 721.6 2706.6 31FA155111005Consumerdurables 10 776.8 -11.9 2679.5 506.6 30FA175013865Nonresidentialfixedinvestment 315.5 -427.9 29FA175012865Residentialfixedinvestment 2667.0 746.2 8 471.9 50.8 383.4 2671.2 26.7 28FA172010005Netinvestmentinnonfinancialassets(3) 471.2 2718.3 53.4 275.4 2650.5 27FA156300103Consumerdurables 402.5 4 -141.7 26FA176330005Nonresidentialfixedinvestment 2521.9 4.0 664.8 25FA176320005Residentialfixedinvestment 424.3 24FA176300005Consumptionoffixedcapital 533.1 3 -178.2 49.0 -179.5 606.9 23FA115020005Inventories -116.4 -25.3 384.7 22FA155420003Nonproducednonfinancialassets 626.8 -5.0 21FA155111003Consumerdurables -242.8 359.3 20FA175013005Nonresidentialfixedinvestment 409.5 -28.6 35.4 19FA175012005Residentialfixedinvestment 88.8 132.6 18FA175050005Grossinvestmentinnonfinancialassets 1 329.6 201.5 607.9 1505.4 17FA173099005Miscellaneousandotherassets -43.1 54.0 482.7 2440.8 16FA153050005Pensionentitlements 2200.2 -103.1 282.1 15FA153040005Lifeinsurancereserves 3624.4 96.4 14FA163070005Tradereceivables 2106.2 195.3 2596.0 13FA153064205Mutualfundshares 12FA153064105Corporateequities(2) 2442.7 11FA174023005Loans 2369.6 10FA153063005Corporateandforeignbonds 1787.8 9FA173062005Municipalsecurities 8FA153061705Agency-andGSE-backedsecurities 7FA173061105Treasurysecurities 6FA174022005Debtsecurities 5FA173034005Moneymarketfundshares 4FA173030005Timeandsavingsdeposits 3FA173020005Checkabledepositsandcurrency 2FA153091003Foreigndeposits 1FA174090005Netacquisitionoffinancialassets Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.6 DerivationofMeasuresPersonalSaving(1) plusnetcapitaltransfers paid(line40).Personalsavings,NIPAconcept (NIPA)(line46)isdisposablepersonalincome (line48)lesspersonaloutlays(tableF.101,line 4). includingcontributionsforgovernmentsocial insurancetoU.S.-affiliatedareas,plusnetinvestmentinnonfinancialassetsofconsumerdurables (line28lessline42)netincreaseinliabilities34) (6) Lines45and46areconceptuallyequivalentbut measuresavingusingdifferentdata.Line45isnetacquisitionoffinancialassetsgovernment insuranceandpensionfundreserves(line1lessline43) (5) RailroadRetirementBoard,theNational RetirementInvestmentTrust,andfederalgovernmentlifeinsurancereserves. (4) TableF.5,line62plus66. (3) Line18lessline24. (2) Directlyheld,andthoseinclosed-endexchange-traded funds.Otherequitiesareincludedinmutualfundshares(line13),lifeinsurancereserves (line15),andpensionentitlements16). (1) Consolidatedstatementforhouseholdsandnonprofit organizationsandnonfinancialnoncorporatebusiness. 0721 092018 2019 2018 2017 08810. 11811. 18310. 16212. 11327 1141.3 1127.7 1116.2 1101.8 1128.3 1115.2 21 1442.4 1121.8 1445.1 1109.3 1421.7 1068.8 1385.0 1385.3 1384.9 1423.6 1375.9 1313.5 3. 4. 5. 3165227624820622139 292.1 37 210.6 184.8 36 264.8 274.3 199.7 247.6 321.9 168.5 665.2 170.7 171.2 93.1 205.2 214.7 31 247.2 253.8 301.1 212.9 181.2 345.2 317.3 181.0 243.0 238.6 305.4 181.8 217.0 283.2 184.0 208.2 257.0 269.7 301.8 266.6 244.7 16 457.2 434.1 405.0 13 12 605.6 135.1 374.8 361.6 -8.7 385.0 -174.4 348.5 110.3 186.5 417.8 697.7 -676.2 399.1 -494.4 433.3 509.0 475.0 244.9 233.6 -25.1 -89.7 309.1 133.3 6. 1. 1546-65-7675149-8911 -38.9 124.9 9 63.8 7.5 -82.1 -47.6 7 6 -132.4 -442.0 -16.5 -779.4 -49.6 -245.8 4.6 -1.7 786.7 127.2 711.6 11.5 1210.6 -14.5 119.3 1068.2 -50.1 -16.0 1055.6 610.7 -8.3 -66.8 777.3 327.4 249.7 -37.9 618.9 807.1 -36.3 -48.8 .232 .159 04 11 .526 36 52 -3.60 2.66 1.25 11.10 -0.49 5.91 47 2.81 -599.3 438.8 3.20 205.2 0.42 1798.6 -79.0 936.3 460.8 503.8 38 91.5 62.7 26.6 96.8 -32.8 -111.2 27.4 45.5 -16.7 64.5 15 48.0 69.9 31.0 20.8 56.0 38.6 42.4 2 5 -9.2 49.4 176.9 -6.0 19.0 517.5 433.7 -5.8 295.0 -2.9 331.7 -0.0 85.7 -10.3 355.8 -5.9 189.3 68.1 0.8 12.6 . . . . . 1063550133 0.1 5.5 6.3 11.0 8.3 7.9 23 0.1 5.7 5.5 3.6 6.3 2.3 11.0 8.3 14 4.8 7.9 4.8 5.7 4.8 3.6 4.8 2.3 4.3 4.3 4.8 4.3 6.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 13

Summary Summary 3 F13905 iclaeu n te ses63. 60469. 40861. 68167. 89369. 23 6993.8 6879.3 20 6773.9 25 3656.0 11151.1 6698.1 3509.6 11062.7 10963.8 6610.4 3479.5 10876.5 6420.8 3415.8 10844.8 10782.2 6993.8 3277.4 11151.1 6610.4 3417.5 10844.8 12 10562.2 6139.2 806.3 3656.0 3277.4 813.5 29FL173199005Otherliabilities 3328.8 779.5 28FL173169005Otherloansandadvances 10 937.6 774.1 27FL153166000Consumercredit 26FL173165205Othermortgages 1053.0 782.9 25FL173165105One-to-four-familyresidentialmortgages 997.9 784.5 8 917.5 24FL174190005Totalliabilities 721.3 806.3 955.7 721.5 23FL173099005Miscellaneousandotherassets 782.9 955.3 661.9 786.2 5 22FL363150005Governments 937.6 21FL574190005Privatepensionfunds 634.0 2262.1 20FL543150005Lifeinsurancecompanies 2175.5 955.7 647.9 19FL583150005Pensionentitlements 2017.9 3 1024.5 572.1 4 1933.6 18FL153040005Lifeinsurancereserves 1597.7 11324.8 721.3 17FL163070005Tradereceivables 1906.4 1535.3 11127.7 1776.4 10955.6 647.9 1661.7 16LM153064205Mutualfundshares 10909.6 2262.1 1784.2 15LM153064105Corporateequities(2) 10716.8 460.3 1906.4 10585.3 1700.7 11324.8 14FL173066005Consumercredit 1717.0 1526.9 10716.8 13FL173065005Mortgages 10233.9 1597.7 12FL153069005Otherloansandadvances 1700.7 11FL174023005Loans 1604.3 10LM153063005Corporateandforeignbonds 9FL173062005Municipalsecurities 8LM153061705Agency-andGSE-backedsecurities 7FL173061105Treasurysecurities 6FL174022005Debtsecurities 5FL173034005Moneymarketfundshares 4FL173030005Timeandsavingsdeposits 3FL173020005Checkabledepositsandcurrency 2LM153091003Foreigndeposits 1FL174090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.6 AssetsandLiabilitiesofthePersonalSector(1) 14 (2) Directlyheldandthoseinclosed-endexchange-tradedfunds.Otherequitiesareincludedmutualfundshares(line16),lifeinsurancereserves18),pensionentitlements19) . (1) Combinedstatementforhouseholdsandnonprofitorganizationsnonfinancialnoncorporatebusiness.

Z.1, March12,2020 35. 46. 59. 43. 46. 49. 46. 58. 59. 24 25398.3 25082.6 24767.1 24493.3 22 24364.3 13550.8 24035.7 13403.1 25398.3 13304.3 24364.3 19 13187.2 23357.5 28126.3 13028.4 27460.4 13011.2 27283.1 13550.8 26897.9 13028.4 26033.4 12669.5 26754.2 28126.3 15 26033.4 21075.5 25996.0 19339.7 19408.1 18869.3 16655.5 19168.4 21075.5 16655.5 18110.1 1 89532.2 86216.7 85577.1 84104.7 79597.0 83234.9 89532.2 79597.0 79830.3 0721 092018 2019 2018 2017 62253. 22747. 04659. 17152. 22729 5292.7 5222.2 27 5167.1 4190.7 26 5096.7 4040.4 4127.6 5034.6 3971.8 4051.6 4875.5 3891.3 3999.8 5292.7 3848.7 4009.7 5034.6 3797.4 3939.1 4692.2 3735.6 4190.7 4040.4 4009.7 3797.4 3828.2 21 3580.4 10919.6 18 10547.7 1766.4 10499.2 10294.8 1729.1 9727.5 16 1709.8 9682.9 10325.5 1692.1 10919.6 9104.2 9727.5 1659.1 9026.9 9997.7 1675.9 8806.7 1766.4 7960.8 1659.1 9088.1 1626.6 9682.9 9 7960.8 1900.4 8654.7 1899.2 7 1905.4 2039.8 1899.6 6 2080.0 1865.2 5599.1 2092.1 1835.8 5753.6 1979.8 1900.4 5657.2 1790.3 1865.2 5430.8 1764.8 1892.6 5259.1 2039.8 5127.9 1790.3 5599.1 1212.9 5259.1 4590.3 9. 7. 2. 0. 7. 7. 9. 9. 2. 28 723.4 698.2 693.3 671.6 677.8 703.4 723.4 677.8 694.6 17 259.5 258.3 257.1 255.9 13 107.0 254.7 11 108.9 941.1 253.7 110.8 950.8 259.5 113.3 919.6 254.7 115.4 917.8 250.5 117.1 929.7 107.0 933.8 115.4 941.1 124.3 929.7 945.7 523. 783. 143. 932. 7814 27.8 28.5 29.3 30.4 31.4 32.2 27.8 31.4 2 33.8 35.2 36.1 37.6 39.0 39.7 39.7 33.8 39.7 38.9 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

5 F12925 qiyi ocroaebsns 568. 061287. 539. 438. 55 83.1 56 84.3 103.3 99.6 113.2 276.3 95.3 322.9 72.0 311.1 132.8 457.8 90.6 203.9 48 47 171.0 30.4 85.5 234.6 -629.3 251.5 43 -25.4 65.6 199.3 45 -1.0 37 -68.8 162.0 0.0 1028.7 -2.2 378.0 -80.7 72.3 0.0 307.4 190.4 -0.8 487.1 58FA387005005Discrepancy 366.8 192.4 0.0 10.5 -3.0 57FA383190005Miscellaneousliabilities 129.5 -163.1 59.8 0.0 0.5 364.3 227.3 56FA143192005Foreigndirectinvestment inU.S. 55FA112090205Equityinnoncorporate business 207.5 245.8 0.0 -2.8 89.1 154.6 54FA143178005Taxespayable 36 53FA313140003Lifeinsurancereserves 33 -1.7 0.0 2785.7 281.0 94.7 34 3655.5 52FA383170005Tradepayables 162.4 -1.5 0.0 93.1 3143.7 92.1 51FA103164103Corporateequities 4527.3 -0.1 99.6 0.0 2349.6 355.8 50FA153166000Consumercredit 3425.5 49FA383165005Mortgages 96.0 -116.7 0.0 3528.1 48FA383169005Otherloansandadvances 246.1 47FA383168005Depositoryinstitutionloansn.e.c. 70.0 2805.5 46FA384123005Loans 2465.7 154.8 24 141.7 -17.3 45FA103163003Corporateandforeignbonds 123.4 95.8 44FA383162005Municipalsecurities 166.4 -68.9 43FA313161705Agency-andGSE-backedsecurities 95.1 42FA313161105Treasurysecurities 30.3 282.3 41FA103169100Openmarketpaper 66.6 40FA384122005Debtsecurities -12.7 22 -426.6 -5.2 39FA313112003Treasurycurrency 31.2 38FA713014003SDRcertificates 20 37FA313111303U.S.officialreserveassets 27.8 19.8 20.8 16 36FA384190005Netincreaseinliabilities 11 -2.6 237.9 41.7 -170.1 15 11.2 323.3 -57.7 402.6 35FA383090005Miscellaneousassets -0.5 -5.1 14 7.4 645.4 658.6 -175.0 29.8 34FA103092005U.S.directinvestmentabroad -50.9 -13.6 539.0 -136.2 539.4 33FA152090205Equityinnoncorporatebusiness 9.3 284.2 32FA383078005Taxespayable 13 -7.3 -8.5 8 376.9 646.6 -91.2 361.0 0.0 0.8 31FA153050005Pensionentitlements 341.3 688.7 -29.4 -18.4 1047.9 59.5 30FA153040005Lifeinsurancereserves 51.1 420.5 -255.7 29FA383070005Tradereceivables 0.0 8.4 -11.3 161.0 -278.5 167.8 471.1 28FA383064205Mutualfundshares -7.5 0.0 294.0 68.8 -0.9 27FA383064105Corporateequities 633.3 177.9 371.0 -37.0 10 9 484.2 7.2 26FA383066005Consumercredit 0.0 80.0 2485.1 5 105.6 -300.6 25FA383065005Mortgages -48.6 4199.7 814.5 288.9 24FA383069005Otherloansandadvances 544.2 5.0 0.0 316.8 2597.2 23FA384023005Loans 797.1 3568.1 -546.5 30.5 6 784.0 -1.7 22FA383063005Corporateandforeignbonds 0.0 2038.9 -959.2 3311.8 21FA383062005Municipalsecurities 3309.7 784.7 3310.6 -310.7 20FA383061705Agency-andGSE-backedsecurities 0.0 3212.5 3318.3 19FA383061105Treasurysecurities 787.2 -115.9 2909.6 18FA383069105Openmarketpaper 3296.2 -315.5 790.0 0.0 17FA384022005Debtsecurities 2567.2 3239.1 104.2 795.0 3211.1 16FA382051005Securityrepurchaseagreements 0.0 101.5 3309.2 15FA383034005Moneymarketfundshares 787.7 14FA383030005Timeandsavingsdeposits 3183.9 758.6 1 13FA383020005Checkabledepositsandcurrency 2973.3 5023.5 12FA383091005Foreigndeposits 4981.5 11FA313011005U.S.officialreserveassets 5037.4 5032.1 10FA384090005Netacqisitionoffinancialassets 4978.1 9FA385000005Netlending(+)ornetborrowing(-) 4916.5 5018.6 8FA385420005Nonproducednonfinancialassets 4931.5 7FA145020005Inventorychange 4822.2 6FA385013005Fixednonresidentialinvestment 5FA385012005Fixedresidentialinvestment 4FA155111003Consumerdurables 3FA385050005Capitalexpenditures 2FA385090005Grossinvestment 1FA386000105Grosssavinglessnetcapitaltransferspaid Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.100 DomesticNonfinancialSectors(1) (1) Sumofdomesticnonfinancial sectorsshownontablesF.101through F.107. 0721 092018 2019 2018 2017 25282214. 7. 18917. 13325314. 46 1044.0 265.3 1103.3 1774.5 1158.9 977.2 1046.8 802.2 1215.2 4 3 1442.4 5586.6 1445.1 2 5619.8 1421.7 5286.0 5598.8 1385.0 6164.0 5579.2 1385.3 5052.3 5511.7 1384.9 4620.0 5473.4 1423.6 5201.0 5596.1 1375.9 5357.5 5402.3 1313.5 5280.6 5075.6 5506.4 5177.1 349-7. 220-4. 229420-49-125-6. 58 -262.5 -1182.5 -14.9 412.0 -222.9 -441.0 -262.0 -575.0 -354.9 51 -326.0 -470.7 -147.0 -690.5 -751.4 -185.6 -408.5 -529.7 -320.8 1. 47-843. 86-. 6. . 1054 -1.0 0.4 -66.7 52 -6.2 143.4 132.3 18.6 50 215.0 184.8 31.9 49 417.4 657.8 199.7 -18.4 149.0 720.3 168.5 -4.7 380.9 573.5 171.2 227.0 502.4 218.7 214.7 304.5 537.8 212.9 233.9 563.4 42 181.0 742.1 613.5 181.8 2695.3 40 576.0 809.1 184.0 376.6 577.8 3090.0 892.4 536.5 647.4 1318.8 35 1040.3 591.6 697.8 1176.6 1192.4 945.2 1411.2 32 1438.6 447.0 132.5 -49.1 1496.2 323.0 -126.6 767.2 31 457.2 -127.2 29 728.8 37.0 434.1 -84.8 258.8 405.0 -24.6 -41.8 28 524.6 597.0 374.8 247.3 -4.2 808.0 353.0 385.0 337.9 402.5 -97.0 -183.0 348.5 -46.1 177.9 -41.4 417.8 392.3 -684.8 232.0 399.1 149.4 424.7 475.0 244.6 236.2 237.2 -33.7 317.9 12 13.7 -65.0 35.0 1.7 -108.3 -356.3 -3.6 -126.7 131.6 4. 92-13-40142-10-3. 8. 3721 63.7 -83.4 19 -134.4 -449.4 17 -638.3 -51.0 -290.5 14.1 626.5 124.2 1152.7 541.0 -14.0 -48.6 954.2 -51.3 600.6 862.0 -9.2 259.8 788.8 -40.6 537.4 217.8 -15.0 708.0 -24.0 4546797247379519. 17349099357 929.3 439.0 1127.3 1293.0 799.5 437.3 947.2 416.7 34.5 44 160.4 41 28.7 -23.5 -85.6 -9.9 -25.7 -61.1 -42.4 88.3 -68.6 -143.3 19.5 -3.8 -57.9 -1.5 13.4 -10.2 30 48.0 25.9 69.9 31.0 26 27 20.8 98.6 85.6 56.0 73.7 -58.3 23 79.9 38.6 75.4 60.7 237.7 42.4 71.1 648.2 74.0 -540.7 49.4 109.4 55.9 455.6 71.3 19.0 184.0 67.0 79.7 -135.3 88.7 86.9 40.6 111.9 89.0 64.5 37.5 7 17.9 67.0 74.8 113.3 100.1 87.3 68.3 54.7 30.2 020209070320-. . . 53 0.3 1.6 -0.4 2.0 0.3 0.7 0.9 0.2 -0.2 25 -1.3 -2.5 -31.8 -2.4 18 -37.2 146.2 -2.3 118.9 85.8 -9.5 -7.2 -22.0 99.6 -0.6 16.1 85.9 26.2 -7.8 ...... 39 0.0 38 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 15

Transactions Transactions 7 F13655 omrilmrggs1. 231. 231. 241. 241. 47 49 12.4 0.3 12.4 46 78.5 3.5 12.4 20.4 -2.8 12.4 45 50.5 80.2 5.8 12.3 -11.8 -33.7 41 -4.4 12.3 -4.9 54.8 -124.0 40 -1.8 13.8 12.4 3.4 666.6 -42.7 43 38 36.3 12.3 -3.4 551.2 83.5 331.5 94.7 1.7 37 679.4 -24.9 11.7 315.7 457.2 -4.1 -11.5 93.1 1.9 352.9 356.6 434.1 60.9 12.7 -2.2 99.6 438.4 231.0 405.0 1.8 34.0 32 96.0 544.6 -11.8 245.4 374.8 -2.5 7.9 562.5 -3.4 312.2 70.0 385.0 -3.3 30 502.8 308.7 348.5 -28.8 50FA157005005Discrepancy -2.2 141.7 -4.5 596.2 286.5 417.8 136.1 95.8 49FA543077073Deferredandunpaidlifeinsurancepremiums 1.7 48FA163170005Tradepayables 313.2 399.1 -3.9 21.8 95.1 28 475.0 47FA163165505Commercialmortgages -427.9 -35.3 -3.3 66.6 46FA153169005Otherloansandadvances 50.8 26 45FA153168005Depositoryinstitutionloansn.e.c.(9) -6.5 26.7 -4.5 44FA153166000Consumercredit 53.4 23 43FA153165105One-to-four-familyresidentialmortgages(8) 19.9 275.4 168.9 -3.6 42FA154123005Loans 22 -141.7 543.6 4.0 508.9 23.4 424.3 -3.8 41FA163162003Debtsecurities(municipalsecurities) 419.2 427.8 21 -3.3 -178.2 49.0 -219.8 40FA154190005Netincreaseinliabilities 501.2 -6.2 287.5 -116.4 -62.9 -53.7 384.7 528.6 39FA153090005Miscellaneousassets 317.9 -5.0 -276.9 38FA152090205Equityinnoncorporatebusiness 359.3 318.4 80.9 37FA153050005Pensionentitlements(7) 3.6 -28.6 16 36FA153040005Lifeinsurancereserves 88.8 17 51.8 216.4 -12.7 348.3 35FA163070005Tradereceivables 307.5 19 217.0 201.5 498.1 180.6 -13.1 1034.1 34FA153064205Mutualfundshares 18 -62.5 217.1 54.0 367.5 402.9 1955.8 33FA153064105Corporateequities(6) 61.0 -13.3 1876.4 -139.0 216.5 14 10 1404.6 218.4 32FA163066223Consumercredit(studentloans) 1442.4 15.9 -13.2 3226.6 77.8 1197.0 207.3 31FA153065005Mortgages 1445.1 1352.1 2873.6 -12.8 30FA153069005Otherloansandadvances(5) 17.7 205.8 1421.7 194.9 2380.9 29FA154023005Loans 913.7 -12.6 1385.0 2023.2 216.7 19.1 1836.3 7 28FA153063005Corporateandforeignbonds 1385.3 1928.1 -13.0 204.1 27FA153062005Municipalsecurities 1460.7 5.5 1384.9 21.0 1426.4 26FA153061705Agency-andGSE-backedsecurities 1425.3 -12.5 192.5 1423.6 25FA153061105Treasurysecurities 8 9 -13.3 830.2 5.4 6 1375.9 24FA154022005Debtsecurities -11.9 301.1 1753.2 -2.7 1313.5 8.6 1733.7 317.3 23FA153034005Moneymarketfundshares 11 5.4 3303.1 1713.8 -2.3 22FA153030005Timeandsavingsdeposits 305.4 5 18.4 21FA153020005Checkabledepositsandcurrency 3289.9 1693.6 5.4 1272.8 20FA153091003Foreigndeposits -0.9 283.2 3276.4 1714.6 9.8 1264.3 3322.5 1694.5 257.0 19FA154090005Netacquisitionoffinancialassets 5.2 1282.6 -3.5 3225.1 1723.5 -15.0 269.7 1375.5 3134.5 18FA155000005Netlending(+)ornetborrowing(-) 1683.7 5.2 3 -2.1 1247.6 301.8 3298.0 1606.1 16623.7 17FA155420003Nonproducednonfinancialassets 1186.4 3143.6 16501.6 -2.4 266.6 5.4 16FA165013005Nonprofitnonresidential 1298.8 16355.7 2889.5 15FA155012005Residential 16198.5 244.7 1210.4 14FA155111003Consumerdurablegoods -2.3 16005.4 5.2 1030.9 15842.0 13FA155050005Capitalexpenditures 16419.9 -2.1 15741.5 5.0 12FA155090005Grossinvestment 14833.0 -2.1 11FA156000105=Grosssavinglessnetcapitaltransferspaid 10FA155440005-Netcapitaltransferspaid(4) 9FA156300005+Consumptionoffixedcapital 8FA155111005+Netinvestmentinconsumerdurables 7FA156600075-Contr.forgovt.soc.insur.,U.S.-affiliatedareas 6FA313154015+Governmentinsuranceandpensionreserves(3) 5FA156007015=Personalsaving,NIPA(2) 4FA156900005-Personaloutlays 3FA156012005=Disposablepersonalincome 2FA156210005-Personalcurrenttaxes 1FA156010001Personalincome Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.101 HouseholdsandNonprofitOrganizations(1) 16 (9) IncludesloansextendedbytheFederalReserve tofinancialinstitutionssuchasdomestichedgefundsthroughtheTermAsset-BackedSecurities LoanFacility(TALF). (8) Includesloansmadeunderhomeequitylines ofcreditandhomeequityloanssecuredbyjuniorliens(tableF.218,line24). (7) Includespublicandprivatedefinedbenefit definedcontributionpensionplansandannuities,includingthoseinIRAs,atlifeinsurancecompanies. Excludessocialsecurity. (6) Directlyheldcorporateequities,includingclosed-end fund,exchange-tradedandrealestateinvestmenttrustshares. (5) Includescashaccountsatbrokersanddealers andsyndicatedloanstononfinancialcorporatebusinessbynonprofitsdomestichedgefunds. (4) TableF.5,line66. (3) RailroadRetirementBoard,theNationalInvestmentTrust,andfederalgovernment lifeinsurancereserves. (2) SeetableF.6forderivationofalternativemeasurespersonalsaving. (1) Sectorincludesdomestichedgefunds,privateequityandpersonaltrusts.Supplementary tableB.101.nshowsestimatesofannualyear-endoutstandingsnonprofitorganizations.

Z.1, March12,2020 30. 43. 52. 45. 45. 42. 57. 53. 55. 4 15350.9 15237.2 15073.1 1 14823.0 18817.5 14757.8 18676.9 14655.6 18555.9 15121.1 18355.4 14531.1 18082.8 13802.1 17928.5 18601.4 17819.2 16878.8 0721 092018 2019 2018 2017 12022. 28123. 22524. 24622. 36413 2336.4 2324.1 12 2703.9 2284.6 3728.8 2247.4 3481.6 2232.5 5121.1 2234.4 3146.1 2298.1 4070.8 2222.1 3758.8 2122.0 3647.4 2952.2 2 2193.8 2175.3 2200.1 2156.9 2077.4 2086.5 2181.5 2077.6 2045.8 8. 8. 8. 1. 1. 7. 6. 9. 8. 44 184.8 42 199.7 657.7 168.5 536.4 171.2 672.5 214.7 338.2 212.9 432.0 181.0 539.6 181.8 551.2 184.0 489.7 34 33 605.6 135.1 577.8 361.6 -8.7 -174.4 110.3 186.5 697.7 -676.2 -494.4 433.3 509.0 244.9 233.6 -25.1 -89.7 309.1 133.3 15 690.2 675.2 659.2 659.1 652.7 656.3 670.9 654.5 627.9 6. 538-6. 9637. 19. 252-3. 9. 50 599.3 -438.8 -205.2 -1798.6 79.0 -936.3 -460.8 -503.8 -62.7 31 29 -11.1 -42.4 -11.7 121.1 4.9 -12.3 27 63.4 -11.7 -50.9 -82.6 -12.8 -22.6 25 -132.7 24 -12.9 -447.5 2.4 -785.4 -50.0 -251.7 -11.7 -8.1 782.5 126.4 8.2 -12.7 707.2 1205.4 -14.8 -10.0 -19.9 109.7 1062.6 -50.5 1045.2 -69.8 607.3 -8.8 773.6 322.2 244.1 -38.3 612.8 800.6 -41.2 -54.1 491. 301. 341. 301. 3048 13.0 13.0 13.0 13.0 13.4 13.4 39 13.0 33.0 13.4 28.7 36 48.0 14.9 41.7 69.9 17.3 31.0 41.1 20.8 69.6 56.0 30.2 38.6 52.1 42.4 54.2 49.4 19.0 20 -9.2 -6.0 -5.8 -2.9 -0.0 -10.3 -5.9 0.8 12.6 ...... 35 4.8 4.8 4.8 4.8 4.3 4.3 4.8 4.3 6.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

4 F12925 rpitr’ntivsmn 568. 061287. 539. 438. 44 83.1 84.3 43 99.6 717.7 95.3 714.2 623.7 72.0 42 103.3 885.2 132.8 113.2 751.2 90.6 276.3 138.4 37 85.5 322.9 120.4 735.2 311.1 121.0 65.6 299.5 36 -20.1 457.8 112.4 -198.8 -13.6 203.9 200.0 234.6 107.1 41.8 251.5 114.9 175.5 403.6 138.4 22.0 12.4 45FA107005005Discrepancy 28 162.4 47.1 151.2 44FA112090205Proprietors’netinvestment 92.1 30 173.5 1005.8 43FA143190005Miscellaneousliabilities 355.8 81.2 1389.9 42FA143192005ForeigndirectinvestmentinU.S. 1604.4 -116.7 1981.6 246.1 41FA143178005Taxespayable 1182.2 40FA143170005Tradepayables 154.8 20 1521.2 -14.5 39FA103164103Corporateequities 1495.4 123.4 -5.8 911.3 -68.9 38FA143165005Mortgages 16 37FA143169005Otherloansandadvances 976.5 -4.8 -9.7 282.3 15 36FA143168005Depositoryinstitutionloansn.e.c. 146.2 35FA144123005Loans -0.5 2.3 14 130.3 110.5 34FA103163003Corporatebonds -6.9 107.9 33FA103162000Municipalsecurities 0.2 105.5 32FA103169100Commercialpaper 13 88.3 -9.5 114.9 31FA104122005Debtsecurities 178.8 9 -11.4 -1.1 22.2 126.7 569.4 5.1 30FA144194005Netincreaseinliabilitiesandequity -6.9 92.8 389.1 -27.7 0.1 29FA143090005Miscellaneousassets -13.8 -6.8 28FA103092005U.S.directinvestmentabroad -187.8 96.7 118.2 11 0.2 -5.5 74.7 1445.0 10.0 -0.6 27FA143070005Tradereceivables 114.4 1760.1 26FA103064203Mutualfundshares 10 -25.6 173.9 4.7 439.2 73.2 25FA103064103Corporateequities 1232.0 18.7 237.4 -50.7 426.7 370.2 24FA143066005Consumercredit 56.0 0.3 73.1 954.6 23FA143065005Mortgages -372.4 22FA144023005Loans -1554.9 505.9 -1.7 8.3 -227.6 21FA143062005Municipalsecurities 1216.0 1.0 -1015.3 20FA103061703Agency-andGSE-backedsecurities 845.9 -279.5 19FA143061105Treasurysecurities 18FA103069100Commercialpaper 975.9 -65.5 -1.1 17FA144022005Debtsecurities -0.5 0.4 16FA102051003Securityrepurchaseagreements 15FA143034005Moneymarketfundshares 14FA143030005Timeandsavingsdeposits 2 13FA143020005Checkabledepositsandcurrency 12FA103091003Foreigndeposits 2594.2 2535.4 11FA144090005Netacquisitionoffinancialassets 2530.4 2441.3 10FA145000005Netlending(+)ornetborrowing(-) 2480.6 9FA105420005Nonproducednonfinancialassets 2421.5 8FA145020005Changeininventories 2525.3 2448.4 7FA145013005Nonresidential 2099.7 6FA145012005Residential 5FA145019005Fixedinvestment 4FA145050005Capitalexpenditures 3FA145090005Grossinvestment 2FA146000105Grosssavinglessnetcapitaltransferspaid 1FA146110005Incomebeforetaxes Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.102 NonfinancialBusiness(1) (1) Combinedstatementfornonfinancialcorporatebusinessandnoncorporatebusiness. 0721 092018 2019 2018 2017 17229. 32421. 30926. 32225. 3827 2348.2 5 2359.9 2467.6 2372.2 4 2477.0 2369.2 2484.4 2492.2 3 2340.9 2544.1 2490.2 2923.6 2316.1 2567.2 2471.0 2914.4 2362.4 2608.3 2445.2 2194.8 2297.1 1 2571.4 2481.7 1053.4 2127.2 3033.9 2530.8 2425.8 2343.8 2999.6 2551.0 2256.7 1515.5 2988.3 2479.4 2271.5 2946.2 2287.3 2413.9 3014.9 2286.8 2995.6 2992.0 2970.6 2995.2 1713. 5. 0. 3. 379356-7. 39445 -329.4 -379.0 335.6 1387.9 136.8 906.0 253.8 34.5 39 -187.1 -326.0 -470.7 -147.0 -690.5 -751.4 -185.6 -408.5 -529.7 -320.8 1. 47-843. 86-. 6. . 1041 -1.0 0.4 40 76.5 -66.7 66.9 -6.2 152.7 38 313.9 18.6 327.5 392.3 31.9 61.4 35 414.3 204.6 34 -18.4 296.9 499.7 -68.8 259.1 155.9 -4.7 424.1 31 280.0 378.0 -62.1 222.9 574.0 218.7 239.0 307.4 381.9 154.3 725.4 292.4 366.8 241.8 29 436.4 277.2 729.2 129.5 473.5 478.0 252.9 922.0 227.3 27 -6.1 27.6 463.1 21.7 245.8 485.3 212.5 -39.3 154.6 247.2 258.8 220.7 281.0 586.8 140.1 327.5 219.1 320.5 -66.9 480.0 342.8 746.9 134.1 365.5 214.3 220.0 12 22.9 -59.0 40.7 4.6 -108.3 -346.0 6 2.3 119.4 117.1 -127.5 119.0 120.0 121.0 130.2 129.1 119.4 128.7 129.5 8. 4. 4. 4. 4. 4. 4. 4. 4. 25 -46.2 -46.2 -46.2 -46.2 -42.9 -49.9 -46.2 -46.2 -89.2 37-. 45-11771. 451. 0233 30.2 32 13.8 -23.5 -4.5 -9.9 18.4 -61.1 88.3 7.7 -143.3 -11.1 -3.8 14.5 -1.5 -4.3 -10.2 13.7 25.9 19 -40.0 17 90.7 -13.0 102.5 -26.6 52.6 11.5 6.4 8.9 120.3 -28.5 -25.0 -17.0 63.0 -13.5 8 11.7 35.0 17.9 34.2 67.0 74.8 113.3 100.1 87.3 68.3 54.7 30.2 110000-242. 84-25-183. 24 32.7 21 -0.0 -11.8 0.2 -12.5 -8.4 -0.1 18 27.2 145.2 0.2 121.0 -12.4 0.5 89.0 0.0 -0.1 -7.6 0.0 0.1 110.7 -1.1 15.0 0.3 86.9 -2.1 31.7 -8.8 . 98-. 98-. 98-. 98-. 26 -9.8 23 4.9 -9.8 22 5.1 -9.8 37.6 -9.8 3.9 -6.7 -9.8 -8.5 4.6 -9.8 -3.8 7.4 -9.8 34.6 3.4 -9.8 -9.0 4.6 7.6 4.6 5.1 5.1 5.5 4.4 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 17

Transactions Transactions 8 F53705 Pninfn otiuin aal 921. 541. . 421. 682. 48 20.1 47 592.6 49 -52.8 16.8 583.5 -49.6 10.4 523.6 46 102.4 -49.9 766.9 14.2 112.9 -50.3 587.2 8.1 275.2 -51.5 80.8 41 320.7 107.4 -80.0 10.5 40 616.7 -34.3 307.2 114.8 -50.7 15.4 196.0 454.3 16.4 95.8 -77.0 -282.4 12.2 202.8 66.1 199.1 -79.2 231.6 19.2 29.1 38.8 248.9 161.8 151.3 52FA105005305Financinggap(7) Memo: 129.3 34.5 51FA107005005Discrepancy 4.2 21.7 34 32 404.1 50FA103193005Other 162.4 147.7 76.5 49FA573073005Claimsofpensionfundonsponsor 762.8 92.1 48FA573074005Pensionfundcontributionspayable 35.8 47FA103190005Miscellaneousliabilities 1114.4 355.8 46FA103192005ForeigndirectinvestmentinU.S. 1407.5 -116.7 277.0 45FA103178005Taxespayable 246.1 44FA103170005Tradepayables 1082.5 24 -14.5 154.8 922.2 43FA103164103Corporateequities -5.8 123.4 298.9 18 -10.7 42FA103165005Mortgages 20 -68.9 -4.8 481.8 41FA103169005Otherloansandadvances(6) 19 -9.7 -8.5 138.1 40FA103168005Depositoryinstitutionloansn.e.c. 282.3 39FA104123005Loans -0.5 2.3 121.8 9.2 38FA103163003Corporatebonds(4) 102.0 -6.9 0.2 37FA103162000Municipalsecurities(5) 17 28.5 80.8 138.6 36FA103169100Commercialpaper -9.5 13 35FA104122005Debtsecurities -11.4 -1.1 1.7 531.8 8.3 5.1 34FA104194005Netincreaseinliabilitiesandequity -6.9 355.0 0.1 15.8 15 -32.6 -219.6 890.6 33FA103090005Miscellaneousassets -13.8 -6.8 32FA103092005U.S.directinvestmentabroad(4) 4.6 110.7 0.2 52.6 1190.7 -5.5 10.0 14 -9.3 808.6 31FA103070005Tradereceivables 154.5 486.4 -6.6 4.7 30FA103064203Mutualfundshares -25.6 -66.4 201.4 427.9 11.6 29FA103064103Corporateequities 7 -7.7 -50.7 0.3 128.6 -0.4 54.5 -305.8 28FA103066005Consumercredit 158.0 -1474.0 27FA103065003Mortgages -1.7 -0.5 7.8 -148.5 26FA104023005Loans 705.9 6 -924.5 1.0 -0.6 25FA103062003Municipalsecurities 28.8 318.8 -216.3 24FA103061703Agency-andGSE-backedsecurities 4 549.0 23FA103061103Treasurysecurities -0.6 19.9 -4.6 -1.1 13.0 2 22FA103069100Commercialpaper 144.2 21FA104022005Debtsecurities 67.2 -16.0 67.1 0.4 27.9 149.2 8 20FA102051003Securityrepurchaseagreements -5.6 5 15.8 -4.4 19FA103034000Moneymarketfundshares 2232.0 168.9 1708.0 18FA103030003Timeandsavingsdeposits -0.5 2176.1 -143.9 1688.5 157.3 -15.5 17FA103020000Checkabledepositsandcurrency 2175.0 1669.2 -32.5 16FA103091003Foreigndeposits -5.9 157.5 -15.2 2090.1 1648.6 26.8 15FA104090005Netacquisitionoffinancialassets 2125.1 166.8 1666.4 -42.1 191.5 2075.5 1647.7 -293.4 154.9 14FA105000005Netlending(+)ornetborrowing(-) 5.3 2168.3 1678.6 216.0 155.6 2105.4 1639.9 13FA105420005Nonproducednonfinancialassets -51.5 12FA105020005Inventorychange+IVA 1767.5 232.5 1440.2 11FA105019005Fixedinvestment(3) -48.9 10FA105050005Capitalexpenditures 9FA105090005Grossinvestment 8FA106000105=Grosssavingslessnetcapitaltransferspaid 7FA105440005-Netcapitaltransferspaid(2) 6FA106006065+Foreignearningsretainedabroad 5FA106300015+Capitalconsumptionallowance(1) 4FA105020601+Inventoryvaluationadjustment(IVA) 3FA106121075-Netdividends 2FA106231005-Taxesoncorporateincome 1FA106060005Profitsbeforetax Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.103 NonfinancialCorporateBusiness 18 (7) Thefinancinggapisthedifferencebetweencapital expenditures(line10)andgrosssavingslessnetcapitaltransferspaidforeignearnings retainedabroad(line8minusline6). (6) Loansfromrestoftheworld,U.S.government, andnonbankfinancialinstitutions.DetailcanbefoundontableF.216. (5) Industrialrevenuebondsissuedbystateandlocal governmentstofinanceprivateinvestmentandsecuredininterestprincipalbytheindustrial userofthefunds. (4) Through1992:Q4,corporatebondsincludenet issuesbyNetherlandsAntilleanfinancialsubsidiaries,andU.S.directinvestmentabroadexcludes netinflowsfromthosebondissues. (3) Nonresidentialfixedinvestmentplusresidential fixedinvestment,shownintableF.2,lines10and15respectively. (2) TableF.5,line61. (1) Consumptionoffixedcapitalplusthe consumptionadjustment.

Z.1, March12,2020 0721 092018 2019 2018 2017 89120. 07421. 04726. 06626. 08311 2058.3 10 2074.9 2065.6 9 2127.2 2076.6 2561.3 2145.2 2069.1 2555.1 2176.2 2044.7 1839.4 2136.8 2016.3 702.2 2094.0 2067.4 1988.4 2130.9 2001.0 1169.5 2051.0 1859.1 1914.5 1887.4 2070.9 1 1954.5 1105.5 1084.5 1124.3 1097.0 1163.4 1178.1 1102.8 1156.9 1265.4 1713. 5. 0. 3. 379356-7. 39451 -329.4 50 -379.0 625.4 335.6 616.3 1387.9 563.1 136.8 803.0 906.0 630.6 253.8 150.3 34.5 652.0 43 -187.1 -326.0 260.9 -470.7 -222.4 -147.0 -690.5 -751.4 -185.6 -408.5 -529.7 -320.8 3. 377-06-39-3. 0. 73-35-2. 52 -128.2 -53.5 37.3 101.9 -132.2 45 -9.6 -13.9 -10.6 -8.8 -347.7 -73.1 335.9 -14.2 3.7 39 26.6 114.1 38 -26.4 194.4 -68.8 195.7 -14.1 35 378.0 -62.1 294.6 211.1 307.4 381.9 215.3 366.8 241.8 242.6 129.5 473.5 199.7 227.3 -6.1 31 137.3 245.8 -37.8 223.2 212.5 154.6 -108.6 258.8 172.5 281.0 140.1 266.7 320.5 -179.6 303.1 73.2 143.2 162.5 16 22.9 -59.0 40.7 4.6 -108.3 -346.0 2.3 -127.5 119.0 3 479.6 471.5 512.9 499.0 404.0 514.6 490.7 196.8 681.2 8. 4. 4. 4. 4. 4. 4. 4. 4. 29 -46.2 -46.2 -46.2 -46.2 -42.9 -49.9 -46.2 -46.2 -89.2 131767. 5. 7. 5. 82-05-. 44 -7.3 42 -30.5 41.1 98.2 63.2 256.5 33.8 37 -78.9 30.2 56.8 251.3 36 13.8 -23.5 34.9 79.2 -4.5 -9.9 46.3 137.6 18.4 -61.1 48.7 81.3 33 88.3 7.7 56.6 419.2 -143.3 592.1 -11.1 39.8 -3.8 -200.8 14.5 -38.9 -1.5 -4.3 17.1 -10.2 13.7 21.7 25.9 192.9 23 21 -45.6 84.6 408.6 -18.9 75.7 96.1 -30.7 48.1 6.4 0.8 -0.7 109.9 -31.9 -28.7 -22.2 57.4 12 -19.6 17.7 5.2 30.1 61.5 28.8 68.5 102.3 91.8 79.4 62.5 51.1 27.9 110000-242. 84-25-183. 28 32.7 -11.8 25 -0.5 -12.5 -0.2 -8.4 -0.4 22 27.2 145.2 -0.2 121.0 -12.4 89.0 0.0 -0.3 -7.6 -0.4 0.0 110.7 -0.3 -1.1 15.0 -0.2 86.9 -2.5 31.7 -8.8 . 98-. 98-. 98-. 98-. 30 -9.8 27 1.4 -9.8 1.4 -9.8 26 34.1 -9.8 1.4 -10.5 -9.8 1.3 -11.1 -9.8 -7.1 1.3 -9.8 28.6 1.3 -9.8 -11.1 1.4 7.6 1.4 1.3 1.3 2.4 1.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

2 F12925 rpitr’ntivsmn 568. 061287. 539. 438. 32 83.1 30 0.9 84.3 0.2 99.6 26 1.1 95.3 13.0 72.0 2.1 6.2 132.8 3.9 16.6 90.6 25 0.9 14.3 3.6 21 85.5 -0.0 23 -30.0 12.7 601.7 1.1 65.6 0.7 41.1 627.1 13.7 2.9 490.0 0.5 76.1 9.2 574.1 2.7 252.3 -0.2 8.2 905.2 -12.5 -0.0 438.7 25.4 3.6 573.2 0.5 97.0 612.4 0.3 45.4 32FA112090205Proprietors’netinvestment 494.7 10 0.2 31FA113193003Miscellaneousliabilities 9 121.2 30FA115114005ForeigndirectinvestmentinU.S. 40.3 113.9 2.6 29FA113178003Taxespayable 37.7 105.7 28FA113170005Tradepayables 98.2 34.1 27FA113165005Mortgages 8 26FA113169005Otherloansandadvances 91.1 31.8 7 554.4 25FA113168005Depositoryinstitutionloansn.e.c. 24FA114123005Loans -47.3 80.8 569.4 22.1 -57.7 23FA114190005Netincreaseinliabilities 423.4 109.8 19.4 -66.6 493.2 79.8 22FA113093005Other 35.9 21FA113092405EquityinvestmentinGSEs(3) -80.9 826.1 20FA113076005Insurancereceivables 63.7 18.6 19FA113090005Miscellaneousassets 347.9 -79.1 18FA113070003Tradereceivables 510.1 0.5 -90.8 17FA113066003Consumercredit 527.0 -63.1 16FA113065005Mortgages 2 15FA114023005Loans 427.0 362.2 1 -85.4 362.2 14FA113062003Municipalsecurities 359.2 -67.7 13FA113061003Treasurysecurities 359.2 355.4 12FA114022005Debtsecurities 355.4 351.2 11FA113034003Moneymarketfunds 351.2 10FA113030003Timeandsavingsdeposits 355.5 9FA113020005Checkabledepositsandcurrency 346.9 346.0 8FA114090005Netacquisitionoffinancialassets 342.5 357.0 357.0 7FA115000005Netlending(+)ornetborrowing(-) 343.0 340.0 332.3 6FA115020005Changeininventories 322.9 5FA115019005Fixedinvestment(2) 4FA115050005Capitalexpenditures 3FA116000105Grossinvestment 2FA116000105Grosssavinglessnetcapitaltransferspaid(1) 1FA116300005Grosssaving=consumptionoffixedcapital Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.104 NonfinancialNoncorporateBusiness (3) EquityintheFarmCreditSystem. (2) Nonresidentialfixedinvestmentplusresidentialinvestment,shownintableF.2,lines11and16respectively. (1) NetcapitaltransferspaidfromtableF.5,line62. 0721 092018 2019 2018 2017 1. 2. 4. 9. 4. 0. 7. 2. 7. 27 272.8 329.0 24 300.1 170.8 305.2 202.3 22 228.4 245.1 298.8 279.3 192.6 319.7 19 510.2 243.7 310.0 210.4 193.8 220.6 329.9 279.2 278.3 213.1 222.5 574.7 325.8 286.1 194.1 262.1 569.7 277.0 197.4 339.6 287.1 283.2 338.4 289.8 5 4 409.3 409.5 411.4 3 417.0 362.2 415.6 421.9 359.2 421.1 432.1 355.4 426.3 434.6 351.2 428.9 436.8 355.5 414.4 420.1 346.0 424.8 428.4 357.0 397.7 400.0 343.0 332.3 371351855. 6. 1. 0. 3. 2. 31 125.1 28 83.8 130.7 100.1 97.4 118.3 54.5 164.0 71.0 57.6 140.2 118.5 45.6 103.5 76.7 83.7 18 65.4 85.3 69.3 73.0 48.2 60.7 112.8 39.6 60.9 71.2 57.6 . . . . 498064928729 8.7 9.2 6.4 8.0 14.9 5.2 20 11.2 8.1 17 9.5 0.0 16 3.5 15 9.4 11.6 3.5 0.0 14 3.7 7.6 0.5 7.1 13 3.7 0.0 5.6 12 2.6 6.0 0.5 -4.9 2.6 0.0 5.9 11 8.0 3.3 2.8 6.4 0.3 3.3 0.0 4.1 8.5 6.0 9.8 4.4 0.4 6.0 0.0 5.2 5.9 2.1 -1.4 5.6 0.8 2.1 0.0 9.6 6 7.5 4.0 3.3 10.4 0.3 0.1 3.3 0.0 3.4 13.9 3.8 3.7 0.4 5.5 3.8 0.0 5.2 4.9 3.1 5.6 0.5 6.3 3.1 6.1 7.5 6.6 0.4 11.0 4.9 8.7 5.3 8.3 7.1 7.9 5.7 3.6 2.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 19

Transactions Transactions 9 F33905 iclaeu iblte 3. 1. 1. 9. 32421564-7. 1. 59 211.4 55 62 0.0 -278.7 56 1073.7 61 -27.9 52 -33.6 506.4 1737.5 -1.0 0.0 -770.7 990.0 402.1 506.8 6.7 -2.2 2257.0 0.0 53.2 -381.1 897.5 -21.0 -0.8 862.3 295.4 0.0 1335.9 -99.3 1.4 210.3 -3.0 1514.5 0.0 399.0 1453.0 115.2 1.2 0.5 901.7 17.8 231.5 0.0 17.6 -2.8 197.4 0.0 173.5 -150.6 -1.7 46 152.1 40 0.0 1113.2 -1.5 11.5 1714.5 62FA374190005Netincreaseinliabilities (consolidated)(4) 0.0 860.0 -0.1 30.4 61FA374090005Netacquisitionoffinancial assets(consolidated)(4) Memo: 2192.8 8.6 729.0 60FA367005005Discrepancy 36 1359.8 22.5 1.3 59FA363190005Miscellaneousliabilities 1470.1 58FA313140003Insurancereserves 1.3 1391.3 57FA363170005Tradepayables -19.6 29 893.1 8.3 56FA363169005Otherloansandadvances -0.1 -32.6 55FA313165403Multifamilyresidentialmortgages 30 34 28 2.2 15.6 6.2 54FA364123005Loans 26 -28.4 18.2 4.4 11.2 53FA213162005Municipalsecurities -21.7 -31.7 52FA313161705Budgetagencysecurities -4.6 2.8 3.3 14.8 7.4 51FA313161105Treasurysecurities 3.2 -51.9 50FA364122005Debtsecurities -6.7 2.8 30.5 1.1 9.3 -21.5 49FA313112003Treasurycurrency -19.8 1.0 33.4 27 48FA713014003SDRcertificates -100.7 1.2 -50.2 0.8 -2.3 47FA313111303SDRallocations 13.1 9.4 -23.5 541.3 23 -2.0 46FA364190005Netincreaseinliabilities -0.8 8.4 13.8 25 -22.4 2.4 -367.9 6.0 19.4 45FA363090005Miscellaneousassets 4.7 -33.8 -94.3 13.0 -0.9 44FA363078005Taxesreceivable -2.0 20.8 483.8 43FA363070005Tradereceivables 4.8 -88.2 -2.1 13.1 42FA213064203Mutualfundshares 7.2 -511.1 8.0 -11.4 41FA363064105Corporateequities 259.6 8.4 0.3 -85.2 2.2 5.0 7.2 40FA313069005Otherloansandadvances 14.5 18 24 -267.8 39FA313066220Consumercredit 12.5 -2.7 -1107.2 -1.7 38FA363065005Mortgages 422.8 -1230.7 165.9 17 37FA364023005Loans -1371.1 14.2 -2.3 593.6 -26.6 -172.6 36FA363063005Corporateandforeignbonds -2278.0 35FA213062003Municipalsecurities 20 -996.8 589.8 12.1 135.7 -0.9 -873.8 34FA363061705Agency-andGSE-backedsecurities -936.9 584.6 33FA213061105Treasurysecurities 164.9 -843.8 13.6 -3.5 -1496.8 32FA213069103Openmarketpaper 13 -769.4 579.5 -1255.6 31FA364022005Debtsecurities 677.8 11.6 -728.2 -731.7 -2.1 573.9 668.3 30FA212051003Securityrepurchaseagreements -727.6 12 569.1 29FA213034003Moneymarketfundshares -2.4 3188.8 663.5 11 -639.5 28FA363030005Timeandsavingsdeposits 3063.6 5 586.9 9 3165.3 27FA363020005Checkabledepositsandcurrency -804.7 662.3 -2.3 3034.2 29.3 -11.0 26FA313011005U.S.officialreserveassets 3127.9 565.7 -660.5 3008.4 648.2 3082.1 10 4 -12.6 -2.1 28.5 -167.0 543.2 25FA364090005Netacquisitionoffinancialassets 2968.0 7860.8 2971.6 641.9 190.7 2949.4 7805.0 -12.9 2952.1 28.6 -2.1 24FA365000005Netlending(+)ornetborrowing(-) 668.0 196.7 2928.7 7737.1 3141.0 -11.5 3018.5 641.8 7599.0 28.0 212.6 23FA365420005Nonproducednonfinancialassets 2940.8 -9.9 2904.3 22FA365019005Fixedinvestment 7485.6 6 2821.8 612.4 200.9 28.9 21FA365090005Grossinvestment 2757.2 3 7406.8 1438.1 1 -7.3 203.9 1518.4 7750.5 1426.7 27.2 20FA366000105=Grosssavinglessnetcapitaltransfers 6375.8 1507.6 7369.5 216.3 1421.7 -12.0 6352.4 1479.3 19FA365440095-Netcapitaltransfers(3) 7014.4 28.6 1413.0 200.2 6364.1 18FA313154015-Insuranceandpensionfundreserves(2) 1472.3 -6.5 1373.9 17FA366300005+Consumptionoffixedcapital 6264.3 27.7 205.8 1475.2 1367.5 16FA366006005Netsaving,NIPAbasis 6161.2 -2.5 1442.3 306.0 1424.9 25.9 6175.4 1494.4 15FA366402005Subsidies 1361.6 6339.2 14FA366130005Interestpayments 1441.8 1304.6 6120.6 13FA366403005Othercurrenttransferpayments 1364.5 12FA366404005Governmentsocialbenefits 6041.6 11FA366901005Consumptionexpenditures 10FA366900015Currentexpenditures,NIPAbasis 9FA366402105Currentsurplusofgovernmententerprises 8FA366403105Currenttransferreceipts 7FA366150105Incomereceiptsonassets 6FA366601005Contributionsforgovt.socialinsurance 5FA316231061Taxesfromtherestofworld 4FA366231005Taxesoncorporateincome 3FA366240005Taxesonproductionandimports 2FA366210005Personalcurrenttaxes 1FA366010115Currentreceipts,NIPAbasis Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.105 GeneralGovernment(1) 20 (4) ExcludesTreasurysecurities andmunicipalsecuritiesheldbystate localgovernments(lines33and35)federal governmentloanstostateandlocalgovernments (line56). (3) TableF.5,line63less line12. IncludesvalueofTreasury andagency-GSE-backedsecuritiesheld bystateandlocalgovernmentemployeeretirement funds. (2) RailroadRetirement Board, theNationalRailroadRetirementInvestment Trust,andfederalgovernmentlifeinsurance reserves.Savingtransferredtothehouseholds and nonprofitorganizationssector. (1) Sumofthefederalgovernmentandstate local governmentssectors.

Z.1, March12,2020 0721 092018 2019 2018 2017 05827. 11528. 07425. 20127. 1382 2193.8 2175.3 2200.1 2156.9 2077.4 2086.5 2181.5 2077.6 2045.8 151-0. 5. 407-3. 2. 153-6. 52460 -532.4 -364.6 -145.3 822.8 -438.7 -410.7 -54.9 -105.7 -105.1 19 -15.0 -16.7 -18.1 -19.9 -20.8 16 -20.5 -1485.0 -1452.6 -17.4 -1373.0 -20.6 -1334.7 -1324.5 -260.4 -1231.5 -1411.3 -1248.9 -972.8 5. 1061. . . 6. . 707-7954 -27.9 -770.7 6.7 862.3 51 50 742.1 1.4 875.6 2695.3 2709.9 1.2 376.6 298.1 892.4 17.6 849.5 647.4 599.9 44 -150.6 -49.1 1040.3 991.8 152.1 1176.6 -126.6 1183.3 1411.2 -127.2 1358.3 447.0 -84.8 445.0 37 84.7 -41.8 -4.2 123.3 77.6 -97.0 110.6 -41.4 55.0 232.0 95.3 99.1 79.2 103.0 22 752.1 738.5 733.9 715.1 695.4 693.9 734.9 14 848.7 687.2 854.5 654.8 875.4 814.1 8 835.2 7 817.3 199.4 825.7 838.4 191.9 848.2 821.2 213.5 818.2 804.9 199.9 761.8 794.4 217.5 826.5 216.3 820.4 201.2 802.6 210.0 770.3 227.1 1. . 45-991095. 92-. 6. 45 -64.3 -5.5 69.2 58.4 100.9 -29.9 14.5 9.0 -17.2 21 -341.4 -479.2 -624.1 -1554.4 -289.0 -228.8 -749.8 -554.9 -61.9 476. 817. 437. 925. 3857 53.8 52.3 49.2 76.8 74.3 70.6 58.1 68.2 43 64.7 4.6 10.0 21.8 39 68.3 5.7 88.9 16.5 92.4 45.3 83.4 10.5 85.4 26.0 88.2 10.9 83.3 90.7 96.3 15 82.0 82.6 61.9 72.6 81.3 58.4 74.7 64.4 61.1 020209070320-. . . 58 0.3 1.6 -0.4 2.0 0.3 53 134.6 16.7 0.7 -77.7 0.9 -40.0 0.2 -48.0 -45.7 -0.2 8.4 41 -3.4 -51.5 -3.4 -2.0 -3.4 35 -3.4 0.3 -3.4 -1.0 -3.5 -1.6 33 38.1 -3.4 -1.1 -25.9 31 0.6 56.5 -2.7 -129.4 -80.3 -3.5 0.9 -64.2 -218.8 -167.2 -0.9 -114.8 21.8 -303.4 -0.8 -45.3 40.1 -0.2 -62.0 -89.3 -8.9 -104.2 -4.1 ...... 49 0.0 48 0.0 47 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42 0.0 1.2 0.0 0.0 0.0 1.2 0.0 0.0 0.0 1.2 0.0 0.0 38 0.0 4.9 1.2 0.0 0.0 0.0 4.1 1.2 0.0 0.0 0.0 32 -23.4 1.2 1.1 0.0 4.7 1.2 -2.2 -31.8 1.2 -3.2 7.1 0.5 1.2 -2.4 -11.2 -14.3 1.1 3.9 -1.0 -5.4 1.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

8 F34015 hnei ahblne()-7. 7. . 7. 8. 8. 397538-4058 -74.0 533.8 -369.7 -82.9 -89.3 55 274.8 50 -13.3 0.0 51 48 1.8 -29.0 -1.0 -461.9 0.0 -774.6 234.5 173.2 -2.2 5.7 92.1 -170.2 0.0 -0.8 32.0 861.3 0.0 -3.0 0.0 -65.9 45 0.0 0.5 742.1 -37.2 0.0 2695.3 -50.0 0.0 -2.8 376.6 15.8 8.1 -1.7 892.4 0.0 -151.7 647.4 151.7 -1.5 40 0.0 741.7 1040.3 58FA314000105Changeincashbalance (6) 33 11.5 -0.1 Memo: 1176.6 1433.0 31 0.0 0.0 1411.2 651.4 30.4 57FA317005005Discrepancy 28 447.0 1896.0 -1.3 0.0 30 8.6 56FA313190015Other 720.0 0.0 55FA343073045Claimsofpensionfundonsponsor 26 1.3 11.2 996.8 0.0 54FA313190005Miscellaneousliabilities 22.5 0.0 53FA313140003Insurancereserves 1180.5 7.4 52FA313170005Tradepayables 1.0 0.0 1.3 1243.8 0.0 51FA313169003Otherloansandadvances 638.8 9.3 0.1 0.0 50FA313165403Multifamilyresidentialmortgages -0.1 0.0 27 49FA314123005Loans -71.3 0.8 -0.0 48FA313161705Budgetagencysecurities 18.2 0.0 23 47FA313161305Nonmarketable 0.0 529.5 -0.9 46FA313161205Marketable 0.6 2.8 8.4 25 0.0 45FA313161105Treasurysecurities(5) -369.2 -44.1 0.0 -2.2 44FA314122005Debtsecurities -85.0 0.3 2.8 -0.9 528.3 0.0 43FA313112003Treasurycurrency -2.3 0.0 -87.5 -385.9 42FA713014003SDRcertificates 7.2 0.1 19 0.0 41FA313111303SDRallocations -50.0 274.9 -6.8 61.2 18 0.0 24 -2.7 5.0 0.4 1.0 -24.1 40FA314190005Netincreaseinliabilities -785.8 59.5 -2.4 0.0 -904.8 -2.3 380.3 -1.7 39FA313090005Miscellaneousassets 173.5 56.3 -0.3 -1037.3 17 38FA313078000Taxesreceivable 12.1 297.4 -1946.0 -0.9 -170.2 37FA313070000Tradereceivables 56.1 -744.1 -3.1 36FA313064105Corporateequities(4) 295.1 254.1 35FA313066220Consumercredit(3) -3.5 -616.5 52.5 292.6 34FA313065005Mortgages 162.3 -0.9 20 -1168.5 33FA313069005Otherloansandadvances -1014.0 -2.1 -989.8 291.9 57.1 -987.3 32FA314023005Loans -2.2 13 -476.4 31FA313063763Corporateandforeignbonds 289.0 677.8 -950.8 -2.4 58.3 30FA313061703Agency-andGSE-backedsecurities -883.7 287.6 668.3 29FA314022005Debtsecurities 9 -2.3 12 52.7 28FA313030003Timeandsavingsdeposits -829.0 11 -6.5 2402.9 294.2 663.5 1133.0 27FA313020005Checkabledepositsandcurrency 5 -748.5 2377.3 -2.1 -188.2 26FA313011005U.S.officialreserveassets 1121.1 286.1 662.3 29.3 -8.1 -959.0 2353.9 1110.5 277.1 648.2 25FA314090005Netacquisitionoffinancialassets -2.1 -774.2 2330.4 10 4 1091.6 28.5 -8.3 4874.8 2233.1 641.9 -257.2 120.3 1073.1 24FA315000005Netlending(+)ornetborrowing(-) 4833.5 2209.4 28.6 -7.2 1068.1 668.0 130.1 3 4794.2 2366.1 23FA315420003Nonproducednonfinancialassets 1114.0 177.2 641.8 4699.6 28.0 146.0 22FA315019001Fixedinvestment 2204.2 -5.6 1056.9 21FA315090005Grossinvestment 4596.6 171.5 6 2109.6 612.4 136.6 992.6 28.9 4526.8 -3.2 1415.1 161.7 20FA316000105=Grosssavinglessnetcapitaltransferspaid 1 144.9 4800.5 1404.0 27.2 3621.9 166.1 -7.5 4507.4 156.2 19FA315440095-Netcapitaltransferspaid(2) 1399.2 3608.3 18FA313154015-Insuranceandpensionreserves(1) 4251.1 28.6 180.3 1390.4 133.2 3606.3 -2.5 17FA316300001+Consumptionoffixedcapital 1351.4 159.7 3576.7 27.7 147.4 1345.1 16FA316006005Netsaving,NIPAbasis 1.0 3529.0 169.1 251.5 1402.2 25.9 3545.4 15FA316402001Subsidies 160.8 1339.4 3603.3 14FA316130001Interestpayments 1283.8 128.7 3497.7 13FA316403001Othercurrenttransferpayments 12FA316404001Governmentsocialbenefits 3526.4 11FA316901001Consumptionexpenditures 10FA316900005Currentexpenditures,NIPAbasis 9FA316402101Currentsurplusofgovernmententerprises 8FA316403105Currenttransferreceipts 7FA316150105Incomereceiptsonassets 6FA316601001Contributionsforgovt.socialinsurance 5FA316231061Taxesfromtherestofworld 4FA316231001Taxesoncorporateincome 3FA316240001Taxesonproductionandimports 2FA316210001Personalcurrenttaxes 1FA316010105Currentreceipts,NIPAbasis Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.106 FederalGovernment (6) Timeandsavingsdeposits (line28)pluscheckabledepositsandcurrency atthemonetaryauthorityandU.S.-chartered depositoryinstitutionssectors(tableF.204,lines 3and8). (5) IncludesmarketableandnonmarketableTreasury securitiesheldbythepublicandTreasuryfederalgovernmentemployeeretirement funds. (4) Corporateequitiespurchasedfromfinancialbusinesses undertheTroubledAssetReliefProgram(TARP)andfromGSEsatissuanceprice. thegovernmentpurchasedfromdepositoryinstitutions andfinancecompanies. (3) IncludesloansoriginatedbytheDepartment of EducationundertheFederalDirectLoanProgram,aswellFamily Program loansthat (2) TableF.5,line64less12. (1) RailroadRetirementBoard,theNational RetirementInvestmentTrust,andfederalgovernmentlifeinsurancereserves. 0721 092018 2019 2018 2017 63112. 68912. 63918. 61319. 7802 1718.0 1698.4 1691.3 1688.0 1633.9 1628.3 1698.9 1620.2 1613.1 1732961391094. 896-0. 34211747 191.7 1354.2 -200.7 -889.6 45.9 140.9 113.9 279.6 -107.3 21 -467.9 -595.8 -734.9 -1649.8 -447.8 -326.3 -862.1 -700.3 16 -1252.9 -201.8 -1225.2 -1188.0 -1122.9 -1067.6 -981.3 -1197.3 -1009.8 -724.7 5. 1171. . . 6. . 746-9049 -29.0 -774.6 5.7 861.3 46 550.4 0.0 44 1341.1 741.1 0.0 577.3 2693.1 1782.0 375.8 15.8 601.4 889.5 -151.7 899.4 647.8 151.7 38 1062.7 -61.0 1037.5 1131.6 1174.9 -140.0 554.4 1409.8 -133.0 447.0 -86.0 -59.3 -12.9 -105.0 -50.8 223.8 22 318.9 311.2 304.7 303.1 298.7 290.6 309.5 14 290.4 579.8 276.8 584.8 605.1 543.4 7 561.4 104.9 549.5 97.7 578.3 119.7 540.7 106.3 475.9 125.0 124.6 107.2 118.6 137.8 5. 7. 9. 422-8. 6. 259-9. 56257 -546.2 -391.5 -215.9 766.1 -381.3 -422.2 -96.9 -74.0 -55.4 281. 83241. 353. 2. 9956 39.9 52 -27.2 2.7 54 36.9 26.6 2.0 23.5 -489.1 -1.1 271.4 14.2 115.5 27.7 2.4 46.3 25.7 18.3 -63.5 22.0 15.5 -18.9 7.8 12.8 -34.5 20.1 20.9 39 2.1 19.4 5.7 35 11.9 68.3 8.0 88.9 32 13.1 92.4 81.1 13.6 83.4 130.4 88.0 6.9 85.4 108.9 88.2 15.0 91.6 83.3 10.8 91.2 90.7 102.1 96.3 96.9 99.2 15 81.4 82.0 61.3 72.0 8 80.7 63.6 57.8 86.4 74.1 68.2 63.8 68.5 60.6 70.3 107.5 71.6 86.0 84.6 020209070320-. . . 53 0.3 1.6 -0.4 2.0 0.3 0.7 0.9 0.2 -0.2 36 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 4.0 -0.1 ...... 43 0.0 42 0.0 41 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37 0.0 -4.8 0.0 0.0 34 -6.1 0.0 1.3 0.0 0.0 6.1 0.0 11.2 0.0 29 0.0 0.0 3.2 -13.0 0.0 0.0 0.0 3.0 0.0 9.6 0.0 0.0 0.0 4.9 0.0 13.8 0.0 3.0 0.0 -0.4 10.4 0.6 0.0 0.1 3.4 0.0 0.2 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 21

Transactions Transactions 4 F23623 on US oenetlas ...... 44 1.1 3.9 1.0 46 184.8 1.1 210.5 235.0 40 1.4 41 371.5 286.5 134.6 281.4 1.2 6.9 16.7 208.6 -77.7 1.8 358.9 296.8 -40.0 229.2 9.0 1.1 -48.0 149.8 363.0 33 0.4 210.6 -45.7 1.3 289.6 8.4 147.5 -19.6 26 8.3 -51.5 254.4 -32.6 27 31 -2.0 2.2 15.6 6.2 47FA217005005Discrepancy -28.4 25 5.8 -21.7 -31.7 46FA223073045Claimsofpensionfundonsponsor(3) -4.6 3.3 45FA213170003Tradepayables 3.2 -51.9 13.5 24 -6.7 21.1 1.1 44FA213169203Loans(U.S.governmentloans) -21.5 29.5 -19.8 11.8 1.0 43FA213162200Long-term -100.7 1.2 -2.3 33.3 42FA213162400Short-term(2) 13.1 1.3 41FA213162005Debtsecurities(municipalsecurities) -23.5 -2.0 23 9.4 -0.8 21 50.1 -22.4 14.7 2.4 40FA214190005Netincreaseinliabilities -9.3 4.7 18.8 -33.8 -44.5 15.2 39FA213093003Miscellaneousassets -0.6 -2.0 38FA213078005Taxesreceivable 4.8 -125.2 20.5 -2.1 37FA213070003Tradereceivables 15.4 -15.3 -11.4 -35.2 22 7.9 0.3 -321.4 36FA213064203Mutualfundshares 15.3 6.2 2.2 -243.7 35FA213064103Corporateequities -325.9 17 -76.2 42.6 14.1 14.9 -333.8 -7.6 12 34FA213065005Loans(mortgages) -76.1 0.0 16 -331.9 -38.7 14.6 296.2 33FA213063003Corporateandforeignbonds -2.5 -252.7 -74.4 -118.4 18 32FA213062003Municipalsecurities 0.0 294.7 15.1 140.2 -320.4 31FA213061703Agency-andGSE-backedsecurities 2.5 -76.1 292.0 30FA213061105Treasurysecurities -328.3 143.5 14.5 0.0 29FA213069103Openmarketpaper -73.3 -265.9 287.7 181.4 28FA214022005Debtsecurities 13.7 -251.8 -77.6 0.0 284.9 152.0 27FA212051003Securityrepurchaseagreements -75.7 281.5 26FA213034003Moneymarketfundshares 101.4 0.0 11 -73.3 8 292.7 10 4 109.0 25FA213030000Timeandsavingsdeposits 785.9 1930.6 -4.6 70.3 24FA213020005Checkabledepositsandcurrency 279.6 0.0 -72.2 1913.2 154.3 788.0 1897.9 266.1 5 -4.6 23FA214090005Netacquisitionoffinancialassets 66.6 113.7 774.0 0.0 9 1876.4 23.0 90.2 22FA215000005Netlending(+)ornetborrowing(-) 66.6 -4.6 2986.0 751.7 1876.3 22.8 0.0 2971.5 1860.6 738.5 21FA215420003Nonproducednonfinancialassets 64.3 -4.3 2942.9 1904.5 20FA215019001Fixedinvestment 22.6 742.7 0.0 2899.4 1847.4 59.0 -4.3 19FA215090005Grossinvestment 2889.1 774.9 1764.6 3 22.5 60.1 2880.1 1341.1 -4.0 736.6 18FA216000105=Grosssavinglessnetcapitaltransferspaid 1 22.5 2949.9 1336.1 2753.8 67.0 712.2 2862.1 1317.6 -4.5 17FA215440005-Netcapitaltransferspaid(1) 22.4 2744.1 16FA216300001+Consumptionoffixedcapital 2763.2 1306.2 58.4 2757.8 -4.0 1294.8 22.7 15FA216006005Netsaving,NIPAbasis 2687.7 54.5 1282.6 2632.2 -3.4 22.2 1325.3 14FA216402001Subsidies 2629.9 13FA216130001Interestpayments 1281.0 20.8 2735.9 12FA216403001Othercurrenttransferpayments 1235.8 2623.0 11FA216404001Govt.socialbenefitpaymentstopersons 10FA216901001Consumptionexpenditures 2515.1 9FA216900005Currentexpenditures,NIPAbasis 8FA216402101Currentsurplusofgovernmententerprises 7FA216403105Currenttransferreceipts 6FA216150105Incomereceiptsonassets 5FA216601001Contributionsforgovt.socialinsurance 4FA216231001Taxesoncorporateincome 3FA216240001Taxesonproductionandimports 2FA216210001Personalcurrenttaxes 1FA216010105Currentreceipts,NIPAbasis Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.107 StateandLocalGovernments 22 (3) Includedinmiscellaneousliabilities. (2) Debtwithoriginalmaturityof13monthsorless. (1) TableF.5,line65.

Z.1, March12,2020 0721 092018 2019 2018 2017 281-3. 241-5. 268-1. 150-2. 22115 -232.1 -227.4 -185.0 -211.7 -256.8 -250.1 -214.1 -239.2 -248.1 7. 9. 2. 0. 9. 1. 2. 2. 3. 20 433.2 19 126.5 427.4 116.6 429.2 110.7 412.0 95.3 396.7 158.8 403.3 97.5 425.4 13 396.8 112.3 268.9 378.0 145.4 269.7 140.0 270.3 270.7 273.7 7 753.7 276.2 752.0 269.9 753.0 277.5 2 736.4 475.8 285.8 724.1 477.0 719.0 508.8 748.8 468.9 716.6 443.6 685.6 458.2 482.6 457.4 432.7 4. 3. 201. 5. 677. 691. 47 13.7 26.9 70.6 56.7 -57.4 11.5 39 42.0 -66.4 -31.7 -11.2 -49.7 57.3 50.5 87.8 -43.4 7.5 -6.0 -28.0 534. 024. 864. 045. 1145 51.1 50.4 50.4 49.1 48.6 37 48.6 9.4 50.2 16.0 48.1 15.7 45.3 2.4 6.9 31.5 10.9 15.6 10.8 6 94.4 94.2 93.8 93.5 92.5 91.6 94.0 91.4 89.3 68-4518-74-87-50-842. 1. 43 116.5 24.0 -88.4 -45.0 -48.7 35 -3.4 -47.4 -3.4 1.8 32 -3.4 0.3 -54.5 -3.4 -6.8 -1.0 -3.4 -1.6 30 38.1 -3.4 -1.1 28 -25.9 -3.4 56.5 -2.7 -129.4 -3.4 -80.3 0.9 -64.2 -218.8 -167.2 -3.4 -0.9 -114.8 21.8 -303.4 -0.8 -45.3 40.1 -0.2 -62.0 -89.3 -8.9 -104.2 -4.1 ...... 07-. 8042 18.0 -7.3 10.7 38 11.9 5.0 36 1.2 13.4 0.8 5.8 1.2 1.7 34 1.2 1.2 3.6 6.6 17.5 1.2 -7.1 3.0 8.7 1.2 29 -10.4 1.1 4.8 8.1 1.7 1.2 -2.2 9.4 -36.7 1.2 -3.2 4.1 8.2 1.2 0.5 -3.0 1.2 -11.2 -17.7 1.1 3.8 -1.0 -5.4 1.0 14 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

5 F62903 qiyi ocroaebsns . . . . 2007-. . 1555 11.5 56 8.8 22.1 22.4 -0.0 23.9 0.7 22.5 -2.0 26.8 8.8 36.3 46 47 5.2 7.3 -132.8 22.7 37.6 9.5 10.0 33.9 -65.0 44 -7.0 40.4 1.0 65.3 -117.3 -8.0 35.6 220.3 178.0 62.1 -45.8 43 200.7 199.3 39 -69.4 40 -35.0 474.0 -373.9 38 319.0 34.0 58FA797005005Discrepancy 715.6 -3.6 0.6 791.1 466.6 363.8 134.6 505.4 57FA793190005Miscellaneousliabilities 673.0 -27.1 917.7 286.2 37 8.7 56FA793192005Foreigndirectinvestment inU.S. 36 165.7 822.6 214.5 445.8 55FA662090003Equityinnoncorporate business -65.9 449.1 316.6 33 54FA793178005Taxespayable 75.6 710.0 1020.8 8.0 10.6 372.3 197.2 981.7 243.4 56.3 436.9 35 53FA583150005Pensionentitlements 42.9 28.0 -1214.7 26.3 -73.7 3429.0 292.4 52FA543140005Lifeinsurancereserves 155.7 284.1 -266.8 4140.4 51FA793170005Tradepayables 596.0 236.1 246.9 16.5 -749.9 185.8 688.4 3089.3 189.9 50FA653164205Mutualfundshares 15.4 346.9 -493.3 2996.5 53.2 391.1 530.5 49FA793164105Corporateequities 117.2 981.6 -103.2 59.8 256.2 338.4 -16.3 48FA123165005Mortgages -354.1 786.4 47FA793169005Otherloansandadvances 314.3 297.5 43.0 3413.8 46FA793168005Depositoryinstitutionloansn.e.c. 122.2 45FA794123005Loans 1420.2 25 26.6 -73.9 2724.2 44FA793163005Corporateandforeignbonds 0.4 -770.3 43FA423161705Agency-andGSE-backedsecurities 24 81.7 42FA793169175Openmarketpaper 29.4 41FA794122005Debtsecurities 39.6 103.2 22 786.3 533.5 40FA792150005Federalfundsandsecurityrepos 319.7 -106.8 39FA634090005Moneymarketfundshares 533.6 38FA703130005Timeandsavingsdeposits 50.6 -32.2 20 37FA793120005Checkabledepositsandcurrency 466.4 146.4 14 15 -7.1 84.7 636.8 123.4 520.1 37.4 36FA794110005Netinterbankliabilities 8 59.1 111.9 -197.4 -20.2 -169.0 341.5 0.2 35FA794190005Netincreaseinliabilities 293.3 16 505.9 126.9 138.8 134.5 13 -298.7 195.2 34FA793090005Miscellaneousassets 246.4 0.1 513.4 61.8 281.0 39.0 1165.3 33FA793092005U.S.directinvestmentabroad -24.0 -107.0 372.6 32FA543050005Pensionentitlements 785.0 109.8 23.9 0.1 42.1 -173.8 31FA793040005Lifeinsurancereserves 230.9 309.1 543.4 30FA793070005Tradereceivables 4 180.1 -15.4 0.7 125.1 7.9 0.1 1329.1 -2.1 29FA793064205Mutualfundshares 106.0 59.5 228.3 28FA793064105Corporateequities -135.9 8.0 0.0 -5.3 254.3 548.7 9.8 -68.5 27FA793066005Consumercredit 6 435.3 26FA793065005Mortgages 37.0 5.5 0.1 92.8 -84.0 25FA793069005Otherloansandadvances 32.6 259.5 5 7 24FA793068005Depositoryinstitutionloansn.e.c. -81.5 338.7 7.3 0.1 299.2 23FA794023005Loans 3345.0 -50.3 10.2 300.4 4479.2 22FA793063005Corporateandforeignbonds 1.6 0.0 3039.0 21FA793062005Municipalsecurities 3.4 300.7 2999.8 20FA793061705Agency-andGSE-backedsecurities 3.6 297.0 0.0 19FA793061105Treasurysecurities 1414.2 432.6 18FA793069175Openmarketpaper 292.6 1313.8 17FA794022005Debtsecurities 7.2 527.4 3465.8 285.9 1 1761.1 52.0 16FA792050005Federalfundsandsecurityrepos 270.7 299.3 3.5 15FA793034005Moneymarketfundshares 2874.8 340.9 14FA793030005Timeandsavingsdeposits 284.4 285.7 13FA793020005Checkabledepositsandcurrency -1.7 150.6 245.2 265.1 12FA794010005Netinterbankassets 256.9 11FA633091003Foreigndeposits 198.3 10FA713012003Treasurycurrency 9FA713014003SDRcertificates 279.9 8FA713011005U.S.officialreserveassets 264.3 7FA794090005Netacqisitionoffinancialassets 237.3 6FA795000005Netlending(+)ornetborrowing(-) 102.6 5FA795013005Fixednonresidentialinvestment 4FA125012063Fixedresidentialinvestment 3FA795019005Capitalexpenditures 2FA795090005Grossinvestment 1FA796000105Grosssavinglessnetcapitaltransferspaid Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.108 DomesticFinancialSectors(1) (1) SumoffinancialsectorsshownontablesF.109 throughF.132. 0721 092018 2019 2018 2017 02170685174519. 46614. 8. 5. 23 755.3 183.9 1044.4 1436.6 1197.5 704.5 855.1 760.6 1082.1 314-9. 9. 570-2. 5. 1. 3284. 58 47.6 -362.8 -10.8 -50.8 -528.5 -537.0 -94.2 -392.7 -311.4 7. 5. 1. 9. 3. 7. 0. 4. 4. 53 446.1 441.8 50 409.4 491.5 49 188.6 378.6 105.0 180.4 437.8 33.9 345.0 399.9 210.0 128.1 419.0 -583.2 73.1 451.6 114.8 479.6 205.4 210.1 41 210.5 334.6 -63.3 197.6 520.0 318.4 418.9 514.4 470.7 377.4 407.3 460.0 34 52.1 356.5 228.3 338.2 1267.1 1191.3 -405.1 344.3 684.7 26 661.3 2.7 725.0 235.4 602.2 499.7 562.1 536.0 19 1510.5 622.1 17 2764.6 2205.1 582.1 -529.4 3275.9 584.0 -801.1 270.8 916.0 79.8 12 256.8 504.3 384.0 736.2 30.8 590.9 759.1 -634.1 1457.9 153.9 76.5 1096.0 859.9 -833.4 -470.0 -5.6 3 -388.1 307.1 2 196.0 308.4 223.1 306.3 647.1 304.3 256.0 294.2 307.7 289.4 726.8 306.5 816.8 289.1 358.5 263.4 630.0 414.0 1. 1. 6. 1068. 105-504. 13345 -123.3 42 49.8 68.6 -75.0 -19.2 -130.5 -27.4 84.9 -14.7 -110.6 26.8 -69.8 29.3 -10.7 1.8 -13.5 33.9 -36.8 29 -65.6 -165.5 -89.1 -81.9 -65.2 -177.7 -100.5 -58.3 -32.1 08-. 071. 19-. . 361. 54 14.0 57 33.6 478.1 51 52 8.9 77.6 -304.8 1.7 520.4 88.9 13.4 -6.6 912.7 50.3 10.5 -705.3 41.9 -487.5 33.1 -1.9 19.9 401.6 47.5 -44.1 -289.3 10.7 33.4 7.4 55.5 -0.7 62.5 7.7 60.8 43.3 -4.2 43.4 46.5 30 24.0 31 42.2 -5.4 23.7 25.2 20.8 16.3 15.8 27 28 86.2 1.8 -328.5 -30.6 -287.8 125.9 -26.2 8.3 -169.4 93.0 25.6 -438.4 15.0 100.1 21 -176.5 96.0 -28.3 18.5 105.4 -68.1 44.6 107.3 141.6 -306.0 19.0 18 45.8 -81.3 -99.1 101.3 -167.1 23.6 94.9 80.5 -53.6 -161.7 95.0 142.0 -58.7 -177.2 68.2 60.7 -48.2 -40.0 46.9 14.6 95.7 . 1. 10-98-28-. 31222248 2.2 2.2 -3.1 -5.2 -12.8 -29.8 -1.0 -15.8 5.6 32 -24.7 11.5 6.5 5.6 100.8 98.2 -0.3 100.1 7.8 10 11 9 0.3 13.8 0.0 0.3 7.1 0.0 0.3 2.8 0.0 0.4 -0.3 0.0 -2.3 0.3 0.0 -3.1 0.3 0.0 5.8 0.3 0.0 -2.2 0.4 0.0 1.9 0.8 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 23

Transactions Transactions 8 F73603 eea eev aksok0909-. . . . 0504-. 38 -3.2 0.4 -0.5 0.7 0.2 0.8 34 93.1 -0.6 -88.0 31 -2.8 35 320.1 0.9 228.1 -194.7 -11.0 -149.0 0.9 30 100.3 27 0.0 174.3 29 1.9 -71.0 -71.0 -250.7 25 -164.5 17.8 530.7 32.6 0.0 3.6 530.7 26 -26.3 31.3 -370.8 7.3 -370.2 -259.9 -194.2 0.0 -8.6 -82.2 -82.7 621.5 -161.3 24 22.2 3.0 486.4 -88.9 25.7 0.0 -286.3 -88.9 21 -277.7 23.2 11.0 275.8 -20.1 -22.6 40FA717005005Discrepancy 275.7 -2.1 -148.8 0.0 -637.3 1.7 -42.0 3.8 20.8 1.7 39FA713193005Other -11.2 99.3 38FA713164003FederalReserveBankstock 0.0 406.6 18 1.2 173.2 37FA713190005Miscellaneousliabilities -5.4 0.0 173.2 1.3 -854.2 86.6 -170.2 0.0 -170.3 36FA712151115Other(7) -469.7 1.4 -11.4 0.0 35FA712151103Reverserepurchaseagreementoperations(6) 258.4 17 -7.1 16.5 34FA712151003Securityrepurchaseagreements 0.0 0.0 4.9 -61.4 0.0 -393.1 33FA713125005Currencyoutsidebanks -4.1 -0.0 0.0 16 194.8 1.2 14 -234.3 0.0 208.3 32FA713122605Duetorestoftheworld 9 -0.5 -0.0 -270.8 31FA713124005Duetogovernment-sponsoredenterprises 212.5 -17.5 0.0 15 -248.2 -7.9 810.0 -234.3 30FA713123043Treasurytemporarysupplementaryfinancingaccount -0.3 -270.7 -184.0 29FA713123030Treasurygeneraldepositaccount -270.8 0.0 0.0 -198.0 6.5 -185.7 28FA713123023Treasurycashholdings -0.0 -248.2 27FA713123005Duetofederalgovernment -373.1 -165.1 -184.3 0.0 0.0 -271.9 -0.0 -234.3 26FA713120005Checkabledepositsandcurrency -185.7 -69.5 2 -134.2 0.0 0.0 -0.1 -165.1 25FA703025005Vaultcashofdepositoryinstitutions 0.8 22.7 -243.3 24FA713113003Depositoryinstitutionreserves -234.4 -2.0 -21.7 0.0 0.0 -136.2 0.8 23FA714190005Netincreaseinliabilities 10.8 -11.9 255.6 22FA713093005Other 0.8 21FA713091103Nonofficialforeigncurrencies(5) 0.0 3 20FA713090005Miscellaneousassets 847.7 0.8 19FA713064103Corporateequities(4) 0.0 523.3 18FA713068005Loans(depositoryinstitutionloansn.e.c.)(3) 0.8 -538.1 -416.9 17FA713061703Otheragency-andGSE-bakedsecurities 0.8 16FA713061903Mortgage-backedsecurities -561.9 15FA713061705Agency-andGSE-backedsecurities -468.6 14FA713061125OtherTreasurysecurities 0.8 13FA713061113Treasurybills 104.0 12FA713061103Treasurysecurities 0.8 -408.5 11FA713069603Openmarketpaper 10FA714022005Debtsecurities -16.8 0.7 9FA712051000Securityrepurchaseagreements 8FA713068705Interbankloans(2) 7FA713022003FederalReservefloat(2) 6FA713012003Treasurycurrency 5FA713014003SDRcertificates 4FA713011005U.S.officialreserveassets 3FA714090005Netacquisitionoffinancialassets 2FA715013005Fixednonresidentialinvestment 1FA716000105Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.109 MonetaryAuthority(1) 24 (7) IncludesreverserepurchaseagreementsconductedthroughtheFederalReserve’sForeignRepo Pool. (6) Reverserepurchaseagreements(RRPs)conductedaspartoftheFederalReserve’sOvernight RRPOperationalExercise(beginning2013:Q3)andtermoperations2014:Q4). (5) Reciprocalcurrencyarrangements(swaplines)withforeigncentralbanks. CompanyLtd(AIA)andAmericanLifeInsurance(ALICO),twolifeinsurancesubsidiaries ofAIG.Seriesiszeroafter2010:Q4. (4) PreferredinterestsinAIAAuroraLLCandALICOHoldingsLLC,twolimitedliabilitycompanies createdtoholdalltheoutstandingcommonstockofAmericanInternationalAssuance AIG,MaidenLaneIIILLC,andtheCommercialPaperFundingFacilityLLC.Seriesiszero after 2014:Q3. tobrokersanddealersthroughtheFederalReserve’sPrimaryDealerCreditFacility(PDCF) and AMLF;totheotherfinancialbusinessesMaidenLaneLLC,II (3) LoansextendedtofinancialinstitutionssuchasdomestichedgefundsthroughtheTermAsset-Backed SecuritiesLoanFacility(TALF),recordedaspartofthehouseholdsector; secondarycredit,seasonalandthroughtheAsset-BackedCommercialPaperMoneyMarket FundLiquidityFacility(AMLF).TheAMLFwasdissolvedin2010:Q1. (2) ShownontableF.203aspartofline24.InterbankloansareFederalReserveextendedto U.S.-chartereddepositoryinstitutionsthroughtermauctioncredit,primary (1) AssetsandliabilitiesofFederalReserveBanksTreasurymonetaryaccountsthatsupplyor absorbbankreserves.ExcludestheaccountsofFederalReserveBoard.

Z.1, March12,2020 0721 092018 2019 2018 2017 0. 648. 0. 565. 2612015133 105.1 102.0 82.6 58.5 55.6 105.3 87.0 96.4 107.4 1. 781. 5. 2. 3. 4. 10-3. 36 -135.0 61.0 145.8 -30.2 126.6 -56.6 10.4 17.8 -12.5 22 -4.5 23 847.6 -26.6 523.3 -14.5 -538.1 -416.9 -23.5 -561.9 -19.5 -468.6 -26.8 104.0 -17.3 -405.3 -16.8 -21.6 12 862.4 -13.3 6.3 10 628.1 -270.7 -264.5 -198.0 -518.9 -373.5 -382.3 -271.5 -559.2 100.0 -436.6 -243.3 -134.4 -21.7 -379.5 -10.9 3005-. 0003-. 20-. 1940 -1.9 -0.9 -2.0 -2.0 0.3 -0.0 -1.7 0.5 -3.0 20 6.5 -22.8 -19.9 -34.8 -2.9 -30.9 -17.8 7 0.4 -29.5 -6.8 0.3 -0.1 -0.1 0.8 1 -1.1 -1.7 -0.1 0.1 -1.1 0.2 -1.1 -0.1 1.1 0.8 -0.9 -1.9 -2.3 . 1. 89-5. 1. 2966. 4. 2. 39 222.2 37 -41.0 219.1 63.0 -40.6 32 62.5 -279.6 -0.0 212.9 -278.9 -0.2 -156.8 213.1 28 -8.9 -0.0 0.0 -156.0 -9.5 -16.5 -0.0 -0.0 8.9 -15.6 -0.6 -0.0 9.9 0.5 -0.2 0.0 -0.1 19 -0.0 0.1 0.0 0.1 -0.0 0.0 0.0 0.0 0.0 0.0 11 13 0.0 0.0 654.1 23.8 0.0 0.0 0.0 0.0 0.0 8 0.0 -0.3 6 0.0 0.0 5 0.3 4 -0.0 0.0 -0.4 0.0 0.0 0.2 0.3 0.4 0.4 0.0 0.0 0.1 0.3 -0.2 169.5 0.0 0.0 0.1 0.0 0.4 -0.8 0.0 0.0 0.1 0.0 0.3 0.1 0.0 0.0 0.0 0.3 -0.0 0.0 0.1 -0.1 0.3 0.0 0.1 0.1 0.4 0.0 0.0 0.8 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

1 F73633 osmrlae o nlddaoe()19120830-. . 12170241 0.2 1.7 -1.2 2.4 -0.6 35 -10.8 38 3.0 37 3.2 -4.2 241.6 -41.1 0.8 -14.5 -2.1 267.7 -64.6 7.2 1.2 67.7 61.7 32 -112.6 7.0 1.9 249.6 -8.1 -104.6 -171.8 7.0 -85.4 -45.0 134.0 28 -88.7 -19.9 -3.5 -2.5 4.8 27 34.8 167.7 715.6 43.4 6.5 26.8 42FA703139105Uninsureddeposits(3) 97.7 -59.0 505.4 -20.1 7.7 22 41FA763066303Consumerleasesnotincludedabove(2) -97.8 35.9 822.6 -5.2 24 861.7 -6.3 710.0 Memo: -35.4 -9.8 824.1 436.9 28.2 -73.7 40FA707005005Discrepancy 879.2 -7.2 284.1 70.3 39FA703193005Other 1232.2 688.4 38FA753194503Investmentbyotherfinancialbusinesses 1.4 -76.2 587.4 37FA763194735Investmentbyholdingcompanies 530.5 36FA703190005Miscellaneousliabilities -50.1 87.0 -0.4 338.4 35FA753192003ForeigndirectinvestmentinU.S. 949.3 20.8 34FA763178003Taxespayable(net) 448.2 33FA763164103Corporateequityissues -5.2 850.9 32FA703169005Loans(otherloansandadvances) 15 7.0 13 81.7 31FA763163005Corporatebonds -69.9 30FA703169175Openmarketpaper 103.2 12.2 20.9 29FA704122005Debtsecurities 319.7 28FA702150005Federalfundsandsecurityrepos 12.0 11 50.6 21.4 27FA703130005Timeandsavingsdeposits 7 131.6 636.8 26FA703127005Checkabledeposits 164.3 9.1 -127.8 6 59.1 164.4 25FA704110005Netinterbankliabilities 35.3 486.4 -91.0 96.0 138.8 23.2 24FA704190005Netincreaseinliabilities 23.6 135.8 281.0 173.3 2 -637.3 23FA703090005Miscellaneousassets 91.3 4 -38.2 54.3 109.8 22FA763092000U.S.directinvestmentabroad -10.5 99.3 725.1 -17.5 637.4 3 54.1 111.5 21FA763040005Lifeinsurancereserves 907.8 -854.2 89.1 -136.6 52.4 -469.7 556.0 20FA703064205Mutualfundshares 54.7 83.7 36.3 19FA703064105Corporateequities -7.1 850.0 168.1 52.6 -323.3 1 211.2 18FA703066005Consumercredit 496.2 -393.1 -382.2 17FA703065005Mortgages -4.9 52.0 79.1 194.8 175.8 16FA703069005Otherloansandadvances -91.2 15FA703068005Depositoryinstitutionloansn.e.c. 48.7 -55.1 759.7 225.9 14FA704023005Loans 415.7 -61.2 53.9 -189.6 13FA703063005Corporateandforeignbonds 866.7 -100.9 -32.5 12FA703062005Municipalsecurities 50.2 11FA703061705Agency-andGSE-backedsecurities -54.2 15.7 10FA703061105Treasurysecurities 45.8 9FA703069175Openmarketpaper -13.7 8FA704022005Debtsecurities -55.5 7FA702050005Federalfundsandsecurityrepos -45.6 6FA713113003ReservesatFederalReserve 5FA703025005Vaultcash -97.3 4FA704090005Netacquisitionoffinancialassets 3FA705000005Netlending(+)ornetborrowing(-) 2FA705013005Fixednonresidentialinvestment 1FA706000105Grosssavinglessnetcapitaltransferspaid Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.110 PrivateDepositoryInstitutions(1) (3) Includescheckabledeposits(line26)andtimesavings27)notinsuredbythe FederalDepositInsuranceCorporationortheNationalCreditUnionShareFund. Theleasedautomobileisanonfinancialasset;depreciationincludedinline1,andfixedinvestment isincludedinline2. (2) Receivablesfromoperatingleases,suchasconsumerautomobilearebookedcurrent incomewhenpaymentsarereceivedandnotincludedinfinancialassets(orhouseholdliabilities). (1) U.S.-chartereddepositoryinstitutions(F.111),foreignbankingoffices(F.112),banksinU.S.-affiliated areas(F.113),andcreditunions(F.114). 0721 092018 2019 2018 2017 188-338. 283-50287274-9. 7340 77.3 -192.9 207.4 228.7 -15.0 -288.3 80.1 -63.3 -158.8 6. 0. 1. 8. 3. 8. 3. 0. 0. 42 809.1 707.4 638.1 -88.2 437.5 39 -162.1 283.2 -299.1 516.6 84.3 36 200.5 82.6 688.5 262.9 -354.7 -406.2 287.5 6.8 817.9 77.9 -164.8 -210.0 -171.6 208.3 127.6 -123.4 134.4 26 183.1 25 -55.1 399.3 166.7 342.6 -580.4 -246.6 79.0 227.8 83.4 -15.5 169.6 -24.9 55.9 -97.4 18 74.2 34.1 183.6 17 130.2 288.5 101.5 92.1 174.4 14 444.5 273.1 112.8 407.8 144.1 95.5 684.9 149.7 153.3 8 307.5 127.3 102.3 -17.9 882.0 220.0 113.4 479.2 339.8 170.6 117.9 255.4 461.2 216.0 212.7 565.0 260.2 443.7 30.7 232.4 97.7 133.7 3. 23-. 99-50-39-07-002. 31 30 24.2 27.8 29 52.0 -10.0 10.9 0.9 -10.7 -7.7 -23.9 -18.3 -35.1 -25.0 -59.0 -22.2 19.9 -47.2 -2.9 16.9 -5.1 -1.1 -6.1 12.3 14.7 27.0 -35.0 -30.3 -65.4 10 27.8 300.0 143.5 27.3 245.5 62.3 124.6 124.3 -37.3 26541. 234. 1. 384. 2834 22.8 40.8 13.8 -16.8 44.5 22.3 15.1 5.4 32.6 12 1.7 -6.0 -65.1 -42.6 -30.4 -55.5 -28.0 -41.1 20.4 27-783. 6. 4731781038. 24323 19 -214.3 -0.6 88.3 -2.7 110.3 1.9 157.8 -457.3 2.4 164.4 35.6 4.9 9 -77.8 1.1 -4.6 -2.7 0.3 0.0 2.5 0.6 -2.0 0.4 -0.2 -0.8 0.5 0.2 -0.0 . 52142704-. . . . 33 3.9 6.9 1.3 -6.7 0.4 2.7 1.4 -5.2 21 2.8 7.2 5.8 20 -1.8 8.2 -0.3 16 0.0 5.4 0.8 0.0 1.7 -5.3 0.0 5.1 1.1 0.0 6.6 -1.1 0.0 3.9 -1.6 0.0 -5.5 6.4 5 17.8 0.2 0.0 7.3 0.0 3.0 0.0 -22.6 20.8 1.2 1.4 4.9 1.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 25

Transactions Transactions 5 F73633 osmrlae o nlddaoe()19120830-. . 12170255 0.2 1.7 -1.2 2.4 -0.6 52 241.6 3.0 -41.1 0.8 48 267.7 -95.8 67.7 1.2 -115.8 249.6 -88.1 44 1.9 -53.1 -171.8 -60.6 43 105.6 134.0 397.6 36.8 7.4 4.8 547.2 -82.6 708.1 35.7 26.8 -90.1 395.6 56FA763139105Uninsureddeposits(2) -52.4 -9.2 499.3 36 -7.2 55FA763066303Consumerleasesnot includedabove(1) -0.3 20.1 386.7 Memo: 23.9 512.1 -0.0 31 491.9 54FA767005005Discrepancy -27.3 -5.2 0.4 265.9 7.9 53FA763193005Other -9.8 52FA763194735Investmentbyholdingcompanies -0.2 51FA763190005Miscellaneousliabilities -7.2 50FA763178003Taxespayable(net) -0.8 49FA763164103Corporateequityissues 1.4 0.1 48FA763169305Loans(otherloansandadvances) -0.4 47FA763163005Corporatebonds -0.0 46FA763169175Openmarketpaper 20.8 45FA764122005Debtsecurities -0.1 -5.2 44FA762150005Federalfundsandsecurityrepos 0.1 24 43FA763130005Timeandsavingsdeposits 56.9 7.0 42FA763122605Restoftheworld 120.1 41FA763129205Privatedomestic 12.2 40FA763123005Federalgovernment 237.9 21 17 39FA763127005Checkabledeposits -0.7 -7.3 20 -12.2 -1.2 38FA764116005Toforeignbanks 19 1.4 18 20.6 534.1 37FA764112005Todomesticbanking 0.9 4.4 1.1 36FA713068705BorrowingfromFederalReservebanks 107.2 -15.5 1.5 35FA713022003FederalReservefloat 1.3 3.4 34FA764110005Netinterbankliabilities 13 100.7 6.6 178.3 14 -1.2 6.3 25.9 254.0 33FA764190005Netincreaseinliabilities -0.4 -1.4 -146.3 0.5 17.0 10 12 104.5 46.1 32.9 7.6 32FA763090005Miscellaneousassets 9.3 19.5 0.4 0.8 11 31FA763092000U.S.directinvestmentabroad -18.6 -1.7 1.6 44.0 11.8 30FA763040005Lifeinsurancereserves 21.8 3.3 138.3 6 -0.1 7.8 1.1 -9.0 5 104.5 -37.9 10.0 110.2 29FA763064203Mutualfundshares 160.9 22.9 276.7 2.1 -1.0 28FA763064105Corporateequities -176.2 -5.7 -4.7 -16.1 169.3 1.7 98.3 15.8 19.8 125.8 2 67.8 27FA763066000Consumercredit 0.6 80.5 3.3 9.1 1.8 167.6 41.4 26FA763065005Mortgages 8.2 -367.4 -6.3 24.8 -93.5 3 25FA763069703Otherloansandadvances 139.9 32.2 40.6 -1.0 -6.7 41.1 24FA763068005Depositoryinstitutionloansn.e.c. 601.8 1.3 -1.3 17.0 -7.2 20.1 582.2 23FA764023005Loans 3.9 101.7 -601.4 847.0 -0.4 41.7 31.0 -4.5 21.0 15.3 7.5 22FA763063095Other -132.4 66.8 619.4 90.4 21FA763063693PrivatecommercialCMOsandotherstructuredMBS 39.7 18.9 -24.3 20.6 15.6 20FA763063663PrivateresidentialCMOsandotherstructuredMBS 459.3 -4.7 148.7 31.2 1 19FA763063653Privatecommercialmortgagepass-throughsecurities 39.4 160.3 -273.5 21.6 492.3 -28.3 18FA763063673Privateresidentialmortgagepass-throughsecurities 119.5 47.3 4.0 17FA763063005Corporateandforeignbonds 36.2 429.7 -79.9 16FA763062000Municipalsecurities 631.9 15FA763061795Other 41.0 -84.7 14FA763061403CommercialCMOsandotherstructuredMBS 349.2 13FA763061603ResidentialCMOsandotherstructuredMBS -123.3 37.8 12FA763061303Commercialmortgagepass-throughsecurities 499.3 -77.8 11FA763061803Residentialmortgagepass-throughsecurities 34.5 10FA763061705Agency-andGSE-backedsecurities -37.2 9FA763061100Treasurysecurities 8FA763069175Openmarketpaper -79.0 7FA764022005Debtsecurities -68.6 6FA762050005Federalfundsandsecurityrepos -118.2 5FA763013005ReservesatFederalReserve 4FA763025000Vaultcash 3FA764090005Netacquisitionoffinancialassets 2FA765013005Fixednonresidentialinvestment 1FA766000105Grosssavinglessnetcapitaltransferspaid Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.111 U.S.-CharteredDepositoryInstitutions 26 (2) Includescheckabledeposits(line39)andtime andsavingsdeposits(line43)notinsuredbytheFederalDepositInsuranceCorporation. Theleasedautomobileisanonfinancialasset; depreciationisincludedinline1,andfixedinvestment2. (1) Receivablesfromoperatingleases,suchasconsumer automobileleases,arebookedascurrentincomewhenpaymentsreceivedandnot includedinfinancialassets(orhouseholdliabilities).

Z.1, March12,2020 0721 092018 2019 2018 2017 190-1. 60-3. 1. 8. 6. 354-7854 -27.8 -305.4 268.7 288.7 -16.1 -334.7 56.0 -116.4 -119.0 9. 9. 9. 8. 5. 39751371566356 616.3 781.5 541.3 -349.7 558.2 53 -55.0 382.1 -265.0 397.3 51 54.5 186.6 198.1 -306.1 675.2 195.8 322.2 -330.4 742.9 5.5 -80.8 102.4 -166.4 -152.5 236.4 112.4 -147.7 41 139.3 166.6 39 351.3 185.4 252.2 355.7 -283.6 307.2 234.7 -296.9 -26.2 219.5 121.6 33 -37.6 643.7 31.1 137.9 662.6 38.3 136.4 1014.5 911.0 135.7 593.4 168.4 26 204.9 808.0 124.6 339.3 23 228.8 336.9 533.0 117.0 338.8 107.9 571.3 95.5 187.4 704.6 168.8 268.2 122.6 358.6 164.7 439.1 349.0 7 47.7 455.2 221.1 247.1 192.0 45.1 242.8 75.3 110.5 3. 23-. 99-50-39-07-002. 47 24.2 46 20.9 45 -10.0 45.1 -11.1 -10.7 -21.0 -10.6 -23.9 -21.2 -23.6 -25.0 -47.5 -23.3 19.9 -48.3 12.7 -5.1 32.6 -6.1 38 51.7 12.3 -11.2 12.0 -97.7 24.2 -35.0 34 -19.2 156.3 -48.8 -54.3 -165.0 49.4 89.5 -236.2 32 -181.8 -81.5 165.3 103.0 -13.7 -25.6 120.6 -21.9 17.8 97.3 -15.4 -17.6 -411.6 -31.1 196.2 -17.0 34.8 -64.5 -29.4 9 48.0 300.6 140.2 12.9 202.7 20.3 125.4 87.3 -43.2 26541. 234. 1. 384. 2850 22.8 40.8 13.8 -16.8 44.5 22.3 15.1 5.4 32.6 27 75.1 94.1 104.5 82.6 62.7 65.5 89.1 16 -2.3 62.5 -4.3 79.8 -64.5 -42.4 -32.0 -53.5 -28.4 -40.9 21.1 03-. 01-. 04-. . . 1640 -1.6 1.8 35 0.1 0.4 -0.8 0.3 37 -100.6 -0.4 146.8 -0.1 -1.6 -392.8 -0.1 330.6 -0.1 28 0.8 -115.1 -0.6 -0.1 100.9 -1.7 -2.7 -4.0 -0.3 0.1 1.9 -9.2 0.2 2.4 -1.6 -0.1 4.9 -4.6 0.3 2.5 15 -36.5 -2.0 -43.5 -24.4 -19.7 -7.3 -6.0 -31.0 -7.8 -3.2 . 52142704-. . . . 49 3.9 6.9 1.3 -6.7 0.4 2.7 42 -0.7 1.4 -9.2 -5.2 53.6 2.8 -3.1 -14.2 5.6 30 7.2 10.1 5.8 15.0 29 -1.4 2.1 8.2 -0.2 25 0.0 5.4 0.1 0.0 1.7 -6.2 0.0 5.1 -0.5 0.0 6.6 -1.0 22 -10.7 0.0 3.9 -1.9 13.4 0.0 -5.9 6.4 -21.8 0.0 170.3 0.0 -153.3 8 0.0 57.5 0.0 0.0 37.8 0.0 -32.7 0.0 4 2.7 17.8 0.0 7.3 0.0 3.0 0.0 -22.6 0.0 20.8 0.0 1.2 0.0 1.4 4.9 1.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

7 F73903 oeg ietivsmn nUS . . 25707072-. 42-0827 -10.8 29 -4.2 3.2 26 6.9 -2.1 -14.5 25 33.2 7.2 21.9 -64.6 62.1 2.9 61.7 7.0 90.3 -8.1 -11.5 7.0 0.2 1.1 -45.0 -2.5 -3.5 17.0 -15.7 6.5 43.4 -66.5 5.0 7.7 46.4 -20.1 2.7 32FA753139105Uninsureddeposits(2) -48.9 -11.1 Memo: 14 79.2 14.6 12 31FA757005005Discrepancy -62.7 -18.0 -13.1 30FA753193005Other 10 41.0 29FA753194503Investmentbyotherfinancialbusinesses 5.6 9.4 28FA753190005Miscellaneousliabilities 63.3 24.3 27FA753192003ForeigndirectinvestmentinU.S. -50.3 102.0 6 16.0 26FA753169175Debtsecurities(openmarketpaper) 12.8 -95.5 -7.7 2 25FA752150005Federalfundsandsecurityrepos -7.9 -7.3 85.0 25.2 5.2 5 24FA753130005Timeandsavingsdeposits -29.2 67.4 31.5 193.9 32.1 23FA753127005Checkabledeposits 5.2 -0.6 183.2 3 -72.6 -34.2 -3.1 22FA754112005Todomesticbanks 2.1 55.2 21FA754116005Toforeignbanks 5.2 -214.1 8.9 -0.5 20FA754110005Netinterbankliabilities -85.2 -15.5 58.9 5.2 -2.5 19FA754190005Netincreaseinliabilities -243.6 -77.5 60.0 -289.3 24.5 18FA753093005Miscellaneousassets 5.1 167.0 17FA753064103Corporateequities -44.5 50.9 -53.1 5.0 -111.4 16FA753065005Mortgages 75.1 15FA753069703Otherloansandadvances -291.9 142.3 14FA753068005Depositoryinstitutionloansn.e.c. 5.2 19.0 13FA754023005Loans -16.3 5.0 12FA753063005Corporateandforeignbonds 11FA753062003Municipalsecurities 284.1 4.8 10FA753061703Agency-andGSE-backedsecurities 9FA753061103Treasurysecurities 8FA753069603Openmarketpaper 7FA754022005Debtsecurities 6FA752050005Federalfundsandsecurityrepos 5FA753013003ReservesatFederalReserve 4FA753025003Vaultcash 3FA754090005Netacquisitionoffinancialassets 2FA755013005Fixednonresidentialinvestment 1FA756330005Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.112 ForeignBankingOfficesinU.S.(1) (2) Allcheckabledeposits(line23)andtimesavings24)areconsidereduninsuredaccordingtotheFederalDepositInsuranceAct. (1) Branchesandagenciesofforeignbanks,EdgeActAgreementcorporations,NewYorkinvestmentcompanies(through1996:Q2),AmericanExpressBank2008:Q4). 0721 092018 2019 2018 2017 1. 08-10-59183-7. 237132-. 21 -2.0 20 -8.3 19 153.2 106.7 144.4 -263.7 91.9 -277.1 -171.6 -173.6 -144.8 128.3 109.7 107.4 -25.9 -28.7 -58.9 -71.0 -78.6 -245.4 70.8 40.3 61.5 119.3 38.2 114.3 242.0 4. 362. 57-. 6. 6. 0. 0. 31 103.9 106.6 -68.1 -60.4 -6.6 45.7 20.5 53.6 -42.8 82-. 99-0. 1052658. 10412732 172.7 -100.4 80.6 30 -90.2 246.5 -130.5 -17.6 -108.8 25.3 99.9 -23.1 -8.8 -55.2 58.2 12.3 23 24 -21.5 194.2 -26.4 -14.1 -86.3 -18.2 27.0 53.5 13.8 52.6 193.9 18 -82.8 -47.7 -13.3 -148.0 39.2 -35.8 88.8 9.6 11.0 -1.5 -7.3 60.4 25.9 32.3 -63.3 -36.5 5.2 7 -93.5 -22.2 12.9 33.7 15.9 -55.8 86.9 -14.1 -30.1 26.4 27.3 622. 2. 3. 6. 86-93-20-7028 -87.0 -32.0 -39.3 38.6 -63.2 22 -6.3 -32.7 -29.9 -8.8 25.2 -13.4 -6.2 -2.0 -18.6 -2.8 -7.6 -9.3 -5.1 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 ...... 17 0.0 16 15 0.0 -3.9 0.0 0.0 13.1 0.0 11 2.7 0.0 0.0 0.0 13 10.6 0.9 8 0.0 0.0 0.0 -4.8 0.0 9 9.7 0.0 -36.5 0.0 0.0 43.7 0.0 1.6 -3.2 0.0 64.3 0.0 0.0 0.0 -6.3 3.2 111.7 0.0 0.0 0.0 0.0 -10.9 1.8 8.0 0.0 0.0 0.0 28.4 0.0 39.4 1 9.0 40.2 0.0 0.0 4.6 0.0 28.0 5.8 0.0 4.5 -9.9 0.0 29.4 0.0 4.4 0.0 3.3 4.3 0.0 4.3 4.2 4.5 4.2 4.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 27

Transactions Transactions 1 F73605 eoioyisiuinlasnec 04055004094567-. 0711 9 10.7 -0.9 12 -1.8 -0.8 12.9 6.7 7 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates -1.0 18.7 0.9 F.114 CreditUnions 4.5 0.0 -0.7 -2.5 2 0.9 -1.2 3 0.0 (2) Includescheckabledeposits(line17)andtimesavings18)notinsuredbytheFederalDepositInsuranceCorporation. 0.2 0.2 -9.6 (1) CommercialbanksandbranchesofU.S.-chartereddepositoryinstitutionslocatedinPuertoRico,theU.S.VirginIslands,AmericanSamoa,Guam,otherU.S.-affiliatedinsularareas. -1.1 0.4 0.0 0.2 19.2 0.2 21FA743139105Uninsureddeposits(2) -1.2 5.0 7.7 9.6 -1.6 Memo: 0.2 -0.9 0.5 -0.1 20FA747005005Discrepancy -0.7 -5.2 0.2 -1.2 -0.4 0.2 19FA743193005Miscellaneousliabilities -0.3 -0.4 18FA743130003Timeandsavingsdeposits 0.2 0.3 17FA743127003Checkabledeposits -0.1 -8.5 16FA744110005Netinterbankliabilities 0.2 -0.0 3.5 15FA744190005Netincreaseinliabilities 0.2 14FA743093005Miscellaneousassets 3.5 0.2 13FA743065505Commercialmortgages -3.9 12FA743065103One-to-four-familyresidentialmortgages 11FA743068005Depositoryinstitutionloansn.e.c. 0.2 10FA744023003Loans 9FA743063005Corporateandforeignbonds 8FA743062003Municipalsecurities 7FA743061703Agency-andGSE-backedsecurities 6FA743061103Treasurysecurities 5FA744022003Debtsecurities 4FA743013003ReservesatFederalReserve 3FA744090005Netacquisitionoffinancialassets 2FA745013005Fixednonresidentialinvestment 1FA746330005Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.113 BanksinU.S.-AffiliatedAreas(1) 28 2 F42503 eea ud n euiyrps-. 00-. 0000-. . . 0022 23 -0.0 -16.7 0.0 11.1 2.7 0.0 -28.1 -0.0 -2.1 0.0 11 23.6 1.0 13 -0.0 -0.5 -7.7 0.5 -0.0 3.0 14 2.9 88.6 9 -0.0 -0.6 34.1 5.6 5 38.9 8.2 -0.0 3.5 0.1 -5.0 42.7 4.2 (1) Includescheckable deposits (line20)andtimesavings (line21)notinsuredbytheNationalCreditUnion ShareInsuranceFund. 2.5 0.2 -0.2 27.8 -9.5 26FA473139103Uninsureddeposits(1) 2 -3.0 7.6 0.6 -40.8 33.7 Memo: 4.7 3 7.9 1.1 36.7 7.6 1.6 25FA477005005Discrepancy 130.7 -24.2 -5.7 49.5 0.4 57.1 24FA473193005Miscellaneousliabilities 7.6 0.0 -7.8 23FA473169333Loans(otherloansandadvances) 41.8 8.8 4.5 22FA472150053Federalfundsandsecurityrepos -1.0 1.3 7.5 -0.8 21FA473130005Timeandsavingsdeposits 42.1 20FA473127003Checkabledeposits 229.0 0.6 -11.8 19FA474110005Netinterbankliabilities 7.4 57.4 -5.1 18FA474190005Netincreaseinliabilities 0.0 7.3 46.6 17FA473090005Miscellaneousassets 0.1 16FA473064205Mutualfundshares 7.6 105.3 15FA473066000Consumercredit 79.3 14FA473065100One-to-four-familyresidentialmortgages 7.3 13FA473068005Depositoryinstitutionloansn.e.c. 87.1 12FA474023000Loans 6.3 11FA473063005Corporateandforeignbonds 10FA473062005Municipalsecurities 9FA473061705Agency-andGSE-backedsecurities 8FA473061105Treasurysecurities 7FA473069153Openmarketpaper 6FA474022005Debtsecurities 5FA472050053Federalfundsandsecurityrepos 4FA473013005ReservesatFederalReserve 3FA474090005Netacquisitionoffinancialassets 2FA475013005Fixednonresidentialinvestment 1FA476000105Grosssaving

Z.1, March12,2020 0721 092018 2019 2018 2017 133. 614. 021385. 7415421 20 125.4 23.4 37.4 44.2 18 57.7 118.6 -1.0 49.2 123.8 -2.8 15 -0.9 20.2 -2.5 56.5 12 36.1 49.5 216.5 87.3 -14.4 52.8 -12.5 86.1 77.9 15.9 30.2 36.4 39.8 64.3 21.3 32.8 95.4 51.3 53.0 15.3 87.8 68.0 66.2 13.2 79.9 83.7 50.8 70.6 38.1 1 86.9 18.6 89.0 20.1 19.0 17.8 19.2 19.1 18.9 18.7 16.7 01-. . 09052523132320 2.3 1.3 18 -1.6 2.3 7.1 15 2.5 3.2 -7.2 0.5 20.5 -3.3 14 -18.8 13 11.9 -0.9 -0.2 0.2 6.9 10 -2.7 9.6 2.1 -1.3 -4.1 -20.1 8 0.1 -4.1 -0.4 0.0 -0.8 1.4 -14.3 -9.4 5.6 -0.4 -0.1 2.5 -0.3 0.4 5.6 -0.4 2.9 -0.1 -2.4 -4.6 -0.5 2.7 0.1 -11.5 -0.6 1.4 -0.6 -4.0 -1.2 -0.1 -0.5 -8.4 3.5 -0.3 -0.0 -0.1 -1.2 -0.1 -0.2 -0.5 02-. . 1816-. 05-. . 10 4.0 7 1.1 -1.3 6 0.0 -0.5 16.7 -0.3 0.6 3.7 1.6 0.4 -11.7 -1.8 -0.2 17.4 0.4 -19.4 -0.8 -11.2 -0.1 0.5 6.5 -0.2 0.2 -9.1 -0.0 -5.7 . . . . 1815881. 4121 -4.1 10.9 8.8 19 -1.0 1.5 17 -4.1 0.0 16 -1.8 -0.6 13.6 -0.0 3.8 -0.2 9.3 -0.1 4.3 -0.6 0.5 0.3 0.2 3.9 -0.5 -2.4 0.1 1.1 -2.7 -0.3 -0.2 6 4.8 5 11.2 -0.9 -0.3 11.1 3.5 -2.6 0.3 4 -0.3 7.5 -11.6 11.4 0.3 0.1 30.1 8.9 1 3.6 0.2 4.0 -6.1 2.3 0.2 0.7 2.2 11.9 0.2 10.9 -3.1 5.9 13.2 0.1 -15.8 5.3 5.1 -1.7 0.1 1.9 -1.7 1.6 0.1 3.1 0.2 0.1 0.1 . . 51611. 35741. 4126 24.1 25 15.4 -1.1 7.4 4.6 24 13.5 -15.9 4.5 11.5 -16.6 -2.2 4.6 6.1 19 7.2 2.5 36.5 15.1 17 16 1.6 -0.4 -26.9 -0.4 -20.9 7.3 -66.5 14.2 1.5 -8.5 -0.1 7.8 87.1 0.2 2.1 0.7 0.2 -0.9 8 14.4 -0.0 0.9 3.2 5.1 -13.8 15.1 1.0 -1.0 1.5 0.3 7.1 4.0 -0.0 -1.7 7.1 4.1 0.3 9.1 4 7.4 27.4 0.4 1.0 1.5 -38.9 0.1 2.1 -49.8 3.2 141.8 -6.1 2.2 -32.2 0.6 20.1 -6.4 2.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

7 F23705 enue onnUS enues2...... 37 38 7.8 -0.5 1.0 2.7 2.9 7.8 0.7 1.8 9.8 1.9 30 9.8 2.0 -2.3 1.0 5.0 -0.6 28 2.1 9.1 1.8 -2.9 25 1.3 1.2 10.4 21.4 0.7 -3.3 0.3 0.1 23 0.3 -1.6 0.7 -1.9 4.9 -0.2 0.1 1.9 0.6 12.7 1.2 -0.4 38FA263076005Reinsuredfromnon-U.S.reinsurers -1.6 0.1 17 37FA263176005Reinsuredtonon-U.S.reinsurers 0.4 0.6 -2.1 36FA513176025ReinsuredtoU.S.reinsurers 10.7 -0.1 35FA513176015Directreserve 0.2 0.9 -2.2 34FA513200003Securitieslending(3) -0.1 0.5 13 0.3 1.2 Memo: 0.2 -0.0 9.5 33FA517005005Discrepancy -0.3 -0.2 32FA513193005Other 12 -1.3 0.4 19.9 -0.0 31FA513176005Policypayables 30FA513194733Investmentbyparentcompanies 28.3 10 54.2 1.4 29FA513190005Miscellaneousliabilities 5.7 2.2 6 44.9 28FA513192003ForeigndirectinvestmentinU.S. 3.3 7.6 27FA513178005Taxespayable -1.6 10.8 26FA513170005Tradepayables 42.7 2.9 -8.7 -0.9 1.5 25FA513169333Loans(otherloansandadvances) 74.7 4 8.2 0.7 -0.5 24FA513164103Corporateequityissues 62.8 11.9 0.5 24.0 2.7 23FA512151003Securityrepurchaseagreements 40.4 6.8 2 34.1 22FA514190005Netincreaseinliabilities 0.6 56.7 2.4 3 23.8 30.5 107.3 3.2 21FA513093005Other 12.2 0.2 -2.1 30.6 20FA513076005Policypayables(2) 103.5 19FA513092403EquityinFHLB 19.2 18FA513090005Miscellaneousassets 30.2 113.1 -10.5 -0.6 5.6 1 47.6 -28.5 17FA513092003U.S.directinvestmentabroad 29.9 -0.0 70.0 16FA513070005Tradereceivables 10.1 118.8 29.1 0.0 80.6 15FA513064205Mutualfundshares 117.4 -1.7 14FA513064105Corporateequities 28.7 64.9 92.8 4.3 13FA513065505Loans(commercialmortgages) 30.3 68.3 117.8 12FA513063005Corporateandforeignbonds 28.4 94.7 11FA513062005Municipalsecurities 49.6 10FA513061705Agency-andGSE-backedsecurities 26.0 9FA513061105Treasurysecurities 82.7 8FA513069105Openmarketpaper 7FA514022005Debtsecurities 70.9 6FA512051005Securityrepurchaseagreements 76.5 5FA513034005Moneymarketfundshares 17.3 4FA513020005Checkabledepositsandcurrency 3FA514090005Netacquisitionoffinancialassets 2FA515013005Fixednonresidentialinvestment 1FA516000105Grosssavinglessnetcapitaltransferspaid(1) Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.115 Property-CasualtyInsuranceCompanies (3) Liabilityforsecuritieslendingcollateral,includedinline32. (2) Policypayablesduefromreinsurers. (1) NetcapitaltransferspaidfromtableF.5,line53. 0721 092018 2019 2018 2017 1. 228. 0. 5. 561157. 4229 74.2 74.1 111.5 65.6 -52.6 103.4 22 81.3 65.6 42.2 65.9 111.1 99.1 67.0 -48.7 113.3 74.4 51.2 102.0 1. 97-. 1. 1. 40-. 72-. 24 -8.1 -7.2 -6.1 -4.0 -12.5 -12.1 -6.3 -9.7 -12.8 58694175751771245036 5.0 2.4 35 35.8 7.1 18.0 1.7 52.9 7.5 12.3 32 7.5 -6.2 36.2 31 40.2 53.2 65.2 4.1 21.5 46.6 29.8 6.9 62.9 49.6 28.0 14.7 15.8 -63.9 49.6 11.0 20.1 82.5 46.4 34.8 -3.0 20 44.1 12.7 34.7 75.8 5.1 18 15.0 57.2 3.5 37.1 28.7 9.4 -25.1 9.5 46.5 9.1 13.3 9 8.8 -7.8 24.5 7 22.4 -24.6 37.2 12.4 -8.9 29.1 28.7 -0.7 12.0 77.5 49.8 5.8 80.7 -10.5 71.2 7.5 25.7 43.5 34.0 33.0 14-852. 99-4. 792. 24-. 33 -2.1 12.4 20.7 57.9 -147.1 49.9 22.2 -18.5 -1.4 21 44.4 32.0 13.9 -28.7 37.1 3.8 15.4 11 8 13.6 -2.5 -3.0 -8.1 -2.7 -5.7 -11.8 -3.5 -3.8 3.2 -98.3 2.9 -31.3 -5.2 -0.2 -37.7 -2.2 -9.9 -2.2 -8.9 . . 04-. . . 1305-. 34 -2.1 0.5 -1.3 1.6 2.2 26 27 -2.9 0.7 0.8 -0.4 1.3 -3.6 0.9 3.7 -5.5 2.0 4.1 0.9 2.9 9.0 19 -0.1 9.1 0.1 -1.0 1.6 0.0 -0.7 8.4 16 -0.1 8.4 15 4.9 4.0 0.1 1.0 -9.5 14 2.7 6.2 -0.0 23.3 4.9 25.4 0.0 16.2 -5.5 -1.1 0.0 -6.3 -10.1 -4.8 10.0 0.0 13.6 -1.4 9.6 0.0 38.5 5 2.6 17.8 9.6 4.0 -1.1 9.4 12.6 20.8 1.2 25.6 9.8 8.8 -3.1 -17.0 14.1 2.7 4.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 29

Transactions Transactions 7 F53705 enue rmnnUS enues34031203030709151847 1.8 1.5 46 -0.1 0.9 25.2 0.7 15.0 0.3 12.2 81.8 0.3 40 79.4 23.7 1.2 13.1 37 -3.6 -23.6 0.3 38 81.2 8.2 35 1.0 13.0 11.3 3.4 36.2 37.9 4.2 1.7 15.9 -35.6 -5.5 1.7 1.8 24.1 30 13.3 10.2 12.8 -41.6 17.8 -7.4 15.7 28 0.8 -2.1 2.3 2.7 0.1 3.2 6.8 -4.8 47FA543176035Reinsuredfromnon-U.S.reinsurers 0.5 1.5 46FA543076035Reinsuredtonon-U.S.reinsurers 4.1 5.1 -11.0 10.4 45FA543176025ReinsuredtoU.S.reinsurers 9.3 44FA543176015Directreserve 2.5 6.0 3.1 4.1 6.0 43FA543200073Securitieslending(6) 24 -0.6 12.0 7.0 0.3 Memo: 21 2.2 -0.9 7.5 3.5 42FA547005005Discrepancy 10.6 4.1 6.4 41FA543193005Other -2.8 4.5 40FA593095005Unallocatedinsurancecontracts -6.1 39FA543195005Otherreserves(5) 6.5 5.8 38FA673090543Fundingagreementsbackingsecurities(4) 2.7 4.5 37FA543194733Investmentbyparentcompanies -4.9 36FA543190005Miscellaneousliabilities -0.3 -6.9 35FA543192073ForeigndirectinvestmentinU.S. 3.4 34FA543178075Taxespayable -2.0 1.7 33FA543150005Pensionentitlements(3) 0.4 32FA543140005Lifeinsurancereserves 31FA543170005Tradepayables 1.9 10 12 2.0 -11.7 89.5 6 30FA543169373Loans(otherloansandadvances) 1.8 2.7 0.5 163.7 1.0 29FA543164173Corporateequityissues 165.3 0.0 -0.5 28FA542151073Securityrepurchaseagreements 119.7 0.8 27FA544190005Netincreaseinliabilities 5.4 204.0 4 34.3 84.9 26FA543093005Other 0.5 -17.4 25FA543095105Otherreserves 47.9 24FA543077073Deferredandunpaidlifeins.premiums 134.5 12.1 2 0.2 23FA543092473EquityinFHLB 37.2 123.7 23.1 22FA543090005Miscellaneousassets 3 2.0 206.1 73.6 1.0 4.8 23.1 21FA543092073U.S.directinvestmentabroad 371.0 1.7 20FA543050005Pensionentitlements 0.5 19FA543040005Lifeinsurancereserves 22.9 36.9 1 236.6 18FA543070005Tradereceivables 6.7 18.2 22.6 117.6 -46.3 0.2 17FA543064205Mutualfundshares 18.6 87.9 16FA543064105Corporateequities 31.0 22.0 -0.4 15.5 90.5 15FA543065005Mortgages -0.4 21.7 14FA543069005Otherloansandadvances 22.6 232.8 13FA544023005Loans 22.9 17.6 125.3 28.6 12FA543063005Corporateandforeignbonds 21.5 11FA543062005Municipalsecurities 101.3 4.7 10FA543061705Agency-andGSE-backedsecurities 19.5 9FA543061105Treasurysecurities 8FA543069105Openmarketpaper 18.7 7FA544022005Debtsecurities 8.2 6FA542051075Securityrepurchaseagreements 3.4 5FA543034005Moneymarketfundshares 4FA543020005Checkabledepositsandcurrency 3FA544090005Netacquisitionoffinancialassets 2FA545013005Fixednonresidentialinvestment 1FA546000105Grosssavinglessnetcapitaltransferspaid(2) Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.116 LifeInsuranceCompanies(1) 30 (6) Liabilityforsecuritieslendingcollateral,included inline41. (5) Includesreservesforaccidentandhealthpolicies, policydividendaccumulation,andcontractclaims. (4) Equaltofundingagreement-backedsecurities (FABS)issuedbydomesticissuersofasset-backedsecurities. (3) Annuityreservesheldbylifeinsurancecompanies, excludingunallocatedcontractsheldbypensionfunds,whichareshownonline40. (2) NetcapitaltransferspaidfromtableF.5,line54. (1) Additionaldetailonthefinancialassetsandliabilitiesheldinlifeinsurer’sgeneralseparate accountsisavailableontablesF.116.gandF.116.s.

Z.1, March12,2020 0721 092018 2019 2018 2017 1. 692097. 136. 8. 5. 0. 27 200.8 350.9 182.9 69.0 91.3 76.1 200.9 96.9 118.8 1. 1. 1. 60-43-34-66-71-9529 -19.5 -17.1 -16.6 -23.4 26 131.7 -24.3 139.1 -6.0 22 119.7 136.0 16.1 -19.2 146.5 -11.9 -12.9 119.2 -16.2 55.1 24.5 101.7 17 -13.8 -86.1 41.1 63.8 -95.0 -22.4 106.6 -101.0 48.0 -59.2 -91.1 -16.4 -88.5 -85.3 -87.0 -75.9 806. 196. 911. 083. 6145 16.1 44 34.7 144.2 171.2 20.8 72.3 16.0 33.0 69.1 98.1 39 68.6 3.0 24.4 21.9 11.8 105.2 36 68.8 87.3 12.5 69.9 18.0 162.8 21.2 60.5 31 118.4 32 27.5 7.0 77.6 85.6 29.7 10.3 88.9 -57.5 12.1 6.3 50.3 36.0 26.3 33.1 4.7 113.5 17.6 2.9 47.5 15.3 33.4 33.4 14.9 62.5 7.1 43.3 15.2 43.4 18 7.3 37.5 19 30.9 5.7 14.0 3.5 8.6 15 2.6 33.4 6.4 13 33.3 56.3 -0.8 -36.3 69.5 31.2 -0.7 -35.3 29.5 53.9 15.0 4.8 57.3 54.9 -36.2 -0.7 7 55.4 67.0 34.2 110.1 11.1 66.1 43.7 169.5 153.7 47.4 61.4 105.1 61.5 41.2 57.9 45.8 98.1 134.6 89.2 77.0 02-828. 2. 051. 671947. 41 76.1 149.4 96.7 11.3 -0.5 -21.8 83.4 -18.2 -0.2 16 -46.3 -22.5 -31.6 8 -17.3 9.3 9 -53.7 9.5 -3.4 -48.3 10.7 9.1 -29.4 -15.0 -44.4 4.3 -22.9 -5.9 -0.2 -115.6 4.6 -1.5 -4.4 4.9 -28.8 -4.9 -0.8 -8.6 . 642931-771. 02100443 0.4 1.0 -0.2 42 10.5 -10.2 -17.7 -24.6 3.1 -61.1 -48.6 2.9 34 -1.8 10.0 -6.4 -0.8 -31.4 33 1.2 -36.1 26.4 -3.7 -41.6 74.7 2.7 1.4 17.2 -6.2 -56.6 -1.1 25 110.5 2.2 -0.9 -17.9 23 1.8 2.8 -2.9 15.4 1.2 37.2 2.0 2.3 5.3 0.0 2.3 20 0.4 -24.7 3.7 11.5 0.3 5.0 6.5 0.3 14 2.4 -0.0 5.6 0.9 4.5 13.2 100.8 0.5 -1.7 11 3.9 98.2 -0.1 3.4 0.4 -0.3 -2.6 100.1 0.6 -5.3 7.8 -1.0 -1.4 5 3.7 11.7 -12.9 19.9 -1.9 0.0 16.4 -2.4 4.6 -17.2 -2.5 39.2 6.1 -15.5 7.7 6.7 3.6 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

9 F53903 oeg ietivsmn nUS . . 0468-. 28171. 1329 11.3 15.9 1.7 24 10.2 12.8 15.7 22 2.3 -2.1 0.1 0.5 6.8 4.1 19 9.3 10.4 -0.9 6.0 4.1 6.0 4.1 -0.6 7.0 2.2 -6.1 7.5 4.5 10.6 6.4 4.5 -6.9 6.5 2.7 -2.0 0.4 -0.3 30FA543190075Miscellaneousliabilities 10 29FA543192073ForeigndirectinvestmentinU.S. -11.7 75.1 8 4 28FA543178075Taxespayable -8.2 2.7 0.5 27FA543150075Pensionentitlements(1) 137.5 26FA543140075Lifeinsurancereserves 25FA543170075Tradepayables 153.5 -12.4 0.0 130.4 -10.8 24FA543169373Loans(otherloansandadvances) 0.8 2 191.7 -0.4 23FA543164173Corporateequityissues 30.0 94.1 0.5 -10.8 22FA542151073Securityrepurchaseagreements 42.0 124.1 16.7 0.2 21FA544190075Netincreaseinliabilities 31.4 116.8 -8.0 1 20FA543090075Miscellaneousassets 1.0 62.5 1.0 19FA543092073U.S.directinvestmentabroad 270.2 4.5 18FA543050075Pensionentitlements 416.1 32.8 0.5 17FA543040075Lifeinsurancereserves 16FA543070075Tradereceivables 297.9 7.3 -49.0 0.2 200.4 15FA543064275Mutualfundshares 26.1 14FA543064175Corporateequities 193.7 -0.4 -3.7 13FA543065075Mortgages 241.4 12FA543069075Otherloansandadvances 296.2 7.0 11FA544023075Loans 252.5 10FA543063075Corporateandforeignbonds 9FA543062075Municipalsecurities 163.1 8FA543061775Agency-andGSE-backedsecurities 7FA543061175Treasurysecurities 6FA543069175Openmarketpaper 5FA544022075Debtsecurities 4FA542051075Securityrepurchaseagreements 3FA543034075Moneymarketfundshares 2FA543020075Checkabledepositsandcurrency 1FA544090075Netacquisitionoffinancialassets Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.116.g LifeInsuranceCompanies:GeneralAccounts A4038 Croaeadfrinbns1. . 04-. 23-071. 611. 9 14.4 26.1 7 10.1 11.8 2 13.4 4.3 -10.7 10.4 12.3 (1) Annuityreservesheld bylifeinsurancecompanies,excludingunallocated contractsheldbypensionfundswhich areincludedinmiscellaneousliabilities(line23). 6.0 5.8 -9.2 23FA543190085Miscellaneousliabilities 5.8 22FA543150085Pensionentitlements (1) -6.6 10.4 21FA543140085Lifeinsurancereserves 3.7 20FA543170085Tradepayables -4.6 1 6.8 19FA544190085Netincreaseinliabilities -64.1 4.1 9.9 11.2 -45.1 18FA543090085Miscellaneousassets 2.7 17FA543050085Pensionentitlements -2.8 -61.3 16FA543040085Lifeinsurancereserves 15FA543070085Tradereceivables 5.0 -82.8 -0.6 14FA543064385Mutualfundshares -105.9 3.3 13FA543064185Corporateequities -150.9 -63.3 12FA543065083Mortgages 10.6 11FA543069483Otherloansandadvances -127.2 10FA544023085Loans -61.8 9FA543063085Corporateandforeignbonds 8FA543062083Municipalsecurities 7FA543061783Agency-andGSE-backedsecurities 6FA543061183Treasurysecurities 5FA543069183Openmarketpaper 4FA544022085Debtsecurities 3FA543034385Moneymarketfundshares 2FA543020083Checkabledepositsandcurrency 1FA544090085Netacquisitionoffinancialassets Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.116.s LifeInsuranceCompanies:SeparateAccounts (1) Annuityreservesheldbylifeinsurancecompanies,excludingunallocatedcontractspensionfunds,whichareincludedinmiscellaneousliabilities(line30). 0721 092018 2019 2018 2017 8. 2. 6. 2. 0. 4. 4. 9. 6. 21 262.3 393.9 240.9 147.2 201.0 229.1 261.1 221.0 189.0 1. 1. 1. 60-43-34-66-71-9523 -19.5 -17.1 -16.6 20 101.2 -23.4 129.4 -24.3 94.2 -6.0 28.7 -19.2 -30.3 -11.9 66.8 -16.2 88.4 48.2 -26.7 2. . 95-. . 1. 79-. 1. 21 -13.8 23 -13.5 -5.9 22 -13.0 -33.7 -7.9 -11.9 -24.1 -10.5 -10.8 -38.1 19 -61.5 2.6 -14.2 -56.9 -43.1 -18.7 -99.3 -2.6 -58.0 -12.3 -132.9 -9.5 -78.2 14 -38.2 13 -86.8 -17.3 -49.7 -109.6 1.4 -109.2 -94.6 -13.5 -153.1 -27.8 -35.7 -100.4 -60.2 -21.0 -29.3 -59.6 -124.0 -13.6 -92.8 -70.2 -61.8 -86.4 -53.9 -85.4 -30.1 -87.4 -54.0 -75.6 -10.9 692. 2. 47-339. 3. 7. 0. 30 100.8 25 175.8 27 26 7.5 60.1 91.4 130.3 10.3 96.3 98.9 94.8 6.4 -43.3 55.3 58.3 54.7 0.3 43.7 4.8 125.8 44.9 209.7 14.2 20.2 114.9 36.0 13.8 46.9 16 53.6 72.0 7.3 7.2 17 146.3 30.9 41.9 5.7 14.1 41.0 14.0 64.4 3.5 37.5 8.6 13 2.6 29.5 6.4 11 28.1 50.4 -0.8 -36.3 62.7 25.5 -0.7 -35.3 22.9 50.2 15.0 4.8 53.0 48.3 -36.2 -0.8 5 48.9 61.8 34.2 78.9 11.1 61.1 38.9 121.3 41.7 55.6 124.7 105.8 55.8 39.5 62.3 44.2 118.2 107.7 92.2 72.6 03-. 82-. 65-. 501. 4718 34.7 17.1 25.0 -4.2 16.5 -2.9 18.2 -0.1 10.3 030401-. . . 06-. . 15 0.7 -0.3 -0.6 0.5 1.6 6 7.6 7 -2.1 5.9 -5.2 0.1 5.2 7.3 0.4 -19.1 3.2 -0.3 -25.6 2.2 -108.2 7.7 1.4 -8.4 3.2 -24.7 -2.2 -0.6 -3.9 0029-. . . 01-. 00-. 17 -1.8 -0.0 -0.1 -0.1 11 1.3 3.2 0.9 8 2.9 1.4 6 0.9 5 3.6 -0.5 1.2 1.8 0.6 5.6 2.9 1.0 1.8 3 -0.0 4.1 -0.0 -1.4 0.3 1.8 -0.3 -0.7 2.7 -0.4 0.9 1.2 2.1 -7.4 -0.2 -0.2 -2.4 -12.6 -3.1 1.0 -0.1 -2.9 22.8 4.0 -0.3 1.6 1.7 -4.0 -1.2 -2.7 -3.2 -0.2 -4.7 5.6 -2.2 . 29-. 11-. . 37-. 1828 -1.8 -0.8 -3.7 2.7 -6.2 -1.1 -0.9 18 -22.9 -2.9 11.5 14 2.0 3.3 6.6 5.2 12 5.7 -1.4 -2.3 97.7 12.3 -3.7 95.2 9 -2.6 -1.5 8.1 0.2 2.8 -3.8 5.5 97.2 0.6 -6.3 7.8 0.6 -0.7 -1.7 3 9.7 2.8 13.1 -12.6 5.1 20.6 -1.7 0.2 14.3 -3.3 4.7 -4.6 -2.2 16.4 7.3 -17.2 10.8 1.1 5.8 . . 011112-. 00-. 0520 -0.5 -0.0 16 -0.0 0.0 15 -0.0 -0.0 0.0 0.0 1.2 0.0 12 3.9 0.0 1.1 10 0.0 5.2 5.9 0.0 -0.1 0.0 6.8 5.7 -0.0 1.1 0.0 6.6 0.0 3.7 0.0 0.0 4.3 0.0 6.6 4 0.0 6.6 31.2 0.0 5.3 0.0 48.2 5.0 0.0 4.8 29.0 5.7 5.8 -0.7 5.7 1.7 -4.4 1.6 -20.1 26.9 -3.1 4.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 31

Transactions Transactions 7 F54905 eie otiuinpas2361491081716. 7. 2. 0. 5. 27 157.5 29 28 ND ND 25 104.2 ND 55.0 128.2 343.9 766.0 173.4 -11.9 176.5 556.7 64.6 39.3 -100.3 374.2 146.3 167.1 343.6 20 817.3 23.7 -35.8 140.8 234.3 616.4 ND 164.9 -3.6 22 ND 24 ND 118.6 419.7 213.6 37.5 13.0 176.6 -301.1 15 628.6 367.1 -29.0 419.6 -15.4 37.9 120.1 579.0 392.2 -774.6 328.3 -35.6 435.2 5.7 13 -12.5 79.6 24.1 327.3 861.3 213.0 123.8 417.9 7 11 17.8 47.1 0.0 141.3 0.4 117.1 403.5 2.7 29FA543150015Annuitiesatlifeinsurancecompanies(8) 22.8 35.8 57.6 414.4 0.0 28FA893131573Individualretirementplans(IRAs)(7) 1.9 27FA594090055Definedcontributionplans 139.5 4 1.5 474.3 31.4 52.9 26FA594190045Definedbenefitplans 15.8 3.0 -1.2 25FA153050015Householdretirementassets(6) 58.3 136.3 2 -151.7 1.4 14.5 Memo: 0.8 94.5 43.4 151.7 -6.3 24FA594190005Netincreaseinpensionentitlements(liabilities) -0.8 81.2 0.8 29.8 23FA593093005Other 9.4 45.0 0.0 43.1 22FA593073005Claimsofpensionfundonsponsor(5) 0.8 21FA573074005Contributionsreceivable 3 -3.2 46.8 0.7 20FA593095005Unallocatedinsurancecontracts(4) 419.6 0.7 19FA593090005Miscellaneousassets 2.2 34.2 367.0 -0.0 18FA593064205Mutualfundshares 0.7 392.1 17FA593064105Corporateequities 5.1 0.2 435.1 0.7 16FA593065005Mortgages 0.9 327.2 15FA313169003Otherloansandadvances 14FA594023005Loans 0.8 417.8 -5.6 13FA593063005Corporateandforeignbonds 403.4 0.7 12FA593062045Municipalsecurities 414.3 11FA593061705Agency-andGSE-backedsecurities 0.7 10FA593061105Treasurysecurities(3) 474.2 9FA593069105Openmarketpaper 8FA594022005Debtsecurities 7FA592051005Securityrepurchaseagreements 6FA593034005Moneymarketfundshares 5FA593030005Timeandsavingsdeposits 4FA593020005Checkabledepositsandcurrency 3FA594090005Netacquisitionoffinancialassets(2) 2FA595013005Fixednonresidentialinvestment 1FA596330005Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.117 PrivateandPublicPensionFunds(1) 32 (8) AnnuitiesheldinIRAsareexcluded.Theyincludedline28. (7) IRAassetsarenotincludedabove.SeememoitemontableF.227forasectoraldistributionofaccounts. (6) Households’retirementassetsintax-deferredaccounts,includingemployersponsoredpensionplans,IRAs,Rothandannuities. (5) Unfundeddefinedbenefitpensionentitlements. (4) Assetsofpensionplansheldatlifeinsurancecompanies;seriesbegins1985:Q4. (3) Includesbothmarketableandnonmarketablegovernmentsecurities. (2) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). (1) Privatepensionfunds,stateandlocalgovernmentemployeeretirementfederalfundsdefinedbenefitplanscontributionplans.

Z.1, March12,2020 0721 092018 2019 2018 2017 185-4. 234-5. 76-6. 201-1. 14517 -164.5 -214.0 -210.1 -264.9 -7.6 -251.8 -213.4 -147.6 -108.5 6. 4. 6. 5. 6. 6. 6. 6. 6. 26 262.2 262.9 23 264.0 77.7 261.8 95.9 262.8 89.9 250.8 262.7 77.0 19 240.0 249.5 18.3 -192.0 260.8 72.2 533.0 14 457.4 -26.8 85.1 -21.6 -773.9 72.9 6.8 319.8 121.3 259.6 865.9 110.6 1.5 8 281.5 340.4 15.6 1573.5 18.0 76.9 -143.5 -639.0 148.5 335.5 415.7 337.9 555.9 115.0 921. 541. . 421. 682. 21 20.1 16.8 10.4 18 18.2 14.2 -72.9 8.1 6.3 10.5 -16.3 15.4 29.6 12.2 -86.8 19.2 -16.2 10 208.7 35.3 1391.1 42.4 -57.8 -768.1 245.2 251.3 193.5 426.9 33.5 3281221...... 16 2.2 0.7 1.1 4.6 1.5 6 15.6 6.7 2.2 27.5 8.1 -13.5 -3.2 19.0 -6.5 2.2 9.9 2.1 -2.4 . . 11-. . 38-. 01-. 12 -0.4 9 -0.1 5.4 -0.2 22.8 5 -3.8 2.2 -13.5 2.6 17.0 2.4 -2.5 -8.6 0.3 1 -1.1 0.7 0.7 2.1 0.8 7.9 0.7 0.3 0.7 0.3 0.6 0.9 1.6 0.6 1.7 0.6 0.8 0.6 3.3 0.6 0.6 0.6 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 F54905 eie otiuinpas()1641231771141101141608. 0. 23 100.3 83.2 106.0 141.4 111.0 17 9.3 101.4 21 58.4 107.7 19 -6.9 -52.8 41.3 142.3 2.4 -49.6 196.4 64.1 12 -49.9 29.5 54.5 99.4 -50.3 7 -42.6 68.9 69.1 11 0.2 -51.5 35.8 -0.8 60.0 46.1 -80.0 0.1 33.2 8.6 4 64.4 65.8 -50.7 1.6 26.4 0.1 58.5 -77.0 87.5 -7.6 37.6 3.2 23FA574090055Definedcontributionplans(6) -79.2 2 0.1 96.6 149.2 -6.7 22FA574090045Definedbenefitplans(5) 0.4 26.1 Netacquisitionoffinancialassets 2.0 62.0 0.0 0.4 31.5 3 Memo: 83.0 1.3 58.3 0.1 33.2 21FA574190005Netincreaseinpensionentitlements(liabilities) 0.3 70.0 41.2 2.3 0.1 32.2 20FA573093005Other 0.3 19FA573073005Claimsofpensionfundonsponsor(4) 64.0 2.7 24.9 18FA573074005Contributionsreceivable 0.1 17FA573095005Unallocatedinsurancecontracts(3) 0.3 99.4 16FA573090005Miscellaneousassets 2.0 0.4 69.0 0.3 15FA573064205Mutualfundshares 2.3 14FA573064105Corporateequities 46.0 0.4 4.7 13FA573065005Loans(mortgages) 65.7 0.3 12FA573063005Corporateandforeignbonds 87.4 11FA573061705Agency-andGSE-backedsecurities 0.3 10FA573061105Treasurysecurities 149.2 9FA573069105Openmarketpaper 8FA574022005Debtsecurities 7FA572051005Securityrepurchaseagreements 6FA573034005Moneymarketfundshares 5FA573030005Timeandsavingsdeposits 4FA573020005Checkabledepositsandcurrency 3FA574090005Netacquisitionoffinancialassets(2) 2FA575013005Fixednonresidentialinvestment 1FA576330005Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.118 PrivatePensionFunds(1) (6) AdditionaldetailondefinedcontributionplansisavailabletableF.118.c. (5) AdditionaldetailondefinedbenefitplansisavailabletableF.118.b. (4) Unfundeddefinedbenefitpensionentitlements. (3) Assetsofprivatepensionplansheldatlifeinsurancecompanies;seriesbegins1985:Q4. (2) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). (1) Privatedefinedbenefitplansandcontribution(including401(k)typeplans). 0721 092018 2019 2018 2017 4. 7. 4. 0. 3. 5. 4. 6. 3. 8 133.9 167.3 140.2 157.5 130.4 200.9 149.7 176.6 145.7 4. 5. 4. 5. 4. 4. 4. 4. 4. 22 -42.0 -42.0 -42.0 -42.0 -42.0 -55.4 -42.0 -54.8 -47.2 14 -111.5 -104.0 -103.5 -142.3 -20.5 -130.2 -115.3 -98.4 -53.1 906. 876. 514. 188. 5520 55.5 18 20.1 85.2 16.8 51.8 10.4 15 42.3 -6.0 14.2 55.1 -80.4 8.1 66.5 5.0 10 10.5 58.7 41.2 41.3 15.4 61.6 63.2 -18.7 12.2 69.0 -29.8 52.5 19.2 -10.0 53.9 10.8 44.8 40.8 71.5 52.7 59.9 46.9 . 1. 19-. 3. 571. 543. 16 32.0 13 2.7 45.4 3.5 14.6 9 35.7 2.1 2.4 -30.9 2.0 2.0 6 -3.9 3.4 5 2.2 1.2 2.1 31.9 4.5 2.6 1.7 -10.9 1.5 2.6 2.2 2.6 0.9 1.0 2.3 1 2.5 1.2 0.3 1.4 3.6 4.4 1.8 0.3 0.7 2.8 1.4 0.3 0.9 3.2 3.8 0.3 1.5 3.2 0.3 1.1 0.5 0.3 3.6 0.3 0.3 0.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 33

Transactions Transactions 5 F53945 nloae nuac otat 2 . 04-. 03-. 05-. 05-. 15 -0.8 -0.5 17 19 -52.8 -42.0 -0.3 -49.6 -42.0 10 -49.9 -0.5 -42.0 28.2 -50.3 -42.0 -0.2 5 18.8 9 0.2 -51.5 -42.0 28.2 -0.3 29.7 -80.0 -55.3 0.1 18.8 -0.5 43.6 -50.7 -42.0 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates 17.7 0.1 F.118.c PrivatePensionFunds:DefinedContributionPlans(1) -0.4 24.2 -77.0 2 -54.7 -0.2 31.6 -79.2 -47.2 0.1 55.7 1.4 -0.1 16.2 (3) Unfundeddefinedbenefitpensionentitlements. 30.0 0.0 (2) Assetsofprivatepensionplansheldatlifeinsurancecompanies;seriesbegins1985:Q4. 19.7 -0.1 (1) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). 46.8 0.1 24.0 1 -0.1 19FA574190043Netincreaseinpensionentitlements(liabilities) 52.9 -42.0 0.1 21.8 18FA573093043Other -0.1 -42.0 17FA573073005Claimsofpensionfundonsponsor(3) 18.9 16FA573074043Contributionsreceivable 0.1 -0.1 -42.0 15FA573095405Unallocatedinsurancecontracts(2) 14FA573090045Miscellaneousassets -42.0 -0.1 0.4 13FA573064243Mutualfundshares -42.0 -0.1 12FA573064143Corporateequities -55.4 0.2 11FA573065043Loans(mortgages) -42.0 10FA573063043Corporateandforeignbonds -54.8 9FA573061743Agency-andGSE-backedsecurities 8FA573061143Treasurysecurities -47.2 7FA573069143Openmarketpaper 6FA574022045Debtsecurities 5FA572051043Securityrepurchaseagreements 4FA573034043Moneymarketfundshares 3FA573030043Timeandsavingsdeposits 2FA573020043Checkabledepositsandcurrency 1FA574090045Netacquisitionoffinancialassets(1) Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.118.b PrivatePensionFunds:DefinedBenefitPlans 34 5 F53955 nloae nuac otat 2 81-. . 05-243. . 641. 15 10.1 -6.4 18 2.7 100.3 10 83.2 9 30.1 26.3 7.6 106.0 5 -42.4 50.2 0.0 141.4 14.5 -0.5 30.4 111.0 0.0 8.8 9.1 2 20.8 101.4 1.8 0.0 6.0 107.7 34.3 -7.2 142.3 3.4 0.0 41.0 9.9 -8.1 196.4 2.0 31.9 0.0 11.8 (2) Assetsofprivatepensionplansheldatlifeinsurancecompanies;seriesbegins1985:Q4. 36.2 1.4 (1) Includes401(k)and403(b)typeplans. 9.2 0.0 1 17.1 100.3 18FA574090055Netincreaseinpensionentitlements(liabilities) 2.3 10.4 0.0 83.2 17FA573093033Other 6.0 2.8 16FA573074033Contributionsreceivable 0.0 106.0 15FA573095505Unallocatedinsurancecontracts(2) 14FA573090055Miscellaneousassets 141.4 2.1 0.0 111.0 13FA573064255Mutualfundshares 2.4 12FA573064133Corporateequities 101.4 107.7 11FA573065033Loans(mortgages) 4.5 142.3 10FA573063033Corporateandforeignbonds 9FA573061733Agency-andGSE-backedsecurities 196.4 8FA573061133Treasurysecurities 7FA573069133Openmarketpaper 6FA574022035Debtsecurities 5FA572051033Securityrepurchaseagreements 4FA573034055Moneymarketfundshares 3FA573030033Timeandsavingsdeposits 2FA573020033Checkabledepositsandcurrency 1FA574090055Netacquisitionoffinancialassets

Z.1, March12,2020 0721 092018 2019 2018 2017 1. 1. 281786. 2. 617. 706 87.0 77.9 86.1 120.4 69.2 127.8 92.8 112.1 110.8 5. 6. 2. 6. 4. 2. 3. 2. 1. 14 -19.7 13 -14.7 -27.6 -16.0 12 -36.1 -100.0 -14.7 -27.3 -80.0 -24.7 -42.8 -79.5 -9.3 -68.2 -114.3 -4.7 -60.5 -27.7 -112.3 -60.9 -17.5 -93.4 -51.7 -12.3 -96.4 -27.4 -89.3 73841. . . 20721. 7316 17.3 11.5 7.2 12.0 4.5 6.2 8 28.5 12.0 39.0 8.4 37.8 17.3 43.8 28.3 51.8 37.3 42.5 34.9 015. 716. 073. 487. 8917 38.9 74.1 14 51.7 13 44.8 8.7 73.0 30.8 12 -64.4 50.7 -11.5 50.7 19.7 63.0 -24.0 60.5 8 66.0 -24.0 11.9 12.7 47.1 6 -28.0 -9.4 64.3 46.9 24.2 53.5 40.0 -25.1 59.6 89.4 14.6 60.1 -17.8 7.5 50.0 54.1 10.0 -21.9 23.1 53.9 37.1 16.5 -2.0 68.2 61.2 19.7 36.2 73.0 15.4 56.9 17.4 64.5 12.1 34.9 0204040504020406037 0.3 0.6 4 1.1 3 0.4 0.1 2.9 0.2 0.3 1.6 0.4 0.2 0.7 0.5 0.1 3.0 0.4 0.2 2.0 0.4 0.2 1.6 -0.2 0.2 2.1 0.2 -3.9 -0.1 . . 1659441. . 111. 18 16.7 11.1 6.9 11 11.6 1.3 4.4 0.8 7 5.9 0.5 2.1 11.6 0.9 1.4 4 8.1 2.3 3 0.3 0.9 8.9 1.9 1.5 0.4 1.5 1.3 1.0 0.9 0.5 0.8 1.6 0.6 0.8 1.3 0.6 1.7 1.5 0.5 0.8 1.0 0.7 1.6 4.0 1.3 1.1 0.9 4.4 3.7 ...... 16 2.8 5.3 3.2 11 1.4 2.2 2.7 3.6 1.6 4.3 1.1 3.4 1.8 3.8 2.2 1.9 1.7 1.9 2.7 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 F34905 eie otbto ln 6 . 191. 98-361. 421. . 13 8.2 15.4 14.2 13.9 -43.6 7 29.8 1.1 12.9 11 9 1.0 80.8 -29.0 11.9 5 88.7 1.1 0.6 -774.6 8.3 10 5.7 88.6 -13.3 1.3 1.2 2 86.0 -461.9 861.3 -0.2 0.2 1.3 234.5 0.0 29.5 (6) AdditionaldetailondefinedcontributionplansisavailabletableF.119.c. -0.2 92.1 0.3 (5) AdditionaldetailondefinedbenefitplansisavailabletableF.119.b 1.2 104.0 0.0 (4) Unfundeddefinedbenefitpensionentitlements. 1 -0.2 32.0 (3) SuspendedinvestmentsintheThriftSavingsPlanGFundbyTreasury. 86.0 80.8 1.1 -0.9 (2) ComprisedprimarilyofnonmarketableTreasurysecurities. 15.8 -0.2 -65.9 (1) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). 85.7 88.7 1.0 0.1 -151.7 -37.2 -0.2 83.2 13FA344090055Definedcontibutionplans(6) 88.6 151.7 -50.0 1.1 12FA344090045Definedbenefitplans(5) 0.5 -0.2 Netacquisitionoffinancialassets 86.0 8.1 -0.1 -0.2 Memo: 29.5 0.6 -0.2 11FA344090005Netincreaseinpensionentitlements(liabilities) 104.0 86.0 0.1 10FA343073045Claimsofpensionfundonsponsor(misc.assets)(4) 85.7 9FA313169003Loans(otherloansandadvances)(3) 8FA343064105Corporateequities 83.2 7FA343063005Corporateandforeignbonds 6FA343062033Municipalsecurities 5FA343061705Agency-andGSE-backedsecurities 4FA343061105Treasurysecurities(2) 3FA344022005Debtsecurities 2FA343020033Checkabledepositsandcurrency 1FA344090005Netacquisitionoffinancialassets(1) Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.119 FederalGovernmentEmployeeRetirementFunds 0721 092018 2019 2018 2017 8. 0. 1. 7. 28-6. 13813. 1. 4 3 117.8 119.5 1337.4 1339.7 -143.8 -141.4 -869.3 -866.9 72.8 72.0 174.9 176.0 110.5 112.7 309.3 309.3 -84.3 -83.2 487. 317. 317. 447. 2512 72.5 73.3 74.4 72.1 73.1 74.2 73.1 73.8 74.8 00-. . 01-. . . 00006 0.0 -0.0 0.0 0.0 -0.0 -0.1 0.0 -0.0 -0.0 . 2. 52-. 7. 02-01-43388 3.8 -14.3 -10.1 -0.2 -74.4 -6.0 -5.2 -21.7 6.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 35

Transactions Transactions A4032 Croaeadfrinbns0604110316121415055 0.5 7 8 1.5 4 -29.0 8.2 0.4 1.4 -774.6 15.4 5.7 1.3 1.2 14.2 1 861.3 1.3 8.2 1.6 13.9 0.0 1.0 15.4 -43.6 0.3 0.0 -0.5 29.8 14.2 1.1 15.8 12.9 0.3 13.9 0.4 -151.7 11.9 -43.6 1.0 151.7 0.6 29.8 8.3 -0.2 12.9 0.6 11.9 8.3 7 8FA344090055Netincreaseinpensionentitlements(liabilities) 0.7 7FA313169003Loans(otherloansandadvances)(3) 10 5 72.5 -0.5 6FA343064125Corporateequities 0.2 73.3 -0.3 5FA343063023Corporateandforeignbonds -0.1 9 2 4FA343061723Agency-andGSE-backedsecurities 74.4 0.1 -13.3 -0.2 3FA343061155Treasurysecurities(2) -0.0 2FA344022025Debtsecurities 72.1 -461.9 -1.4 -0.2 0.1 234.5 1FA344090055Netacquisitionoffinancialassets 73.1 1 -0.0 -0.2 92.1 72.5 74.2 -0.4 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates -0.0 -0.2 32.0 73.3 73.1 F.119.c FederalGovernmentEmployeeRetirementFunds:DefinedContributionPlans(1) 0.7 -0.2 -65.9 -0.2 74.4 73.8 0.1 -37.2 -0.1 -0.2 72.1 (4) Unfundeddefinedbenefitpensionentitlements. 74.8 -50.0 (3) ComprisedprimarilyofnonmarketableTreasurysecurities. 0.1 -0.2 73.1 (2) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). 8.1 DisabilityFund,andtheNationalRailroadInvestmentTrust. 0.0 -0.2 74.2 (1) IncludesCivilServiceRetirementandDisabilityFund,RailroadBoard,judicialretirementfund,MilitaryForeign 73.1 0.1 10FA344190045Netincreaseinpensionentitlements(liabilities) 73.8 9FA343073045Claimsofpensionfundonsponsor(misc.assets)(4) 8FA343064135Corporateequities 74.8 7FA343063033Corporateandforeignbonds 6FA343062033Municipalsecurities 5FA343061733Agency-andGSE-backedsecurities 4FA343061165Treasurysecurities(3) 3FA344022045Debtsecurities 2FA343020033Checkabledepositsandcurrency 1FA344090045Netacquisitionoffinancialassets(2) Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.119.b FederalGovernmentEmployeeRetirementFunds:DefinedBenefitPlans(1) 36 (3) SuspendedinvestmentsintheThriftSavingsPlanGFundbyTreasury. (2) IncludesnonmarketableTreasurysecuritiesheldintheGfundandmarketableFfund. (1) ThriftSavingsPlan.

Z.1, March12,2020 0721 092018 2019 2018 2017 128145-. 463. 8181. 0. 013 2 30.1 31.0 800.9 803.7 15.3 18.0 -851.8 -849.6 31.3 32.4 34.6 35.1 -1.4 0.8 184.5 184.7 -152.8 -151.6 851471191034. 1. 1915668. 4 3 87.7 88.5 536.6 535.9 -159.1 -159.4 -17.5 -17.3 41.5 39.6 140.3 140.9 111.9 111.9 124.7 124.5 68.5 68.4 18-. 15-. . 25-. 05-. 8 -2.4 6 0.0 -0.5 -0.5 -0.0 -2.5 0.0 1.7 0.0 -0.7 -0.0 -1.5 -0.1 -0.5 0.0 -1.8 -0.0 -0.0 . 2. 37-. 7. . 96-37626 6.2 -13.7 -9.6 2.2 -76.1 -5.3 -3.7 -21.2 8.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 F24905 eie otbto ln 5 . 082. 58-. 8180554. 23 48.9 5.5 8.0 18.1 -2.8 18 35.8 14.4 20.1 3.3 10.8 19 10.7 184.8 21 8.8 280.5 8.4 210.5 13 237.1 24.0 235.0 7.0 239.6 11 54.0 286.5 10.7 249.7 24.9 6.9 55.9 7 1.4 228.8 0.3 9.2 -8.1 358.9 267.8 3.6 1.8 229.2 251.8 -5.8 10.3 4 149.8 19.6 241.2 -1.3 8.2 39.4 1.6 23FA224090055Definedcontibutionplans(5) 2 210.6 241.9 18.3 22FA224090045Definedbenefitplans(4) 0.4 1.3 31.5 11.4 Netacquisitionoffinancialassets -2.7 -2.0 0.4 -0.8 -8.1 Memo: 8.8 -25.4 -0.0 21FA224190005Netincreaseinpensionentitlements(liabilities) 8.4 0.4 3 14.6 20FA223093005Other 0.5 280.5 -5.2 0.4 19FA223073045Claimsofpensionfundonsponsor(3) 8.7 237.1 18FA223095505Unallocatedinsurancecontracts(2) -0.1 -0.3 17FA223090005Miscellaneousassets 0.4 239.6 -0.2 3.3 16FA223064205Mutualfundshares 249.7 0.4 15FA223064145Corporateequities 228.7 -1.3 14FA223065043Loans(mortgages) 0.4 267.7 -10.4 13FA223063045Corporateandforeignbonds 251.7 0.4 12FA223062043Municipalsecurities 241.1 11FA223061743Agency-andGSE-backedsecurities 0.4 10FA223061143Treasurysecurities 241.9 9FA223069143Openmarketpaper 8FA224022045Debtsecurities 7FA222051043Securityrepurchaseagreements 6FA223034005Moneymarketfundshares 5FA223030043Timeandsavingsdeposits 4FA223020043Checkabledepositsandcurrency 3FA224090005Netacquisitionoffinancialassets(1) 2FA225013005Fixednonresidentialinvestment 1FA226330005Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.120 StateandLocalGovernmentEmployeeRetirementFunds (5) AdditionaldetailondefinedcontributionplansisavailabletableF.120.c. (4) AdditionaldetailondefinedbenefitplansisavailabletableF.120.b. (3) Unfundeddefinedbenefitpensionentitlements. (2) Assetsofdefinedcontributionfundsheldatlifeinsurancecompanies. (1) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). 0721 092018 2019 2018 2017 3. 3. 3. 3. 3. 3. 3. 3. 3. 22 231.6 231.6 231.6 231.6 231.6 231.9 17 231.6 221.3 230.4 224.5 233.1 283.8 329.7 -22.7 389.6 264.8 171.5 271.2 6. 2. 9. 1568. 124-65-58-6815 -56.8 -95.8 -96.5 -122.4 87.4 -115.6 -92.9 -27.6 -61.9 231. 6457-673. 821. 2120 22.1 10.7 38.2 34.7 -36.7 5.7 10 26.4 49.7 8 11.3 -9.5 87.0 52.3 33.5 66.5 47.3 78.1 127.6 70.3 4.9 133.1 38.8 30.2 75.5 57.7 70.0 70.9 52.5 7656-. 30-. . 10-. 0514 -0.5 -2.8 -1.0 9 3.0 2.6 20.9 -0.7 6 5 3.2 -14.7 0.1 13.0 15.3 -0.4 23.0 0.9 -9.6 -16.1 5.6 -0.6 -0.5 16.7 -7.6 0.6 6.1 -10.2 -0.4 -0.5 -1.2 -0.0 6.7 -2.2 0.3 -1.2 -0.3 -3.0 -0.4 . 45-. 5. 83-7613752. 16 24.3 7.5 12 1.3 -0.4 -0.1 -57.6 48.3 -0.2 -57.0 -3.8 -6.1 2.6 24.5 -2.4 1.6 1 -1.1 0.4 0.8 0.4 0.7 0.4 0.3 0.3 0.3 0.4 0.3 0.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 37

Transactions Transactions 6 F23705 liso eso udo pno 2 1. 4. 2. 5. . 8. 3. 1. 8. 16 184.8 18 11 231.6 210.5 24.0 231.6 235.0 9 54.0 231.6 10.7 286.5 55.9 5 231.6 1.4 6.9 0.3 231.6 -8.1 3.6 358.9 232.0 1.8 -5.8 229.2 231.6 2 19.6 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates -1.3 39.4 1.6 149.8 230.4 F.120.c StateandLocalGovernmentEmployeeRetirementFunds:DefinedContributionPlans(1) 18.3 210.6 233.1 1.3 31.5 11.4 -2.7 -2.0 -0.8 (2) Unfundeddefinedbenefitpensionentitlements. -8.1 (1) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). 8.8 -25.4 -0.0 8.4 18FA224190043Netincreaseinpensionentitlements(liabilities) 1 14.6 0.5 231.6 -5.2 17FA223093043Other 8.7 231.6 16FA223073045Claimsofpensionfundonsponsor(2) -0.1 -0.3 15FA223090045Miscellaneousassets 231.6 -0.2 3.3 14FA223064243Mutualfundshares 231.6 13FA223064145Corporateequities 231.6 -1.3 12FA223065043Loans(mortgages) 231.9 -10.4 11FA223063045Corporateandforeignbonds 231.6 10FA223062043Municipalsecurities 230.4 9FA223061743Agency-andGSE-backedsecurities 8FA223061143Treasurysecurities 233.1 7FA223069143Openmarketpaper 6FA224022045Debtsecurities 5FA222051043Securityrepurchaseagreements 4FA223034043Moneymarketfundshares 3FA223030043Timeandsavingsdeposits 2FA223020043Checkabledepositsandcurrency 1FA224090045Netacquisitionoffinancialassets(1) Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.120.b StateandLocalGovernmentEmployeeRetirementFunds:DefinedBenefitPlans 38 A2005 Ntices npninetteet laiiis . 082. 58-. 8180554. 7 48.9 5 5.5 14.4 1 8.0 3.3 48.9 18.1 5.5 10.7 -2.8 8.4 8.0 35.8 7.0 18.1 20.1 -2.8 24.9 10.8 35.8 9.2 8.8 20.1 10.3 10.8 (2) Assetsheldatlifeinsurancecompanies. 8.2 (1) Includes403(b)and457typeplans. 8.8 7FA224090055Netincreaseinpensionentitlements(liabilities) 6FA223093053Other 5FA223095505Unallocatedinsurancecontracts(misc.assets)(2) 4FA223090055Miscellaneousassets 3FA223064255Mutualfundshares 2FA223034055Moneymarketfundshares 1FA224090055Netacquisitionoffinancialassets

Z.1, March12,2020 0721 092018 2019 2018 2017 5. 5. 4. 4. 3. 1. 6. 1. 9. 15 191.9 217.8 266.3 317.2 -33.8 347.4 248.3 155.4 253.9 6. 2. 9. 1568. 124-65-58-6813 -56.8 -95.8 -96.5 -122.4 87.4 -115.6 -92.9 -27.6 -61.9 33561. 1. 4. 073. . . 17 7.1 7.3 31.3 30.7 -40.7 -11.5 8 49.7 19.1 6 -9.5 5.6 87.0 33.5 66.5 43.3 47.3 78.1 127.6 70.3 4.9 133.1 38.8 30.2 75.5 57.7 70.0 70.9 52.5 721. 654. 101. 76672. 4 29.4 6.7 17.6 12.4 11.0 42.1 16.5 16.1 17.2 7656-. 30-. . 10-. 0512 -0.5 -2.8 -1.0 7 3.0 2.6 20.9 -0.7 4 3 3.2 -14.7 13.0 0.1 15.3 -0.4 22.9 0.9 -9.6 -16.2 5.6 -0.6 -0.5 16.8 -7.6 0.6 -10.5 6.1 -0.4 -0.6 -1.2 -0.0 6.7 -2.2 0.3 -1.3 -0.3 -2.4 -0.4 79-. . 63-4258-. 131. 3 2 19.5 -0.0 -1.3 0.1 -9.6 0.1 5.8 -0.1 -14.2 0.3 -6.3 0.0 3.6 0.0 -5.4 0.1 -7.9 -0.5 . 99-. 5. 25-331. . . 14 4.7 8.9 10 -0.4 10.9 -0.1 -63.3 62.5 -0.2 -50.7 -3.8 -9.7 2.6 29.9 -2.4 9.5 -1.1 0.8 0.7 . . . 72404069341. 6 15.0 3.4 6.9 4.0 4.0 17.2 7.3 5.7 9.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 F63625 e hr sus(iblte)384-33201148-8. 1. 3915041513 491.5 15 -107.0 105.0 -114.6 33.9 10 -117.8 -9.4 210.0 9 -77.0 350.6 -583.2 -13.0 -111.2 4.5 114.8 -104.2 -22.9 7 210.1 -104.1 110.5 73.2 -31.4 3 -104.4 -63.3 -14.2 -12.5 -54.1 113.3 -93.5 20FA654091203Municipalbondfunds 318.4 144.0 -18.6 19FA654091303Taxablebondfunds 14.2 -292.2 18FA654091403Hybridfunds -105.8 95.0 7.7 17FA654092603Worldequityfunds -19.2 -170.7 2 16FA654091600Domesticequityfunds 135.4 491.5 -10.5 19.0 Netacquisitionoffinancialassetsbyinvestmentobjective: 93.9 115.2 105.0 16.2 33.6 15FA654090500Variableannuitymutualfundsincludedabove -27.0 139.4 33.9 Memo: -4.6 5.6 210.0 14FA657005005Discrepancy 17.7 3.0 -583.2 13FA653164205Netshareissues(liabilities) 114.8 -16.4 210.1 14.0 12FA653093005Miscellaneousassets 11FA653064100Corporateequities -63.3 14 10FA653069803Loans(otherloansandadvances) -1.5 318.4 13 11 474.0 9.6 9FA653063005Corporateandforeignbonds 0.0 791.1 8FA653062003Municipalsecurities 17.6 7FA653061703Agency-andGSE-backedsecurities 673.0 2.4 6FA653061105Treasurysecurities 12.1 5FA653069100Openmarketpaper 445.8 4FA654022005Debtsecurities -12.9 9 372.3 4.8 182.4 3FA652051003Securityrepurchaseagreements 24.6 42.9 31.3 -10.6 2FA654090000Netacquisitionoffinancialassets 1.8 596.0 5 10.3 78.1 1FA656006403Grosssaving 189.9 -170.1 -3.0 3 11.0 149.0 138.1 117.2 193.9 6.1 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates 33.3 435.0 -1.1 -194.5 F.122 MutualFunds(1) 219.6 1 112.2 -225.3 -3.7 1.9 474.0 222.5 110.2 67.8 791.1 18.0 -37.4 (1) Open-endinvestmentcompaniesincludingvariableannuitymoneymarketfunds. -196.2 673.0 1.8 -32.9 155.7 14FA634090503Variableannuitymoneymarketfundsincludedabove 445.8 63.0 44.9 Memo: 372.3 154.8 -65.8 42.9 13FA634090005Netshareissues(liabilities) -7.5 596.0 12FA633093005Miscellaneousassets 189.9 11FA633063005Corporateandforeignbonds 10FA633062000Municipalsecurities 117.2 9FA633061700Agency-andGSE-backedsecurities 8FA633061105Treasurysecurities 7FA633069175Openmarketpaper 6FA634022005Debtsecurities 5FA632051000Securityrepurchaseagreements 4FA633030000Timeandsavingsdeposits 3FA633020000Checkabledepositsandcurrency 2FA633091003Foreigndeposits 1FA634090005Netacquisitionoffinancialassets Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.121 MoneyMarketFunds(1) arenotseasonallyadjustedandthereforemaysumtototalnetacquisitionoffinancialassets (line2). (1) Open-endinvestmentcompaniesincludingvariableannuitymutualfunds.Quarterlyfiguresfor netacquisitionoffinancialassetsbyinvestmentobjective(lines16through20) 0721 092018 2019 2018 2017 182-6. 230-5. 156-0. 281-5. 23916 -243.9 -254.4 -208.1 -105.7 -105.6 -152.9 -203.0 -161.7 -158.2 11 -230.3 -192.1 -195.9 -234.4 -102.0 -116.8 -213.2 -120.5 -133.4 1. 11-. 39-6365-84-944. 17 46.3 19 432.0 -29.4 290.5 -48.4 277.6 6.5 301.2 -314.2 -96.3 240.2 -3.9 325.3 -6.3 96.4 41.1 315.1 118.4 6 221.9 265.3 4 -78.4 793.3 48.9 329.5 250.2 -6.2 261.8 114.8 -533.6 114.4 261.4 69.7 408.7 187.4 196.2 383.7 6. 4. 3. 4. 3. 4. 4. 3. 4. 14 -40.0 -37.0 -42.0 -40.0 -35.3 -48.5 -39.8 -41.5 -67.1 1 -40.0 -37.0 -42.0 -40.0 -35.3 -48.5 -39.8 -41.5 -67.1 10 -16.7 -3.4 8 14.5 82.4 -29.8 6 724.3 251.8 16.6 -286.2 826.0 -4.5 131.6 -136.4 162.0 -8.9 334.4 69.9 221.1 8.4 163.0 -51.2 -19.9 170.6 319.0 -94.7 181.7 -68.1 071. 0. 49-911209. 0. 1. 20 115.6 103.0 98.2 122.0 -29.1 34.9 109.7 19.6 12 40.7 -49.6 -0.8 -5.3 8 115.0 120.1 5 98.6 -4.6 133.6 99.1 -39.4 -24.7 16.1 117.7 12.2 -45.8 -112.2 87.7 38.0 40.9 -18.8 107.6 -8.3 22.1 17.7 40.0 -16.4 14.0 7 -5.9 56.2 4 45.0 78.3 78.8 12.8 19.7 130.6 51.3 98.5 55.8 43.5 88.7 41.1 68.2 42.9 11.7 36.7 0714242. 15-2. 2. . 0. 12 106.3 1.6 128.9 -227.0 71.5 23.5 2.4 1.4 -0.7 . 5. 1. 4. 106-49-24-469118 9.1 -34.6 -22.4 -14.9 -160.6 -46.3 -15.7 -58.7 2.5 2 13.8 7.1 2.8 -0.3 -2.3 -3.1 5.8 -2.2 1.9 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 39

Transactions Transactions A6000 Ntsaeise laiiis 7. 1. 2. 4. 5. 5. 5. 2. 4. 8 348.4 324.9 5 111.9 359.8 95.5 257.0 259.7 73.4 346.5 93.9 322.5 4.5 311.0 1 348.4 471.0 57.8 324.9 10 93.7 -0.4 14FA564091203Municipalbondfunds 359.8 13FA564091303Taxablebondfunds 33.6 0.0 12FA564091403Hybridfunds 257.0 11FA563093003Commodityfunds(1) 89.3 259.7 10FA564092603Worldequityfunds 2.4 9FA564091600Domesticequityfunds 346.5 Netacquisitionoffinancialassetsbyinvestmentobjective: 3.3 322.5 Memo: 311.0 0.3 5 8FA564090005Netshareissues(liabilities) 471.0 0.7 0.5 7FA563093003Miscellaneousassets(1) 1.9 6FA563064100Corporateequities 1.3 2.5 5FA563063003Corporateandforeignbonds 1 0.3 4FA563062003Municipalsecurities 4.6 3FA563061103Treasurysecurities 3.0 2FA564022005Debtsecurities 0.8 6.3 1.2 1FA564090005Netacquisitionoffinancialassets 6.9 0.4 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates 5.7 F.124 Exchange-TradedFunds 2.0 0.0 0.5 -0.9 12FA554092303Worldbondfunds 0.9 11FA554091203Municipalbondfunds 5.9 10FA554091303Domestictaxablebondfunds 9FA554092603Worldequityfunds 8FA554091603Domesticequityfunds 1.0 Netacquisitionoffinancialassetsbyinvestmentobjective: 0.7 Memo: 7FA554090005Netshareissues(liabilities) 6FA553064103Corporateequities 5FA553063003Corporateandforeignbonds 4FA553062003Municipalsecurities 3FA553061103Treasurysecurities 2FA554022005Debtsecurities 1FA554090005Netacquisitionoffinancialassets Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.123 Closed-EndFunds 40 (1) Investmentsprimarilyincommodities,currencies,andfutures.

Z.1, March12,2020 0721 092018 2019 2018 2017 1. 171588. 0. 2. 4. 3. 3. 13 138.5 10 141.3 131.4 9 -48.7 143.4 70.5 3.6 129.8 170.7 106.9 23.1 177.3 85.3 137.5 112.3 135.8 21.1 13.4 91.7 6 29.8 229.3 197.3 115.8 132.7 70.3 141.5 139.1 2 159.7 204.4 186.0 156.2 120.3 146.1 132.6 155.5 270.2 135.4 165.9 120.5 210.4 88.1 347.3 148.3 99.0 122.0 745. 412. 0. 697. 872. 3 28.6 38.7 72.4 36.9 102.7 28.1 44.1 58.7 27.4 04-...... 01169 1.6 8 3.1 -0.1 -0.0 5.3 0.0 0.4 6 0.2 4.7 0.1 -0.3 -0.1 0.0 0.2 5.3 1.8 0.8 0.5 -0.1 -0.4 -0.2 -0.4 -0.1 0.2 2.6 -0.4 -0.5 . . 04221. . . 191. 14 12 15.6 5.3 11.9 11 7.5 -5.1 9.7 37.3 6.5 4.6 -0.0 2.7 13.3 1.3 0.9 7 2.2 6.5 -5.1 1.7 10.4 37.3 -11.8 5.5 6.6 4 8.4 -0.0 15.7 1.7 5.3 1.3 1.7 11.9 2.5 6.5 1.6 9.7 -11.8 4.6 8.4 13.3 1.7 2.2 12 0.0 11 1.6 0.3 10.5 1.1 6.6 5.4 0.0 5.3 -0.8 0.0 7 1.8 4.6 -0.0 -0.2 6.3 0.0 -1.6 4 6.9 0.3 0.3 2 3 1.7 -0.1 -1.1 5.7 5.4 -0.0 1.2 6.4 -0.8 0.0 0.2 -0.8 0.2 -0.1 1.5 -0.9 1.8 0.3 5.1 5.9 -0.2 -0.8 0.2 1.0 -1.6 0.1 -1.1 0.7 1.7 -0.5 3.2 1.2 -0.2 1.4 0.2 0.1 1.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 F43623 on US oenetlas ...... 33 0.0 0.0 0.0 29 0.0 0.0 0.0 30 0.0 61.4 0.0 0.0 223.1 0.0 255.1 0.0 171.4 0.0 0.0 133.8 0.0 86.0 0.0 177.8 0.0 81.1 0.0 20 172.8 153.1 0.0 19 36FA407005005Discrepancy 199.5 139.7 121.0 35FA403190005Miscellaneousliabilities 213.5 123.5 34FA403164105Corporateequities 121.4 137.7 12 95.1 33FA403169283Loans(U.S.governmentloans) -1.6 198.4 79.7 32FA403161785Other 154.2 -3.0 31FA403161795Consolidatedtrusts(2) 124.4 30FA403161705Debtsecurities(GSEissues)(3) 164.0 -2.8 10 142.4 34.6 185.6 29FA402150005Federalfundsandsecurityrepos -2.0 113.4 42.4 28FA404190005Netincreaseinliabilities 6 138.7 4 -10.9 -58.0 11.7 2 27FA403093005Miscellaneousassets -14.3 -3.4 1.0 -87.1 -8.4 -2.3 26FA403066005Consumercredit 29.3 -2.3 1.0 25FA403065605Farm 2.1 10.0 24FA403065485Other 123.7 3 -6.0 23FA403065495Consolidatedtrusts(2) -20.7 1.0 69.0 -3.6 -96.4 22FA403065405Multifamilyresidential -17.0 21.6 21FA403065185Other 249.1 8.0 1.0 -1.5 20FA403065195Consolidatedtrusts(2) 243.8 -5.1 19FA403065105One-to-four-familyresidential 24.9 2.0 18FA403065005Mortgages 1.0 190.1 -19.8 -6.1 17FA403069330FHLBloans 66.6 -25.0 1.0 16FA403069345FarmCreditSystem 15FA403069385SallieMae -12.6 10.6 109.3 14FA403069305Otherloansandadvances 1.0 188.0 0.7 13FA404023005Loans 1.0 111.7 12FA403063005Corporateandforeignbonds 141.5 1.1 11FA403062005Municipalsecurities 10FA403061705Agency-andGSE-backedsecurities 9FA403061105Treasurysecurities 8FA403069105Openmarketpaper 7FA404022005Debtsecurities 6FA402050005Federalfundsandsecurityrepos 5FA403030005Timeandsavingsdeposits 4FA403020005Checkabledepositsandcurrency 3FA404090005Netacquisitionoffinancialassets 2FA405013005Fixednonresidentialinvestment 1FA406000105Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.125 Government-SponsoredEnterprises(1) A1050 Mliaiyrsdnilmrggs5. 303. 235. 872. 694. 3 49.9 6 46.9 139.3 2 26.9 95.9 90.8 1 28.7 139.3 108.7 49.1 95.9 54.6 114.8 81.8 108.7 182.7 32.3 86.1 114.8 157.4 38.1 128.7 182.7 114.7 43.0 125.1 157.4 165.9 53.4 76.9 114.7 193.8 165.9 (2) Suchissuesareclassifiedasagency-andGSE-backed securities. 123.1 CMOsandprivatelyissuedCMOs.Excludes FederalFinancingBankholdingsofpoolsecurities,whichareincludedwithfederalgovernment mortgagesandotherloansadvances. 193.8 141.4 onFannieMae’sandFreddieMac’sbalance sheets (tableF.125).Alsoincludesagency-andGSE-backedmortgagepoolsecuritiesthatareused ascollateralforagency-andGSE-backed (1) GinnieMae,FannieFreddieMac,Farmer Mac,andFarmersHomeAdministrationpools.Beginning2010:Q1,almostallFannieMae FreddieMacmortgagepools(F.126)areconsolidated 6FA413065005Netincreaseinpool securities(liabilities)(2) 5FA413065605Farmmortgages 4FA413065505Commercialmortgages 3FA413065405Multifamilyresidentialmortgages 2FA413065105One-to-four-familyresidentialmortgages 1FA413065005Netacquisitionoffinancialassets Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.126 Agency-andGSE-BackedMortgagePools(1) (3) Suchissuesareclassifiedasagency-andGSE-backedsecurities. (2) ConsolidatedtrustsreferstotheunpaidbalanceofsecuritizedmortgagesFannieMaeandFreddie Macmovedontotheirbalancesheetsatthebeginningof2010inresponsenewaccountingrules. FannieMae’sandFreddieMac’sbalancesheets(F.125). Association(SallieMae)wasincludeduntilitfullyprivatizedin2004:Q4.Beginning2010:Q1, almostallFannieMaeandFreddieMacmortgagepools(F.126)areconsolidatedon (1) FederalHomeLoanBanks,FannieMae,FreddieMac,FarmerFarmCreditSystem,theFinancingCorporation,andResolutionFundingCorporation.TheStudentMarketing 0721 092018 2019 2018 2017 2. 9. 9. 3. 8. 5. 5. 3. 1. 31 215.4 234.0 28 159.5 90.1 157.2 251.3 180.6 224.4 232.7 153.1 191.5 169.9 195.1 96.9 226.3 179.7 86.9 18 160.8 154.3 272.4 164.2 13 122.4 79.2 138.8 184.2 164.5 90.9 180.0 32.7 145.1 193.9 174.4 106.7 96.7 149.3 207.0 7. 140-38-4. 4. 429. 1. 14032 -154.0 -10.9 95.6 14.2 27 -33.0 -46.8 79.4 -146.7 50.2 -13.8 30.7 -114.0 21 -73.2 -22.9 -33.1 -24.0 14.0 31.8 0.4 -15.7 -28.4 -39.8 -58.0 -74.1 -11.8 -50.7 7 -46.9 91.8 94.3 61.9 38.6 -20.8 -12.3 71.7 3.0 -38.6 85-96-. 69172-24-45812. 36 26.0 8.1 -14.5 -32.4 107.2 -6.9 -3.2 -19.6 18.5 23 42.6 22 14.5 34.5 52.9 38.5 36.7 33.7 20.5 17 42.9 -100.7 52.8 -88.2 34.3 14 -81.6 34.4 -90.9 37.3 -88.2 31.2 -82.6 31.1 -73.3 25.8 39.5 40.7 -89.8 31.7 -68.7 55.1 -90.6 -57.8 -2.6 -83.2 27.8 4.2 32.5 90-. 620198-32-. 84-8124 -28.1 18.4 -1.9 -13.2 9.8 0.1 -6.2 11 -5.3 -1.2 -9.0 9 -1.0 59.3 -0.9 55.8 -0.4 56.8 -0.5 40.3 -1.3 -20.2 -0.9 15.9 -0.7 53.0 14.4 -1.2 -1.1 10-. 0400-. 00-. 00-. 5 -1.3 -0.0 -0.0 -0.0 -0.6 0.0 -0.4 -0.2 -1.0 . . . 833. 75-483. 7835 27.8 34 0.8 33.8 -5.5 -34.8 4.1 -7.5 -10.8 31.3 4.8 18.3 4.8 -7.4 26 0.0 -2.8 25 1.4 6.6 0.0 4.5 0.3 6.0 0.0 0.9 6.1 0.0 6.8 0.0 6.3 15 0.0 0.0 16 19.1 5.7 0.0 0.0 -0.0 6.4 0.0 0.0 17.5 5.9 0.0 0.0 -7.1 8 4.0 0.8 15.7 0.0 10.9 0.1 0.0 7.4 5 -2.8 0.0 3.2 6.8 3.0 0.0 -13.3 1 4.7 0.7 9.5 0.0 5.9 -2.8 -32.0 6.9 0.3 14.4 5.9 6.0 0.5 5.7 -8.2 0.5 5.0 12.7 6.4 1.7 6.1 6.1 6.8 ...... 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 41

Transactions Transactions 5 F63953 iclaeu ses(udn gemns 3 20315132-. 33-. . . 15 8.2 4.2 10 -77.3 -5.5 14.9 6 13.3 12.2 0.0 -7.4 -3.1 2 0.0 0.0 3.2 -8.8 0.0 21FA643065045REITassets(6) 3 0.0 20FA675013263Consumerleases(5) 8.8 5.1 53.9 Securitizedassetsnotincludedabove 0.0 0.0 142.6 -13.3 3.1 Memo: 0.0 -12.1 3.1 0.0 12.0 19FA677005005Discrepancy 54.1 0.0 -28.4 18FA673163005Corporatebonds(net)(4) 0.0 -3.6 17FA673169105Commercialpaper 0.0 0.0 25.1 16FA674122005Netincreaseinliabilities 0.0 59.6 15FA673090543Miscellaneousassets(fundingagreements)(3) 0.0 14FA673070003Tradecredit 0.0 11.4 0.0 13FA673066000Consumercredit 12FA673065505Commercial -47.9 0.0 11FA673065405Multifamilyresidential 10FA673065105One-to-four-familyresidential 9FA673065005Mortgages(2) 8FA673069005Otherloansandadvances 7FA674023005Loans 6FA673061703Agency-andGSE-backedsecurities(1) 5FA673061103Treasurysecurities 4FA674022005Debtsecurities 3FA674090005Netacquisitionoffinancialassets 2FA675013025Fixednonresidentialinvestment 1FA676330023Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.127 IssuersofAsset-BackedSecurities(ABS) 42 (6) IncludedintableF.129. Theleasedautomobileisanonfinancialasset;depreciationincludedinline1,andfixedinvestment2. (5) Receivablesfromoperatingleases,suchasconsumerautomobilearebookedcurrentincomewhenpaymentsreceivedandnotincludedinfinancialassets(orhouseholdliabilities). (4) Netissuancelessnetacquisitionofcorporatebondsheldasassets. (3) Fundingagreementswithlifeinsurancecompanies. (2) MortgagesbackingprivatelyissuedpoolsecuritiesandCMOs. (1) Agency-andGSE-backedmortgagepoolsecuritiesbackingprivatelyissuedCMOs.

Z.1, March12,2020 0721 092018 2019 2018 2017 2. 222. . 822. 491. 3121 53.1 16.4 14.9 29.8 18 48.2 17 36.4 17.5 8.3 100.1 16 42.5 53.9 3.2 28.6 -15.3 142.6 13 12.2 60.9 -6.8 7.5 -12.1 -23.6 -25.8 22.3 54.1 -5.6 -35.0 9 60.2 -3.6 -7.7 -36.9 50.1 9.5 25.1 7 -9.7 85.5 -4.6 21.6 59.6 15.9 -18.3 4.3 -32.5 129.7 11.4 4.1 -15.4 -5.5 -14.0 -47.9 -30.6 27.8 -3.9 -5.2 -12.2 -11.5 8.6 10.3 -15.2 41.3 17.0 -0.5 -33.3 -50.0 151406-. . 25-. 168314 8.3 -1.6 11 -1.6 16.5 12 23.8 -2.5 7.4 63.2 8 51.0 8.9 -0.5 -30.0 5 49.8 9.7 -1.0 -2.5 4 15.8 15.8 12.0 0.6 -3.0 -18.9 10.3 10.3 33.4 -24.2 10.2 9.1 1.4 9.1 14.1 16.7 5.2 15.5 -1.5 21.1 15.5 15.0 -1.1 7.2 36.5 7.2 -0.6 -4.4 12.6 -6.0 12.6 12.7 -1.5 12.7 7.3 7.3 -8.3 -8.3 ...... 20 0.0 0.0 19 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F63633 osmrlae o nlddaoe()3706-. . 04-. 4906-. 26 -0.4 0.6 -4.9 21 -4.0 4.8 -0.4 1.7 1.2 5.6 18 -2.2 5.9 -4.1 0.6 12.8 8.4 -4.7 3.7 10.6 12.1 2.0 11 15.4 15.1 8.1 -6.8 30.6 1.8 9.5 6.5 26FA613066303Consumerleasesnotincludedabove(3) 13.0 2.3 Memo: 4 -13.0 -11.3 25FA617005005Discrepancy 3.4 16.8 24FA613193005Other 6 -2.8 17.0 23FA613194003Investmentbyparent 3 14.4 22FA613190005Miscellaneousliabilities -71.8 2 -0.8 2.5 10.4 91.3 21FA613192003ForeigndirectinvestmentinU.S. 34.1 -2.2 20FA613178005Taxespayable 15.1 -11.0 92.2 13.6 19FA613169005Otherloansandadvances -3.3 -13.9 18FA613168003Depositoryinstitutionloansn.e.c. 93.1 16.9 17FA614123005Loans -21.7 6.0 92.7 23.7 5.6 16FA613163005Corporatebonds 1 -0.6 15FA613169100Openmarketpaper 92.2 27.7 107.8 14FA614122005Debtsecurities -0.0 -4.3 90.8 -1.8 114.9 13FA614190005Netincreaseinliabilities -4.5 100.0 -2.1 92.3 0.6 12FA613090005Miscellaneousassets -10.6 98.1 11FA613092003U.S.directinvestmentabroad 90.4 -43.0 98.3 10FA613066005Consumercredit 85.4 9FA613065000Mortgages 114.6 8FA613069500Otherloansandadvances 7FA614023005Loans 105.2 6FA613063003Debtsecurities(corporateandforeignbonds) 99.7 5FA613030003Timeandsavingsdeposits 92.9 4FA613020003Checkabledepositsandcurrency 3FA614090005Netacquisitionoffinancialassets 2FA615013005Fixednonresidentialinvestment 1FA616000105Grosssavinglessnetcapitaltransferspaid(2) Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.128 FinanceCompanies(1) (3) Seefootnote(5),tableF.127. (2) NetcapitaltransferspaidfromtableF.5,line57. (1) Includesretailcaptivefinancecompaniesandmortgagecompanies. 0721 092018 2019 2018 2017 1. 6. . 7. 7. 054. 2. 7. 24 -70.9 -22.5 46.6 50.5 17 6.2 -76.1 -79.8 13.9 16 -10.4 0.9 -4.7 14 -5.8 43.0 -65.3 12.1 13 27.9 -60.0 -77.0 12 -10.0 14.3 -76.0 -80.2 -65.6 15.5 9 -16.1 25.7 3.9 -71.3 -3.2 -30.8 6.9 11.8 -3.4 7 -14.0 112.1 2.7 -38.8 -8.2 -0.4 98.6 -26.9 -75.1 -21.3 -4.4 66.9 51.6 8.6 -11.3 -28.7 6.5 14.8 44.1 -1.0 -51.9 -26.6 35.0 -8.3 -51.2 -11.7 -27.5 4.7 -18.2 26.2 -53.2 2.5 -17.5 -16.1 -4.7 -8.9 -6.1 -14.4 -22.9 10-. 11-. . . 22-. 1220 -1.2 -1.7 -2.2 0.8 0.6 -3.5 -1.1 -3.0 11.0 27-88-1946-28-55-75411. 25 11.2 4.1 22 -37.5 -81.0 19 -25.5 -26.4 0.4 -92.8 36.0 1.1 4.6 48.6 -0.0 -11.9 -95.0 -0.0 -18.8 -81.0 -1.2 -2.7 -5.7 -9.2 10 -76.2 4.5 -3.5 0.4 8 1.4 -40.1 -2.7 8.7 -25.4 -0.1 2.2 -3.0 5 10.2 5.6 23.2 -8.5 7.4 -6.2 -2.3 6.9 2.9 -6.8 -10.0 -7.0 -9.8 9.8 -7.7 17.9 -0.8 -1.8 -13.0 -6.4 . 1. 66-. 1. 20-06-. 1. 23 -10.1 -3.8 -10.6 -2.0 -18.9 15 4.6 -1.2 -6.6 -15.1 -5.5 -10.9 6.4 8.9 -7.2 -13.5 -1.8 -7.5 0.7 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 43

Transactions Transactions 9 F63643 utfml eieta otae ...... 29 4.0 27 1.4 0.0 28 1.2 0.0 26 24.1 53.1 10.1 3.2 0.0 16.4 4.1 2.9 0.0 14.9 7.7 29.8 0.7 0.0 48.2 13.4 2.5 0.0 8.3 8.5 20 1.6 0.0 1.8 28.6 11.5 0.8 0.0 -10.0 12.2 5.2 -13.1 0.0 -23.6 -5.9 -11.2 15 17.1 25.2 9.6 17.5 121.7 30FA643065543Commercialmortgages -8.1 10 29FA643065443Multifamilyresidentialmortgages 123.1 33.4 8 28FA643065163One-to-four-familyresidentialmortgages 3.3 8.1 27FA643061743Agency-andGSE-backedsecurities 64.0 18.7 26FA643065045Securitizedassetsincludedabove 5.1 117.9 -3.7 22.6 Memo: 71.9 7 -0.8 12.4 25FA647005005Discrepancy 5 -2.9 43.3 -10.7 -7.8 33.2 24FA643193005Miscellaneousliabilities 3 29.1 54.9 29.1 7.9 10.3 -6.4 23FA643164103Corporateequityissues 4 89.5 22.2 2 8.0 95.2 21.8 22FA123165005Mortgages 19.1 14.1 128.2 21FA643169373Otherloansandadvances -3.5 20FA643168005Depositoryinstitutionloansn.e.c. 78.2 7.7 -1.0 5.5 56.8 14.3 19FA644123005Loans -13.0 94.5 8.5 4.8 65.4 7.3 18FA643163005Corporatebonds 14.5 17.5 17FA643169173Openmarketpaper 158.4 61.0 2.1 16FA644122005Debtsecurities 14.7 1.6 9.3 116.1 18.4 15FA642151073Securityrepurchaseagreements 14.5 160.0 3.6 -4.8 54.6 14FA644190005Netincreaseinliabilities 106.6 14.5 3.1 7.2 67.2 13FA643090005Miscellaneousassets 14.4 3.5 78.4 12FA643065505Commercial 14.4 11FA643065405Multifamilyresidential 10FA643065105One-to-four-familyresidential -1.7 13.7 9FA643065005Loans(mortgages) 8FA643063005Corporateandforeignbonds 7FA643061773Agency-andGSE-backedsecurities 6FA644022005Debtsecurities 5FA643020005Checkabledepositsandcurrency 4FA644090005Netacquisitionoffinancialassets 3FA125012063Multifamilyresidentialinvestment 2FA125013005Fixednonresidentialinvestment 1FA646000105Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.129 RealEstateInvestmentTrusts(REITs)(1) 44 (1) AdditionaldetailonfinancialassetsandliabilitiesforequitymortgageREITsisavailabletablesF.129.eF.129.m.

Z.1, March12,2020 0721 092018 2019 2018 2017 2. 9011116414715812813512214 152.2 143.5 172.8 175.8 154.7 196.4 161.1 99.0 127.1 1. . 46-. 201. . . 5030 25.0 4.9 9.6 18.8 32.0 25 -9.8 -0.9 6.9 14.6 3.6 5.3 -49.1 -18.5 -63.5 -31.4 -12.1 -39.3 -12.2 1 -44.8 -36.0 -54.6 -44.5 -86.0 -49.7 -45.0 -53.3 -48.9 182. 673. 513. 073. 9623 29.6 33.7 50.7 32.7 18 84.2 16 15.1 84.2 72.3 33.2 72.3 73.3 36.7 73.3 51.8 13 21.5 24.7 51.8 87.7 41.8 -13.7 87.7 35.6 -62.5 35.6 70.4 1.9 70.4 31.0 6 8.7 31.0 21.6 5.2 21.6 33.3 25.4 -12.4 88.7 24.8 120.5 11.5 50.3 84.5 59.9 26.9 56.7 68-. 09-. . . 37-. . 21 0.6 -0.5 -3.7 0.0 0.3 -0.2 -0.9 -0.4 -6.8 . 61-. 02-67-54-302. . 24 8.6 28.2 22 2.2 -53.0 17 2.2 -15.4 19 0.0 4.6 -16.7 -3.1 0.0 -8.2 30.2 -5.2 0.0 -19.9 -7.9 -12.8 -16.4 0.0 16.1 -29.8 4.6 11 4.8 -1.0 0.0 7.3 -20.4 12 -15.8 35.3 0.0 2.6 -10.0 5.6 9 16.2 0.0 2.9 -12.9 76.1 20.7 3.9 0.0 37.5 3.0 24.2 46.1 0.0 0.8 36.2 39.6 1.7 12.7 70.1 24.1 3.9 24.7 11.1 1.4 49.8 0.7 20.2 1.6 7.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 F63643 utfml eieta otae ...... 23 4.0 21 1.4 0.0 22 1.2 0.0 20 24.1 53.1 10.1 3.2 0.0 16.4 4.1 2.9 14.9 0.0 17 7.7 29.8 0.7 -0.3 0.0 48.2 13.4 -3.8 2.5 0.0 8.3 8.5 -6.3 1.6 0.0 28.6 11.5 -3.0 0.8 0.0 12 12.2 5.2 11.6 25.2 0.0 -23.6 -2.0 17.5 -5.9 121.7 -3.3 7 123.1 33.7 5 0.2 9.7 64.0 18.8 1.8 24FA643065543Commercialmortgages 117.9 -3.4 22.6 23FA643065443Multifamilyresidentialmortgages 2 71.9 22FA643065163One-to-four-familyresidentialmortgages 2.3 4 -1.9 12.4 21FA643061743Agency-andGSE-backedsecurities -2.9 20FA643065045Securitizedassetsincludedabove 43.3 -4.9 33.2 1.5 29.1 Memo: 54.9 10.3 -6.1 7.7 1 89.5 19FA643193075Miscellaneousliabilities 96.4 21.9 15.0 -1.2 128.2 18FA643169373Otherloansandadvances 42.5 17FA643168073Depositoryinstitutionloansn.e.c. 7.8 -0.1 56.8 16FA644123075Loans -6.0 77.2 5.8 4.8 65.4 15FA643163075Corporatebonds 11.8 178.8 14FA643169173Openmarketpaper 61.0 0.0 13FA644122075Debtsecurities 2.6 142.0 18.4 12FA642151073Securityrepurchaseagreements 150.6 0.7 12 98.7 2.1 54.6 11FA644190075Netincreaseinliabilities -1.8 75.3 10FA643090075Miscellaneousassets -6.1 10 36.7 9FA643065573Commercial 27.8 -6.9 8FA643065473Multifamilyresidential 7FA643065173One-to-four-familyresidential 54.3 -8.2 6FA643065075Loans(mortgages) 47.4 5.5 5FA643063073Corporateandforeignbonds 5 4FA643061773Agency-andGSE-backedsecurities -0.3 24.6 3FA644022075Debtsecurities 11.6 -0.0 28.0 2FA643020073Checkabledepositsandcurrency -4.8 25.8 -0.0 2 1FA644090075Netacquisitionoffinancialassets 3.1 3 -12.9 38.5 -0.0 -1.6 27.5 1 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates 3.4 17.2 -0.0 -1.2 -0.3 F.129.m MortgageRealEstateInvestmentTrusts 14.5 37.6 -0.0 35.7 1.0 -2.3 17.4 -0.1 -2.9 -7.0 16FA123193005Miscellaneousliabilities -20.4 -0.0 -0.3 5.7 15FA123165503Commercial -25.9 14FA123165403Multifamilyresidential 0.1 4.1 13FA123165005Mortgages 6.7 9.5 12FA123168003Depositoryinstitutionloansn.e.c. 11FA124123005Loans -0.9 -5.4 7.9 10FA123163003Debtsecurities(corporatebonds) 2.7 4.8 -8.2 9FA124190005Netincreaseinliabilities 2.1 41.7 8FA123093005Miscellaneousassets 7FA123065503Commercial 6FA123065403Multifamilyresidential 5FA123065103One-to-four-familyresidential 4FA123065005Loans(mortgages) 3FA123063003Debtsecurities(corporateandforeignbonds) 2FA123020003Checkabledepositsandcurrency 1FA124090005Netacquisitionoffinancialassets Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.129.e EquityRealEstateInvestmentTrusts 0721 092018 2019 2018 2017 1. . 46-. 201. . . 5024 25.0 4.9 9.6 18.8 32.0 -0.9 14.6 15 56.4 5.3 13 56.4 18.0 -18.5 18.0 25.9 25.9 27.1 27.1 59.7 10 17.4 9 59.7 9.8 30.4 -16.0 9.8 10.6 31.9 -57.8 14.2 31.9 16.5 13.8 24.6 13.8 17.9 -15.9 42.9 -15.9 34.1 12.3 -10.0 20.0 24.5 16.4 -11.1 -11.3 277. 841941951497. 898. 11 85.4 38.9 74.3 154.9 149.5 3 139.4 6.8 88.4 25.6 71.9 87.7 32.7 123.3 50.7 80.4 60.8 15 24.2 -1.3 54.6 4.4 -2.2 -3.1 9 8 37.2 1.0 7 7.3 4.9 70.9 -26.5 2.3 4 47.8 5.6 6.1 -0.5 -4.7 -11.8 6.4 -11.4 6.1 -14.6 -9.9 10.3 -0.4 -9.2 6.5 23.9 -6.7 -0.8 -0.6 36.0 0.4 -2.4 5.5 -9.3 4.1 0.3 0.4 52.6 -5.4 22.6 4.5 12.0 -5.7 12.2 131. 1. 401. . 6. . . 19 18 3.4 0.6 7.7 16 -0.5 0.4 -63.3 -3.7 -4.3 7.5 0.0 -9.9 13.9 0.3 -3.0 14.0 11.9 -0.2 -11.2 -2.2 -0.9 15.1 -4.2 -0.4 -1.3 6 -0.3 -6.8 70.0 -5.0 31.4 39.6 40.2 79.5 24.3 45.3 25.9 -5.1 14 3.5 -2.2 -0.9 -2.2 -13.8 -3.3 -0.4 -4.4 -4.7 ...... 14 0.0 0.0 0.0 0.0 8 0.0 5.8 0.0 2.0 0.0 2.8 0.0 3.2 0.0 3.3 1.7 3.5 1.8 1.4 16 5.2 20.5 13 2.2 10.3 11 4.2 -23.0 2.2 -30.6 -3.9 -3.1 16.2 -9.9 -5.2 3.3 6 -13.4 1.5 -12.8 1.0 -7.3 -29.8 0.5 6.1 -1.0 -18.1 0.1 -5.8 -15.8 -0.2 5.6 -12.7 -2.6 8.9 -0.0 0.5 -0.3 0.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 45

Transactions Transactions 7 F63905 netetb aetcmais-701. 887. 4. 5. 2. 966. 27 63.2 25 79.6 10.7 -24.3 52.3 156.8 21 28.7 -32.2 -49.1 20 59.9 -0.3 125.8 71.4 -160.8 25.9 7.1 68.8 27.8 18 -34.6 -37.4 13.7 10.8 37.9 -3.9 -90.1 -77.0 -8.9 14 -28.5 17 95.9 3.7 22.9 -474.9 29.6 34.1 369.1 -8.5 21.2 0.5 -37.8 368.4 32.4 -1.0 30FA667005005Discrepancy 2.2 -36.4 20.0 34.2 -54.9 850.8 29FA662090003Proprietors’netinvestment 24.8 12 3.1 11 74.0 -10.0 122.9 -56.6 28FA663193005Other 5.3 27FA663194005Investmentbyparentcompanies 14.1 56.6 -1.7 12.4 36.0 26FA663190005Miscellaneousliabilities 9 -20.9 305.9 81.2 56.5 -35.6 -19.2 25FA663192005ForeigndirectinvestmentinU.S. 12.3 79.4 -31.9 -27.3 16.7 24FA663178005Taxespayable 4 -8.1 23FA663170003Tradepayables -41.8 -127.2 24.9 83.2 5 23.6 8.0 0.1 22FA663164103Corporateequityissues -282.2 0.4 34.9 413.2 35.1 2 21FA153067005Otherloansandadvances -22.0 40.4 34.8 12.3 20FA663168005Depositoryinstitutionloansn.e.c. 178.8 3 -23.8 19FA664123005Loans 0.5 -613.0 13.3 -69.8 35.0 49.7 69.7 447.6 18FA663163003Debtsecurities(corporatebonds) -11.1 55.0 601.6 34.8 28.9 509.1 17FA662151003Securityrepurchaseagreements 1 114.7 -11.4 34.5 18.3 95.2 29.3 16FA664190005Netincreaseinliabilities 80.8 -1.0 33.8 -14.5 513.0 29.2 15FA663090005Miscellaneousassets 206.2 7.3 264.7 14FA663092003U.S.directinvestmentabroad 33.3 28.4 -3.7 109.7 13FA663064103Corporateequities -0.2 34.8 27.4 261.8 12FA663069005Loans(otherloansandadvances) 33.0 74.7 -1.6 11FA663063005Corporateandforeignbonds 30.2 10FA663062003Municipalsecurities 31.4 9FA663061703Agency-andGSE-backedsecurities 8FA663061105Treasurysecurities 28.5 7FA663069103Openmarketpaper 6FA664022005Debtsecurities 12.3 5FA662051003Securityrepurchaseagreements 10.7 4FA663020003Checkabledepositsandcurrency 3FA664090005Netacquisitionoffinancialassets 2FA665013005Fixednonresidentialinvestment 1FA666000105Grosssavinglessnetcapitaltransferspaid(1) Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.130 SecurityBrokersandDealers 46 (1) NetcapitaltransferspaidfromtableF.5,line58.

Z.1, March12,2020 0721 092018 2019 2018 2017 1. 2. 8. 6. 2. 6. 6. 8. 45716 -485.7 485.3 567.3 161.8 322.8 267.8 182.2 225.0 111.7 4. 3. 94148-6. 8. 2. . 9826 29.8 8.9 -26.9 185.8 -361.7 104.8 19 -32.5 49.4 132.9 -32.9 36.7 -46.1 -43.6 25.7 -15.0 23.4 13 -94.9 2.1 -23.2 -40.7 62.2 -35.1 -164.2 44.5 -22.8 -19.9 -26.3 74-756. . 2555. 173. 2. 30 121.8 31.9 51.7 28 -33.5 59.5 24 -70.7 -6.6 -225.5 -2.5 -1.1 1.2 29.0 -0.7 66.2 -312.6 2.6 -57.5 33.4 17.4 0.1 -19.4 -46.6 2.3 30.9 -1.4 0.5 10.3 15 -229.2 51.8 191.7 303.1 -393.7 97.0 8 3.1 79.4 -54.6 -74.8 29.9 -111.6 -107.9 593.3 -43.7 -72.8 139.1 22.3 4521-. 41-1599-. . 2. 7 -20.9 7.2 6 -7.8 -109.2 -7.6 9.9 -65.2 -21.5 -113.9 14.1 536.3 -2.9 17.0 2.1 -74.0 154.7 -4.5 -2.7 . . . . 2007-. . 1529 11.5 8.8 -0.0 0.7 -2.0 23 1.2 22 8.8 12.5 1.8 2.6 5.2 0.5 64.7 9.5 -7.5 8.6 1.0 -68.4 6.7 -16.6 -1.5 -1.0 22.1 -27.8 -2.3 7.9 9.3 10 -15.6 7.3 6.6 -18.9 -6.0 -3.1 -5.2 -5.3 5.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F73903 oeg ietivsmn nUS 2 823. 2. 2. 6. 5. 66-469026 9.0 -44.6 21 0.0 -6.6 0.0 -51.7 169.4 0.0 20 -28.7 -242.5 -0.0 18 -285.4 -126.1 -23.5 87.5 12.5 -0.2 33.0 -72.6 16 11.6 -0.5 -8.2 -7.0 17 -4.6 -47.7 14 15 97.2 -0.0 -2.3 -1.8 -23.6 -479.9 -28.7 9 28.3 -0.0 -128.3 1.0 -0.6 -2.5 30FA737005005Discrepancy -10.4 41.2 10 -240.2 -92.6 -32.9 -0.0 8.3 29FA733193015Other 13 2.1 -8.1 1.7 96.8 -253.8 8 241.6 28FA733164005Equity,etc. -1.2 51.9 -0.9 5 27FA733193005Miscellaneousliabilities 4.0 12.8 -52.4 -41.1 1.2 1.8 3.2 24.9 22.5 26FA733192003ForeigndirectinvestmentinU.S.(2) -5.8 81.3 267.7 3.0 -23.9 0.3 -41.6 -1.8 -0.4 11.9 67.7 25FA733164103Corporateequityissues -3.4 26.2 -4.8 0.8 13.2 0.7 -5.8 -0.8 24FA733163003Corporatebonds 249.6 -24.0 7.6 -13.3 23FA733169103Commercialpaper -1.3 -4.8 -171.8 2 -37.3 22FA734122005Debtsecurities -0.9 0.1 -55.6 -6.1 3 48.4 -3.5 134.0 3.4 -11.0 13.4 -36.7 21FA732151003Securityrepurchaseagreements -9.0 1.2 4.8 48.6 37.8 2.5 -1.4 4.5 -18.8 20FA734190005Netincreaseinliabilities 1.9 48.0 0.6 -0.6 26.8 17.9 365.5 19FA733093005Other -2.7 0.3 18FA263194735Nettrans.withforeignaffiliates 47.5 14.2 300.1 17FA663194735Nettrans.withbrokeranddealeraffiliates 16FA613194733Nettrans.withfinancecompanyaffiliates 46.4 165.0 -4.0 3.8 15FA543194733Nettrans.withlifeinsurancecompanyaffiliates -188.8 14FA513194733Nettrans.withproperty-casualtyins.co.affiliates 45.7 4.9 13FA763194735Nettrans.withdepositoryinstitutionaffiliates 156.9 12FA733090005Miscellaneousassets 48.1 -16.3 11FA733040005Lifeinsurancereserves 45.3 -5.8 10FA733069005Loans(otherloansandadvances) 42.1 9FA733063003Corporateandforeignbonds 8FA733061703Agency-andGSE-backedsecurities 7FA733061103Treasurysecurities 6FA734022605Debtsecurities 5FA732051003Securityrepurchaseagreements 4FA733030003Timeandsavingsdeposits 3FA734090005Netacquisitionoffinancialassets 2FA735013005Fixednonresidentialinvestment 1FA736000105Grosssaving Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.131 HoldingCompanies(1) (2) InvestmentinU.S.IntermediateHoldingCompanies. (1) Parent-onlybankholdingcompanies,savingsandloancompaniessecuritythatfileFederalReserveBoardformFRY-9LP,Y-9SP,or2320. 0721 092018 2019 2018 2017 135-29-5. 162-68-9. 172-7. 14630 28 27 -124.6 13.5 29.5 -170.8 -95.0 -47.6 -137.2 65.0 -199.3 74.6 -66.8 -42.4 -47.9 -186.2 75.3 -3.4 -158.0 -289.7 -92.9 -274.8 -14.7 -103.5 2.2 -98.2 -114.8 -250.9 -261.4 8. 7. 7. 5. 9. 2. 8. 6. 2. 1 129.7 161.8 188.8 220.8 192.3 150.6 175.3 176.2 186.6 1. 1. 691. 7. 54974. 6029 16.0 47.3 9.7 -5.4 -78.7 14.8 25 -183.6 16.9 -164.2 -119.8 -16.7 19 -131.0 -68.5 -10.5 -176.7 -49.5 -148.9 -5.4 -149.7 -111.3 -2.1 -78.6 -2.4 12 9.4 -6.6 -108.2 -31.4 316.4 -9.3 254.4 -10.8 185.8 -212.2 118.0 -26.7 -44.4 22-844. 3. 4. 5. 3. 1. 12824 -102.8 22 -18.7 -97.4 138.5 -28.9 157.1 139.3 -40.4 158.0 -31.6 -36.9 43.5 -27.0 42.8 -48.4 92.2 -46.9 94.4 7 0.0 6 -11.3 62.3 64.8 17.6 27.0 -4.3 6.2 -1.0 8.6 6.6 43.0 18.9 21.7 12.8 31.5 13.2 14.4 25-. 051. 1. 44-. 1. 924 -9.2 -13.6 -3.6 24.4 -18.5 11.7 -0.5 -2.4 -2.5 . . 0846351008-025423 5.4 -10.2 0.8 1.0 3.5 4.6 -0.8 11 4.0 1.5 4.0 2.2 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 47

Transactions Transactions 0 F53903 oeg ietivsmn nUS ...... 20 0.0 0.0 17 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 0.0 0.0 67.9 7 10 0.0 108.3 0.0 -5.9 6 3.2 -12.4 -65.5 0.0 3.5 -14.5 3.5 60.0 3 -64.6 0.0 0.0 3.8 3.3 3.5 61.7 24FA503193005Other(net) 0.0 1.6 -9.9 23FA503194305EquityinterestunderPPIP 6.1 -8.1 22FA663097005Securitiesloaned(net) 0.0 3.1 21FA503190005Miscellaneousliabilities 42.7 -8.0 -45.0 20FA503192003ForeigndirectinvestmentinU.S. 0.0 -1.9 37.7 -3.5 3.2 19FA503164105Corporateequities 1 84.7 -21.4 0.8 43.4 0.0 18FA503169205Otherloansandadvances 0.2 17FA713068505Depositoryinstitutionloansn.e.c. -66.8 -20.1 -0.7 16FA504123005Loans 0.0 -1.9 -117.5 15FA503163005Corporatebonds 3.0 118.4 0.0 3.6 14FA503169105Openmarketpaper 13FA504122005Debtsecurities -166.4 0.0 -77.7 12FA504190005Netincreaseinliabilities 4.7 0.0 11FA663194505Investmentinbrokersanddealers 10FA753194503Investmentinforeignbankingoffices 55.6 9FA503094505Miscellaneousassets 55.7 8FA503064105Corporateequities 7FA503069805Loans(otherloansandadvances) 6FA503063005Corporateandforeignbonds 5FA503069105Openmarketpaper 4FA504022005Debtsecurities 3FA502051003Securityrepurchaseagreements 2FA503034005Moneymarketfundshares 1FA504090005Netacquisitionoffinancialassets Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.132 OtherFinancialBusiness(1) 48 thePublic-PrivateInvestmentProgram(PPIP). (1) Includesfundingsubsidiaries,custodialaccountsforreinvestedcollateralofsecuritieslendingoperations,FederalReservefacilities,andfundsassociatedwith

Z.1, March12,2020 0721 092018 2019 2018 2017 2. 534. 05134. 6. 2. 1115 71.1 13 123.8 84.5 -62.2 76.4 42.1 -61.9 1.3 9 59.4 71.0 -0.5 31.7 93.8 43.7 -19.5 -130.0 39.6 35.3 121.7 -4.8 44.7 -22.9 -16.9 -54.9 39.1 81.0 -41.4 632. 3. 9. 184-. 9. 18614524 22 124.5 -124.3 21 -178.6 35.4 0.2 -90.3 34.7 -143.2 -2.1 61.1 -55.6 -118.4 -79.7 59.0 -90.5 32.3 -198.1 -36.6 -58.2 1.7 29.8 -34.9 36.3 -18.9 12 11.0 84.7 36.4 72.6 -66.8 -117.5 118.4 -166.4 -77.7 4.7 5 4 2 -63.5 55.6 -75.9 95.5 -219.6 55.7 -216.1 52.0 -93.1 -89.6 -62.3 98.4 -56.2 -151.1 51.3 -159.1 -39.1 -35.8 -5.7 -109.6 -109.4 -6.2 14.9 -8.0 58.7 74.3 62.3 -16.7 31.8 ...... 23 0.0 0.0 19 0.0 0.0 18 0.0 0.0 0.0 16 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 0.0 13.4 0.0 0.0 0.0 0.0 -47.3 0.0 0.0 0.3 0.0 0.0 8 0.0 0.0 0.0 17.3 0.0 0.0 0.0 30.4 0.0 0.0 0.0 0.0 -19.0 0.0 0.0 0.0 -4.1 0.0 0.0 9.3 0.0 6.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

9 F26005 e ..icm eeps()23327924722422627931039031059 311.0 309.0 62 52 58 -444.1 0.0 -577.4 301.0 -506.9 60 55 -653.0 61 257.9 53 317.4 1.3 0.0 139.6 -514.1 11.0 -662.7 252.6 -546.6 313.5 150.6 -633.8 0.7 5.2 3.8 -585.5 272.4 54 299.0 146.5 -684.1 -126.1 -530.1 294.7 -671.4 318.5 0.5 0.0 147.9 -5.4 12.5 -502.9 -631.7 45 267.9 313.0 159.0 -509.5 8.8 -11.4 11.6 0.5 -0.0 -638.2 243.3 290.8 159.7 -466.6 50 -575.3 16.5 173.0 97.2 0.6 0.1 312.1 -1.2 146.2 118.3 -4.1 294.5 28.3 155.4 -7.3 -1.6 1.3 46 372.3 166.3 298.5 44 164.0 -0.5 37 -92.6 44.0 32.8 11.4 0.8 -63.5 -266.1 1.3 -1.2 -7.9 -232.6 118.6 229.8 1.7 7.5 -1.5 1.5 -208.9 62FA266000005=Balanceoncurrent account,NIPAs 24.9 164.7 197.9 6.5 61FA266400201+Curr.taxesandtrans. paymentsfromrestofworld 258.0 -11.3 9.4 39 -0.7 -13.7 60FA266400101-Curr.taxesandtrans. paymentstorestofworld 150.0 -1.8 -266.1 130.3 59FA266904005+NetU.S.incomereceipts (7) 8.7 502.8 -68.4 87.6 0.8 36 58FA266903005NetU.S.exports,NIPAbasis -135.3 22.8 Memo: 10.3 321.8 -7.7 83.6 35 194.1 8.4 -0.5 738.9 57FA267005005Discrepancy(FOFbasis) 217.7 139.9 78.4 4.6 484.7 1.0 -0.7 269.1 56FA263176005Policypayables 64.8 55FA263195105Accidentandhealthinsurancereserves -14.6 -14.7 34 7.3 54FA263194735Netinvestmentbyholdingcompanies 2.9 125.3 773.7 12.7 53FA263191103Nonofficialforeigncurrencies 116.2 52FA313092803U.S.equityinIBRD,etc. 28 135.6 5.0 331.4 0.7 138.2 51FA263190005Miscellaneousliabilities 41.9 27 50FA263192005U.S.directinvestmentabroad(4,5) 300.2 307.9 30.9 12.7 -1.7 49FA263150005Pensionentitlements -32.8 9.8 345.3 20 431.5 48FA263140005Lifeinsurancereserves 25 172.3 27.3 67.2 47FA263170005Tradepayables 25.6 337.9 1145.9 9.8 46FA263164100Foreigncorporateequities(6) 127.8 33.7 170.6 494.2 41.5 69.5 45FA263169005Otherloansandadvances 1.0 68.7 21 226.6 7.2 44FA263168005Depositoryinstitutionloansn.e.c. 79.1 -153.8 -190.7 43FA264123005Loans 268.4 145.7 9.1 28.1 42FA263163005Bonds 18 7.2 159.8 58.3 65.3 291.9 41FA263169105Commercialpaper 97.2 82.3 100.1 40FA264122005Debtsecurities 10.4 56.9 7.2 74.9 39FA262151003Securityrepurchaseagreements 23.5 -20.2 97.7 38FA263191005U.S.privatedeposits 12 53.4 81.9 37FA263111005U.S.officialreserveassets 7.2 0.0 99.5 321.5 291.0 51.1 9.1 36FA264190005Netincreaseinliabilities 18.8 -292.8 0.0 9 86.6 13.6 35FA263076005Miscellaneousassets(insurancereceivables) 14 30.0 -0.4 17.3 34FA263092001ForeigndirectinvestmentinU.S.(5) 144.3 0.0 13 23.7 33FA543151905Pensionentitlements -62.9 121.5 88.3 0.1 -0.5 570.5 32FA543141905Lifeinsurancereserves 0.0 -168.4 31.0 31FA263070005Tradereceivables 1322.7 57.8 -0.4 30FA263064203Mutualfundshares 838.0 103.0 29FA263064105U.S.corporateequities 0.0 79.5 117.6 28FA263069500LoanstoU.S.corporatebusiness -0.5 1004.8 231.1 374.4 0.0 81.6 27FA263063005U.S.corporatebonds(4) 10.5 10 26FA263062003Municipalsecurities 43.0 535.1 444.6 25FA263061705Agency-andGSE-backedsecurities 0.0 1.7 749.8 24FA263061105Treasurysecurities 227.2 507.4 23FA263069103Openmarketpaper 8 1488.2 0.0 318.3 514.5 -0.5 22FA264022005Debtsecurities 7 139.6 21FA262051005Securityrepurchaseagreements 1160.0 3 342.3 547.0 20FA263034003Moneymarketfundshares 150.6 -0.0 2.8 1160.4 849.0 1 19FA263030005U.S.timedeposits 575.1 4 1177.2 146.5 18FA263020005U.S.checkabledepositsandcurrency 851.4 4241.3 317.4 -9.4 528.4 1149.0 17FA264016005Netinterbankassets 147.9 4313.0 876.2 16FA313111303SDRallocations 313.5 1127.0 503.4 4341.9 15FA263011205Monetarygold(3) 159.0 1116.0 891.2 299.0 4363.8 506.7 1161.6 159.7 14FA264090005Netacquisitionoffinancialassets 874.4 4382.1 318.5 476.0 1106.2 146.2 4316.1 843.6 13FA265000005Netlending(+)ornetborrowing(-) 313.0 957.9 4315.0 155.4 866.9 290.8 4281.3 12FA265420005Nonproducednonfinancialassets 164.0 11FA265090005Grossinvestment 838.3 3945.2 312.1 714.6 10FA266000105Grosssavinglessnetcapitaltransferspaid(2) 294.5 9FA265440005-Netcapitaltransferspaid(1) 298.5 8FA266400201Curr.taxesandtrans.paymentsfromrestofworld 7FA266904001U.S.incomereceiptsfromrestofworld 6FA266903011U.S.exports 5FA266900005ForeignoutlaystoU.S. 4FA266400101Curr.taxesandtrans.paymentstorestofworld 3FA266904101U.S.incomepaymentstorestofworld 2FA266903001U.S.imports 1FA266905005ForeignincomefromU.S. Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.133 RestoftheWorld (7) Consistsofnetreceipts fromforeignersofinterest,corporateprofits, and employeecompensation.Equalsdifference between GNPandGDP. (6) IncludesAmericanDepositary Receipts(ADRs). (5) Directinvestmentis valued onamarketvaluebasis.Excludescapital gainsandlosses. (4) Through1992:Q4,corporatebondsincludenet issuesbyNetherlandsAntilleanfinancialsubsidiaries;U.S.directinvestmentabroadexcludes netinflowsfromthosebondissues. (3) U.S.netsales,signreversed. (2) Line1minusline59.Alsoequal toline62withthesignreversedminus9. (1) TableF.5,line67. 0721 092018 2019 2018 2017 36721. 54221. 50522. 54029. 4756 5 2497.5 3797.1 2495.1 3806.1 2504.0 3827.8 2520.3 2 3817.2 2510.5 3074.9 3796.6 2510.3 3148.2 3786.0 2504.2 3166.7 3812.0 2510.3 3154.1 3771.8 2356.7 3194.7 3478.6 3181.6 3136.0 3148.5 2932.1 3. 8. 7. 8. 4. 2. 33565833157 323.1 675.8 -323.5 429.5 344.0 485.4 276.2 188.4 133.7 42 141.3 40 38 138.8 122.5 -59.9 129.7 212.0 -1.8 -146.6 218.5 -73.5 -120.6 -93.7 128.8 29.0 -134.7 65.8 -28.9 159.6 114.9 114.8 -137.4 292.3 -26.5 121.2 29 32.4 384.2 271.9 -210.4 255.6 74.0 -981.0 24 -319.1 297.0 22 221.3 -237.3 -300.5 279.5 -211.4 532.1 96.4 540.8 457.6 17 49.7 -220.0 116.9 661.8 182.9 55.5 -411.8 180.6 379.7 -107.4 114.8 337.7 -336.6 308.2 217.8 169.9 -107.4 11 653.7 121.5 -84.7 -168.4 48.9 838.0 104.0 117.6 231.1 43.0 227.2 318.3 342.3 14185020191878277856 7.8 2.7 7.8 1.8 51 -106.0 48 1.9 19.7 16.5 19.8 2.0 3.7 88.2 5.0 2.3 45.5 1.8 43 1.7 52.8 -96.2 41 -18.8 21.4 -31.7 119.2 5.4 73.2 -30.8 157.4 18.7 88.8 19.1 6.0 27.0 52.9 89.4 -31.6 -14.1 72.3 23.1 30.8 31 87.1 -12.3 49.0 57.1 2.0 6.3 17.4 30 8.5 -39.9 91.9 -82.5 31.0 305.9 14.5 114.1 26.2 166.9 7.3 -132.2 19 74.4 -27.7 32.6 28.7 -13.8 46.5 41.5 32.6 -17.6 -25.8 -8.8 -4.4 36.6 16.9 68-0833-04-30-. 3. 23-8523 -38.5 92.3 -32.0 -8.4 -53.0 -20.4 3.3 -10.8 -6.8 . 87-. 755. . . . 1. 49 -16.6 47 4.6 -71.1 18.9 2.7 -1.9 2.3 -7.3 59.0 9.8 57.5 -6.5 -1.8 -15.3 58.7 2.4 3.6 33 32 -3.0 4.2 7.7 0.9 0.6 0.5 0.4 26 0.6 0.5 0.3 4.8 11.1 -9.3 3.1 10.8 -9.0 -0.3 1.7 1.4 16 11.0 0.0 15 -4.9 -9.3 0.0 0.4 0.0 4.1 2.7 0.0 0.0 2.6 0.0 0.0 -0.5 0.0 7.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 49

Transactions Transactions A1110 Fdrlgvrmn:SRalctos0000000000000000002 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates 0.0 F.201 SpecialDrawingRights(SDRs)CertificatesandTreasuryCurrency 0.0 andthecounterpartsarerecordedasdecreases(increases)inassetsofrestworld. 0.0 (2) Byinternationalaccountingstandards,transactionsinmonetarygoldarerecordedthefinancialaccountofdomesticsectorsasincreases(decreases)assets, (1) IncludesfederalgovernmentliabilitytoIMFforspecialdrawingrights(SDRs)allocationsandaccruedinterest. 0.0 19FA713011505Otherreserves 18FA713011405ReservepositioninIMF 0.0 17FA713011203Monetarygold(2) 16FA713011005Monetaryauthority 0.0 15FA313111303SDRallocations 14FA263011205Monetarygold(2) 0.0 13FA263011005Restoftheworld 12FA313011505Otherreserves 0.0 11FA313011405ReservepositioninIMF 10FA313011303SDRholdings 0.0 9FA313011205Monetarygold(2) 8FA313011005Federalgovernment 7FA893011005Netchangeinassets 6FA263111503Otherreserves 5FA263111403ReservepositioninIMF 4FA313011303SDRholdings 3FA263111005Restoftheworld 2FA313111303Federalgovernment:SDRallocations 1FA893111005Netchangeinliabilities Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.200 U.S.OfficialReserveAssetsandSDRAllocations(1) 50 A0010 Dsrpny-nloae ses122113-872208. 75-1. 61-745 -87.4 3 56.1 22.9 -111.2 -59.0 27.5 1 40.7 -59.9 81.7 -1.8 4.6 222.0 -73.5 -28.7 -108.3 -346.0 29.0 161.3 2.3 122.2 -28.9 -127.5 -137.4 119.0 -26.5 32.4 255.6 5FA903091005Discrepancy--unallocatedassets 4FA633091003Moneymarketfunds 3FA103091003Nonfinancialcorporatebusiness 2FA153091003Householdsector Heldby: 1FA263191005Totalrestoftheworldliability Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.202 U.S.DepositsinForeignCountries 5FA903012005Discrepancy(seigniorage) 4FA713012003Asset:Monetaryauthority 3FA313112003Liab:Federalgovernment Treasurycurrency: 2FA713014003Asset:Monetaryauthority 1FA713014003Liab:Federalgovernment SDRcertificates:

Z.1, March12,2020 0721 092018 2019 2018 2017 2608-. 1. 00-. 58-. 922 -9.2 -6.0 -5.8 -2.9 -0.0 -10.3 -5.9 0.8 12.6 184868-. . . . . 0811 10.8 8 7.0 11.2 7 9.0 11.4 7.4 5 0.5 7.5 9.3 10.8 3 8.2 9.4 11.4 0.8 7.0 -1.2 0.8 7.5 8.4 9.0 1 11.4 6.8 8.4 9.4 -0.9 0.5 7.5 4.8 -0.7 0.8 7.2 8.2 9.4 -1.8 7.3 8.4 5.0 -1.2 0.8 5.0 -0.7 -1.7 6.8 8.4 -1.7 7.3 4.8 -0.7 5.0 -1.8 7.3 -1.7 5.0 -1.7 08-. 03-. 03-. 03-. 035 -0.3 -0.3 -0.3 -0.4 -0.3 -0.3 -0.3 -0.4 -0.8 ...... 19 0.2 18 0.0 17 0.0 16 0.1 0.2 0.0 15 0.0 0.1 0.0 14 0.1 0.0 0.0 13 0.0 0.0 0.1 0.0 0.1 12 0.0 0.0 0.2 0.0 0.0 0.0 0.0 10 0.1 9 0.0 0.0 0.3 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.3 0.1 0.0 0.0 0.0 0.1 0.0 0.1 6 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.3 0.0 0.0 4 0.1 0.0 0.0 0.2 0.0 0.3 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.0 0.0 0.2 0.1 0.3 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.2 0.1 0.2 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.2 0.0 0.0 0.0 0.2 0.0 0.2 0.0 0.3 0.1 0.2 0.0 0.2 0.2 0.0 0.2 0.0 0.1 . 2258-. 23-. . . 384 13.8 7.1 2.8 -0.3 -2.3 -3.1 5.8 4 3 0.3 0.0 -2.2 0.3 1.9 0.0 2 1 0.3 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F73205 ak nUS-fiitdaes-. . . . 01-. . . . 46 0.6 45 0.2 -3.6 48 -9.9 0.6 -2.1 -10.8 -0.6 -0.2 -13.9 2.7 4.7 42 -0.1 49.7 43 39 0.2 41 -100.6 -32.3 -13.8 -7.2 55.5 -3.8 146.8 2.6 5.5 0.3 -107.4 12.8 40 1.5 -392.8 36 -3.5 -336.6 11.4 -8.0 38 -0.4 330.6 0.4 0.3 4.2 217.8 -0.2 11.3 -0.2 -115.1 -11.5 -2.2 37 -107.4 9.2 -0.1 100.9 33 7.1 7.1 -4.1 0.6 35 0.0 -84.7 -5.4 -3.0 2.3 2.1 -4.0 2.8 1.0 4.0 48.9 0.1 2.1 5.6 34 -20.2 -1.3 -9.2 -7.7 -8.2 104.0 -10.3 -1.0 3.2 -6.3 2.6 -6.9 32 2.5 -1.6 6.9 31 186.4 0.4 3.8 49FA904010005Unallocated(2) 194.7 -9.8 1.2 4.6 -7.1 -1.8 -30.3 28 29 -6.8 -9.3 116.0 81.1 26.4 48FA754112205-Duefrom:ForeignbankingofficesinU.S. 25 -5.8 -0.8 2.8 0.4 -0.6 44.4 10.3 2.6 -2.2 -215.6 1.7 -0.4 -83.9 30 14.2 47FA474012205Creditunions -2.3 -0.9 8.3 -95.5 100.3 10.5 46FA743020005BanksinU.S.-affiliatedareas -1.7 8.5 -3.1 0.3 -0.2 76.5 45FA754012205ForeignbankingofficesinU.S. -68.9 8.6 4.7 230.2 -3.2 100.0 44FA764112205Dueto(3): 0.1 146.3 1.0 -3.5 0.8 17.1 -0.1 194.4 43FA764112005U.S.-chartereddepositoryinstitutions(net) -79.0 -58.3 3.8 -0.8 3.9 -260.0 23 TransactionsbetweenU.S.depositoryinstitutions(net): -1.0 0.1 0.1 27 2.3 97.3 -0.1 -0.1 75.2 -195.8 54.6 -1.1 -2.6 42FA264016005Asset:Restoftheworld(1) 130.2 35.1 21 -30.3 -2.9 -101.6 0.3 -34.6 0.8 0.5 -98.1 -11.6 -1.6 41FA284135125ForeignbankingofficesinU.S. -20.7 3.4 -8.2 22.7 41.5 115.1 40FA274135123U.S.-chartereddepositoryinstitutions 145.4 8.9 0.3 -1.7 -75.3 39FA264035125Plus:Loansfromforeignbanks 2.1 -37.8 -19.5 -177.3 17 67.0 -6.1 0.1 38FA754035125ForeignbankingofficesinU.S. -0.3 0.0 98.3 37.3 54.4 37FA764035125U.S.-chartereddepositoryinstitutions 123.4 2.2 36FA264135125Loanstoforeignbanks 20 -0.0 0.2 -65.3 0.0 193.9 16 35FA754016205ForeignbankingofficesinU.S. -18.8 19 17.8 -1.6 -3.1 -72.6 -0.1 0.0 34FA764016205U.S.-chartereddepositoryinstitutions 276.7 -18.2 33FA264116205Less:Depositsatforeignbanks -214.1 7.3 0.1 125.8 -15.8 0.0 -85.2 -17.1 32FA753092605-Duefromforeignaffiliates -367.4 -1.7 3.0 31FA753192605Duetoforeignaffiliates 0.1 -243.6 40.6 0.0 30FA754116205ForeignbankingofficesinU.S.(net) 11 -1.7 -289.3 -11.6 -22.6 -0.0 -601.4 29FA763092605-Duefromforeignaffiliates -44.5 0.0 8.9 3.1 28FA763192605Duetoforeignaffiliates 20.8 -132.4 27FA764116205Liab.:U.S.-chartereddepositoryinstitutions(net) -111.4 18.9 0.0 Transactionswithbanksinforeigncountries(net): -6.1 1.2 142.3 -273.5 5 26FA713068705Loans 2.2 0.0 10 1.4 47.3 -0.6 25FA713022003FederalReservefloat 193.9 24FA714010005Asset:Monetaryauthority 9 -3.1 -72.6 -0.0 23FA714010005Liab:U.S.-chartereddepositoryinstitutions 4.9 -0.2 294.4 Othertransactionswiththemonetaryauthority -214.1 133.1 -15.8 -0.6 1.2 -85.2 22FA473013005Creditunions 4 -364.4 -1.7 21FA743013003BanksinU.S.-affiliatedareas 0.2 -243.6 -8.3 18.0 20FA753013003ForeignbankingofficesinU.S. -1.7 3 19FA763013005Asset:U.S.-chartereddepositoryinstitutions -289.3 144.4 0.1 -580.6 18FA713113003Liab.:Monetaryauthority -48.8 -44.5 Depositoryinstitutionreserves: 3.1 -131.1 -277.1 49.4 -111.4 -0.2 20.3 -173.6 17FA753025003ForeignbankingofficesinU.S. 142.3 -236.2 16FA763025000Asset:U.S.-chartereddepositoryinstitutions 109.7 -0.3 -268.6 15FA703025005Liab.:Monetaryauthority 165.3 -28.7 Vaultcash: 48.5 -0.3 -25.6 -78.6 Memo: 17.8 0.1 61.5 14FA904010005Discrepancy -17.6 114.3 13FA264016005Restoftheworld -31.1 12FA473013005Creditunions 11FA743013003BanksinU.S.-affiliatedareas -17.0 10FA753020005ForeignbankingofficesinU.S. 9FA763020005U.S.-chartereddepositoryinstitutions 8FA714010005Monetaryauthority 7FA894010005Netchangeinassets 6FA474110005Creditunions 5FA744110005BanksinU.S.-affiliatedareas 4FA754110005ForeignbankingofficesinU.S. 3FA764110005U.S.-chartereddepositoryinstitutions 2FA714110005Monetaryauthority 1FA794110005Netchangeinliabilities Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.203 NetInterbankTransactions (3) Sumoflines45,46,47,and49. insourcedata,appearsonline14asthediscrepancy betweenliabilitiesandassets. (2) InterbanktransactionsbetweenU.S.banksshould nettozeroandthusarenotshowninlines1through13above.However,theunallocatedamount (line49),whichisduetoinconsistencies (1) Sumoflines27and30lessline3336 plusline39. 0721 092018 2019 2018 2017 9. 331-. 497-5. 93-3. 3246418 486.4 23.2 -637.3 99.3 -854.2 -469.7 -7.1 13 49.7 -393.1 194.8 55.5 -107.4 -336.6 217.8 7 554.0 -107.4 -84.7 86.3 48.9 2 -741.5 504.1 -260.1 104.0 -615.6 30.5 1 -577.4 -634.4 449.1 -90.3 76.8 197.2 -339.2 -833.3 -1214.7 299.9 155.7 -468.5 -5.7 -749.9 -493.3 -388.2 -103.2 196.0 -354.1 297.5 41-. . 3809-716. 69-. 47 49 -2.5 -104.9 110.8 26.9 -473.3 66.5 415.8 -87.1 -134.3 44 -110.5 84.1 0.9 135.9 -12.9 13.8 -406.8 -14.9 333.3 1.0 -2.5 -147.4 103.5 -4.0 -12.0 -4.1 -20.8 -4.6 24 0.1 0.3 0.3 -0.3 -0.0 -1.6 0.1 0.1 -0.0 14 8 -104.9 0.1 110.8 -473.3 0.3 415.8 0.3 -134.3 84.1 -0.3 -12.9 -0.0 -14.9 -1.6 -2.5 0.1 0.1 -0.0 . 01-. . 08-. . 00-. 26 -0.3 -0.0 0.4 -0.2 22 27.4 -0.8 -38.9 0.1 -49.8 -0.0 15 141.8 17.8 -6.1 -0.1 7.3 -32.2 0.1 3.0 20.1 -22.6 -6.4 20.8 2.1 12 1.2 27.4 -38.9 1.4 -49.8 4.9 6 141.8 2.5 -6.1 1.2 -26.9 -32.2 -66.5 20.1 87.1 -6.4 -0.9 2.1 -13.8 -1.0 4.0 4.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 51

Transactions Transactions 1 F43205 oenetsosrdetrrss07-26-. 49-. 3621-. 1. 31 -14.3 -8.4 29 1.6 28 2.1 -0.2 11.4 -0.2 -3.6 -8.1 23 -0.2 -1.5 25 21.1 11.9 8.4 -0.2 24.9 11.8 6.8 -5.2 -0.2 -6.1 1.3 23.8 -0.3 -0.2 -12.6 -9.3 -2.1 3.3 0.7 -0.2 -0.6 38FA903020005Mailfloat -10.5 -1.3 -0.2 37FA263025003Currency -15.3 -28.5 15 36FA263027003Checkabledeposits -4.1 -10.4 0.1 6.2 35FA263020005Restoftheworld 10.1 13.6 34FA663020003Brokersanddealers -1.7 -7.6 33FA643020005REITs 9.3 32FA613020003Financecompanies 4.3 -2.5 0.5 31FA403020005Government-sponsoredenterprises 12 30FA633020000Moneymarketfunds -21.5 8 -0.5 -14.1 29FA223020043Stateandlocalgovt.retirementfunds -1.6 11 28FA343020033Federalgovernmentretirementfunds 9 166.6 -2.7 27.0 27FA573020005Privatepensionfunds 21.1 1.8 351.3 52.6 4.8 26FA543020005Lifeinsurancecompanies 11.8 252.2 0.1 25FA513020005Property-casualtyinsurancecompanies -47.7 -283.6 1.3 3.5 24FA793020005Domesticfinancialsectors -0.8 39.2 234.7 7 -9.3 0.3 185.4 4 23FA213020005Stateandlocalgovernments -26.2 -0.4 11.0 22FA313020005Federalgovernment -2.8 355.7 -0.6 121.6 -1.6 -7.3 21FA113020005Noncorporate 307.2 -11.0 31.1 3 20FA103020000Corporate -15.3 -296.9 -0.1 32.3 19FA143020005Nonfinancialbusiness -71.0 1.9 136.4 6.2 219.5 530.7 18FA153020005Householdsector -0.1 3.6 -37.6 -7.6 -370.8 17FA793120005Netchangeinassets -0.3 137.9 -82.2 -8.6 -2.5 16FA473127003Creditunions 38.3 -88.9 25.7 15FA743127003BanksinU.S.-affiliatedareas 135.7 275.8 -2.1 14FA753129205Privatedomesticdeposits 1.7 13FA753122603Depositsduetoforeign -11.2 12FA753127005ForeignbankingofficesinU.S. 173.2 1.3 11FA763129205Privatedomesticdeposits -170.2 10FA763122605Depositsduetoforeign 9FA763128000Stateandlocalgovernmentdeposits 8FA763123005Federalgovernmentdeposits 7FA763127005U.S.-chartereddepositoryinstitutions 6FA713125005Currencyoutsidebanks 5FA713122605Depositsduetoforeign 4FA713124005Duetogovernment-sponsoredenterprises 3FA713123005Federalgovernmentcashanddeposits 2FA713120005Monetaryauthority 1FA793120005Netchangeinliabilities Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.204 CheckableDepositsandCurrency 52

Z.1, March12,2020 0721 092018 2019 2018 2017 10213510249-75-50-6. 2. 7. 22 -71.3 529.5 -369.2 -85.0 -87.5 274.9 1.0 173.5 -170.2 9. 78-3. 6. 0. . 269-29-1. 18 -219.8 -62.9 17 214.5 -276.9 3.6 1020.8 56.3 307.5 -266.8 -62.5 185.8 -139.0 391.1 77.8 256.2 194.9 314.3 6 122.2 105.1 102.0 82.6 58.5 1 55.6 214.5 105.3 1020.8 87.0 56.3 96.4 -266.8 185.8 107.4 391.1 256.2 314.3 122.2 6. 5. 66466-20-01-8. 2. 132 31.3 621.5 -286.3 -20.1 -42.0 406.6 86.6 258.4 -61.4 976. 137. 752. 747. 0337 36 70.3 -5.0 35 65.3 76.4 -1.5 74.9 37.4 44.5 81.9 21.0 -11.9 9.1 37.5 -7.5 30.0 78.4 9.9 88.3 51.3 6.5 26 57.8 65.3 34.3 14.2 79.5 69.7 47.9 11.9 81.6 37.2 24 246.4 4.8 -107.0 230.9 36.9 0.7 -46.3 31.0 -135.9 -68.5 -0.4 16 92.8 23.4 17.6 -81.5 44.2 10.2 14 -1.0 -17.2 -2.8 -22.1 36.2 56.5 61.4 -14.4 15.9 -54.4 34.7 21.3 14.6 15.3 -6.5 22.7 01-. . . 2320-. . 6138 -6.1 5.0 -0.8 2.0 34 32 24.9 3.4 -2.3 0.4 -2.8 0.4 40.4 -0.8 0.0 -69.8 30 -2.2 193.9 55.0 -0.6 -3.3 -194.5 -11.4 -0.1 112.2 6.0 -1.0 67.8 7.3 -0.6 -196.2 -32.9 -4.3 -0.2 44.9 -2.1 -65.8 -7.5 . 48931. 1. 352. 91-0733 -10.7 29.1 22.2 27 1.6 -3.5 3.2 -13.0 2.0 17.5 9.3 1.3 -4.8 2.3 3.1 2.7 21 40.3 2.0 37.7 20 138.6 19 2.3 34.1 178.8 531.8 31.8 569.4 4.7 355.0 389.1 22.1 -219.6 -187.8 52.6 13 19.4 -4.3 74.7 154.5 35.9 173.9 7.9 201.4 18.6 237.4 54.5 10 -9.2 -0.7 73.1 0.5 7.8 -8.7 8.3 -9.2 6.8 5 53.6 -0.0 4.5 -3.1 -0.2 -3.6 -14.2 0.0 5.6 -0.8 -0.0 10.1 9.6 -0.0 15.0 -0.2 2.1 -0.1 -0.0 0.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

7 F43305 oenetsosrdetrrss171. 82601. 3. . 1. . 17 3.2 15 -13.3 0.1 9.5 12 0.9 5.8 -32.0 -0.6 13.5 14.4 29.5 0.6 6.0 33.3 -0.4 -8.2 9.4 -0.0 4 12.7 -1.6 18.8 0.3 1.7 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates 20.5 7.1 -0.3 F.206 MoneyMarketFundShares 7.9 3.2 3 -0.4 194.2 14.1 -3.3 -86.3 20FA263030005Restoftheworld 0.2 53.5 2 19FA733030003Holdingcompanies 18FA613030003Financecompanies 397.6 193.9 -4.1 17FA403030005Government-sponsoredenterprises 547.2 -82.8 16FA633030000Moneymarketfunds 1.4 708.1 15FA223030043Stateandlocalgovt.retirementfunds -148.0 14FA573030005Privatepensionfunds 395.6 0.4 88.8 499.3 13FA793030005Domesticfinancialsectors -1.5 -4.6 386.7 12FA213030000Stateandlocalgovernments 25.9 11FA313030003Federalgovernment 512.1 491.9 10FA113030003Noncorporate 9FA103030003Corporate 265.9 8FA143030005Nonfinancialbusiness 7FA153030005Householdsector 6FA703130005Netchangeinassets 5FA473130005Creditunions 4FA743130003BanksinU.S.-affiliatedareas 3FA753130005ForeignbankingofficesinU.S. 2FA763130005U.S.-chartereddepositoryinstitutions 1FA703130005Netchangeinliabilities Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.205 TimeandSavingsDeposits 0 F23305 tt n oa ot eieetfns-. 1267-. 1. 67-612. . 10 3.2 23.0 7 5 9.6 -16.1 8.0 12.6 16.7 8.5 4 25.6 -10.2 138.1 5.9 -0.5 8.8 121.8 7.5 6.7 102.0 -3.1 80.8 13.9 -1.2 -17.0 8.3 14.1 4.9 -3.0 -32.6 2.7 7.5 110.7 4.0 8.7 -9.3 12FA263034003Restoftheworld 7.1 11.6 11FA503034005Otherfinancialbusiness 10FA223034005Stateandlocalgovt.retirementfunds 9FA573034005Privatepensionfunds 8FA543034005Lifeinsurancecompanies 7FA513034005Property-casualtyinsurancecompanies 6FA213034003Stateandlocalgovernments 5FA113034003Nonfinancialnoncorporatebusiness 4FA103034000Nonfinancialcorporatebusiness 3FA153034005Householdsector 2FA634090005Netpurchases 1FA634090005Netissues 0721 092018 2019 2018 2017 1. 0. 9. 183845865124925367 543.6 6 419.2 715.6 501.2 505.4 528.6 822.6 318.4 710.0 1 51.8 436.9 715.6 498.1 284.1 505.4 402.9 688.4 822.6 218.4 530.5 710.0 338.4 436.9 284.1 688.4 530.5 338.4 1. 8. 9. 293234586307114402 474.0 1 791.1 474.0 673.0 791.1 445.8 673.0 372.3 445.8 42.9 372.3 42.9 596.0 189.9 596.0 117.2 189.9 117.2 693. 44-. 2. 1. 15-38-7720 -27.7 -13.8 41.5 16 78.3 -17.6 -25.8 12.8 13 -8.8 130.6 84.7 51.3 -4.4 -20.2 55.8 36.6 134.5 10 39.0 88.7 16.9 121.2 8 42.1 113.9 68.2 110.5 105.7 125.1 11.7 105.5 98.2 59.5 114.9 36.7 5 91.1 125.4 126.7 9.8 37.4 92.8 80.8 32.6 57.7 96.7 109.8 79.8 123.8 114.4 20.2 73.2 63.7 49.5 56.0 86.1 39.8 51.3 18-677. 49-. 139. 209. 11 95.5 52.0 98.4 51.3 -5.7 14.9 74.3 3 -16.7 168.9 31.8 508.9 427.8 287.5 317.9 80.9 348.3 180.6 61.0 25-. 051. 1. 44-. 1. 9219 18 -9.2 10.2 -13.6 -8.5 -3.6 -2.3 24.4 -6.8 -18.5 -9.8 11.7 17.9 9 -0.5 -10.7 -1.8 -2.4 -8.5 -13.0 -2.5 9.2 -6.4 28.5 1.7 15.8 4.6 -6.6 -7.7 ...... 14 2.1 1.5 11 1.0 -1.3 1.4 1.3 0.7 1.0 0.9 0.1 1.5 -0.0 1.1 0.6 3.6 0.3 0.1 0.4 . 731. . . . . 372. 12 27.3 33.7 9 3.4 7.2 4.5 7.2 8 6 2.6 11.7 8.3 7.2 19.9 2.3 6.2 7.2 16.4 3.6 3.3 18.8 -17.2 2.8 17.3 1.1 39.2 0.1 3.2 -15.5 1.2 7.7 3.2 -2.0 6.7 0.5 4.7 3.6 -2.1 0.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 53

Transactions Transactions 5 F72515 te iaca ntttos()-35-931. 1. 51-. . 286. 45 68.8 -2.8 44 159.3 43 228.1 2.7 -146.2 -149.0 171.6 -8.7 174.3 -155.7 -164.5 -5.1 -21.2 -26.3 -175.5 -18.7 -194.2 7.2 15.0 22.2 -248.5 -29.3 -277.7 36 37 -115.3 -58.0 -71.9 -148.8 -33.5 -87.1 -75.5 33 0.3 29.3 -2.1 29 1.8 30 123.7 0.6 84.6 -1.6 -96.4 -1.3 -74.1 -0.2 -0.9 8.0 45FA792051115Otherfinancialinstitutions(6) -63.8 1.3 0.8 44FA632051103Asset:Moneymarketfunds(5) -0.5 -16.2 2.0 43FA712151103Liability:Monetaryauthority(4) -0.8 0.8 0.5 26 -11.3 FederalReserve’sreverserepurchaseagreementoperations: -116.3 -25.0 24 -0.0 -95.5 16.9 78.1 0.0 0.6 Memo: 10.6 85.0 0.5 74.1 42FA902050005Discrepancy -0.8 0.2 23 67.4 93.2 179.7 -0.1 41FA262051005Restoftheworld 0.5 -0.6 183.2 -185.5 55.1 21 -0.2 40FA502051003Otherfinancialbusiness 88.2 104.5 18 55.2 -0.1 -0.0 39FA732051003Holdingcompanies 58.7 -4.8 38FA662051003Brokersanddealers -176.2 -108.8 58.9 0.1 0.0 53.9 67.8 -0.5 582.1 37FA402052033Ofwhich:FHLBfederalfunds(3) 60.0 36FA402050005Government-sponsoredenterprises 50.6 35.3 -93.5 -6.9 50.9 12 35FA652051003Mutualfunds 582.2 74.8 -28.2 0.0 -9.5 34FA632051000Moneymarketfunds 75.1 31.0 164.5 33FA222051043Stateandlocalgovt.retirementfunds 5.1 0.0 32FA572051005Privatepensionfunds 0.8 -24.3 31FA542051075Lifeinsurancecompanies -13.8 0.0 10 160.3 30FA512051005Property-casualtyinsurancecompanies 0.3 -5.5 4.0 29FA472051053Securityrepurchaseagreements 0.0 28FA472052053Federalfunds -0.2 -25.6 27FA472050053Creditunions 0.0 8 0.6 6 -50.7 26FA752051005Securityrepurchaseagreements 33.8 33.2 25FA752052005Federalfunds(2) 0.0 0.1 24FA752050005ForeignbankingofficesinU.S. 68.3 62.1 5 0.0 -29.6 23FA762051005Securityrepurchaseagreements -0.1 112.2 90.3 22FA762052005Federalfunds(2) 3 109.9 -33.7 21FA762050005U.S.-chartereddepositoryinstitutions 0.0 -0.1 -53.1 0.2 20.4 52.0 20FA712051000Monetaryauthority 105.6 0.0 0.2 17.0 1.5 -45.4 19FA212051003Stateandlocalgovernments 7.4 18FA102051003Nonfinancialcorporatebusiness -0.2 -66.5 45.1 -25.0 35.7 17FA892050005Netchangeinassets 46.4 -0.0 -38.9 -19.0 -52.4 16FA262151003Restoftheworld -48.9 85.0 25.6 -7.2 79.2 15FA732151003Holdingcompanies -21.5 14FA662151003Brokersanddealers 23.9 13FA642151073REITs -5.3 12FA402150005Government-sponsoredenterprises -27.3 11FA542151073Lifeinsurancecompanies 7.9 10FA512151003Property-casualtyinsurancecompanies 9FA472150053Creditunions 8FA752151005Securityrepurchaseagreements 7FA752152005Federalfunds(2) 6FA752150005ForeignbankingofficesinU.S. 5FA762151005Securityrepurchaseagreements 4FA762152005Federalfunds(2) 3FA762150005U.S.-chartereddepositoryinstitutions 2FA712151003Monetaryauthority 1FA892150005Netchangeinliabilities Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.207 FederalFundsandSecurityRepurchaseAgreements(1) 54 (6) Includesbanks(consolidated),government-sponsored enterprises,andprimarydealers. (5) Includedinline34. (4) Includedinline2. (3) Includestermfederalfunds. (2) Excludestermfederalfunds. 1997:Q1forcreditunions,and2000:Q1FHLB. (1) Detaileddataonfederalfundsandsecurityrepurchaseagreementsareavailablebeginning2012:Q1 forU.S.-chartereddespositoryinstitutions,2003:Q1foreignbankingofficesinU.S.,

Z.1, March12,2020 0721 092018 2019 2018 2017 250-7. 225-26-5. 4097. 288-8. 42 -184.8 -218.8 74.4 -480.9 -350.9 -12.6 -202.5 -278.1 -215.0 2 93.1 -88.0 320.1 -194.7 100.3 -250.7 32.6 -259.9 -161.3 5. 301571. 2. 1. 3. 3. 10134 -170.1 138.1 435.0 219.6 222.5 18.0 155.7 63.0 154.8 17 -455.1 1188.3 853.6 632.6 1601.7 -75.9 554.8 335.4 242.0 3. 19162-472912771. 0. 26116 -266.1 502.8 10.3 217.7 269.1 -14.7 116.2 41.9 -32.8 10-291. 2282109. 232. 13841 -153.8 28.1 82.3 97.7 35 -12.5 291.0 -292.8 -18.6 13.6 7.7 -62.9 93.9 31.0 -27.0 -4.6 17.7 -16.4 14.0 13 25.2 14 -474.9 17.5 369.1 368.4 121.7 -36.4 123.1 850.8 64.0 122.9 117.9 56.6 4 71.9 -23.5 305.9 43.3 -4.3 79.4 54.9 -13.0 34.2 1 -27.4 -640.0 969.4 11.8 928.0 -1.7 151.7 -5.8 1250.8 -88.4 13.2 352.3 57.4 27.0 372628. 1. 0. 33188432-8. 38 -282.2 413.2 178.8 31 0.5 13.3 0.0 601.6 114.7 0.8 80.8 0.5 206.2 -3.7 0.2 1.0 0.5 0.2 -0.4 15 0.0 0.0 11 2.3 0.0 0.5 9 -0.0 -0.0 9.3 -0.2 0.0 6.0 -0.5 7 0.0 -0.6 2.2 -0.0 -0.0 -6.2 -0.0 10.6 0.0 -21.9 -0.0 4.5 33.9 -0.0 2.7 -35.0 -0.0 -21.1 -0.3 -0.0 1.3 -0.0 -10.0 -5.8 ...... 40 0.0 39 3.2 0.0 -0.4 0.0 -0.8 0.0 -0.9 0.0 32 0.2 -9.0 0.0 0.1 1.9 0.0 28 0.1 0.3 27 -0.5 0.1 0.0 0.1 -4.0 0.4 0.2 0.0 25 20.8 4.9 0.0 -0.2 0.6 6.9 0.1 0.8 1.6 -6.7 22 0.1 0.0 11.3 0.0 3.5 9.3 0.1 0.0 20 212.5 -0.8 0.1 19 -20.4 0.4 0.1 810.0 2.2 0.6 0.2 15.3 0.0 0.1 -4.6 0.0 0.1 6.1 0.0 0.0 -6.7 0.1 -4.3 0.3 0.0 1.0 3.9 0.3 0.0 -23.5 -4.1 2.4 255.6 3.2 0.0 -2.0 0.0 -11.4 2.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

7 F44205 oenetsosrdetrrss-86307. 1. 2. 866. 439. 47 91.8 94.3 61.9 38.6 42 87.0 -20.8 36 66.5 -12.3 11.1 41 71.7 78.1 38 119.5 7.5 12.4 3.0 70.3 1339.7 35 28.7 30.1 -141.4 -93.5 133.1 -38.6 -866.9 12.0 4.0 12.9 54FA264022005Restoftheworld 38.8 72.0 34 49.8 15.9 53FA504022005Otherfinancialbusiness 0.7 75.5 47.7 176.0 32 52FA734022605Holdingcompanies 29 80.7 2205.1 -55.8 6.0 51FA664022005Brokersanddealers 31 112.7 70.0 455.2 10.9 56.5 3275.9 86.9 71.2 309.3 50FA644022005REITs 221.1 28 270.8 52.5 6.4 13.2 84.6 -80.3 49FA613063003Financecompanies -83.2 247.1 -14.1 25.7 79.8 48FA674022005ABSissuers 5.1 -218.8 4.4 96.1 47FA404022005Government-sponsoredenterprises 192.0 -30.1 43.5 384.0 -114.8 45.1 46FA564022005Exchange-tradedfunds 48.1 1.6 26.4 5.6 -303.4 590.9 26 33.0 45FA554022005Closed-endfunds -638.3 40.1 44FA654022005Mutualfunds 242.8 0.8 1457.9 27.3 14.1 10.4 43FA634022005Moneymarketfunds 1096.0 75.3 -89.3 109.9 859.9 541.0 3.7 42FA224022045Stateandlocalgovt.retirementfunds -104.2 110.5 41FA344022005Federalgovernmentretirementfunds -28.7 954.2 40FA574022005Privatepensionfunds -4.1 5.6 57.4 862.0 39FA544022005Lifeinsurancecompanies 788.8 6.6 38FA514022005Property-casualtyinsurancecompanies 5.2 217.8 15 37FA474022005Creditunions 5.3 6.9 28.8 36FA744022003BanksinU.S.-affiliatedareas 708.0 35FA754022005ForeignbankingofficesinU.S. -24.0 34FA764022005U.S.-chartereddepositoryinstitutions 21.9 16 33FA714022005Monetaryauthority 61.4 2.9 14 13 17 32FA794022005Domesticfinancialsectors 12 45.1 334.6 223.1 139.3 134.6 9 -11.5 31FA214022005Stateandlocalgovernments 520.0 255.1 -4.4 95.9 -21.0 16.7 30FA314022005Federalgovernment 1.1 514.4 171.4 -21.2 108.7 -1.8 -77.7 29FA114022005Nonfinancialnoncorporatebusiness 470.7 133.8 -15.7 28FA104022005Nonfinancialcorporatebusiness 114.8 -47.5 10 -40.0 -3.4 27FA154022005Householdsector 377.4 -62.1 86.0 5.0 182.7 -48.3 -48.0 407.3 381.9 -4.1 26FA384022005Domesticnonfinancialsectors 177.8 157.4 32.6 -45.7 2.7 460.0 241.8 8 81.1 25FA894122005Netpurchases 114.7 -2.2 -11.2 809.1 8.4 356.5 473.5 -11.1 165.9 153.1 24FA264122005Restoftheworld -11.8 3090.0 24.2 6 338.2 -6.1 -51.5 193.8 536.5 137.8 23FA504122005Otherfinancialbusiness -3.4 -54.3 22FA734122005Holdingcompanies 212.5 -2.0 1318.8 737.1 21FA663163003Brokersanddealers -2.2 591.6 258.8 20FA644122005REITs 615.0 4 1192.4 140.1 1.7 199.7 419.5 19FA614122005Financecompanies 1438.6 320.5 18FA674122005ABSissuers 316.8 42.9 1496.2 17FA413065005Agency-andGSE-backedmortgagepools 767.2 16FA403161705Government-sponsoredenterprises 363.0 490.7 15FA753169175ForeignbankingofficesinU.S. 283.3 14FA764122005U.S.-chartereddepositoryinstitutions 477.4 317.1 345.1 13FA794122005Domesticfinancialsectors 240.6 601.2 12FA213162005Stateandlocalgovernments 290.7 11FA314122005Federalgovernment 245.5 10FA104122005Nonfinancialcorporatebusiness 346.9 9FA163162003Nonprofitorganizations(2) 8FA384122005Domesticnonfinancialsectors 7FA894122005Netissues Bysector 6FA893163005Corporateandforeignbonds 5FA383162005Municipalsecurities 4FA893161705Agency-andGSE-backedsecurities 3FA313161105Treasurysecurities 2FA893169175Openmarketpaper 1FA894122005Netissues Byinstrument Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.208 DebtSecurities(1) (2) Liabilityofthehouseholds andnonprofitorganizationssector(tableF.101). (1) Sumofopenmarket paper, Treasurysecurities,agency-andGSE-backed securities,municipalandcorporate andforeignbonds. 0721 092018 2019 2018 2017 49617. 03415. 3. 65916. 82016. 25 1266.3 3822.0 1269.4 1695.9 834.3 1759.4 2013.4 1973.9 1489.6 7 1266.3 3822.0 1269.4 1695.9 834.3 1759.4 2013.4 1 1973.9 1266.3 1489.6 3822.0 1269.4 1695.9 834.3 1759.4 2013.4 1973.9 1489.6 5. 6. 3. 7. 418618476521-0. 54 -300.5 532.1 457.6 661.8 -411.8 379.7 46 337.7 156.2 169.9 146.1 44 653.7 793.3 155.5 329.5 135.4 250.2 120.5 40 133.9 261.8 88.1 167.3 -533.6 148.3 261.4 140.2 99.0 408.7 157.5 122.0 196.2 130.4 383.7 200.9 149.7 176.6 145.7 24 122.5 212.0 218.5 -93.7 -134.7 159.6 114.8 121.2 384.2 11 741.1 2693.1 375.8 889.5 647.8 1037.5 1174.9 1409.8 447.0 3 742.1 2695.3 376.6 892.4 647.4 1040.3 1176.6 1411.2 447.0 1. 45-. . 2. 1. 1. 041. 49 14.4 10.4 -11.0 -13.9 -21.7 5.6 43 251.8 826.0 -0.0 -136.4 -4.5 334.4 -10.6 221.1 -51.2 319.0 181.7 -68.1 33 628.1 -264.5 -518.9 -382.3 -559.2 27 -436.6 -785.4 -134.4 -8.1 -379.5 707.2 -10.9 23 84.5 1062.6 1045.2 76.4 773.6 -61.9 19 244.1 -5.8 18 59.4 53.9 800.6 27.9 31.7 -54.1 142.6 -65.6 -12.1 -19.5 -71.3 54.1 39.6 -3.4 -3.6 44.7 98.6 25.1 -16.9 -28.7 59.6 44.1 11.4 -51.2 -47.9 443. 174. . . 706. 1. 52 -11.3 64.8 53 -75.9 50 5.2 27.0 -216.1 -89.6 6.2 25.4 -56.2 88.7 8.6 -159.1 120.5 -35.8 43.0 50.3 -109.4 21.7 -8.0 84.5 31.5 59.9 62.3 14.4 26.9 39 110.1 56.7 169.5 153.7 105.1 57.9 98.1 134.6 89.2 77.0 21 20 22 -37.4 84.2 -97.4 -90.1 -28.9 72.3 95.9 139.3 73.3 -8.5 158.0 51.8 -36.9 32.4 87.7 -27.0 34.2 35.6 42.8 -10.0 70.4 -46.9 -1.7 31.0 94.4 56.5 21.6 5 160.4 2 28.7 26.4 -85.6 44.1 -25.7 0.3 -42.4 126.4 -68.6 -130.6 19.5 56.4 -57.9 49.3 13.4 30.0 81.1 27147-401. 3. 139-52-. 19251 48 -109.2 15.8 -7.6 10.3 -65.2 9.1 -113.9 15.5 536.3 17.0 7.2 -74.0 12.6 154.7 12.7 -2.7 7.3 37 16.7 -8.3 3.7 -11.7 17.4 -19.4 -11.2 6.5 -9.1 -5.7 . . . 1102511564-. 45 -0.1 6.4 1.5 5.1 0.2 -1.1 3.2 1.4 30 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 55

Transactions Transactions 1 F43615 oenetsosrdetrrss050503-. . . 28010831 0.8 0.1 -2.8 28 3.0 3.0 0.7 20.9 23 25 0.0 -3.0 -2.8 -14.7 22 0.0 -5.7 15.3 0.3 0.0 -3.5 -9.6 0.0 0.5 0.0 3.2 -0.5 0.0 0.5 0.0 17 19 0.0 6.1 2.9 145.2 0.0 0.0 121.0 16 0.0 -1.2 -0.2 0.0 0.0 0.0 89.0 -2.2 -2.2 0.0 0.0 0.0 -7.6 34FA263069103Restoftheworld 0.0 -2.2 0.0 33FA503069105Otherfinancialbusiness 0.0 110.7 0.0 0.0 32FA663069103Brokersanddealers -8.9 15.0 0.0 31FA403069105Government-sponsoredenterprises 0.0 0.0 9 0.0 86.9 6.9 30FA653069100Mutualfunds 0.0 7 0.0 29FA633069175Moneymarketfunds 0.0 68.6 31.7 21.9 0.0 28FA223069143Stateandlocalgovt.retirementfunds 0.0 -19.2 -8.8 27FA573069105Privatepensionfunds 8 2.9 0.0 20.9 -27.4 0.0 26FA543069105Lifeinsurancecompanies -11.5 25FA513069105Property-casualtyinsurancecompanies -14.7 -11.1 0.0 0.0 1.1 3 24FA473069153Creditunions 26.8 -10.6 23FA753069603ForeignbankingofficesinU.S.(1) -23.5 0.0 22FA763069175U.S.-chartereddepositoryinstitutions(1) -23.6 -15.7 29.3 -9.9 21FA713069603Monetaryauthority -23.3 5.0 1.8 20FA213069103Stateandlocalgovernments -61.1 12.7 2.7 33.9 88.3 19FA103069100Nonfinancialcorporatebusiness -6.1 -36.8 -143.3 18FA893169175Netpurchases -11.1 12.0 -3.8 17FA753169603ForeignbankingofficesinU.S. 16FA763169603U.S.-chartereddepositoryinstitutions -19.2 -1.5 15FA703169605Bankers’acceptances(1) -10.2 14FA503169105Otherfinancialbusiness 13FA733169103Holdingcompanies 25.9 12FA643169173REITs 11FA613169100Financecompanies 10FA673169105ABSissuers 9FA753169103ForeignbankingofficesinU.S. 8FA763169103U.S.-chartereddepositoryinstitutions 7FA793169100Domesticfinancialsectors 6FA263169123Financial 5FA263169110Nonfinancial 4FA263169105ForeignissuesinU.S. 3FA103169100Nonfinancialcorporatebusiness 2FA893169105Commercialpaper 1FA893169175Netissues Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.209 OpenMarketPaper 56 (1) Excludesbanks’holdingsofownacceptances.

Z.1, March12,2020 0721 092018 2019 2018 2017 1. 59956. 23-. 1. 251. 10 17.5 42.5 -15.3 -6.8 22.3 60.2 9.5 15.9 -15.4 87-. 196-91-5. 6. 9. 296-3533 -63.5 30 29 -4.6 -219.6 -5.9 -93.1 -24.7 56.2 -62.3 12.2 45.0 -151.1 87.7 -39.1 78.8 -18.8 -109.6 19.7 -6.2 -8.3 98.5 58.7 17.7 43.5 -16.4 41.1 14.0 42.9 18 26.4 44.1 0.3 126.4 -130.6 56.4 49.3 30.0 6 -34.6 4 81.1 -18.8 112.7 73.2 66.3 2 88.8 26.6 26.4 1 52.9 -34.5 26.4 44.1 -14.1 49.0 44.1 0.3 30.8 42.8 0.3 126.4 49.0 -0.1 -130.6 126.4 6.3 56.4 91.4 -130.6 56.4 49.3 91.9 49.3 30.0 30.0 81.1 81.1 68-0833-04-30-. 3. 23-8534 -38.5 32 -20.9 92.3 7.2 -32.0 -7.8 -8.4 9.9 -53.0 26 9.3 -20.4 -21.5 24 1.1 -3.4 3.3 14.1 9.1 0.0 -10.8 -2.9 -6.8 4.3 2.1 0.6 -0.2 -4.5 0.4 -1.5 -0.2 4.9 -0.8 -4.9 0.5 -8.6 0.2 -0.0 ...... 27 2.4 2.0 1.2 21 1.7 0.0 0.9 0.0 20 1.1 1.2 0.0 -2.2 1.8 0.0 -3.2 15 1.4 0.0 0.0 0.5 3.8 0.0 0.0 -11.2 13 12 5.4 0.0 14 13.4 0.0 1.1 0.0 -10.2 0.0 11 -47.3 0.0 -1.0 0.0 4.6 0.8 0.3 0.0 -5.4 0.0 0.0 -15.1 1.0 17.3 0.0 -5.5 1.0 0.0 3.5 30.4 5 0.0 8.9 0.0 15.8 -19.0 4.6 0.0 -7.2 -39.6 -4.1 0.0 -0.8 -13.5 0.0 22.5 9.3 0.0 1.5 -1.8 26.3 0.0 6.0 -7.5 2.2 20.4 0.0 0.7 -18.2 6.3 6.4 0.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

5 F23610 te rauyscrte 7. 22218247-8. 6. 2. . 11255 -111.2 7.9 527.7 462.6 49 59.3 -282.8 274.7 55.8 46 221.8 222.5 56.8 72.2 293.5 40.3 -88.4 43 273.9 260.2 -20.2 179.4 168.6 15.9 16.8 25.7 40 53.0 98.8 49.7 39 73.2 30.1 14.4 151.7 -9.5 36 107.7 12.7 800.9 62.7 -1.1 -16.2 33.5 15.3 24.2 159.9 131.9 47.3 -851.8 14.6 41.1 55FA263061120OtherTreasurysecurities 31.3 127.6 37 54FA263061110Treasurybills 10.0 117.8 -141.3 53FA263061105Restoftheworld 4.9 34.6 1337.4 16.5 52FA733061103Holdingcompanies -143.8 -1.4 30.2 51FA663061105Brokersanddealers 19.7 26 -869.3 50FA673061103ABSissuers 11.2 184.5 57.7 49FA403061105Government-sponsoredenterprises 72.8 28 15.4 48FA563061103Exchange-tradedfunds -7.8 25 -152.8 -2.6 70.9 47FA553061103Closed-endfunds -36.5 174.9 17.4 -24.6 11.4 1.6 110.5 46FA653061125OtherTreasurysecurities 12.1 45FA653061113Treasurybills -8.9 309.3 3.6 44FA653061105Mutualfunds -6.3 -84.3 -0.7 24 43FA633061120OtherTreasurysecurities 48.0 2.3 1.8 23 42FA633061110Treasurybills 208.3 77.5 41FA633061105Moneymarketfunds 300.6 11.9 39.4 -17.5 17 5.8 40FA223061143Stateandlocalgovt.retirementfunds 140.2 5.6 5.9 -270.7 18 28.0 38.1 12.9 39FA343061155Definedcontributionplans -10.5 -198.0 5.9 38FA343061165Definedbenefitplans -9.9 5.3 -373.1 -25.9 202.7 16 7.5 37FA343061105Federalgovernmentretirementfunds(3) 14 -45.6 -271.9 4.1 -3.8 20.3 29.4 -129.4 1.9 36FA573061133Definedcontributionplans -69.5 34.0 -18.9 -64.2 35FA573061143Definedbenefitplans -4.3 125.4 3.3 15 5.2 34FA573061105Privatepensionfunds -243.3 -30.7 -443.7 -167.2 87.3 -21.7 -4.7 -247.4 33FA543061125OtherTreasurysecurities 9.6 21.8 6.4 11 32FA543061115Treasurybills 787.2 -15.3 -43.2 -5.0 31FA543061105Lifeinsurancecompanies -45.3 3.4 -0.7 1210.4 -9.3 9 -62.0 113.6 30FA513061125OtherTreasurysecurities -3.9 29.6 -31.9 29FA513061115Treasurybills 5.2 -9.5 611.6 -8.9 28FA513061105Property-casualtyinsurancecompanies -4.3 -22.2 799.3 326.6 18.3 6.1 27FA473061105Creditunions 13.8 -19.6 -4.4 10 8 617.5 26FA743061103BanksinU.S.-affiliatedareas 87.3 3.3 5 93.9 4.9 25FA753061103ForeignbankingofficesinU.S. 30.1 -853.1 -35.8 -4.7 6 0.0 24FA763061100U.S.-chartereddepositoryinstitutions 536.8 31.5 -13.3 31.8 191.7 -5.4 23FA713061125OtherTreasurysecurities -152.9 0.0 -4.0 1354.2 34.3 22FA713061113Treasurybills -47.4 -17.7 21FA713061103Monetaryauthority -200.7 2 4 -2.6 -32.1 -0.3 -6.1 42.2 -889.6 550.4 685.9 20FA213061103OtherTreasurysecurities -27.3 45.9 19FA213061120SLGS(line8) 184.6 -1.1 0.0 1341.1 141.1 949.3 18FA213061105Stateandlocalgovernments -17.0 577.3 -153.6 140.9 113.4 1233.0 0.0 17FA113061003Nonfinancialnoncorporatebusiness 1782.0 11.6 1080.5 113.9 126.3 16FA103061103Nonfinancialcorporatebusiness 601.4 516.6 0.0 279.6 70.0 -26.3 15FA153061185OtherTreasurysecurities 899.4 668.4 -107.3 14FA313161400U.S.savingssecurities(line7) -17.3 -1.5 1062.7 987.2 13FA153061105Householdsector 1131.6 745.9 -1.1 12FA893061105Netpurchases 554.4 419.1 -1.6 11FA313161375Othernonmarketablesecurities 10FA343061145Federalgovt.definedbenefitpensionplans 9FA343061123ThriftSavingsPlanGFund 8FA213061120Stateandlocalgovernmentseries(SLGS) 7FA313161400U.S.savingssecurities 6FA313161305NonmarketableTreasurysecurities 5FA313161283HeldintheCivilServiceRetirementFund(2) 4FA313161275OtherTreasurynotes,bonds,andTIPS 3FA313161110Treasurybills 2FA313161205MarketableTreasurysecurities 1FA313161105Netissues Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.210 TreasurySecurities(1) (3) ComprisedprimarilyofnonmarketableTreasury securities. (2) Long-termmarketablesecuritiesissuedtothe CivilServiceRetirementFundbytheFederalFinancingBank.Thesesecuritiesarenotcurrently tradedinthemarket. opposedtointragovernmentalholdingsasreported ontheMonthlyStatementofPublicDebt. IntheFinancialAccounts,nonmarketablegovernment securitiesheldbyfederalgovernmentemployeedefinedbenefitretirementfundsareconsidered partofthefinancialbusinesssectoras (1) IncludesmarketableandnonmarketableTreasury securitiesheldbythepublic(netofpremiumsanddiscounts)Treasury federalgovernmentemployeeretirementfunds. 0721 092018 2019 2018 2017 0. 1. 8. 8. 200508295213-1. 53 -319.1 221.3 279.5 540.8 -220.0 182.9 44 221.9 180.6 265.3 114.8 -78.4 308.2 48.9 -6.2 114.8 114.4 69.7 187.4 12 742.1 2695.3 376.6 892.4 647.4 1040.3 3 -135.5 1176.6 1411.2 391.7 447.0 -649.5 1 701.4 742.1 84.8 2695.3 376.6 231.0 892.4 77.0 647.4 386.9 1040.3 136.9 1176.6 1411.2 447.0 9. 7. 6. 99120116-8. 2. 2441 82.4 724.3 -286.2 131.6 162.0 69.9 163.0 170.6 -94.7 21 19 862.4 93.9 6.3 31.8 -270.7 -47.4 -198.0 -32.1 -373.5 -27.3 -271.5 100.0 -17.0 13 -243.3 -447.5 11.6 -21.7 -251.7 -26.3 782.5 -17.3 1205.4 109.7 607.3 322.2 612.8 -41.2 321. 8966-. 431. 230052 54 0.0 -207.9 213.3 62.3 -248.3 51 17.6 3.1 48 78.1 28.6 -4.3 62.8 -74.8 38.7 -1.0 -91.8 -111.6 45 72.4 -0.6 -107.9 -41.2 6.6 36.9 593.3 -28.2 42.6 -43.7 18.9 102.7 10.0 42 34.3 -72.8 -177.8 28.1 12.8 -130.5 555.7 139.1 44.1 -23.0 13.2 -311.9 22.3 15.9 58.7 58.4 38 -37.3 27.4 87.7 54.3 35 28.5 7.1 34 536.6 86.1 41.2 39.0 -159.1 27.5 31.1 63.2 -17.5 37.8 129.5 52.5 41.5 43.8 46.6 53.9 140.3 29 28.3 -3.4 111.9 44.8 51.8 -28.8 124.7 71.5 37.3 -17.4 68.5 52.7 16.3 42.5 59.9 12.6 34.9 46.9 -2.1 -8.3 -12.6 26.5 83731. 26721. . 031. 50 15.8 10.3 9.1 15.5 7.2 12.6 12.7 7.3 -8.3 32 2.6 33 6.8 -0.6 31 9.5 11.4 2.7 10.7 -17.6 2.1 -25.0 -15.0 -4.4 -111.2 -22.9 5.5 -0.9 -115.6 4.6 -6.1 1.7 -4.4 -24.5 -4.3 -0.4 -28.8 -0.4 -0.8 7 -3.8 -4.3 -4.7 -5.0 -3.9 -4.3 -4.4 -4.7 -5.4 . 02-. . 0803-. 08-. 47 -1.1 -0.8 -0.1 0.3 -0.8 0.1 -0.5 -0.2 0.1 30 -4.4 27 5.1 4.2 0.3 8.5 -1.7 -16.9 64.9 9.1 22 654.1 7.8 1.0 23.8 -2.2 0.0 2.1 20.1 20 0.0 -55.7 3.2 7.6 -57.7 -0.4 2.2 -82.0 0.4 0.6 -32.1 169.5 -139.9 38.8 0.0 -56.9 0.0 -35.7 8.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 57

Transactions Transactions 2 F43675 oenetsosrdetrrss-98-. 16-071. 231. 243. 22 34.6 18 19 42.4 0.6 10.7 11.7 1.2 1.4 -2.3 13 15 1.3 3.6 0.9 5.7 10.0 1.2 19.6 12 -2.5 7.6 -20.7 5.6 18.3 -0.9 21.6 0.2 -8.7 24.3 -2.7 -5.1 1.0 0.2 8.2 12.8 11 8.8 9.3 -19.8 1.1 -7.3 -1.6 24.0 7 14.6 138.3 -14.5 27FA263061705Restoftheworld -0.1 31.5 34.1 -0.7 160.9 8.7 -5.8 26FA733061703Holdingcompanies 0.6 -34.2 3.2 -0.3 98.3 25FA663061703Brokersanddealers -9.7 8.9 167.6 -0.1 19.2 24FA643061773REITs 2.3 23FA673061703ABSissuers 32.2 -2.5 5.6 -0.0 22FA403061705Government-sponsoredenterprises 0.2 101.7 3 24.5 21FA653061703Mutualfunds 20FA633061700Moneymarketfunds 61.4 66.8 -11.4 4 19FA223061743Stateandlocalgovt.retirementfunds 223.1 139.3 148.7 -6.9 18FA343061705Federalgovernmentretirementfunds 255.1 95.9 17FA573061705Privatepensionfunds -6.8 171.4 16FA543061705Lifeinsurancecompanies 108.7 15FA513061705Property-casualtyinsurancecompanies 133.8 10.0 114.8 86.0 14FA473061705Creditunions 182.7 13FA743061703BanksinU.S.-affiliatedareas 177.8 157.4 12FA753061703ForeignbankingofficesinU.S. 11FA763061705U.S.-chartereddepositoryinstitutions 81.1 114.7 10FA713061705Monetaryauthority 165.9 153.1 193.8 9FA213061703Stateandlocalgovernments 8FA313061703Federalgovernment 7FA103061703Nonfinancialcorporatebusiness 6FA153061705Householdsector 5FA893061705Netpurchases 4FA413065005Agency-andGSE-backedmortgagepools 3FA403161705Government-sponsoredenterprises 2FA313161705Budgetagencies 1FA893161705Netissues Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.211 Agency-andGSE-BackedSecurities(1) 58 consideredofficiallytobepartofthetotalborrowingfederalgovernment,whichisshownintableF.106,line48. andagency-GSE-backedmortgagepoolsecuritiesissuedbyGinnieMae,FannieFreddieMac,theFarmersHomeAdministration(line4).Onlybudgetagencyissuesare (1) Agency-andGSE-backedsecuritiesinclude:issuesoffederalbudgetagencies(line2)suchasthosefortheTVA;government-sponsoredenterprises3)FannieMae FHLB;

Z.1, March12,2020 0721 092018 2019 2018 2017 4. 4. 9. 4. 1. 8. 6. 1. 9. 5 199.7 316.8 363.0 1 283.3 199.7 317.1 316.8 240.6 363.0 290.7 283.3 245.5 317.1 346.9 240.6 290.7 245.5 346.9 1. 832. 971. 498. 67-9225 -19.2 16.7 83.2 34.9 12.3 49.7 28.9 18.3 -14.5 378. 115. 695. 914. 5627 25.6 41.5 79.1 24 -2.9 58.3 29.1 56.9 89.5 53.4 128.2 51.1 17 56.8 35.8 86.6 65.4 33.2 23.7 61.0 26.4 18.4 37.6 54.6 26.1 31.5 33.2 32.2 10 -234.3 6 24.9 -270.8 26.7 -248.2 275.4 -184.3 4.0 -185.7 -165.1 49.0 -234.4 -136.2 384.7 10.8 359.3 88.8 201.5 54.0 51-1813-. 2. . 95425614 5.6 4.2 -9.5 4.7 -24.2 -7.8 1.3 2 -11.8 -1.0 -5.1 -2.2 -0.8 -3.0 0.5 -2.8 -1.7 -1.5 -0.1 . 42-. 78-. . 34-. 0926 -0.9 23 0.0 -5.8 0.0 -3.4 7.6 0.0 -3.5 0.0 21 110.5 20 37.8 182.4 0.0 -14.2 16 31.3 2.0 -0.6 144.0 0.0 78.1 -105.8 14.2 1.0 -170.7 0.0 149.0 3.8 19.0 -0.5 33.3 0.0 33.6 5.4 -225.3 8 0.0 5.6 110.2 0.0 -17.4 -37.4 12.1 3.0 0.0 1.8 9 2.0 15.6 0.0 1.7 -31.7 0.0 -51.9 6.7 0.0 -21.5 -100.7 0.0 13.1 0.0 -22.4 -33.8 0.0 4.8 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

4 F43605 oenetsosrdetrrss-. 07-. 13-. 04-. 10-. 24 -1.2 -1.0 -0.9 19 -0.4 18 -0.4 0.0 -0.5 -0.1 -0.0 13 14 -1.3 0.0 -0.2 0.0 0.0 -0.9 16 -3.8 0.0 -2.5 -0.3 11 0.0 0.3 -0.7 2.6 -2.7 -0.1 0.0 10 -0.0 -1.2 -1.0 0.5 -2.4 -11.8 0.1 12 0.0 9 -2.3 -0.1 -1.6 -0.5 -3.8 0.5 -1.1 -0.1 0.0 -4.3 0.0 -1.1 -0.2 -98.3 0.8 0.3 -0.3 0.0 -64.5 -0.0 -31.3 -2.7 -0.4 0.7 0.4 -0.1 -42.4 26FA263062003Restoftheworld 6 -5.2 0.0 -0.0 0.9 -0.2 30.2 -32.0 -0.1 25FA663062003Brokersanddealers 0.8 -37.7 24FA403062005Government-sponsoredenterprises 0.0 -0.3 -0.9 13.8 -53.5 -0.5 -9.9 0.3 23FA563062003Exchange-tradedfunds -28.4 -0.4 -4.5 2 -0.8 0.0 22FA553062003Closed-endfunds 134.6 21FA653062003Mutualfunds 0.4 -40.9 -0.3 18.4 -0.2 20FA633062000Moneymarketfunds 16.7 21.1 0.5 7.7 -0.2 19FA223062043Stateandlocalgovt.retirementfunds -77.7 18FA343062033Federalgovernmentretirementfunds 0.4 -2.5 -40.0 -11.1 17FA543062005Lifeinsurancecompanies -48.0 14.5 16FA513062005Property-casualtyinsurancecompanies -45.7 15FA473062005Creditunions -4.3 14FA743062003BanksinU.S.-affiliatedareas 8.4 13FA753062003ForeignbankingofficesinU.S. 13.7 12FA763062000U.S.-chartereddepositoryinstitutions -51.5 11FA213062003Stateandlocalgovernments -2.0 10FA113062003Nonfinancialnoncorporatebusiness 9FA103062003Nonfinancialcorporatebusiness 8FA153062005Householdsector 7FA893062005Netpurchases (industrialrevenuebonds) 6FA103162000Nonfinancialcorporatebusiness 5FA163162003Nonprofitorganizations(2) 4FA213162200Long-term 3FA213162400Short-term(1) 2FA213162005Stateandlocalgovernments 1FA383162005Netissues Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.212 MunicipalSecurities (2) Liabilityofthehouseholdsandnonprofitorganizationssector(tableF.101). (1) Debtwithoriginalmaturityof13monthsorless. 0721 092018 2019 2018 2017 1. . 89-. 66-981. 34-6720 -16.7 -3.4 14.5 -29.8 16.6 -4.5 -8.9 8.4 -19.9 8 63.4 -82.6 -132.7 -50.0 126.4 -14.8 -50.5 -8.8 -38.3 002. 0. 09-581779. 8615021 115.0 98.6 99.1 117.7 -45.8 40.9 107.6 22.1 40.0 7 160.4 28.7 -85.6 -25.7 -42.4 1 -68.6 160.4 19.5 28.7 -57.9 -85.6 13.4 -25.7 -42.4 -68.6 19.5 -57.9 13.4 02-. . 1816-. 05-. . 15 4.0 -1.3 -0.5 -0.3 1.6 -1.8 0.4 -0.1 -0.2 4 116.5 24.0 -88.4 -45.0 -48.7 -47.4 1.8 -54.5 -6.8 . 052641-. . . . . 26 0.6 4.8 25 -15.6 3.1 23 22 7.3 15.7 0.3 1.7 11.9 6.6 5.4 -4.9 9.7 -18.9 -0.8 4.1 -6.0 4.6 1.8 17 2.6 -3.1 -0.1 13.3 -0.2 -5.2 -0.5 2.2 -2.6 -1.6 -5.3 7.1 -5.3 10.5 1.7 5.1 -1.4 6.6 1.2 -12.9 5.3 0.2 -1.9 -2.4 -2.5 5 6.1 -4.4 3 18.0 -1.8 -7.3 -3.4 10.7 -4.1 5.0 -2.2 0.8 -11.8 1.7 -3.4 -2.2 6.6 1.7 3.0 4.8 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 59

Transactions Transactions 7 F43605 oenetsosrdetrrss-70-. 23-. 1. 20-. 30-. 37 -1.6 -3.0 -2.8 31 1.1 -2.0 32 1.0 24.0 -10.9 54.0 1.1 -3.4 55.9 -2.3 1.3 -8.1 47FA263063095Other -6.0 0.2 46FA263063603MBSandotherABS -5.8 45FA263063005Restoftheworld(4) -17.0 0.3 24 20 39.4 19.9 44FA503063005Otherfinancialbusiness -0.9 43FA733063003Holdingcompanies 1.1 31.5 54.2 42FA663063005Brokersanddealers 12.9 19 0.1 -2.0 41FA643063005REITs 44.9 18.7 -62.7 40FA613063003Financecompanies 42.7 -25.4 0.5 -13.1 0.0 39FA403063095Other 38FA403063605MBSandotherABS 74.7 9.4 15 37FA403063005Government-sponsoredenterprises 0.0 1.3 62.8 -50.3 36FA563063003Exchange-tradedfunds 16 0.0 35FA553063003Closed-endfunds -19.6 -7.3 40.4 16.0 34FA653063005Mutualfunds -32.6 33FA633063005Moneymarketfunds 7.7 56.7 20.6 -7.9 -28.4 32FA223063045Stateandlocalgovt.retirementfunds 12.2 -15.5 -0.1 -29.2 31FA343063005Federalgovernmentretirementfunds -21.7 30FA573063005Privatepensionfunds 178.3 -0.6 0.2 3.2 -146.3 29FA543063095Other -0.5 28FA543063675MBSandotherABS 46.1 -19.8 27FA543063005Lifeinsurancecompanies 44.0 -2.3 26FA513063095Other 25FA513063605MBSandotherABS -37.9 -0.8 24FA513063005Property-casualtyinsurancecompanies -16.1 23FA473063095Other 4 22FA473063605MBSandotherABS 21FA473063005Creditunions 24.2 20FA743063005BanksinU.S.-affiliatedareas -10.0 19FA753063005ForeignbankingofficesinU.S. 2 -10.7 -68.8 18FA763063095Other -23.9 17FA763063605MBSandotherABS 378.0 16FA763063005U.S.-chartereddepositoryinstitutions -25.0 307.4 15FA213063003Stateandlocalgovernments 19.9 366.8 14FA313063763Federalgovernment 129.5 -5.1 13FA153063005Householdsector 227.3 12.3 12FA893063005Netpurchases(3) 245.8 -35.0 154.6 11FA263163005Restoftheworld(2) 281.0 10FA503163005Otherfinancialbusiness 9FA733163003Holdingcompanies 8FA663163003Brokersanddealers 7FA643163005REITs 6FA613163005Financecompanies 5FA673163005ABSissuers(net)(1) 4FA763163005U.S.-chartereddepositoryinstitutions 3FA793163005Domesticfinancialsectors 2FA103163003Nonfinancialcorporatebusiness 1FA893163005Netissues Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.213 CorporateandForeignBonds 60 (4) NetpurchasesofU.S.issuesbyforeignresidents. issuedasset-backedbonds. (3) Forsomesectors,purchasesofMBSandotherABSareshownseparately. includeprivatelyissuedmortgage-backedsecuritiesandother (2) NetpurchasesofforeignissuesbyU.S.residents. (1) Netissuancelessnetacquisitionofcorporatebondsheldasassets.

Z.1, March12,2020 0721 092018 2019 2018 2017 3. 1. 1. 6. 1308. 3. 9. 4247 34.2 45 30.9 195.2 134.5 172.3 87.1 127.8 69.5 -183.0 163.1 -190.7 112.7 159.8 -11.7 100.1 332.0 -20.2 34 321.5 350.6 4.5 73.2 113.3 -292.2 95.0 135.4 115.2 139.4 12 137.8 737.1 11 141.3 615.0 138.8 419.5 129.7 42.9 -146.6 490.7 -120.6 128.8 477.4 65.8 345.1 601.2 114.9 292.3 1 137.8 737.1 615.0 419.5 42.9 490.7 477.4 345.1 601.2 1. 85-26-. 77-76-. 2. 3346 -3.3 -22.8 -6.6 42 -56.6 -17.6 36.0 40 14.4 -7.7 -35.6 38 10.4 -1.3 -3.4 -31.9 -11.0 -2.6 -12.6 -41.8 -13.9 -8.5 -2.5 0.1 -21.7 -10.5 -1.6 -22.0 5.6 0.5 -10.5 -0.0 -3.0 -11.1 -4.5 -2.0 -10.6 -5.6 -16.6 17 3.4 7.2 6.3 8.0 7.0 13 -427.9 -11.4 50.8 10 6.2 71.1 53.4 123.8 -5.2 -141.7 -62.2 424.3 -18.8 6 5 -178.2 42.1 -10.4 36.4 -116.4 1.3 43.0 -5.0 100.1 -60.0 3.2 -0.5 -28.6 -80.2 43.7 60.9 3.9 35.3 -25.8 112.1 -35.0 -22.9 -26.9 50.1 51.6 -4.6 -51.9 -32.5 933. 375. . 397. 5511936 111.9 95.5 73.4 93.9 30 54.5 4.5 68.9 29 57.8 62.2 60.0 93.7 27 135.1 64.4 89.5 33.6 135.6 58.5 163.7 93.2 89.3 165.3 96.6 167.0 119.7 62.0 66.7 204.0 83.0 84.9 106.5 70.0 100.5 134.5 71.4 123.7 73.6 8 9 -37.4 7 -102.8 84.2 -90.1 -18.7 72.3 95.9 138.5 73.3 -8.5 157.1 3 -40.4 51.8 32.4 65.3 -31.6 87.7 34.2 220.3 43.5 35.6 -10.0 178.0 -48.4 -1.7 70.4 199.3 92.2 34.0 31.0 56.5 134.6 21.6 165.7 75.6 28.0 274534-. 32301. . 1. 43 -10.4 8.3 12.8 39 3.0 -0.4 -0.4 13.2 -0.3 -1.3 -0.4 3.4 -0.4 4.5 -0.5 -2.7 -0.4 -0.4 -0.5 22 1.2 21 1.0 0.4 0.5 -0.4 -0.6 3.5 3.5 2.0 2.5 -2.8 -3.0 1.2 1.1 0.2 0.4 -1.1 -1.0 . 190232-. . . . 1. 44 -12.4 3.5 41 3.5 8.1 6.1 -3.7 -8.0 -0.8 35 0.7 3.2 -7.8 1.9 -6.4 0.2 33 9.6 2.5 19.1 -1.9 17.6 -1.0 3.0 3.6 12.1 8.5 1.2 4.8 28 2.1 27.2 0.4 -10.6 28.6 26 25 2.0 10.2 9.8 10.3 23 29.8 -0.1 0.5 41.7 11.0 12.5 26.5 0.1 34.6 -1.1 0.9 10.3 37.1 32.9 -0.2 1.9 9.8 18.2 57.3 0.0 17.3 28.0 48.5 0.5 14.4 23.1 14 18 29.8 0.0 -10.7 10.6 2.2 -0.2 43.7 13.4 0.0 13.0 -0.0 9.7 -21.8 2.5 0.0 0.2 170.3 0.0 -153.3 0.1 57.5 0.0 37.8 0.0 -32.7 2.7 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

7 F44205 oenetsosrdetrrss2701939. 0. 9. 279. 8. 9247 45 79.2 -0.5 48 184.2 41 -2.8 139.3 1.2 39 44 90.9 9.6 -29.0 95.9 -1.0 -0.3 -774.6 32.7 -4.1 108.7 2.6 5.7 38 0.4 193.9 10.6 114.8 5.6 -0.7 106.7 861.3 182.7 -4.8 1.4 34 2.9 96.7 0.0 157.4 13.0 3.6 43.7 3.3 114.7 149.3 -0.6 -0.4 0.0 32 37 -7.1 64.3 35 3.5 336.9 165.9 207.0 55FA263069500Restoftheworld 2.9 755.3 -1.2 5.6 15.8 338.8 -10.4 193.8 111.7 31 183.9 3.7 54FA503069805Otherfinancialbusiness 34.1 0.7 3.5 571.3 53FA733069005Holdingcompanies -10.9 1.7 -7.6 -151.7 1044.4 52FA663069005Brokersanddealers 2.6 187.4 -10.5 151.7 1436.6 28.4 2.7 51FA643065005REITs 29 -1.2 -36.7 79.9 1197.5 704.6 -11.1 40.2 3.3 50FA614023005Financecompanies 704.5 4.1 2.4 -0.2 268.2 237.7 49FA674023005ABSissuers -7.1 855.1 5.8 48FA413065005Agency-andGSE-backedmortgagepools 358.6 6.0 74.0 -3.0 47FA404023005Government-sponsoredenterprises 28.6 760.6 46FA653069803Mutualfunds 439.1 55.9 2.1 -17.7 1082.1 -11.1 22 349.0 45FA223065043Stateandlocalgovt.retirementfunds 0.0 67.0 3.8 44FA313169003Federalgovernmentretirementfunds 1.4 3.3 43FA573065005Privatepensionfunds 0.0 88.7 42FA544023005Lifeinsurancecompanies 1.3 3.8 41FA513065505Property-casualtyinsurancecompanies 20 111.9 0.0 0.7 40FA474023000Creditunions 1.3 16 3.1 64.5 1.1 39FA744023003BanksinU.S.-affiliatedareas 0.0 0.1 38FA754023005ForeignbankingofficesinU.S. 37.5 37FA764023005U.S.-chartereddepositoryinstitutions 3.9 36FA713068005Monetaryauthority 0.0 17 -1.9 -123.3 18 -95.8 1.0 35FA794023005Domesticfinancialsectors 49.8 0.0 1.9 -115.8 34FA213065005Stateandlocalgovernments -75.0 1.1 -88.1 33FA314023005Federalgovernment 0.0 -0.4 -130.5 -60.6 1.4 32FA114023005Nonfinancialnoncorporatebusiness 0.4 84.9 0.0 31FA104023005Nonfinancialcorporatebusiness 36.8 30FA154023005Householdsector 13 14 1.2 -110.6 0.2 114.1 300.1 0.0 -82.6 -69.8 29FA384023005Domesticnonfinancialsectors 194.4 305.2 1.8 0.5 -90.1 -10.7 28FA894123005Netchangeinassets 195.7 228.4 11 -9.2 1044.0 1.1 -13.5 294.6 -0.0 279.3 27FA264123005Restoftheworld 265.3 20.1 215.3 510.2 0.4 26FA504123005Otherfinancialbusiness 1103.3 25FA664123005Brokersanddealers 242.6 193.8 1774.5 24FA644123005REITs 1158.9 199.7 278.3 23FA614123005Financecompanies 977.2 22FA403169283Government-sponsoredenterprises 137.3 325.8 5 1046.8 223.2 21FA543169373Lifeinsurancecompanies 341.8 262.1 3 802.2 20FA513169333Property-casualtyinsurancecompanies 46.9 335.8 19FA473169333Creditunions 1215.2 2 18FA763169305U.S.-chartereddepositoryinstitutions -591.2 368.6 81.7 127.0 1 17FA794123005Domesticfinancialsectors 241.5 103.2 973.5 944.2 255.5 16FA213169203Stateandlocalgovernments 319.7 434.3 15FA314123005Federalgovernment -43.4 337.6 50.6 1185.6 133.3 14FA114123005Nonfinancialnoncorporatebusiness 321.9 1663.1 13FA104123005Nonfinancialcorporatebusiness 636.8 131.7 303.3 1333.1 12FA154123005Householdsector 59.1 938.9 -174.4 330.8 11FA384123005Domesticnonfinancialsectors 341.9 1064.1 138.8 10FA894123005Netchangeinliabilities 848.6 281.0 1219.1 Bysector 109.8 9FA153166000Consumercredit 8FA893065603Farm 7FA893065505Commercial 6FA893065405Multifamilyresidential 5FA893065105One-to-four-familyresidential 4FA893065005Mortgages 3FA893169005Otherloansandadvances 2FA793068005Depositoryinstitutionloansn.e.c. 1FA894123005Netchangeintotalloans Byinstrument Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.214 Loans(1) (1) Sumofdepositoryinstitution loansnotelsewhereclassified,other loans andadvances,totalmortgages,consumer credit. 0721 092018 2019 2018 2017 29188616. 3. 33116. 15644393528 973.5 434.3 1185.6 1663.1 1333.1 938.9 1064.1 848.6 1219.1 10 973.5 434.3 1185.6 1663.1 1333.1 938.9 1064.1 848.6 1219.1 5. 1171. . . 6. . 746-9015 -29.0 -774.6 5.7 861.3 12 657.7 0.0 536.4 0.0 672.5 338.2 15.8 432.0 9 -151.7 184.8 539.6 7 151.7 199.7 551.2 176.8 6 168.5 489.7 130.4 210.9 4 171.2 577.8 164.9 90.6 660.0 214.7 100.3 149.9 722.6 212.9 95.1 128.2 570.5 181.0 131.7 45.2 497.2 181.8 141.2 525.0 157.1 184.0 122.7 533.7 132.0 115.3 612.6 121.5 120.9 560.2 583.4 2. 61-. 1. . 5065-13-8850 -38.8 49 -21.3 21.6 6.5 129.7 -14.0 35.0 27.8 4.7 -12.2 -17.5 10.3 -4.7 41.3 -6.1 -0.5 -22.9 -50.0 30 -42.4 121.1 4.9 -50.9 -22.6 25 23 2.4 -32.5 6.2 132.9 8.2 13.9 36.7 -4.7 -19.9 -43.6 -69.8 12.1 25.7 14.3 -15.0 23.4 -16.1 6.9 2.1 -0.4 -40.7 -11.3 952. 721576. 7. 721. 3. 55 138.2 12.7 53 -32.9 52 67.2 74.0 51.9 170.6 12.4 22.5 68.7 81.2 11.9 145.7 -27.3 -5.8 46 97.2 -9.4 -127.2 -37.3 23.5 23.6 -13.0 42 13.4 33.3 99.5 -22.9 35.1 -18.8 69.5 40 -31.4 -23.8 87.3 17.9 -54.1 29.5 69.7 77.9 14.2 57.3 64.3 -19.2 55.4 53.0 -10.5 66.1 66.2 16.2 47.4 33 81.1 83.7 61.5 130.4 70.6 45.8 88.0 86.9 108.9 89.0 91.6 27 91.2 52.8 102.1 119.2 96.9 157.4 19.1 99.2 89.4 72.3 87.1 57.1 17.4 8 11.0 11.0 10.9 10.8 9.6 9.6 10.9 9.5 10.2 . 0708-. . . . . 5954 -5.9 3.5 3.8 51 76.1 1.6 37.5 46.1 3.1 43 39.6 -1.9 2.7 70.1 0.8 3.5 24.7 -0.7 2.1 49.8 3.0 36 2.0 20.2 0.0 7.1 2.2 0.0 2.6 0.0 2.6 0.0 2.5 0.0 4.4 0.0 0.0 26 0.0 0.0 0.0 0.0 0.0 24 4.6 21 10.2 0.0 -8.2 15.7 0.0 19 -19.9 -16.7 0.1 -16.4 0.0 11.1 4.1 4.6 2.7 0.0 6.0 -20.4 -28.1 0.0 -10.0 -0.6 -2.1 0.0 -12.9 7.5 23.6 3.9 -7.7 6.4 2.9 6.5 8.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 61

Transactions Transactions 8 F73605 ak nUS-fiitdaes-...... 181. 18 10.7 -1.8 17 6.7 14.6 4.5 -18.0 41.0 11 0.9 16 1.5 56.9 63.3 12 0.4 -0.3 -2.7 120.1 102.0 5.0 237.9 -23.3 -7.7 -0.6 13 -12.2 -4.7 42.8 0.5 25.2 -1.8 534.1 2.4 144.6 32.1 0.4 -0.4 107.2 170.0 0.0 -3.1 100.7 -0.1 -14.3 254.0 13.8 -0.9 87.2 104.5 3 4 -6.5 70.0 -34.3 0.1 14.3 (2) LoansfromFederalReservebankstothehousehold,brokeranddealer,otherfinancialbusinesssectors. 2.3 16.4 85.8 -3.1 (1) Excludesdepositoryinstitutionlendingintheformofopenmarketpaper,mortgages,andconsumercreditwhichareshownonotherinstrumenttables. -30.0 66.1 62.3 -29.9 41.1 19FA473068005Creditunions 18FA743068005BanksinU.S.-affiliatedareas 38.8 45.7 76.1 17FA753068005ForeignbankingofficesinU.S. 16FA763068005U.S.-chartereddepositoryinstitutions 151.3 252.3 34.5 15FA713068005Monetaryauthority(2) -12.5 14FA793068005Netchangeinassets 21.7 25.4 13FA263168495Foreignnondepositoryfinancialinstitutions 76.5 97.0 12FA263168485Foreignnonfinancialcorporations 11FA263168465Foreignofficialinstitutions 35.8 45.4 10FA263168005Restoftheworld 9FA713068505Otherfinancialbusiness 8FA663168005Brokersanddealers 7FA643168005REITs 6FA613168003Financecompanies 5FA793168005Domesticfinancialsectors 4FA113168005Nonfinancialnoncorporatebusiness 3FA103168005Nonfinancialcorporatebusiness 2FA153168005Householdsector 1FA793068005Netchangeinliabilities Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.215 DepositoryInstitutionLoansNotElsewhereClassified(1) 62

Z.1, March12,2020 0721 092018 2019 2018 2017 0. 8. 3. 916685. 1. 0. 1714 81.7 103.2 319.7 50.6 636.8 59.1 138.8 281.0 109.8 1 81.7 103.2 319.7 50.6 636.8 59.1 138.8 281.0 109.8 1. . . 681. 21-. 28596 5.9 12.8 -4.7 12.1 15.4 -6.8 6.5 2.3 -11.3 276. 848. 76-371471864. 10 44.0 8 -0.3 118.6 164.7 7.1 -13.7 10.8 87.6 -8.9 83.6 29.6 78.4 -37.8 64.8 2.2 12.7 3.1 14.1 . 5779-08-. 503. . 0519 -0.5 15 3.0 0.0 34.1 0.0 -5.0 0.0 -0.2 0.0 9 -40.8 0.0 0.0 7.9 0.0 0.0 -5.7 7 0.0 1.8 8.8 0.0 5 0.0 7.3 -10.0 0.0 0.0 -13.1 10.0 0.0 -11.2 0.0 -7.0 2 17.1 50.5 -8.0 0.0 9.6 -11.8 62.1 0.0 54.8 -8.1 -35.0 0.0 -42.7 3.3 0.6 83.5 5.1 8.7 -11.5 12.7 8.0 34.0 7.9 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

2 F53685 te iaca uies30-. . 1931163835-. 52 -5.9 3.5 48 3.8 -7.4 1.6 6.0 3.1 -4.1 2.6 -1.9 46 0.8 -1.3 41.2 44 -32.2 75.4 1.9 -0.7 41 125.8 -4.0 40 -6.9 42 3.0 39 -36.1 25.9 -0.7 66.6 38 -40.1 -2.5 -2.1 -22.9 17.7 37 -34.6 -0.1 -25.4 -6.3 -2.1 0.2 2.0 -0.1 -34.0 -3.9 33 2.2 2.7 0.0 72.7 -0.1 36 44.1 0.0 2.3 20.9 22.9 0.0 23.2 -39.8 0.0 0.0 34 31.8 6.6 21.2 3.0 0.4 0.7 -134.4 0.0 7.4 32 35 31 0.4 0.0 -12.5 29 19.1 11.5 16.0 0.6 -1.0 6.2 10.2 -1.6 0.4 0.7 0.0 6.9 34.8 -0.0 0.4 23.3 0.0 1.6 -54.9 -0.5 15.7 52FA503069805Otherfinancialbusiness 2.9 -9.0 0.3 -1.0 0.0 51FA663069803Brokersanddealers -10.0 -31.0 17.5 0.3 0.0 14.6 50FA673069803ABSissuers 0.1 -3.7 24 28 8.9 0.6 9.8 1.0 49FA653069803Mutualfunds -0.4 7.4 0.7 56.3 0.0 -7.1 -7.7 48FA543069873Lifeinsurancecompanies -0.4 0.0 0.0 4.1 -0.7 22 47FA153069803Asset:Householdsector 2.1 0.1 -0.8 -0.1 7.2 0.1 7.4 15.7 0.0 46FA103169803Loanstononfinancialcorporatebusiness(3) 13.6 0.1 0.3 0.0 6.0 0.3 0.1 10.9 45FA153067005Asset:Householdsector 2.4 -1.9 7.2 10.6 0.0 26 25 0.1 44FA153067005Cashaccountsatbrokersanddealers -0.2 -95.8 0.0 -0.6 -100.7 7.4 1.2 1.9 6.1 0.8 2.4 0.0 -88.2 43FA663067003Liab.:Householdsector -115.8 -0.9 7.5 0.0 42FA663067003Marginaccountsatbrokersanddealers 6.8 -88.1 1.1 -0.4 -90.9 5.7 1.9 17 0.7 0.0 -0.4 20 0.0 16 41FA113169535Nonfinancialnoncorporatebusiness 6.4 -60.6 -40.1 -82.6 0.0 4.7 0.4 40FA103169535Liab.:Nonfinancialcorporatebusiness 0.7 4.0 -2.9 1.9 -6.8 39FA613069500Financecompanyloanstobusiness 36.8 0.0 49.1 39.5 6.5 15 0.0 0.2 4.4 0.0 38FA673069505Liab.:Nonfinancialcorporatebusiness -82.6 -2.9 26.7 -68.7 0.0 37FA673069505SecuritizedloansheldbyABSissuers 0.0 -90.1 0.5 0.1 0.0 -90.6 4.4 -19.0 36FA763169383U.S.-chartereddepositoryinst.(SLMA) 0.0 -9.2 35FA113169305Nonfinancialnoncorporatebusiness(FCS) -2.6 12 9 0.0 -13.8 -0.0 2.0 0.0 -29.0 0.1 34FA183169305Nonfinancialcorporatebusiness(FCS) 14 0.0 0.0 20.1 138.2 33FA153169305Liab.:Householdsector(SLMA) -34.3 27.8 0.0 -774.6 32FA403069395Govt.-sponsoredenterprisesloans(2) 0.0 13 1.9 12.7 0.0 4.2 5.7 138.2 0.0 6 31FA643169373Realestateinvestmenttrusts 0.0 67.2 0.0 1.1 7 12.7 30FA613169333Financecompanies 0.0 -16.7 861.3 0.0 0.0 29FA543169373Lifeinsurancecompanies 0.0 170.6 11 67.2 28FA513169333Property-casualtyinsurancecompanies 14.2 0.0 0.0 3.9 -29.0 5 0.0 4 27FA473169333Creditunions 0.0 68.7 0.0 1.0 170.6 26FA763169335Liab.:U.S.-chartereddepositoryinstitutions 0.0 3.3 -774.6 0.0 0.0 1.0 25FA403069330FederalHomeLoanBanksadvances(1) 0.0 145.7 68.7 0.0 5.7 0.0 7.2 0.0 2.1 24FA543069405Lifeinsurancecompanies 97.2 0.0 15.8 1.1 145.7 0.0 23FA313069403Asset:Federalgovernment 861.3 0.0 1.7 22FA153169405Policyloans(Householdliability) 3.8 23.5 -151.7 97.2 0.0 1.4 0.0 0.0 151.7 0.0 21FA733069023Restoftheworld 99.5 6.3 23.5 7.9 20FA733069013Liab.:Nonfinancialcorporatebusiness 1.2 0.0 0.0 19FA733069005Holdingcompanyloans 0.0 99.5 -1.6 -0.8 1.8 15.8 18FA263169705Restoftheworld 0.0 0.0 2.4 1 17FA103169705Liab.:Nonfinancialcorporatebusiness -0.5 -151.7 16FA753069703ForeignbankingofficesinU.S. 1.1 46.9 15FA763069703Asset:U.S.-chartereddepositoryinstitutions 151.7 0.0 4.0 4.3 Customers’liabilityonacceptancesoutstanding -591.2 0.4 127.0 0.0 1.5 -0.1 14FA263069500Liab.:Nonfinancialcorporatebusiness 13FA263069500ForeignloanstoU.S.corporatebusiness 944.2 -1.1 -0.4 -43.4 12FA313169003Liab.:Federalgovernment 11FA313169003Federalgovernmentretirementfunds’loans 133.3 10FA263169205Restoftheworld 131.7 9FA503169205Otherfinancialbusiness -174.4 8FA313069223Financecompanies 7FA403169283Government-sponsoredenterprises 341.9 6FA213169203Stateandlocalgovernments 5FA113169205Nonfinancialnoncorporatebusiness 4FA103169205Nonfinancialcorporatebusiness 3FA153169203Liab.:Householdsector 2FA313069205U.S.governmentloans 1FA893169005Netchangeintotalotherloansandadvances Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.216 OtherLoansandAdvances (3) Syndicatedloansfromdomesticentities,excludingdepositoryinstitutionsandfinancecompanies whichareincludedelsewhere. (2) TheStudentLoanMarketingAssociation(SallieMae)wasincludeduntilitfullyprivatized in2004:Q4.FederalHomeLoanBankadvancesareshownseparatelyonline25. affiliatedcaptiveinsurancecompanies. (1) TheFederalHomeLoanBanksareincludedinthegovernment-sponsoredenterprisessector. Finance companiesandrealestateinvestmenttrustsreceiveadvancesthrough 0721 092018 2019 2018 2017 5. 102. 29-. 3. 59158-2245 -32.2 125.8 25.9 -34.6 -3.9 22.9 21.2 -1.0 -54.9 34721. 21711. . 877451 7.4 18.7 49 8.5 -9.4 12.5 -13.0 7.1 -22.9 -31.4 12.1 43 -54.1 66.6 11.8 14.2 -6.3 7.2 -19.2 72.7 13.4 -10.5 -39.8 16.2 -134.4 11.5 23.3 -31.0 56.3 19 -32.9 51.9 22.5 11.9 -5.8 -37.3 13.4 -18.8 17.9 16-. 702. 383. 194. 3150 53.1 49.9 11.9 33.0 13.8 20.7 37.0 -6.1 -1.6 30 0.4 1.1 -0.0 -0.0 23 -0.0 -1.2 -0.0 -9.2 -0.0 0.4 -0.0 -2.7 -0.0 -0.1 -0.0 -0.0 -0.0 -0.0 . 2322-. 26-. 411. . 47 3.4 10.3 -4.1 -0.6 -2.6 -3.0 2.2 -2.3 1.2 27 -16.7 11.1 2.7 21 -28.1 7.3 -2.1 18 2.8 0.0 23.6 -4.2 0.0 -7.7 30.9 0.0 2.9 8.0 0.0 8.2 -3.1 0.0 9.2 0.0 8 10 -2.1 1.5 0.0 0.0 3.6 -2.2 0.0 0.0 3 -3.1 0.0 4.5 0.0 1.9 2 0.0 19.5 11.5 -6.2 0.0 5.1 30.4 -8.3 8.6 0.0 5.4 -0.5 22.6 0.0 8.5 -5.6 1.3 0.0 5.2 1.0 -0.1 0.0 8.6 18.3 6.0 2.9 2.7 2.8 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 63

Transactions Transactions 4 F43605 amr oeAmnsrto FH)()00000000000000000044 0.0 0.0 0.0 0.0 0.0 39 139.3 0.0 95.9 32 -0.5 0.0 108.7 33 29 -2.8 160.8 1.2 114.8 0.0 27 272.4 -1.0 26 182.7 -1.1 -0.3 -3.9 164.2 0.0 157.4 2.6 -2.2 0.4 122.4 13.1 114.7 -0.7 138.8 -1.1 165.9 2.7 1.4 47FA643065005REITs 164.5 193.8 46FA613065000Financecompanies 13.0 -1.6 0.9 24 45FA673065005ABSissuers 3.3 180.0 288.5 -0.4 25 -1.5 145.1 20 44FA413065035FarmersHomeAdministration(FmHA)(2) 204.9 9.7 174.4 2.9 21 0.8 43FA413065653FarmerMac 5.6 174.4 -0.1 -1.7 124.6 273.1 42FA413065045FannieMae -3.2 41FA413065025FreddieMac 15 0.7 0.9 16 19 228.8 144.1 -0.1 -7.6 -1.5 1.4 40FA413065015GinnieMae 3.5 0.9 3.2 39FA413065005Agency-andGSE-backedmortgagepools 117.0 149.7 2.7 0.8 0.0 -1.7 1.4 3.7 10.7 107.9 127.3 38FA403065653FarmerMac 8.0 37FA403065035FHLB 2.4 1.0 0.3 -0.0 95.5 220.0 -13.6 1.4 36FA403065045FarmCreditSystem 2.6 9.0 35FA403065025FreddieMac 170.6 168.8 2.3 -0.1 0.7 34FA403065015FannieMae 1.3 3.3 216.0 33FA403065005Government-sponsoredenterprises 122.6 -0.0 4.6 0.6 164.7 1.3 32FA223065043Stateandlocalgovt.retirementfunds 6.0 -0.0 31FA573065005Privatepensionfunds 2.8 0.9 1.3 2.1 30FA543065005Lifeinsurancecompanies -0.1 0.1 29FA513065505Property-casualtyinsurancecompanies 0.6 1.4 3.3 0.1 28FA473065100Creditunions 3.2 0.7 27FA743065003BanksinU.S.-affiliatedareas 1.3 3.8 26FA753065005ForeignbankingofficesinU.S. 0.9 25FA763065005U.S.-chartereddepositoryinstitutions 2.4 3.1 24FA703065005Privatedepositoryinstitutions 23FA213065005Stateandlocalgovernments 22FA313065095Other(3) 2 21FA313065065FederalDepositInsuranceCorporation 341.8 20FA313065035FederalHousingAdministration(FHA) 19FA313065075FarmersHomeAdministration(FmHA)(2) 335.8 18FA313065015GinnieMae 17FA313065005Federalgovernment 368.6 241.5 16FA113065005Nonfinancialnoncorporatebusiness 15FA103065003Nonfinancialcorporatebusiness 255.5 14FA153065005Householdsector 337.6 13FA893065005Netchangeinassets 321.9 12FA123165005REITs 303.3 11FA313165403Federalgovernment 330.8 10FA113165005Noncorporate 9FA103165005Corporate 8FA143165005Nonfinancialbusiness 7FA153165005Householdsector 6FA893065005Netborrowing 5FA893065603Farm 4FA893065505Commercial 3FA893065405Multifamilyresidential 2FA893065105One-to-four-familyresidential 1FA893065005Netchangeinmortgages Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.217 TotalMortgages(1) 64 (3) OtherincludesDepartmentofVeteransAffairs,FederalFinancingBank,PublicHousingAdministration, andResolutionTrustCorporation. theFarmersHomeAdministration. (2) FmHA-guaranteedsecuritiessoldtotheFederalFinancingBankwerereallocatedfromFmHA mortgagepoolstoFmHAholdingsin1986:Q4becauseofaccountingchangesby (1) Sumofone-to-four-familyresidentialmortgages(tableL.218),multifamily (tableL.219),commercialmortgagesL.220),andfarmL.221).

Z.1, March12,2020 0721 092018 2019 2018 2017 4. 2. 531651028. 864. 9940 89.9 46.4 78.6 86.4 130.2 126.5 75.3 128.8 146.6 13 660.0 722.6 570.5 10 497.2 272.8 8 525.0 329.0 313.9 7 533.7 170.8 392.3 343.9 6 612.6 202.3 204.6 328.1 660.0 560.2 245.1 259.1 4 369.0 722.6 176.8 583.4 192.6 3 280.0 243.4 570.5 130.4 210.9 243.7 239.0 257.7 497.2 164.9 90.6 220.6 1 292.4 324.5 525.0 100.3 660.0 213.1 277.2 149.9 321.1 533.7 95.1 722.6 252.9 128.2 298.8 612.6 570.5 131.7 45.2 324.9 560.2 497.2 141.2 157.1 583.4 525.0 122.7 132.0 533.7 115.3 121.5 612.6 120.9 560.2 583.4 1. 8925-82-. 48-. . 3246 -3.2 45 -36.9 2.7 85.5 -4.4 -18.3 14.8 4.1 -8.3 -30.6 -18.2 -5.2 2.5 8.6 -8.9 17.0 -14.4 -33.3 14 -11.1 -11.7 -12.3 -11.7 -12.8 -12.9 -11.7 -12.7 -10.0 994. 993. 402. 034. 1041 51.0 49.7 30.3 28.8 35 65.9 34 54.0 70.2 116.0 31.7 137.9 82.5 64.8 39.9 76.1 30 33.4 37.1 40.9 66.8 56.3 28 50.3 49.9 88.6 68.3 31.2 78.0 38.9 85.1 53.9 77.5 42.7 59.1 54.9 70.3 27.8 68.5 67.0 94.9 33.7 43.7 36.7 61.4 49.5 41.2 41.8 42.1 9 41.1 63.2 33.8 5 11.0 56.8 11.0 34.9 10.9 46.3 10.8 48.7 9.6 56.6 9.6 39.8 10.9 9.5 10.2 10-. 0400-. 00-. 00-. 43 -1.3 42 -0.2 -0.0 -0.2 -0.0 -0.2 -0.0 -0.3 -0.6 -0.8 0.0 -0.9 -0.4 -0.2 -0.2 -3.6 -1.0 -1.8 18 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.4 -1.5 . 024. 477. 964. 757. 47 76.1 37.5 46.1 39.6 38 1.6 70.1 37 11.1 36 24.7 1.0 12.1 10.3 49.8 7.3 1.1 9.9 20.2 31 5.8 1.9 2.7 7.1 8.5 -1.2 0.5 3.5 8.9 12.3 -0.1 2.1 10.5 7.9 1.4 2.0 9.9 6.0 0.1 2.2 8.7 6.9 0.5 22 2.6 23 5.4 0.0 3.6 5.1 2.6 0.0 -7.1 2.5 0.0 -10.4 17 1.3 4.4 1.7 0.0 11.2 -36.7 0.0 -13.0 4.1 0.0 3.0 11 -3.0 0.0 0.0 4.9 12 2.2 -17.7 0.0 0.0 3.0 3.8 2.2 0.0 0.0 0.6 -3.1 0.0 3.4 -5.2 0.0 0.2 -12.8 0.0 -29.8 -1.0 0.0 -15.8 0.0 5.6 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F73623 oeg akn fie nUS 01-. . 00-. 000049-. 26 -4.5 4.9 0.0 25 -0.0 -34.8 24 -36.0 -35.2 -0.0 -31.4 -28.3 -0.0 -19.2 -42.6 -38.3 0.1 -19.9 17 -11.3 -0.2 -0.0 -29.2 -29.1 18 19 13 139.7 -1.0 -35.2 90.8 -0.1 12 -0.8 -31.3 -5.4 213.5 -36.3 49.1 -0.4 -32.6 -1.0 121.4 5.0 -32.7 81.8 0.9 -28.8 95.1 -0.7 0.0 11 7 86.1 8 81.5 -0.2 79.7 -1.2 0.8 1.3 128.7 -0.2 3.6 124.4 4.7 29FA613065123Financecompanies -1.1 0.8 125.1 1.4 28FA673065123ABSissuers 0.3 142.4 27FA473065125Creditunions 108.1 -0.2 76.9 -1.2 113.4 0.8 26FA753065203ForeignbankingofficesinU.S. 0.9 3 28.1 0.7 25FA763065125U.S.-chartereddepositoryinstitutions 123.1 2.0 -0.9 138.7 -0.7 24FA893065125Homeequityloansincludedabove(3) 0.8 1.2 17.1 141.4 -0.1 4 -1.2 -2.7 23FV893065153Charge-offs(2) 0.6 10.9 46.8 0.8 Memo: 2.2 0.5 0.3 -0.4 19.5 55.3 22FA643065105REITs 0.8 0.8 -0.1 21FA613065105Financecompanies 12.4 1.0 32.1 20FA673065105ABSissuers 0.8 1.2 9.5 50.7 19FA413065105Agency-andGSE-backedmortgagepools -0.1 18FA403065105Government-sponsoredenterprises 0.8 1.4 10.2 1.7 17FA223065143Stateandlocalgovt.retirementfunds 1.4 1.1 16FA573065103Privatepensionfunds 23.7 0.2 15FA543065105Lifeinsurancecompanies 13.1 14FA473065100Creditunions 1.0 13FA743065103BanksinU.S.-affiliatedareas 15.9 12FA753065103ForeignbankingofficesinU.S. 0.9 11FA763065105U.S.-chartereddepositoryinstitutions 16.7 10FA213065103Stateandlocalgovernments 9FA313065105Federalgovernment 8FA113065103Nonfinancialnoncorporatebusiness 7FA103065105Nonfinancialcorporatebusiness 6FA153065103Householdsector 5FA893065105Netchangeinassets 4FA113165105Nonfinancialnoncorporatebusiness 3FA103165105Nonfinancialcorporatebusiness 2FA153165105Householdsector 1FA893065105Netborrowing Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.218 One-to-four-familyResidentialMortgages(1) 7 F43645 oenetsosrdetrrss3. 583. 445. 053. 291. 17 16 14.5 13 18 -0.1 3.3 49.9 52.9 -0.8 46.9 0.7 36.7 -0.3 26.9 2.2 20.5 12 8 0.8 9 28.7 28.1 52.8 0.0 1.7 1.2 54.6 -0.2 29.8 34.4 0.0 1.6 1.3 32.3 38.1 3.9 31.2 0.0 5.9 0.9 38.1 23.3 25.8 -0.1 2 0.0 43.0 2.0 1.1 17.5 6.3 31.7 1.7 53.4 29.3 0.0 3.5 2.1 8.4 -2.3 29.8 0.0 1.4 0.7 5.1 3 27.6 21FA643065405 REITs 0.0 120.6 20FA613065403Financecompanies 1.1 4.9 24.3 19FA673065405ABSissuers 158.7 0.0 1.3 7.3 18FA413065405Agency-andGSE-backed mortgagepools 96.2 17FA403065405Government-sponsored enterprises 0.0 1.0 92.4 7.2 16FA223065443Stateandlocalgovt. retirementfunds 15FA573065403Privatepensionfunds 138.2 6.2 14FA543065405Lifeinsurancecompanies 137.3 13FA753065403ForeignbankingofficesinU.S. 6.0 117.0 12FA763065403U.S.-chartereddepositoryinstitutions 113.7 6.3 11FA213065403Stateandlocalgovernments 119.3 10FA313065405Federalgovernment 9FA113065403Nonfinancialnoncorporatebusiness 8FA103065403Nonfinancialcorporatebusiness 7FA153065403Householdsector 6FA893065405Netchangeinassets 5FA123165403REITs 4FA313165403Federalgovernment 3FA113165405Nonfinancialnoncorporatebusiness 2FA103165405Nonfinancialcorporatebusiness 1FA893065405Netborrowing Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.219 MultifamilyResidentialMortgages heldbyU.S.-chartereddepositoryinstitutionsexcludecharge-offs. (3) Loansmadeunderhomeequitylinesofcreditandloanssecuredbyjuniorliens.Excludesheldindividuals.Home (2) Charge-offsareexcludedfromtransactions(line1)andaccountedforasotherchangesinvolume.Quarterlyfiguresshownatanunadjustedquarterlyrate.Databegin2007:Q1. (1) Mortgageson1-4familypropertiesincludingmortgagesfarmhouses. 0721 092018 2019 2018 2017 3. 0. 2. 3. 5. 4. 6. 3. 4. 5 341.8 335.8 2 368.6 331.5 1 241.5 315.7 341.8 255.5 356.6 335.8 337.6 231.0 368.6 321.9 245.4 241.5 303.3 312.2 255.5 330.8 308.7 337.6 286.5 321.9 313.2 303.3 330.8 2. 1. 2. 4. 3. 511031491046 130.4 164.9 100.3 95.1 1 130.4 131.7 164.9 141.2 100.3 122.7 95.1 115.3 120.9 131.7 141.2 122.7 115.3 120.9 1. 81-. 1. 74-. 5417-. 21 -2.7 20 -77.3 1.7 14.9 -5.4 12.2 -0.2 -3.1 -7.4 -8.8 -18.9 8.8 -1.7 -13.3 -8.1 3.1 -11.4 -28.4 6 -10.6 -10.6 -10.6 -10.6 -10.6 -10.6 -10.6 -10.6 -10.6 741. 5558494439363623 3.6 3.6 3.9 4.4 4.9 5.8 15.5 14 88.6 19.7 38.9 27.4 42.7 27.8 33.7 36.7 49.5 41.8 42.1 572. 352. 091. 301. . 14 8.7 13.8 13.0 18.4 20.9 21.9 13.5 20.6 15.7 23-. 03-. 2314-. 00-. 29 -1.2 -0.0 -1.5 1.4 -2.3 -3.9 -0.3 -1.6 16 -2.3 -0.1 -0.1 -0.1 9 -0.1 0.1 -0.1 0.8 -0.1 -1.1 -0.1 0.2 -0.1 0.4 -0.1 0.3 0.0 0.1 -0.8 24-. 02-. 01-. 01-. 0120 19 -0.1 16.5 -0.2 7.4 -0.1 -0.5 15 -0.2 -0.3 -2.5 -0.1 -0.3 -3.0 -0.1 -0.3 10.2 -0.2 10 -0.3 5.2 0.0 -0.7 -0.3 -1.1 13.7 -2.4 -0.3 -4.4 -14.9 -0.3 -0.2 5 3.5 -0.3 -0.2 -2.2 -0.3 -0.3 -0.9 -0.3 -2.2 -0.3 -13.8 -0.4 -3.3 -0.4 -4.4 -4.7 . 0006010914-. . . 28 1.5 27 3.0 0.4 -1.4 -0.9 11.5 1.4 1.5 0.9 22 10.0 33.4 0.1 3.9 18.7 0.6 3.7 22.6 15 -0.0 0.9 12.4 5.3 0.3 33.2 3.7 5.9 10.3 1.6 21.8 3.3 10 7.7 1.9 6.6 4.8 -3.6 6.8 -5.3 2.4 1.0 6.3 -18.8 2.3 2.3 -1.5 -9.0 2.1 ...... 21 7.3 2.6 2.9 3.0 0.8 1.7 3.9 11 1.4 1.4 7 -2.9 0.0 1.6 -4.2 0.0 0.6 4 0.0 0.0 -14.8 0.0 0.0 1.5 0.0 0.0 -1.3 0.0 0.0 -7.2 1.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 65

Transactions Transactions 9 F43655 gny n S-akdmrgg ol ...... 19 0.0 18 -0.2 0.0 -1.0 15 0.0 1.2 14 13 -0.2 -0.3 -1.8 0.0 -0.3 -1.3 0.9 7.4 0.0 0.4 -0.4 -0.2 -0.0 12 8 9 91.2 0.0 1.4 0.5 -0.4 1.0 4.4 -0.6 87.1 0.0 3.3 -0.4 0.5 1.0 7.8 -0.1 78.5 -0.5 0.0 2.9 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates 0.5 0.7 1.9 -9.8 61.6 F.221 FarmMortgages(1) -0.6 0.0 0.7 0.5 1.2 0.9 68.9 -2.6 2 -0.5 3 2.7 14.9 0.5 (1) Liabilityofthehouseholdsandnonprofitorganizationssector(tableF.101). 4.0 12.4 1.7 31.4 4 -0.0 79.6 22FA643065505REITs 2.4 12.4 134.4 0.5 7.8 0.6 50.4 21FA613065503Financecompanies 143.7 58.5 12.4 0.5 25.4 20FA673065505ABSissuers 0.9 55.0 85.7 19FA413065505Agency-andGSE-backedmortgagepools 12.4 47.0 0.5 1.0 93.5 18FA223065545Stateandlocalgovt.retirementfunds 12.3 24.5 17FA573065505Privatepensionfunds 90.4 0.9 0.8 12.3 33.9 16FA543065505Lifeinsurancecompanies 25.5 15FA513065505Property-casualtyinsurancecompanies 12.4 38.5 106.6 14FA743065505BanksinU.S.-affiliatedareas 12.3 13FA753065503ForeignbankingofficesinU.S. 46.6 84.5 12FA763065503U.S.-chartereddepositoryinstitutions 11.7 29.6 69.9 11FA213065503Stateandlocalgovernments 10FA313065505Federalgovernment 9FA113065503Nonfinancialnoncorporatebusiness 8FA103065503Nonfinancialcorporatebusiness 7FA153065505Householdsector 6FA893065505Netchangeinassets 5FA123165503REITs 4FA113165505Nonfinancialnoncorporatebusiness 3FA103165505Nonfinancialcorporatebusiness 2FA163165505Nonprofitorganizations(1) 1FA893065505Netborrowing Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.220 CommercialMortgages 66 3 F43665 oenetsosrdetrrss40596457636861606613 6.6 12 6.0 0.0 14 -1.3 10 6.1 0.1 0.0 9 -0.0 4.2 6.8 0.0 0.0 -0.0 4.1 6.3 6 0.5 -0.0 0.0 0.1 4.1 5.7 -0.6 -0.0 0.0 0.1 4.1 0.0 2 6.4 -0.0 3 0.0 4.0 0.1 7.0 4.4 -0.0 -0.4 5.9 0.0 3.8 0.1 7.2 4.4 0.1 -0.2 4.0 0.0 3.7 0.1 7.1 -1.0 4.1 -0.0 0.0 3.9 0.0 6.9 -0.1 4.4 3.2 0.1 6.4 4.0 (1) Excludesmortgagesonfarmhouses. 3.4 0.1 6.2 14FA413065605Agency-andGSE-backedmortgagepools 3.9 0.1 13FA403065605Government-sponsoredenterprises 7.0 12FA223065643Stateandlocalgovt.retirementfunds 3.0 6.5 11FA543065633Lifeinsurancecompanies 3.0 7.2 10FA753065603ForeignbankingofficesinU.S. 9FA763065633U.S.-chartereddepositoryinstitutions 8FA213065603Stateandlocalgovernments 7FA313065605Federalgovernment 6FA113065603Nonfinancialnoncorporatebusiness 5FA153065605Householdsector 4FA893065603Netchangeinassets 3FA233165605Nonfinancialnoncorporatebusiness 2FA183165605Nonfinancialcorporatebusiness 1FA893065603Netborrowing

Z.1, March12,2020 0721 092018 2019 2018 2017 2. 3. 5. 521821999. 1. 7. 6 176.8 210.9 90.6 149.9 1 176.8 128.2 210.9 45.2 90.6 157.1 149.9 132.0 128.2 121.5 45.2 157.1 132.0 121.5 133. 713. 653. 593. 3116 23.1 38.1 15.9 31.5 26.5 37.5 27.1 5 33.6 -1.3 21.3 4.4 -2.2 -3.1 1.0 -26.5 -0.5 -11.4 10.3 02951. . . 081. 101. 4 11.0 11.0 1 10.9 11.0 10.8 11.0 9.6 10.9 9.6 10.8 10.9 9.6 9.5 9.6 10.2 10.9 9.5 10.2 06-. . . 071. . . 0421 -0.4 1.2 20 23.8 1.2 63.2 15.1 -30.0 -0.7 9.7 0.8 -18.9 4.3 -24.2 -0.2 16.7 7 15.0 -0.6 0.1 -0.6 0.1 0.0 0.1 0.1 0.0 0.1 0.0 -0.1 . 112. 273. 422. 623. 22 35.3 16.2 17 3.1 20.7 3.9 24.2 36.2 2.5 12.7 2.4 24.1 11 2.6 10 0.3 11.1 -0.1 3.0 0.7 -0.6 -4.6 3.0 -0.8 1.8 0.1 2.9 2.6 -3.0 4.8 3.9 0.3 2.2 -0.3 -0.1 -1.4 2.8 0.3 0.7 ...... 11 0.7 0.7 7 0.7 8 1.3 0.0 0.7 1.3 -0.0 0.9 5 1.2 -0.1 -0.6 0.9 0.0 -1.1 0.3 0.7 -1.8 -0.2 0.8 0.9 -1.2 0.0 0.8 1.8 -2.2 -0.0 1.0 -2.3 -0.1 0.8 -1.2 0.0 0.6 -2.2 0.7 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

A0060 Gvrmn-pnoe nepie ...... 9 0.0 0.0 0.0 5 0.0 3 7 0.0 -2.5 75.1 4 0.0 32.7 0.0 94.1 -3.3 0.0 -11.8 104.5 0.0 -4.5 -12.5 (5) Includesstudentloansbefore2006:Q1. 0.0 82.6 -3.9 financecompanies(partofline11).Databeginin2006:Q1. 0.0 -8.4 (4) Includesstudentloansheldbynonprofitorganizations(line3),thefederalgovernment6),depositoryinstitutions(partoflines7and8), 62.7 0.0 -3.3 (3) Revolvingcreditthatalsoincludesoverdraftplansoncheckingaccountsandotherloanswithoutafixedrepaymentschedule. 0.0 27.2 loansthatthegovernmentpurchasedfromdepositoryinstitutions,financecompanies,andnonprofiteducationalindefault. 65.5 0.0 (2) IncludesloansoriginatedbytheDepartmentofEducationunderFederalDirectLoanProgramandPerkinsLoans,aswellFamily -4.5 -12.4 1 0.0 (1) StudentloansoriginatedundertheFederalFamilyEducationLoanProgram.Assetsofhouseholdsandnonprofitorganizationssector(tableF.101). 89.1 184.8 0.0 0.0 -3.6 62.5 15FA153166205Otherconsumercredit(5) 199.7 14FA153166220Studentloans(4) -3.8 0.0 0.0 168.5 13FA153166400Autoloans 79.8 12FA153166100Creditcardloans(3) 171.2 -6.2 0.0 -1.1 Memo: 214.7 212.9 11FA613066005Financecompanies 10FA673066000ABSissuers 181.0 9FA403066005Government-sponsoredenterprises 181.8 8FA473066000Creditunions 184.0 7FA763066000U.S.-chartereddepositoryinstitutions 6FA313066220Federalgovernment(2) 5FA113066003Nonfinancialnoncorporatebusiness 4FA103066005Nonfinancialcorporatebusiness 3FA163066223Nonprofitorganizations(1) 2FA153166000Netchangeinassets 1FA153166000Netchangeinliabilities(Households) Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.222 ConsumerCredit 0721 092018 2019 2018 2017 8. 8. 8. 1. 1. 7. 6. 9. 8. 2 184.8 199.7 168.5 171.2 214.7 212.9 181.0 181.8 184.0 1. 1. 39-. . 97-. 567510 7.5 -5.6 -7.7 -9.7 4.3 -5.5 -3.9 -11.5 -15.2 073. 366. 563. . 572. 15 20.4 14 72.8 13 35.7 42.1 12 49.4 76.9 2.6 48.5 38.6 82.9 28.2 35.9 54.8 64.8 54.6 25.6 15.9 86.6 8 50.5 66.2 -0.9 52.0 73.4 6 38.3 23.6 68.3 34.9 74.3 36.1 43.3 31.2 88.9 39.7 78.9 -12.5 40.0 10.7 92.4 30.2 31.6 82.0 37.2 83.4 32.8 54.2 85.4 87.8 88.2 13.2 83.3 50.8 90.7 38.1 96.3 77-. . 6256-. . . . 11 4.5 1.4 8.7 -3.0 5.6 -6.2 2.9 -7.0 -7.7 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 67

Transactions Transactions 2 F73613 oeg akn fie nUS ...... 22 26 0.0 3.8 27 23 0.0 -56.8 -14.3 6.2 21 -0.6 -95.8 19 -10.1 0.0 -3.4 25.4 -2.7 -96.5 -0.2 0.0 -3.4 -5.5 -122.4 1.9 -74.4 87.4 -3.4 0.0 -10.1 -6.0 2.4 -115.6 13.6 -3.4 0.0 17 -5.2 -92.9 -46.2 4.9 38.5 -3.4 -27.6 0.0 -21.7 -46.2 4.0 -4.6 -3.4 -61.9 6.5 -46.2 33FA263064105Restoftheworld(3) 0.0 0.3 20.8 -3.4 -46.2 10 32FA503064105Otherfinancialbusiness 0.0 0.8 31FA663064103Brokersanddealers 9.8 -42.9 2.5 -3.4 30FA563064100Exchange-tradedfunds -49.9 -5.5 -3.4 -2.0 29FA553064103Closed-endfunds -46.2 28FA653064100Mutualfunds 4.1 6 4 -46.2 -19.5 27FA223064145Stateandlocalgovt.retirementfunds 3.9 -10.8 26FA343064105Federalgovernmentretirementfunds -89.2 -17.1 25FA573064105Privatepensionfunds 5 4.8 24FA543064105Lifeinsurancecompanies 6.9 -8.1 -16.6 3 23FA513064105Property-casualtyinsurancecompanies 188.6 -7.4 -23.4 -7.2 1.3 22FA753064103ForeignbankingofficesinU.S. 180.4 21FA763064105U.S.-chartereddepositoryinstitutions -24.3 -2.8 -6.1 20FA713064103Monetaryauthority -6.7 345.0 -6.0 4.5 -4.0 19FA213064103Stateandlocalgovernments 128.1 0.4 2 18FA313064105Federalgovernment -19.2 73.1 -326.0 0.9 -12.5 2.7 -11.9 17FA103064103Nonfinancialcorporatebusiness -470.7 205.4 -12.1 16FA153064105Householdsector -147.0 -16.2 1.4 210.5 -6.3 -690.5 15FA893064105Netpurchases 197.6 -751.4 -5.2 -9.7 14FA263164100Restoftheworld(2) 418.9 -185.6 2.8 13FA503164105Otherfinancialbusiness -408.5 -12.8 12FA733164103Holdingcompanies -529.7 11FA663164103Brokersanddealers -320.8 10FA403164105Government-sponsoredenterprises 9FA643164103REITs 8FA564090005Exchange-tradedfunds 7FA554090005Closed-endfunds 6FA543164173Lifeinsurancecompanies 5FA513164103Property-casualtyinsurancecompanies 4FA763164103U.S.-chartereddepositoryinstitutions 3FA793164105Domesticfinancialsectors 2FA103164103Nonfinancialcorporatebusiness 1FA893064105Netissues Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.223 CorporateEquities(1) 68 1 F23625 tt n oa ot eieetfns162. 61-704. 5. . . 4311 24.3 8 7.5 4.0 1.3 6 2.7 -1.4 -57.6 4 4.9 -0.2 -9.8 48.3 -1.1 0.1 -9.8 -57.0 -4.8 -6.1 -6.2 -9.8 -1.4 24.5 -0.5 -9.8 2.6 1.6 -1.0 -9.8 -1.1 -1.9 -9.8 1.2 -5.9 -9.8 (1) Sharesofopen-endinvestmentcompanies; excludes sharesofmoneymarketfundsandexchange-tradedfunds. 0.0 -9.8 12FA263064203Restoftheworld 7.6 11FA223064205Stateandlocalgovt. retirementfunds 10FA573064205Privatepensionfunds 9FA543064205Lifeinsurancecompanies 8FA513064205Property-casualtyinsurancecompanies 7FA473064205Creditunions 6FA763064203U.S.-chartereddepositoryinstitutions 5FA213064203Stateandlocalgovernments 4FA103064203Nonfinancialcorporatebusiness 3FA153064205Householdsector 2FA653164205Netpurchases 1FA653164205Netissues Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.224 MutualFundShares(1) (3) NetpurchasesofU.S.issuesbyforeignresidents. (2) NetpurchasesofforeigncorporateequitiesandinvestmentfundsharesbyU.S.residents;includesAmericanDepositaryReceipts(ADRs). (1) Includessharesofexchange-tradedfunds,closed-endandrealestateinvestmenttrusts.ExcludesmutualfundshownontableL.224.

Z.1, March12,2020 0721 092018 2019 2018 2017 134-2. 232-1. 120-3. 159-9. 20328 -230.3 -192.1 -195.9 -234.4 -102.0 -116.8 -213.2 -120.5 -133.4 1. 64-1. 273270-8. 40-1. 7. 33 271.9 -210.4 74.0 30 197.3 -981.0 141.5 297.0 204.4 -237.3 -211.4 120.3 96.4 132.6 116.9 270.2 165.9 210.4 347.3 16 135.1 -8.7 15 29.0 110.3 14 -556.4 697.7 166.3 -34.7 -494.4 -266.1 -771.2 509.0 -232.6 -420.3 -208.9 233.6 150.2 8 258.0 -89.7 348.4 -333.3 130.3 133.3 324.9 -138.0 -135.3 238.0 359.8 194.1 257.0 139.9 259.7 346.5 1 322.5 29.0 311.0 -556.4 471.0 -34.7 -771.2 -420.3 150.2 -333.3 -138.0 238.0 0. 2. 4. 3. 662165-7. 6. 0. 3 605.6 2 491.5 361.6 1 105.0 -174.4 491.5 33.9 186.5 105.0 -676.2 33.9 210.0 433.3 -583.2 210.0 244.9 114.8 -583.2 -25.1 210.1 114.8 309.1 -63.3 210.1 318.4 -63.3 318.4 2. 1. 2. 45-6. 3. 22-32-4931 -94.9 -23.2 62.2 -35.1 -164.2 44.5 25 -111.5 -22.8 -104.0 -19.9 -103.5 -26.3 -142.3 -20.5 -130.2 -115.3 -98.4 -53.1 12 -183.6 -164.2 -119.8 -131.0 -176.7 -148.9 -149.7 -111.3 -78.6 7. 8. 8. 8. 9. 5. 110-50-619 -86.1 -95.0 -101.0 -59.2 -91.1 -88.5 -85.3 -87.0 -75.9 182. 673. 513. 073. 969 29.6 33.7 50.7 32.7 15.1 33.2 36.7 21.5 41.8 262. 44-3. 6. 1. 0. 8. 3. 12 -39.9 10 -6.0 -82.5 -80.4 305.9 5.0 114.1 166.9 41.3 -132.2 -18.7 74.4 -29.8 28.7 -10.0 32.6 10.8 40.8 05-. . . 020553-. . 29 4.7 -0.1 5.3 0.5 -0.2 24 -46.3 0.2 -22.5 18 0.0 -31.6 2.6 0.0 -17.3 -0.4 -53.7 0.0 -0.5 -48.3 0.0 -29.4 -44.4 0.0 -5.9 -0.1 0.0 4.0 -0.1 ...... 32 0.0 0.0 0.0 0.0 0.0 0.0 20 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 0.0 0.0 0.0 0.0 11 12.5 0.0 0.0 2.6 7 4.6 0.0 0.0 64.7 6.3 0.0 8.6 6.9 0.0 6.7 5.7 0.0 -1.5 0.0 0.0 22.1 -2.3 -0.9 0.0 9.3 5.9 1.0 0.7 . . . 00150907-. 047 -0.4 5 1.2 -0.1 0.7 1.2 0.9 1.2 1.5 1.2 -0.0 1.2 0.3 1.2 0.4 1.2 0.1 1.2 1.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F23703 tt n oa oenet 081. 093. . . 571. . 16 9.4 17 8.4 16.0 -9.5 15.7 23.3 14 2.4 65.4 16.2 6.9 69.3 13 -6.3 -37.8 48.2 31.5 -108.6 10.0 11 60.7 172.5 48.7 10.9 7 9.6 266.7 0.7 112.8 -28.0 15.6 6 -179.6 17.8 39.6 51.1 281.0 1.3 10.8 303.1 9.4 385.2 60.9 50.4 73.2 3.7 -29.8 71.2 50.4 2 143.2 4 426.8 0.9 21FA903070005Discrepancy 13.0 3 83.8 57.6 49.1 162.5 171.7 -7.3 20FA263070005Restoftheworld 9.0 13.0 97.4 48.6 295.7 -30.5 19FA673070003ABSissuers 13.0 54.5 302.7 9.1 48.6 1 18FA543070005Lifeinsurancecompanies 98.2 17FA513070005Property-casualtyinsurancecompanies 81.1 13.0 71.0 50.2 1.6 256.5 16FA213070003Stateandlocalgovernments 164.6 13.4 140.2 48.1 -78.9 15FA313070000Federalgovernment 8.4 223.6 45.6 13.4 251.3 45.3 14FA113070003Nonfinancialnoncorporatebusiness 408.2 13FA103070005Nonfinancialcorporatebusiness 1.0 76.7 13.0 79.2 114.8 12FA163070005Nonprofitorganizations(1) 85.3 13.4 137.6 381.9 11FA893070005Netchangeintradereceivables 81.3 73.0 219.4 14.9 10FA263170005Restoftheworld 302.7 288.1 9FA663170003Brokersanddealers 8FA543170005Lifeinsurancecompanies 7FA513170005Property-casualtyinsurancecompanies 6FA213170003Stateandlocalgovernments 5FA313170005Federalgovernment 4FA113170005Nonfinancialnoncorporatebusiness 3FA103170005Nonfinancialcorporatebusiness 2FA163170005Nonprofitorganizations(1) 1FA893170005Netchangeintradepayables Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.225 TradeCredit A6000 US-hree eoioyisiuin ...... 7 7.2 5.8 8.2 5.4 1.7 5.1 6.6 3.9 6.4 10FA543141905Restoftheworld 9FA733040005Holdingcompanies 8FA543040005Lifeinsurancecompanies 7FA763040005U.S.-chartereddepositoryinstitutions 6FA153040005Householdsector 5FA893140005Netchangeinassets 4FA263140005Restoftheworld 3FA543140005Lifeinsurancecompanies 2FA313140003Federalgovernment 1FA893140005Netchangeinliabilities Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.226 LifeInsuranceReserves (1) Includedinthehouseholdsandnonprofitorganizationssector(tableF.101). 0721 092018 2019 2018 2017 1. . 77-491462. 5. 9. 2421 32.4 192.6 -57.4 23.0 144.6 -44.9 47.7 7.0 -14.5 653. . 621. 108520-2320 -12.3 18 7.3 2.0 5.7 8.5 3.5 31.0 14.5 2.6 26.2 -0.8 7.3 -0.7 32.6 4.8 8 46.5 7.0 -0.7 11.1 10.3 5 2.7 6.3 2.0 4.7 -1.1 15.3 27.7 14.9 25.7 7.1 22.0 15.2 7.8 37.5 20.1 19.4 42-621. 3. 3. . . 403. 8 30.9 6 48.0 14.0 5 94.4 4 69.9 8.6 16.5 94.2 3 31.0 6.4 77.6 3.7 52.2 20.8 1 88.9 -36.3 94.4 2.3 36.9 56.0 -35.3 50.3 94.2 16.1 1.7 38.6 15.0 33.1 52.2 3.3 42.4 -31.7 -36.2 47.5 36.9 69.4 49.4 -30.8 34.2 33.4 16.1 6.0 11.9 19.0 62.5 3.3 66.4 -31.6 43.3 69.4 23.1 43.4 11.9 66.4 151406-. . 25-. 168319 8.3 -1.6 -1.6 -2.5 8.9 -1.0 0.6 1.4 -1.5 020209070320-. . . 2 0.3 1.6 -0.4 2.0 0.3 0.7 0.9 0.2 -0.2 . 04-. 38963261-. 4815 -4.8 -6.1 12 4.8 6.1 4.8 3.2 4.8 10 9.6 -71.1 9 4.8 18.9 13.8 1.2 4.3 -1.9 -0.4 1.8 4.3 -7.3 10.4 0.5 0.1 4.8 9.8 -7.5 4.3 -6.5 -68.4 -15.3 6.3 -16.6 2.4 -1.0 7.7 -27.8 7.9 ...... 9 10 4.2 4.0 0.6 4.0 0.4 4.0 0.3 4.0 -9.3 4.0 -9.0 4.0 1.4 4.0 -9.3 4.0 2.7 4.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 69

Transactions Transactions 7 F13355 te efdrce cons3. 4. D8. 4. 955. 9. D17 ND 390.1 52.9 -9.5 12 ND 443.7 84.7 -116.5 11 8.6 ND ND 144.7 -102.8 343.9 82.2 35.8 176.5 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates 39.3 13.9 F.228 TaxesPayablebyBusinesses 2 343.6 ND 26.4 4 234.3 inthelifeinsurancesector(line14)andexcludedfrommoneymarketfundmutualsectors(lines1516). 80.8 5 21.0 74.7 (5) Assetofthehouseholdandnonprofitorganizationssector(tableF.101).Figuresfordepositories(lines1213)includeKeoghaccounts.VariableannuitiesinIRAsareincluded ND 280.5 (4) Excludesallindividualretirementaccounts(IRAs),exceptthoseatlifeinsurancecompanies. 88.7 -13.1 17.2 (3) IncludestheThriftSavingsPlan,NationalRailroadRetirementInvestmentTrust,andotherfederalgovernmentretirementfunds. 237.1 176.6 (2) Includesunallocatedinsurancecompanycontractsbeginning1985:Q4. 88.6 -56.6 239.6 (1) Annuities,includingthoseinIRAs. 120.1 249.7 86.0 110.5 17FA153131575Otherself-directedaccounts 228.8 -17.9 16FA653131573Mutualfunds 29.5 15FA633131573Moneymarketfunds 267.8 15.4 14FA543131503Lifeinsurancecompanies 104.0 13FA473131573Creditunions 251.8 37.2 86.0 12FA763131573U.S.-chartereddepositoryinstitutions 241.2 11FA893131573IndividualRetirementAccounts(IRAs):(5) 5.3 85.7 241.9 Memo: 83.2 10FA543151905Restoftheworld 9FA543050005Lifeinsurancecompanies 8FA153050005Households(4) 7FA893150005Netchangeinassets 6FA263150005Restoftheworld 5FA224190005Stateandlocalgovt.retirementfunds 4FA344090005Federalgovernmentretirementfunds(3) 3FA574190005Privatepensionfunds(2) 2FA543150005Lifeinsurancecompanies(1) 1FA893150005Netchangeinliabilities Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.227 PensionEntitlements 70 A5000 Ttlhueodivsmn 669. 581177. 609. 319. 1 2 94.7 83.1 93.1 84.3 99.6 99.6 96.0 95.3 70.0 72.0 141.7 132.8 95.8 90.6 95.1 85.5 66.6 65.6 9 5 -49.1 0.8 3 -126.6 8.7 4 -3.6 -127.2 22.8 -84.8 9.2 -5.5 2 3FA662090003Brokersanddealers 40.8 -9.6 2FA112090205Nonfinancialnoncorporatebusiness -41.8 4.1 6.4 13.8 -4.2 1FA152090205Totalhouseholdinvestment -8.8 1 2.9 8.0 13.1 -16.8 -97.0 -73.1 Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates 44.5 34.0 -0.1 14.9 -41.4 -14.2 F.229 Proprietors’EquityinNoncorporateBusiness 22.3 232.0 3.7 -65.1 5.2 -1.0 -12.8 15.1 -0.7 26.6 8.1 12FA903078005Discrepancy 60.5 5.4 -26.4 4.9 9.4 11FA213078005Stateandlocalgovernments 51.8 -14.1 32.6 10FA313078000Federalgovernment 7.6 -7.7 211.1 9FA893078005Netchangeinbusinesstaxesreceivable -5.4 8FA663178005Brokersanddealers 7FA613178005Financecompanies 279.5 6FA543178075Lifeinsurancecompanies 5FA513178005Property-casualtyinsurancecompanies 4FA763178003U.S.-chartereddepositoryinstitutions 3FA113178003Nonfinancialnoncorporatebusiness 2FA103178005Nonfinancialcorporatebusiness businesses 1FA893178005Netchangeintaxespayablebyall

Z.1, March12,2020 0721 092018 2019 2018 2017 7. 9. 1. 4. 8. 7. 0. 3. 5. 8 457.2 7 434.1 429.5 3 405.0 446.5 58.4 374.8 412.1 41.3 385.0 380.9 64.1 348.5 496.8 1 99.4 417.8 429.5 457.4 399.1 446.5 417.2 69.1 475.0 412.1 510.2 46.1 380.9 483.2 65.8 496.8 87.5 457.4 417.2 149.2 510.2 483.2 2. 5. 150-29-93-60-3. 100-1010 -61.0 -140.0 -133.0 -86.0 -59.3 -12.9 -105.0 -50.8 223.8 11-35N 31-4. 0. 99-75N 16 14 ND ND -37.5 19.7 29.9 29.1 100.0 43.7 -245.8 -35.8 93.1 17.9 ND ND -13.5 -0.4 81.1 20.7 753. 935. 0. 216. 6. 2212 62.2 160.6 8 62.2 -6.6 7 -1.2 72.1 -1.1 -1.7 102.3 -0.7 56.1 -2.2 2.6 89.3 0.8 0.1 36.0 0.6 2.3 47.5 -3.5 -1.4 -1.1 0.5 -3.0 10.3 11.0 402. D2. 0. . 208. D15 13 ND ND 84.0 4.2 52.0 3.9 4.0 3.9 100.0 -0.6 24.0 0.7 ND ND 25.0 -0.2 -4.0 -0.4 . 10-. 081. . . . 3010 -3.0 9 0.9 -24.7 11.5 0.5 6 -16.6 6.5 0.5 4.6 5.6 11.1 2.7 100.8 10.8 98.2 2.3 -0.3 -0.3 59.0 11.0 100.1 57.5 0.4 7.8 -1.8 58.7 3.6 . . . . 2007-. . 153 11.5 8.8 -0.0 0.7 -2.0 8.8 5.2 11 11.9 9.5 13.4 5.8 1.0 1.2 6 -1.8 17.5 -0.8 8.7 -3.7 8.1 2.7 9.4 -6.2 8.2 -1.1 -0.9 -2.9 2.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

1 F23933 ..aflae’laiiis(ie3)66-01652. 7. . . 1. 6641 26.6 40 -12.0 100.1 -2.6 9.4 36 -11.3 77.2 2.1 35 17.5 137.9 88.1 -79.0 -4.4 -57.5 -180.8 21.1 133.7 6.9 20.8 37 -159.3 6.5 214.2 65.7 53.8 -30.5 150.6 -60.1 30 31 -38.7 -7.3 -9.3 29 26.6 -11.3 373.0 37.9 6.6 32 39.8 261.8 2.2 13.7 17.5 440.3 -12.0 -29.5 133.3 23 210.9 44.5 9.4 -4.4 0.0 28.6 13.8 445.1 507.7 27 28 3.8 6.9 125.3 23.0 2.1 -4.8 31.5 0.0 14.6 294.5 24 125.5 125.3 102.8 -132.8 53.8 258.4 14.7 -79.0 0.0 153.1 19 28.4 135.6 211.4 354.7 11.3 21.1 -7.3 14.7 166.6 0.0 26 41FA263092323U.S.affiliates’liabilities(line32) 300.2 217.9 4.4 -37.9 15.9 6.5 40FA263092313U.S.parents’liabilities(line8) 149.9 14.8 2.2 17 345.3 -78.5 39FA263092345Intercompanydebt 0.0 -10.8 39.6 16 145.6 -88.7 38FA263092101Equity(line27) 1.7 14.9 0.9 337.9 -60.1 384.6 28.6 18 37FA263092035NetU.S.incurrenceofdirectinvestmentliabilities -4.2 142.6 133.3 -16.3 -2.9 0.0 494.2 6.6 14.9 12.8 23.0 0.2 146.8 36FA263192323U.S.affiliates’claims(line33) 183.6 -2.1 226.6 1.3 35FA263192313U.S.parents’claims(line7) 0.0 14.7 -2.1 107.7 320.8 34FA263192345Intercompanydebt 12 1.1 268.4 7.2 -0.9 33FA263192101Equity(line2) -3.3 14.9 320.2 15 6.8 0.0 32FA263192035NetU.S.acquisitionofdirectinvestmentassets 291.9 102.4 2.1 4.1 7.0 79.6 14.6 -1.6 Directinvestment,asset/liabilitypresentation: 112.9 10.4 0.0 11 210.4 3.9 -6.1 7.0 4.9 275.2 -2.1 Memo: 4.1 10 200.5 -5.2 320.7 4.5 3.6 -2.5 0.9 7 31FA263192323Less:U.S.affiliates’claims 12.7 7.0 307.2 30FA263092323U.S.affiliates’liabilities 137.9 -9.8 8 6 29FA263092303Intercompanydebt -6.9 9 1.1 6.5 -1.6 0.3 454.3 100.1 -57.5 28FA263092193Ofwhich:Current-costadjustment 37.8 162.4 -7.2 27FA263092125Reinvestedearnings 202.8 -2.0 10.7 -2.6 2.9 133.7 7.7 9.5 4 92.1 26FA263092113Equity(otherthanreinvestedearnings) -55.0 1.4 5 231.6 25FA263092101Equity 110.9 -159.3 -2.2 0.4 77.2 23.1 56.5 355.8 24FA263092001Asset:Restoftheworld(1) 2.7 1 -1.3 248.9 -30.5 171.2 -0.4 173.0 -116.7 88.1 -11.7 23.0 23FA503192003Otherfinancialbusiness -247.3 3 283.1 -9.3 28.3 118.3 246.1 22FA733192003Holdingcompanies 24.3 20.8 150.3 2.7 -180.8 21FA663192005Brokersanddealers 22.9 164.3 13.7 372.3 154.8 2.2 20FA613192003Financecompanies -30.1 20.8 2.1 -5.2 -50.6 19FA543192073Lifeinsurancecompanies 22.8 -63.5 123.4 44.5 -52.0 18FA513192003Property-casualtyinsurancecompanies 10.8 65.7 75.7 7.0 32.7 -68.9 17FA753192003ForeignbankingofficesinU.S. 229.8 22.5 83.2 3.8 16FA115114005Nonfinancialnoncorporatebusiness 1.5 -38.7 182.3 197.9 282.3 19.6 15FA103192005Liab.:Nonfinancialcorporatebusiness 12.2 22.4 -36.0 39.8 -229.7 150.0 130.1 ForeigndirectinvestmentinU.S.: 22.9 328.0 -68.4 152.3 14FA663092003Brokersanddealers 22.2 321.8 13FA613092003Financecompanies 19.7 12FA543092073Lifeinsurancecompanies 21.4 11FA513092003Property-casualtyinsurancecompanies 78.0 10FA763092000U.S.-chartereddepositoryinstitutions 9FA103092005Asset:Nonfinancialcorporatebusiness 29.9 8FA263092313Less:U.S.parents’liabilities 7FA263192313U.S.parents’claims 6FA263192305Intercompanydebt(2) 5FA263192193Ofwhich:Current-costadjustment 4FA263192125Reinvestedearnings 3FA263192113Equity(otherthanreinvestedearnings) 2FA263192101Equity 1FA263192005Liab.:Restoftheworld(1) U.S.directinvestmentabroad: Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.230 DirectInvestment (2) Through1992:Q4,U.S.directinvestmentabroadexcludesnetinflowsfromcorporatebondsissued byNetherlandsAntilleanfinancialsubsidiaries. (1) Directinvestmentispresentedonadirectionalbasis. 0721 092018 2019 2018 2017 0. 5. 2. 6. 7. 5. 8. 6. 7538 87.5 165.1 286.4 350.1 33 135.2 470.7 173.3 465.8 315.8 222.3 183.9 357.2 79.5 308.2 228.0 202.0 -151.6 25 87.5 357.9 165.1 286.4 350.1 470.7 465.8 222.3 357.2 308.2 2 135.2 173.3 315.8 183.9 79.5 228.0 202.0 -151.6 357.9 64-887. 19-5. 028. 1. 2. 39 126.7 -14.5 86.6 90.2 34 126.6 -259.8 -40.0 41.9 129.3 72.2 -152.4 23.3 -98.8 46.4 -16.6 15.9 73.2 26.7 21 10.7 52.3 28.7 59.9 -160.8 13 15.1 27.8 30.6 37.9 9.5 -28.5 34.1 13.0 -13.0 16.8 17.0 2.5 15.1 823. 2. 2. 6. 5. 66-469022 9.0 -44.6 -6.6 -51.7 169.4 -28.7 -23.5 33.0 -8.2 . . . 0684-. . . . 20 4.8 1.7 5.6 -4.1 8.4 14 3.7 10.6 0.5 2.0 20.0 8.1 24.8 1.8 5.3 -20.9 12.3 -8.1 8.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 71

Transactions Transactions 0 F43905 oenetsosrdetrrss-98-573. 2. 2. 075. 94-3040 -33.0 79.4 50.2 30.7 35 -22.9 -13.3 36 221.3 30 -24.0 -461.9 -18.8 32 224.5 57.2 234.5 31.8 6.9 29 283.8 92.1 -13.3 37.1 -15.7 329.7 -20.1 -35.8 32.0 48FA903090005Discrepancy -39.8 28.7 -22.7 25 -14.3 9.6 -66.4 47FA263076005Restoftheworld -65.9 389.6 -25.1 28 2.5 -181.8 -11.2 -37.2 46FA503094505Otherfinancialbusiness 60.4 264.8 46.5 103.0 45FA733090005Holdingcompanies 57.3 -50.0 -2.4 171.5 44FA663090005Brokersanddealers -63.3 13.3 120.6 271.2 8.1 23 50.5 -11.5 -36.5 43FA643090005REITs 419.2 97.3 24.5 24 42FA613090005Financecompanies 87.8 310.0 1.4 5.2 592.1 41FA673090543ABSissuers -411.6 22.4 40FA403093005Government-sponsoredenterprises 329.9 -200.8 -43.4 196.2 -8.4 -22.2 29.1 222.5 -38.9 39FA563093003Exchange-tradedfunds 34.8 7.5 33.7 38FA653093005Mutualfunds 286.1 17.1 37FA633093005Moneymarketfunds -64.5 -6.0 569.7 21.7 36FA223090005Stateandlocalgovt.retirementfunds -29.4 14 197.4 35FA343073045Federalgovernmentretirementfunds -28.0 27.8 192.9 34FA573090005Privatepensionfunds 287.1 33.8 408.6 10 33FA543090005Lifeinsurancecompanies 338.4 -1.0 32FA513090005Property-casualtyinsurancecompanies 75.7 -34.8 289.8 0.0 31FA473090005Creditunions -7.5 12 30FA743093005BanksinU.S.-affiliatedareas 74.2 9 29FA753093005ForeignbankingofficesinU.S. -0.0 31.3 -87.0 28FA763090005U.S.-chartereddepositoryinstitutions 74.1 27FA713090005Monetaryauthority -0.1 18.3 -32.0 111.5 26FA313090005Federalgovernment 6 -39.3 4.8 0.3 25FA213093003Stateandlocalgovernments 184.8 65.6 8 38.6 186.6 210.5 24FA113090005Nonfinancialnoncorporatebusiness 1.4 -2.4 -52.6 23FA103090005Nonfinancialcorporatebusiness -63.2 -306.1 235.0 22FA153090005Householdsector 103.4 -0.3 4 0.3 322.2 3 -32.7 286.5 81.3 125.1 21FA893090005Netchangeinassets 592.6 742.9 -0.9 6.9 -29.9 130.7 42.2 583.5 20FA263190005Restoftheworld -80.8 25.2 0.3 100.1 358.9 523.6 111.1 -166.4 19FA503190005Otherfinancialbusiness 118.3 -6.2 229.2 18FA733193005Holdingcompanies 766.9 236.4 17FA663190005Brokersanddealers 164.0 149.8 587.2 -147.7 16FA643193005REITs 57.6 210.6 139.3 80.8 15FA613190005Financecompanies 14FA403190005Government-sponsoredenterprises 118.5 616.7 103.5 13FA543190005Lifeinsurancecompanies 196.0 12FA513190005Property-casualtyinsurancecompanies 83.7 -282.4 11FA473193005Creditunions 10FA743193005BanksinU.S.-affiliatedareas 9FA753190005ForeignbankingofficesinU.S. 8FA763190005U.S.-chartereddepositoryinstitutions 7FA713190005Monetaryauthority 6FA223073045Stateandlocalgovernments 5FA313190005Federalgovernment 4FA113193003Nonfinancialnoncorporatebusiness 3FA103190005Nonfinancialcorporatebusiness 2FA543077073Householdsector 1FA893190005Netchangeinliabilities Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.231 TotalMiscellaneousFinancialClaims 72

Z.1, March12,2020 0721 092018 2019 2018 2017 512-7. 4. 793-9. 7. 6. 12. 5. 48 552.0 -1020.6 265.1 779.0 -193.8 -759.3 143.9 -673.7 -531.2 18 29.5 -47.6 74.6 -47.9 -3.4 -274.8 2.2 -114.8 -261.4 4. 1. 20362933511. 42517. 4. 21 749.4 1174.5 1402.5 1514.9 333.5 612.9 1210.3 819.8 648.3 1 1301.4 153.9 1667.6 2293.9 139.7 -146.4 1354.2 146.1 117.0 4. 103. 5. 48117-3. 387. 46 71.0 45 93.8 9.4 42 -76.0 -130.0 -108.2 121.7 25.7 316.4 -4.8 11.8 254.4 -54.9 185.8 -8.2 39.1 -212.2 66.9 118.0 81.0 -1.0 -26.7 -41.4 -44.4 -11.7 33 136.0 26.2 146.5 -16.1 119.2 24.5 -13.8 63.8 106.6 48.0 -16.4 17 29.8 8.9 -26.9 185.8 -361.7 104.8 49.4 -32.9 -46.1 0491109898072910-. 47 -0.5 1.0 2.9 0.7 41 43 8.2 44 24.7 -229.2 9.8 51.8 -13.7 4.2 9.8 -62.5 191.7 -5.5 1.0 303.1 1.9 13.3 38 -393.7 -49.6 9.1 8.7 97.0 -7.4 -0.8 10.4 33.3 79.4 3.2 -5.3 -12.4 -54.6 5.1 120.1 24.8 29.9 133.6 3.1 11.5 -39.4 12.0 16.1 26 2.1 -112.2 38.0 5.7 11.9 22 33.0 8.0 28.7 13.1 20 41.7 -106.0 13.6 19.7 17.3 6.9 19 0.2 19.8 41.1 15.0 88.2 -143.2 69.6 10.8 -55.6 45.5 30.2 59.0 -96.2 13 52.1 87.3 -198.1 5.4 54.2 -58.2 162.8 18.7 -34.9 118.4 85.6 11.0 27.0 -57.5 72.6 36.0 5 26.6 113.5 2.9 -489.1 271.4 33.4 115.5 46.3 -63.5 -18.9 -34.5 20.9 0714242. 15-2. 2. . 0. 37 106.3 1.6 128.9 -227.0 71.5 23.5 2.4 27 1.4 6.5 -0.7 -22.8 -19.9 -34.8 -2.9 -30.9 -17.8 -29.5 -6.8 15 -81.0 -26.4 36.0 48.6 -95.0 -81.0 -5.7 -76.2 -3.5 . . . 1. . . 003. 5139 -5.1 37.3 -0.0 1.3 34 32.0 6.5 31 45.4 -0.4 -11.8 14.6 14.2 8.4 35.7 0.2 1.7 -30.9 14.4 -3.9 1.6 15.1 31.9 7.1 -10.9 2.2 7.1 7.4 1.5 16 8.6 28.2 -53.0 11 -15.4 -15.9 -16.7 -16.6 30.2 4.6 -7.9 7 36.5 219.1 2 16.1 -20.9 0.3 -40.6 4.8 -8.5 62.5 3.5 2.1 -278.9 -2.8 213.1 -0.0 -156.0 5.8 1.0 -9.5 -4.9 -15.6 3.4 9.9 1.7 1.9 1.8 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

7 F53935 ib: te iaca uies00000000000000000027 0.0 0.0 0.0 0.0 26 71.0 0.0 93.8 24 0.0 3.2 -130.0 23 0.0 121.7 -14.5 -3.1 -4.8 -64.6 0.0 -2.1 61.7 -54.9 0.0 -8.1 39.1 -8.1 17 6.1 -23.6 81.0 -45.0 1.0 -22.8 -41.4 -3.5 16 -2.3 22.7 1.7 43.4 -0.6 -1.8 1.8 -20.1 10 0.3 12 14 2.1 2.5 1.8 29FA313094303Federalgovernment 15 0.2 -41.6 241.6 28FA153094305Asset:Households(1) -0.1 1.2 27FA503194305Liab.:Otherfinancialbusiness 12.5 0.8 -41.1 1.2 0.0 0.2 EquityinvestmentunderPublic-PrivateInv.Program: 267.7 7 0.3 -4.8 0.0 -0.2 11 -0.0 67.7 0.1 26FA503094505Asset:Otherfinancialbusiness -0.6 0.7 25FA663194505Brokersanddealers -11.0 0.0 5 0.4 9 0.7 249.6 24FA753194503Liab.:ForeignbankingofficesinU.S. 0.2 0.0 0.6 -2.0 2.5 0.1 -171.8 0.0 0.3 Otherfinancialbusinesses’investmentinaffiliates: 0.5 0.2 -7.1 6 134.0 -0.1 -5.4 4 1.2 0.3 23FA103094105Asset:Nonfinancialcorporatebusiness 0.0 0.3 4.8 -0.2 -3.2 3.6 22FA103094105Liab.:Financecompanies 0.1 3.9 -0.1 0.6 -0.3 -0.0 0.9 -0.0 26.8 NFCinvestmentinfinancecompanyaffiliates: 0.4 -0.1 -10.7 -0.0 -10.6 -0.1 -0.0 0.5 21FA733094705Asset:Holdingcompanies 0.5 4.0 4.5 -0.5 0.6 0.0 20FA263194735Restoftheworld 0.4 -0.4 19FA663194735Brokersanddealers 0.3 0.7 0.4 -5.1 -4.7 18FA613194733Financecompanies 0.0 17FA543194733Lifeinsurancecompanies 0.2 -4.0 0.2 -2.9 16FA513194733Property-casualtyinsurancecompanies 0.2 0.0 15FA763194735Liab.:U.S.-chartereddepositoryinstitutions -0.2 0.6 1.1 2.6 0.8 Holdingcompanynettransactionswithaffiliates: 0.0 0.1 0.7 4.2 -0.6 14FA643092473Realestateinvestmenttrusts(FHLB) 13FA613092403Financecompanies 0.1 12FA543092473Lifeinsurancecompanies(FHLB) 0.9 11FA513092403Property-casualtyinsurancecompanies(FHLB) 0.3 10FA473092403Creditunions(FHLB) 0.9 9FA763092405U.S.-chartereddepositoryinstitutions(FHLB) 8FA313092403Federalgovernment 7FA113092405Nonfinancialnoncorporate(FCS) 6FA103092405Asset:Nonfin.corporatebusiness(FannieMaeandFCS) 5FA403192405Liab.:Government-sponsoredenterprises Equityingovt.-sponsoredenterprises: 4FA713164003Asset:U.S.-chartereddepositoryinstitutions 3FA713164003Liab.:Monetaryauthority FederalReserveBankstock: 2FA313092803Asset:Federalgovernment 1FA313092803Liab.:Restoftheworld FederalgovernmentequityinIBRD,etc.: Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.232 IdentifiedMiscellaneousFinancialClaims-PartI (1) FundsinvestedbyfinancialinstitutionssuchasdomestichedgefundsthroughthePublic-PrivateInvestmentProgram(PPIP). 0721 092018 2019 2018 2017 2. 774. 99336. 6. 0. 7925 67.9 108.3 -65.5 60.0 3.3 -9.9 19 21 42.7 -4.6 77.9 37.7 -28.7 -58.7 -21.4 41.2 321.8 256.6 96.8 188.2 -52.4 -205.5 81.3 149.4 26.2 -17.4 -33.5 -24.0 -55.6 2525-. 27-2861-. 21-. 22 -3.1 -2.1 -8.1 6.1 -22.8 22.7 -1.8 2.5 12.5 182. 12-262. 721. 25-2. 20 18 -126.1 -7.0 12.5 -1.8 11.6 -2.5 97.2 13 0.0 -8.1 28.3 0.1 4.0 -92.6 -1.2 0.0 -23.9 24.9 -4.8 0.0 -1.8 -13.3 -0.1 -6.1 -0.5 0.0 -0.2 -0.0 ...... 29 0.0 28 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 0.0 0.0 0.0 0.0 3 -3.2 0.0 0.4 2 1 0.0 0.0 0.0 -0.5 0.0 0.0 0.7 0.0 0.0 5.2 0.2 5.2 0.0 0.0 0.8 0.0 -0.0 -0.6 -0.0 0.1 0.9 0.1 1.3 0.9 1.3 1.3 1.3 1.5 1.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 73

Transactions Transactions 5 F53705 se: rvt eso ud 7. 7. 5. 8. 5. 5. 4. 4. 5. 35 -52.8 -49.6 36 37 -13.3 -49.9 184.8 34 184.8 -461.9 210.5 -50.3 30 210.5 28.4 234.5 32 235.0 -51.5 -52.8 235.0 92.1 19.7 286.5 -80.0 -49.6 286.5 6.9 32.0 10.3 -50.7 -49.9 6.9 -65.9 28 -77.0 -0.9 358.9 -50.3 -124.3 358.9 -37.2 -79.2 229.2 27 -51.5 35.4 17.8 20.1 229.2 -50.0 149.8 -80.0 34.7 149.8 10.9 16.8 210.6 8.1 -50.7 210.6 61.1 26 14.4 10.4 24 20.1 -77.0 9.3 -79.7 13.9 14.2 -79.2 16.8 32.3 23 -6.9 9.6 23.7 8.1 10.4 1.7 2.4 37FA223073045Stateandlocal govt.retirementfunds -3.6 25 14.2 10.5 14.4 36FA343073045Federalgovernment retirementfunds -18.9 35FA573073005Asset:Privatepension funds 29.5 13.0 8.1 15.4 3.3 36.4 34FA223073045Stateandlocalgovernments -42.6 37.9 12.2 33FA343073045Federalgovernment 10.5 21 20 10.7 12.7 11.2 32FA573073005Liab.:Nonfinancialcorporatebusiness -0.8 19 -35.6 19.2 22.1 15.4 8.4 5.1 Claimsofpensionfundonsponsor: 9.5 8.6 24.1 9.2 12.2 15 31FA313195105Asset:Householdsector 7.0 2.2 17.8 15.0 11.6 -7.6 30FA313195105Liab.:Federalgovernment(3) 19.2 20.6 2.7 3.5 24.9 7.1 2.8 -6.7 Retireehealthcarefunds: 16 6.6 40.2 9.2 1.5 9.4 -4.9 29FA663097005Asset:Brokersanddealers 2.3 28FA663097005Liab.:Otherfinancialbusiness -2.0 21.5 12 10.3 2.8 3.0 9.5 2.3 11 Securitiesborrowed(net): 26.6 62.9 0.3 8.2 9.8 11.8 9.1 3.7 27FA573074005Asset:Privatepensionfunds 14.6 14.7 26FA573074005Liab.:Nonfinancialcorporatebusiness 3.5 12.5 -1.4 8.8 11.5 11.0 5.0 Pensionfundcontributionspayable: -2.8 21.2 4.0 13.9 82.5 37.2 2.4 25FA223095505Stateandlocalgovernmentretirementfunds 8 5.8 27.5 24FA573095005Asset:Privatepensionfunds 34.8 8.2 23FA593095005Liab.:Lifeinsurancecompanies 4.5 29.7 -4.9 44.1 Unallocatedinsurancecompanycontracts: 4.2 3.9 12.1 3.4 75.8 22FA263076005Restoftheworld -5.5 7 6 26.3 21FA513076005Property-casualtyinsurancecompanies 1.7 8.4 8.4 20FA113076005Nonfinancialnoncorporatebusiness 13.3 19FA103076005Nonfinancialcorporatebusiness 17.6 18FA153076005Asset:Householdsector 1.9 7.3 7.3 -7.4 17FA263176005Restoftheworld 1.8 2.5 2.5 3.2 16FA513176005Liab.:Property-casualtyinsurancecompanies 3 11.0 Policypayables: 3.1 3.1 5.1 3.8 15FA543095105Lifeinsurancecompanies -2.7 -2.7 3.1 14FA153095105Asset:Householdsector -5.4 0.6 0.6 13FA263195105Restoftheworld 12.0 12FA543195005Liab.:Lifeinsurancecompanies -11.4 5.3 5.3 Lifeinsurancecompanyreserves: 16.5 -0.2 -0.2 11FA543077073Asset:Lifeinsurancecompanies -4.1 10FA543077073Liab.:Householdsector -0.3 -0.3 -0.5 Deferredandunpaidlifeinsurancepremiums: -7.9 9FA673090543Asset:ABSissuers 8FA673090543Liab.:Lifeinsurancecompanies(2) 6.5 Fundingagreementsbackingsecurities: 7FA403197033Asset:U.S.-chartereddepositoryinstitutions 6FA403197033Liab.:Government-sponsoredenterprises DepositsatFederalHomeLoanBanks: 5FA313131003Asset:Householdsector 4FA313131003Liab.:Federalgovernment PostalSavingsSystemdeposits: 3FA713091103Monetaryauthority(1) 2FA313091105Asset:Federalgovernment 1FA263191103Liab.:Restoftheworld Nonofficialforeigncurrencies: Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.233 IdentifiedMiscellaneousFinancialClaims-PartII 74 (3) IncludesUniformServices RetireeHealthCareFundandPostalService RetireeHealthBenefitsFund. areincludedinforeigndirectinvestmentthe U.S.SeetablesF.133andF.230. (2) Equaltofundingagreement-backedsecurities (FABS)issuedbydomesticissuersofasset-backedsecurities.Fundingagreement-backedsecurities issuedbyforeignentities (1) Reciprocalcurrencyarrangements(swaplines) withforeigncentralbanks.

Z.1, March12,2020 0721 092018 2019 2018 2017 64-89173. 7. 113. 54-2. 29 -124.3 35.4 34.7 61.1 -79.7 32.3 1.7 22 -0.5 -18.9 1.0 36.4 2.9 18 17 2.5 7.8 0.7 -0.6 2.7 9.8 20.6 7.8 9.8 -1.3 1.8 14 2.1 0.8 1.0 1.9 9.6 35.8 9.1 2.0 5.3 10.8 10.4 5.0 19.5 17.9 1.8 22.6 31.6 9 8.2 23.0 21.4 4.2 10.5 20.3 -5.5 13.1 13.3 -7.4 3.2 5.1 3.1 12.0 07-. . 16-. . . . . 13 1.3 0.7 0.5 0.5 -1.2 -1.6 0.8 -1.5 -0.7 . 5. 3. 6. 209. 3. 419-3333 -13.3 -461.9 31 28.4 234.5 19.7 92.1 10.3 32.0 -0.9 -65.9 -37.2 17.8 -50.0 10.9 8.1 14.4 13.9 9.6 10 0.3 3.5 -2.8 5.8 -4.9 3.4 5 4 0.0 1.7 0.0 0.0 1.9 0.0 2 0.0 1.8 0.0 0.0 0.0 0.0 1 0.0 11.0 0.0 0.0 0.0 3.8 0.0 0.0 0.0 -5.4 0.0 0.0 0.0 -11.4 0.0 16.5 0.0 0.0 0.0 -4.1 0.0 0.0 -0.5 0.0 -7.9 0.0 6.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

5 F43905 oenetsosrdetrrss-98-573. 2. 2. 075. 94-3035 -33.0 79.4 50.2 31 22.1 30.7 10.7 -22.9 26 28 -18.8 38.2 44.4 -24.0 6.9 25 34.7 31.8 32.0 -13.3 -36.7 -15.7 -20.1 -35.8 13.9 22 -66.4 5.7 -39.8 -14.3 9.6 -28.7 -11.2 2.5 24 37.1 26.4 -185.0 60.4 57.3 40FA903090005Discrepancy 102.4 -2.4 3.8 11.3 -63.3 50.5 39FA733093005Holdingcompanies 115.0 19 -11.5 -36.5 52.3 38FA663093005Brokersanddealers 15.4 399.8 87.8 104.2 20 298.8 1.4 5.2 37FA643093005REITs 585.3 13.6 -413.1 -43.4 36FA613093005Financecompanies 319.7 199.8 -213.3 35FA403093005Government-sponsoredenterprises -8.4 -22.2 -8.1 7.5 210.4 -52.0 34.1 33.7 34FA563093003Exchange-tradedfunds 279.2 12 -6.0 41.8 33FA653093005Mutualfunds 18.8 -65.8 32FA633093005Moneymarketfunds 574.7 -27.5 -28.0 -30.8 8 31.9 194.1 31FA223093005Stateandlocalgovt.retirementfunds -1.0 180.0 30FA573093005Privatepensionfunds 277.0 -41.2 10 394.5 0.0 29FA543093005Lifeinsurancecompanies 36.2 339.6 0.0 28FA513093005Property-casualtyinsurancecompanies 48.9 283.2 7 53.2 -0.0 29.4 27FA473093005Creditunions -90.2 26FA743093005BanksinU.S.-affiliatedareas 46.6 -0.1 -17.6 22.3 25FA753093005ForeignbankingofficesinU.S. 24FA763093005U.S.-chartereddepositoryinstitutions 49.6 6 25.3 0.3 2.4 23FA713093005Monetaryauthority -55.0 -63.9 -23.1 22FA213093003Stateandlocalgovernments -2.4 -265.0 0.6 21FA313093003Federalgovernment 20.1 -55.2 3 54.5 -0.3 2 125.1 -3.6 20FA113093005Nonfinancialnoncorporatebusiness 46.4 12.3 625.4 675.2 19FA103093005Nonfinancialcorporatebusiness 130.7 -0.9 -3.0 616.3 -26.4 -330.4 18FA893093005Netchangeinassets 100.1 0.3 5.5 563.1 -18.2 34.7 118.3 17FA503193005Otherfinancialbusiness 803.0 13.8 16FA733193005Holdingcompanies 102.4 164.0 15FA663193005Brokersanddealers 630.6 -152.5 57.6 150.3 14FA643193005REITs 112.4 13FA613193005Financecompanies 118.5 652.0 12FA403193005Government-sponsoredenterprises 103.5 260.9 11FA543193005Lifeinsurancecompanies 83.7 -222.4 10FA513193005Property-casualtyinsurancecompanies 9FA473193005Creditunions 8FA743193005BanksinU.S.-affiliatedareas 7FA753193005ForeignbankingofficesinU.S. 6FA763193005U.S.-chartereddepositoryinstitutions 5FA713193005Monetaryauthority 4FA313193005Federalgovernment 3FA113193003Nonfinancialnoncorporatebusiness 2FA103193005Nonfinancialcorporatebusiness 1FA893193005Netchangeinliabilities Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.234 UnidentifiedMiscellaneousFinancialClaims 0721 092018 2019 2018 2017 512-7. 4. 793-9. 7. 6. 12. 5. 40 552.0 -1020.6 265.1 779.0 -193.8 -759.3 143.9 -673.7 -531.2 16 29.5 -47.6 74.6 -47.9 -3.4 -274.8 2.2 -114.8 -261.4 1 1011.5 303.3 914.7 1429.7 35.4 -311.4 914.8 -23.7 -167.3 6. 5. 7. 4. 2. 5. 4. 33949518 459.5 1323.9 649.6 650.6 229.2 447.9 770.9 650.1 363.9 1. 93-14-. 24-. 54-95-8539 -68.5 -49.5 36 -5.4 -76.0 -2.1 25.6 -2.4 11.8 -8.2 -6.6 67.0 -31.4 -9.3 -0.4 29 131.7 -10.8 -11.7 139.1 26.3 119.7 -16.1 16.1 23 -4.5 -12.9 55.1 -26.6 -14.5 101.7 41.1 -23.5 -19.5 -22.4 -26.8 -17.3 -21.6 13 -70.9 -13.3 -22.5 46.6 50.5 -76.1 -79.8 0.9 -65.3 -10.0 192. 1. 338718-23-372. 37 24.5 -13.7 -62.3 1.8 33 -49.6 8.7 30 -0.8 55.5 33.3 -5.3 85.2 -12.4 120.1 51.8 24.8 133.6 42.3 -39.4 11.9 55.1 16.1 66.5 -112.2 58.7 38.0 61.6 69.0 17 124.5 15 -33.5 -178.6 -70.7 -90.3 -2.5 -2.1 29.0 -118.4 -90.5 -312.6 -36.6 33.4 29.8 -19.4 36.3 -46.6 30.9 65-577. 47-1. 4. 5. 64-0. 38 -104.9 16.4 157.0 32 242.0 106.3 -314.1 1.6 64.7 128.9 77.6 -227.0 -35.7 71.5 -6.5 23.5 2.4 1.4 -0.7 11 76.1 149.4 96.7 11.3 -0.5 -21.8 83.4 -18.2 -0.2 . . . 1. . . 003. 5134 -5.1 37.3 -0.0 1.3 6.5 27 -0.6 -11.8 14.3 8.4 0.0 1.7 21 2.1 15.0 1.6 14.9 5.7 6.9 6.7 7.2 8.0 7.6 13.1 0.8 13.5 14 8.6 5.6 28.2 13.7 -53.0 9 9.4 -15.4 -15.9 -16.7 -16.6 30.2 4.6 4 11.5 -7.9 5 36.5 222.2 -46.9 16.1 -20.9 -41.0 26.6 4.8 -8.5 63.0 24.4 2.1 -279.6 -3.6 212.9 -0.0 -156.8 -8.5 1.0 -8.9 3.9 -16.5 1.6 8.9 3.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 75

Transactions Transactions 6 F67005 sur fastbce euiis00000000000000000016 0.0 0.0 0.0 15 26.0 0.0 10 2.3 8.1 0.0 1.3 -14.5 12 0.0 -2.1 -32.4 2.3 9 12.4 103.9 0.0 107.2 2.5 106.6 -6.9 20.7 0.0 -68.1 5 0.5 57.9 -3.2 8 6 13.7 0.0 -60.4 -27.8 47.6 -147.1 -0.9 -19.6 26.9 -6.6 -305.4 49.9 -362.8 18.5 2.1 268.7 70.6 -10.8 45.7 22.2 21FA267005005Restoftheworld 288.7 -50.8 56.7 -0.8 20.5 -18.5 20FA737005005Holdingcompanies 3 -16.1 19FA667005005Brokersanddealers -528.5 -329.4 -57.4 -0.1 53.6 -1.4 -334.7 -537.0 -379.0 18FA647005005REITs 11.5 56.0 -42.8 -94.2 335.6 17FA617005005Financecompanies 16FA677005005Issuersofasset-backedsecurities 42.0 -392.7 1387.9 -116.4 136.8 -311.4 15FA407005005Government-sponsoredenterprises -119.0 -31.7 14FA657005005Mutualfunds 906.0 -49.7 13FA547005005Lifeinsurancecompanies 253.8 12FA517005005Property-casualtyinsurancecompanies 34.5 11FA477005005Creditunions -187.1 10FA747005005BanksinU.S.-affiliatedareas 9FA757005005ForeignbankingofficedinU.S. 8FA767005005U.S.-chartereddepositoryinstitutions 7FA717005005Monetaryauthority 6FA797005005Domesticfinancialsectors 5FA217005005Stateandlocalgovernments 4FA317005005Federalgovernment 3FA107005005Nonfinancialcorporatebusiness 2FA157005005Householdsector 1FA897005005Allsectors Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.7 SectorDiscrepancies 76 5 F16005 ot.frgv.sc nu. ..aflae ra ...... 15 5.5 14 149.4 5.4 149.5 102.5 8 5.4 0.0 42.1 5.4 49.2 0.0 5.2 32.9 0.0 110.9 5.2 0.0 10.8 5.4 0.0 -67.6 5.2 0.0 5 -184.8 5.0 0.0 -218.8 74.4 0.0 -480.9 -350.9 0.0 15FA156600075Contr.forgovt.soc.insur.,U.S.affiliatedareas -12.6 14FA087005005Statisticaldiscrepancy(NIPA) Nonfinancialcomponents(signreversed): -202.5 -278.1 13FA906000105Nonfinancial -215.0 12FA903090005Miscellaneous 11FA903078005Taxespayable 10FA903070005Tradecredit 9FA903029200Privatedomestic 8FA903028003Stateandlocalgovernments 7FA903023005Federalgovernment 6FA903020005Mailfloats 5FA902050005Securityrepurchaseagreements 4FA904010005Netinterbanktransactions 3FA903091005Foreigndeposits 2FA903012005Treasurycurrency 1FA907005005Alltypes Billions ofdollars;quarterlyfiguresareseasonallyadjustedannualrates F.8 InstrumentDiscrepancies

Z.1, March12,2020 0721 092018 2019 2018 2017 135-29-5. 162-68-9. 172-7. 14620 -124.6 -170.8 -137.2 -199.3 -66.8 -186.2 -158.0 -92.9 -103.5 1 108.2 -869.4 -349.1 790.8 -407.4 -492.6 -79.9 -779.3 -532.6 512-7. 4. 793-9. 7. 6. 12. 5. 12 552.0 -1020.6 265.1 779.0 -193.8 -759.3 143.9 -673.7 -531.2 1 108.2 -869.4 -349.1 790.8 -407.4 -492.6 -79.9 -779.3 -532.6 3. 8. 7. 8. 4. 2. 33565833121 323.1 675.8 -323.5 429.5 344.0 485.4 276.2 188.4 133.7 2. 6. 2. 2. 172. 1125. 8. 3 -87.4 56.1 -111.2 27.5 81.7 222.0 -28.7 161.3 122.2 1. 3. 1. 3. 6. 4. . . 9818 -9.8 6.9 3.6 14 -40.0 -49.1 -37.0 -63.5 -42.0 -31.4 -40.0 -12.1 -35.3 -39.3 -48.5 -12.2 -39.8 -41.5 -67.1 4 -546.2 -391.5 2 -215.9 599.3 766.1 -438.8 -381.3 -205.2 -422.2 -1798.6 -96.9 79.0 -74.0 -936.3 -55.4 -460.8 -503.8 -62.7 1. . 77-491462. 5. 9. 2410 32.4 192.6 -57.4 23.0 144.6 -44.9 47.7 7.0 -14.5 74-756. . 2555. 173. 2. 19 121.8 31.9 51.7 59.5 -225.5 1.2 66.2 -57.5 17.4 19-59-1. 3. 5. 4. 179-5. 14913 -154.9 11 62.2 -154.9 -107.9 160.6 -47.5 62.2 -54.4 72.1 -38.0 102.3 -116.3 56.1 -15.9 89.3 61.9 36.0 47.5 27-88-1946-28-55-75411. 17 11.2 4.1 -37.5 -25.5 -92.8 4.6 7 -1.9 -11.9 -0.9 -18.8 -2.7 -2.0 -2.0 0.3 -0.0 -1.7 0.5 -3.0 04-. . 08-. . 1530-. 7 6 -1.3 -6.1 3.0 5.0 -1.5 -0.8 2 2.0 2.0 -0.3 4 -1.8 -104.9 -0.3 -2.3 110.8 -0.8 -0.3 0.4 -473.3 0.6 415.8 -0.4 0.0 -134.3 -0.5 -0.3 84.1 -0.6 -0.4 -0.3 -12.9 -0.1 -14.9 -0.3 -2.5 -0.4 -0.8 . . . . . 224546-. 11 -1.1 13 -10.2 4.6 -24.6 4.5 -61.1 -48.6 -2.2 10.0 7.2 -31.4 1.6 -36.1 1.5 -41.6 1.4 0.2 3.2 . 02-. . 05-. . . 489 -4.8 2.0 0.7 -0.0 -0.5 1.1 -0.5 -0.2 0.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F33905 iclaeu iblte 41. 47. 56. 40. 47. 58. 55. 55. 56. 46 15666.8 45 15758.3 7537.1 15656.1 15488.4 7515.6 14974.6 7447.5 14604.5 15666.8 7153.6 14974.6 6330.5 39 14717.5 2615.4 7188.1 2568.9 34 7537.1 21.2 2729.3 6330.5 38 2682.3 2874.3 21.5 6581.1 36 2423.0 2855.1 5785.0 2439.5 22.0 2868.3 5802.2 2615.4 2830.8 5707.7 22.2 2423.0 2814.4 5630.9 2252.1 2680.4 5539.2 22.9 2874.3 5506.8 2814.4 22.8 5785.0 46FL383190005Miscellaneousliabilities 2607.0 5539.2 21.2 45LM143192005ForeigndirectinvestmentinU.S. 5384.6 44FL143178005Taxespayable 22.9 43FL313140003Lifeinsurancereserves 24.4 42FL383170005Tradepayables 25 6164.8 41FL153166000Consumercredit 6150.1 40FL383165005Mortgages 6219.4 39FL383169005Otherloansandadvances 6004.8 38FL383168005Depositoryinstitutionloansn.e.c. 37FL384123005Loans 24 5503.4 13541.9 6299.3 13492.3 36FL103163003Corporateandforeignbonds 13255.7 6164.8 35FL383162005Municipalsecurities 12946.5 5503.4 15 34FL313161705Agency-andGSE-backedsecurities 12732.0 1028.0 12586.4 33FL313161105Treasurysecurities 6684.0 13541.9 1032.3 32FL103169100Openmarketpaper 12732.0 31FL384122005Debtsecurities 990.7 12169.4 983.1 30FL313112003Treasurycurrency 29FL713014003SDRcertificates 13 986.3 28LM313111303U.S.officialreserveassets 1116.2 987.6 1230.9 27FL384190005Totalliabilities 1177.3 1028.0 7 11 1099.0 26FL383090005Miscellaneousassets 986.3 149.3 1169.3 1136.9 1171.5 986.8 150.0 25LM103092005U.S.directinvestmentabroad 6 1143.9 1116.8 24LM152090205Equityinnoncorporatebusiness 2863.6 151.2 1116.2 23FL383078005Taxespayable 1096.3 2726.2 1136.9 154.7 1108.6 2530.8 22FL153050005Pensionentitlements 4 1220.1 1051.0 5 156.8 2426.3 21FL153040005Lifeinsurancereserves 3375.5 1169.3 11930.4 20FL383070005Tradereceivables 2392.4 161.4 3263.5 11722.5 1108.6 2245.5 11547.9 3078.9 19LM383064205Mutualfundshares 149.3 958.9 11498.6 2863.6 3172.9 18LM383064105Corporateequities 11297.0 156.8 2392.4 11151.6 3269.6 11930.4 17FL383066005Consumercredit 2214.6 193.8 3067.3 11297.0 16FL383065005Mortgages 10812.6 3375.5 15FL383069005Otherloansandadvances 3269.6 14FL384023005Loans 2952.4 13FL383063005Corporateandforeignbonds 12FL383062005Municipalsecurities 11FL383061705Agency-andGSE-backedsecurities 10FL383061105Treasurysecurities 9FL383069105Openmarketpaper 8FL384022005Debtsecurities 7FL382051005Securityrepurchaseagreements 6FL383034005Moneymarketfundshares 5FL383030005Timeandsavingsdeposits 4FL383020005Checkabledepositsandcurrency 3FL383091005Foreigndeposits 2FL313011005U.S.officialreserveassets 1FL384090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.100 DomesticNonfinancialSectors(1) (1) SumofdomesticnonfinancialsectorsshownontablesL.101throughL.107. 1355169. 2881198. 1362116. 2762153. 28811 128888.1 125037.5 123716.2 121768.6 116396.2 119789.3 128888.1 116396.2 115315.5 44. 59. 59. 55. 59. 58. 52. 52. 59. 40 15792.6 15621.9 15428.8 37 15287.8 25473.0 15190.8 25173.6 15053.8 25077.9 15792.6 24800.7 15190.8 24438.0 14642.1 24112.8 33 25473.0 19018.7 24438.0 18571.7 31 23329.3 17814.3 28874.4 17906.3 28426.8 17842.1 27598.2 17417.8 27632.9 19018.7 27435.7 17842.1 27016.8 16430.9 28874.4 27 27435.7 83266.2 25939.6 82543.7 81373.7 80625.0 78684.6 78383.4 83266.2 78684.6 75774.5 22 27995.6 27327.0 27151.6 26767.5 25904.2 26638.1 18 27995.6 23531.0 25904.2 21616.1 25919.1 21671.3 21063.3 18610.2 21450.2 23531.0 18610.2 20243.1 0721 092018 2019 2018 2017 67746. 19242. 92249. 07654. 19242 5189.2 41 5142.5 4190.7 5067.6 4127.6 4993.7 4051.6 4962.2 3999.8 4920.5 4009.7 5189.2 3939.1 35 4962.2 3854.5 4190.7 4657.7 3814.8 4009.7 3817.6 3828.2 3832.4 3835.1 3845.8 3854.5 3835.1 3893.0 26 11998.0 11713.2 11493.5 11622.7 21 11611.3 1766.4 20 10098.6 4830.8 1729.1 11998.0 11611.3 4845.4 1709.8 9291.6 19 4823.1 1692.1 10086.3 9489.4 4739.0 1659.1 17 9413.9 4681.4 1386.0 1675.9 9185.0 4717.7 1377.4 1766.4 14 8307.7 4830.8 1345.4 1659.1 2900.4 9478.3 4681.4 1337.6 1626.6 2896.6 10086.3 4436.8 1306.3 12 2823.6 8307.7 1931.8 1294.6 2816.1 9038.4 10 1930.7 1386.0 2788.7 2733.0 1936.9 1306.3 8 2787.6 2784.0 1931.1 1219.3 7259.4 2900.4 2798.7 1896.4 7400.2 2788.7 2713.5 1867.6 7281.5 2724.5 2524.9 1931.8 7060.3 2527.1 1896.4 6889.9 2733.0 1925.5 6797.4 2524.9 7259.4 2006.9 6889.9 6308.4 1. 1. 9. 0. 1. 2. 9. 9. 9. 44 394.3 396.1 395.1 424.4 412.7 409.8 394.3 412.7 417.4 32 194.9 216.6 236.6 241.1 196.5 223.6 194.9 196.5 23 272.0 206.7 297.9 329.6 396.0 369.8 386.2 16 272.0 486.5 369.8 486.8 353.8 487.5 495.5 496.1 9 309.1 505.5 283.1 486.5 252.0 496.1 220.4 518.3 223.1 3 125.1 207.8 121.7 309.1 137.9 223.1 129.2 196.9 128.7 155.8 125.1 128.7 255.4 115. 225. 135. 175. 2243 52.2 52.1 51.7 51.8 51.3 51.2 52.2 51.3 30 51.1 25.3 28 48.8 25.3 48.1 25.3 49.1 25.3 49.0 25.3 49.1 25.3 49.3 25.3 48.8 25.3 49.1 25.3 50.3 2 97.8 96.2 96.4 93.6 93.9 91.9 97.8 93.9 91.0 ...... 29 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 77

Levels Levels 3 F53703 eerdadupi ieisrnepeim 313. 673. 503. 573. 6733 36.7 30 499.6 36.6 480.0 35.7 474.9 29 36.4 345.9 454.9 333.2 463.3 35.0 336.2 494.3 25 36.2 212.9 322.5 499.6 36.7 214.0 333.1 463.3 214.5 35.0 312.3 488.2 215.3 345.9 33.1 216.4 27 333.1 10610.1 216.9 10524.3 299.1 10430.1 10345.7 212.9 22 14 20 10316.2 13541.9 27.8 21 5719.6 19 10255.9 216.4 13492.3 22276.0 27995.6 10610.1 13255.7 6084.1 21242.9 28.5 27327.0 33FL543077073Deferredandunpaidlifeinsurancepremiums 10316.2 218.6 12946.5 20976.5 27151.6 6175.1 10048.5 32FL163170005Tradepayables 12732.0 20554.4 26767.5 12586.4 12 29.3 6213.1 19368.3 25904.2 806.3 13541.9 31FL163165505Commercialmortgages 20596.3 26638.1 6535.9 12732.0 22276.0 30FL153169005Otherloansandadvances 27995.6 30.4 813.5 12169.4 6041.8 19368.3 25904.2 29FL153168005Depositoryinstitutionloansn.e.c.(6) 19931.4 10 25919.1 5719.6 779.5 28FL153166000Consumercredit 31.4 937.6 27FL153165105One-to-four-familyresidentialmortgages(5) 6535.9 774.1 26FL154123005Loans 1053.0 32.2 5987.8 8 782.9 997.9 25FL163162003Debtsecurities(municipalsecurities) 721.3 27.8 784.5 917.5 721.5 24FL154190005Totalliabilities 31.4 806.3 955.7 5 661.9 23FL153090005Miscellaneousassets 2148.1 782.9 955.3 35.2 4 22LM152090205Equityinnoncorporatebusiness 634.0 2063.5 786.2 937.6 10162.5 1908.0 647.9 9995.7 21FL153050025Fundedpensionentitlements 3 955.7 1825.3 9852.1 20FL593073005Claimsofpensionfundonsponsor 1263.4 572.1 19FL153050005Pensionentitlements(4) 1799.8 1024.5 9832.5 1211.1 721.3 18FL153040005Lifeinsurancereserves 1673.3 9664.2 1346.9 17FL163070005Tradereceivables 2148.1 647.9 9555.6 1477.9 1799.8 10162.5 16LM153064205Mutualfundshares 1402.4 460.3 9664.2 15LM153064105Corporateequities(3) 1619.3 1234.1 9261.2 1263.4 14FL163066223Consumercredit(studentloans) 1402.4 13FL153065005Mortgages 12FL153069005Otherloansandadvances(2) 1324.6 11FL154023005Loans 10LM153063005Corporateandforeignbonds 9LM153062005Municipalsecurities 8LM153061705Agency-andGSE-backedsecurities 7LM153061105Treasurysecurities 6LM154022005Debtsecurities 5FL153034005Moneymarketfundshares 4FL153030005Timeandsavingsdeposits 3FL153020005Checkabledepositsandcurrency 2LM153091003Foreigndeposits 1FL154090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.101 HouseholdsandNonprofitOrganizations(1) 78 (6) IncludesloansextendedbytheFederalReservetofinancialinstitutionssuchasdomestichedgefundsthroughTermAsset-BackedSecuritiesLoanFacility(TALF). (5) Includesloansmadeunderhomeequitylinesofcreditandsecuredbyjuniorliens(tableL.218,line23). (4) Includespublicandprivatedefinedbenefitcontributionpensionplansannuities,includingthoseinIRAsatlifeinsurancecompanies.Excludessocialsecurity. (3) Directlyheldcorporateequities,includingclosed-endfund,exchange-tradedandrealestateinvestmenttrustshares. (2) Includescashaccountsatbrokersanddealerssyndicatedloanstononfinancialcorporatebusinessbynonprofitsdomestichedgefunds. (1) Sectorincludesdomestichedgefunds,privateequityandpersonaltrusts.SupplementarybalancesheettableB.101.nshowsestimatesofannualyear-endoutstandingsnonprofitorganization s.

Z.1, March12,2020 42. 59. 53. 57. 59. 50. 57. 55. 53. 26 15935.7 15751.4 15575.9 15402.9 24 15399.3 16576.2 15275.4 16389.7 15935.7 16210.5 15399.3 16035.7 14928.6 16028.5 15903.0 16576.2 16028.5 15544.7 15 21075.5 19339.7 19408.1 18869.3 16655.5 19168.4 21075.5 16655.5 18110.1 1 95609.8 92386.1 91654.5 89978.8 85380.0 89078.3 95609.8 85380.0 85587.3 0721 092018 2019 2018 2017 88240. 10733. 09739. 01642. 10728 4190.7 4127.6 4051.6 3999.8 4009.7 3939.1 23 4190.7 1275.3 4009.7 1257.5 3828.2 1254.1 1246.0 1245.1 18 1766.4 1225.6 1729.1 1275.3 16 1709.8 1245.1 9682.9 1692.1 1193.0 9104.2 1659.1 9026.9 1675.9 8806.7 1766.4 7960.8 1659.1 9088.1 1626.6 9682.9 9 7960.8 1894.0 7 8654.7 1892.9 6 1960.7 1899.2 5513.5 2002.2 1893.5 5669.6 2015.8 1859.2 5574.8 1904.6 1830.0 5349.5 1716.4 1894.0 5179.2 1693.2 1859.2 5050.6 1960.7 1887.1 5513.5 1716.4 5179.2 1145.1 4516.9 6. 7. 9. 7. 7. 8. 8. 8. 9. 32 390.9 31 387.6 289.3 384.3 286.2 381.1 283.1 377.8 280.0 374.5 276.9 390.9 273.8 377.8 289.3 364.4 276.9 264.6 17 259.5 258.3 257.1 255.9 254.7 11 891.4 253.7 902.0 259.5 871.7 254.7 870.5 250.5 883.2 888.9 891.4 883.2 903.1 176. 737. 906. 306. 7313 57.3 60.0 63.0 66.0 69.0 72.2 2 57.3 33.8 69.0 36.1 81.7 37.6 39.0 39.7 39.7 33.8 39.7 38.9 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

1 L13905 Frindrc neteti ..68. 30573. 18163. 13674. 55673. 31 7537.1 7515.6 7447.5 27 7153.6 2078.8 6330.5 2045.0 7188.1 2017.8 26 7537.1 1992.5 2528.4 6330.5 1940.4 2521.9 6581.1 1926.2 2532.1 2078.8 2508.3 1940.4 2481.3 1594.0 2368.2 2528.4 18 2481.3 6164.8 2307.8 6150.1 6219.4 32FL143190005Miscellaneousliabilities 6004.8 31LM143192005ForeigndirectinvestmentinU.S. 5503.4 10 30FL143178005Taxespayable 10.5 6299.3 6 29FL143170005Tradepayables 6164.8 8.5 14.2 5503.4 28FL143165005Mortgages 27FL143169005Otherloansandadvances 6684.0 9.7 15.5 26FL143168005Depositoryinstitutionloansn.e.c. 5 25FL144123005Loans 691.0 17.6 9.9 24FL103163003Corporatebonds 640.3 16.8 23FL103162000Municipalsecurities 11.6 601.9 4 22FL103169100Commercialpaper 16.5 21FL104122005Debtsecurities 1341.7 14.0 581.0 1314.0 10.5 20FL144190005Totalliabilities 572.8 3 12.7 1287.7 1565.7 552.7 16.8 1258.9 19FL143090005Miscellaneousassets 8.5 1537.7 18LM103092005U.S.directinvestmentabroad 1227.3 691.0 1336.0 23.8 1204.1 14.0 1225.8 572.8 17FL143070005Tradereceivables 1341.7 16LM103064203Mutualfundshares 1328.4 573.4 1227.3 39.6 15LM103064103Corporateequities 1317.0 1154.0 1565.7 14FL143066005Consumercredit 1328.4 13FL143065005Mortgages 12FL144023005Loans 1255.3 11FL143062005Municipalsecurities 10FL103061703Agency-andGSE-backedsecurities 9FL143061105Treasurysecurities 8FL103069100Commercialpaper 7FL144022005Debtsecurities 6FL102051003Securityrepurchaseagreements 5FL143034005Moneymarketfundshares 4FL143030005Timeandsavingsdeposits 3FL143020005Checkabledepositsandcurrency 2FL103091003Foreigndeposits 1FL144090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.102 NonfinancialBusiness(1) (1) Combinedstatementfornonfinancialcorporatebusinessandnoncorporatebusiness. 32. 38. 73. 41. 38. 54. 67. 65. 73. 20 37039.1 36750.7 36270.3 35644.5 33882.2 34414.4 37039.1 33882.2 33121.9 1 27627.1 27042.7 26584.5 26181.7 25445.4 25099.0 27627.1 25445.4 24342.0 0721 092018 2019 2018 2017 74186. 61187. 58190. 30899. 61132 9641.1 9497.4 9330.8 29 9204.2 3408.6 8568.1 28 3374.5 4893.2 8478.1 3317.7 4811.4 9641.1 3261.4 25 4715.5 8568.1 3252.7 9500.4 4662.0 8704.1 3228.2 24 9378.3 4597.7 5785.0 3408.6 9265.4 4524.1 5802.2 3252.7 9162.9 21 4893.2 5707.7 3029.8 9019.4 6557.6 4597.7 5630.9 8818.4 6588.8 4328.9 5539.2 9500.4 6513.8 5506.8 9019.4 6437.9 5785.0 8230.7 6298.8 5539.2 19 6291.9 17 10436.4 5384.6 4257.7 10153.2 6557.6 9935.6 4274.5 15 6298.8 2249.1 10090.3 4256.9 6158.7 10094.3 2082.9 4179.0 8626.4 2069.8 4123.6 10436.4 2005.4 10094.3 4165.4 7835.7 1783.8 4257.7 2086.0 4123.6 2249.1 3909.2 1783.8 1948.3 1. 1. 9. 0. 1. 2. 9. 9. 9. 30 394.3 396.1 395.1 424.4 412.7 23 409.8 577.6 22 394.3 194.9 569.9 412.7 216.6 569.5 417.4 236.6 565.9 241.1 563.2 196.5 561.5 16 223.6 577.6 311.9 194.9 563.2 298.6 196.5 567.4 300.7 206.7 12 294.7 123.2 271.0 121.4 9 305.8 119.9 8 109.6 7 311.9 118.7 242.3 120.3 385.9 271.0 118.6 216.5 122.7 374.5 303.1 116.1 184.9 2 128.1 346.4 91.3 123.2 152.6 124.4 321.3 85.6 118.6 155.4 121.1 319.2 113.5 137.3 100.4 109.6 297.4 242.3 90.2 124.4 385.9 155.4 139.2 89.0 319.2 123.7 309.4 116.1 91.3 89.0 216.6 863. 863. 863. 783. 8614 38.6 13 84.6 38.0 83.4 11 23.5 37.8 82.1 23.5 37.6 81.1 23.3 38.6 80.0 23.0 38.0 78.1 22.6 38.6 84.6 22.4 38.6 80.0 23.5 38.6 74.8 22.6 22.8 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 79

Levels Levels 4 F14406 Sottr etttldb pret 6 87 11 11 10 11 15 14 11 11 44 31.16 31.11 43 42 31.43 82.82 5975.9 5954.8 31.52 78.78 5920.9 31.11 75.02 5880.0 40 31.03 71.70 5773.7 33889.3 38 31206.9 45.8 5750.9 31.16 70.46 31266.6 37 5975.9 30424.1 146.8 31.11 158.4 76.32 26668.1 5773.7 31399.8 141.8 28.71 183.0 82.82 5245.7 33889.3 26668.1 137.6 262.5 70.46 28901.7 35 135.0 465.3 83.42 7503.3 131.5 238.8 7482.1 7414.3 129.4 45.8 7121.6 146.8 31 465.3 6302.2 1855.1 44FL104140006Short-termdebt/totaldebt(percent)(6) 131.5 7156.0 1826.8 294.6 30 7503.3 1799.4 43FL104001006Liquidassets/short-termliabilities(percent) 119.3 1102.7 42FL104150005Totalshort-termliabilities(5) 6302.2 1775.8 1099.5 41FL104001005Totalliquidassets(4) 6552.9 1725.8 1103.7 1717.1 1093.7 40LM103164103Marketvalueofequities 1855.1 1081.0 Memo: 1725.8 1031.0 1387.6 1102.7 39FL103193005Other 1081.0 22 38FL573073005Claimsofpensionfundonsponsor 111.4 1004.5 37FL573074005Pensionfundcontributionspayable 36FL103190005Miscellaneousliabilities 112.1 112.7 35LM103192005ForeigndirectinvestmentinU.S. 114.7 18 34FL103178005Taxespayable 6164.8 33FL103170005Tradepayables 113.2 6150.1 118.9 6219.4 32FL103165005Mortgages 31FL103169005Otherloansandadvances(3) 6004.8 111.4 10 30FL103168005Depositoryinstitutionloansn.e.c. 10.5 5503.4 6 29FL104123005Loans 113.2 6299.3 8.5 14.2 110.7 6164.8 28FL103163003Corporatebonds(1) 27FL103162000Municipalsecurities(2) 5503.4 9.7 15.5 26FL103169100Commercialpaper 5 6684.0 25FL104122005Debtsecurities 4 577.0 17.6 9.9 179.4 24FL104190005Totalliabilities 528.4 16.8 182.0 11.6 492.0 23FL103093005Other 16.5 184.2 22FL103094105Investmentinfinancecompanyaffiliates 14.0 472.6 21FL103092405EquityinGSEs 3 181.9 10.5 20FL103076005Insurancereceivables 466.3 12.7 1231.5 174.7 19FL103090005Miscellaneousassets 1213.6 449.7 16.8 8.5 174.3 1021.2 18LM103092005U.S.directinvestmentabroad(1) 577.0 23.8 919.5 179.4 14.0 466.3 17FL103070005Tradereceivables 1030.1 174.7 16LM103064203Mutualfundshares 475.7 39.6 15LM103064103Corporateequities 1024.2 181.3 1231.5 14FL103066005Consumercredit 1030.1 13FL103065003Mortgages 975.5 12FL104023005Loans 11LM103062003Municipalsecurities 10LM103061703Agency-andGSE-backedsecurities 9LM103061103Treasurysecurities 8FL103069100Commercialpaper 7LM104022005Debtsecurities 6FL102051003Securityrepurchaseagreements 5FL103034000Moneymarketfundshares 4FL103030003Timeandsavingsdeposits 3FL103020000Checkabledepositsandcurrency 2FL103091003Foreigndeposits 1FL104090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.103 NonfinancialCorporateBusiness 80 (6) Short-termdebtisthesumoflines26,30,and31.Total2529. (5) Sumoflines26,30,31,33,and34.Includesloansdueinmorethanoneyearexcludescurrent maturitiesofbondsandmortgages. (4) Sumoflines2through7and1516. (3) Loansfromrestoftheworld,U.S.government,andnonbankfinancialinstitutions.Detailcan befoundontableL.216. (2) Industrialrevenuebonds.Issuedbystateandlocalgovernmentstofinanceprivateinvestment andsecuredininterestprincipalbytheindustrialuseroffunds. (1) Through1992:Q4,corporatebondsincludenetissuesbyNetherlandsAntilleanfinancialsubsidiaries, andU.S.directinvestmentabroadexcludesnetinflowsfromthosebondissues.

Z.1, March12,2020 50. 54. 81. 68. 54. 78. 71. 85. 81. 24 28217.0 28057.8 27713.6 27187.0 25546.4 26281.6 28217.0 25546.4 25309.1 1 20246.3 19800.4 19484.6 19187.6 18574.6 18434.7 20246.3 18574.6 17998.3 0721 092018 2019 2018 2017 36046. 99048. 08241. 42149. 99041 4949.0 4691.2 4442.1 4215.8 4068.2 39 7581.3 4388.9 7361.3 4949.0 36 7207.0 4068.2 7774.0 7028.5 4376.0 7661.5 6222.8 7527.6 6402.2 7426.0 33 7581.3 6819.5 2586.5 6222.8 6770.4 2571.1 6645.0 7774.0 2539.3 6819.5 2496.6 29 7058.9 2507.3 3558.9 2515.4 28 3513.7 5785.0 2586.5 3476.7 5802.2 2507.3 3432.1 25 5707.7 2369.7 3355.4 6557.6 5630.9 3284.1 6588.8 5539.2 3558.9 6513.8 5506.8 23 3355.4 6437.9 5224.2 5785.0 2891.6 6298.8 5023.4 5539.2 6291.9 4890.0 5384.6 19 6557.6 5103.4 5728.6 6298.8 5182.2 5523.0 6158.7 3850.5 5387.9 17 5224.2 5598.1 3330.4 5182.2 5673.7 3363.6 15 3275.9 2249.1 4348.2 3363.2 2082.9 5728.6 3297.4 2069.8 5673.7 3257.2 2005.4 3753.4 3327.2 1783.8 3330.4 2086.0 3257.2 2249.1 3114.0 1783.8 1948.3 7. 6. 3. 6. 6. 7. 4. 4. 3. 34 236.7 240.7 32 601.1 241.9 587.4 272.8 573.6 263.1 562.6 27 263.9 577.6 26 548.6 236.7 194.9 569.9 536.1 263.1 216.6 569.5 601.1 277.2 236.6 565.9 548.6 241.1 563.2 499.5 196.5 20 561.5 391.7 223.6 577.6 386.2 194.9 563.2 383.9 196.5 567.4 378.7 206.7 16 311.9 377.1 298.6 377.6 300.7 391.7 294.7 377.1 271.0 365.6 305.8 8 7 311.9 242.3 300.3 271.0 216.5 290.5 303.1 184.9 2 263.9 91.3 152.6 239.9 85.6 155.4 239.2 137.3 100.4 220.0 242.3 90.2 300.3 155.4 89.0 239.2 123.7 236.0 116.1 91.3 89.0 216.6 863. 863. 863. 783. 8614 38.6 13 34.9 12 73.5 38.0 34.5 11 17.0 72.5 37.8 9 34.2 30.5 17.2 72.0 37.6 33.9 42.5 17.1 71.4 38.6 33.5 46.4 16.9 72.1 38.0 33.2 52.8 16.6 71.2 38.6 34.9 50.4 16.6 73.5 38.6 33.5 49.6 17.0 72.1 38.6 32.2 30.5 16.6 70.8 50.4 17.2 71.3 ...... 21 1.3 1.3 1.3 1.3 1.2 1.2 1.3 1.2 1.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 L15105 Frindrc neteti ..2. 833. 212. 213. 353. 23 33.7 33.5 33.2 32.1 19 223.7 28.3 218.2 32.1 218.3 14 33.7 12.7 216.7 214.5 18 28.3 12.7 1425.7 209.1 1422.4 28.2 12.6 223.7 1428.4 12.4 1414.6 214.5 1400.3 12.5 206.4 1337.2 1425.7 12.5 1400.3 1303.3 12.7 (1) EquityintheFarmCreditSystem. 12.5 24FL113193003Miscellaneousliabilities 23LM115114005ForeigndirectinvestmentinU.S. 12.3 22FL113178003Taxespayable 2 3 21FL113170005Tradepayables 334.3 1162.3 1132.0 20FL113165005Mortgages 324.2 19FL113169005Otherloansandadvances 1103.5 314.8 18FL113168005Depositoryinstitutionloansn.e.c. 1077.1 17FL114123005Loans 306.3 1052.5 1029.7 16FL114190005Totalliabilities 298.3 1162.3 292.8 15FL113093005Other 1052.5 14FL113092405EquityinvestmentinGSEs(1) 334.3 972.7 13FL113076005Insurancereceivables 12FL113090005Miscellaneousassets 298.3 11FL113070003Tradereceivables 279.7 10FL113066003Consumercredit 9FL113065005Mortgages 8FL114023005Loans 7FL113062003Municipalsecurities 6FL113061003Treasurysecurities 5FL114022005Debtsecurities 4FL113034003Moneymarketfundshares 3FL113030003Timeandsavingsdeposits 2FL113020005Checkabledepositsandcurrency 1FL114090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.104 NonfinancialNoncorporateBusiness 0721 092018 2019 2018 2017 65214. 87210. 78617. 83213. 87224 1867.2 1835.9 1803.2 1778.2 1748.6 20 4292.0 1707.6 4224.0 1867.2 17 4141.9 1748.6 5941.4 4099.4 1645.2 16 5864.5 4049.1 8822.1 5788.6 3988.0 8692.8 15 5730.8 4566.2 4292.0 8556.6 5663.9 4491.5 4049.1 8457.5 5534.3 12 4411.6 3829.4 8335.9 4707.8 5941.4 4359.0 8132.7 4630.3 5663.9 4289.2 8822.1 4547.8 5339.1 4145.6 8335.9 4492.2 4566.2 7812.8 4420.7 4289.2 4278.2 3949.7 4707.8 4420.7 4082.3 1 7380.9 7242.3 7099.9 6994.1 6870.8 6664.3 7380.9 6870.8 6343.8 4. 4. 5. 4. 4. 5. 5. 5. 5. 22 157.6 21 822.1 155.5 803.4 153.2 778.4 151.6 764.9 149.6 745.4 145.8 712.8 157.6 822.1 13 149.6 128.8 745.4 140.2 11 126.0 927.3 660.1 123.6 910.9 120.7 893.6 118.9 881.6 120.2 866.4 128.8 838.2 118.9 927.3 120.3 866.4 795.2 264. 974. 644. 794. 979 8 49.7 49.7 48.8 6 48.8 5 79.2 47.9 85.6 47.9 77.8 47.2 84.1 47.2 76.3 46.4 82.5 4 46.4 75.3 44.9 114.0 81.4 44.9 112.0 74.0 49.7 80.0 49.7 109.9 71.6 46.4 108.4 77.4 46.4 79.2 42.6 106.5 85.6 42.6 74.0 103.1 80.0 114.0 67.9 73.4 106.5 97.8 ...... 10 0.0 0.0 7 6.4 0.0 6.3 0.0 6.2 0.0 6.1 0.0 6.0 0.0 5.8 0.0 6.4 0.0 6.0 5.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 81

Levels Levels 1 F33643 utfml eieta otae ...... 31 0.0 32 36.9 0.0 36 43.9 4953.1 37 28952.9 4912.0 0.0 28706.7 236.6 28198.5 4782.8 28229.8 234.9 4893.1 0.0 28055.9 27319.2 4852.7 19.3 28952.9 4865.1 0.0 28055.9 19.0 26351.3 4953.1 4852.7 0.0 36.9 4629.6 19.3 0.0 169.9 0.0 0.0 37FL374190005Totalliabilities(consolidated)(2) 36FL374090005Totalfinancialassets(consolidated)(2) Memo: 16 221.7 35FL363190005Miscellaneousliabilities 34FL313140003Insurancereserves 218.8 33FL363170005Tradepayables 211.2 32FL363169005Otherloansandadvances 209.1 12 31FL313165403Multifamilyresidentialmortgages 178.6 30FL364123005Loans 203.4 177.9 203.1 29FL213162005Municipalsecurities 179.4 28FL313161705Budgetagencysecurities 10 221.7 437.6 27FL313161105Treasurysecurities 181.5 26FL364122005Debtsecurities 203.4 435.8 6 181.2 4 200.6 25FL313112003Treasurycurrency 140.8 439.4 426.2 188.6 24FL713014003SDRcertificates 140.2 444.7 412.8 23LM313111303SDRallocations 3 178.6 141.4 546.3 443.9 408.2 22FL364190005Totalliabilities 181.2 143.1 514.6 462.4 407.2 195.7 21FL363090005Miscellaneousassets 142.8 396.0 437.6 405.4 20FL363078005Taxesreceivable 19FL363070005Tradereceivables 148.7 469.2 443.9 391.9 18LM213064203Mutualfundshares 140.8 538.8 474.9 426.2 17LM363064105Corporateequities 142.8 516.2 405.4 16FL313069005Otherloansandadvances 154.2 546.3 397.4 15FL313066220Consumercredit 14FL363065005Mortgages 538.8 13FL364023005Loans 372.5 12FL363063005Corporateandforeignbonds 11FL213062003Municipalsecurities 10FL363061705Agency-andGSE-backedsecurities 9FL213061105Treasurysecurities 8FL213069103Openmarketpaper 7FL364022005Debtsecurities 6FL212051003Securityrepurchaseagreements 5FL213034003Moneymarketfundshares 4FL363030005Timeandsavingsdeposits 3FL363020005Checkabledepositsandcurrency 2FL313011005U.S.officialreserveassets 1FL364090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.105 GeneralGovernment(1) 82 (2) ExcludesTreasurysecuritiesandmunicipalheldbystatelocalgovernments(lines911)federalgovernmentloansto(line32). (1) Sumofthefederalgovernmentandstatelocalgovernmentssectors.

Z.1, March12,2020 63. 74. 91. 71. 74. 70. 71. 87. 91. 27 19018.7 26 18571.7 22103.8 17814.3 21624.0 17906.3 20869.9 17842.1 20979.6 17417.8 20920.6 19018.7 20508.0 17842.1 22103.8 22 16430.9 20920.6 29651.0 19562.3 29403.3 28892.9 28944.8 28773.9 28066.1 29651.0 28773.9 27107.9 0721 092018 2019 2018 2017 90367. 99069. 31464. 29562. 99035 5989.0 33 6224.3 1389.7 6289.5 1380.4 6247.8 1365.6 6371.4 1351.2 6090.2 1331.7 29 5989.0 3063.9 1317.8 6371.4 3030.8 1389.7 5980.3 3033.6 1331.7 3051.1 1263.5 3055.5 3067.4 3063.9 3055.5 3107.0 15 1319.5 13 1311.0 1885.8 1278.3 1873.2 1269.6 1832.0 1236.3 1826.9 1224.4 1786.9 1319.5 7 1782.7 1236.3 1360.0 1885.8 1145.6 1356.1 1786.9 1360.4 1707.9 1389.5 1391.5 1449.5 1 1360.0 5651.2 1391.5 5608.7 1482.1 5477.2 5608.1 5570.7 5611.9 5651.2 5570.7 5386.2 6. 933. 901. 3. 3. 393. 30 36.9 43.9 236.6 234.9 19.3 19.0 36.9 19.3 21 286.3 169.9 20 272.0 19 302.4 313.6 297.9 303.8 312.6 17 329.6 286.5 206.3 309.1 396.0 271.8 193.5 304.1 369.8 14 246.6 193.3 303.1 344.6 386.2 286.3 188.6 298.7 343.4 272.0 271.8 170.9 313.6 342.4 369.8 262.9 195.8 303.1 9 348.3 353.8 206.3 662.7 277.1 347.2 170.9 661.6 355.2 184.7 660.1 344.6 680.8 347.2 684.1 361.8 712.7 662.7 684.1 722.7 115. 225. 135. 175. 2234 52.2 52.1 51.7 51.8 28 21.2 51.3 21.5 51.2 25 25.3 22.0 52.2 23 48.8 25.3 22.2 51.3 48.1 25.3 22.9 51.1 49.1 25.3 22.8 49.0 25.3 21.2 18 91.5 49.1 25.3 22.9 86.6 49.3 25.3 24.4 86.2 48.8 25.3 83.6 49.1 25.3 11 75.9 50.3 14.4 84.3 8 14.3 66.8 91.5 14.4 66.5 75.9 5 14.6 24.5 67.1 80.7 14.6 2 22.4 67.9 97.8 15.2 20.9 67.7 96.2 14.4 20.0 70.5 96.4 14.6 19.8 66.8 93.6 15.7 19.5 67.7 93.9 24.5 73.2 91.9 19.8 97.8 21.9 93.9 91.0 ...... 24 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

7 F33603 te on n dacs117001. . . 1. 1. 311. 27 26 15.8 0.0 23.1 0.0 31 216.7 1585.9 0.0 215.3 1663.6 1778.9 0.0 0.0 1683.3 1624.4 0.0 0.0 1691.1 1585.9 15.8 0.0 1624.4 0.0 1675.7 0.0 21 151.7 19018.7 0.0 18571.7 17814.3 17906.3 0.0 17842.1 17417.8 19018.7 17842.1 7 32FL313190015Other 16430.9 31FL343073045Claimsofpensionfundonsponsor 0.5 30FL313190005Miscellaneousliabilities 9 6 0.5 29FL313140003Insurancereserves 221.7 0.0 28FL313170005Tradepayables 0.5 218.8 27FL313169003Otherloansandadvances 0.0 211.2 26FL313165403Multifamilyresidentialmortgages 0.5 25FL314123005Loans 209.1 0.0 0.5 24FL313161705Budgetagencysecurities 203.4 0.0 23FL313161305Nonmarketable 203.1 22FL313161205Marketable 3 0.5 21FL313161105Treasurysecurities(3) 221.7 0.0 407.2 20FL314122005Debtsecurities 0.5 203.4 386.0 0.0 19FL313112003Treasurycurrency 200.6 267.0 18FL713014003SDRcertificates 0.5 17LM313111303SDRallocations 0.0 337.9 0.5 16FL314190005Totalliabilities 405.9 0.0 388.4 15FL313090005Miscellaneousassets 14FL313078000Taxesreceivable 0.0 407.2 13FL313070000Tradereceivables 405.9 12LM313064105Corporateequities(2) 232.0 11FL313066220Consumercredit(1) 10FL313065005Mortgages 9FL313069005Otherloansandadvances 8FL314023005Loans 7FL313063763Corporateandforeignbonds 6FL313061703Agency-andGSE-backedsecurities 5FL314022005Debtsecurities 4FL313030003Timeandsavingsdeposits 3FL313020005Checkabledepositsandcurrency 2FL313011005U.S.officialreserveassets 1FL314090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.106 FederalGovernment (3) IncludesmarketableandnonmarketableTreasurysecuritiesheldbythepublicfederalgovernmentemployeeretirementfunds. (2) CorporateequitiespurchasedfromfinancialbusinessesundertheTroubledAssetReliefProgram(TARP)andGSEsatmarketprice. thegovernmentpurchasedfromdepositoryinstitutionsandfinancecompanies. (1) IncludesloansoriginatedbytheDepartmentofEducationunderFederalDirectLoanProgram,aswellFamilyProgramthat 43. 56. 62. 52. 56. 58. 58. 60. 62. 22 16628.9 16303.7 20 15884.3 19039.9 15888.7 18593.1 15566.2 17836.3 15227.6 17928.5 16628.9 17865.0 15566.2 17440.6 14434.6 19039.9 16 17865.0 21426.0 16455.3 21050.3 20599.5 20592.6 20251.0 19878.2 21426.0 20251.0 19011.6 0721 092018 2019 2018 2017 93012. 91117. 95318. 06416. 91130 1901.1 1962.2 2076.4 1980.4 1925.3 1978.4 1901.1 1925.3 23 1963.0 2389.8 2268.0 1930.0 2017.6 2275.9 2190.2 2389.8 2275.9 1996.3 11 1319.5 1311.0 8 1278.3 1665.0 1269.6 1653.3 1236.3 1610.2 1224.4 1602.6 1319.5 1562.9 1236.3 1549.5 1145.6 1665.0 1562.9 1 1466.0 2601.6 2595.5 2466.3 2590.4 2592.5 2573.7 2601.6 2592.5 2286.7 8. 0. 1. 8. 0. 9. 9. 9. 1. 32 315.2 298.6 297.4 28 25 297.1 337.6 15.8 300.9 341.1 23.1 287.2 338.9 216.7 315.2 337.1 215.3 300.9 329.8 0.0 287.2 328.2 337.6 0.0 329.8 15.8 309.7 0.0 151.7 15 219.0 14 101.6 218.4 128.9 217.0 162.8 214.0 230.8 10 212.0 123.8 206.7 208.8 123.5 226.7 219.0 120.7 101.6 212.0 123.9 206.7 197.0 123.2 200.1 122.0 123.8 123.2 119.8 115. 225. 135. 175. 2229 52.2 52.1 51.7 51.8 24 21.2 51.3 21.5 51.2 22.0 19 52.2 25.3 22.2 17 51.3 48.8 25.3 22.9 51.1 48.1 25.3 22.8 49.1 25.3 21.2 13 75.0 49.0 25.3 22.9 12 33.2 76.4 49.1 25.3 24.4 33.2 76.9 49.3 25.3 33.2 75.8 48.8 25.3 33.2 75.4 49.1 25.3 33.2 72.7 50.3 33.2 75.0 2 33.2 75.4 97.8 33.2 65.0 96.2 33.2 96.4 93.6 93.9 91.9 97.8 93.9 91.0 ...... 18 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5 5.2 0.5 4 5.2 2.3 0.5 2.6 0.5 2.3 0.5 2.1 0.5 2.0 0.5 2.1 0.5 2.3 0.5 2.0 0.5 1.9 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 83

Levels Levels 2 F23623 on US oenetlas 821. 111. 931. 992. 1122 21.1 20.8 19.9 24 19.6 4087.8 4262.1 19.3 4213.2 19.0 4267.4 4446.2 21.1 19 4111.8 3063.9 4087.8 19.3 3030.8 4446.2 3033.6 18.2 4017.4 3051.1 3055.5 11 3067.4 178.1 3063.9 177.4 3055.5 3107.0 9 178.9 437.6 181.0 24FL223073045Claimsofpensionfundonsponsor(2) 435.8 5 23FL213170003Tradepayables 180.7 140.8 3 439.4 188.1 22FL213169203Loans(U.S.governmentloans) 423.9 140.2 444.7 178.1 410.1 21FL213162200Long-term 2 141.4 443.9 20FL213162400Short-term(1) 180.7 139.1 405.8 19FL213162005Debtsecurities(municipalsecurities) 143.1 462.4 195.2 128.6 405.1 142.8 437.6 18FL214190005Totalliabilities 129.0 403.4 148.7 443.9 17FL213093003Miscellaneousassets 131.3 389.8 16FL213078005Taxesreceivable 140.8 474.9 15FL213070003Tradereceivables 132.9 423.9 142.8 127.8 403.4 14LM213064203Mutualfundshares 154.2 13LM213064103Corporateequities 139.1 395.5 12FL213065005Loans(mortgages) 132.9 140.6 11LM213063003Corporateandforeignbonds 10LM213062003Municipalsecurities 9LM213061703Agency-andGSE-backedsecurities 8LM213061105Treasurysecurities 7FL213069103Openmarketpaper 6LM214022005Debtsecurities 5FL212051003Securityrepurchaseagreements 4FL213034003Moneymarketfundshares 3FL213030000Timeandsavingsdeposits 2FL213020005Checkabledepositsandcurrency 1FL214090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.107 StateandLocalGovernments 84 (2) Includedinmiscellaneousliabilities. (1) Debtwithoriginalmaturityof13monthsorless.

Z.1, March12,2020 0721 092018 2019 2018 2017 02031. 09233. 07531. 97229. 09221 3019.2 2990.9 2997.2 18 3012.1 8224.9 3017.5 8353.0 3030.1 8293.4 3019.2 8352.2 3017.5 8522.9 3072.0 8187.9 8224.9 8522.9 8096.4 6 1359.5 1355.6 1359.9 1389.0 1391.0 1449.0 1 1359.5 3049.6 1391.0 3013.2 1481.6 3010.9 3017.7 2978.2 3038.3 3049.6 2978.2 3099.5 5. 01815. 8. 01811. 06713. 02123 1052.1 1039.3 1026.7 1014.1 1001.8 989.7 16 1052.1 170.4 15 1001.8 238.6 169.1 953.8 236.2 13 166.8 173.2 232.2 165.1 12 160.3 228.3 220.8 163.2 160.2 227.7 219.9 159.5 155.4 226.0 221.7 8 170.4 137.7 238.6 224.4 662.7 163.2 162.6 227.7 224.0 661.6 153.7 173.2 212.1 233.2 660.1 137.7 220.8 680.8 151.5 224.0 684.1 241.9 712.7 662.7 684.1 722.7 503. 473. 813. 654. 4720 44.7 40.0 36.5 17 67.3 39.1 83.9 14 38.1 91.5 86.8 37.3 86.6 72.4 44.7 86.2 59.8 10 38.1 14.4 83.6 37.9 35.0 7 14.3 75.9 67.3 66.8 14.4 84.3 59.8 66.5 4 14.6 91.5 65.8 24.5 67.1 14.6 75.9 22.4 67.9 15.2 80.7 20.9 67.7 14.4 20.0 70.5 14.6 19.8 66.8 15.7 19.5 67.7 24.5 73.2 19.8 21.9 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

1 L62903 qiyi ocroaebsns 877. 357. 827. 848. 3551 83.5 80.6 78.4 78.4 78.2 78.7 50 11491.2 83.5 10665.9 10619.6 48 78.2 10131.5 1283.6 9248.7 1278.1 68.7 10474.5 11491.2 1260.3 9248.7 1223.9 10035.0 1101.7 1335.6 40 41 1283.6 310.5 1421.9 1101.7 1445.9 308.7 1263.1 1446.1 306.2 1424.0 38 307.9 1491.3 4932.3 51LM662090003Equityinnoncorporatebusiness 1471.3 4916.3 309.9 50LM793164105Marketvalueofcorporateequities 1421.9 4858.2 37 294.4 9382.4 1491.3 Memo: 4815.5 33 9322.9 310.5 1494.9 3634.3 4773.5 34 49FL793190005Miscellaneousliabilities 3217.1 9243.3 3442.5 4767.2 309.9 3295.3 9124.3 3205.9 4932.3 48LM793192005ForeigndirectinvestmentinU.S. 301.2 31 3178.4 9090.0 3079.4 4773.5 47FL793178005Taxespayable 32 4800.3 2949.2 12889.3 8998.7 3038.3 4717.0 4628.5 12683.8 46FL583150005Pensionentitlements 2980.9 9382.4 2867.1 12524.1 4436.3 45FL543140005Lifeinsurancereserves 2722.6 12430.0 9090.0 3634.3 4444.8 44FL793170005Tradepayables 12200.9 3217.1 8843.0 3038.3 12069.5 4544.1 27 12889.3 2980.9 43LM653164205Mutualfundshares 2848.4 4382.2 1094.1 12200.9 2965.5 11670.4 4800.3 1092.6 42FL123165005Mortgages 4544.1 1096.7 41FL793169005Otherloansandadvances 40FL793168005Depositoryinstitutionloansn.e.c. 4229.8 1055.8 39FL794123005Loans 949.3 38FL793163005Corporateandforeignbonds 1107.5 37FL423161705Agency-andGSE-backedsecurities 1094.1 36FL793169175Openmarketpaper 19 949.3 35FL794122005Debtsecurities 2233.9 1144.7 2237.7 34FL792150005Federalfundsandsecurityrepos 2442.8 33FL634090005Moneymarketfundshares 18 2400.8 3815.3 32FL703130005Timeandsavingsdeposits 16 31FL793120005Checkabledepositsandcurrency 2241.1 3783.3 9140.7 2251.0 3764.3 8992.6 30FL794110005Netinterbankliabilities 9 2233.9 3687.4 8707.5 8 641.2 2241.1 3676.5 8353.6 14 29FL794190005Totalliabilities 362.4 7223.3 593.6 2438.5 3505.0 7913.3 7199.0 357.8 28FL793090005Miscellaneousassets 7 3815.3 8071.9 560.9 7134.8 10 437.1 3676.5 369.1 9140.7 27LM793092005U.S.directinvestmentabroad 3850.5 540.6 6963.1 3395.5 7913.3 26FL543050005Pensionentitlements 392.5 334.7 3880.1 6858.5 25FL793040005Lifeinsurancereserves 535.2 8020.6 3583.9 404.1 6762.6 302.9 24FL793070005Tradereceivables 512.7 3343.4 7223.3 339.7 310.4 23LM793064205Mutualfundshares 3301.8 641.2 6858.5 22LM793064105Corporateequities 344.3 362.4 2926.0 6938.4 535.2 3850.5 392.2 302.9 21FL793066005Consumercredit 540.5 3301.8 20FL793065005Mortgages 437.1 293.2 2866.5 19FL793069005Otherloansandadvances 18FL793068005Depositoryinstitutionloansn.e.c. 344.3 17FL794023005Loans 425.8 16FL793063005Corporateandforeignbonds 15FL793062005Municipalsecurities 14FL793061705Agency-andGSE-backedsecurities 13FL793061105Treasurysecurities 12FL793069175Openmarketpaper 11FL794022005Debtsecurities 10FL792050005Federalfundsandsecurityrepos 9FL793034005Moneymarketfundshares 8FL793030005Timeandsavingsdeposits 7FL793020005Checkabledepositsandcurrency 6FL794010005Netinterbankassets 5FL633091003Foreigndeposits 4FL713012003Treasurycurrency 3FL713014003SDRcertificates 2FL713011005U.S.officialreserveassets 1FL794090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.108 DomesticFinancialSectors(1) (1) SumoffinancialsectorsshownontablesL.109 throughL.132. 59. 63. 82. 65. 63. 69. 78. 76. 82. 46 28126.3 27460.4 27283.1 26897.9 43 26033.4 17659.5 26754.2 16694.7 28126.3 16669.6 26033.4 16179.6 25996.0 14669.8 16559.7 17659.5 14669.8 15899.0 35 14747.7 14662.1 14541.4 14382.2 14294.6 14195.2 14747.7 14294.6 13957.3 29 100925.6 98443.6 28 15948.2 97347.1 16191.8 95871.7 16189.6 92992.5 16087.5 95283.1 16276.3 100925.6 92992.5 15775.5 93336.7 15948.2 16276.3 15539.1 22 23196.3 21517.2 21616.5 20 20973.9 15527.6 18792.5 15356.0 21827.8 15161.7 23196.3 17 15013.5 18792.5 24381.6 14921.0 20792.3 24127.3 14777.8 24075.0 15527.6 23763.9 14921.0 23541.9 14365.8 23178.4 24381.6 23541.9 11 22808.6 28955.9 28350.4 27226.0 26781.4 26297.5 25917.7 28955.9 26297.5 25882.9 1 108174.0 105335.0 103970.7 102054.6 98626.8 101089.0 108174.0 98626.8 99347.3 0721 092018 2019 2018 2017 80671. 25074. 85587. 16489. 25049 8285.0 8192.5 8196.4 8077.0 7815.5 45 2162.5 7945.7 2117.9 8285.0 2093.8 7815.5 2071.3 7850.6 2035.2 2054.2 39 2162.5 1953.9 2035.2 1975.6 2008.8 1972.7 1953.1 2027.4 1995.2 1953.9 2027.4 2038.1 30 1707.7 1559.6 1544.4 1745.8 1810.9 1961.5 1707.7 1810.9 2165.0 23 6543.5 6217.7 21 6248.5 2804.7 6089.8 2750.2 5563.1 2706.2 6236.8 2662.2 6543.5 2703.4 5563.1 2644.6 15 6031.8 2105.6 2804.7 13 2073.3 2703.4 9877.5 2042.7 2608.8 9430.5 2011.4 8616.7 1976.1 8724.5 2002.1 8900.9 2105.6 8380.9 1976.1 9877.5 6 2093.6 8900.9 1631.7 8196.7 1496.9 1492.2 1649.9 1637.3 1836.8 1631.7 1637.3 2025.4 6. 5. 7. 4. 5. 5. 5. 6. 7. 47 170.4 166.9 44 158.5 287.8 158.1 285.6 159.7 42 282.2 221.5 149.3 279.6 220.9 170.4 280.0 220.4 159.7 291.1 221.2 160.4 287.8 36 226.2 433.0 280.0 229.4 422.9 284.2 221.5 440.0 226.2 442.5 242.0 431.2 429.4 433.0 431.2 397.2 25 509.2 24 336.5 498.6 330.5 492.7 331.8 487.5 325.5 483.5 321.5 491.2 321.0 509.2 336.5 483.5 321.5 511.8 302.9 12 609.0 655.0 724.3 728.8 648.7 700.2 609.0 648.7 633.6 1411411616411413014717611626 191.6 197.6 194.7 193.0 191.4 166.4 191.6 191.4 91.4 4 50.1 2 31.6 50.0 31.3 49.9 31.8 49.9 31.4 49.8 31.8 49.7 31.7 50.1 31.6 49.8 31.8 49.4 32.2 ...... 5 7.4 3 5.2 3.9 5.2 2.2 5.2 1.5 5.2 1.5 5.2 2.1 5.2 7.4 5.2 1.5 5.2 3.7 5.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 85

Levels Levels 6 F73603 eea eev aksok3. 233. 233. 253. 253. 36 31.7 40 32.5 38 1451.9 3854.3 1510.4 32.4 3697.3 1578.2 3763.4 32.5 1640.2 3893.2 1686.3 3988.7 32.3 33 32 1732.7 64.1 4128.5 336.6 1451.9 32.3 3854.3 313.4 1686.3 7.1 3988.7 31 31.7 1822.5 30 335.4 1724.3 4368.2 31.1 44.3 1692.1 32.3 255.3 1671.6 31.8 0.7 304.0 28 31.4 1653.7 0.0 25 34.6 278.9 1637.2 27 404.0 41.8 403.9 1617.4 336.6 0.0 34.1 382.7 1724.3 48.4 382.5 23 304.0 83.4 263.9 1637.2 33.2 263.7 0.0 40FL713061765Agency-andGSE-backedsecurities 64.1 564.0 19 1540.8 334.3 70.3 39FL713061163Treasurysecurities 3.7 334.0 35.3 38FL714022065Amortizedcostofdebtsecurities 41.8 0.0 402.4 24 71.5 402.1 2164.6 31.1 1.0 Memo: 384.9 319.6 2111.8 384.7 0.0 22 69.9 1548.8 33.2 1975.3 404.0 37FL713193005Other 0.0 403.9 1427.3 2027.5 36FL713164003FederalReserveBankstock 82.0 0.0 402.4 44.4 402.1 1421.5 35FL713190005Miscellaneousliabilities 2078.0 16 1.4 0.0 229.1 68.0 1580.8 2043.0 228.9 0.0 34FL712151115Other(8) 15 1556.0 2164.6 33FL712151103Reverserepurchaseagreementoperations(7) 4.2 3.4 83.4 0.0 1769.5 2078.0 32FL712151003Securityrepurchaseagreements 0.0 1548.8 1819.7 82.0 0.1 3.4 31FL713125005Currencyoutsidebanks 0.0 1556.0 0.0 1949.0 77.2 30FL713124005Duetogovernment-sponsoredenterprises 3.7 3.4 0.0 7 29FL713122605Duetorestoftheworld 14 255.6 4.2 3.2 1462.0 0.0 28FL713123043Treasurytemporarysupplementaryfinancingaccount 12 202.5 2374.4 1528.1 27FL713123030Treasurygeneraldepositaccount 12.1 26FL713123023Treasurycashholdings 3.2 2360.5 1582.0 13 0.0 0.0 25FL713123005Duetofederalgovernment 1465.4 2315.0 1620.5 1531.5 3.2 2330.2 1641.4 0.0 0.0 24FL713120005Checkabledepositsandcurrency 1585.3 2338.0 1663.8 1623.7 2395.0 3.4 23FL703025005Vaultcashofdepositoryinstitutions 1462.0 0.0 0.0 1644.6 22FL713113003Depositoryinstitutionreserves 2374.4 1641.4 1666.9 2338.0 3.2 1809.9 0.0 0.0 21FL714190005Totalliabilities 1465.4 2633.0 1644.6 5.4 20FL713093005Other 255.6 1815.3 19FL713091103Nonofficialforeigncurrencies(6) 18FL713090005Miscellaneousassets 0.0 17FL713064103Corporateequities(5) 0.0 16FL713068005Loans(depositoryinstitutionloansn.e.c.)(4) 15LM713061703Otheragency-andGSE-backedsecurities 14LM713061903Mortgage-backedsecurities 13LM713061705Agency-andGSE-backedsecurities 12LM713061125OtherTreasurysecurities 11LM713061113Treasurybills 10LM713061103Treasurysecurities 9FL713069603Openmarketpaper 8LM714022005Debtsecurities(3) 7FL712051000Securityrepurchaseagreements 6FL713068705Interbankloans(2) 5FL713022003FederalReservefloat(2) 4FL713012003Treasurycurrency 3FL713014003SDRcertificates 2FL713011005U.S.officialreserveassets 1FL714090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.109 MonetaryAuthority(1) 86 (8) IncludesreverserepurchaseagreementsconductedthroughtheFederalReserve’sForeignRepo Pool. (7) Reverserepurchaseagreements(RRPs)conductedaspartoftheFederalReserve’sOvernight RRPOperationalExercise(beginning2013:Q3)andtermoperations2014:Q4). (6) Reciprocalcurrencyarrangements(swaplines)withforeigncentralbanks. CompanyLtd(AIA)andAmericanLifeInsurance(ALICO),twolifeinsurancesubsidiaries ofAIG.Seriesiszeroafter2010:Q4. (5) PreferredinterestsinAIAAuroraLLCandALICOHoldingsLLC,twolimitedliabilitycompanies createdtoholdalltheoutstandingcommonstockofAmericanInternationalAssuance AIG,MaidenLaneIIILLC,andtheCommercialPaperFundingFacilityLLC.Seriesiszero after 2014:Q3. tobrokersanddealersthroughtheFederalReserve’sPrimaryDealerCreditFacility(PDCF) and AMLF;totheotherfinancialbusinessesMaidenLaneLLC,II (4) LoansextendedtofinancialinstitutionssuchasdomestichedgefundsthroughtheTermAsset-Backed SecuritiesLoanFacility(TALF),recordedaspartofthehouseholdsector; (3) Shownatestimatedfairvalue. credit,seasonalandthroughtheAsset-BackedCommercialPaperMoneyMarketFund LiquidityFacility(AMLF).TheAMLFwasdissolvedin2010:Q1. (2) ShownontableL.203aspartofline24.InterbankloansareFederalReserveextendedto domesticbanksthroughtermauctioncredit,primarysecondary (1) AssetsandliabilitiesofFederalReserveBanksTreasurymonetaryaccountsthatsupplyor absorbbankreserves.ExcludestheaccountsofFederalReserveBoard.

Z.1, March12,2020 0721 092018 2019 2018 2017 55720. 42529. 32525. 15328. 42539 2402.5 2186.9 2185.3 2253.0 2302.5 2395.8 2402.5 2302.5 2545.7 21 4238.1 4026.2 3895.3 4029.9 4134.1 4274.6 4238.1 4134.1 4539.4 10 2543.9 8 2366.5 4009.3 2315.0 3897.9 2330.2 3900.4 2338.0 3953.9 2395.1 3982.6 2543.9 4062.1 2338.0 4009.3 2633.0 3982.6 1 4448.3 4501.1 4334.9 4140.3 4198.7 4236.0 4316.2 4501.1 4236.0 4730.8 2. 1. 0. 1. 1. 649. 0. 0. 35 104.6 103.4 34 272.6 91.7 306.3 96.4 291.1 114.1 254.6 115.1 262.2 104.6 230.5 114.1 272.6 129.6 262.2 244.4 20 146.2 18 147.6 150.0 153.7 148.6 157.7 153.7 163.2 159.0 168.2 167.4 146.2 168.2 163.2 150.0 184.4 167.4 196.5 828. 298. 176. 937. 2937 72.9 70.9 59.3 63.9 81.7 82.8 72.9 81.7 98.2 4 50.1 2 31.6 50.0 31.3 49.9 31.8 49.9 31.4 49.8 31.8 49.7 31.7 50.1 31.6 49.8 31.8 49.4 32.2 09-. 06-. 08-. 08-. 065 -0.6 -0.7 -0.8 -0.8 -0.8 -1.0 -0.6 -0.8 -0.9 ...... 29 5.2 5.2 26 0.2 5.3 0.2 5.3 0.2 5.3 0.3 5.3 0.2 5.2 0.2 17 5.3 0.0 0.2 5.3 0.0 0.2 0.0 0.2 0.0 9 11 169.5 0.0 0.0 6.0 0.0 0.0 0.0 6 0.0 0.0 0.0 0.0 0.0 0.0 0.1 3 0.0 5.2 0.0 0.0 0.1 0.1 5.2 0.0 0.0 169.5 5.2 0.0 0.1 0.0 5.2 0.0 0.3 0.0 5.2 0.0 0.0 5.2 0.1 5.2 0.1 5.2 5.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F73633 osmrlae o nlddaoe()1. 241. 251. 301. 311. 36 13.1 13.1 12.7 13.0 12.4 34 119.5 31 12.5 118.7 358.3 33 2634.5 13.1 122.4 361.1 29 2574.1 537.2 138.5 360.4 12.4 2584.4 556.1 123.1 2517.4 353.7 11.2 2500.5 591.9 125.1 318.1 2438.1 25 574.9 119.5 364.2 2634.5 717.1 635.0 2500.5 123.1 358.3 706.8 2495.7 615.3 79.7 318.1 664.7 537.2 37FL703139105Uninsureddeposits(3) 348.9 640.4 635.0 36FL763066303Consumerleasesnotincludedabove(2) 646.7 24 12889.3 641.3 642.7 12683.8 19 Memo: 12524.1 278.2 717.1 12430.0 35FL703193005Other 12200.9 280.6 646.7 12069.5 34FL753194503Investmentbyotherfinancialbusinesses 12889.3 285.4 33FL763194735Investmentbyholdingcompanies 12200.9 722.9 32FL703190005Miscellaneousliabilities 11670.4 277.6 31LM753192003ForeigndirectinvestmentinU.S. 252.8 30FL763178003Taxespayable(net) 292.0 29FL703169005Loans(otherloansandadvances) 278.2 28FL763163005Corporatebonds 252.8 10 27FL703169175Openmarketpaper 654.5 293.6 26FL704122005Debtsecurities 12 672.5 3815.3 25FL702150005Federalfundsandsecurityrepos 663.6 3783.3 24FL703130005Timeandsavingsdeposits 3764.3 653.6 23FL703127005Checkabledeposits 3687.4 611.8 4 8 3676.5 22FL704110005Netinterbankliabilities 738.3 646.6 2630.8 3505.0 21FL704190005Totalliabilities 736.0 2635.5 3815.3 654.5 3 2581.5 3676.5 758.8 1548.8 20FL703090005Miscellaneousassets 611.8 2505.5 3395.5 1427.3 19LM763092000U.S.directinvestmentabroad 724.8 2445.5 670.8 1421.5 702.0 18FL763040005Lifeinsurancereserves 2370.6 1580.8 2630.8 542.6 1556.0 17LM703064205Mutualfundshares 2445.5 1769.5 16LM703064105Corporateequities 738.3 2422.6 1548.8 702.0 15FL703066005Consumercredit 1556.0 14FL703065005Mortgages 1949.0 490.7 13FL703069005Otherloansandadvances 12FL703068005Depositoryinstitutionloansn.e.c. 11FL704023005Loans 10LM703063005Corporateandforeignbonds 9LM703062005Municipalsecurities 8LM703061705Agency-andGSE-backedsecurities 7LM703061105Treasurysecurities 6FL703069175Openmarketpaper 5LM704022005Debtsecurities 4FL702050005Federalfundsandsecurityrepos 3FL713113003ReservesatFederalReserve 2FL703025005Vaultcash 1FL704090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.110 PrivateDepositoryInstitutions(1) (3) Includescheckabledeposits(line23)andtimesavings24)notinsuredbythe FederalDepositInsuranceCorporationortheNationalCreditUnionShareFund. Theleasedautomobileisanonfinancialasset. (2) Receivablesfromoperatingleases,suchasconsumerautomobilearebookedcurrent incomewhenpaymentsarereceivedandnotincludedinfinancialassets(orhouseholdliabilities). (1) U.S.-chartereddepositoryinstitutions(L.111),foreignbankingoffices(L.112),banksinU.S.-affiliated areas(L.113),andcreditunions(L.114). 91. 05. 11. 97. 05. 03. 06. 07. 11. 21 21112.6 20779.7 20560.8 20335.8 20152.8 19871.8 21112.6 20152.8 19619.9 11 11729.3 11577.4 11462.3 11268.1 11270.4 11009.4 11729.3 11270.4 10708.4 1 20048.8 19752.8 19508.9 19305.2 19193.1 18924.2 20048.8 19193.1 18833.5 0721 092018 2019 2018 2017 97068. 74267. 17566. 37160. 74237 6704.2 6502.1 6327.1 6166.5 6187.5 6078.7 6704.2 32 6187.5 3492.6 5987.0 3504.9 3529.5 3445.5 3315.2 3318.3 3492.6 3315.2 3321.8 23 2635.7 2516.7 2461.0 2417.3 2466.1 2339.2 2635.7 2466.1 2410.2 15 2253.5 14 5660.5 2199.6 5594.5 2157.2 5540.8 2116.2 5464.5 2151.2 5442.8 2092.8 5411.6 2253.5 5660.5 2151.2 5442.8 5 2030.2 5282.7 4641.7 4639.8 4498.0 4393.6 4298.9 4174.7 4641.7 4298.9 4288.3 4. 9. 3. 5. 9. 8. 2. 1. 3. 35 738.6 812.1 822.8 30 789.6 124.8 691.6 119.1 755.1 108.9 28 738.6 154.9 27 105.5 127.2 26 691.6 148.8 282.1 109.7 120.3 746.4 151.3 269.1 98.5 117.6 154.0 268.9 124.8 119.5 22 160.0 75.4 273.5 109.7 128.3 166.2 288.2 62.0 104.3 133.8 154.9 300.0 127.2 51.5 160.0 282.1 20 128.3 638.2 95.1 147.7 288.2 113.6 649.3 172.9 261.3 18 178.7 639.2 124.0 176.9 627.8 16 75.4 147.2 175.5 695.1 172.9 133.9 173.4 700.7 138.8 135.2 172.1 638.2 129.5 171.7 695.1 109.1 178.7 663.3 9 133.1 172.1 478.4 7 147.2 168.2 475.5 877.3 109.1 482.1 855.8 127.6 497.2 770.4 504.8 737.0 507.8 736.7 478.4 649.5 504.8 877.3 578.9 736.7 616.0 715. 506. 475. 156. 5017 65.0 61.2 61.5 59.6 54.7 62.5 65.0 54.7 67.1 2 83.4 70.3 71.5 69.9 82.0 68.0 83.4 82.0 77.2 ...... 13 0.0 0.0 0.0 6 0.0 0.7 0.0 0.4 0.0 0.4 0.0 0.3 0.0 0.2 0.0 0.2 0.7 0.2 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 87

Levels Levels 1 F73633 osmrlae o nlddaoe()1. 241. 251. 301. 311. 51 13.1 13.1 12.7 13.0 12.4 12.5 49 46 2634.5 487.2 13.1 2574.1 502.0 2584.4 12.4 2517.4 540.5 2500.5 11.2 42 524.1 2438.1 167.0 577.3 2634.5 180.3 2500.5 557.0 153.9 2495.7 487.2 34 152.0 0.0 41 577.3 10806.0 52FL763139105Uninsureddeposits(2) 143.1 10671.8 586.5 10493.7 0.1 156.2 10421.0 51FL763066303Consumerleasesnotincludedabove(1) 10293.9 167.0 10139.4 0.1 Memo: 10806.0 143.1 10293.9 9802.0 50FL763193005Other 0.0 170.4 49FL763194735Investmentbyholdingcompanies 48FL763190005Miscellaneousliabilities 0.1 29 47FL763178003Taxespayable(net) 278.2 0.3 46FL763169305Loans(otherloansandadvances) 280.6 0.0 285.4 45FL763163005Corporatebonds 44FL763169175Openmarketpaper 277.6 43FL764122005Debtsecurities 0.1 252.8 42FL762150005Federalfundsandsecurityrepos 0.1 292.0 41FL763130005Timeandsavingsdeposits 278.2 40FL763122605Restoftheworld 39FL763129205Privatedomestic 252.8 38FL763123005Federalgovernment 293.6 37FL763127005Checkabledeposits 22 3029.2 17 16 2.7 36FL764116005Toforeignbanks 3009.4 5.5 15 19 35FL764112005Todomesticbanks 2985.8 18 499.4 42.2 34FL713068705BorrowingfromFederalReservebanks 34.5 2.4 2929.5 4.4 33FL713022003FederalReservefloat 502.2 42.6 2928.5 32FL764110005Netinterbankliabilities 34.9 496.5 2.1 2788.9 3.6 42.1 31FL764190005Totalliabilities 3029.2 34.6 498.5 2.2 2928.5 41.1 3.9 30FL763090005Miscellaneousassets 451.7 32.7 2674.5 489.4 2.0 39.0 29LM763092000U.S.directinvestmentabroad 12 3.7 32.5 11 177.9 28FL763040005Lifeinsurancereserves 427.3 499.4 10 36.9 2.1 173.1 33.0 149.2 3.3 27LM763064203Mutualfundshares 429.2 451.7 4 3 8 26LM763064105Corporateequities 42.2 163.4 358.5 146.1 34.5 423.6 493.0 907.3 2.7 2407.3 5.5 157.6 9 25FL763066000Consumercredit 332.3 2411.0 139.1 39.0 423.2 838.2 32.5 24FL763065005Mortgages 1531.8 2.0 2363.0 153.5 376.4 130.7 3.7 23FL763069703Otherloansandadvances 417.6 806.7 36.1 1531.9 2292.9 39.3 22FL763068005Depositoryinstitutionloansn.e.c. 147.9 359.4 123.7 1495.7 412.9 898.6 2239.3 3.0 21FL764023005Loans 4.5 177.9 1435.6 382.8 2165.8 115.6 427.3 888.4 20LM763063095Other 1394.9 2407.3 153.5 237.2 149.2 19LM763063693Priv.commercialCMOsandotherstructuredMBS 417.6 1038.8 1339.5 2239.3 18LM763063663Priv.residentialCMOsandotherstructuredMBS 139.7 907.3 358.5 123.7 1531.8 411.4 2207.4 17LM763063653Priv.commercialmortgagepass-throughsecurities 1394.9 888.4 382.8 116.0 16LM763063673Priv.residentialmortgagepass-throughsecurities 15LM763063005Corporateandforeignbonds 1382.0 1161.9 222.5 14LM763062000Municipalsecurities 13LM763061795Other 12LM763061403CommercialCMOsandotherstructuredMBS 11LM763061603ResidentialCMOsandotherstructuredMBS 10LM763061303Commercialmortgagepass-throughsecurities 9LM763061803Residentialmortgagepass-throughsecurities 8LM763061705Agency-andGSE-backedsecurities 7LM763061100Treasurysecurities 6FL763069175Openmarketpaper 5LM764022005Debtsecurities 4FL762050005Federalfundsandsecurityrepos 3FL763013005ReservesatFederalReserve 2FL763025000Vaultcash 1FL764090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.111 U.S.-CharteredDepositoryInstitutions 88 (2) Includescheckabledeposits(line37)andtime andsavingsdeposits(line41)notinsuredbytheFederalDepositInsuranceCorporation. Theleasedautomobileisanonfinancialasset. (1) Receivablesfromoperatingleases,suchasconsumer automobileleases,arebookedascurrentincomewhenpaymentsreceivedandnot includedinfinancialassets(orhouseholdliabilities).

Z.1, March12,2020 66. 62. 78. 60. 62. 69. 63. 71. 78. 31 17280.4 17015.0 16836.5 16590.0 16524.3 16203.7 17280.4 16524.3 16062.9 1 16330.4 16063.8 15841.9 15641.0 15633.2 15370.9 16330.4 15633.2 15318.5 0721 092018 2019 2018 2017 83658. 49144. 01749. 11752. 49152 5479.1 5325.2 5131.7 4995.3 5081.7 4942.6 48 5479.1 3263.6 5081.7 3254.8 4883.6 3270.2 3177.5 3077.7 3063.8 3263.6 3077.7 3108.6 39 1966.2 37 1856.7 2191.5 1809.6 2072.0 1785.8 2027.2 1844.6 1992.3 1721.4 2053.7 1966.2 1928.9 1844.6 2191.5 1813.6 2053.7 2015.4 25 1771.0 24 4984.8 1716.0 4940.1 1684.4 21 4900.0 1644.6 9785.0 4835.7 1682.0 9665.5 4818.1 1630.8 9570.2 4797.5 1771.0 9409.8 4984.8 1682.0 9428.6 4818.1 1611.8 9217.2 4698.5 9785.0 9428.6 8984.8 5 4082.4 4057.5 3927.8 3846.4 3759.5 3653.8 4082.4 3759.5 3757.4 1. 7. 2. 2. 7. 6. 8. 8. 2. 50 629.1 680.8 47 685.9 124.8 660.1 119.1 577.2 108.9 45 154.9 625.7 105.5 43 148.8 629.1 236.3 109.7 151.3 577.2 225.0 98.5 154.0 612.9 230.3 124.8 160.0 235.6 109.7 166.2 247.5 104.3 154.9 259.5 160.0 236.3 147.7 247.5 223.2 30 448.0 450.6 28 178.7 434.9 176.9 419.7 26 147.2 175.5 505.7 133.9 173.4 498.9 135.2 172.1 448.0 129.5 171.7 505.7 109.1 178.7 460.6 20 414.6 133.1 172.1 417.7 147.2 168.2 414.2 109.1 418.7 127.6 14 471.8 13 374.5 121.1 469.9 414.0 130.7 476.1 414.6 141.3 491.1 374.5 7 145.9 498.8 703.9 409.9 149.6 502.2 674.5 150.0 471.8 592.2 121.1 498.8 563.9 149.6 572.6 569.8 158.3 496.4 703.9 569.8 484.4 558. 149. 758. 907. 1444 81.4 76.2 79.0 40 84.5 81.6 84.7 87.5 36 87.0 93.3 14.7 73.6 81.4 1.8 32 74.4 4.0 87.5 26.2 77.9 75.5 -10.0 -12.9 84.5 11.9 28.4 74.4 -18.1 6.0 21.5 59.4 27 14.7 61.7 0.3 28.4 58.0 4.0 50.3 58.3 21.5 56.7 52.6 52.1 60.1 61.7 52.1 64.8 2 83.4 70.3 71.5 69.9 82.0 68.0 83.4 82.0 77.2 09-. 06-. 08-. 08-. 0633 -0.6 -0.7 -0.8 -0.8 -0.8 -1.0 -0.6 -0.8 -0.9 ...... 38 1.6 2.0 1.6 35 1.6 -10.2 -11.2 1.8 -13.6 1.8 -4.4 1.6 -6.1 1.8 -5.0 1.9 -10.2 23 0.0 -6.1 0.0 3.1 0.0 0.0 0.0 0.0 0.0 6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

4 F73615 etscrte oe aktppr 814. 584. 083. 864. 5824 27 45.8 25 119.5 358.3 118.7 44.1 361.1 122.4 23 22 38.6 360.4 550.0 909.1 138.5 353.7 37.9 526.5 860.5 123.1 318.1 510.8 882.1 40.8 125.1 364.2 488.3 868.7 119.5 40.5 358.3 503.6 820.2 123.1 45.8 318.1 486.5 840.9 79.7 348.9 40.8 550.0 909.1 503.6 820.2 38.1 29FL753139105Uninsureddeposits(2) 552.5 821.8 Memo: 28FL753193005Other 12 27FL753194503Investmentbyotherfinancialbusinesses 687.2 10 26FL753190005Miscellaneousliabilities 8 134.6 679.0 53.2 25LM753192003ForeigndirectinvestmentinU.S. 150.0 683.5 52.1 150.4 24FL753169175Debtsecurities(openmarketpaper) 673.0 45.5 143.3 661.9 23FL752150005Federalfundsandsecurityrepos 3 149.7 4 631.9 41.6 554.1 22FL753130005Timeandsavingsdeposits 379.0 147.3 21FL753127005Checkabledeposits 687.2 42.9 505.7 402.9 134.6 661.9 20FL754112005Todomesticbanks 523.8 34.5 381.7 19FL754116005Toforeignbanks 149.7 629.8 577.3 18FL754110005Netinterbankliabilities 364.8 53.2 160.2 598.6 319.0 17FL754190005Totalliabilities 42.9 659.5 305.2 16FL753093005Miscellaneousassets 554.1 45.7 379.0 15FL753064103Corporateequities 598.6 319.0 14FL753065005Mortgages 710.1 268.1 13FL753069703Otherloansandadvances 12FL753068005Depositoryinstitutionloansn.e.c. 11FL754023005Loans 10LM753063005Corporateandforeignbonds 9LM753062003Municipalsecurities 8LM753061703Agency-andGSE-backedsecurities 7LM753061103Treasurysecurities 6FL753069603Openmarketpaper 5LM754022005Debtsecurities 4FL752050005Federalfundsandsecurityrepos 3FL753013003ReservesatFederalReserve 2FL753025003Vaultcash 1FL754090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.112 ForeignBankingOfficesinU.S.(1) (2) Allcheckabledeposits(line21)andtimesavings22)areconsidereduninsuredaccordingtotheFederalDepositInsuranceAct. (1) Branchesandagenciesofforeignbanks,EdgeActAgreementcorporations,NewYorkinvestmentcompanies(through1996:Q2),AmericanExpressBank2008:Q4). 0721 092018 2019 2018 2017 06898019. 00698015. 09715. 07829 1097.8 1054.6 1079.7 1059.6 998.0 1030.6 1097.8 998.0 1006.8 17 2370.1 2328.2 2303.3 2332.4 2267.6 2317.3 2370.1 2267.6 2266.7 1 2089.7 2086.7 2084.9 2095.4 2049.7 2057.2 2089.7 2049.7 2084.9 1. 308. 0. 301671301868. 28 86.1 108.6 26 205.6 113.0 227.4 106.7 235.4 93.0 245.2 106.8 216.0 86.1 21 231.9 188.8 93.0 205.6 194.1 19 111.1 216.0 107.5 18 197.7 112.5 190.8 108.0 190.9 114.5 69.7 177.8 78.4 135.6 189.7 147.7 178.5 188.8 191.1 146.4 177.8 163.7 107.5 185.0 112.5 11 178.5 767.9 191.1 107.7 760.7 129.6 762.0 750.8 5 739.5 308.9 707.0 334.4 767.9 325.6 739.5 312.9 706.8 318.1 295.2 308.9 318.1 303.3 191. . 721. 2188665020 5.0 6.6 8.8 16 12.1 79.7 12.6 83.0 14 17.2 80.8 91.9 5.0 81.7 89.5 78.5 74.4 12.6 77.8 90.3 21.9 77.6 79.7 7 75.1 74.4 121.1 80.8 96.6 132.3 77.6 129.6 128.0 77.0 125.6 113.4 121.1 125.6 97.4 ...... 15 0.0 13 0.0 0.0 0.0 0.0 9 0.0 0.0 0.0 6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 89

Levels Levels M4030 oprt n oeg od ...... 7 7.8 9 18.1 8.0 10 5 13.2 15.4 8.0 4.7 13.4 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 15.9 7.8 0.1 L.114 CreditUnions 13.6 14.2 8.4 0.1 13.8 13.1 (2) Includescheckabledeposits(line15)andtimesavings16)notinsuredbytheFederalDepositInsuranceCorporation. 8.2 14.1 0.1 12.8 (1) CommercialbanksandbranchesofU.S.-chartereddepositoryinstitutionslocatedinPuertoRico,theU.S.VirginIslands,AmericanSamoa,Guam,otherU.S.-affiliatedinsularareas. 14.3 8.0 18.1 18FL743139105Uninsureddeposits(2) 7.8 13.2 13.1 Memo: 8.3 0.1 14.1 12.6 17FL743193005Miscellaneousliabilities 8.0 7.0 16FL743130003Timeandsavingsdeposits 15.3 15FL743127003Checkabledeposits 8.0 14FL744110005Netinterbankliabilities 13FL744190005Totalliabilities 1.5 12FL743093005Miscellaneousassets 11FL743065505Commercialmortgages 10FL743065103One-to-four-familyresidentialmortgages 9FL743068005Depositoryinstitutionloansn.e.c. 8FL744023003Loans 7LM743063005Corporateandforeignbonds 6LM743062003Municipalsecurities 5LM743061703Agency-andGSE-backedsecurities 4LM743061103Treasurysecurities 3LM744022003Debtsecurities 2FL743013003ReservesatFederalReserve 1FL744090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.113 BanksinU.S.-AffiliatedAreas(1) 90 0 F42503 eea ud n euiyrps00000000000000000020 0.0 21 0.0 50.0 0.0 54.2 51.4 0.0 50.7 19 0.0 1134.4 57.7 1111.3 0.0 1109.9 58.3 1102.6 0.0 1048.3 50.0 11 9 1050.8 80.9 0.0 12.6 57.7 1134.4 79.5 1048.3 12.3 54.8 0.0 1008.6 79.2 3 12 12.0 572.4 0.8 70.8 549.8 11.7 (1) Includescheckabledeposits(line18)andtimesavings19)notinsuredby theNationalCreditUnionShareInsuranceFund. 2 0.8 73.0 7 538.9 83.0 10.4 23FL473139103Uninsureddeposits(1) 162.3 527.4 71.4 0.7 76.1 164.7 9.9 Memo: 523.0 80.9 0.6 85.9 164.5 22FL473193005Miscellaneousliabilities 514.5 12.6 73.0 21FL473169333Loans(otherloansandadvances) 162.8 98.3 572.4 0.2 20FL472150053Federalfundsandsecurityrepos 10.4 155.3 78.6 19FL473130005Timeandsavingsdeposits 523.0 62.9 18FL473127003Checkabledeposits 0.2 162.0 10.7 481.4 17FL474110005Netinterbankliabilities 64.4 162.3 0.8 16FL474190005Totalliabilities 83.0 155.3 15FL473090005Miscellaneousassets 0.2 168.0 62.9 14LM473064205Mutualfundshares 69.3 0.2 13FL473066000Consumercredit 12FL473065100One-to-four-familyresidentialmortgages 11FL473068005Depositoryinstitutionloansn.e.c. 10FL474023000Loans 9LM473063005Corporateandforeignbonds 8LM473062005Municipalsecurities 7LM473061705Agency-andGSE-backedsecurities 6LM473061105Treasurysecurities 5FL473069153Openmarketpaper 4LM474022005Debtsecurities 3FL472050053Federalfundsandsecurityrepos 2FL473013005ReservesatFederalReserve 1FL474090005Totalfinancialassets

Z.1, March12,2020 0721 092018 2019 2018 2017 21717. 35116. 29713. 37414. 35116 1375.1 1347.8 1337.4 1332.8 1279.7 1269.6 1375.1 1279.7 1211.7 1 1533.1 1504.0 1489.1 1478.7 1419.1 1405.2 1533.1 1419.1 1342.1 7. 9. 0. 7. 9. 9. 9. 0. 0. 18 209.7 203.8 192.8 193.1 193.8 13 482.4 179.6 483.6 209.7 472.8 193.8 471.6 172.4 10 1135.7 469.2 1112.9 462.0 1090.9 4 482.4 216.7 1069.7 1065.2 469.2 216.8 1047.9 418.4 215.9 1135.7 213.4 1065.2 978.4 201.8 206.7 216.7 201.8 213.0 4. 3. 3. 3. 3. 3. 3. 4. 3. 17 -39.4 -41.0 -37.4 -33.2 -38.4 -38.6 -39.4 -38.4 -42.4 532. 362. 932. 193. 3618 33.6 34.6 31.9 16 39.8 15 45.7 29.6 40.2 46.7 29.3 13 86.9 38.4 43.3 11 12 29.7 9.4 17.0 88.7 37.6 41.0 33.6 21.7 83.6 38.5 9.5 40.9 29.3 8 19.9 80.6 38.4 9.8 40.7 41.0 25.3 24.9 81.2 39.8 38.3 9.9 45.7 28.5 81.2 38.5 39.3 40.9 3 10.0 27.9 86.9 38.1 33.6 37.9 37.4 10.1 17.0 81.2 31.1 37.1 1 9.4 28.5 78.5 95.6 28.7 37.3 10.0 27.1 98.2 20.8 40.7 10.5 93.0 19.5 37.1 90.2 19.0 38.4 91.2 33.6 91.0 19.5 95.6 14.7 91.2 88.0 137. 377. 868. 388. 3723 93.7 87.7 22 20.4 83.8 19.5 82.0 20.7 78.6 19.6 75.7 15 18.3 93.7 93.6 19.4 78.6 94.1 20.4 71.3 92.5 18.3 93.7 18.3 86.5 6 83.6 35.6 93.6 34.9 86.5 34.2 79.0 33.8 31.1 30.2 35.6 31.1 29.3 10-. 16-. 13-. 14-. 1614 -1.6 -1.5 -1.4 -1.3 -1.3 -1.4 -1.6 -1.3 -1.0 ...... 17 3.0 3.2 3.2 3.2 3.2 3.2 6 3.0 1.2 3.2 1.2 4 2 4.1 16.6 1.2 4.4 14.0 1.2 7.3 14.4 1.2 5.1 11.3 1.2 6.6 10.2 1.2 6.0 9.5 1.2 6.8 16.6 10.2 1.3 4.4 5.0 6.0 7.8 ...... 14 3.3 3.2 3.3 8 3.0 5.5 5 2.5 4.5 0.7 2.4 4.8 0.4 3.3 4.8 0.4 2.5 4.8 0.3 2.3 4.4 0.2 5.5 0.2 4.8 0.7 5.1 0.2 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F23705 enue rmnnUS enues5. 926. 685. 946. 046. 36 60.2 60.4 34 35 151.1 166.1 60.1 149.8 164.2 59.4 149.2 32 163.5 27.3 31 147.4 59.2 22.7 161.5 27 26.7 147.0 6.1 56.8 161.1 22.7 145.2 26.4 160.6 60.2 6.7 23.3 151.1 166.1 26.1 59.2 23.3 147.0 6.8 161.1 25.5 22 140.1 50.1 21 23.5 159.3 3.5 0.4 6.3 26.0 24.5 3.4 25 0.3 6.0 27.3 270.4 22.7 3.3 25.5 271.1 0.3 5.9 23.5 268.8 22.1 3.8 0.2 6.1 26.5 264.5 3.3 240.4 0.2 6.0 36FL263076005Reinsuredfromnon-U.S.reinsurers 35FL263176005Reinsuredtonon-U.S.reinsurers 287.8 3.4 34FL513176025ReinsuredtoU.S.reinsurers 0.2 4.8 270.4 33FL513176015Directreserve 3.5 240.4 0.4 15 32FL514090033Mortgageguarantyinsurers’totalassets(3) 144.7 31FL514090023Financialguarantyinsurers’totalassets(3) 266.0 3.3 0.2 145.3 11 30FL513200003Securitieslending(2) 21.1 146.7 2.9 0.4 Memo: 20.9 141.8 29FL513193005Other 126.8 20.9 4 10 28FL513176005Policypayables 628.0 0.7 152.8 27FL513194733Investmentbyparentcompanies 20.8 26FL513190005Miscellaneousliabilities 621.7 144.7 1.1 20.5 596.7 8 25LM513192003ForeigndirectinvestmentinU.S. 126.8 24FL513178005Taxespayable 134.8 566.6 19.7 2 1.3 146.0 23FL513170005Tradepayables 134.0 40.3 534.0 21.1 22FL513169333Loans(otherloansandadvances) 1.5 130.8 512.3 37.3 21FL512151003Securityrepurchaseagreements 20.5 130.8 628.0 1.3 35.6 20FL514190005Totalliabilities 127.0 17.8 534.0 29.7 19FL513093005Other 1.2 120.5 482.2 18FL513076005Policypayables(1) 134.8 17FL513092403EquityinFHLB 30.2 0.7 16FL513090005Miscellaneousassets 127.0 32.8 15LM513092003U.S.directinvestmentabroad 1.3 115.1 14FL513070005Tradereceivables 40.3 1.4 13LM513064205Mutualfundshares 30.2 12LM513064105Corporateequities 31.9 11FL513065505Loans(commercialmortgages) 10LM513063005Corporateandforeignbonds 9LM513062005Municipalsecurities 8LM513061705Agency-andGSE-backedsecurities 7LM513061105Treasurysecurities 6FL513069105Openmarketpaper 5LM514022005Debtsecurities 4FL512051005Securityrepurchaseagreements 3FL513034005Moneymarketfundshares 2FL513020005Checkabledepositsandcurrency 1FL514090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.115 Property-CasualtyInsuranceCompanies carryingvalue. (3) Totalnonfinancialandfinancialassetsofguarantyinsurersmortgage asreportedinstatutoryfinancialstatements,withsecuritiesatbook/adjusted (2) Liabilityforsecuritieslendingcollateral,includedinline29. (1) Policypayablesduefromreinsurers. 0721 092018 2019 2018 2017 00018. 17718. 08019. 14310. 17733 1117.7 1108.8 1104.3 1091.1 1088.0 1089.5 1117.7 1088.0 28 1060.0 1329.1 26 1319.0 1599.0 1313.6 1580.4 1297.9 1561.9 1294.2 1534.0 1291.5 1517.6 1329.1 1530.8 1294.2 1599.0 1250.2 20 1517.6 1963.3 1475.4 1944.9 1924.6 1893.2 1851.0 1908.6 1963.3 1851.0 1826.4 5 1220.5 1219.0 1194.1 1162.6 1 1118.6 2704.3 1092.1 2637.7 1220.5 2581.5 1118.6 2498.5 1097.2 2412.5 2451.1 2704.3 2412.5 2388.0 2. 1. 6. 3. 1. 2. 4. 5. 6. 29 263.8 254.7 241.4 229.8 217.4 233.3 263.8 217.4 220.4 19 200.4 18 317.2 189.3 16 314.0 517.8 181.3 312.7 503.5 177.8 14 309.0 195.7 494.2 185.0 308.1 193.6 487.0 12 175.7 498.0 305.8 195.9 493.3 200.4 457.2 317.2 190.1 481.7 185.0 436.7 308.1 186.1 9 517.8 171.4 417.4 299.8 299.4 187.6 493.3 7 392.1 300.8 195.7 151.0 470.9 434.3 298.6 186.1 154.7 498.0 296.8 168.2 158.9 392.1 291.6 158.4 410.6 316.0 156.8 299.8 134.8 291.6 151.0 338.9 156.8 149.6 331. 161. 261. 231. 1624 11.6 23 78.5 11.4 78.3 12.3 78.0 13.6 77.1 12.6 76.8 11.9 74.6 11.6 78.5 12.6 13 76.8 29.1 13.3 68.4 25.8 25.1 6 7.0 23.2 21.3 7.7 25.8 9.1 3 29.1 36.4 10.0 21.3 34.0 9.2 24.4 30.9 8.5 24.5 7.0 22.3 9.2 23.0 36.4 11.4 22.3 19.6 ...... 30 5.6 6.1 6.0 6.3 5.9 5.4 5.6 5.9 17 5.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 91

Levels Levels 3 F53705 enue rmnnUS enues2. 602. 602. 622. 682. 43 27.3 26.8 41 42 733.5 458.1 26.4 729.3 458.1 26.2 720.3 451.8 713.5 26.0 447.9 34 705.1 0.0 26.0 444.4 692.4 424.4 5.9 27.3 37 733.5 736.1 458.1 35 26.0 705.1 5.7 716.3 90.8 444.4 639.0 25.7 717.0 363.5 88.7 5.2 713.0 32 87.7 161.8 4.8 686.4 158.9 89.1 718.3 27 15.2 26 88.7 151.2 28.6 736.1 85.7 0.0 147.4 86.1 686.4 28.0 87.6 128.9 698.4 4.8 82.2 27.9 90.8 43FL543176035Reinsuredfromnon-U.S.reinsurers 164.7 42FL543076035Reinsuredtonon-U.S.reinsurers 82.2 15.8 25.5 161.8 85.7 41FL543176025ReinsuredtoU.S.reinsurers 40FL543176015Directreserve 81.1 128.9 22 24.1 82.7 19 36.7 67.5 39FL543200073Securitieslending(5) 153.6 79.6 23.5 36.6 67.7 Memo: 88.7 28.6 35.7 67.4 38FL543193005Other 81.1 24.1 37FL593095005Unallocatedinsurancecontracts 36.4 66.8 36FL543195005Otherreserves(4) 74.8 21.4 35FL673090543Fundingagreementsbackingsecurities(3) 35.0 34FL543194733Investmentbyparentcompanies 59.8 33FL543190005Miscellaneousliabilities 36.2 67.5 12 32LM543192073ForeigndirectinvestmentinU.S. 172.8 36.7 31FL543178075Taxespayable 67.5 172.8 35.0 30FL543150005Pensionentitlements(2) 59.8 4 169.5 29FL543140005Lifeinsurancereserves 2.7 33.1 28FL543170005Tradepayables 81.9 169.9 27FL543169373Loans(otherloansandadvances) 169.1 2.6 10 8 26FL542151073Securityrepurchaseagreements 3118.8 168.9 380.0 3090.1 2.5 25FL544190005Totalliabilities 172.8 381.3 2990.9 2 24FL543093005Other 2853.5 169.1 2.3 377.4 121.7 23FL543095105Otherreserves 2710.9 169.0 22FL543077073Deferredandunpaidlifeins.premiums 371.2 113.2 2675.3 2.2 21FL543092473EquityinFHLB 364.9 3118.8 101.2 20FL543090005Miscellaneousassets 2710.9 2.2 373.7 91.9 19LM543092073U.S.directinvestmentabroad 2735.0 380.0 18FL543050005Pensionentitlements 90.7 2.7 17FL543040005Lifeinsurancereserves 364.9 16FL543070005Tradereceivables 81.4 2.2 386.6 15LM543064205Mutualfundshares 121.7 14LM543064105Corporateequities 2.0 90.7 13FL543065005Mortgages 12FL543069005Otherloansandadvances 91.1 11FL544023005Loans 10LM543063005Corporateandforeignbonds 9LM543062005Municipalsecurities 8LM543061705Agency-andGSE-backedsecurities 7LM543061105Treasurysecurities 6FL543069105Openmarketpaper 5LM544022005Debtsecurities 4FL542051075Securityrepurchaseagreements 3FL543034005Moneymarketfundshares 2FL543020005Checkabledepositsandcurrency 1FL544090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.116 LifeInsuranceCompanies(1) 92 (5) Liabilityforsecuritieslendingcollateral,includedinline38. (4) Includesreservesforaccidentandhealthpolicies,policydividendaccumulation,contract claims. (3) Equaltofundingagreement-backedsecurities(FABS)issuedbydomesticissuersofasset-backed securities. (2) Annuityreservesheldbylifeinsurancecompanies,excludingunallocatedcontractspension funds,whichareshownonline37. (1) Additionaldetailonthefinancialassetsandliabilitiesheldinlifeinsurer’sgeneralseparate accountsisavailableontablesL.116.gandL.116.s.

Z.1, March12,2020 0721 092018 2019 2018 2017 15061. 69661. 14962. 48566. 69640 6679.6 6464.7 6408.5 6320.4 6114.9 6311.8 6679.6 6114.9 6165.0 33 1648.2 1606.9 1565.6 1533.1 30 1488.3 3656.0 29 2162.5 1530.9 3509.6 2117.9 1648.2 3479.5 2093.8 1488.3 3415.8 2071.3 1503.4 3277.4 2035.2 3417.5 25 7945.8 2054.2 3656.0 7706.2 2162.5 3277.4 7596.6 2035.2 3328.8 7471.1 2008.8 7228.8 7462.0 7945.8 7228.8 7272.4 15 1599.7 1532.9 1550.6 1527.3 1402.7 1595.1 1599.7 1402.7 1572.3 5 3940.6 3913.5 3803.0 3654.3 1 3502.6 8573.3 3503.8 8317.7 3940.6 8148.7 3502.6 7914.2 3585.8 7566.4 7792.9 8573.3 7566.4 7747.3 2. 0. 0. 0. 0. 1. 3. 7. 0. 38 400.5 36 375.9 420.8 338.2 420.0 311.9 417.1 302.7 414.0 308.0 408.7 400.5 401.8 28 302.7 420.8 193.6 324.3 408.7 191.8 382.4 189.2 187.6 24 186.3 692.6 182.6 584.1 193.6 20 548.6 811.5 186.3 521.8 702.0 171.2 521.3 17 664.5 265.4 16 520.6 637.9 106.2 257.7 692.6 635.3 104.4 14 254.2 521.3 619.2 634.8 103.0 252.0 480.2 13 591.5 811.5 102.1 611.8 250.4 11 595.0 635.3 101.5 602.4 784.5 259.5 585.7 587.3 101.7 588.3 775.1 9 265.4 537.8 106.2 580.3 196.4 757.8 250.4 7 613.6 101.5 568.1 196.7 750.2 207.4 286.6 619.2 102.2 552.9 195.5 737.2 208.2 537.8 611.8 193.7 721.9 202.1 622.8 568.1 190.0 784.5 201.1 506.7 194.4 737.2 203.7 196.4 675.7 226.1 190.0 207.4 197.8 203.7 228.3 904. 554. 264. 524. 5539 45.5 45.4 45.2 45.2 31 42.6 6.5 47.0 7.0 45.5 7.2 42.6 8.1 49.0 7.5 9.0 23 6.5 76.7 7.5 76.2 75.5 10.4 74.9 74.3 18 191.6 73.4 197.6 76.7 194.7 193.0 74.3 191.4 69.8 166.4 191.6 6 191.4 38.0 91.4 37.1 3 62.6 37.1 59.7 34.8 54.8 33.1 50.6 34.2 55.0 38.0 45.2 33.1 62.6 38.1 55.0 48.2 ...... 21 5.5 5.0 4.7 4.7 4.7 4.6 5.5 4.7 4.2 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

8 L53903 Frindrc neteti ..13618911814718917411218911828 161.8 23 158.9 22 88.7 28.6 151.2 86.1 28.0 147.4 19 82.2 128.9 27.9 67.5 164.7 82.2 25.5 67.7 161.8 81.1 24.1 67.4 128.9 79.6 23.5 153.6 66.8 88.7 28.6 59.8 81.1 24.1 67.5 12 74.8 167.2 21.4 67.5 167.6 59.8 4 164.5 29FL543190075Miscellaneousliabilities 2.7 81.9 165.1 28LM543192073ForeigndirectinvestmentinU.S. 27FL543178075Taxespayable 164.4 2.6 10 8 26FL543150075Pensionentitlements(1) 2842.5 164.3 25FL543140075Lifeinsurancereserves 277.1 2818.0 2 2.5 24FL543170075Tradepayables 167.2 280.5 85.5 2730.4 23FL543169373Loans(otherloansandadvances) 2604.2 164.4 2.3 280.9 78.0 22FL542151073Securityrepurchaseagreements 2468.8 164.2 278.8 2433.8 2.2 67.5 21FL544190075Totalliabilities 275.2 2842.5 2468.8 59.7 20FL543090075Miscellaneousassets 2.2 283.6 19LM543092073U.S.directinvestmentabroad 2487.9 277.1 18FL543050075Pensionentitlements 59.4 2.7 17FL543040075Lifeinsurancereserves 275.2 16FL543070075Tradereceivables 51.2 2.2 292.9 15LM543064275Mutualfundshares 85.5 14LM543064175Corporateequities 2.0 59.4 13FL543065075Mortgages 12FL543069075Otherloansandadvances 63.1 11FL544023075Loans 10LM543063075Corporateandforeignbonds 9LM543062075Municipalsecurities 8LM543061775Agency-andGSE-backedsecurities 7LM543061175Treasurysecurities 6FL543069175Openmarketpaper 5LM544022075Debtsecurities 4FL542051075Securityrepurchaseagreements 3FL543034075Moneymarketfundshares 2FL543020075Checkabledepositsandcurrency 1FL544090075Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.116.g LifeInsuranceCompanies:GeneralAccounts M4038 oprt n oeg od 4. 4. 7. 4. 4. 4. 6. 7. 7. 9 276.2 7 272.1 102.9 260.5 100.8 2 (1) Annuityreservesheldbylifeinsurancecompanies, excludingunallocatedcontractsheldbyprivatepensionfundswhichareincludedin miscellaneous liabilities(line23). 249.3 36.2 96.6 23FL543190085Miscellaneousliabilities 242.0 35.1 92.4 22LM543150085Pensionentitlements (1) 241.6 21LM543140085Lifeinsurancereserves 33.6 20FL543170085Tradepayables 89.7 276.2 32.2 19FL544190085Totalliabilities 90.1 242.0 247.1 18FL543090085Miscellaneousassets 31.3 102.9 17FL543050085Pensionentitlements 89.7 16FL543040085Lifeinsurancereserves 30.2 15FL543070085Tradereceivables 93.8 36.2 14LM543064385Mutualfundshares 13LM543064185Corporateequities 31.3 12FL543065083Mortgages 28.0 11FL543069483Otherloansandadvances 10FL544023085Loans 9LM543063085Corporateandforeignbonds 8LM543062083Municipalsecurities 7LM543061783Agency-andGSE-backedsecurities 6LM543061183Treasurysecurities 5FL543069183Openmarketpaper 4LM544022085Debtsecurities 3FL543034385Moneymarketfundshares 2FL543020083Checkabledepositsandcurrency 1FL544090085Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.116.s LifeInsuranceCompanies:SeparateAccounts (1) Annuityreservesheldbylifeinsurancecompanies,excludingunallocatedcontractsprivatepensionfundswhichareincludedinmiscellaneousliabilities(line29). 0721 092018 2019 2018 2017 19410. 35412. 29613. 26311. 35429 1335.4 1310.2 1266.3 26 1233.7 1484.8 25 1209.6 1770.7 1469.7 1220.5 1747.8 1445.0 1335.4 1724.1 1431.2 1209.6 1709.6 1431.1 1189.4 1698.6 1378.7 21 5068.9 1687.4 1484.8 4998.5 1770.7 1431.1 4892.0 1698.6 1284.8 4824.2 1656.7 4766.2 4745.2 5068.9 4766.2 4562.2 5 3485.5 3465.4 3373.9 3243.7 1 3104.0 5714.3 3103.8 5627.2 3485.5 5460.7 3104.0 5283.1 3170.0 5118.4 5091.6 5714.3 5118.4 5048.7 04014. 11223. 86318. 04523. 11222 2171.2 2039.8 2034.5 19 1984.6 2876.8 1846.3 2707.7 2038.8 2704.6 2171.2 2646.9 1846.3 2462.6 2044.0 2716.9 14 1591.3 2876.8 1525.3 2462.6 1543.0 2710.2 1519.8 1396.0 1587.4 1591.3 1396.0 1565.1 1 2859.0 2690.6 2688.0 2631.1 2447.9 2701.2 2859.0 2447.9 2698.6 7. 8. 9. 8. 8. 8. 8. 9. 9. 24 192.5 190.6 188.1 186.5 20 185.3 613.5 181.7 579.3 17 192.5 265.4 16 545.9 106.2 185.3 257.7 524.5 104.4 171.2 254.2 525.2 103.0 252.0 13 525.4 102.1 576.1 250.4 613.5 11 101.4 567.7 743.3 259.5 525.2 101.6 555.1 735.2 9 265.4 477.0 106.2 548.5 186.7 719.6 250.4 7 101.4 537.2 187.3 713.7 152.5 286.6 102.2 523.7 186.5 701.7 153.3 576.1 185.1 688.0 149.5 537.2 181.7 743.3 150.8 481.6 186.1 701.7 154.8 186.7 645.9 176.5 181.7 152.5 189.0 154.8 174.6 1. 7. 1. 1. 7. 9. 9. 9. 1. 23 312.7 21 296.7 391.9 299.3 370.1 299.4 369.7 18 278.7 361.8 197.9 310.5 336.6 122.6 312.7 366.8 118.6 278.7 391.9 113.4 13 509.2 314.1 336.6 110.1 490.8 352.1 109.4 496.6 197.9 490.3 110.1 445.2 110.3 515.5 4 509.2 455.1 445.2 448.1 526.9 429.1 410.5 398.6 400.0 455.1 398.6 415.7 04756590758172706527 6.5 7.0 7.2 8.1 7.5 9.0 6.5 7.5 18 188.8 10.4 194.5 14 110.0 191.6 100.7 190.0 98.5 188.5 164.1 95.4 188.8 92.6 6 188.5 26.7 98.1 91.3 26.2 110.0 3 37.4 26.7 92.6 34.1 24.9 96.0 29.0 23.5 25.4 24.0 26.6 26.7 22.5 23.5 37.4 25.6 26.6 25.4 503. 572. 093. 323. 5712 35.7 10 41.2 34.7 39.9 33.2 6 5 38.2 31.8 54.9 11.3 36.6 30.9 54.9 10.9 3 35.5 29.2 25.3 52.6 10.4 33.9 35.7 25.6 50.3 10.0 41.2 30.9 25.8 48.8 9.7 35.5 25.0 25.3 49.7 10.3 29.8 28.4 54.9 11.3 22.7 48.8 9.7 25.3 53.7 12.4 28.4 22.8 ...... 15 8.4 7.6 7.6 7.6 6.8 7.7 8.4 6.8 7.3 ...... 20 1.1 1.2 17 1.2 2.8 16 0.0 15 0.0 1.1 3.1 0.0 0.0 1.1 3.1 0.0 0.0 11 0.8 3.1 5.5 0.0 0.0 1.1 2.8 5.2 8 0.0 0.0 9.7 1.1 2.2 5.0 0.0 0.0 9.4 0.0 2.8 4.8 0.0 0.0 9.0 2.8 4.6 0.0 0.0 8.6 0.1 4.6 0.0 0.0 8.3 5.5 8.4 4.6 9.7 4.8 8.3 8.8 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 93

Levels Levels 8 F54905 eie otiuinpas71. 20785. 95473. 89388. 15485. 28 29 8558.1 30 ND ND 8135.4 8084.1 9810.0 26 2823.6 7859.3 ND 9715.0 2799.5 7230.7 9441.0 2748.8 7905.4 36584.4 8715.0 2637.4 36318.1 8558.1 35671.9 9460.0 2750.5 7230.7 34108.4 ND ND 35547.2 7511.1 ND 8715.0 2637.4 34108.4 9105.0 2681.8 34454.0 13 18 15.8 736.1 716.3 22 20 23.1 24470.4 5719.6 23950.9 717.0 6084.1 216.7 23803.6 23482.0 713.0 30FL543150015Annuitiesatlifeinsurancecompanies(10) 6175.1 22755.9 215.3 29LM893131573Individualretirementplans(IRAs)(9) 6213.1 23336.7 686.4 5 28FL594090055Definedcontributionplans 24470.4 0.0 6535.9 8.3 27FL594190045Definedbenefitplans 22755.9 718.3 6041.8 22667.2 26FL153050015Householdretirementassets(8) 0.0 736.1 5719.6 8.1 11 25FL593073045Unfunded(line18) 9 6535.9 1464.4 686.4 24FL592000075Fundedbyassets(7) 435.2 15.8 5987.8 1441.5 7.7 23FL594190045Pensionentitlements 698.4 4 425.5 1383.9 Fundedstatusofdefinedbenefitplans: 0.0 233.0 2 1330.4 8.0 412.6 59.0 Memo: 231.3 1264.1 151.7 397.9 1315.1 7.6 224.4 58.2 22FL594190005Pensionentitlements(liabilities)(6) 378.2 1464.4 227.8 54.6 1264.1 21FL593093005Other 7.8 342.4 20FL593073005Claimsofpensionfundonsponsor(5) 223.1 1316.7 435.2 56.2 19FL573074005Contributionsreceivable 8.3 224.7 18FL593095005Unallocatedinsurancecontracts(4) 378.2 17FL593090005Miscellaneousassets 53.8 233.0 7.6 1 312.4 223.1 16LM593064205Mutualfundshares 54.6 24360.2 15LM593064105Corporateequities 23837.1 7.6 221.0 23690.5 59.0 23371.2 14FL593065005Mortgages 22649.2 13FL313169003Otherloansandadvances 53.8 23225.0 12FL594023005Loans 24360.2 22649.2 53.0 22545.7 11LM593063005Corporateandforeignbonds 10LM593062045Municipalsecurities 9LM593061705Agency-andGSE-backedsecurities 8LM593061105Treasurysecurities(3) 7FL593069105Openmarketpaper 6LM594022005Debtsecurities 5FL592051005Securityrepurchaseagreements 4FL593034005Moneymarketfundshares 3FL593030005Timeandsavingsdeposits 2FL593020005Checkabledepositsandcurrency 1FL594090005Totalfinancialassets(2) Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.117 PrivateandPublicPensionFunds(1) 94 (10) AnnuitiesheldinIRAsareexcluded.Theyincludedline29. (9) IRAassetsarenotincludedabove.SeememoitemsontableL.227forasectoraldistributionofaccounts. (8) Households’retirementassetsintax-deferredaccounts,includingemployersponsoredpensionplans,IRAs,Rothandannuities. (7) Totaldefinedbenefitfinancialassetsplusnonfinanciallessclaimsofpensionfundonsponsor. (6) Actuarialvalueofaccruedpensionentitlementsindefinedbenefitplansandassetscontributionplans.Theseliabilitiesarethehouseholdsector. (5) Unfundeddefinedbenefitpensionentitlements.Negativevaluesindicateoverfunding. (4) Assetsofpensionplansheldatlifeinsurancecompanies;seriesbegins1985:Q4. (3) Includesbothmarketableandnonmarketablegovernmentsecurities. (2) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). (1) Privatepensionfunds,stateandlocalgovernmentemployeeretirementfederalfundsdefinedbenefitplanscontributionplans.

Z.1, March12,2020 55. 52. 51. 53. 52. 52. 51. 51. 51. 27 15912.3 15815.5 15719.5 15622.7 15525.3 15431.4 23 15912.3 15912.3 15525.3 15815.5 15156.1 15719.5 15622.7 15525.3 15431.4 15912.3 15525.3 15156.1 0721 092018 2019 2018 2017 97863. 79664. 55961. 15168. 79625 5719.6 24 6084.1 10192.7 6175.1 9731.4 6213.1 9544.4 6535.9 9409.6 6041.8 8989.4 5719.6 9389.6 21 6535.9 10192.7 1182.1 8989.4 5987.8 1162.7 9168.3 1138.7 17 1116.2 7784.6 1096.9 16 8104.8 4849.7 1092.4 15 8168.4 6281.5 4597.7 1182.1 8177.3 5832.0 4611.3 1096.9 8450.7 5865.2 4479.7 1024.0 7981.9 5689.6 4084.4 7784.6 5188.0 4553.4 8450.7 5924.7 4849.7 7829.4 6281.5 4084.4 8 5188.0 4368.0 3036.6 6 5744.0 2925.0 5044.5 2562.4 4899.0 2602.7 4460.1 2817.9 4435.7 2638.1 4561.5 3036.6 4398.3 2817.9 5044.5 2370.4 4561.5 4099.9 1. 3. 4. 2. 3. 3. 3. 4. 4. 19 146.8 141.8 137.6 135.0 12 59.7 131.5 129.4 66.4 146.8 259.9 131.5 258.2 119.3 41.7 41.3 59.7 41.7 185.2 364. 394. 174. 314. 3914 43.9 43.3 43.1 42.8 41.7 7 105.1 41.3 103.7 43.9 3 98.0 40.1 41.7 101.4 39.5 33.6 97.1 38.9 99.3 38.8 105.1 38.3 97.1 38.2 96.9 40.1 38.3 37.5 ...... 10 3.2 3.3 3.3 3.3 4.1 3.5 3.2 4.1 3.4 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 F54905 eie eei ln 7 47435. 44134. 44335. 44236. 44123 24 3474.1 7408.9 3469.2 7042.0 3464.2 6998.5 3459.3 6799.0 3454.3 6236.6 3449.4 6839.5 3474.1 7408.9 3454.3 6236.6 3447.4 6513.8 17 45.8 15 577.0 158.4 19 10919.6 561.2 183.0 10547.7 10499.2 562.8 262.5 10294.8 5 9727.5 3.2 561.5 10 465.3 10325.5 981.0 10919.6 537.5 238.8 24FL574090055Definedcontributionplans(8) 9727.5 3.1 965.4 23FL574090045Definedbenefitplans(7) 9 570.7 45.8 9997.7 Totalfinancialassets 930.3 266.8 3.1 577.0 4 465.3 885.8 259.1 22FL573073005Unfunded(line17) 537.5 165.4 2 21FL572000075Fundedbyassets(6) 294.6 3.1 835.4 248.4 26.1 20FL574190043Pensionentitlements 559.6 164.6 Fundedstatusofdefinedbenefitplans: 829.7 237.8 3.0 163.4 25.7 981.0 225.3 Memo: 162.8 24.9 3.0 835.4 215.7 19FL574190005Pensionentitlements(liabilities)(5) 162.2 803.8 266.8 24.4 3.2 161.3 18FL573093005Other 225.3 1 17FL573073005Claimsofpensionfundonsponsor(4) 24.1 165.4 16FL573074005Contributionsreceivable 3.0 10883.0 193.6 10511.2 162.2 15FL573095005Unallocatedinsurancecontracts(3) 23.6 10462.7 14FL573090005Miscellaneousassets 2.9 10258.3 159.0 26.1 9691.0 13LM573064205Mutualfundshares 10288.9 12LM573064105Corporateequities 24.1 10883.0 9691.0 11FL573065005Loans(mortgages) 21.8 9961.1 10LM573063005Corporateandforeignbonds 9LM573061705Agency-andGSE-backedsecurities 8LM573061105Treasurysecurities 7FL573069105Openmarketpaper 6LM574022005Debtsecurities 5FL572051005Securityrepurchaseagreements 4FL573034005Moneymarketfundshares 3FL573030005Timeandsavingsdeposits 2FL573020005Checkabledepositsandcurrency 1FL574090005Totalfinancialassets(2) Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.118 PrivatePensionFunds(1) (8) AdditionaldetailondefinedcontributionplansisavailabletableL.118.c. (7) AdditionaldetailondefinedbenefitplansisavailabletablesL.118.b. (6) Totaldefinedbenefitfinancialassetsplusnonfinanciallessclaimsofpensionfundonsponsor. (5) Actuarialvalueofaccruedpensionentitlementsindefinedbenefitplansandassetscontributionplans.Theseliabilitiesarethehouseholdsector. (4) Unfundeddefinedbenefitpensionentitlements.Negativevaluesindicateoverfunding. (3) Assetsofprivatepensionplansheldatlifeinsurancecompanies;seriesbegins1985:Q4. (2) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). (1) Privatedefinedbenefitplansandcontribution(including401(k)typeplans). 0721 092018 2019 2018 2017 19332. 44834. 05633. 37834. 44821 3464.8 20 3510.6 3347.3 3505.7 3317.8 3500.8 3233.4 3495.8 3025.6 3490.9 3247.2 3486.0 3464.8 3510.6 3025.6 3490.9 3189.3 3484.0 14 1636.0 13 1713.9 4301.3 12 1714.6 2911.6 4083.5 1777.3 2708.6 4099.5 1941.9 2716.9 3982.7 1732.9 2647.5 3619.1 1636.0 2364.2 4046.6 1941.9 2780.6 4301.3 6 1719.6 2911.6 3619.1 1770.1 2364.2 3892.0 1743.5 2713.0 1673.4 1594.2 1511.0 1476.3 1770.1 1511.0 1391.2 9. 6. 582884532251301844. 22 45.8 158.4 183.0 262.5 465.3 238.8 18 866.4 45.8 16 852.5 146.8 465.3 831.2 141.8 294.6 818.3 137.6 807.7 135.0 793.9 131.5 866.4 129.4 807.7 8 146.8 476.1 746.1 131.5 473.4 119.3 449.6 425.9 406.0 386.8 476.1 406.0 350.9 672. 182. 922. 023. 1811 31.8 31.1 7 30.2 46.2 29.7 45.6 29.2 45.1 3 28.7 37.6 44.8 31.8 37.1 44.3 29.2 36.7 44.1 26.7 36.5 46.2 36.1 44.3 36.0 42.9 37.6 36.1 35.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 95

Levels Levels 5 F53945 nloae nuac otat 2 225. 426. 886. 196. 4215 64.2 17 19 45.8 61.8 3510.6 3505.7 158.4 61.9 3500.8 183.0 3495.8 62.0 262.5 3490.9 5 58.8 3.2 3486.0 10 465.3 711.7 3510.6 63.4 238.8 3490.9 3.1 703.2 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 2 9 45.8 3484.0 64.2 685.3 L.118.c PrivatePensionFunds:DefinedContributionPlans(1) 9.6 171.3 3.1 465.3 58.8 656.0 165.1 9.6 294.6 3.1 619.7 158.8 62.2 (4) Actuarialvalueofaccrueddefinedbenefitpensionentitlements. (3) Unfundeddefinedbenefitpensionentitlements.Negativevaluesindicateoverfunding. 620.3 9.6 151.8 3.0 (2) Assetsofprivatepensionplansheldatlifeinsurancecompanies;seriesbegins1985:Q4. 711.7 142.0 (1) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). 9.7 3.0 619.7 136.0 19FL574190043Pensionentitlements(liabilities)(4) 1 611.8 9.7 171.3 3.2 3474.1 18FL573093043Other 142.0 3469.2 17FL573073005Claimsofpensionfundonsponsor(3) 9.7 16FL573074043Contributionsreceivable 3.0 3464.2 120.6 15FL573095405Unallocatedinsurancecontracts(2) 3459.3 9.6 14FL573090045Miscellaneousassets 2.9 3454.3 3449.4 13LM573064243Mutualfundshares 9.7 3474.1 12LM573064143Corporateequities 3454.3 9.8 11FL573065043Loans(mortgages) 3447.4 10LM573063043Corporateandforeignbonds 9LM573061743Agency-andGSE-backedsecurities 8LM573061143Treasurysecurities 7FL573069143Openmarketpaper 6LM574022045Debtsecurities 5FL572051043Securityrepurchaseagreements 4FL573034043Moneymarketfundshares 3FL573030043Timeandsavingsdeposits 2FL573020043Checkabledepositsandcurrency 1FL574090045Totalfinancialassets(1) Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.118.b PrivatePensionFunds:DefinedBenefitPlans 96 8 F54905 eso nilmns(iblte)61. 26670. 89563. 79069. 02070. 18 7408.9 15 7042.0 512.8 6998.5 499.4 6799.0 500.9 6236.6 5 9 6839.5 0.0 499.6 10 95.5 269.4 7408.9 478.7 6236.6 0.0 262.2 94.1 507.3 6513.8 245.0 89.6 0.0 512.8 4 229.8 478.7 125.4 85.9 2 0.0 215.7 16.6 497.4 125.1 83.3 209.4 0.0 124.4 16.1 269.4 79.7 (2) Assetsofprivatepensionplansheldatlifeinsurancecompanies;seriesbegins1985:Q4. 124.0 (1) Includes401(k)and403(b)typeplans. 15.3 0.0 215.7 95.5 123.8 191.9 14.8 18FL574090055Pensionentitlements(liabilities) 0.0 123.0 83.3 17FL573093033Other 14.4 125.4 73.1 16FL573074033Contributionsreceivable 0.0 123.8 15FL573095505Unallocatedinsurancecontracts(2) 13.8 14FL573090055Miscellaneousassets 0.0 121.7 16.6 13LM573064255Mutualfundshares 12LM573064133Corporateequities 14.4 11FL573065033Loans(mortgages) 12.0 10LM573063033Corporateandforeignbonds 9LM573061733Agency-andGSE-backedsecurities 8LM573061133Treasurysecurities 7FL573069133Openmarketpaper 6LM574022035Debtsecurities 5FL572051033Securityrepurchaseagreements 4FL573034055Moneymarketfundshares 3FL573030033Timeandsavingsdeposits 2FL573020033Checkabledepositsandcurrency 1FL574090055Totalfinancialassets

Z.1, March12,2020 0721 092018 2019 2018 2017 20910. 17219. 02910. 19611. 17212 1187.2 1117.0 1129.6 1109.6 1002.9 1194.8 1187.2 1002.9 1210.9 40534. 89933. 29038. 62137. 89913 3879.9 12 1724.4 3679.7 1591.6 3692.1 1587.2 3583.1 1537.9 3249.0 1361.3 3631.3 1585.9 3879.9 1724.4 3249.0 1361.3 3480.5 1502.1 1 7408.9 7042.0 6998.5 6799.0 6236.6 6839.5 7408.9 6236.6 6513.8 0. 1. 2. 1. 1. 1. 1. 2. 2. 18 326.7 322.5 14 319.8 540.4 318.0 13 642.1 421.3 315.1 661.2 403.8 314.1 737.2 407.4 326.7 931.0 399.6 315.1 8 706.9 370.1 302.1 307.0 540.4 415.3 299.8 931.0 421.3 285.0 6 747.2 370.1 268.9 1221.6 411.5 1204.0 253.9 1164.7 241.8 1112.1 302.1 1050.6 1033.1 253.9 1221.6 214.3 1050.6 980.7 3. 9. 3. 7. 9. 0. 1. 3. 3. 17 539.7 530.0 511.4 500.2 14 1095.6 492.5 1071.8 479.9 1053.4 539.7 1040.1 8 1010.9 492.5 173.9 1026.0 6 439.1 173.6 1095.6 548.5 1010.9 164.6 539.5 972.4 157.0 508.6 152.1 482.1 145.0 460.4 173.9 443.2 152.1 548.5 136.6 460.4 410.5 339. 0. 069. 489. 9413816 103.8 99.4 96.6 11 94.8 17.3 91.8 17.0 90.6 7 16.8 36.5 103.8 16.6 36.0 91.8 4 16.4 40.0 35.6 83.3 3 16.3 33.5 39.5 35.4 17.3 33.0 39.1 35.0 16.4 32.7 38.8 34.9 15.8 32.5 38.4 36.5 32.2 38.3 35.0 32.0 40.0 34.0 33.5 38.4 32.2 37.3 31.2 593. 313. 974. 114. 3116 43.1 42.4 41.1 40.3 11 14.5 39.7 14.1 38.8 13.5 43.1 13.1 39.7 12.8 35.9 12.3 14.5 12.8 10.8 ...... 7 9.7 9.6 3 9.4 4.1 9.4 4.1 9.3 4.0 9.2 4.0 9.7 4.0 9.3 3.9 8.9 4.1 4.0 3.8 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F34905 eie otiuinpas()57458964365858960867563664316 654.3 623.6 15 3495.2 617.5 3476.4 600.8 3458.4 558.9 3439.6 3420.1 605.8 3404.2 654.3 3495.2 558.9 3420.1 3348.9 557.4 7 8 15.9 15.8 (8) AdditionaldetailondefinedcontributionplansisavailabletableL.119.c. 11 5 (7) AdditionaldetailondefinedbenefitplansisavailabletableL.119.b. 4149.5 15.6 2 10.6 23.1 (6) Totaldefinedbenefitfinancialassetslessclaimsofpensionfundonsponsor. 4100.0 0.6 (5) Actuarialvalueofprojectedpensionentitlementsindefinedbenefitplansandassetscontributionplans.Theseliabilitiesarethehouseholdsector. 15.1 4075.9 10.5 216.7 (4) Unfundeddefinedbenefitpensionentitlements.Negativevaluesindicateoverfunding. 4040.4 0.6 (3) SuspendedinvestmentsintheThriftSavingsPlanGFundbyTreasury. 14.3 215.3 10.1 3979.1 (2) ComprisedprimarilyofnonmarketableTreasurysecurities. 0.0 (1) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). 4010.0 13.4 0.7 10 9.6 1585.9 4149.5 16FL344090055Definedcontributionplans(8) 13.5 0.0 1663.6 3979.1 0.7 9.2 15FL344090045Definedbenefitplans(7) 1778.9 3906.3 Totalfinancialassets 15.9 1 15.8 1683.3 0.8 9.3 4149.5 1624.4 14FL343073045Unfunded(line10) 13.4 0.0 4100.0 13FL342000075Fundedbyassets(6) 1691.1 0.8 10.6 12FL344090045Pensionentitlements 4075.9 14.2 1585.9 Fundedstatusofdefinedbenefitplans: 151.7 4040.4 1624.4 9.2 0.6 3979.1 1675.7 Memo: 4010.0 9.3 0.8 4149.5 11FL344090005Pensionentitlements(liabilities)(5) 3979.1 1.0 10FL343073045Claimsofpensionfundonsponsor(misc.assets)(4) 3906.3 9LM343064105Corporateequities 8FL313169003Loans(otherloansandadvances)(3) 7LM343063005Corporateandforeignbonds 6LM343062033Municipalsecurities 5LM343061705Agency-andGSE-backedsecurities 4LM343061105Treasurysecurities(2) 3LM344022005Debtsecurities 2FL343020033Checkabledepositsandcurrency 1FL344090005Totalfinancialassets(1) Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.119 FederalGovernmentEmployeeRetirementFunds 0721 092018 2019 2018 2017 65712. 55919. 64418. 78916. 55914 1585.9 13 1909.3 12 1663.6 3495.2 1812.8 1778.9 3476.4 1679.5 1683.3 3458.4 1756.3 1624.4 3439.6 1795.7 1691.1 3420.1 1713.1 1585.9 3404.2 1909.3 1624.4 3495.2 1795.7 1675.7 3420.1 1673.2 3348.9 4 3 2150.3 2176.8 2047.2 2073.3 1713.1 1738.3 1786.1 1810.1 2039.2 2061.9 1946.6 1969.4 2150.3 2176.8 2039.2 2061.9 1730.1 1753.7 2. 9. 7. 4. 9. 3. 4. 3. 7. 9 370.4 339.4 341.3 331.0 292.0 348.6 370.4 292.0 324.2 ...... 6 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 97

Levels Levels M4032 oprt n oeg od . . 1490931. 071. 145 8 11.4 4 654.3 6 9.6 15.8 623.6 11.3 617.5 9.5 23.1 10.7 600.8 216.7 10.0 9.1 558.9 215.3 9.3 605.8 8.6 0.0 654.3 9.0 8.3 0.0 558.9 11.4 557.4 8.3 15.8 9.3 9.6 0.0 9.5 8.3 151.7 8.5 7 4.5 8FL344090055Pensionentitlements(liabilities) 7LM343064125Corporateequities 4.3 5 6FL313169003Loans(otherloansandadvances)(3) 1.0 4.4 2 5LM343063023Corporateandforeignbonds 10 0.6 1.0 4LM343061723Agency-andGSE-backedsecurities 3495.2 4.3 3LM343061155Treasurysecurities(2) 3476.4 2LM344022025Debtsecurities 0.6 1.0 3458.4 4.1 3439.6 1FL344090055Totalfinancialassets 0.7 1.0 3420.1 4.5 9 3404.2 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 0.7 0.9 1585.9 3495.2 4.5 L.119.c FederalGovernmentEmployeeRetirementFunds:DefinedContributionPlans(1) 1663.6 3420.1 1 0.8 1.0 1778.9 3348.9 4.1 3495.2 1683.3 3476.4 0.8 1.0 (5) Actuarialvalueofaccruedpensionentitlementsindefinedbenefitplans.Theseliabilitiesareassetsthehouseholdsector. 1624.4 4.6 3458.4 (4) Unfundeddefinedbenefitpensionentitlements.Negativevaluesindicateoverfunding. 1691.1 3439.6 (3) ComprisedprimarilyofnonmarketableTreasurysecurities. 0.6 0.9 1585.9 3420.1 (2) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). 1624.4 3404.2 DisabilityFund,andtheNationalRailroadInvestmentTrust. 0.8 0.9 1675.7 (1) IncludesCivilServiceRetirementandDisabilityFund,RailroadBoard,judicialretirementfund,MilitaryForeign 3495.2 3420.1 1.0 10FL344190045Pensionentitlements(liabilities)(5) 3348.9 9FL343073045Claimsofpensionfundonsponsor(misc.assets)(4) 8LM343064135Corporateequities 7LM343063033Corporateandforeignbonds 6LM343062033Municipalsecurities 5LM343061733Agency-andGSE-backedsecurities 4LM343061165Treasurysecurities(3) 3LM344022045Debtsecurities 2FL343020033Checkabledepositsandcurrency 1FL344090045Totalfinancialassets(2) Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.119.b FederalGovernmentEmployeeRetirementFunds:DefinedBenefitPlans(1) 98 (3) SuspendedinvestmentsintheThriftSavingsPlanGFundbyTreasury. (2) IncludesnonmarketableTreasurysecuritiesheldintheGfundandmarketableFfund. (1) ThriftSavingsPlan.

Z.1, March12,2020 0721 092018 2019 2018 2017 61117. 87819. 75813. 68419. 8784 3 1887.8 1893.3 1792.0 1797.3 1658.4 1663.8 1735.5 1740.8 1775.8 1780.9 1691.2 1696.8 1887.8 1893.3 1775.8 1780.9 1651.1 1656.7 0. 7. 5. 3. 7. 1. 2. 2. 5. 7 355.0 324.6 326.3 316.2 277.9 1 333.1 654.3 355.0 623.6 277.9 617.5 308.7 600.8 558.9 605.8 654.3 558.9 557.4 902342252542345. 472512253 2 262.5 283.5 255.1 275.9 54.7 74.5 50.6 69.2 263.4 281.0 255.4 272.7 262.5 283.5 263.4 281.0 79.0 97.0 8 15.4 14.8 15.0 14.8 14.1 15.5 15.4 14.1 15.5 ...... 6 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

4 F24905 eie otiuinpas()40045144840145149648149844824 494.8 469.8 23 8832.8 468.1 8756.2 459.6 8683.8 435.1 8613.0 8544.0 460.1 8466.0 494.8 8832.8 435.1 8544.0 8238.3 440.0 19 16 9401.2 159.1 9303.1 155.1 9228.4 17 154.2 9146.8 4087.8 9049.4 5 151.4 4262.1 11 467.5 5.1 9001.3 4213.2 148.9 9401.2 4267.4 460.6 24FL224090055Definedcontributionplans(7) 147.6 9049.4 5.0 4446.2 23FL224090045Definedbenefitplans(6) 9 438.6 8763.2 159.1 4111.8 Totalfinancialassets 157.8 430.3 4.6 4087.8 148.9 155.9 22FL223073045Unfunded(line17) 4446.2 415.3 2 21FL222000075Fundedbyassets(5) 138.8 4.9 154.0 4017.4 32.3 20FL224190043Pensionentitlements 471.8 Fundedstatusofdefinedbenefitplans: 150.6 467.5 4.6 31.9 143.7 Memo: 415.3 29.0 4.8 117.4 498.8 19FL224190005Pensionentitlements(liabilities)(4) 1 157.8 31.0 5.1 9327.6 18FL223093005Other 143.7 9225.9 17FL223073045Claimsofpensionfundonsponsor(3) 28.9 16FL223095505Unallocatedinsurancecontracts(2) 4.6 9151.9 109.5 15FL223090005Miscellaneousassets 30.3 9072.6 4.7 8979.1 14LM223064205Mutualfundshares 32.3 8926.1 13LM223064145Corporateequities 9327.6 28.9 12FL223065043Loans(mortgages) 8979.1 30.2 8678.2 11LM223063045Corporateandforeignbonds 10LM223062043Municipalsecurities 9LM223061743Agency-andGSE-backedsecurities 8LM223061143Treasurysecurities 7FL223069143Openmarketpaper 6LM224022045Debtsecurities 5FL222051043Securityrepurchaseagreements 4FL223034005Moneymarketfundshares 3FL223030043Timeandsavingsdeposits 2FL223020043Checkabledepositsandcurrency 1FL224090005Totalfinancialassets(1) Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.120 StateandLocalGovernmentEmployeeRetirementFunds (7) AdditionaldetailondefinedcontributionplansisavailabletableL.120.c. (6) AdditionaldetailondefinedbenefitplansisavailabletableL.120.b. (5) Totaldefinedbenefitfinancialassetsplusnonfinanciallessclaimsofpensionfundonsponsor. (4) Actuarialvalueofprojectedpensionentitlements.Theseliabilitiesareassetsthehouseholdsector. (3) Unfundeddefinedbenefitpensionentitlements.Negativevaluesindicateoverfunding. (2) Assetsofdefinedcontributionfundsheldatlifeinsurancecompanies. (1) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). 0721 092018 2019 2018 2017 07444. 07841. 46246. 23246. 07822 4087.8 21 4818.6 20 4262.1 8906.4 4571.3 4213.2 8833.4 4547.1 4267.4 8760.3 4419.9 4446.2 8687.3 4168.0 4111.8 8614.2 4429.3 4087.8 8541.2 4818.6 4446.2 8906.4 4168.0 4017.4 8614.2 4305.8 15 8323.2 4562.6 4727.3 13 4674.9 2999.5 4716.7 2783.9 4884.3 2807.1 4557.9 2711.1 4562.6 2531.8 4884.3 2795.4 4434.1 2999.5 2531.8 2706.8 7. 8. 1. 9. 8. 9. 0. 1. 1. 18 315.7 310.2 307.5 14 297.9 548.4 289.3 514.2 298.4 511.8 315.7 496.9 289.3 465.3 8 410.3 277.9 506.8 404.4 548.4 6 399.6 465.3 1097.6 390.6 476.0 1082.2 1048.5 372.8 1031.4 304.7 988.7 410.3 952.6 372.8 1097.6 289.4 988.7 955.0 405. 895. 285. 295. 897 58.9 58.2 4 67.6 52.9 66.8 56.6 61.0 52.8 65.0 55.2 60.8 58.9 63.4 52.8 67.6 54.0 60.8 62.0 ...... 10 12 3.1 12.1 12.2 3.2 12.9 3.2 13.1 3.2 3 12.5 2.4 4.1 12.7 2.4 3.4 12.1 2.2 12.5 3.1 2.3 6.9 4.1 2.2 3.4 2.3 2.4 2.2 2.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 99

Levels Levels 8 F24903 eso nilmns(iblte)()82. 64280. 51281. 67386. 83480. 18 8906.4 8833.4 8760.3 16 8687.3 5 4087.8 11 8614.2 467.5 5.1 4262.1 8541.2 4213.2 460.6 8906.4 5.0 4267.4 9 438.6 8614.2 4446.2 157.8 8323.2 430.3 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 4.6 4111.8 155.9 L.120.c StateandLocalGovernmentEmployeeRetirementFunds:DefinedContributionPlans(1) 4087.8 415.3 2 4.9 4446.2 154.0 32.3 471.8 4017.4 150.6 467.5 4.6 (3) Actuarialvalueofaccrueddefinedbenefitpensionentitlements.Theseliabilitiesareassetsthehouseholdsector. 31.9 143.7 (2) Unfundeddefinedbenefitpensionentitlements.Negativevaluesindicateoverfunding. 415.3 (1) Includesclaimsonsponsor(i.e.,unfundedpensionentitlements). 29.0 4.8 117.4 498.8 1 157.8 31.0 18FL224190043Pensionentitlements(liabilities)(3) 5.1 8832.8 143.7 8756.2 17FL223093043Other 28.9 16FL223073045Claimsofpensionfundonsponsor(2) 4.6 8683.8 109.5 15FL223090045Miscellaneousassets 30.3 8613.0 4.7 8544.0 14LM223064243Mutualfundshares 32.3 8466.0 13LM223064145Corporateequities 8832.8 28.9 12FL223065043Loans(mortgages) 8544.0 30.2 8238.3 11LM223063045Corporateandforeignbonds 10LM223062043Municipalsecurities 9LM223061743Agency-andGSE-backedsecurities 8LM223061143Treasurysecurities 7FL223069143Openmarketpaper 6LM224022045Debtsecurities 5FL222051043Securityrepurchaseagreements 4FL223034043Moneymarketfundshares 3FL223030043Timeandsavingsdeposits 2FL223020043Checkabledepositsandcurrency 1FL224090045Totalfinancialassets(1) Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.120.b StateandLocalGovernmentEmployeeRetirementFunds:DefinedBenefitPlans 100 L2005 Pninetteet laiiis 4. 3. 9. 6. 3. 5. 6. 6. 9. 7 494.8 469.8 468.1 459.6 435.1 5 460.1 159.1 494.8 155.1 435.1 154.2 440.0 151.4 148.9 147.6 159.1 148.9 (2) Assetsheldatlifeinsurancecompanies. 138.8 (1) Includes403(b)and457typeplans. 7FL224090055Pensionentitlements(liabilities) 6FL223093053Other 5FL223095505Unallocatedinsurancecontracts(misc.assets)(2) 4FL223090055Miscellaneousassets 3LM223064255Mutualfundshares 2FL223034055Moneymarketfundshares 1FL224090055Totalfinancialassets

Z.1, March12,2020 0721 092018 2019 2018 2017 28944. 34041. 63347. 45847. 34015 4304.0 4476.5 13 4425.8 2999.5 4472.2 2783.9 4643.3 2807.1 4319.1 2711.1 4304.0 2531.8 4643.3 2795.4 4208.9 2999.5 2531.8 2706.8 9. 9. 1. 0. 9. 0. 1. 1. 1. 17 216.2 214.4 14 212.6 315.1 204.8 298.2 197.1 295.7 207.3 284.8 216.2 274.1 8 197.1 410.3 288.3 191.5 404.4 315.1 6 399.6 274.1 1097.6 390.6 264.0 1082.2 1048.5 372.8 1031.4 304.7 988.7 410.3 952.6 372.8 1097.6 289.4 988.7 955.0 2. 4. 5. 3. 4. 4. 4. 5. 5. 4 258.6 3 250.8 233.3 249.1 216.0 1 244.6 216.1 494.8 241.1 212.1 469.8 238.8 191.2 468.1 258.6 218.5 459.6 241.1 233.3 435.1 225.2 191.2 460.1 211.9 494.8 435.1 440.0 405. 895. 285. 295. 897 58.9 58.2 4 64.6 52.9 63.8 56.6 58.1 52.8 62.1 55.2 58.0 58.9 60.6 52.8 64.6 54.0 58.0 59.2 649. 959. 229. 499. 956 99.5 95.7 94.9 93.2 92.2 91.2 99.5 92.2 86.4 ...... 10 12 3.1 12.1 12.2 3.2 12.9 3.2 13.1 3.2 3 12.5 2.4 4.1 12.7 2.4 3.4 12.1 2.2 12.5 3.1 2.3 6.9 4.1 2.2 3.4 2.3 2.4 2.2 2.5 ...... 2 2.9 2.9 2.9 2.9 2.9 2.8 2.9 2.9 2.8 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 L64950 aibeaniymta ud nlddaoe19. 50711. 86719. 74316. 78511. 13 1816.3 9 1738.5 144.1 1760.9 1734.3 146.4 12 1590.7 17659.5 149.7 8 16694.7 1816.7 6 2359.0 16669.6 2 155.4 1816.3 656.8 16179.6 2266.5 99.3 14669.8 1590.7 163.3 632.1 2221.8 18LM654091203Municipalbondfunds 16559.7 1792.8 17659.5 102.4 17LM654091303Taxablebondfunds 176.8 2131.0 629.9 14669.8 16LM654091403Hybridfunds 2016.6 15899.0 107.1 144.1 15LM654092603Worldequityfunds 584.6 2113.3 14LM654091600Domesticequityfunds 105.1 163.3 603.6 2359.0 Totalfinancialassetsbyinvestmentobjective: 81.7 173.7 2016.6 638.1 13LM654090500Variableannuitymutualfundsincludedabove 2037.6 88.4 656.8 Memo: 603.6 99.3 12LM654090000Totalsharesoutstanding(liabilities) 600.0 81.7 11FL653093005Miscellaneousassets 11 98.0 18.5 10LM653064100Corporateequities 14 35.3 16.1 9FL653069803Loans(otherloansandadvances) 35.7 11.7 8LM653063005Corporateandforeignbonds 35.7 7LM653062003Municipalsecurities 8.7 6LM653061703Agency-andGSE-backedsecurities 13 35.1 5LM653061105Treasurysecurities 3634.3 4FL653069100Openmarketpaper 7.5 9 3442.5 3LM654022005Debtsecurities 38.3 755.1 3205.9 3 4 10.1 2FL652051003Securityrepurchaseagreements 3079.4 32.2 1.2 696.0 258.8 3038.3 676.3 18.5 1LM654090000Totalfinancialassets 35.3 2867.1 255.8 -30.3 5 655.7 3634.3 7.5 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 1175.1 258.9 38.3 3.2 3038.3 644.9 1172.5 L.122 MutualFunds(1) 225.4 2848.4 32.2 8.5 1133.1 620.9 -31.5 190.6 980.1 755.1 -43.7 194.6 (1) Open-endinvestmentcompaniesincludingvariableannuitymoneymarketfunds. 1019.5 644.9 19.3 920.3 258.8 14FL634090503Variableannuitymoneymarketfundsincludedabove 682.2 1175.1 190.6 1.2 Memo: 1019.5 178.9 956.5 -43.7 13FL634090005Totalsharesoutstanding(liabilities) 22.1 12FL633093005Miscellaneousassets 11FL633063005Corporateandforeignbonds 10FL633062000Municipalsecurities 9FL633061700Agency-andGSE-backedsecurities 8FL633061105Treasurysecurities 7FL633069175Openmarketpaper 6FL634022005Debtsecurities 5FL632051000Securityrepurchaseagreements 4FL633030000Timeandsavingsdeposits 3FL633020000Checkabledepositsandcurrency 2FL633091003Foreigndeposits 1FL634090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.121 MoneyMarketFunds(1) (1) Open-endinvestmentcompaniesincludingvariableannuitymutualfunds. 01. 6751808137395. 08. 18. 17. 19. 10 11890.8 11073.5 11184.0 10880.2 9657.5 11367.3 11890.8 9657.5 10819.6 1 17659.5 16694.7 16669.6 16179.6 14669.8 16559.7 17659.5 14669.8 15899.0 0721 092018 2019 2018 2017 40038. 80239. 35635. 67139. 80217 3890.2 16 1579.0 15 3791.6 2937.3 14 1516.7 3687.1 8438.9 2713.6 1514.2 3551.4 7887.7 2765.6 1488.5 3385.6 7951.5 2702.8 1384.0 3495.0 7718.8 2427.7 1546.6 3890.2 6800.1 2831.2 1579.0 3385.6 8059.5 2937.3 1384.0 3400.0 8438.9 2427.7 1547.0 6800.1 2827.5 7477.7 5 1305.0 3 1268.9 5252.8 1182.7 5075.1 1175.2 4914.9 1146.4 4733.2 1127.3 4541.8 1305.0 4669.0 1146.4 5252.8 1090.8 4541.8 4514.5 6 2181.3 2029.8 1798.9 1895.1 1862.3 1 1723.6 3634.3 2181.3 3442.5 1862.3 3205.9 1680.7 3079.4 3038.3 2867.1 3634.3 3038.3 2848.4 6. 7. 1. 8. 7. 1. 5. 8. 1. 18 814.1 785.8 753.9 719.5 675.5 681.2 814.1 675.5 11 272.5 665.3 297.3 313.9 305.7 7 225.7 832.8 258.2 805.2 272.5 773.4 225.7 737.2 293.1 693.6 701.9 832.8 693.6 688.1 10 134.0 130.3 8 7 1036.5 237.2 135.8 945.6 241.9 135.0 743.5 231.7 142.8 879.5 216.3 131.0 873.5 193.7 134.0 767.3 194.3 142.8 1036.5 237.2 134.4 873.5 193.7 702.9 152.6 808. 938. 171511711249. 4 99.3 102.4 107.1 105.1 81.7 88.4 99.3 81.7 98.0 . . 05728188961. 0512 10.5 10.7 9.6 8.8 8.1 2 7.4 7.2 3.9 10.5 2.2 8.1 1.5 6.6 1.5 2.1 7.4 1.5 3.7 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 101

Levels Levels M6030 Croaeadfrinbns4364055434454054074885755435 8 544.3 4396.2 4024.3 517.5 3933.4 488.8 3771.3 460.7 3371.2 3700.9 420.5 4396.2 424.5 3371.2 14LM564091203Municipalbondfunds 544.3 13LM564091303Taxablebondfunds 3401.0 12LM564091403Hybridfunds 420.5 10 11LM563093003Commodityfunds(1) 57.2 10LM564092603Worldequityfunds 403.6 9LM564091600Domesticequityfunds 57.0 Totalfinancialassetsbyinvestmentobjective: 57.4 Memo: 56.3 8LM564090005Totalsharesoutstanding(liabilities) 52.9 7LM563093003Miscellaneousassets(1) 5 57.3 6LM563064100Corporateequities 75.0 57.2 7 5LM563063003Corporateandforeignbonds 74.2 277.7 4LM563062003Municipalsecurities 52.9 3LM563061103Treasurysecurities 273.3 74.7 2LM564022005Debtsecurities 57.2 272.1 73.2 1LM564090005Totalfinancialassets 267.7 69.1 251.3 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 74.4 271.8 L.124 Exchange-TradedFunds 277.7 75.0 251.3 69.1 277.3 12LM554092303Worldbondfunds 74.3 11LM554091203Municipalbondfunds 10LM554091303Domestictaxablebondfunds 9LM554092603Worldequityfunds 8LM554091603Domesticequityfunds Totalfinancialassetsbyinvestmentobjective: Memo: 7LM554090005Totalsharesoutstanding(liabilities) 6LM553064103Corporateequities 5LM553063003Corporateandforeignbonds 4LM553062003Municipalsecurities 3LM553061103Treasurysecurities 2LM554022005Debtsecurities 1LM554090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.123 Closed-EndFunds 102 (1) Investmentsprimarilyincommodities,currencies,andfutures.

Z.1, March12,2020 0721 092018 2019 2018 2017 98313. 53523. 98629. 24324. 5359 2583.5 2346.3 2284.3 2190.6 1938.6 2239.3 2583.5 6 1938.6 3485.8 1978.3 3150.6 3116.6 3010.9 2669.2 1 3027.4 4396.2 3485.8 4024.3 2669.2 3933.4 2775.6 3771.3 3371.2 3700.9 4396.2 3371.2 3401.0 2. 9. 6. 7. 9. 4. 9. 3. 6. 13 764.8 733.4 10 883.9 693.6 787.0 644.7 816.3 595.7 805.2 573.2 725.4 764.8 782.5 595.7 883.9 522.9 725.4 3 792.4 2 231.9 825.5 226.8 789.6 214.6 745.4 193.0 692.7 178.7 636.1 152.2 610.1 231.9 825.5 178.7 636.1 122.1 556.5 6 107.2 103.0 103.6 2 101.9 170.5 91.2 1 170.3 277.7 105.8 168.5 273.3 107.2 165.9 272.1 91.2 160.1 267.7 109.3 165.9 251.3 170.5 271.8 160.1 277.7 168.0 251.3 277.3 073. 903. 693. 184. 9014 49.0 45.2 11 84.9 41.8 84.1 38.8 71.3 36.9 67.8 33.4 7 65.9 84.9 49.0 63.4 84.1 36.9 84.9 4 71.3 30.7 49.3 65.9 67.8 45.4 68.9 65.9 42.0 63.4 39.0 84.9 37.0 65.9 33.4 68.9 49.3 12 21.0 11 92.3 37.0 9 20.8 8 27.9 92.5 30.8 79.3 20.9 26.0 90.1 77.0 20.5 26.7 89.0 76.9 19.6 25.5 87.5 76.3 20.7 23.3 87.9 67.9 21.0 4 27.0 92.3 92.3 78.8 19.6 27.9 87.5 92.5 79.3 20.9 23.3 90.0 90.1 67.9 29.6 89.0 79.7 87.5 87.9 92.3 87.5 90.0 . . 0192872. 612. 0112 30.1 28.3 26.1 24.2 8.7 9.2 30.1 8.7 7.8 3 3.2 3.5 3.7 3.6 3.5 3.6 3.2 3.5 3.7 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

1 F43623 on US oenetlas ...... 31 0.0 0.0 0.0 27 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28 0.0 6975.1 0.0 6952.7 0.0 6901.8 0.0 6808.4 0.0 6797.3 21 0.0 6753.3 332.7 6975.1 322.0 0.0 6797.3 313.4 6716.3 0.0 303.8 18 295.3 4771.9 4710.9 284.6 32FL403190005Miscellaneousliabilities 17 4658.8 12 5023.2 332.7 778.6 4639.3 10 31FL403169283Loans(U.S.governmentloans) 4978.3 15.8 295.3 4620.8 787.3 4922.0 30FL403161785Other 4572.5 264.2 821.1 16.2 4899.9 29FL403161795Consolidatedtrusts(2) 4771.9 28FL403161705Debtsecurities(GSEissues)(3) 4883.9 804.5 4620.8 16.9 4856.5 27FL402150005Federalfundsandsecurityrepos 4461.8 861.9 5023.2 17.6 834.7 8 4883.9 26FL404190005Totalliabilities 284.1 18.1 4775.6 778.6 2 25FL403093005Miscellaneousassets 275.4 30.7 861.9 20.8 4 24FL403066005Consumercredit 264.8 172.6 857.7 34.3 15.8 261.9 23FL403065605Farm 187.1 36.4 22FL403065485Other 18.1 262.5 208.9 21FL403065495Consolidatedtrusts(2) 35.9 20FL403065405Multifamilyresidential 260.0 24.1 201.6 19FL403065185Other 284.1 170.6 18FL403065195Consolidatedtrusts(2) 36.8 17FL403065105One-to-four-familyresidential 262.5 194.7 16FL403065005Mortgages 37.2 267.6 172.6 15FL403069330FHLB 30.7 170.6 14FL403069345FarmCreditSystem 13FL403069385SallieMae 36.8 195.6 12FL403069305Otherloansandadvances 49.4 11FL404023005Loans 10FL403063005Corporateandforeignbonds 9FL403062005Municipalsecurities 8FL403061705Agency-andGSE-backedsecurities 7FL403061105Treasurysecurities 6FL403069105Openmarketpaper 5FL404022005Debtsecurities 4FL402050005Federalfundsandsecurityrepos 3FL403030005Timeandsavingsdeposits 2FL403020005Checkabledepositsandcurrency 1FL404090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.125 Government-SponsoredEnterprises(GSEs)(1) L1050 Mliaiyrsdnilmrggs2913213023843213933603773023 6 380.2 2407.3 2370.2 367.7 2341.5 356.0 2315.8 349.3 2292.6 2 2245.4 342.1 2026.0 2407.3 328.4 2001.1 2292.6 1984.0 380.2 2126.8 1965.1 342.1 1949.1 299.1 1915.4 2026.0 (2) Suchissuesareclassifiedasagency-andGSE-backedsecurities. 1949.1 CMOsandprivatelyissuedCMOs.ExcludesFederalFinancingBankholdingsofpoolsecurities, whichareincludedwithfederalgovernmentmortgagesandotherloansadvances. onFannieMae’sandFreddieMac’sbalancesheets(tableF.125).Alsoincludesagency- GSE-backed mortgagepoolsecuritiesthatareusedascollateralforagency-and 1826.0 (1) GinnieMae,FannieFreddieMac,FarmerandFarmersHomeAdministrationpools. Beginning2010:Q1,almostallFannieMaeandFreddieMacmortgagepools(F.126)areconsolidated 6FL413065005Totalpoolsecurities(liabilities)(2) 5FL413065605Farmmortgages 4FL413065505Commercialmortgages 3FL413065405Multifamilyresidentialmortgages 2FL413065105One-to-four-familyresidentialmortgages 1FL413065005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.126 Agency-andGSE-BackedMortgagePools(1) (3) Suchissuesareclassifiedasagency-andGSE-backedsecurities. (2) ConsolidatedtrustsreferstotheunpaidbalanceofsecuritizedmortgagesFannieMaeandFreddieMacmovedontheirsheetsatbeginning2010inresponsenewaccounting rules. FreddieMac’sbalancesheets(L.125). (SallieMae)wasincludeduntilitfullyprivatizedin2004:Q4.Beginning2010:Q1,almostallFannieMaeandFreddieMacmortgagepools(L.126)areconsolidatedonMae’s (1) FederalHomeLoanBanks,FannieMae,FreddieMac,FarmerFarmCreditSystem,theFinancingCorporation,andResolutionFundingCorporation.TheStudentMarketingAssociation 0721 092018 2019 2018 2017 90218. 80519. 81216. 99611. 80530 1870.5 29 5104.6 1919.8 5032.9 1929.6 4972.1 1865.3 4943.1 1881.2 26 4916.1 7091.8 1896.2 4857.1 7070.3 1870.5 5104.6 7015.0 1881.2 4916.1 6920.5 1990.2 4726.1 6909.2 6864.8 7091.8 6909.2 6826.7 16 5510.7 5460.5 5389.4 5356.6 5333.8 5291.6 11 6289.3 5510.7 6247.8 5333.8 6210.6 5193.7 6161.1 6195.6 6126.3 6289.3 6195.6 6051.4 1 7110.5 7071.5 7018.1 6930.4 6925.5 6888.0 7110.5 6925.5 6818.9 16829. 47324. 22621. 31527. 4731 2407.3 2370.2 2341.5 2315.8 2292.6 2245.4 2407.3 2292.6 2126.8 1. 1. 1. 1. 1. 1. 1. 1. 1. 32 116.7 117.6 113.2 112.1 111.9 111.5 116.7 25 127.1 111.9 135.3 110.5 115.5 23 123.4 102.9 121.7 95.3 20 364.0 19 120.2 101.0 251.3 360.4 118.7 127.1 267.5 347.2 117.0 95.3 263.3 338.0 15 115.4 260.6 638.9 111.0 14 332.9 123.4 139.7 263.1 654.9 319.7 117.0 132.4 284.0 686.5 364.0 111.1 134.6 251.3 670.9 332.9 133.6 263.1 729.5 307.1 132.4 313.7 708.6 7 126.1 638.9 168.7 5 139.7 729.5 153.9 478.7 132.4 732.1 139.9 455.7 125.6 125.7 432.2 115.7 416.7 120.7 407.0 168.7 412.2 115.7 478.7 101.3 407.0 404.0 283. 143. 753. 383. 1422 31.4 38.4 33.8 34.2 37.5 35.1 31.4 37.5 42.8 ...... 24 0.0 0.0 0.0 0.0 0.0 13 0.0 0.0 0.0 0.0 0.0 9 0.0 3.0 0.0 0.0 6 3.3 7.1 0.0 3.6 6.9 0.0 3.8 6.9 0.0 3 3.9 12.1 7.6 0.0 4.0 11.3 6.9 0.0 14.6 3.0 6.7 12.2 3.9 7.1 20.2 4.6 6.9 16.6 12.1 6.4 20.2 7.6 ...... 5 4 1.1 0.0 1.4 0.0 1.5 0.0 1.5 0.0 1.5 0.0 1.6 0.0 1.1 0.0 1.5 0.0 1.7 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 103

Levels Levels 7 F63605 oprt od nt 5 13117. 19618. 09418. 02811. 19617 1119.6 1110.8 1082.8 1086.8 (8) IncludedontableL.111line44. 13 1079.4 90.8 (7) IncludedontableL.129. 1088.1 Theleasedautomobileisanonfinancialasset. 88.7 (6) Receivablesfromoperatingleases,suchasconsumerautomobilearebookedcurrentincomewhenpaymentsreceivedandnotincludedinfinancialassets(orhouseholdliabilities). 1119.6 (5) Liabilitiesnetofassets. 1079.4 8 87.7 (4) Fundingagreementswithlifeinsurancecompanies. 4 1103.1 6 443.3 (3) MortgagesbackingprivatelyissuedpoolsecuritiesandCMOs. 0.0 89.1 (2) Includesloansbackingdomestically-issuedcollateralizedloanobligation(CLO)securities;U.S.CLOsecuritiesissuedoutsidetheareshowninline15oftableL.133. 188.3 465.1 (1) Agency-andGSE-backedmortgagepoolsecuritiesbackingprivatelyissuedCMOs. 0.0 175.6 85.7 463.6 20FL763169103Commercialpaper(8) 163.1 463.1 87.6 0.0 Securitizedliabilitiesnotincludedabove 160.2 19FL643065045REITassets(7) 466.6 90.8 18FL675013263Consumerleases(6) 0.0 151.8 471.7 Securitizedassetsnotincludedabove 85.7 148.3 443.3 0.0 Memo: 188.3 82.7 466.6 17FL673163005Corporatebonds(net)(5) 0.0 151.8 474.7 16FL673169105Commercialpaper 157.8 15FL674122005Debtsecurities 0.0 14FL674122005Totalliabilities 0.0 13FL673090543Miscellaneousassets(fundingagreements)(4) 12FL673070003Tradecredit 0.0 11FL673066000Consumercredit 10FL673065505Commercial 9FL673065405Multifamilyresidential 8FL673065105One-to-four-familyresidential 7FL673065005Mortgages(3) 6FL673069005Otherloansandadvances(2) 5FL674023005Loans 4FL673061703Agency-andGSE-backedsecurities(1) 3FL673061103Treasurysecurities 2FL674022005Debtsecurities 1FL674090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.127 IssuersofAsset-BackedSecurities(ABS) 104

Z.1, March12,2020 0721 092018 2019 2018 2017 18116. 20016. 10316. 17419. 20015 1210.0 14 1199.2 1210.0 1167.4 1199.2 1169.6 1167.4 1160.3 1169.6 1164.1 1160.3 1210.0 1164.1 1160.3 1210.0 1168.1 1160.3 5 1168.1 1053.1 1050.4 1021.8 1024.5 1 1021.8 1210.0 1027.7 1199.2 1053.1 1167.4 1021.8 1169.6 1041.4 1160.3 1164.1 1210.0 1160.3 1168.1 1. 2. 5. 1. 2. 3. 3. 3. 5. 19 151.3 138.1 133.9 130.2 122.8 110.7 151.3 122.8 110.6 10 359.5 351.1 7 850.4 337.3 859.7 342.5 842.6 342.8 847.3 345.1 851.7 359.5 860.0 342.8 850.4 327.8 851.7 845.9 558. 149. 758. 907. 1420 81.4 76.2 79.0 81.6 87.5 16 90.4 93.3 88.4 81.4 84.6 87.5 12 34.6 82.7 11 75.5 14.4 32.5 80.9 9 47.6 15.1 32.9 76.0 43.5 16.1 33.3 90.4 41.6 17.1 33.9 80.9 3 41.7 18.3 31.7 65.0 2 31.5 31.5 42.4 19.5 34.6 27.6 27.6 43.1 14.4 33.9 25.0 25.0 47.6 18.3 32.5 22.7 22.7 42.4 37.6 18.9 18.9 43.5 17.1 17.1 31.5 31.5 18.9 18.9 11.5 11.5 ...... 18 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 F63633 osmrlae o nlddaoe()13213911714013912911711811723 191.7 191.8 191.7 192.9 19 129.0 193.9 127.8 194.0 126.2 191.7 16 121.3 193.9 153.6 111.5 193.2 152.1 137.5 148.9 129.0 150.1 111.5 147.1 124.7 9 143.2 307.0 153.6 23FL613066303Consumerleasesnotincludedabove(2) 303.2 6 147.1 387.0 298.3 Memo: 144.7 394.0 285.9 22FL613193005Other 2 401.2 21FL613194003Investmentbyparent 257.4 4 13.6 20FL613190005Miscellaneousliabilities 401.0 314.9 60.5 12.8 19LM613192003ForeigndirectinvestmentinU.S. 397.1 307.0 56.7 391.8 13.5 18FL613178005Taxespayable 257.4 53.1 387.0 320.8 13.7 17FL613169005Otherloansandadvances 16FL613168003Depositoryinstitutionloansn.e.c. 397.1 54.1 15FL614123005Loans 14.3 387.2 55.3 14FL613163005Corporatebonds 15.1 13FL613169100Openmarketpaper 61.4 12FL614122005Debtsecurities 13.6 60.5 11FL614190005Totalliabilities 14.3 55.3 10FL613090005Miscellaneousassets 18.6 63.8 9LM613092003U.S.directinvestmentabroad 8FL613066005Consumercredit 7FL613065000Mortgages 6FL613069500Otherloansandadvances 5FL614023005Loans 4LM613063003Debtsecurities(corporateandforeignbonds) 3FL613030003Timeandsavingsdeposits 2FL613020003Checkabledepositsandcurrency 1FL614090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.128 FinanceCompanies(1) (2) Seefootnote(5),tableL.127. (1) Includesretailcaptivefinancecompaniesandmortgagecompanies. 0721 092018 2019 2018 2017 49713. 41815. 42413. 45212. 41811 1421.8 1424.5 1425.2 1430.1 1432.4 1453.8 1421.8 5 1432.4 1041.1 1469.7 1048.4 1052.7 1050.2 1045.8 1 1041.9 1506.3 1041.1 1507.1 1045.8 1505.5 1052.0 1491.1 1470.3 1504.4 1506.3 1470.3 1539.6 0. 4. 5. 4. 4. 5. 6. 5. 5. 22 151.4 21 121.5 20 154.4 272.9 124.1 164.0 278.5 125.0 155.2 289.0 127.7 149.9 282.8 128.2 144.9 278.1 15 132.9 151.4 154.6 277.8 121.5 14 149.9 153.0 272.9 787.6 128.2 203.9 12 149.6 278.1 790.2 850.5 139.0 150.7 342.9 779.5 850.0 147.7 794.5 844.9 144.1 814.6 859.2 154.6 813.6 879.2 8 147.7 7 787.6 536.8 878.7 117.2 148.1 814.6 535.5 850.5 118.9 763.0 532.9 879.2 118.7 529.0 835.1 120.3 534.0 114.8 532.3 117.8 536.8 117.2 534.0 114.8 541.0 123.8 891. 481. 591. 551. 4818 14.8 15.1 15.5 16.1 13 62.8 15.9 59.8 15.7 65.4 10 43.1 14.8 64.7 47.5 15.9 64.6 47.4 18.9 65.1 46.1 62.8 54.8 64.6 3 25.9 40.9 72.2 43.1 38.4 54.8 40.5 28.6 41.1 42.8 45.3 40.9 42.8 55.8 ...... 17 1.0 0.9 0.6 0.6 0.6 0.9 1.0 0.6 3.4 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 105

Levels Levels 4 F63643 utfml eieta otae ...... 24 7.3 22 6.3 0.0 5.9 0.0 23 46.6 5.6 0.0 21 40.6 151.3 4.8 0.0 38.0 138.1 4.1 0.0 133.9 37.0 17 130.2 7.3 0.0 31.5 35.1 122.8 31.0 4.8 31.7 0.0 110.7 33.5 46.6 151.3 3.2 0.0 36.8 122.8 35.1 0.0 110.6 39.6 29.9 12 379.4 35.3 373.1 31.5 7 368.8 94.5 39.6 338.3 5 25FL643065543Commercialmortgages 86.2 307.6 49.8 24FL643065443Multifamilyresidentialmortgages 36.3 23FL643065163One-to-four-familyresidentialmortgages 291.6 81.5 47.7 22FL643061743Agency-andGSE-backedsecurities 21FL643065045Securitizedassetsincludedabove 379.4 75.9 2 48.7 307.6 45.3 Memo: 72.8 4 48.9 264.3 48.0 334.7 20FL643193005Miscellaneousliabilities 64.5 50.8 335.4 40.7 19FL123165005Mortgages 94.5 18FL643169373Otherloansandadvances 52.4 328.1 35.1 17FL643168005Depositoryinstitutionloansn.e.c. 72.8 305.7 16FL644123005Loans 49.8 36.0 273.7 65.1 15FL643163005Corporatebonds 50.8 14FL643169173Openmarketpaper 39.2 259.5 13FL644122005Debtsecurities 42.3 334.7 45.3 12FL642151073Securityrepurchaseagreements 273.7 36.0 11FL644190005Totalliabilities 255.3 40.8 10FL643090005Miscellaneousassets 9FL643065505Commercial 8FL643065405Multifamilyresidential 7FL643065105One-to-four-familyresidential 6FL643065005Loans(mortgages) 5FL643063005Corporateandforeignbonds 4FL643061773Agency-andGSE-backedsecurities 3FL644022005Debtsecurities 2FL643020005Checkabledepositsandcurrency 1FL644090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.129 RealEstateInvestmentTrusts(REITs)(1) 106 (1) AdditionaldetailonfinancialassetsandliabilitiesforequitymortgageREITsisavailabletablesL.129.eL.129.m.

Z.1, March12,2020 0721 092018 2019 2018 2017 03017. 38213. 10413. 20219. 38211 1328.2 1297.6 1270.2 1239.6 1170.4 1135.5 1328.2 1170.4 1093.0 0. 1. 4. 2. 1. 5. 3. 4. 4. 20 146.9 19 144.8 221.5 137.7 220.9 16 151.0 261.5 220.4 15 117.6 260.3 221.2 540.4 13 121.8 262.4 226.2 519.4 540.4 146.9 267.4 229.4 501.3 519.4 117.6 275.2 221.5 483.0 501.3 101.5 274.1 226.2 470.0 483.0 10 261.5 192.9 242.0 448.1 470.0 9 275.2 186.7 540.4 198.6 448.1 288.2 190.1 470.0 189.8 6 540.4 205.8 304.7 439.0 185.7 470.0 205.3 285.7 180.6 439.0 3 203.1 276.4 174.5 384.4 192.9 264.9 165.5 383.1 205.3 255.0 1 198.6 376.8 927.3 180.5 237.5 174.5 354.6 903.5 304.7 163.5 324.5 884.0 255.0 311.9 860.4 234.8 384.4 820.8 324.5 791.8 297.6 927.3 820.8 753.7 758. 757. 298. 009. 7525 97.5 91.2 90.0 87.6 82.9 74.9 97.5 82.9 77.5 ...... 18 8.5 8.4 14 8.5 0.0 9.4 0.0 9.4 0.0 9.3 0.0 8 8.5 0.0 11.6 9.4 0.0 9.8 9.8 0.0 9.2 0.0 8.4 0.0 7.7 7.5 11.6 7.7 6.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

3 F63643 utfml eieta otae ...... 23 7.3 21 6.3 0.0 5.9 0.0 22 46.6 5.6 0.0 20 40.6 17 151.3 4.8 0.0 1.9 38.0 138.1 4.1 0.0 2.0 133.9 37.0 130.2 7.3 0.0 3.0 35.1 122.8 4.8 31.7 0.0 4.5 110.7 46.6 151.3 3.2 0.0 5.3 122.8 35.1 0.0 2.4 12 110.6 29.9 379.4 1.9 373.1 7 368.8 5.3 94.3 338.3 5 85.9 5.1 307.6 40.7 24FL643065543Commercialmortgages 23FL643065443Multifamilyresidentialmortgages 291.6 81.2 38.3 22FL643065163One-to-four-familyresidentialmortgages 2 21FL643061743Agency-andGSE-backedsecurities 379.4 12.2 75.6 39.1 20FL643065045Securitizedassetsincludedabove 307.6 11.6 72.5 4 Memo: 39.6 264.3 334.7 11.2 64.2 19FL643193075Miscellaneousliabilities 40.8 335.4 9.3 94.3 18FL643169373Otherloansandadvances 42.3 328.1 17FL643168073Depositoryinstitutionloansn.e.c. 72.5 9.6 305.7 16FL644123075Loans 40.7 273.7 64.8 15FL643163075Corporatebonds 40.8 11.1 14FL643169173Openmarketpaper 259.5 13FL644122075Debtsecurities 35.0 12.2 334.7 12FL642151073Securityrepurchaseagreements 9.6 273.7 11FL644190075Totalliabilities 255.3 9.0 12 29.5 10FL643090075Miscellaneousassets 29.0 9FL643065573Commercial 8FL643065473Multifamilyresidential 7FL643065173One-to-four-familyresidential 30.6 5 6FL643065075Loans(mortgages) 10 0.2 361.4 32.3 5FL643063073Corporateandforeignbonds 354.4 4FL643061773Agency-andGSE-backedsecurities 34.3 0.3 3FL644022075Debtsecurities 340.8 33.0 0.3 329.0 2FL643020073Checkabledepositsandcurrency 29.5 322.8 1FL644090075Totalfinancialassets 0.3 3 2 315.8 34.3 9.1 33.1 0.3 361.4 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 31.2 36.3 9.5 L.129.m MortgageRealEstateInvestmentTrusts 322.8 0.3 305.6 29.4 9.5 0.2 25.8 9.3 16FL123193005Miscellaneousliabilities 0.3 26.4 15FL123165503Commercial 10.0 14FL123165403Multifamilyresidential 28.1 0.3 13FL123165005Mortgages 10.1 12FL123168003Depositoryinstitutionloansn.e.c. 33.1 11FL124123005Loans 9.1 26.4 10FL123163003Debtsecurities(corporatebonds) 10.0 31.8 9FL124190005Totalliabilities 7.3 8FL123093005Miscellaneousassets 7FL123065503Commercial 6FL123065403Multifamilyresidential 5FL123065103One-to-four-familyresidential 4FL123065005Loans(mortgages) 3FL123063003Debtsecurities(corporateandforeignbonds) 2FL123020003Checkabledepositsandcurrency 1FL124090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.129.e EquityRealEstateInvestmentTrusts 0721 092018 2019 2018 2017 3. 4. 7. 3. 4. 5. 6. 6. 7. 15 179.1 13 165.0 179.1 160.5 165.0 154.0 11 160.5 590.1 147.2 154.0 568.7 132.3 147.2 9 559.0 179.1 167.8 132.3 540.4 147.2 160.2 6 179.1 501.7 272.9 133.4 157.5 147.2 464.4 255.4 154.0 133.4 3 590.1 247.6 147.8 375.3 501.7 237.7 137.1 373.6 429.8 227.7 1 167.8 367.2 711.1 207.8 147.8 345.3 687.0 272.9 131.4 314.5 676.4 227.7 301.8 657.1 201.8 375.3 612.4 314.5 576.9 290.2 711.1 15 198.0 612.4 13 198.4 537.2 221.5 11 197.3 220.9 251.0 197.8 220.4 250.0 202.3 9 221.2 250.9 738.2 202.0 226.2 8 253.4 728.9 198.0 142.2 229.4 260.6 711.1 202.3 140.4 221.5 262.4 699.2 213.6 139.8 226.2 251.0 668.7 141.0 242.0 260.6 671.2 144.6 273.2 738.2 146.9 668.7 1 142.2 216.2 663.2 144.6 216.5 144.3 207.6 203.2 208.3 214.8 216.2 208.3 216.5 758. 757. 298. 009. 7524 97.5 91.2 90.0 87.6 19 21.1 82.9 20.3 74.9 16 10.4 18.4 97.5 10.4 34.2 82.9 11.4 32.3 77.5 13.9 28.8 14.7 21.1 10 50.7 11.7 32.3 46.4 10.4 17.2 50.3 14.7 64.8 14.9 60.7 56.2 50.7 60.7 36.2 16 125.8 14 23.5 124.5 22.6 119.3 116.8 23.1 85.3 23.4 93.0 24.0 125.8 7 27.4 30.8 85.3 23.5 4 29.6 84.3 31.8 24.0 28.2 30.3 28.4 26.6 28.8 26.7 27.2 28.4 27.3 30.8 29.7 26.7 31.8 32.0 27.3 33.1 ...... 18 8.5 8.4 14 8.5 0.0 9.4 0.0 9.4 0.0 9.3 0.0 8 8.5 0.0 10.8 9.4 0.0 9.3 9.8 0.0 8.8 0.0 8.1 0.0 7.3 6.5 10.8 7.3 5.6 6 0.8 0.5 0.3 0.3 0.4 1.0 0.8 0.4 0.7 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 107

Levels Levels 2 L63905 Frindrc neteti ..10113513116713513215510413122 183.1 24 1737.5 180.4 19 1721.7 780.6 1701.8 165.5 788.7 1698.7 153.2 18 1659.5 757.2 125.4 123.5 1671.7 750.8 125.5 16 1737.5 196.7 174.0 759.4 1659.5 123.7 183.1 183.3 1645.8 760.4 121.0 123.5 205.9 780.6 123.3 180.1 15 181.9 1755.0 759.4 115.9 12 1873.7 184.0 296.7 760.4 125.4 1781.4 9 175.9 295.7 1689.3 123.3 54.0 174.0 1698.4 299.0 120.2 67.8 10 25FL663193005Other 1485.7 184.0 283.8 410.6 24FL663194005Investmentbyparentcompanies 1755.0 185.7 56.3 23FL663190005Miscellaneousliabilities 252.6 392.1 1698.4 7 1392.5 280.3 389.0 104.1 22LM663192005ForeigndirectinvestmentinU.S. 60.6 296.7 368.7 109.4 21FL663178005Taxespayable 63.0 20FL663170003Tradepayables 252.6 375.5 104.2 75.0 302.5 407.3 82.0 19FL153067005Otherloansandadvances 2 18FL663168005Depositoryinstitutionloansn.e.c. 54.0 125.2 410.6 17FL664123005Loans 72.3 3 119.0 375.5 63.0 1396.0 16FL663163003Debtsecurities(corporatebonds) 68.3 118.9 399.3 1466.5 71.4 15FL662151003Securityrepurchaseagreements 104.1 1363.2 108.8 1318.5 72.3 14FL664190005Totalliabilities 126.2 1315.2 112.5 54.1 13FL663090005Miscellaneousassets 1164.8 1396.0 125.2 12LM663092003U.S.directinvestmentabroad 1315.2 126.2 1109.0 11LM663064103Corporateequities 119.0 10FL663069005Loans(otherloansandadvances) 9LM663063005Corporateandforeignbonds 8LM663062003Municipalsecurities 7LM663061703Agency-andGSE-backedsecurities 6LM663061105Treasurysecurities 5FL663069103Openmarketpaper 4LM664022005Debtsecurities 3FL662051003Securityrepurchaseagreements 2FL663020003Checkabledepositsandcurrency 1FL664090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.130 SecurityBrokersandDealers 108

Z.1, March12,2020 19. 11. 14. 19. 11. 13. 14. 17. 14. 25 -1349.8 -1374.0 -1344.9 -1339.5 -1319.5 -1291.1 -1349.8 -1319.5 -1292.6 0721 092018 2019 2018 2017 00235. 44336. 29538. 40332. 44314 3434.3 3529.2 3420.3 3285.1 3259.5 3163.2 3434.3 3259.5 3050.2 1 3468.6 3588.4 3486.9 3354.8 3358.9 3194.5 3468.6 3358.9 3097.2 5. 4. 8. 8. 4. 5. 5. 4. 8. 23 387.7 347.7 356.9 359.2 340.0 17 380.6 906.1 387.7 914.2 340.0 881.0 353.2 871.8 882.7 13 660.9 876.3 689.9 906.1 11 687.0 882.7 166.7 682.1 880.6 175.5 697.8 180.1 711.1 158.8 6 660.9 147.7 229.5 697.8 4 221.5 238.3 412.6 678.7 166.7 258.9 449.7 147.7 261.0 449.7 182.7 276.4 434.0 114.8 443.9 229.5 297.0 276.4 412.6 144.6 443.9 306.1 361. 271. 411. 461. 2721 12.7 20 15.8 14.3 15.5 14.6 15.0 14.8 14.9 14.1 16.8 14.1 33.9 12.7 15.8 14.1 16.8 13.6 44.6 8 16.4 20.4 18.4 16.4 20.7 22.1 16.4 20.7 26.7 . 14851. 141. 201. . 5 8.5 13.8 12.0 13.9 11.4 16.8 8.5 11.4 9.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

9 F72503 euiyrprhs gemns01000001000000000019 0.0 0.0 23 181.0 178.8 0.0 188.1 0.0 183.9 16 17.1 179.2 0.0 48.7 184.7 0.1 181.0 45.5 14 13 10.2 0.0 12 179.2 0.0 42.6 6.1 189.8 11.9 15 5.9 18.3 0.0 987.3 6.7 12.4 7 988.4 11.3 5.7 0.1 27.3 6.8 995.6 13.0 3 17.1 8 2.0 11 5.2 29.9 976.1 6 15.0 2634.5 6.3 117.6 18.3 42.4 951.9 2574.1 27.3 24FL733193005Miscellaneousliabilities 1.2 4.8 125.9 14.0 2584.4 6.0 -6.6 965.0 42.9 112.9 23LM733192003ForeigndirectinvestmentinU.S.(2) 22.6 2517.4 10.2 1.3 15.2 987.3 2500.5 43.9 5.9 107.2 22FL733163003Corporatebonds 21.0 951.9 2438.1 15.0 0.0 21FL733169103Commercialpaper 1.5 104.3 44.0 2634.5 20FL734122005Debtsecurities 6.1 17.9 975.9 28.4 105.7 2500.5 4.8 1.7 41.5 19FL732151003Securityrepurchaseagreements 27.3 2495.7 6.0 117.6 41.8 15.8 18FL734190005Totalliabilities 3.9 104.3 21.0 4.8 42.4 123.1 17FL733093005Other 17.7 2.0 16FL263194735Nettrans.withforeignaffiliates 41.5 15FL663194735Nettrans.withbrokeranddealeraffiliates 14FL613194733Nettrans.withfinancecompanyaffiliates 1.7 27.3 13FL543194733Nettrans.withlifeinsurancecompanyaffiliates 12FL513194733Nettrans.withproperty-casualtyins.co.affiliates 5.7 11FL763194735Nettrans.withdepositoryaffiliates 10FL733090005Miscellaneousassets 9FL733040005Lifeinsurancereserves 8FL733069005Loans(otherloansandadvances) 7LM733063003Corporateandforeignbonds 6LM733061703Agency-andGSE-backedsecurities 5LM733061103Treasurysecurities 4LM734022605Debtsecurities 3FL732051003Securityrepurchaseagreements 2FL733030003Timeandsavingsdeposits 1FL734090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.131 HoldingCompanies(1) (2) InvestmentinU.S.IntermediateHoldingCompanies. (1) Parent-onlybankholdingcompanies,savingsandloancompaniessecuritythatfileFederalReserveBoardformFRY-9LP,Y-9SP,or2320. 0721 092018 2019 2018 2017 44219. 42410. 35813. 42816. 42422 1442.4 20 1468.1 1447.6 1472.8 1471.9 1435.0 1479.2 1395.8 18 1441.2 1633.3 1405.9 1401.7 1651.4 1442.4 1410.9 1657.1 1395.8 1447.6 1610.9 1444.2 1401.7 1567.2 1448.6 1582.0 1633.3 10 1567.2 3693.7 1615.8 3691.3 3718.3 3629.0 3565.4 3518.9 3693.7 3565.4 3592.0 1 4013.5 4023.7 4022.4 3917.7 3840.6 3798.3 4013.5 3840.6 3858.3 2. 1. . 1. 1. 1. 1. . . 24 4.7 0.7 -10.2 -14.2 -13.7 -13.7 4.7 -13.7 -22.7 816. 856. 886. 805. 8517 38.5 55.6 68.0 68.3 9 68.8 65.0 69.4 64.0 38.5 63.0 5 68.8 55.0 62.0 78.1 4 55.9 61.0 2 124.7 10.5 39.6 60.0 128.6 12.8 34.3 110.7 65.0 100.9 16.2 34.8 61.0 97.4 17.1 34.4 57.0 94.1 11.0 55.0 124.7 15.6 34.8 97.4 10.5 22.2 67.2 11.0 13.3 ...... 21 5.2 3.8 6.4 6.2 5.9 5.0 5.2 5.9 4.4 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 109

Levels Levels 9 F53903 oeg ietivsmn nUS ...... 19 0.0 0.0 17 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 0.0 750.3 7 0.0 10 6 733.3 19.0 119.5 3 70.9 706.2 0.0 0.0 118.7 20.5 74.0 722.6 122.4 19.6 0.0 707.6 73.1 23FL503193005Other(net) 138.5 22LM503194305EquityinterestunderPPIP 18.7 706.8 0.0 123.1 72.3 21FL663097005Securitiesloaned(net) 2 20FL503190005Miscellaneousliabilities 750.3 18.3 125.1 309.2 70.7 0.0 707.6 119.5 19FL503192003ForeigndirectinvestmentinU.S. 268.6 17.5 72.7 669.9 0.0 123.1 250.8 18FL503169205Otherloansandadvances 19.0 17FL713068505Depositoryinstitutionloansn.e.c. 70.9 79.7 237.7 16FL504123005Loans 0.0 18.3 234.9 70.7 15FL503163005Corporatebonds 19.0 0.0 219.8 14FL503169105Openmarketpaper 72.6 13FL504122005Debtsecurities 309.2 0.0 234.9 12FL504190005Totalliabilities 0.0 251.6 11FL663194505Investmentinbrokersanddealers 10FL753194503Investmentinforeignbankingoffices 9FL503094505Miscellaneousassets 8FL503064105Corporateequities 7FL503069805Loans(otherloansandadvances) 6FL503063005Corporateandforeignbonds 5FL503069105Openmarketpaper 4FL504022005Debtsecurities 3FL502051003Securityrepurchaseagreements 2FL503034005Moneymarketfundshares 1FL504090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.132 OtherFinancialBusiness(1) 110 thePublic-PrivateInvestmentProgram(PPIP). (1) Includesfundingsubsidiaries,custodialaccountsforreinvestedcollateralofsecuritieslendingoperations,FederalReservefacilities,andfundsassociatedwith

Z.1, March12,2020 0721 092018 2019 2018 2017 33817. 35019. 30012. 34115. 35012 1375.0 1356.2 1394.1 1429.0 1370.0 1393.7 1375.0 1370.0 1313.8 1 1375.0 1356.2 1394.1 1429.0 1370.0 1393.7 1375.0 1370.0 1313.8 177-3. 136-3. 173-2. 167-0. 13623 -173.6 -209.0 -146.7 -121.9 -137.3 -131.2 -173.6 -137.3 -167.7 0. 8. 8. 0. 8. 9. 0. 1. 8. 21 685.5 20 511.8 716.6 507.6 707.7 561.0 699.0 577.1 683.8 546.5 15 703.7 713.4 14 572.5 685.5 147.4 13 695.6 511.8 860.8 683.8 150.5 664.7 546.5 846.2 702.7 166.0 680.3 535.0 830.7 169.3 669.7 9 849.6 151.4 869.8 669.4 821.2 149.4 852.0 713.4 818.8 147.4 828.6 669.7 860.8 151.4 861.1 634.4 821.2 5 142.1 830.7 4 106.0 776.5 176.9 831.9 141.0 215.0 869.8 222.0 295.1 830.7 239.3 311.6 749.6 215.4 286.1 251.7 324.5 106.0 176.9 215.4 286.1 221.0 293.6 ...... 22 0.0 0.0 0.0 18 2.4 16 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 8 0.0 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F23903 rs eaiefi au 50819. D14. 42313. 72227. D46 ND 2078.3 1772.2 1539.5 40 6.4 44 1492.3 9525.9 1447.3 8782.4 3.6 ND 8936.5 42 41 18.6 8720.6 17.1 2.6 1492.3 7996.5 1560.8 18.3 48.7 8980.9 4.0 9525.9 18.1 45.5 7996.5 6.8 18.0 9118.1 42.6 2.7 17.8 18.3 18.1 6.4 11.3 37 7258.8 18.6 17.1 7242.7 6.8 7316.1 17.8 18.3 32 46FL263198013Grossnegativefairvalue 7060.6 14.7 630.5 19.3 45FL263098013Grosspositivefairvalue 6452.7 -6.6 30 Financialderivatives(6) 619.5 479.1 7406.8 7258.8 589.9 44LM263164100heldbyU.S.residents(5) 462.0 6452.7 Marketvalueofforeignequities 548.7 446.4 7828.7 552.1 Memo: 427.4 530.2 26 416.8 24 43FL263176005Policypayables 1153.7 118.3 42FL263195105Accidentandhealthinsurancereserves 630.5 1220.3 405.0 41FL263194735Netinvestmentbyholdingcompanies 116.5 1094.6 552.1 40FL263191103Nonofficialforeigncurrencies 479.1 1092.0 117.2 39FL313092803U.S.equityinIBRD,etc. 487.3 416.8 22 38FL263190005Miscellaneousliabilities 914.6 114.0 60.2 350.2 847.3 37LM263192005U.S.directinvestmentabroad(1,3) 114.6 60.4 1153.7 112.6 36FL263150005Pensionentitlements 914.6 60.1 35FL263140005Lifeinsurancereserves 118.3 21 872.6 8820.7 59.4 34LM263170005Tradepayables 114.6 8793.7 112.1 15 59.2 33FL263169005Otherloansandadvances 8707.8 522.6 14 32FL263168005Depositoryinstitutionloansn.e.c. 8377.6 830.5 31FL264123005Loans 56.8 502.7 7432.1 797.8 8523.7 501.4 30LM263163063Ofwhich:CLOsecurities(2) 60.2 13 794.6 3992.9 29LM263163005Bonds 8820.7 483.2 28FL263169105Commercialpaper 59.2 3943.1 7432.1 777.0 27FL264122005Debtsecurities 459.1 3875.3 7844.2 733.3 50.1 3763.8 438.8 26FL262151003Securityrepurchaseagreements 718.1 3609.8 11 7 522.6 1181.0 25LM263191005U.S.privatedeposits 3690.7 830.5 1025.3 24LM263111005U.S.officialreserveassets(4) 1171.3 459.1 3992.9 1063.7 733.3 1151.6 3609.8 4 ND 23FL264190005Totalliabilities 1056.7 1117.6 375.8 3881.7 985.8 1036.1 1077.9 22FL263076005Miscellaneousassets(insurancereceivables) 939.7 969.5 21LM263092001ForeigndirectinvestmentinU.S.(3) 1052.0 20FL543151905Pensionentitlements 866.9 1181.0 950.7 19FL543141905Lifeinsurancereserves 1077.9 1025.3 930.3 18LM263070005Tradereceivables 1012.2 939.7 928.0 17LM263064203Mutualfundshares 1002.6 16LM263064105U.S.corporateequities 920.5 985.8 15FL263069563Ofwhich:loansheldbyCLOs(2) 14FL263069500LoanstoU.S.corporatebusiness 928.0 13LM263063005U.S.corporatebonds(1) 848.5 12FL263062003Municipalsecurities 11LM263061705Agency-andGSE-backedsecurities 10LM263061105Treasurysecurities 9LM263069103Openmarketpaper 8FL264022005Debtsecurities 7FL262051005Securityrepurchaseagreements 6FL263034003Moneymarketfundshares 5FL263030005U.S.timedeposits 4FL263020005U.S.checkabledepositsandcurrency 3FL264016005Netinterbankassets 2LM313111303SDRallocations 1FL264090005Totalfinancialassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.133 RestoftheWorld (6) Financialderivativesarenotincludedabove. (5) IncludesAmericanDepositaryReceipts(ADRs). (4) Doesnotincludemonetarygold. (3) Directinvestmentisvaluedonamarketvaluebasis. (2) Collateralizedloanobligations. (1) Through1992:Q4,corporatebondsincludenetissuesbyNetherlandsAntilleanfinancialsubsidiaries; U.S.directinvestmentabroadexcludesnetinflowsfromthosebondissues. 30. 23. 40. 33. 23. 32. 46. 45. 40. 23 14200.0 14250.4 14062.3 13628.0 12733.1 13631.2 14200.0 12733.1 13904.5 8 12102.3 12133.7 11883.5 11578.0 11177.5 11208.1 12102.3 11177.5 11341.9 1 34295.1 33579.4 33228.3 32149.4 29905.7 31988.7 34295.1 29905.7 30502.0 0721 092018 2019 2018 2017 53215. D18. 44610. 76424. D45 ND 2047.9 1756.4 1507.6 1454.6 1380.6 ND 1454.6 1523.2 29 3312.6 27 3250.3 3729.9 3176.2 3685.7 3056.2 3590.1 2998.6 3443.8 3023.4 3366.9 3312.6 3416.0 2998.6 3729.9 2982.0 3366.9 3344.0 16 8179.1 7521.9 7535.1 7238.9 6510.6 7577.3 10 8179.1 6697.9 6510.6 6779.2 7019.4 6640.5 6473.3 6264.9 6225.9 6697.9 6264.9 6211.3 5. 6. 6. 6. 6. 6. 6. 6. 6. 43 166.1 164.2 163.5 38 161.5 278.9 161.1 305.4 160.6 300.5 166.1 295.5 161.1 273.5 159.3 262.1 278.9 31 685.6 273.5 672.4 254.7 28 642.6 417.4 603.3 435.4 598.5 413.9 25 576.2 387.7 762.2 685.6 368.3 777.2 598.5 392.6 777.7 541.5 417.4 796.0 368.3 788.8 362.0 18 796.0 337.4 762.2 340.5 17 788.8 1029.7 340.1 756.5 987.6 340.6 1007.2 332.7 904.8 12 329.2 799.0 103.3 337.4 844.6 103.2 9 332.7 127.2 1029.7 102.0 300.4 799.0 136.8 101.2 828.7 114.2 100.8 5 122.0 596.5 102.0 3 124.1 603.5 103.3 122.2 137.5 607.0 100.8 109.7 127.2 596.6 101.3 95.9 124.1 601.1 122.7 135.4 607.5 206.8 596.5 152.4 601.1 122.2 564.6 206.8 158.0 816. 076. 946. 077. 0739 70.7 70.7 70.7 36 75.9 35 72.6 69.4 80.0 34 63.9 68.5 69.4 78.9 33 55.1 81.7 67.6 69.4 78.2 52.9 77.1 67.0 70.7 77.5 52.8 77.6 66.6 69.4 62.8 54.6 79.4 74.5 68.1 75.9 46.4 77.1 72.6 77.5 46.0 63.9 66.6 18.9 55.1 79.4 98.1 46.4 77.4 54.1 19 11.8 10.7 10.6 10.5 10.4 12.8 11.8 10.4 19.7 6 129.5 2 122.7 48.8 114.3 48.1 112.5 110.7 49.1 108.9 49.0 129.5 49.1 110.7 49.3 93.4 48.8 49.1 50.3 . 541. 261. 551. 581. 20 15.1 15.8 15.6 15.5 15.4 12.6 15.1 15.4 4.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 111

Levels Levels 8 F93105 iceac:mntr od-10-10-10-10-10-10-10-10-1018 -11.0 -11.0 -11.0 -11.0 13 48.8 -11.0 48.1 -11.0 49.1 -11.0 -11.0 49.0 -11.0 49.1 49.3 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 48.8 L.201 SpecialDrawingRights(SDRs)CertificatesandTreasuryCurrency 49.1 2 48.8 50.3 (2) Byinternationalaccountingstandards,monetarygoldisafinancialassetforwhichtherenocorrespondingliability. 48.1 (1) IncludesfederalgovernmentliabilitytoIMFforspecialdrawingrights(SDRs)allocationsandaccruedinterest. 49.1 18FL903011005Discrepancy:monetarygold 49.0 17LM713011505Otherreserves 16FL713011405ReservepositioninIMF 49.1 15FL713011203Monetarygold(2) 14FL713011005Monetaryauthority 49.3 13LM313111303Restoftheworld:SDRallocations 48.8 12LM313011505Otherreserves 11LM313011405ReservepositioninIMF 49.1 10LM313011303SDRholdings 9FL313011205Monetarygold(2) 50.3 8FL313011005Federalgovernment 7FL893011005Totalassets 6LM263111503Otherreserves 5LM263111403ReservepositioninIMF 4LM313011303SDRholdings 3LM263111005Restoftheworld 2LM313111303Federalgovernment:SDRallocations 1LM893111005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.200 U.S.OfficialReserveAssetsandSDRAllocations(1) 112 L0010 Dsrpny-nloae ses4736866986816866546776166985 3 629.8 91.3 651.6 85.6 637.7 665.4 100.4 1 658.6 90.2 762.2 638.1 89.0 777.2 629.8 116.1 777.7 658.6 91.3 796.0 497.3 788.8 89.0 796.0 216.6 762.2 788.8 756.5 5FL903091005Discrepancy--unallocatedassets 4FL633091003Moneymarketfunds 3FL103091003Nonfinancialcorporatebusiness 2LM153091003Householdsector Heldby: 1LM263191005Totalrestoftheworldliability Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.202 U.S.DepositsinForeignCountries 5FL903012005Discrepancy(seigniorage) 4FL713012003Asset:Monetaryauthority 3FL313112003Liab:Federalgovernment Treasurycurrency: 2FL713014003Asset:Monetaryauthority 1FL713014003Liab:Federalgovernment SDRcertificates:

Z.1, March12,2020 0721 092018 2019 2018 2017 7. 7. 7. 7. 7. 7. 7. 7. 7. 7 178.2 175.6 177.3 3 174.1 118.3 174.8 116.5 1 172.9 117.2 167.1 178.2 114.0 164.6 174.8 114.6 166.3 173.4 112.6 163.0 118.3 163.7 114.6 161.8 112.1 167.1 163.7 162.4 2. 2. 2. 2. 2. 2. 2. 2. 2. 5 -24.7 -24.7 -24.6 -24.5 -24.4 -24.4 -24.7 -24.4 -24.1 142. 082. 102. 102. 0817 20.8 15 11.0 20.5 14 31.6 11.0 21.0 31.3 11.0 20.7 12 20.6 31.8 11 26.4 11.0 10 21.0 50.7 20.3 31.4 8 25.9 11.0 20.9 97.8 50.0 20.9 31.8 24.6 11.0 20.8 96.2 50.9 20.5 31.7 6 22.4 11.0 21.0 5 41.4 96.4 50.8 20.8 31.6 4 26.2 22.3 11.0 21.4 50.7 40.8 93.6 50.8 20.7 31.8 25.6 20.3 11.0 50.0 41.9 93.9 50.9 20.6 32.2 24.4 26.4 50.9 41.1 91.9 50.7 20.8 22.1 22.3 50.8 41.8 97.8 50.8 21.2 22.0 17.9 50.8 41.6 93.9 51.9 20.0 50.9 41.4 91.0 26.2 50.7 41.8 22.0 50.8 42.6 17.6 51.9 893. 383. 973. 763. 382 33.8 36.1 37.6 39.0 39.7 39.7 33.8 4 3 39.7 50.1 25.3 38.9 50.0 25.3 49.9 25.3 49.9 25.3 49.8 25.3 49.7 25.3 50.1 25.3 49.8 25.3 49.4 25.3 03-. 03-. 03-. 03-. 0316 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 ...... 9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ...... 4 7.4 3.9 2.2 1.5 1.5 2.1 7.4 1.5 3.7 2 1 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 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F73205 ak nUS-fiitdaes10131614131314151646 1.6 1.5 48 45 31.4 1.4 26.4 33.9 1.3 27.3 36.6 43 27.8 1.3 -10.2 42 40.1 122.2 28.0 -11.2 1.4 41 109.7 39.4 9.5 -13.6 26.8 39 95.9 1.6 47.5 21.3 -4.4 40 30.2 10.4 11.8 122.7 31.4 23.1 1.3 -6.1 36 26.4 10.0 206.8 12.7 69.8 38 39.4 19.9 40.8 -5.0 1.0 26.8 10.1 152.4 9.9 67.0 50.9 19.8 122.2 39.8 29.0 8.3 -10.2 37 33 67.0 29.0 9.7 35 206.8 26.8 17.5 11.6 -6.1 40.8 8.3 67.0 27.2 158.0 28.2 9.2 16.8 11.0 40.5 3.1 34 15.2 72.0 26.2 9.5 32 49FL904010005Unallocated(2) 26.8 31 21.3 8.5 11.4 831.6 26 43.1 982.0 0.0 17.1 71.2 26.5 48FL754112205-Duefrom:ForeignbankingofficesinU.S. 8.3 28.5 785.0 17.5 10.7 933.3 43.0 11.8 25 15.4 69.8 28.9 28 29 0.1 47FL474012205Creditunions 792.6 -0.6 30.3 904.3 18.3 8.9 369.8 322.8 12.4 30 40.8 46FL743020005BanksinU.S.-affiliatedareas 9.2 150.4 781.5 17.7 72.0 28.2 45FL754012205ForeignbankingofficesinU.S. 958.2 349.6 -0.7 27.7 316.2 0.1 12.0 44FL764112205Dueto(3): 43.1 27 148.3 756.4 9.4 982.1 17.8 75.2 47.1 29.0 370.5 43FL764112005U.S.-chartereddepositoryinstitutions(net) 312.6 26.8 -0.8 111.8 11.6 0.0 731.4 TransactionsbetweenU.S.depositoryinstitutions(net): 46.3 21 924.6 351.4 329.8 15.7 33.4 4.4 28.9 23 30.3 176.8 831.6 -0.8 -0.6 982.0 12.4 42FL264016005Asset:Restoftheworld(1) 347.1 281.2 0.1 15.2 57.9 28.9 225.7 756.4 7.3 28.0 982.1 322.8 -0.8 281.5 13.6 41FL284135125ForeignbankingofficesinU.S. -0.6 193.2 0.3 858.0 17.8 40FL274135123U.S.-chartereddepositoryinstitutions 21.6 1016.7 369.8 322.8 5.1 39FL264035125Plus:Loansfromforeignbanks -1.0 -0.7 150.4 17 14.4 65.9 347.1 281.2 0.0 0.0 38FL754035125ForeignbankingofficesinU.S. 225.7 -0.6 6.6 -0.8 384.9 300.8 37FL764035125U.S.-chartereddepositoryinstitutions 41.3 20 158.7 0.1 36FL264135125Loanstoforeignbanks 554.1 0.0 -0.8 -0.7 6.0 47.1 505.7 35FL754016205ForeignbankingofficesinU.S. 0.1 0.0 -0.9 -0.7 34FL764016205U.S.-chartereddepositoryinstitutions 19 65.9 6.8 523.8 16 907.3 33FL264116205Less:Depositsatforeignbanks 83.4 577.3 -0.6 0.0 84.1 11 838.2 4.4 32FL753092605-Duefromforeignaffiliates 4.4 70.3 598.6 31FL753192605Duetoforeignaffiliates 806.7 -0.7 0.0 30FL754116205ForeignbankingofficesinU.S.(net) 6.0 659.5 71.5 7.3 898.6 -0.8 554.1 29FL763092605-Duefromforeignaffiliates 0.0 888.4 69.9 7.8 28FL763192605Duetoforeignaffiliates 5.1 598.6 27FL764116205Liab.:U.S.-chartereddepositoryinstitutions(net) 1038.8 0.0 82.0 Transactionswithbanksinforeigncountries(net): 710.1 907.3 6.6 10 68.0 0.0 888.4 26FL713068705Loanstomemberbanks 554.1 5 25FL713022003FederalReservefloat 6.0 1161.9 -1.6 83.4 24FL714010005Asset:Monetaryauthority 505.7 0.0 23FL714010005Liab:U.S.-chartereddepositoryinstitutions 9 6.8 523.8 82.0 -1.5 Othertransactionswiththemonetaryauthority 990.7 577.3 3 908.5 77.2 22FL473013005Creditunions -1.4 4.4 4 4.0 598.6 21FL743013003BanksinU.S.-affiliatedareas 878.2 112.5 20FL753013003ForeignbankingofficesinU.S. -1.3 6.0 659.5 19FL763013005Asset:U.S.-chartereddepositoryinstitutions 968.4 -10.0 114.5 18FL713113003Liab.:Monetaryauthority 554.1 -1.3 970.5 Depositoryinstitutionreserves: 7.8 11.9 78.4 598.6 1106.8 -1.4 17FL753025003ForeignbankingofficesinU.S. -18.1 147.7 710.1 990.7 16FL763025000Asset:U.S.-chartereddepositoryinstitutions -1.6 191.1 21.5 15FL703025005Liab.:Monetaryauthority 970.5 Vaultcash: 163.7 1239.1 0.3 -1.3 Memo: 112.5 -1.0 4.0 191.1 14FL904010005Discrepancy 129.6 21.5 13FL264016005Restoftheworld 12FL473013005Creditunions 52.6 11FL743013003BanksinU.S.-affiliatedareas 10FL753020005ForeignbankingofficesinU.S. 9FL763020005U.S.-chartereddepositoryinstitutions 8FL714010005Monetaryauthority 7FL894010005Totalassets 6FL474110005Creditunions 5FL744110005BanksinU.S.-affiliatedareas 4FL754110005ForeignbankingofficesinU.S. 3FL764110005U.S.-chartereddepositoryinstitutions 2FL714110005Monetaryauthority 1FL794110005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.203 NetInterbankTransactions (3) Sumoflines45,46,47,and49. insourcedata,appearsonline14asthediscrepancy betweenliabilitiesandassets. (2) InterbanktransactionsbetweenU.S.banksshould nettozeroandthusarenotshowninlines1through13above.However,theunallocatedamount (line49),whichisduetoinconsistencies (1) Sumoflines27and30lessline3336 plusline39. 0721 092018 2019 2018 2017 99015. 58816. 56018. 41512. 58818 1548.8 1427.3 1421.5 1580.8 1556.0 1769.5 1548.8 1556.0 1949.0 7 1753.8 1606.7 1588.1 1772.6 2 1844.1 1632.3 1989.2 1 1497.6 1753.8 1707.7 1492.9 1844.1 1559.6 1650.7 2183.3 1544.4 1638.0 1745.8 1837.5 1810.9 1632.3 1961.5 1638.0 1707.7 2026.2 1810.9 2165.0 5. 0. 2. 5. 0. 2. 5919712213 122.2 109.7 95.9 122.7 206.8 152.4 122.2 206.8 158.0 1. 3. 4. 2. 3. 2. 4. 4. 4. 49 -46.1 -47.1 -43.7 -26.8 -33.3 -27.7 -46.1 -33.3 -18.4 14 -46.1 -47.1 -43.7 -26.8 -33.3 -27.7 6 -46.1 -39.4 -33.3 -41.0 -18.4 -37.4 -33.2 -38.4 -38.6 -39.4 -38.4 -42.4 243. 943. 843. 744. 9447 39.4 41.0 44 21.3 37.4 22.7 33.2 23.0 38.4 35.7 38.6 33.3 39.4 42.5 38.4 21.3 42.4 33.3 54.1 22 83.0 76.1 85.9 98.3 62.9 15 83.4 64.4 70.3 83.0 71.5 62.9 69.9 12 69.3 83.0 82.0 76.1 68.0 85.9 83.4 98.3 82.0 62.9 77.2 64.4 83.0 62.9 69.3 08-. 06-. 07-. 07-. 0624 -0.6 -0.6 -0.7 -0.8 -0.7 -0.7 -0.6 -0.7 -0.8 8 -0.6 -0.6 -0.7 -0.8 -0.7 -0.7 -0.6 -0.7 -0.8 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 113

Levels Levels 1 F43205 oenetsosrdetrrss4. 683. 723. 593. 433. 31 30.7 28 0.6 34.3 29 0.6 32.3 36.4 31.9 0.7 35.9 29.0 36.8 0.7 25 40.3 24 31.0 37.2 437.1 0.8 37.3 28.9 392.5 23 30.7 139.1 0.8 35.6 404.1 30.3 36.8 128.6 339.7 29.7 0.6 32.3 129.0 49.4 344.3 38FL903020005Mailfloat 30.2 131.3 28.9 0.8 392.2 37FL263025003Currency 132.9 32.8 36FL263027003Checkabledeposits 30.2 437.1 1.0 35FL263020005Restoftheworld 127.8 40.3 15 344.3 45.7 139.1 34FL663020003Brokersanddealers 425.8 30.2 33FL643020005REITs 132.9 46.7 32FL613020003Financecompanies 31.9 140.6 14 43.3 8 31FL403020005Government-sponsoredenterprises 117.9 30FL633020000Moneymarketfunds 1.6 41.0 122.2 29FL223020043Stateandlocalgovt.retirementfunds 12 2.0 127.7 40.9 28FL343020033Federalgovernmentretirementfunds 188.8 27FL573020005Privatepensionfunds 118.7 194.1 41.0 1.6 26FL543020005Lifeinsurancecompanies 103.3 197.7 11 25FL513020005Property-casualtyinsurancecompanies 45.7 1966.2 1.6 116.9 9 190.9 1856.7 139.1 24FL793020005Domesticfinancialsectors 40.9 117.9 177.8 1809.6 1.8 128.6 1785.8 23FL213020005Stateandlocalgovernments 103.3 37.4 189.7 6 4 22FL313020005Federalgovernment 1844.6 129.0 1.8 1724.3 109.8 188.8 31.1 1721.4 7 1692.1 131.3 21FL113020005Noncorporate 177.8 1966.2 2191.5 1.6 20FL103020000Corporate 1671.6 31.8 3 132.9 1844.6 19FL143020005Nonfinancialbusiness 2072.0 185.0 1653.7 404.0 1813.6 127.8 34.6 2027.2 1.8 1637.2 18FL153020005Householdsector 382.7 1992.3 1617.4 139.1 34.1 2053.7 1.9 1724.3 263.9 17FL793120005Totalassets 132.9 1928.9 1637.2 33.2 334.3 16FL473127003Creditunions 140.6 2191.5 1540.8 402.4 2053.7 35.3 15FL743127003BanksinU.S.-affiliatedareas 2015.4 384.9 31.1 14FL753129205Privatedomesticdeposits 404.0 13FL753122603Depositsduetoforeign 33.2 12FL753127005ForeignbankingofficesinU.S. 402.4 44.4 229.1 11FL763129205Privatedomesticdeposits 10FL763122605Depositsduetoforeign 9FL763128000Stateandlocalgovernmentdeposits 8FL763123005Federalgovernmentdeposits 7FL763127005U.S.-chartereddepositoryinstitutions 6FL713125005Currencyoutsidebanks 5FL713122605Depositsduetoforeign 4FL713124005Duetogovernment-sponsoredenterprises 3FL713123005Federalgovernmentcashanddeposits 2FL713120005Monetaryauthority 1FL793120005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.204 CheckableDepositsandCurrency 114

Z.1, March12,2020 0721 092018 2019 2018 2017 25312. 55711. 38412. 36013. 55719 1565.7 1537.7 18 1263.4 1336.0 17 1211.1 1225.8 4800.3 1346.9 1328.4 4628.5 1477.9 1317.0 4436.3 1402.4 1565.7 4444.8 1234.1 1328.4 4544.1 1263.4 1255.3 4382.2 1402.4 4800.3 1324.6 4544.1 4229.8 2 2164.6 1 2111.8 4800.3 1975.3 4628.5 2027.5 4436.3 2078.0 4444.8 2043.0 4544.1 2164.6 4382.2 2078.0 4800.3 1819.7 4544.1 4229.8 0. 7. 2. 6. 7. 7. 8. 0. 2. 37 825.2 36 160.6 35 807.6 985.8 161.8 34 788.5 969.5 125.2 162.2 779.2 950.7 119.0 151.1 773.9 930.3 118.9 154.1 764.6 928.0 108.8 155.9 825.2 920.5 126.2 160.6 773.9 985.8 112.5 154.1 708.6 928.0 125.2 139.9 848.5 126.2 119.0 22 407.2 21 386.0 334.3 267.0 324.2 337.9 20 314.8 1231.5 405.9 306.3 1213.6 388.4 1021.2 298.3 16 919.5 407.2 209.7 292.8 1030.1 405.9 203.8 334.3 1024.2 232.0 192.8 298.3 1231.5 193.1 1030.1 279.7 975.5 193.8 179.6 209.7 193.8 172.4 083. 533. 603. 074. 5333 45.3 32 13.6 48.0 12.8 30 1.2 40.7 13.5 35.1 -30.3 13.7 27 26.1 3.2 36.0 14.3 25.7 39.2 -31.5 26 15.1 121.7 24.9 45.3 -43.7 113.2 13.6 19.3 24.4 36.0 101.2 14.3 1.2 24.1 40.8 91.9 18.6 23.6 90.7 -43.7 26.1 22.1 81.4 24.1 121.7 90.7 21.8 91.1 13 70.9 71.9 10 84.5 70.0 84.7 72.3 87.0 74.4 73.6 72.7 74.4 70.9 77.9 74.4 84.5 75.2 74.4 59.4 ...... 38 1.9 3.0 2.6 1.9 2.2 2.2 1.9 2.2 3.2 5 5.2 5.2 5.3 5.3 5.3 5.3 5.2 5.3 5.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

7 F43305 oenetsosrdetrrss762. 211. 021. 461. 2117 15 12.1 2.4 11.3 2.4 14.6 2.2 13 12.2 362.4 2.3 20.2 357.8 12 423.9 369.1 16.6 2.2 410.1 334.7 12.1 405.8 2.3 302.9 405.1 20.2 310.4 2.4 403.4 7.6 362.4 4 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 389.8 2.2 39.8 302.9 L.206 MoneyMarketFundShares 423.9 293.2 40.2 2.5 403.4 38.4 3 395.5 20FL263030005Restoftheworld 909.1 37.6 860.5 19FL733030003Holdingcompanies 38.5 18FL613030003Financecompanies 882.1 17FL403030005Government-sponsoredenterprises 38.4 868.7 16FL633030000Moneymarketfunds 820.2 15FL223030043Stateandlocalgovt.retirementfunds 39.8 14FL573030005Privatepensionfunds 840.9 2 38.5 909.1 13FL793030005Domesticfinancialsectors 10806.0 10671.8 38.1 820.2 10493.7 12FL213030000Stateandlocalgovernments 10421.0 11FL313030003Federalgovernment 821.8 10293.9 10139.4 10FL113030003Noncorporate 10806.0 10293.9 9FL103030003Corporate 9802.0 8FL143030005Nonfinancialbusiness 7FL153030005Householdsector 6FL703130005Totalassets 5FL473130005Creditunions 4FL743130003BanksinU.S.-affiliatedareas 3FL753130005ForeignbankingofficesinU.S. 2FL763130005U.S.-chartereddepositoryinstitutions 1FL703130005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.205 TimeandSavingsDeposits L2040 Saeadlclgv.rtrmn ud 206. 766. 086. 106. 769 67.6 5 24.5 66.8 6 22.4 61.0 36.4 20.9 65.0 34.0 20.0 60.8 4 30.9 3 114.0 577.0 19.8 63.4 24.5 112.0 528.4 19.5 67.6 22.3 109.9 492.0 24.5 60.8 108.4 23.0 472.6 19.8 106.5 62.0 466.3 36.4 103.1 449.7 21.9 22.3 114.0 577.0 19.6 106.5 466.3 11FL263034003Restoftheworld 97.8 475.7 10FL503034005Otherfinancialbusiness 9FL223034005Stateandlocalgovt.retirementfunds 8FL573034005Privatepensionfunds 7FL543034005Lifeinsurancecompanies 6FL513034005Property-casualtyinsurancecompanies 5FL213034003Stateandlocalgovernments 4FL113034003Nonfinancialnoncorporatebusiness 3FL103034000Nonfinancialcorporatebusiness 2FL153034005Householdsector 1FL634090005Totalassets 17. 20. 28. 26. 20. 23. 22. 28. 28. 6 12889.3 12683.8 12524.1 12430.0 12200.9 12069.5 12889.3 12200.9 1 11670.4 12889.3 12683.8 12524.1 12430.0 12200.9 12069.5 12889.3 12200.9 11670.4 0721 092018 2019 2018 2017 14012. 31710. 27315. 27711. 3178 1341.7 1314.0 7 1287.7 10162.5 9995.7 1258.9 5 9852.1 1227.3 1134.4 9832.5 1204.1 1111.3 9664.2 1341.7 1109.9 9555.6 1227.3 1102.6 10162.5 1154.0 9664.2 1048.3 9261.2 1050.8 1134.4 1048.3 1008.6 69319. 18117. 79812. 98026. 1812 2148.1 1 2063.5 3634.3 1908.0 3442.5 1825.3 3205.9 1799.8 3079.4 1673.3 3038.3 2148.1 2867.1 1799.8 3634.3 1619.3 3038.3 2848.4 6. 0. 9. 0. 0. 9. 0. 0. 9. 20 596.5 603.5 607.0 596.6 16 258.8 601.1 255.8 607.5 258.9 596.5 225.4 601.1 190.6 564.6 194.6 9 258.8 179.4 190.6 10 182.0 1162.3 178.9 184.2 1132.0 1103.5 181.9 1077.1 174.7 1052.5 174.3 1029.7 1162.3 179.4 1052.5 174.7 972.7 181.3 5. 3. 0. 1. 3. 3. 5. 6. 0. 10 309.2 268.6 8 165.4 250.8 164.6 237.7 163.4 234.9 162.8 219.8 162.2 309.2 161.3 234.9 165.4 251.6 162.2 159.0 331. 051. 101. 621. 0519 10.5 18 40.9 12.8 38.4 16.2 40.5 14 37.6 17.1 41.1 37.1 11.0 42.8 36.7 15.6 45.3 36.5 10.5 40.9 36.1 11.0 42.8 36.0 13.3 55.8 37.6 36.1 35.0 3410719518910712514312719511 129.5 122.7 7 114.3 62.6 112.5 59.7 110.7 54.8 108.9 50.6 129.5 110.7 55.0 93.4 45.2 62.6 55.0 48.2 ...... 11 2.3 2.6 2.3 2.1 2.0 2.1 2.3 2.0 1.9 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 115

Levels Levels 6 F72515 te iaca ntttos()3. . 7235220007001. 46 17.2 45 44 46.9 64.1 0.0 7.1 7.1 0.7 43.6 44.3 0.0 0.7 43 0.7 1.55 2.2 39.7 2.04 41.8 3.5 44.9 2.38 48.4 46.9 17.2 2.41 64.1 39.7 2.2 2.27 41.8 288.1 37 1.95 319.6 31.5 38.0 1.55 55.9 33 5.1 2.27 36 74.8 172.6 5.0 29 1.30 30 187.1 75.4 0.6 0.7 208.9 4.6 54.2 0.4 1.1 46FL792051115Otherfinancialinstitutions(7) 201.6 45FL632051103Asset:Moneymarketfunds(6) 4.9 72.7 170.6 44FL712151103Liability:Monetaryauthority(5) 0.4 1.3 38.0 194.7 4.6 FederalReserve’sreverserepurchaseagreementoperations: 0.2 1.5 172.6 54.2 43FL072052006Effectivefederalfundsrate(percent)(4) 4.8 170.6 0.0 1.3 65.5 26 Memo: 195.6 5.1 371.7 24 0.0 1.2 42FL902050005Discrepancy 379.0 400.8 4.6 402.9 23 381.3 0.6 0.7 41FL262051005Restoftheworld 334.3 18 381.7 4.7 362.7 8.5 40FL502051003Otherfinancialbusiness 311.0 0.0 1.3 364.8 39FL732051003Holdingcompanies 317.8 21 357.3 38FL662051003Brokersanddealers 358.5 19 9.7 319.0 304.0 0.2 140.8 1.4 335.3 332.3 37FL402052033Ofwhich:FHLBfederalfunds(3) 305.2 371.7 140.2 9.9 36FL402050005Government-sponsoredenterprises 362.5 376.4 379.0 317.8 141.4 217.0 12 359.4 35FL652051003Mutualfunds 11.6 319.0 0.0 267.2 143.1 34FL632051000Moneymarketfunds 334.3 382.8 268.1 14.0 142.8 33FL222051043Stateandlocalgovt.retirementfunds 362.5 0.0 237.2 32FL572051005Privatepensionfunds 148.7 10 12.7 198.0 358.5 31FL542051075Lifeinsurancecompanies 0.4 0.0 140.8 30FL512051005Property-casualtyinsurancecompanies 8.5 382.8 142.8 0.3 29FL472051053Securityrepurchaseagreements 0.0 222.5 14.0 28FL472052053Federalfunds 154.2 27FL472050053Creditunions 0.3 0.0 39.6 26FL752051005Securityrepurchaseagreements 0.2 25FL752052005Federalfunds(2) 0.0 8 24FL752050005ForeignbankingofficesinU.S. 530.8 6 0.2 0.0 23FL762051005Securityrepurchaseagreements 550.0 507.1 22FL762052005Federalfunds(2) 5 0.2 526.5 489.8 21FL762050005U.S.-chartereddepositoryinstitutions 0.0 128.4 510.8 461.9 0.4 20FL712051000Monetaryauthority 135.7 0.0 3 488.3 485.7 108.3 19FL212051003Stateandlocalgovernments 167.0 0.2 503.6 459.8 18FL102051003Nonfinancialcorporatebusiness 103.2 180.3 486.5 530.8 0.4 17FL892050005Totalassets 102.8 153.9 550.0 485.7 109.0 152.0 16FL262151003Restoftheworld 503.6 524.5 128.4 143.1 15FL732151003Holdingcompanies 552.5 14FL662151003Brokersanddealers 102.8 156.2 13FL642151073REITs 124.3 167.0 12FL402150005Government-sponsoredenterprises 143.1 11FL542151073Lifeinsurancecompanies 10FL512151003Property-casualtyinsurancecompanies 170.4 9FL472150053Creditunions 8FL752151005Securityrepurchaseagreements 7FL752152005Federalfunds(2) 6FL752150005ForeignbankingofficesinU.S. 5FL762151005Securityrepurchaseagreements 4FL762152005Federalfunds(2) 3FL762150005U.S.-chartereddepositoryinstitutions 2FL712151003Monetaryauthority 1FL892150005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.207 FederalFundsandSecurityRepurchaseAgreements(1) 116 (7) Includesbanks(consolidated), government-sponsoredenterprises,and primarydealers. (6) Includedinline34. (5) Includedinline2. (4) Theeffectivefederalfundsrateisaweighted averageofratesonbrokeredtrades.Annualizedusinga360-dayyear. (3) Includestermfederalfunds. (2) Excludestermfederalfunds. 1997:Q1forcreditunions,and2000:Q1FHLB. (1) Detaileddataonfederalfundsandsecurityrepurchase agreementsareavailablebeginning2012:Q1forU.S.-chartereddespositoryinstitutions, 2003:Q1forforeignbankingofficesinU.S.,

Z.1, March12,2020 0721 092018 2019 2018 2017 02699712. 6. 3. 06115. 03712. 41 1025.3 1063.7 1056.7 1036.1 38 939.7 1396.0 1466.5 866.9 1363.2 1025.3 1318.5 939.7 1315.2 1002.6 1164.8 1396.0 1315.2 1109.0 17 5025.1 5093.8 4791.9 4534.2 14 4398.3 1755.0 3954.3 1873.7 5025.1 1781.4 4398.3 1689.3 4062.9 1698.4 1485.7 1755.0 1698.4 1392.5 1 4370.8 4515.6 4273.0 4041.1 3895.5 3569.9 4370.8 3895.5 3838.2 247-0. 643-8. 528-9. 589-7. 64342 -654.3 -578.2 -518.9 -493.0 -502.8 -384.4 -654.3 -502.8 -224.7 5. 09517. 2. 09590113. 12517. 34 1175.1 1172.5 1133.1 980.1 1019.5 920.3 1175.1 1019.5 956.5 16 1153.7 13 1220.3 379.4 1094.6 373.1 1092.0 914.6 368.8 847.3 338.3 1153.7 307.6 914.6 291.6 872.6 379.4 307.6 264.3 2 336.6 313.4 335.4 255.3 304.0 278.9 336.6 304.0 564.0 808. 938. 171511711249. 35 99.3 102.4 107.1 105.1 81.7 88.4 99.3 81.7 22 98.0 24.2 21.4 19.0 24.1 20.3 20.3 24.2 20.3 11 24.4 28.6 28.0 27.9 7 19.2 25.5 19.4 24.1 4 38.7 20.9 23.5 44.5 26.4 28.6 45.6 17.9 24.1 48.9 26.7 21.4 40.3 19.2 47.2 17.9 38.7 28.0 40.3 46.2 ...... 40 0.0 39 2.0 0.0 1.2 0.0 1.3 0.0 1.5 0.0 32 1.7 3.2 31 2.7 0.0 3.9 3.1 2.6 0.0 28 2.0 3.1 0.3 27 2.5 0.8 0.0 1.7 3.1 0.4 25 2.3 0.8 0.0 7.3 5.7 3.0 0.3 2.2 0.7 2.1 3.0 0.3 2.2 0.6 0.4 3.2 0.1 2.7 0.2 2.1 3.0 0.1 20 2.2 0.2 255.6 1.2 2.9 0.3 202.5 2.0 0.8 1.2 0.0 0.1 0.2 7.3 15 0.0 0.0 0.0 0.2 1.2 0.0 0.0 0.9 0.0 0.0 255.6 9 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

7 F44205 oenetsosrdetrrss44047048742247046742245748747 478.7 455.7 432.2 416.7 407.0 36 412.2 33.6 42 478.7 39 1097.6 31.1 3940.6 1082.2 407.0 41 3913.5 55LM904022005Discrepancy(3) 1048.5 2176.8 28.7 35 404.0 3803.0 1031.4 2073.3 308.9 54FL264022005Restoftheworld 3654.3 20.8 988.7 1738.3 38 334.4 3502.6 1220.5 1810.1 53FL504022005Otherfinancialbusiness 952.6 19.5 3503.8 325.6 52LM734022605Holdingcompanies 1219.0 2061.9 3940.6 1097.6 51FL664022005Brokersanddealers 1194.1 1969.4 29 19.0 312.9 3502.6 988.7 85.6 34 1162.6 2176.8 50FL644022005REITs 318.1 3585.8 4082.4 33.6 955.0 1118.6 2061.9 49LM613063003Financecompanies 84.1 31 4057.5 295.2 1092.1 28 1753.7 48FL674022005ABSissuers 32 1359.5 19.5 3927.8 300.3 28955.9 47FL404022005Government-sponsoredenterprises 1220.5 82.5 1355.6 308.9 28350.4 3846.4 290.5 1118.6 27226.0 1359.9 14.7 46LM564022005Exchange-tradedfunds 318.1 3759.5 26781.4 81.4 1097.2 1389.0 45LM554022005Closed-endfunds 263.9 26297.5 3653.8 303.3 25917.7 44LM654022005Mutualfunds 1391.0 80.0 26 4082.4 239.9 28955.9 43FL634022005Moneymarketfunds 1449.0 7259.4 26297.5 3759.5 239.2 25882.9 77.4 1359.5 7400.2 42LM224022045Stateandlocalgovt.retirementfunds 3757.4 1391.0 7281.5 41LM344022005Federalgovernmentretirementfunds 220.0 85.6 1481.6 40LM574022005Privatepensionfunds 7060.3 300.3 39LM544022005Lifeinsurancecompanies 6889.9 80.0 38LM514022005Property-casualtyinsurancecompanies 239.2 6797.4 73.4 7259.4 15 236.0 37LM474022005Creditunions 45.8 6889.9 36LM744022003BanksinU.S.-affiliatedareas 35LM754022005ForeignbankingofficesinU.S. 6308.4 44.1 34LM764022005U.S.-chartereddepositoryinstitutions 33LM714022005Monetaryauthority 38.6 32FL794022005Domesticfinancialsectors 14 37.9 236.3 16 31FL214022005Stateandlocalgovernments 6975.1 40.8 30FL314022005Federalgovernment 17 225.0 6952.7 2407.3 29FL114022005Nonfinancialnoncorporatebusiness 230.3 6901.8 9 2370.2 28LM104022005Nonfinancialcorporatebusiness 40.5 12 27LM154022005Householdsector 6808.4 13 3063.9 212.9 2341.5 235.6 14747.7 45.8 6797.3 3030.8 2315.8 14662.1 214.0 26FL384022005Domesticnonfinancialsectors 247.5 6753.3 14541.4 3033.6 2292.6 40.8 14382.2 214.5 10 259.5 6975.1 3051.1 2245.4 25FL894022005Totalassets 14294.6 6557.6 14195.2 6797.3 3055.5 215.3 2407.3 38.1 236.3 6588.8 14747.7 24FL264122005Restoftheworld 6716.3 3067.4 2292.6 14294.6 216.4 6513.8 247.5 13957.3 3063.9 2126.8 23FL504122005Otherfinancialbusiness 6437.9 216.9 223.2 3055.5 8 22FL734122005Holdingcompanies 6298.8 3107.0 21FL663163003Brokersanddealers 212.9 28874.4 6291.9 28426.8 20FL644122005REITs 216.4 27598.2 6557.6 27632.9 19FL614122005Financecompanies 6298.8 218.6 27435.7 18FL674122005ABSissuers 27016.8 6158.7 6 17FL413065005Agency-andGSE-backedmortgagepools 28874.4 4 14029.9 27435.7 16FL403161705Government-sponsoredenterprises 9403.6 13968.9 25939.6 15FL753169175ForeignbankingofficesinU.S. 13742.1 9344.4 14FL764122005U.S.-chartereddepositoryinstitutions 13502.5 9265.3 13311.3 13297.3 13FL794122005Domesticfinancialsectors 9146.5 14029.9 9112.9 13311.3 12FL213162005Stateandlocalgovernments 13083.6 9021.5 11FL314122005Federalgovernment 9403.6 10FL104122005Nonfinancialcorporatebusiness 9112.9 9FL163162003Nonprofitorganizations(2) 8867.4 8FL384122005Domesticnonfinancialsectors 7FL894122005Totalliabilities Bysector 6FL893163005Corporateandforeignbonds 5FL383162005Municipalsecurities 4FL893161705Agency-andGSE-backedsecurities 3FL313161105Treasurysecurities 2FL893169175Openmarketpaper 1FL894122005Totaldebtsecurities Byinstrument Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.208 DebtSecurities(1) (3) Theaccumulatedvaluation differencebetweenissuanceandholdings. (2) Liabilityofthehouseholds andnonprofitorganizationssector(tables L.101andB.101). (1) Sumofopenmarket paper, Treasurysecurities,agency-andGSE-backed securities,municipalandcorporate andforeignbonds. 14. 17. 20. 10. 17. 17. 18. 23. 20. 54 12102.3 12133.7 11883.5 11578.0 11177.5 11208.1 12102.3 11177.5 11341.9 25 48317.6 47884.3 46391.1 45419.7 44364.9 43923.2 48317.6 44364.9 43533.2 11 19039.9 18593.1 17836.3 17928.5 17865.0 17440.6 19039.9 17865.0 7 16455.3 47352.0 46774.6 45729.7 45458.9 45097.3 44628.0 47352.0 45097.3 3 43240.8 19018.7 18571.7 17814.3 1 17906.3 47352.0 17842.1 46774.6 17417.8 45729.7 19018.7 45458.9 17842.1 45097.3 16430.9 44628.0 47352.0 45097.3 43240.8 0721 092018 2019 2018 2017 54544. 22846. 51843. 94957. 22844 5252.8 43 2181.3 5075.1 2029.8 4914.9 1798.9 4733.2 40 1895.1 4541.8 1770.1 1862.3 4669.0 1743.5 1723.6 5252.8 1673.4 2181.3 4541.8 1594.2 1862.3 4514.5 1511.0 1680.7 1476.3 33 1770.1 4009.3 1511.0 3897.9 1391.2 3900.4 3953.9 3982.6 4062.1 27 4009.3 5513.5 3982.6 5669.6 4448.3 5574.8 5349.5 5179.2 24 3729.9 5050.6 3685.7 5513.5 22 3590.1 5179.2 1447.6 3443.8 4516.9 1471.9 3366.9 1479.2 3416.0 1441.2 18 3729.9 1401.7 1210.0 3366.9 1410.9 1199.2 3344.0 1447.6 1167.4 1401.7 1169.6 1448.6 1160.3 1164.1 1210.0 1160.3 1168.1 5 3854.5 3814.8 3817.6 3832.4 3835.1 3845.8 3854.5 3835.1 3893.0 224724-6. 0. 3. 92-6. 10. 95655 -965.6 -1109.7 -661.4 39.2 732.4 704.7 -965.6 732.4 -292.4 9. 8. 7. 2. 8. 1. 9. 1. 7. 53 176.9 51 215.0 412.6 50 295.1 449.7 384.4 311.6 449.7 383.1 286.1 434.0 376.8 46 324.5 443.9 354.6 825.5 45 176.9 170.5 297.0 324.5 789.6 286.1 170.3 412.6 311.9 745.4 293.6 168.5 443.9 384.4 692.7 165.9 306.1 324.5 636.1 160.1 297.6 610.1 165.9 825.5 37 170.5 216.7 636.1 160.1 216.8 556.5 168.0 215.9 213.4 201.8 206.7 216.7 201.8 213.0 23 860.8 21 846.2 174.0 20 540.4 830.7 183.3 19 519.4 849.6 850.5 205.9 501.3 821.2 850.0 181.9 483.0 818.8 844.9 184.0 470.0 860.8 859.2 175.9 448.1 821.2 879.2 174.0 540.4 776.5 878.7 184.0 470.0 850.5 185.7 439.0 879.2 835.1 2 1045.2 1074.9 1090.4 1071.2 996.0 1045.6 1045.2 996.0 965.9 729. 2. 419. 0. 1. 2. 2. 52 124.7 49 128.6 60.5 48 31.5 110.7 56.7 100.9 27.6 53.1 97.4 25.0 54.1 94.1 22.7 55.3 124.7 18.9 61.4 97.4 17.1 60.5 67.2 31.5 55.3 18.9 63.8 11.5 ...... 30 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 117

Levels Levels 1 F43615 oenetsosrdetrrss64697167697669697131 7.1 6.9 6.9 7.6 28 58.9 6.9 25 7.0 23 58.2 0.0 6.7 7.7 52.9 22 0.0 7.1 0.0 56.6 9.1 20 0.0 6.9 0.0 66.8 52.8 10.0 0.0 66.5 6.4 55.2 0.0 17 9.2 0.0 67.1 0.0 58.9 0.0 8.5 16 67.9 0.0 19 52.8 0.0 0.0 242.3 0.0 7.0 67.7 54.0 216.5 0.0 0.0 0.0 34LM263069103Restoftheworld 0.0 70.5 184.9 9.2 0.0 0.0 33FL503069105Otherfinancialbusiness 0.0 152.6 0.0 66.8 32FL663069103Brokersanddealers 11.4 14 155.4 0.0 31FL403069105Government-sponsoredenterprises 0.0 147.4 0.0 67.7 0.0 137.3 30FL653069100Mutualfunds 150.5 0.0 73.2 0.0 9 29FL633069175Moneymarketfunds 242.3 0.0 166.0 45.8 155.4 0.0 28FL223069143Stateandlocalgovt.retirementfunds 0.0 169.3 8 27FL573069105Privatepensionfunds 44.1 123.7 151.4 81.4 0.0 0.0 26FL543069105Lifeinsurancecompanies 38.6 149.4 25FL513069105Property-casualtyinsurancecompanies 76.2 0.0 147.4 37.9 0.0 24FL473069153Creditunions 79.0 151.4 23FL753069603ForeignbankingofficesinU.S.(1) 40.8 0.0 22FL763069175U.S.-chartereddepositoryinstitutions(1) 81.6 142.1 21FL713069603Monetaryauthority 40.5 3 87.5 194.9 20FL213069103Stateandlocalgovernments 45.8 216.6 93.3 19FL103069100Nonfinancialcorporatebusiness 40.8 236.6 81.4 18FL893169175Totalassets 241.1 38.1 87.5 17FL753169603ForeignbankingofficesinU.S. 196.5 16FL763169603U.S.-chartereddepositoryinstitutions 75.5 223.6 15FL703169605Bankers’acceptances(1) 194.9 14FL503169105Otherfinancialbusiness 196.5 13FL733169103Holdingcompanies 206.7 12FL643169173REITs 11FL613169100Financecompanies 10FL673169105ABSissuers 9FL753169103ForeignbankingofficesinU.S. 8FL763169103U.S.-chartereddepositoryinstitutions 7FL793169100Financialbusiness 6FL263169123Financial 5FL263169110Nonfinancial 4FL263169105ForeignissuesinU.S. 3FL103169100Nonfinancialcorporatebusiness 2FL893169105Commercialpaper 1FL893169175Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.209 OpenMarketPaper 118 (1) Excludesbanks’holdingsofownacceptances.

Z.1, March12,2020 0721 092018 2019 2018 2017 3. 2. 2. 3. 2. 2. 1. 3. 2. 34 127.2 33 136.8 106.0 114.2 141.0 122.0 222.0 29 124.1 239.3 237.2 137.5 215.4 241.9 127.2 251.7 231.7 124.1 106.0 216.3 135.4 215.4 193.7 221.0 194.3 237.2 193.7 152.6 18 1045.2 1074.9 1090.4 1071.2 996.0 1045.6 1045.2 996.0 7 965.9 433.0 6 422.9 359.6 4 440.0 368.2 417.4 442.5 340.1 435.4 431.2 323.5 413.9 429.4 316.8 387.7 2 433.0 325.5 1045.2 368.3 1 431.2 1074.9 359.6 392.6 1045.2 1090.4 397.2 316.8 1074.9 417.4 1071.2 1090.4 316.9 996.0 368.3 1071.2 1045.6 362.0 996.0 1045.2 1045.6 996.0 1045.2 965.9 996.0 965.9 808. 938. 171511711249. 30 99.3 27 102.4 46.2 107.1 26 38.0 45.6 105.1 37.1 45.1 81.7 37.1 44.8 88.4 34.8 44.3 99.3 33.1 44.1 81.7 34.2 46.2 98.0 38.0 44.3 33.1 42.9 38.1 11 62.8 10 90.4 59.8 88.4 65.4 84.6 5 64.7 57.8 82.7 64.6 67.2 80.9 65.1 73.8 76.0 62.8 64.2 90.4 64.6 51.5 80.9 72.2 67.2 65.0 57.8 51.5 45.1 . 14851. 141. 201. . 32 8.5 13.8 12.0 13.9 11.4 24 0.7 16.8 21 0.4 0.0 8.5 0.4 0.0 11.4 0.3 9.3 0.0 0.2 0.0 0.2 0.0 15 0.0 0.7 0.0 13 0.0 5.2 12 0.2 0.0 0.0 0.0 3.8 0.0 0.0 0.0 0.0 6.4 0.0 0.0 0.0 6.2 0.0 0.0 5.9 0.0 0.0 5.0 0.0 0.0 5.2 0.0 0.0 5.9 0.0 4.4 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

5 L23610 OhrTesr euiis50. 59159. 50351. 79553. 09159. 55 5991.7 6029.1 5932.7 5709.5 5519.1 49 168.7 5510.3 5991.7 153.9 5519.1 139.9 5508.1 46 43 125.7 1249.1 414.5 1212.8 115.7 331.3 1119.6 120.7 288.6 1114.7 39 168.7 1053.1 298.8 262.5 1028.3 115.7 282.6 40 255.1 1249.1 410.3 101.3 238.9 1053.1 54.7 404.4 56LM903061103Discrepancy(4) 1004.7 36 414.5 173.9 50.6 399.6 282.6 55LM263061120OtherTreasurysecurities 173.6 54LM263061110Treasurybills 390.6 263.4 241.4 33 53LM263061105Restoftheworld 164.6 197.0 372.8 255.4 157.0 52LM733061103Holdingcompanies 198.5 37 304.7 262.5 2150.3 51FL663061105Brokersanddealers 152.1 192.2 50FL673061103ABSissuers 410.3 263.4 2047.2 49FL403061105Government-sponsoredenterprises 26 145.0 1713.1 191.9 372.8 79.0 16.6 48LM563061103Exchange-tradedfunds 1786.1 173.9 47LM553061103Closed-endfunds 195.0 289.4 2039.2 14.0 152.1 216.3 46LM653061125OtherTreasurysecurities 1946.6 28 14.4 45LM653061113Treasurybills 136.6 2150.3 197.0 151.0 25 44LM653061105Mutualfunds 2039.2 121.1 195.0 11.3 154.7 1730.1 43FL633061120OtherTreasurysecurities 132.3 215.3 158.9 42FL633061110Treasurybills 10.2 24 129.6 41FL633061105Moneymarketfunds 703.9 158.4 9.5 23 20 128.0 674.5 40LM223061143Stateandlocalgovt.retirementfunds 2374.4 156.8 584.9 125.6 592.2 2360.5 16.6 134.8 39LM343061155Definedcontributionplans 607.7 18 2315.0 16 113.4 662.7 17 38LM343061165Definedbenefitplans 563.9 151.0 30.5 612.2 10.2 79.2 2330.2 37LM343061105Federalgovernmentretirementfunds(3) 121.1 661.6 569.8 2338.0 156.8 618.9 42.5 5.0 77.8 36LM573061133Definedcontributionplans 125.6 660.1 496.4 2395.0 149.6 617.9 35LM573061143Definedbenefitplans 2374.4 46.4 97.4 76.3 680.8 703.9 34LM573061105Privatepensionfunds 641.0 2338.0 14 684.1 569.8 52.8 75.3 33LM543061125OtherTreasurysecurities 15 2633.0 151.3 584.9 1809.3 11 32LM543061115Treasurybills 712.7 484.4 32.7 152.4 50.4 617.9 31LM543061105Lifeinsurancecompanies 1849.8 74.0 662.7 1862.4 153.4 630.2 36.9 9 49.6 30LM513061125OtherTreasurysecurities 71.6 1750.0 684.1 250.8 29LM513061115Treasurybills 154.5 1560.6 37.3 30.5 28LM513061105Property-casualtyinsurancecompanies 722.7 79.2 243.4 155.8 1536.4 8 37.4 27LM473061105Creditunions 50.4 1809.3 43.5 77.8 74.0 156.8 26LM743061103BanksinU.S.-affiliatedareas 1560.6 36.6 25LM753061103ForeignbankingofficesinU.S. 151.3 71.3 40.1 53.8 67.9 5 984.6 24LM763061100U.S.-chartereddepositoryinstitutions 155.8 8.8 37.0 253.4 47.9 23LM713061125OtherTreasurysecurities 10 160.5 6 245.5 22LM713061113Treasurybills 32.7 1877.2 8.8 62.0 2389.8 21LM713061103Monetaryauthority 1781.5 250.8 36.6 2268.0 66.2 1647.9 8.8 20FL213061103OtherTreasurysecurities 253.4 1930.0 1723.5 19FL213061120SLGS(line8) 37.0 71.8 2017.6 68.7 18FL213061105Stateandlocalgovernments 1763.9 10.3 2275.9 1679.1 77.8 17FL113061003Nonfinancialnoncorporatebusiness 2190.2 2 10.3 1877.2 16LM103061103Nonfinancialcorporatebusiness 4 2389.8 16628.9 66.2 1763.9 16303.7 10.3 14203.7 2275.9 1637.6 15884.3 15LM153061185OtherTreasurysecurities 13918.5 92.4 15888.7 1996.3 14FL313161400U.S.savingssecurities(line7) 13625.1 8.8 15566.2 13399.0 13LM153061105Householdsector 15227.6 13216.5 16628.9 12977.8 10.3 12FL893061105Totalassets 15566.2 14203.7 14434.6 13216.5 12470.6 11FL313161375Othernonmarketablesecurities 11.5 10FL343061145Federalgovt.definedbenefitpensionplans 9FL343061123ThriftSavingsPlanGFund 8FL213061120Stateandlocalgovernmentseries(SLGS) 7FL313161400U.S.savingssecurities 6FL313161305NonmarketableTreasurysecurities 5FL313161283HeldintheCivilServiceRetirementFund(2) 4FL313161275OtherTreasurynotes,bonds,andTIPS 3FL313161110Treasurybills 2FL313161205MarketableTreasurysecurities 1FL313161105Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.210 TreasurySecurities(1) (4) Theaccumulatedvaluation differencebetweenissuanceandholdings. (3) ComprisedprimarilyofnonmarketableTreasury securities. (2) Long-termmarketablesecuritiesissuedtothe CivilServiceRetirementFundbytheFederalFinancingBank.Thesesecuritiesarenotcurrently tradedinthemarket. opposedtointragovernmentalholdingsasreported ontheMonthlyStatementofPublicDebt. IntheFinancialAccounts,nonmarketablegovernment securitiesheldbyfederalgovernmentemployeedefinedbenefitretirementfundsareconsidered partofthefinancialbusinesssectoras (1) IncludesmarketableandnonmarketableTreasury securitiesheldbythepublic(netofpremiumsanddiscounts)Treasury federalgovernmentemployeeretirementfunds. 61. 79. 90. 73. 79. 71. 85. 89. 90. 12 19308.4 18993.7 18055.9 17911.2 17690.6 17133.9 19308.4 17690.6 16414.9 1 19018.7 18571.7 17814.3 17906.3 17842.1 17417.8 19018.7 17842.1 16430.9 0721 092018 2019 2018 2017 21366. 67962. 24967. 60567. 67953 6697.9 6779.2 6640.5 6473.3 6264.9 6225.9 6697.9 6264.9 6211.3 44 1305.0 1268.9 1182.7 1175.2 1146.4 1127.3 1305.0 38 1146.4 1887.8 1090.8 1792.0 1658.4 1735.5 1775.8 1691.2 1887.8 1775.8 1651.1 21 2543.9 2366.5 2315.0 2330.2 2338.0 2395.1 2543.9 2338.0 2633.0 13 1960.7 2002.2 2015.8 1904.6 1716.4 1693.2 1960.7 1716.4 1145.1 3 2416.4 2376.4 2250.4 2479.4 2339.4 2239.5 2416.4 2339.4 1952.5 0. 4. 0. 1. 4. 6. 0. 5. 0. 54 706.2 750.1 51 707.8 229.5 763.8 238.3 48 745.8 231.9 258.9 715.6 226.8 261.0 706.2 214.6 276.4 745.8 193.0 114.8 703.1 178.7 229.5 42 622.0 152.2 276.4 41 614.3 1036.5 231.9 144.6 945.6 454.8 178.7 743.5 580.7 122.1 879.5 590.9 873.5 528.4 35 767.3 622.0 302.1 34 476.1 1036.5 590.9 299.8 873.5 473.4 461.4 285.0 702.9 31 449.6 268.9 207.4 425.9 253.9 208.2 406.0 241.8 202.1 386.8 302.1 201.1 476.1 253.9 203.7 406.0 214.3 226.1 350.9 207.4 203.7 228.3 7 151.3 152.4 153.4 154.5 155.8 156.8 151.3 155.8 160.5 60115-8. 8. 5. 50-4. 420-8. 56 -289.7 52 -422.0 55.0 -241.6 50 31.5 -5.0 55.9 27.6 39.6 151.5 283.9 25.0 34.3 45 -289.7 55.9 22.7 34.8 151.5 56.1 18.9 34.4 16.0 63.1 17.1 55.0 60.6 31.5 34.8 93.2 18.9 22.2 99.0 11.5 55.9 93.2 32 10.4 86.1 9.7 9.9 29 37.9 9.2 30 113.1 38.7 27 35.6 8.7 116.0 45.9 34.9 113.0 9.8 50.3 108.2 34.2 10.4 46.2 110.6 33.8 8.7 91.7 43.0 31.1 19 113.1 37.9 13.0 77.8 30.2 110.6 46.2 53.8 35.6 90.8 58.8 47.9 31.1 62.0 29.3 66.2 71.8 77.8 66.2 92.4 ...... 47 3.2 3.5 3.7 3.6 3.5 3.6 3.2 3.5 3.7 22 169.5 6.0 0.0 0.0 0.0 0.1 169.5 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 119

Levels Levels 8 L33675 Fdrlgvrmn eieetfns93921. . . . 011. 0618 22 10.6 284.1 275.4 13 10.5 8.0 264.8 10.1 19 157.8 261.9 7.8 9.6 155.9 262.5 12 8.4 53.2 154.0 260.0 9.2 15 150.6 284.1 8.2 52.1 134.8 9.3 143.7 262.5 134.0 45.5 8.0 117.4 267.6 10.6 130.8 28LM903061703Discrepancy(2) 41.6 9 157.8 8.3 7 130.8 9.2 437.6 27LM263061705Restoftheworld 10.5 42.9 143.7 127.0 435.8 8.0 26LM733061703Holdingcompanies 11 109.5 9.3 14.2 34.5 2407.3 120.5 25FL663061703Brokersanddealers 439.4 2411.0 8.0 134.8 15.5 53.2 444.7 24FL643061773REITs 2363.0 23FL673061703ABSissuers 127.0 2292.9 443.9 17.6 1.5 42.9 2239.3 115.1 22FL403061705Government-sponsoredenterprises 462.4 16.8 45.7 2165.8 21LM653061703Mutualfunds 437.6 20FL633061700Moneymarketfunds 2407.3 16.5 2239.3 443.9 19LM223061743Stateandlocalgovt.retirementfunds 2207.4 18LM343061705Federalgovernmentretirementfunds 10.5 474.9 3 17LM573061705Privatepensionfunds 6975.1 16.8 4 16LM543061705Lifeinsurancecompanies 6952.7 2407.3 15LM513061705Property-casualtyinsurancecompanies 23.8 6901.8 2370.2 6808.4 2341.5 14LM473061705Creditunions 6797.3 13LM743061703BanksinU.S.-affiliatedareas 2315.8 12LM753061703ForeignbankingofficesinU.S. 6753.3 2292.6 11LM763061705U.S.-chartereddepositoryinstitutions 6975.1 2245.4 6797.3 2407.3 10LM713061705Monetaryauthority 6716.3 2292.6 9FL213061703Stateandlocalgovernments 2126.8 8FL313061703Federalgovernment 7LM103061703Nonfinancialcorporatebusiness 6LM153061705Householdsector 5FL893061705Totalassets 4FL413065005Agency-andGSE-backedmortgagepools 3FL403161705Government-sponsoredenterprises 2FL313161705Budgetagencies 1FL893161705Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.211 Agency-andGSE-BackedSecurities(1) 120 (2) Theaccumulatedvaluationdifferencebetweenissuanceandholdings. consideredofficiallytobepartofthetotaldebtfederalgovernment,whichisshownontableL.106,line20. andagency-GSE-backedmortgagepoolsecuritiesissuedbyGinnieMae,FannieFreddieMac,theFarmersHomeAdministration(line4).Onlybudgetagencyissuesare (1) Agency-andGSE-backedsecuritiesinclude:issuesoffederalbudgetagencies(line2)suchasthosefortheTVA;governmentsponsoredenterprises3)FannieMae FHLB;

Z.1, March12,2020 0721 092018 2019 2018 2017 02217. 11015. 07911. 11617. 11027 1181.0 1171.3 1151.6 1117.6 1077.9 1052.0 1181.0 1077.9 1012.2 10 1465.4 1531.5 1585.3 1623.7 1644.6 1666.9 5 1465.4 9573.6 1644.6 9541.8 1815.3 9403.2 9177.1 1 9045.0 9403.6 8865.6 9344.4 9573.6 9265.3 9045.0 9146.5 8909.5 9112.9 9021.5 9403.6 9112.9 8867.4 5. 7. 3. 5. 7. 0. 2. 3. 3. 24 334.7 335.4 21 328.1 656.8 20 305.7 755.1 632.1 273.7 696.0 629.9 17 259.5 676.3 584.6 266.8 334.7 655.7 16 603.6 259.1 380.0 273.7 644.9 638.1 248.4 381.3 255.3 14 620.9 656.8 237.8 162.3 377.4 755.1 603.6 225.3 164.7 371.2 644.9 600.0 215.7 164.5 364.9 682.2 266.8 162.8 373.7 225.3 155.3 380.0 193.6 162.0 364.9 6 162.3 386.6 721.3 155.3 721.5 168.0 661.9 634.0 647.9 572.1 721.3 647.9 460.3 4. 79-6. 5. 79-06-3. 174-6. 28 -169.9 -197.4 -137.9 -30.6 67.9 155.9 -169.9 67.9 -42.1 734. 244. 154. 394. 2426 42.4 25 42.9 104.1 43.9 109.4 104.2 44.0 82.0 41.5 72.3 41.8 68.3 42.4 104.1 41.5 72.3 27.3 54.1 2 21.2 21.5 22.0 22.2 22.9 22.8 21.2 22.9 24.4 ...... 23 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

4 F43605 oenetsosrdetrrss46393040393836333024 3.0 3.3 3.6 19 3.8 3.1 18 0.1 3.9 3.2 0.1 14 1.2 4.0 3.2 13 0.1 0.0 1.2 3.0 3.2 0.1 0.0 1.2 3.9 4.1 0.0 11 0.0 16 14.4 10 1.2 4.6 299.8 3.4 6.4 0.1 0.0 14.3 300.8 1.2 9 3.1 6.3 298.6 12 14.4 0.1 0.0 17.0 471.8 1.2 296.8 4.1 6.2 14.6 17.2 469.9 0.0 27LM903062003Discrepancy(3) 0.0 291.6 1.2 476.1 3.4 6.1 14.6 17.1 316.0 26FL263062003Restoftheworld 0.1 0.0 491.1 1.2 299.8 15.2 16.9 6.0 25FL663062003Brokersanddealers 498.8 0.0 24FL403062005Government-sponsoredenterprises 291.6 5 14.4 1.3 16.6 6 502.2 5.8 212.9 338.9 23LM563062003Exchange-tradedfunds 577.6 0.0 14.6 16.6 471.8 22LM553062003Closed-endfunds 214.0 6.4 569.9 21LM653062003Mutualfunds 498.8 15.7 17.0 20FL633062000Moneymarketfunds 214.5 569.5 572.6 6.0 215.3 19LM223062043Stateandlocalgovt.retirementfunds 16.6 565.9 18LM343062033Federalgovernmentretirementfunds 216.4 2 5.5 563.2 17.2 3063.9 17LM543062005Lifeinsurancecompanies 216.9 561.5 16LM513062005Property-casualtyinsurancecompanies 3030.8 212.9 3033.6 577.6 15LM473062005Creditunions 216.4 3051.1 563.2 14LM743062003BanksinU.S.-affiliatedareas 3055.5 218.6 13LM753062003ForeignbankingofficesinU.S. 567.4 3067.4 12LM763062000U.S.-chartereddepositoryinstitutions 3063.9 11FL213062003Stateandlocalgovernments 3055.5 3107.0 10FL113062003Nonfinancialnoncorporatebusiness 9LM103062003Nonfinancialcorporatebusiness 8LM153062005Householdsector 7FL893062005Totalassets (industrialrevenuebonds) 6FL103162000Nonfinancialcorporatebusiness 5FL163162003Nonprofitorganizations(2) 4FL213162200Long-term 3FL213162400Short-term(1) 2FL213162005Stateandlocalgovernments 1FL383162005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.212 MunicipalSecurities (3) Theaccumulatedvaluationdifferencebetweenissuanceandholdings. (2) Liabilityofthehouseholdsandnonprofitorganizationssector(tablesL.101B.101). (1) Debtwithoriginalmaturityof13monthsorless. 0721 092018 2019 2018 2017 87115. 84013. 89219. 89219. 8408 1894.0 7 1892.9 4140.7 1899.2 4107.2 1893.5 4081.6 1859.2 4043.7 1830.0 4 3973.3 1894.0 3019.2 3971.7 1859.2 2990.9 4140.7 1887.1 2997.2 3973.3 1 3012.1 4120.4 3854.5 3017.5 3814.8 3030.1 3817.6 3019.2 3832.4 3017.5 3835.1 3072.0 3845.8 3854.5 3835.1 3893.0 274-3. 262-2. 182-1. 240-9. 26227 -286.2 -292.4 -264.0 -211.3 -138.2 -125.9 -286.2 -138.2 -227.4 0. 0. 0. 0. 0. 0. 0. 0. 0. 26 103.3 103.2 102.0 101.2 21 100.8 832.8 20 134.0 102.0 805.2 130.3 103.3 773.4 135.8 100.8 737.2 17 135.0 196.4 101.3 693.6 142.8 196.7 701.9 131.0 195.5 832.8 134.0 193.7 693.6 142.8 190.0 688.1 134.4 194.4 196.4 190.0 197.8 672. 642. 071. 842. 6425 16.4 20.4 23 49.3 22 92.3 18.4 45.4 92.5 16.4 42.0 90.1 20.7 39.0 89.0 22.1 37.0 87.5 16.4 33.4 87.9 20.7 49.3 92.3 26.7 37.0 87.5 30.8 90.0 3 44.7 40.0 36.5 39.1 38.1 37.3 44.7 38.1 35.0 ...... 15 5.5 4.5 4.8 4.8 4.8 4.4 5.5 4.8 5.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 121

Levels Levels 7 F43605 oenetsosrdetrrss2. 811. 081. 761. 621. 37 15.8 16.2 16.9 17.6 31 18.1 15.9 20.8 15.6 32 467.5 15.8 15.1 460.6 48LM903063003Discrepancy(5) 18.1 438.6 14.3 47LM263063095Other 20 7.8 24.1 46LM263063603MBSandotherABS 430.3 27 13.4 3118.8 45LM263063005Restoftheworld(4) 415.3 3090.1 8.0 13.5 44FL503063005Otherfinancialbusiness 471.8 2990.9 24 43LM733063003Holdingcompanies 2853.5 628.0 15.9 4.7 42FL663063005Brokersanddealers 467.5 2710.9 621.7 415.3 13.4 41FL643063005REITs 2675.3 0.1 596.7 40LM613063003Financecompanies 498.8 3118.8 19 14.2 39FL403063095Other 134.6 2710.9 566.6 0.1 38FL403063605MBSandotherABS 150.0 2735.0 37FL403063005Government-sponsoredenterprises 534.0 0.1 150.4 512.3 36LM563063003Exchange-tradedfunds 15 178.1 35LM553063003Closed-endfunds 143.3 16 628.0 7.8 34LM653063005Mutualfunds 499.4 177.4 149.7 33FL633063005Moneymarketfunds 534.0 502.2 178.9 0.1 147.3 482.2 32LM223063045Stateandlocalgovt.retirementfunds 496.5 181.0 31LM343063005Federalgovernmentretirementfunds 134.6 7.0 30LM573063005Privatepensionfunds 498.5 180.7 149.7 451.7 29LM543063095Other 188.1 160.2 28LM543063675MBSandotherABS 489.4 178.1 27LM543063005Lifeinsurancecompanies 26LM513063095Other 499.4 180.7 25LM513063605MBSandotherABS 451.7 24LM513063005Property-casualtyinsurancecompanies 195.2 493.0 23LM473063095Other 22LM473063605MBSandotherABS 21LM473063005Creditunions 4 20LM743063005BanksinU.S.-affiliatedareas 154.9 3 19LM753063005ForeignbankingofficesinU.S. 148.8 4932.3 18LM763063095Other 4916.3 151.3 17LM763063605MBSandotherABS 4858.2 2 16LM763063005U.S.-chartereddepositoryinstitutions 154.0 4815.5 5785.0 15FL213063003Stateandlocalgovernments 160.0 4773.5 5802.2 14FL313063763Federalgovernment 4767.2 5707.7 166.2 4932.3 5630.9 13LM153063005Householdsector 154.9 4773.5 5539.2 160.0 12FL893063005Totalassets(3) 4717.0 5506.8 5785.0 147.7 11LM263163005Restoftheworld(2) 5539.2 5384.6 10FL503163005Otherfinancialbusiness 9FL733163003Holdingcompanies 8FL663163003Brokersanddealers 7FL643163005REITs 6FL613163005Financecompanies 5FL673163005ABSissuers(net)(1) 4FL763163005U.S.-chartereddepositoryinstitutions 3FL793163005Domesticfinancialsectors 2FL103163003Nonfinancialcorporatebusiness 1FL893163005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.213 CorporateandForeignBonds 122 (5) Theaccumulatedvaluationdifferencebetween issuanceandholdings. (4) HoldingsofU.S.issuesbyforeignresidents. (3) Forsomesectors,holdingsofMBSandotherABSareshownseparately. includeprivatelyissuedmortgage-backedsecuritiesandotherasset-backedbonds. (2) HoldingsofforeignissuesbyU.S.residents. (1) Liabilitiesnetofassets.

Z.1, March12,2020 32. 26. 44. 20. 26. 31. 36. 46. 44. 12 14249.7 14166.7 13760.0 13216.4 12660.0 12906.5 14249.7 12660.0 13122.5 1 14029.9 13968.9 13742.1 13502.5 13311.3 13297.3 14029.9 13311.3 13083.6 0721 092018 2019 2018 2017 51334. 61332. 28530. 56138. 61347 3641.3 45 3589.6 3992.9 3516.1 3943.1 3404.9 3875.3 3248.5 3763.8 3327.9 3609.8 3641.3 3690.7 3248.5 3992.9 3511.3 3609.8 3881.7 34 2359.0 2266.5 2221.8 2131.0 2016.6 2113.3 29 2542.2 2359.0 2521.5 2016.6 2440.1 2037.6 2327.6 2212.1 2187.1 2542.2 2212.1 2253.0 13 937.6 1053.0 997.9 917.5 11 955.7 3312.6 955.3 3250.3 9 3176.2 937.6 1442.4 3056.2 1468.1 955.7 2998.6 1472.8 1024.5 3023.4 1435.0 5 3312.6 1395.8 1119.6 2998.6 1405.9 1110.8 2982.0 1442.4 1082.8 1395.8 1086.8 1444.2 1079.4 1088.1 1119.6 1079.4 1103.1 7. 6. 5. 6. 6. 5. 5. 5. 5. 46 351.6 353.6 359.2 358.9 361.3 362.8 351.6 361.3 36 544.3 370.4 517.5 488.8 460.7 30 420.5 981.0 424.5 965.4 28 544.3 576.5 930.3 26 420.5 568.6 885.8 482.3 25 145.6 403.6 550.8 835.4 478.8 142.9 525.9 829.7 459.5 137.2 498.8 981.0 436.4 130.3 488.2 835.4 411.3 122.8 576.5 803.8 396.9 115.4 498.8 482.3 18 145.6 414.6 482.0 411.3 122.8 417.7 377.9 104.3 414.2 418.7 374.5 414.0 414.6 374.5 10 713.4 409.9 8 695.6 174.0 7 664.7 183.3 6 540.4 680.3 787.6 205.9 519.4 669.7 790.2 181.9 501.3 669.4 779.5 184.0 483.0 713.4 794.5 175.9 470.0 669.7 814.6 174.0 448.1 634.4 813.6 184.0 540.4 787.6 185.7 470.0 814.6 439.0 763.0 3. 5. 298308612261-79-9. 29848 -219.8 -197.8 -17.9 286.1 651.2 390.8 -219.8 651.2 -38.9 267. 097. 077. 317. 0944 70.9 43 27.3 42 54.0 74.0 29.9 41 49.8 67.8 73.1 40 60.5 27.3 47.7 56.3 72.3 38 12.3 56.7 22.6 48.7 60.6 70.7 12.6 53.1 21.0 48.9 35 63.0 72.7 75.0 13.2 54.1 17.9 50.8 75.0 70.9 74.2 13.9 55.3 27.3 52.4 54.0 70.7 74.7 14.3 61.4 21.0 49.8 63.0 72.6 73.2 16.9 60.5 17.7 50.8 71.4 69.1 12.3 55.3 42.3 74.4 14.3 63.8 75.0 19.8 22 69.1 12.1 21 74.3 12.6 11.8 12.3 11.5 12.0 11.2 17 11.7 84.8 9.9 10.4 84.4 9.6 9.9 82.4 12.1 79.8 12.6 9.9 77.1 10.4 10.4 75.4 10.7 84.8 77.1 83.0 ...... 39 3.5 3.6 3.7 3.8 33 18.5 3.9 16.1 4.0 11.7 3.5 8.7 3.9 7.5 23 4.3 0.5 10.1 18.5 0.5 7.5 0.5 8.5 0.5 0.5 14 0.5 0.3 0.5 0.5 0.5 0.5 0.5 0.3 0.5 0.5 0.5 0.5 0.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

5 F23603 tt n oa ot eieetfns691. 211. 251. 291. 2145 12.1 44 15.8 12.2 42 784.5 47 23.1 39 6289.3 12.9 41 48 40.7 775.1 21.1 6247.8 216.7 2407.3 13.1 6210.6 757.8 2370.2 38.3 20.9 215.3 6161.1 2341.5 750.2 12.5 0.0 39.3 6195.6 20.9 2315.8 38 737.2 767.9 6126.3 12.7 2292.6 37.9 20.8 0.0 6289.3 721.9 2245.4 760.7 12.1 6195.6 2407.3 37.1 784.5 20.5 762.0 15.8 55FL263069500Restoftheworld 6051.4 2292.6 34 12.5 737.2 37.3 220.8 750.8 19.7 2126.8 54FL503069805Otherfinancialbusiness 0.0 31 32 37 675.7 6.9 73.5 53FL733069005Holdingcompanies 219.9 739.5 49.7 9785.0 40.7 21.1 52FL663069005Brokersanddealers 9665.5 151.7 221.7 707.0 51FL643065005REITs 72.5 35 48.8 37.1 9570.2 20.5 24381.6 224.4 767.9 24127.3 9409.8 50FL614023005Financecompanies 72.0 47.9 24075.0 38.4 17.8 224.0 49FL674023005ABSissuers 739.5 9428.6 23763.9 48FL413065005Agency-andGSE-backedmortgagepools 23541.9 71.4 9217.2 47.2 233.2 706.8 23178.4 47FL404023005Government-sponsoredenterprises 9785.0 24381.6 46FL653069803Mutualfunds 72.1 220.8 46.4 23541.9 29 9428.6 22 2900.4 22808.6 224.0 45FL223065043Stateandlocalgovt.retirementfunds 8984.8 0.0 71.2 44.9 2896.6 44FL313169003Federalgovernmentretirementfunds 241.9 2823.6 43FL573065005Privatepensionfunds 73.5 0.0 49.7 42FL544023005Lifeinsurancecompanies 2816.1 20 41FL513065505Property-casualtyinsurancecompanies 2788.7 72.1 3.5 46.4 0.0 2787.6 40FL474023000Creditunions 70.8 42.6 2900.4 39FL744023003BanksinU.S.-affiliatedareas 3.4 0.0 2788.7 38FL754023005ForeignbankingofficesinU.S. 37FL764023005U.S.-chartereddepositoryinstitutions 2724.5 3.3 16 36FL713068005Monetaryauthority 0.0 21.1 3.8 35FL794023005Domesticfinancialsectors 0.0 18 20.8 487.2 34FL213065005Stateandlocalgovernments 17 3.3 19.9 0.0 33FL314023005Federalgovernment 502.0 1953.9 1975.6 540.5 19.6 3.4 32FL114023005Nonfinancialnoncorporatebusiness 0.0 1972.7 31FL104023005Nonfinancialcorporatebusiness 524.1 1953.1 19.3 30FL154023005Householdsector 3.5 0.0 577.3 2027.4 19.0 29FL384023005Domesticnonfinancialsectors 1995.2 557.0 3.3 1953.9 13 14 28FL894123005Totalassets 21.1 487.2 3558.9 5941.4 2027.4 2.9 3513.7 5864.5 577.3 27FL264123005Restoftheworld 2038.1 19.3 3476.7 5788.6 586.5 26FL504123005Otherfinancialbusiness 3432.1 18.2 5730.8 25FL664123005Brokersanddealers 11 3355.4 5663.9 24FL644123005REITs 25473.0 3284.1 5534.3 25173.6 23FL614123005Financecompanies 25077.9 3558.9 22FL403169283Government-sponsoredenterprises 5941.4 24800.7 3355.4 5663.9 24438.0 6 21FL543169373Lifeinsurancecompanies 24112.8 2891.6 5339.1 1593.5 20FL513169333Property-casualtyinsurancecompanies 25473.0 24438.0 1560.9 19FL473169333Creditunions 23329.3 18FL763169305U.S.-chartereddepositoryinstitutions 1519.7 3 1494.6 17FL794123005Domesticfinancialsectors 4092.4 1470.8 4067.8 5 1437.9 16FL213169203Stateandlocalgovernments 2 4228.2 11168.3 15FL314123005Federalgovernment 1593.5 11080.1 3815.3 4160.9 10981.1 1470.8 3783.3 14FL114123005Nonfinancialnoncorporatebusiness 3960.7 10893.9 1355.5 10861.9 13FL104123005Nonfinancialcorporatebusiness 3764.3 3956.8 10799.3 12FL154123005Householdsector 3687.4 4092.4 11168.3 10861.9 3676.5 3960.7 11FL384123005Domesticnonfinancialsectors 10578.3 3505.0 3801.1 10FL894123005Totalliabilities 3815.3 3676.5 Bysector 3395.5 9FL153166000Consumercredit 8FL893065603Farm 7FL893065505Commercial 6FL893065405Multifamilyresidential 5FL893065105One-to-four-familyresidential 4FL893065005Mortgages 3FL893169005Otherloansandadvances 2FL793068005Depositoryinstitutionloansn.e.c. 1FL894123005Totalloans Byinstrument Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.214 Loans(1) (1) Sumofdepositoryinstitution loansnotelsewhereclassified,other loans andadvances,totalmortgages,consumer credit. 50. 76. 81. 68. 76. 75. 79. 72. 81. 28 28112.5 27821.6 27693.2 27357.0 27063.9 26684.2 28112.5 27063.9 25908.9 12 15935.7 15751.4 15575.9 15402.9 10 15399.3 28112.5 15275.4 27821.6 15935.7 27693.2 15399.3 27357.0 14928.6 27063.9 26684.2 28112.5 27063.9 25908.9 4 16014.1 15842.8 15649.1 15508.9 15417.1 1 15283.3 16014.1 28112.5 15417.1 27821.6 14884.1 27693.2 27357.0 27063.9 26684.2 28112.5 27063.9 25908.9 0721 092018 2019 2018 2017 02014. 01114. 05815. 02714. 01150 1041.1 49 1053.1 1048.4 1050.4 1052.7 1021.8 1050.2 1024.5 1045.8 1021.8 1041.9 1027.7 1041.1 1053.1 1045.8 1021.8 1052.0 1041.4 33 1665.0 1653.3 1610.2 1602.6 1562.9 1549.5 1665.0 1562.9 1466.0 9 4190.7 4127.6 7 4051.6 2995.7 3999.8 2948.0 4009.7 2897.3 3939.1 2872.1 4190.7 2838.6 4009.7 2802.8 3828.2 2995.7 2838.6 2714.1 7. 3. 3. 1. 3. 7. 9. 9. 3. 55 830.5 797.8 53 117.6 52 794.6 410.6 51 125.9 777.0 304.7 392.1 112.9 733.3 285.7 389.0 107.2 718.1 276.4 368.7 104.3 830.5 264.9 46 375.5 144.1 105.7 733.3 255.0 407.3 146.4 117.6 375.8 237.5 410.6 149.7 104.3 304.7 375.5 155.4 123.1 255.0 399.3 163.3 234.8 176.8 144.1 40 1135.7 163.3 1112.9 173.7 1090.9 1069.7 1065.2 1047.9 1135.7 1065.2 30 891.4 978.4 902.0 871.7 870.5 27 685.6 883.2 672.4 25 888.9 906.1 24 642.6 891.4 261.5 23 914.2 603.3 154.6 883.2 260.3 881.0 598.5 153.0 903.1 262.4 871.8 576.2 149.6 267.4 882.7 685.6 150.7 275.2 876.3 15 598.5 147.7 15.8 274.1 906.1 541.5 144.1 261.5 23.1 882.7 154.6 275.2 880.6 216.7 147.7 288.2 215.3 148.1 0.0 0.0 15.8 0.0 8 151.7 256.6 253.9 251.1 248.4 245.7 243.3 256.6 245.7 236.2 901. 901. 831. 962. 9054 19.0 20.5 19.6 18.7 18.3 17.5 43 19.0 31.8 18.3 31.1 19.0 30.2 29.7 29.2 28.7 31.8 29.2 26.7 21 88.7 19 50.0 86.1 54.2 82.2 51.4 82.2 50.7 81.1 57.7 79.6 58.3 88.7 50.0 81.1 57.7 74.8 54.8 ...... 36 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26 2.4 0.0 2.4 0.0 2.4 2.4 2.4 2.4 2.4 2.4 2.4 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 123

Levels Levels 8 F73605 ak nUS-fiitdaes1. 311. 281. 421. 541. 18 18.1 15.4 15.9 17 11 687.2 3.4 14.2 679.0 3.0 13.1 683.5 12.8 673.0 3.7 16 661.9 3029.2 18.1 3.8 3009.4 12 631.9 195.4 13.1 2985.8 687.2 4.3 13 2929.5 195.4 431.7 12.6 661.9 2928.5 201.3 4.2 421.0 2788.9 629.8 202.4 3029.2 384.9 5 3.4 2928.5 201.8 310.5 342.4 2674.5 201.8 4.3 308.7 346.0 195.4 306.2 324.2 (2) LoansfromFederalReservebankstothehousehold,brokeranddealer,otherfinancialbusinesssectors. 4.2 201.8 (1) Excludesdepositoryinstitutionlendingintheformofopenmarketpaper,mortgages,andconsumercreditwhichareshownonotherinstrumenttables. 307.9 431.7 199.5 309.9 19FL473068005Creditunions 346.0 3 18FL743068005BanksinU.S.-affiliatedareas 4 294.4 283.6 17FL753068005ForeignbankingofficesinU.S. 1102.7 1425.7 16FL763068005U.S.-chartereddepositoryinstitutions 1099.5 310.5 1422.4 1103.7 1428.4 309.9 15FL713068005Monetaryauthority(2) 1093.7 1414.6 301.2 1081.0 14FL793068005Totalassets 1400.3 1031.0 1337.2 13FL263168495Foreignnondepositoryfinancialinstitutions 1102.7 1425.7 12FL263168485Foreignnonfinancialcorporations 1081.0 1400.3 11FL263168465Foreignofficialinstitutions 1004.5 10FL263168005Restoftheworld 1303.3 9FL713068505Otherfinancialbusiness 8FL663168005Brokersanddealers 7FL643168005REITs 6FL613168003Financecompanies 5FL793168005Domesticfinancialsectors 4FL113168005Nonfinancialnoncorporatebusiness 3FL103168005Nonfinancialcorporatebusiness 2FL153168005Householdsector 1FL793068005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.215 DepositoryInstitutionLoansNotElsewhereClassified(1) 124

Z.1, March12,2020 0721 092018 2019 2018 2017 35537. 85330. 66538. 74338. 85314 3815.3 3783.3 3764.3 3687.4 3676.5 3505.0 3815.3 3676.5 3395.5 1 3815.3 3783.3 3764.3 3687.4 3676.5 3505.0 3815.3 3676.5 3395.5 8. 5. 3. 3. 5. 4. 8. 1. 3. 10 630.5 619.5 8 589.9 125.4 6 548.7 125.5 153.6 552.1 123.7 152.1 530.2 121.0 148.9 630.5 123.3 2 150.1 552.1 345.9 115.9 147.1 487.3 333.2 125.4 143.2 336.2 123.3 153.6 322.5 120.2 147.1 333.1 144.7 312.3 345.9 333.1 299.1 867. 097. 307. 927. 0919 80.9 79.5 79.2 70.8 73.0 71.4 80.9 73.0 7 78.6 31.5 31.0 33.5 36.8 39.6 35.3 31.5 39.6 36.3 ...... 15 0.0 0.0 0.0 0.0 9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

2 F53685 te iaca uies1. 831. 751. 871. 051. 52 19.0 20.5 48 19.6 34.4 18.7 36.2 18.3 34.7 17.5 35.8 19.0 35.1 46 18.3 44 35.4 496.5 780.6 38 19.0 486.2 0.0 34.4 41 788.7 37 38.7 0.0 467.3 42 757.2 35.1 0.5 325.7 469.0 39.4 33 40 750.8 0.5 39 0.0 35.2 309.0 348.3 464.6 387.0 36 0.5 40.1 759.4 0.0 310.6 354.6 0.5 473.1 394.0 0.0 760.4 31 40.1 0.5 292.4 361.1 8.5 496.5 0.0 401.2 780.6 0.5 0.0 302.3 39.7 360.9 464.6 401.0 0.4 34 759.4 8.4 0.0 335.9 13.3 357.3 0.4 477.1 39.2 397.1 0.0 29 760.4 52FL503069805Otherfinancialbusiness 0.4 325.7 88.7 352.7 8.5 0.0 391.8 12.0 51FL663069803Brokersanddealers 38.7 28 0.4 0.0 302.3 50FL673069803ABSissuers 35 348.3 3.5 86.1 387.0 0.0 126.4 12.9 49FL653069803Mutualfunds 9.4 0.0 39.7 333.3 357.3 0.0 48FL543069873Lifeinsurancecompanies 397.1 0.0 120.4 82.2 3.4 47FL153069803Asset:Householdsector 13.1 0.4 38.7 348.5 9.4 0.0 387.2 46FL103169803Loanstononfinancialcorporatebusiness(3) 121.7 32 0.4 82.2 0.0 139.7 12.0 3.3 0.4 120.6 45FL153067005Asset:Householdsector 9.3 0.0 81.1 132.4 0.4 44FL153067005Cashaccountsatbrokersanddealers 11.1 0.0 24 120.3 3.8 138.4 26 134.6 8.5 25 79.6 0.0 487.2 43FL663067003Liab.:Householdsector 115.0 13.3 638.9 0.0 136.5 42FL663067003Marginaccountsatbrokersanddealers 133.6 3.3 22 502.0 126.4 88.7 138.6 17 9.4 654.9 20 0.0 12.0 134.7 132.4 0.0 16 89.1 41FL113169535Nonfinancialnoncorporatebusiness 540.5 120.3 136.7 3.4 0.0 686.5 81.1 40FL103169535Liab.:Nonfinancialcorporatebusiness 134.1 126.1 10.9 9.8 524.1 99.1 39FL613069500Financecompanyloanstobusiness 114.6 0.0 135.0 670.9 134.0 15 74.8 139.7 3.5 0.0 577.3 0.0 134.4 729.5 38FL673069505Liab.:Nonfinancialcorporatebusiness 86.8 133.5 132.4 0.0 37FL673069505SecuritizedloansheldbyABSissuers 557.0 134.2 3.3 0.0 708.6 138.4 0.0 80.1 125.6 487.2 36FL763169383U.S.-chartereddepositoryinst.(SLMA) 133.7 0.0 638.9 134.0 35FL113169305Nonfinancialnoncorporatebusiness(FCS) 2.9 9 0.0 84.9 577.3 0.0 138.6 729.5 34FL183169305Nonfinancialcorporatebusiness(FCS) 2.4 133.8 0.0 33FL153169305Liab.:Householdsector(SLMA) 586.5 88.3 134.2 0.0 732.1 32FL403069395Government-sponsoredenterprise(GSE)loans(2) 0.0 14 2.4 134.1 0.0 830.5 89.1 31FL643169373Realestateinvestmenttrusts 0.0 0.0 7 13 797.8 30FL613169333Financecompanies 11 2.4 84.9 830.5 0.0 0.0 15.8 29FL543169373Lifeinsurancecompanies 0.0 794.6 28FL513169333Property-casualtyinsurancecompanies 0.0 6 797.8 101.6 2.4 27FL473169333Creditunions 23.1 0.0 777.0 0.0 21.1 794.6 26FL763169335Liab.:U.S.-chartereddepositoryinstitutions 0.0 0.0 733.3 25FL403069330FederalHomeLoanBanksadvances(1) 216.7 2.4 20.8 777.0 4 0.0 5 0.0 0.0 718.1 77.5 215.3 58.6 0.0 24FL543069405Lifeinsurancecompanies 733.3 19.9 2.4 23FL313069403Asset:Federalgovernment 830.5 0.0 0.0 76.7 718.1 58.3 22FL153169405Policyloans(Householdliability) 0.0 19.6 733.3 2.4 830.5 0.0 76.1 0.0 21FL733069023Restoftheworld 56.5 375.8 19.3 20FL733069013Liab.:Nonfinancialcorporatebusiness 733.3 2.4 75.2 19FL733069005Holdingcompanyloans 56.1 0.0 15.8 19.0 375.8 1 73.2 18FL263169705Restoftheworld 2.4 54.5 0.0 0.0 21.1 17FL103169705Liab.:Nonfinancialcorporatebusiness 4092.4 16FL753069703ForeignbankingofficesinU.S. 73.4 54.9 4067.8 19.3 151.7 15FL763069703Asset:U.S.-chartereddepositoryinstitutions 0.0 4228.2 Customers’liabilityonacceptancesoutstanding 77.5 58.6 4160.9 18.2 0.0 3960.7 14FL263069500Liab.:Nonfinancialcorporatebusiness 73.2 54.5 13FL263069500ForeignloanstoU.S.corporatebusiness 3956.8 73.3 53.0 4092.4 12FL313169003Liab.:Federalgovernment 3960.7 11FL313169003Federalgovernmentretirementfundsloans 3801.1 10FL263169205Restoftheworld 9FL503169205Otherfinancialbusiness 8FL313069223Financecompanies 7FL403169283Government-sponsoredenterprises 6FL213169203Stateandlocalgovernments 5FL113169205Nonfinancialnoncorporatebusiness 4FL103169205Nonfinancialcorporatebusiness 3FL153169203Liab.:Householdsector 2FL313069205U.S.governmentloans 1FL893169005Totalotherloansandadvances Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.216 OtherLoansandAdvances (3) Syndicatedloansfromdomesticentities,excludingdepositoryinstitutionsandfinancecompanies whichareincludedelsewhere. (2) TheStudentLoanMarketingAssociation(SallieMae)wasincludeduntilitfullyprivatized in2004:Q4.FederalHomeLoanBankadvancesareshownseparatelyonline25. affiliatedcaptiveinsurancecompanies. (1) TheFederalHomeLoanBanksareincludedinthegovernmnet-sponsoredenterprisessector. Finance companiesandrealestateinvestmenttrustsreceiveadvancesthrough 0721 092018 2019 2018 2017 5. 5. 8. 4. 5. 5. 6. 7. 8. 50 188.3 49 144.1 175.1 146.4 162.6 149.7 159.6 45 155.4 780.6 151.4 163.3 788.7 43 147.9 325.7 176.8 757.2 188.3 309.0 144.1 750.8 151.4 310.6 163.3 759.4 157.4 292.4 173.7 760.4 302.3 780.6 335.9 759.4 325.7 760.4 302.3 333.3 19 117.6 125.9 112.9 107.2 12 104.3 15.8 105.7 23.1 117.6 216.7 104.3 215.3 123.1 0.0 0.0 15.8 2 0.0 221.5 218.6 151.7 211.0 208.9 203.2 202.9 221.5 203.2 200.3 607. 507. 327. 848. 5051 85.0 83.1 47 25.7 78.4 24.8 76.3 22.2 73.2 23.3 71.4 23.4 85.0 24.1 73.2 25.7 66.0 23.4 25.8 27 50.0 54.2 51.4 50.7 21 28.6 57.7 26.8 58.3 26.1 50.0 27.1 57.7 19.4 54.8 17.4 28.6 19.4 10 26.5 21.5 26.2 26.7 3 27.5 35.4 27.0 34.3 28.6 29.4 26.5 28.1 27.0 26.8 32.6 24.7 35.4 26.8 20.8 ...... 30 1.0 0.9 0.6 23 0.6 0.2 0.6 0.2 0.9 0.2 18 1.0 0.0 0.2 0.6 0.0 0.2 3.4 0.0 0.2 0.0 0.2 0.0 0.2 0.0 0.2 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 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 125

Levels Levels 4 F43605 amr oeAmnsrto FH)()00000000000000000044 0.0 0.0 0.0 0.0 0.0 0.0 32 39 0.0 12.1 2407.3 2370.2 12.2 0.0 2341.5 12.9 2315.8 29 33 27 0.0 21.1 5510.7 22.6 2292.6 26 13.1 5460.5 2245.4 80.8 20.9 22.8 5389.4 2407.3 12.5 5356.6 81.7 20.9 2292.6 47FL643065005REITs 23.4 5333.8 46FL613065000Financecompanies 12.7 2126.8 78.5 45FL673065005ABSissuers 20.8 5291.6 23.7 21 23 12.1 5510.7 0.0 77.8 220.8 44FL413065035FarmersHomeAdministration(FmHA)(2) 20.5 24.1 5333.8 43FL413065653FarmerMac 12.5 24 219.9 5193.7 0.0 77.6 42FL413065045FannieMae 19.7 5660.5 24.5 41FL413065025FreddieMac 221.7 6.9 25 5594.5 20 40FL413065015GinnieMae 75.1 4984.8 21.1 0.1 15.5 22.6 5540.8 224.4 39FL413065005Agency-andGSE-backedmortgagepools 4940.1 5464.5 80.8 20.5 15.3 24.1 224.0 4900.0 15 0.1 38FL403065653FarmerMac 16 5442.8 34.9 49.7 4835.7 37FL403065035FHLB 77.6 233.2 17.8 5411.6 15.1 25.8 36FL403065045FarmCreditSystem 4818.1 0.1 34.5 19 5660.5 48.8 220.8 35FL403065025FreddieMac 77.0 4797.5 105.8 14.9 5442.8 34FL403065015FannieMae 224.0 4984.8 34.2 0.1 47.9 33FL403065005Government-sponsoredenterprises 105.6 5282.7 14.6 4818.1 241.9 33.9 102.9 47.2 32FL223065043Stateandlocalgovt.retirementfunds 4698.5 0.0 14.5 31FL573065005Privatepensionfunds 106.3 33.5 46.4 15.5 0.1 30FL543065005Lifeinsurancecompanies 105.7 33.2 29FL513065505Property-casualtyinsurancecompanies 44.9 104.6 14.6 0.1 34.9 28FL473065100Creditunions 49.7 105.8 14.1 27FL743065003BanksinU.S.-affiliatedareas 33.5 105.7 26FL753065005ForeignbankingofficesinU.S. 46.4 25FL763065005U.S.-chartereddepositoryinstitutions 102.5 24FL703065005Privatedepositoryinstitutions 32.2 42.6 23FL213065005Stateandlocalgovernments 22FL313065095Other(3) 21FL313065065FederalDepositInsuranceCorporation 20FL313065035FederalHousingAdministration(FHA) 19FL313065075FarmersHomeAdministration(FmHA)(2) 18FL313065015GinnieMae 17FL313065005Federalgovernment 16FL113065005Nonfinancialnoncorporatebusiness 2 15FL103065003Nonfinancialcorporatebusiness 14FL153065005Householdsector 11168.3 11080.1 10981.1 13FL893065005Totalassets 10893.9 10861.9 12FL123165005REITs 10799.3 11FL313165403Federalgovernment 11168.3 10861.9 10578.3 10FL113165005Noncorporate 9FL103165005Corporate 8FL143165005Nonfinancialbusiness 7FL153165005Householdsector 6FL893065005Totalliabilities 5FL893065603Farm 4FL893065505Commercial 3FL893065405Multifamilyresidential 2FL893065105One-to-four-familyresidential 1FL893065005Totalmortgages Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.217 TotalMortgages(1) 126 (3) OtherincludesDepartmentofVeteransAffairs,FederalFinancingBank,PublicHousingAdministration, andResolutionTrustCorporation. theFarmersHomeAdministration. (2) FmHA-guaranteedsecuritiessoldtotheFederalFinancingBankwerereallocatedfromFmHA mortgagepoolstoFmHAholdingsin1986:Q4becauseofaccountingchangesby (1) Sumofone-to-four-familyresidentialmortgages(tableL.218),multifamily (tableL.219),commercialmortgagesL.220),andfarmL.221).

Z.1, March12,2020 48. 51. 61. 58. 51. 50. 54. 54. 61. 13 16014.1 15842.8 15649.1 15508.9 15417.1 15283.3 16014.1 15417.1 14884.1 7 10899.4 6 10810.5 10713.2 16014.1 10625.8 15842.8 10593.1 15649.1 10529.8 15508.9 10899.4 15417.1 10593.1 15283.3 10313.1 16014.1 15417.1 1 14884.1 16014.1 15842.8 15649.1 15508.9 15417.1 15283.3 16014.1 15417.1 14884.1 0721 092018 2019 2018 2017 93424. 17620. 02225. 06429. 17640 2117.6 2092.8 2076.4 2058.4 2042.2 35 1993.3 2008.2 34 3300.0 1969.3 2117.6 3280.2 1939.9 2042.2 3243.5 1922.0 1913.4 3232.8 1909.8 3223.8 1888.0 3209.2 1993.3 3300.0 1909.8 3223.8 1853.7 3155.7 10 4292.0 8 4224.0 4893.2 4141.9 4811.4 4099.4 4715.5 4049.1 4662.0 3988.0 4597.7 4292.0 4 4524.1 4049.1 3 2995.7 4893.2 3829.4 1593.5 2948.0 4597.7 1560.9 2897.3 4328.9 1519.7 2872.1 1494.6 2838.6 1470.8 2802.8 1437.9 2995.7 1593.5 2838.6 1470.8 2714.1 1355.5 3. 5. 0. 3. 5. 6. 7. 8. 0. 47 304.7 46 117.2 45 285.7 850.4 118.9 276.4 859.7 118.7 264.9 842.6 120.3 41 255.0 847.3 281.0 114.8 237.5 851.7 268.2 117.8 304.7 860.0 255.8 117.2 255.0 850.4 248.2 36 114.8 139.6 234.8 851.7 241.0 123.8 136.6 845.9 227.5 134.8 281.0 133.3 241.0 133.6 30 200.2 611.8 130.5 602.4 139.6 28 572.4 588.3 133.6 549.8 580.3 126.7 538.9 568.1 527.4 552.9 523.0 611.8 514.5 568.1 572.4 506.7 523.0 17 123.8 481.4 123.5 120.7 123.9 123.2 12 221.5 122.0 220.9 123.8 9 220.4 123.2 601.1 221.2 119.8 587.4 226.2 573.6 229.4 562.6 5 221.5 548.6 256.6 226.2 536.1 253.9 242.0 601.1 251.1 548.6 248.4 499.5 245.7 243.3 256.6 245.7 236.2 15797681797878777642 7.6 7.7 7.8 7.8 37 72.5 7.9 69.4 8.1 66.5 7.6 64.0 31 31.8 7.9 62.5 31.1 60.0 11.5 30.2 72.5 29.7 62.5 29.2 53.8 28.7 31.8 29.2 26.7 14 57.3 60.0 63.0 66.0 69.0 72.2 57.3 69.0 81.7 ...... 43 1.1 1.4 1.5 38 5.4 1.5 5.0 1.5 4.8 1.6 4.5 1.1 4.0 1.5 3.9 1.7 5.4 4.0 3.9 22 0.0 0.0 18 2.5 0.0 2.6 0.0 2.6 0.0 2.7 0.0 11 2.8 0.0 0.0 2.9 0.0 0.0 2.5 0.0 0.0 2.8 0.0 3.2 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

5 F73623 oeg akn fie nUS ...... 25 0.3 1.4 0.2 0.2 24 0.2 383.6 23 500.6 392.6 0.2 509.9 17 402.0 4.3 518.4 0.3 409.4 523.6 4.4 420.2 12 0.2 533.3 1.5 427.3 4.6 13 538.3 0.3 13.2 383.6 2.8 500.6 4.7 18 420.2 13.4 5023.2 533.3 1.6 19 460.4 4978.3 2026.0 4.5 13.6 569.9 4922.0 2001.1 1.5 4899.9 1984.0 13.8 4.6 10 4883.9 113.7 1965.1 7 1.6 8 14.1 4856.5 1949.1 4.3 20.9 113.3 18.2 28FL613065123Financecompanies 5023.2 1915.4 27FL673065123ABSissuers 1.5 14.3 114.2 4883.9 20.7 2026.0 17.9 4.5 26FL473065125Creditunions 11 2639.2 4775.6 115.5 25FL753065203ForeignbankingofficesinU.S. 1949.1 13.2 1.5 20.5 17.5 24FL763065125U.S.-chartereddepositoryinstitutions 2625.4 1826.0 3 2.5 115.4 23FL893065125Homeequityloansincludedabove(2) 14.1 2615.5 17.2 20.3 1.6 Memo: 17.3 120.1 2581.4 15.3 17.4 2586.0 20.1 113.7 22FL643065105REITs 17.0 4 1.1 2588.1 21FL613065105Financecompanies 115.4 540.9 17.2 19.9 20FL673065105ABSissuers 16.4 2639.2 124.6 538.4 2586.0 17.3 20.9 19FL413065105Agency-andGSE-backedmortgagepools 18.2 2556.9 533.7 18FL403065105Government-sponsoredenterprises 17.1 20.1 17.0 530.8 17FL223065143Stateandlocalgovt.retirementfunds 17.1 16FL573065103Privatepensionfunds 19.3 528.6 15.6 15FL543065105Lifeinsurancecompanies 526.3 17.2 14FL473065100Creditunions 540.9 17.1 13FL743065103BanksinU.S.-affiliatedareas 12FL753065103ForeignbankingofficesinU.S. 528.6 11FL763065105U.S.-chartereddepositoryinstitutions 16.1 513.7 10FL213065103Stateandlocalgovernments 9FL313065105Federalgovernment 8FL113065103Nonfinancialnoncorporatebusiness 7FL103065105Nonfinancialcorporatebusiness 6FL153065103Householdsector 5FL893065105Totalassets 4FL113165105Nonfinancialnoncorporatebusiness 3FL103165105Nonfinancialcorporatebusiness 2FL153165105Householdsector 1FL893065105Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.218 One-to-four-familyResidentialMortgages(1) 6 F23643 tt n oa ot eieetfns21373638373939373616 3.6 3.7 13 11.5 17 364.0 3.9 18 10.7 380.2 360.4 11 3.9 88.3 367.7 10.5 347.2 8 0.5 356.0 338.0 88.0 9.9 3.7 349.3 332.9 12 0.5 88.7 9 9.5 3.8 502.0 342.1 319.7 16.9 89.7 494.9 0.5 328.4 364.0 9.1 3.6 16.6 487.5 89.6 380.2 332.9 0.5 11.5 16.3 3.7 478.0 342.1 307.1 93.3 472.1 0.5 299.1 9.5 16.1 2.1 88.3 467.8 2 15.8 0.5 6.0 78.5 89.6 502.0 21FL643065405REITs 15.3 472.1 76.9 0.5 96.8 20FL613065403Financecompanies 19FL673065405ABSissuers 16.9 444.5 74.8 0.5 18FL413065405Agency-andGSE-backed mortgagepools 15.8 73.6 17FL403065405Government-sponsored enterprises 3 0.5 1491.5 14.5 72.3 16FL223065443Stateandlocalgovt.retirementfunds 1461.4 15FL573065403Privatepensionfunds 1421.7 70.5 14FL543065405Lifeinsurancecompanies 1397.7 78.5 13FL753065403ForeignbankingofficesinU.S. 1374.5 12FL763065403U.S.-chartereddepositoryinstitutions 1340.0 72.3 1491.5 11FL213065403Stateandlocalgovernments 1374.5 10FL313065405Federalgovernment 66.4 1260.7 9FL113065403Nonfinancialnoncorporatebusiness 8FL103065403Nonfinancialcorporatebusiness 7FL153065403Householdsector 6FL893065405Totalassets 5FL123165403REITs 4FL313165403Federalgovernment 3FL113165405Nonfinancialnoncorporatebusiness 2FL103165405Nonfinancialcorporatebusiness 1FL893065405Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.219 MultifamilyResidentialMortgages (2) Loansmadeunderhomeequitylinesofcreditandloanssecuredbyjuniorliens.Excludesheldindividuals. (1) Mortgageson1-4familypropertiesincludingmortgagesfarmhouses. 07. 06. 16. 09. 06. 09. 08. 18. 16. 5 11168.3 11080.1 10981.1 10893.9 2 10861.9 10610.1 10799.3 1 10524.3 11168.3 10430.1 10861.9 11168.3 10345.7 10578.3 11080.1 10316.2 10981.1 10255.9 10893.9 10610.1 10861.9 10316.2 10799.3 10048.5 11168.3 10861.9 10578.3 0721 092018 2019 2018 2017 35517. 53513. 40819. 59716. 5356 1593.5 1560.9 1519.7 1494.6 1470.8 1437.9 1 1593.5 1593.5 1470.8 1560.9 1355.5 1519.7 1494.6 1470.8 1437.9 1593.5 1470.8 1355.5 7. 6. 4. 7. 6. 6. 6. 6. 4. 20 443.3 465.1 463.6 463.1 466.6 14 471.7 572.4 443.3 549.8 466.6 538.9 474.7 527.4 523.0 514.5 572.4 523.0 481.4 1. 3. 4. 3. 3. 4. 4. 4. 4. 14 149.1 146.9 143.5 140.2 135.6 130.4 149.1 135.6 115.1 901. 711. 741. 741. 7128 17.1 26 93.1 17.4 92.4 17.4 92.7 17.8 22 94.5 89.9 17.4 21 85.4 86.2 89.5 18.0 86.9 81.5 87.0 17.1 87.0 75.9 93.1 17.4 88.9 15 72.8 89.5 19.0 33.9 87.1 64.5 84.1 33.7 89.9 94.5 32.8 85.4 72.8 32.4 87.1 9 65.1 29.2 31.5 95.2 29.2 29.9 6 48.7 29.0 33.9 51.3 29.3 31.5 54.0 29.2 25.2 56.6 29.1 59.3 29.2 61.9 29.2 48.7 29.1 59.3 69.9 354. 764. 244. 164. 7619 47.6 43.5 41.6 41.7 42.4 43.1 10 47.6 11.6 42.4 11.6 43.5 8.2 11.9 5 23.5 11.9 22.6 12.0 23.1 11.6 23.4 11.9 24.0 12.2 27.4 23.5 24.0 28.4 ...... 27 6.5 6.2 6.1 6.3 6.0 5.7 16 6.5 0.7 6.0 0.7 6.1 0.7 0.8 0.8 0.8 0.7 0.8 0.9 . . 1675778492981. 21 20 11.6 5.7 9.8 5.8 9.2 5.8 15 8.4 0.8 5.8 7.7 0.9 5.9 7.5 1.0 5.9 11.6 1.0 5.7 7.7 7 1.1 5.9 0.0 6.3 1.2 6.6 0.0 4 0.8 0.0 0.0 1.1 0.0 0.0 1.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 127

Levels Levels 9 F43655 gny n S-akdmrgg ol ...... 19 18 0.0 4.1 0.0 4.1 14 0.0 4.4 9.4 0.0 4.5 9.5 15 13 21.1 67.6 0.0 11 4.2 9.8 20.9 17.7 68.1 0.0 20.9 4.3 9.9 17.6 66.2 0.0 20.8 8 17.7 4.1 10.0 66.2 9 13.4 13.6 20.5 17.9 0.0 10.1 66.4 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 4.2 13.3 13.4 L.221 FarmMortgages(1) 12 19.7 17.9 9.4 64.4 1746.8 0.0 2.3 13.2 13.1 1723.9 21.1 18.7 67.6 10.0 1702.2 13.0 (1) Liabilityofthehouseholdsandnonprofitorganizationssector(tablesL.101B.101). 13.0 20.5 1682.5 17.7 66.4 10.5 1667.2 12.9 22FL643065505REITs 12.7 17.8 2 17.9 69.9 1649.9 21FL613065503Financecompanies 3 289.3 12.8 12.3 1746.8 437.4 19.4 20FL673065505ABSissuers 286.2 1667.2 13.4 426.0 19FL413065505Agency-andGSE-backedmortgagepools 13.6 1608.7 283.1 4 415.5 12.9 18FL223065545Stateandlocalgovt.retirementfunds 12.7 2071.0 280.0 17FL573065505Privatepensionfunds 406.6 2037.4 12.4 276.9 11.7 2001.5 395.1 16FL543065505Lifeinsurancecompanies 273.8 1987.7 15FL513065505Property-casualtyinsurancecompanies 385.1 1964.4 289.3 14FL743065505BanksinU.S.-affiliatedareas 437.4 1941.8 13FL753065503ForeignbankingofficesinU.S. 276.9 2071.0 395.1 12FL763065503U.S.-chartereddepositoryinstitutions 264.6 1964.4 355.9 11FL213065503Stateandlocalgovernments 1879.9 10FL313065505Federalgovernment 9FL113065503Nonfinancialnoncorporatebusiness 8FL103065503Nonfinancialcorporatebusiness 7FL153065505Householdsector 6FL893065505Totalassets 5FL123165503REITs 4FL113165505Nonfinancialnoncorporatebusiness 3FL103165505Nonfinancialcorporatebusiness 2FL163165505Nonprofitorganizations(1) 1FL893065505Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.220 CommercialMortgages 128 4 F43665 gny n S-akdmrgg ol ...... 14 1.1 12 0.0 10 0.2 1.4 0.0 0.2 1.5 13 123.4 0.0 0.2 1.5 121.7 9 6 0.0 96.9 120.2 0.1 1.0 1.5 118.7 95.9 0.0 0.1 1.0 1.6 117.0 94.8 0.0 115.4 0.1 1.0 1.1 93.8 123.4 0.0 2 0.2 0.9 1.5 92.8 117.0 68.0 0.0 111.1 91.7 0.1 0.9 1.7 67.0 3 0.0 96.9 0.1 0.9 188.6 66.1 92.8 186.8 65.1 1.0 88.4 185.1 64.1 (1) Excludesmortgagesonfarmhouses. 0.9 183.3 63.3 14FL413065605Agency-andGSE-backedmortgagepools 181.6 0.9 13FL403065605Government-sponsoredenterprises 180.0 68.0 12FL223065643Stateandlocalgovt.retirementfunds 188.6 64.1 11FL543065633Lifeinsurancecompanies 181.6 10FL753065603ForeignbankingofficesinU.S. 61.1 175.1 9FL763065633U.S.-chartereddepositoryinstitutions 8FL213065603Stateandlocalgovernments 7FL313065605Federalgovernment 6FL113065603Nonfinancialnoncorporatebusiness 5FL153065605Householdsector 4FL893065603Totalassets 3FL233165605Nonfinancialnoncorporatebusiness 2FL183165605Nonfinancialcorporatebusiness 1FL893065603Totalliabilities

Z.1, March12,2020 0721 092018 2019 2018 2017 74123. 95720. 88627. 87324. 9576 2995.7 2948.0 2897.3 2872.1 2838.6 1 2802.8 2995.7 2995.7 2948.0 2838.6 2897.3 2714.1 2872.1 2838.6 2802.8 2995.7 2838.6 2714.1 6. 7. 9. 6. 7. 8. 8. 8. 9. 22 198.6 189.8 20 359.5 185.7 351.1 180.6 337.3 174.5 342.5 16 165.5 412.2 342.8 198.6 405.4 345.1 174.5 395.9 359.5 163.5 391.7 342.8 385.1 327.8 377.0 412.2 385.1 351.4 5 198.0 198.4 197.3 197.8 202.3 202.0 198.0 202.3 213.6 3. 4. 5. 4. 4. 4. 5. 5. 5. 4 256.6 253.9 251.1 1 248.4 256.6 245.7 253.9 243.3 251.1 256.6 248.4 245.7 245.7 236.2 243.3 256.6 245.7 236.2 202. 612. 182. 592. 6121 26.1 26.2 25.9 17 30.3 25.6 29.5 21.8 28.5 22.0 27.9 26.1 27.3 21.8 10 74.1 26.7 22.0 74.1 30.3 75.3 27.3 74.8 24.3 74.2 73.2 74.1 74.2 71.4 501. 661. 591. 631. 6611 16.6 16.4 16.3 5 7.4 16.1 7.5 15.9 15.7 7.8 16.6 8.3 15.9 8.5 15.0 9.1 7.4 8.5 10.7 ...... 7 1.2 1.2 1.2 1.1 1.1 1.1 1.2 1.1 1.1 ...... 8 7 1.1 8.9 1.1 8.6 1.1 8.2 1.1 7.9 1.1 7.9 1.2 7.7 1.1 8.9 1.1 7.9 1.2 7.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

L0060 Gvrmn-pnoe nepie ...... 9 0.0 0.0 0.0 5 0.0 0.0 3 4 0.0 27.8 38.6 0.0 0.0 28.5 38.0 0.0 29.3 0.0 (5) Includesstudentloansbefore2006:Q1. 7 37.8 0.0 financecompanies(partofline11).Databeginin2006:Q1. 1771.0 30.4 (4) Includesstudentloansheldbynonprofitorganizations(line3),thefederalgovernment6),depositoryinstitutions(partoflines7and8), 37.6 0.0 1716.0 (3) Revolvingcreditthatalsoincludesoverdraftplansoncheckingaccountsandotherloanswithoutafixedrepaymentschedule. 0.0 31.4 1684.4 loansthatthegovernmentpurchasedfromdepositoryinstitutions,financecompanies,andnonprofiteducationalindefault. 38.6 0.0 1644.6 (2) IncludesloansoriginatedbytheDepartmentofEducationunderFederalDirectLoanProgramandPerkinsLoans,aswellFamily 32.2 0.0 1682.0 (1) StudentloansoriginatedundertheFederalFamilyEducationLoanProgram.Assetofhouseholdsandnonprofitorganizationssector(tablesL.101B.101). 38.0 1 0.0 1630.8 4190.7 27.8 38.6 15FL153166205Otherconsumercredit(5) 1771.0 4127.6 14FL153166220Studentloans(4) 0.0 31.4 1682.0 4051.6 13FL153166400Autoloans 38.6 1611.8 3999.8 12FL153166100Creditcardloans(3) 35.2 0.0 38.6 4009.7 Memo: 3939.1 4190.7 11FL613066005Financecompanies 4009.7 10FL673066000ABSissuers 9FL403066005Government-sponsoredenterprises 3828.2 8FL473066000Creditunions 7FL763066000U.S.-chartereddepositoryinstitutions 6FL313066220Federalgovernment(2) 5FL113066003Nonfinancialnoncorporatebusiness 4FL103066005Nonfinancialcorporatebusiness 3FL163066223Nonprofitorganizations(1) 2FL153166000Totalassets 1FL153166000Totalliabilities(Households) Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.222 ConsumerCredit 0721 092018 2019 2018 2017 40016. 63215. 58919. 65813. 63214 1643.2 13 1196.1 12 1636.5 1093.2 1189.8 1605.8 1044.1 1171.5 1599.7 1031.2 1159.6 1568.9 1004.8 1152.7 1558.7 1053.5 1144.3 1643.2 1003.7 1196.1 1568.9 1093.2 1152.7 1490.0 1053.5 1112.7 6 1022.1 1319.5 1311.0 1278.3 1269.6 2 1236.3 4190.7 1224.4 4127.6 1319.5 4051.6 1236.3 3999.8 1145.6 4009.7 3939.1 4190.7 4009.7 3828.2 0. 3. 5. 3. 3. 3. 4. 5. 5. 15 258.3 257.3 243.2 235.6 11 234.6 536.8 232.4 535.5 8 258.3 532.9 482.4 234.6 529.0 483.6 203.4 534.0 472.8 532.3 471.6 536.8 469.2 534.0 462.0 541.0 482.4 469.2 418.4 761. 441. 831. 611. 4410 14.4 15.1 16.1 17.1 18.3 19.5 14.4 18.3 37.6 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 129

Levels Levels 3 P03603 ecn hnei o oe ..TtlMre ne 88 70 84 .3-47 34 .006 .233 8.52 0.65 30 3.60 6889.9 6199.3 13.49 6283.2 -14.79 6248.3 17 29 6.63 5460.8 0.0 38490.6 6120.7 35673.4 28.42 19 35603.0 6889.9 0.0 619.2 34307.3 5460.8 -7.04 30455.9 21 591.5 370.4 35753.6 5875.0 0.0 18.89 38490.6 595.0 30455.9 339.4 22 33061.7 2999.5 18 0.0 585.7 341.3 498.0 2783.9 33PC073164013PercentchangeinDowJonesU.S.TotalMarketIndex 537.8 331.0 14 457.2 2807.1 16 0.0 173.2 147.2 613.6 2711.1 292.0 32LM883164135Ccorporations 436.7 160.3 31LM883164133Scorporations 133.9 2531.8 0.0 619.2 348.6 417.4 30LM883164125Closelyheldequityatmarketvalue(7) 2795.4 160.2 135.2 537.8 29LM883164115Publiclytradedequityatmarketvalue(6) 370.4 392.1 2999.5 0.0 155.4 129.5 622.8 2531.8 292.0 Memo: 434.3 12 137.7 109.1 2706.8 0.0 2249.1 324.2 498.0 28LM263064105Restoftheworld(5) 162.6 2082.9 133.1 392.1 0.0 2069.8 27FL503064105Otherfinancialbusiness 173.2 147.2 2005.4 26LM663064103Brokersanddealers 410.6 10 137.7 109.1 54906.4 25LM563064100Exchange-tradedfunds 1783.8 50655.2 24LM553064103Closed-endfunds 151.5 2086.0 127.6 50822.8 23LM653064100Mutualfunds 49276.1 2249.1 6 43913.3 1783.8 22LM223064145Stateandlocalgovt.retirementfunds 50855.2 11491.2 54906.4 21LM343064105Federalgovernmentretirementfunds 1948.3 10665.9 43913.3 20LM573064105Privatepensionfunds 10619.6 48054.8 10131.5 19LM543064105Lifeinsurancecompanies 9248.7 18LM513064105Property-casualtyinsurancecompanies 10474.5 11491.2 17FL753064103ForeignbankingofficesinU.S. 9248.7 16LM763064105U.S.-chartereddepositoryinstitutions 3 1 10035.0 15FL713064103Monetaryauthority 33889.3 54906.4 31206.9 50655.2 14LM213064103Stateandlocalgovernments 31266.6 50822.8 30424.1 13LM313064105Federalgovernment 49276.1 26668.1 12LM103064103Nonfinancialcorporatebusiness 43913.3 31399.8 11LM153064105Householdsector 50855.2 33889.3 54906.4 26668.1 43913.3 10LM893064105Holdingsatmarketvalue 28901.7 48054.8 9LM263164100Restoftheworld(4) 8LM793164123Closelyheld 7LM793164115Publiclytraded(3) 6LM793164105Financialcorporations 5LM103164123Closelyheld 4LM103164113Publiclytraded(2) 3LM103164103Nonfinancialcorporatebusiness 2LM883164105Domesticsectors 1LM893064105Issuesatmarketvalue Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.223 CorporateEquities(1) 130 M1040 Poet-aulyisrnecmais2. 132. 582. 322. 582. 8 11 29.1 5 548.4 9 6 91.5 514.2 1599.7 25.8 61.7 1532.9 86.6 511.8 25.1 1550.6 58.0 496.9 86.2 1527.3 23.2 4 58.3 465.3 1402.7 311.9 83.6 1595.1 21.3 506.8 56.7 298.6 1599.7 75.9 548.4 25.8 1402.7 52.1 300.7 84.3 465.3 1572.3 294.7 29.1 60.1 476.0 91.5 271.0 21.3 2 61.7 305.8 75.9 17659.5 1 24.4 16694.7 52.1 17659.5 311.9 16669.6 16694.7 80.7 16179.6 16669.6 (1) Sharesofopen-end investment companies;excludessharesofmoney marketfundsandexchange-tradedfunds. 271.0 64.8 14669.8 16179.6 16559.7 14669.8 303.1 17659.5 12LM263064203Restoftheworld 16559.7 14669.8 17659.5 15899.0 14669.8 11LM223064205Stateandlocalgovt. retirementfunds 15899.0 10LM573064205Privatepensionfunds 9LM543064205Lifeinsurancecompanies 8LM513064205Property-casualtyinsurance companies 7LM473064205Creditunions 6LM763064203U.S.-chartereddepositoryinstitutions 5LM213064203Stateandlocalgovernments 4LM103064203Nonfinancialcorporatebusiness 3LM153064205Householdsector 2LM653164205Holdingsatmarketvalue 1LM653164205Sharesatmarketvalue Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.224 MutualFundShares(1) (7) Equaltothesumoflines5and8. (6) Equaltothesumoflines4and7. (5) HoldingsofU.S.issuesbyforeignresidents. (4) HoldingsofforeigncorporateequitiesandinvestmentfundsharesbyU.S.residents;includesAmericanDepositaryReceipts(ADRs). (3) Includescorporateequitiesissuedbyfinancialcorporationsunderthefederalstabilizationprograms. (2) Excludesintercorporateholdings. (1) Includessharesofexchange-tradedfunds,closed-endandrealestateinvestmenttrusts.ExcludesmutualfundshownontableL.224.

Z.1, March12,2020 01. 6751808137395. 08. 18. 17. 19. 23 11890.8 11073.5 11184.0 10880.2 9657.5 11367.3 11890.8 9657.5 10819.6 11 21075.5 19339.7 19408.1 18869.3 16655.5 19168.4 21075.5 16655.5 18110.1 4 27654.4 25597.7 25582.3 2 24772.2 45380.5 21729.1 41872.8 25861.9 41886.3 27654.4 40555.6 21729.1 35916.8 23548.7 41874.3 45380.5 35916.8 38936.6 0721 092018 2019 2018 2017 75319. 85511. 66716. 72718. 85532 1845.5 31 5044.4 1685.0 4514.4 1732.7 4550.5 1864.1 4384.2 1696.7 3764.2 1816.2 28 8179.1 4304.5 1845.5 7521.9 5044.4 1696.7 7535.1 3764.2 1785.3 25 7238.9 4089.7 3485.8 6510.6 3150.6 7577.3 3116.6 8179.1 3010.9 6510.6 2669.2 20 7019.4 2911.6 3027.4 2708.6 3485.8 2716.9 2669.2 2647.5 2775.6 2364.2 2780.6 2911.6 2364.2 2713.0 9 9525.9 8782.4 8936.5 7 8720.6 10836.2 5 7996.5 10075.8 6234.9 8980.9 10020.7 9535.1 5609.2 9525.9 8726.8 5684.3 7996.5 9891.6 5651.9 9118.1 10836.2 4939.0 8726.8 5537.9 9513.0 6234.9 4939.0 5353.0 82031. 31344. 69138. 09548. 31310 4301.3 4083.5 4099.5 3982.7 3619.1 4046.6 4301.3 3 3619.1 9682.9 3892.0 9104.2 9026.9 8806.7 7960.8 9088.1 9682.9 7960.8 8654.7 8. 4. 6. 2. 4. 5. 8. 7. 6. 26 166.7 24 107.2 175.5 103.0 180.1 103.6 158.8 101.9 147.7 91.2 221.5 105.8 166.7 107.2 147.7 91.2 182.7 109.3 8 655.0 590.2 598.9 596.4 521.9 582.9 655.0 521.9 521.9 2. 9. 09784679094810. 8. 09712 1029.7 987.6 1007.2 904.8 799.0 844.6 1029.7 799.0 828.7 323. 323. 323. 323. 3213 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 ...... 27 0.0 0.0 0.0 0.0 0.0 0.0 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ...... 7 3.3 3.2 3.3 3.0 2.5 2.4 3.3 2.5 2.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F23703 tt n oa oenet 1. 2. 3. 2. 2. 2. 3. 3. 3. 16 238.6 17 195.7 236.2 193.6 232.2 14 195.9 228.3 12 927.3 259.5 190.1 227.7 910.9 258.3 186.1 226.0 13 893.6 257.1 3330.4 187.6 238.6 3363.6 881.6 255.9 3363.2 195.7 227.7 866.4 254.7 7 3297.4 186.1 212.1 838.2 78.5 3257.2 253.7 168.2 3327.2 927.3 259.5 78.3 3330.4 866.4 254.7 3257.2 6 78.0 21FL903070005Discrepancy 795.2 1052.1 3114.0 250.5 20LM263070005Restoftheworld 77.1 1039.3 4 2 1026.7 822.1 390.9 19FL673070003ABSissuers 76.8 1014.1 18FL543070005Lifeinsurancecompanies 803.4 387.6 1001.8 3 17FL513070005Property-casualtyinsurancecompanies 74.6 778.4 384.3 2586.5 989.7 16FL213070003Stateandlocalgovernments 78.5 2571.1 764.9 381.1 1052.1 15FL313070000Federalgovernment 2539.3 1001.8 745.4 76.8 377.8 2496.6 14FL113070003Nonfinancialnoncorporatebusiness 953.8 712.8 374.5 2507.3 13FL103070005Nonfinancialcorporatebusiness 68.4 2515.4 822.1 390.9 12FL163070005Nonprofitorganizations(1) 2586.5 745.4 377.8 2507.3 11FL893070005Totaltradereceivables 660.1 364.4 2369.7 10LM263170005Restoftheworld 9FL663170003Brokersanddealers 8FL543170005Lifeinsurancecompanies 7FL513170005Property-casualtyinsurancecompanies 6FL213170003Stateandlocalgovernments 5FL313170005Federalgovernment 4FL113170005Nonfinancialnoncorporatebusiness 3FL103170005Nonfinancialcorporatebusiness 2FL163170005Nonprofitorganizations(1) 1FL893170005Totaltradepayables Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.225 TradeCredit L6000 US-hree eoioyisiuin 6. 7. 7. 7. 7. 7. 7. 7. 7. 7 178.7 176.9 175.5 3 173.4 2162.5 172.1 2117.9 171.7 2093.8 2071.3 178.7 2035.2 172.1 2054.2 168.2 2162.5 2035.2 2008.8 10FL543141905Restoftheworld 9FL733040005Holdingcompanies 8FL543040005Lifeinsurancecompanies 7FL763040005U.S.-chartereddepositoryinstitutions 6FL153040005Householdsector 5FL893140005Totalassets 4FL263140005Restoftheworld 3FL543140005Lifeinsurancecompanies 2FL313140003Federalgovernment 1FL893140005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.226 LifeInsuranceReserves (1) Includedinthehouseholdsandnonprofitorganizationssector(tablesL.101B.101). 0721 092018 2019 2018 2017 00153. 54756. 35650. 45151. 54711 5504.7 5516.4 5495.1 5405.1 5335.6 5367.9 5504.7 5335.6 5040.1 1 5540.9 5509.8 5427.0 5350.9 5321.6 5288.6 5540.9 5321.6 5019.3 66615. 76417. 69119. 79812. 7646 1766.4 5 1729.1 2287.3 1709.8 2238.5 1692.1 2213.0 1659.1 2190.1 1675.9 1 2153.1 1766.4 2287.3 2179.9 1659.1 2238.5 2287.3 1626.6 2213.0 2153.1 2190.1 2158.0 2153.1 2179.9 2287.3 2153.1 2158.0 0. 3. 3. 2. 3. 4. 4. 4. 3. 20 337.4 340.5 18 106.2 340.1 104.4 340.6 103.0 332.7 102.1 329.2 101.5 337.4 101.7 332.7 106.2 300.4 101.5 102.2 8 193.6 191.8 5 189.2 337.6 187.6 341.1 186.3 338.9 182.6 337.1 193.6 329.8 186.3 328.2 171.2 337.6 329.8 309.7 8. 5. 6. 5. 5. 5. 5. 5. 6. 8 265.4 257.7 254.2 252.0 250.4 259.5 265.4 250.4 286.6 2. 1. 63-93-40-42-81-. 6321 36.3 -6.6 -68.1 -54.2 -14.0 -79.3 36.3 -14.0 -20.8 253. 463. 393. 293. 4619 34.6 32.5 32.9 15 75.0 33.3 76.4 33.9 76.9 31.7 75.8 34.6 10 75.4 63.9 33.9 9 72.7 15.8 81.7 32.5 75.0 15.5 77.1 75.4 15.0 77.6 65.0 14.9 79.4 16.8 77.1 33.9 63.9 15.8 79.4 16.8 77.4 44.6 971. 181. 041. 061. 1810 9 11.8 65.0 10.7 64.0 10.6 63.0 10.5 4 62.0 72.6 10.4 2 61.0 52.2 68.5 12.8 60.0 52.1 67.6 11.8 65.0 51.7 67.0 10.4 61.0 51.8 66.6 19.7 57.0 51.3 74.5 51.2 72.6 52.2 66.6 51.3 98.1 51.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 131

Levels Levels 4 L53353 ieisrnecmais670600N 6. 4. 6. 8. 8. D14 17 ND ND 686.0 4298.2 680.0 4197.1 12 4071.3 667.0 ND 3714.5 640.0 4003.0 437.5 667.0 ND 466.6 ND 11 464.5 ND 3714.5 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 3847.3 640.0 490.2 L.228 TaxesPayablebyBusinesses 9810.0 647.0 469.6 9715.0 9441.0 ND 8715.0 inthelifeinsurancesector(line14)andexcludedfrommoneymarketfundmutualsectors(lines1516). (5) Assetofthehouseholdandnonprofitorganizationssector(tablesL.101B.101).Figuresfordepositories(lines1213)includeKeoghaccounts.VariableannuitiesinIRAsareincluded 490.2 9460.0 (4) Excludesallindividualretirementaccounts(IRAs),exceptthoseatlifeinsurancecompanies. ND 469.2 (3) IncludestheThriftSavingsPlan,NationalRailroadRetirementInvestmentTrust,andotherfederalgovernmentretirementfunds. 5 (2) Includesunallocatedinsurancecompanycontractsbeginning1985:Q4. 8715.0 9401.2 (1) Annuities,includingthoseinIRAs. 2 3 9105.0 4 9303.1 3656.0 10919.6 4149.5 17LM153131575Otherself-directedaccounts 10547.7 9228.4 3509.6 10499.2 16LM653131573Mutualfunds 4100.0 9146.8 3479.5 10294.8 15FL633131573Moneymarketfunds 4075.9 9727.5 9049.4 3415.8 14LM543131503Lifeinsurancecompanies 4040.4 10325.5 13FL473131573Creditunions 9001.3 3277.4 10919.6 3979.1 12FL763131573U.S.-chartereddepositoryinstitutions 9401.2 3417.5 9727.5 11LM893131573IndividualRetirementAccounts(IRAs):(5) 4010.0 9049.4 3656.0 9997.7 4149.5 8763.2 3277.4 Memo: 3979.1 3328.8 3906.3 10FL543151905Restoftheworld 9FL543050005Lifeinsurancecompanies 8FL153050005Households(4) 7FL893150005Totalassets 6FL263150005Restoftheworld 5FL224190005Stateandlocalgovt.retirementfunds 4FL344090005Federalgovernmentretirementfunds(3) 3FL574190005Privatepensionfunds(2) 2FL543150005Lifeinsurancecompanies(1) 1FL893150005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.227 PensionEntitlements 132 M5000 Ttlhueodeut 26. 23. 34. 28. 23. 24. 35. 39. 34. 1 13541.9 13492.3 2 13255.7 13458.4 12946.5 13411.7 12732.0 13177.3 12586.4 11 12868.1 13541.9 170.4 12653.8 12732.0 12507.7 12169.4 169.1 13458.4 12653.8 9 166.8 12100.7 272.0 165.1 297.9 163.2 329.6 5 159.5 11.6 396.0 170.4 369.8 11.4 163.2 3LM662090003Brokersanddealers 386.2 4 2LM112090205Nonfinancialnoncorporatebusiness 12.3 153.7 124.8 272.0 2 3 1LM152090205Totalhouseholdequity 13.6 236.7 119.1 157.6 369.8 240.7 108.9 12.6 155.5 353.8 Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted 1 241.9 105.5 153.2 L.229 Proprietors’EquityinNoncorporateBusiness 564.7 11.9 272.8 109.7 151.6 563.1 11.6 263.1 98.5 149.6 553.6 12.6 263.9 145.8 124.8 12FL903078005Discrepancy 582.5 236.7 13.3 157.6 109.7 572.4 11FL213078005Stateandlocalgovernments 263.1 10FL313078000Federalgovernment 149.6 104.3 559.0 277.2 140.2 9FL893078005Totalbusinesstaxesreceivable 564.7 572.4 8FL663178005Brokersanddealers 7FL613178005Financecompanies 577.8 6FL543178075Lifeinsurancecompanies 5FL513178005Property-casualtyinsurancecompanies 4FL763178003U.S.-chartereddepositoryinstitutions 3FL113178003Nonfinancialnoncorporatebusiness 2FL103178005Nonfinancialcorporatebusiness 1FL893178005Totaltaxespayablebyallbusinesses

Z.1, March12,2020 51. 50. 79. 63. 50. 66. 75. 72. 79. 8 27995.6 27327.0 7 27151.6 28202.2 26767.5 27540.5 25904.2 27361.9 26638.1 26976.0 27995.6 26110.9 25904.2 26817.1 25919.1 28202.2 26110.9 26014.9 1 28202.2 27540.5 27361.9 26976.0 26110.9 26817.1 28202.2 26110.9 26014.9 0721 092018 2019 2018 2017 83032. D40. 57039. 02040. D16 ND 4007.0 4012.0 3893.0 3527.0 4002.0 ND 3527.0 3823.0 4. 6. D200250260290300N 15 ND 300.0 279.0 266.0 265.0 240.0 ND 265.0 240.0 2. 0. 9. 7. 0. 8. 2. 6. 9. 12 292.7 265.1 10 101.6 224.0 128.9 186.5 162.8 202.6 230.8 172.9 206.7 292.7 226.7 202.6 101.6 224.0 206.7 200.1 847. D7. 837. 028. D13 ND 81.3 80.2 79.2 78.3 9 78.4 191.6 6 197.6 75.9 ND 194.7 80.0 78.3 193.0 78.9 78.4 191.4 78.2 166.4 191.6 77.5 191.4 62.8 91.4 75.9 77.5 18.9 877. 357. 827. 848. 353 83.5 80.6 78.4 78.4 78.2 78.7 83.5 78.2 68.7 6 8 6.5 7 12.7 14.8 14.3 7.0 15.1 14.6 7.2 15.5 14.8 8.1 16.1 14.1 15.9 7.5 14.1 15.7 9.0 12.7 14.8 14.1 6.5 15.9 13.6 7.5 18.9 10.4 . 541. 261. 551. 581. 10 15.1 15.8 15.6 15.5 15.4 12.6 15.1 15.4 4.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

4 L23933 ..prns iblte ln )66661070766261062665965770734 710.7 47FL263092303Intercompanydebt 685.7 46FL263092151Equity 45FL263092055Historicalcost 35 685.9 1105.4 31 30 29 44LM263092303Intercompanydebt 9968.4 1098.7 652.6 437.0 882.8 43LM263092161Equity 9919.2 1097.8 611.0 439.8 848.3 42LM263092061Currentcost 9831.1 1091.3 656.2 437.4 860.3 9470.1 1075.0 ForeigndirectinvestmentinU.S.: 26 8406.5 8483.3 1095.0 710.7 440.0 835.5 41FL263192305Intercompanydebt 8368.1 9605.6 1105.4 611.0 440.2 879.8 20 40FL263192151Equity 8439.4 9968.4 1075.0 0.0 39FL263192055Historicalcost 646.6 425.7 887.5 8153.2 8483.3 1146.0 23 7503.9 8925.5 668.4 38LM263192305Intercompanydebt 437.0 882.8 0.0 25 37LM263192161Equity 8488.7 437.0 658.9 440.2 879.8 36LM263192065Currentcost 8406.5 0.0 439.8 660.5 434.7 829.4 7503.9 19 U.S.directinvestmentabroad: 24 437.4 8910.0 181.0 651.4 1105.4 18 0.0 21 183.1 17 8820.7 Alternativevaluationsofdirectinvestmentassets: 1098.7 440.0 178.8 634.8 129.0 8793.7 1097.8 180.4 0.0 440.2 188.1 669.3 35LM263092323U.S.affiliates’liabilities(line24) 127.8 8707.8 1091.3 16 165.5 34LM263092313U.S.parents’liabilities(line5) 425.7 8377.6 183.9 161.8 668.4 1075.0 126.2 0.0 33LM263092345Intercompanydebt 153.2 7432.1 32LM263092101Equity(line22) 1095.0 437.0 179.2 158.9 634.8 121.3 13 8523.7 31LM263092035Directinvestmentliabilities 1105.4 123.5 33.7 0.0 440.2 14 184.7 151.2 711.4 111.5 8820.7 1075.0 358.3 196.7 30LM263192323U.S.affiliates’claims(line25) 434.7 15 33.5 7432.1 181.0 147.4 1146.0 137.5 9 0.0 11 29LM263192313U.S.parents’claims(line4) 270.4 361.1 183.1 7844.2 296.7 10 67.5 28LM263192345Intercompanydebt 179.2 128.9 129.0 33.2 307.0 271.1 360.4 27LM263192101Equity(line2) 123.5 295.7 0.0 189.8 164.7 26LM263192035Directinvestmentassets 111.5 67.7 303.2 268.8 353.7 32.1 12 180.1 299.0 7503.3 161.8 124.7 298.3 Directinvestment,asset/liabilitypresentation: 264.5 67.4 318.1 28.3 7482.1 283.8 128.9 285.9 240.4 364.2 7414.3 Memo: 66.8 252.6 32.1 153.6 7121.6 257.4 287.8 358.3 4 280.3 8 25LM263192323Less:U.S.affiliates’claims 59.8 6302.2 7 33.7 882.8 314.9 3 270.4 318.1 24LM263092323U.S.affiliates’liabilities 144.7 5 7156.0 278.2 296.7 172.1 23LM263092303Intercompanydebt 67.5 848.3 307.0 710.7 240.4 348.9 28.3 7503.3 145.3 22LM263092101Equity 280.6 252.6 6 162.6 860.3 6302.2 257.4 21LM263092001Asset:Restoftheworld(1) 685.7 266.0 67.5 146.7 6164.8 28.2 285.4 302.5 6552.9 174.4 1 835.5 320.8 6150.1 685.9 141.8 20FL503192003Otherfinancialbusiness 59.8 277.6 7258.8 182.9 6219.4 19LM733192003Holdingcompanies 879.8 652.6 126.8 7242.7 18LM663192005Brokersanddealers 252.8 6004.8 81.9 268.8 887.5 17LM613192003Financecompanies 7316.1 611.0 152.8 5503.4 292.0 16LM543192073Lifeinsurancecompanies 231.2 7060.6 882.8 6299.3 656.2 144.7 15LM513192003Property-casualtyinsurancecompanies 278.2 6452.7 172.1 6164.8 14LM753192003ForeignbankingofficesinU.S. 879.8 710.7 126.8 7406.8 13LM115114005Nonfinancialnoncorporatebusiness 252.8 5503.4 268.8 829.4 7258.8 12LM103192005Liab.:Nonfinancialcorporatebusiness 611.0 146.0 6684.0 293.6 182.9 6452.7 646.6 ForeigndirectinvestmentinU.S.: 7828.7 11LM663092003Brokersanddealers 10LM613092003Financecompanies 9LM543092073Lifeinsurancecompanies 8LM513092003Property-casualtyinsurancecompanies 7LM763092000U.S.-chartereddepositoryinstitutions 6LM103092005Asset:Nonfinancialcorporatebusiness 5LM263092313Less:U.S.parents’liabilities 4LM263192313U.S.parents’claims 3LM263192305Intercompanydebt(2) 2LM263192101Equity 1LM263192005Liab.:Restoftheworld(1) U.S.directinvestmentabroad: Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.230 DirectInvestment (2) Through1992:Q4,U.S.directinvestmentabroad excludesnetinflowsfromcorporatebondsissuedbyNetherlandsAntilleanfinancialsubsidiaries. (1) Directinvestmentisvaluedonamarketvalue basisandpresentedonadirectionalbasis. 0721 092018 2019 2018 2017 34130. 83031. 79839. 85339. 83046 3893.0 45 4561.4 3893.0 4551.9 3875.3 43 4535.7 3797.8 4578.0 42 4449.2 3709.8 5246.5 4560.5 4344.6 3615.2 5219.5 4542.4 4284.5 3893.0 5202.8 4461.9 4561.4 3709.8 5113.3 4367.0 40 4344.6 3314.1 5001.9 5787.5 4256.7 39 4025.5 5959.5 4926.0 5787.5 4578.0 5950.1 5246.5 5769.0 4367.0 37 5943.4 5001.9 5748.8 3913.5 6545.1 36 5931.7 4624.8 5682.2 6717.1 6488.4 5951.0 5669.1 6651.0 6467.9 5900.3 5787.5 6642.2 6446.4 5959.5 5682.2 6629.3 6380.3 5951.0 5830.5 6649.1 6369.6 6013.3 6600.9 6545.1 6717.1 33 6380.3 1816.1 32 6649.1 6525.5 8152.3 1784.4 6708.4 8134.8 1783.8 8047.3 1743.9 7726.2 1686.1 28 6797.3 1319.7 1751.2 27 7086.8 7854.4 1288.1 1816.1 7080.1 8152.3 1297.7 1686.1 7141.7 6797.3 1275.5 1792.6 6877.7 7132.8 1320.0 6183.9 1313.2 7175.5 1319.7 7086.8 1320.0 6183.9 1264.1 22 7645.9 8152.3 8134.8 8047.3 7726.2 6797.3 7854.4 8152.3 6797.3 7132.8 2 7086.8 7080.1 7141.7 6877.7 6183.9 7175.5 7086.8 6183.9 7645.9 1. 3. 6. 6. 3. 5. 6. 5. 6. 47 668.4 658.9 44 660.5 668.4 651.4 658.9 634.8 660.5 669.3 651.4 41 668.4 172.1 634.8 634.8 162.6 669.3 711.4 38 174.4 668.4 172.1 182.9 634.8 162.6 268.8 711.4 174.4 231.2 182.9 172.1 268.8 268.8 231.2 182.9 172.1 268.8 182.9 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 133

Levels Levels 0 F43905 oenetsosrdetrrss1109. 2. 0. 5312915515317140 127.1 135.3 115.5 102.9 95.3 30 101.0 17.0 29 127.1 36 79.7 21.7 4562.6 35 95.3 1585.9 32 4727.3 83.0 26 517.8 19.9 1663.6 48FL903090005Discrepancy 67.3 4674.9 111.0 1778.9 503.5 91.9 4716.7 24.9 47FL263076005Restoftheworld 83.9 1683.3 4884.3 494.2 28 89.5 1624.4 28.5 4557.9 46FL503094505Otherfinancialbusiness 448.0 86.8 487.0 1691.1 45FL733090005Holdingcompanies 4562.6 74.4 450.6 27.9 44FL663090005Brokersanddealers 1585.9 493.3 72.4 4884.3 1624.4 434.9 90.3 4434.1 481.7 43FL643090005REITs 17.0 59.8 1675.7 419.7 42FL613090005Financecompanies 517.8 79.7 41FL673090543ABSissuers 28.5 37.9 505.7 40FL403093005Government-sponsoredenterprises 493.3 74.4 27.1 23 498.9 24 67.3 470.9 39LM563093003Exchange-tradedfunds 5728.6 4707.8 96.6 448.0 38FL653093005Mutualfunds 5523.0 4630.3 59.8 37FL633093005Moneymarketfunds 5387.9 505.7 4547.8 5598.1 65.8 4492.2 36FL223090005Stateandlocalgovt.retirementfunds 460.6 5673.7 35FL343073045Federalgovernmentretirementfunds 4420.7 34FL573090005Privatepensionfunds 10 4348.2 4278.2 3.0 5728.6 4707.8 33FL543090005Lifeinsurancecompanies 5673.7 4420.7 32FL513090005Property-casualtyinsurancecompanies 3.2 14 3753.4 4082.3 116.7 31FL473090005Creditunions 117.6 3.2 30FL743093005BanksinU.S.-affiliatedareas 13 1648.2 29FL753093005ForeignbankingofficesinU.S. 113.2 28FL763090005U.S.-chartereddepositoryinstitutions 1606.9 3.2 9 27FL713090005Monetaryauthority 112.1 1565.6 205.6 1533.1 111.9 3.2 26FL213093003Stateandlocalgovernments 12 227.4 1488.3 25FL313090005Federalgovernment 1599.0 111.5 1530.9 3.2 235.4 1580.4 24FL113090005Nonfinancialnoncorporatebusiness 116.7 1648.2 1561.9 245.2 23FL103090005Nonfinancialcorporatebusiness 1488.3 6 8 111.9 3.0 22FL153090005Householdsector 1534.0 216.0 4087.8 1503.4 3263.6 1517.6 110.5 4262.1 3254.8 21FL893090005Totalassets 3.2 231.9 1530.8 4213.2 3270.2 1599.0 205.6 20FL263190005Restoftheworld 4267.4 3177.5 4.1 3 1517.6 4 216.0 4446.2 3077.7 19FL503190005Otherfinancialbusiness 7774.0 1475.4 1867.2 4111.8 3063.8 18FL733193005Holdingcompanies 190.8 7661.5 1835.9 17FL663190005Brokersanddealers 4087.8 3263.6 7527.6 1803.2 4446.2 3077.7 7426.0 1778.2 16FL643193005REITs 4017.4 3108.6 6819.5 15FL613190005Financecompanies 1748.6 14FL403190005Government-sponsoredenterprises 6770.4 1707.6 7774.0 1867.2 13FL543190005Lifeinsurancecompanies 6819.5 1748.6 12FL513190005Property-casualtyinsurancecompanies 7058.9 1645.2 11FL473193005Creditunions 10FL743193005BanksinU.S.-affiliatedareas 9FL753190005ForeignbankingofficesinU.S. 8FL763190005U.S.-chartereddepositoryinstitutions 7FL713190005Monetaryauthority 6FL223073045Stateandlocalgovernments 5FL313190005Federalgovernment 4FL113193003Nonfinancialnoncorporatebusiness 3FL103190005Nonfinancialcorporatebusiness 2FL543077073Householdsector 1FL893190005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.231 TotalMiscellaneousFinancialClaims 134

Z.1, March12,2020 48. 74. 80. 53. 74. 76. 74. 76. 80. 21 28006.4 27965.4 27743.2 27769.6 27946.9 25930.9 28006.4 27946.9 24880.8 1 24230.7 24256.1 24153.0 23860.9 23063.5 22812.2 24230.7 23063.5 22822.9 25. 48. 37. 31. 48. 30. 39. 30. 37. 48 -3775.8 -3709.2 -3590.2 -3908.7 -4883.4 -3118.7 -3775.8 -4883.4 -2058.0 0721 092018 2019 2018 2017 52036. 63731. 55432. 78339. 63745 3693.7 3691.3 3718.3 3629.0 3565.4 3518.9 3693.7 3565.4 3592.0 34 1636.0 1713.9 1714.6 1777.3 1941.9 1732.9 1636.0 1941.9 1719.6 22 1275.3 1257.5 1254.1 1246.0 1245.1 1225.6 1275.3 1245.1 1193.0 5 1901.1 1962.2 2076.4 1980.4 1925.3 1978.4 1901.1 1925.3 1963.0 4. 3. 6. 3. 3. 6. 2. 5. 6. 46 869.8 44 852.0 660.9 43 828.6 689.9 192.9 861.1 687.0 186.7 830.7 682.1 190.1 831.9 697.8 205.8 38 869.8 272.5 711.1 205.3 830.7 297.3 660.9 203.1 749.6 313.9 697.8 192.9 305.7 678.7 205.3 33 225.7 811.5 180.5 258.2 702.0 272.5 664.5 225.7 637.9 293.1 27 635.3 150.0 634.8 148.6 25 811.5 219.0 153.7 635.3 218.4 159.0 587.3 217.0 167.4 214.0 168.2 212.0 150.0 20 278.9 208.8 167.4 19 305.4 219.0 511.8 196.5 17 300.5 212.0 507.6 387.7 295.5 16 197.0 561.0 347.7 146.9 15 273.5 577.1 272.9 356.9 144.8 262.1 546.5 278.5 359.2 137.7 278.9 572.5 289.0 340.0 151.0 273.5 511.8 282.8 380.6 117.6 254.7 546.5 278.1 387.7 121.8 7 535.0 277.8 340.0 146.9 104.6 272.9 353.2 117.6 103.4 278.1 101.5 91.7 342.9 96.4 114.1 115.1 104.6 114.1 129.6 2. 1. . 1. 1. 1. 1. . . 18 4.7 0.7 -10.2 -14.2 -13.7 -13.7 4.7 -13.7 -22.7 015. 025. 925. 016. 0247 60.2 60.4 60.1 59.4 42 43.1 41 90.8 59.2 47.5 88.7 39 56.8 84.9 47.4 87.7 60.2 84.1 46.1 89.1 59.2 71.3 54.8 85.7 50.1 67.8 25.9 87.6 65.9 43.1 90.8 31 63.4 54.8 93.6 85.7 84.9 28.6 94.1 82.7 65.9 92.5 68.9 93.7 86.5 83.6 93.6 86.5 79.0 11 20.4 19.5 20.7 19.6 18.3 2 19.4 36.7 20.4 36.6 18.3 35.7 18.3 36.4 35.0 36.2 36.7 35.0 33.1 . . 05728188961. 0537 10.5 10.7 9.6 8.8 8.1 7.2 10.5 8.1 6.6 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

7 L53935 ib: te iaca uies00000000000000000027 0.0 0.0 0.0 0.0 0.0 26 25 869.8 750.3 0.0 852.0 733.3 828.6 0.0 706.2 24 119.5 861.1 722.6 0.0 118.7 830.7 707.6 122.4 831.9 0.0 706.8 23 111.4 138.5 869.8 17 750.3 0.0 112.1 123.1 830.7 707.6 19 112.7 125.1 749.6 5.9 21 987.3 669.9 3655.1 114.7 119.5 16 988.4 3635.7 6.1 5.7 113.2 123.1 3650.3 995.6 118.9 3560.7 79.7 6.7 5.2 976.1 29LM313094303Federalgovernment 3496.5 14 111.4 0.5 28LM153094305Asset:Households(1) 951.9 12 3449.5 6.8 4.8 5.5 27LM503194305Liab.:Otherfinancialbusiness 113.2 3655.1 965.0 0.5 110.7 3496.5 6.3 EquityinvestmentunderPublic-PrivateInv.Program: 15.2 987.3 5.0 3513.9 0.5 951.9 26FL503094505Asset:Otherfinancialbusiness 0.0 6.0 11 4.7 15 0.2 975.9 2634.5 25FL663194505Brokersanddealers 0.5 4.8 5.9 24FL753194503Liab.:ForeignbankingofficesinU.S. 7 2574.1 4.7 0.2 12.7 2584.4 0.5 Otherfinancialbusinesses’investmentinaffiliates: 15.8 6.1 9 2517.4 4.7 6 0.2 12.7 5 25.1 2500.5 23FL103094105Asset:Nonfinancialcorporatebusiness 1.3 0.5 49.4 6.0 22FL103094105Liab.:Financecompanies 2438.1 4.6 12.6 25.6 0.2 2634.5 1.3 0.5 49.2 NFCinvestmentinfinancecompanyaffiliates: 4.8 12.4 2500.5 27.3 5.5 0.2 4 50.6 2495.7 1.3 0.5 21FL733094705Asset:Holdingcompanies 12.5 26.4 31.7 4.7 0.2 49.6 20FL263194735Restoftheworld 1.3 0.5 12.5 29.1 32.5 19FL663194735Brokersanddealers 4.2 52.2 18FL613194733Financecompanies 0.2 12.7 28.1 32.4 1.2 17FL543194733Lifeinsurancecompanies 51.1 16FL513194733Property-casualtyinsurancecompanies 0.2 12.5 25.1 32.5 15FL763194735Liab.:U.S.-chartereddepositoryinstitutions 1.2 49.4 12.3 29.1 32.3 Holdingcompanynettransactionswithaffiliates: 0.2 1.3 52.2 28.5 32.3 14FL643092473Realestateinvestmenttrusts(FHLB) 51.1 13FL613092403Financecompanies 1.2 31.7 12FL543092473Lifeinsurancecompanies(FHLB) 11FL513092403Property-casualtyinsurancecompanies(FHLB) 1.2 32.3 10FL473092403Creditunions(FHLB) 9FL763092405U.S.-chartereddepositoryinstitutions(FHLB) 8FL313092403Federalgovernment 31.4 7FL113092405Nonfinancialnoncorporate(FCS) 6FL103092405Asset:Nonfin.corporatebusiness(FannieMaeandFCS) 5FL403192405Liab.:Government-sponsoredenterprises Equityingovernment-sponsoredenterprises: 4FL713164003Asset:U.S.-chartereddepositoryinstitutions 3FL713164003Liab.:Monetaryauthority FederalReserveBankstock: 2FL313092803Asset:Federalgovernment 1FL313092803Liab.:Restoftheworld FederalgovernmentequityinIBRD,etc.: Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.232 IdentifiedMiscellaneousFinancialClaims-PartI (1) FundsinvestedbyfinancialinstitutionssuchasdomestichedgefundsthroughthePublic-PrivateInvestmentProgram(PPIP). 0721 092018 2019 2018 2017 1. 1. 1. 1. 1. 1. 1. 1. 1. 22 111.4 112.1 112.7 114.7 113.2 118.9 111.4 113.2 110.7 841. 021. 501. 241. 0218 10.2 11.9 12.4 13.0 15.0 14.0 10.2 15.0 28.4 3 31.7 32.5 2 1 70.7 32.4 70.7 70.7 32.5 70.7 70.7 32.3 70.7 69.4 32.3 69.4 69.4 31.7 69.4 69.4 32.3 69.4 70.7 31.4 70.7 69.4 69.4 68.1 68.1 661. 711. 834. 554. 7120 17.1 48.7 45.5 42.6 18.3 11.3 17.1 18.3 -6.6 ...... 29 0.0 28 0.0 0.0 0.0 0.0 0.0 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 0.1 10 0.1 3.9 8 0.0 0.0 3.8 0.0 0.0 3.9 0.0 0.0 3.8 0.1 0.0 4.0 0.1 0.0 3.9 0.0 0.0 3.9 0.2 0.0 4.0 0.0 4.1 0.0 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 135

Levels Levels 5 F53705 se: rvt eso ud 9. 6. 582884532251301844. 35 45.8 158.4 183.0 262.5 33 32 465.3 1585.9 37 45.8 4087.8 36 34 1663.6 238.8 1585.9 4087.8 4262.1 158.4 1778.9 30 1663.6 4262.1 4213.2 45.8 315.4 1683.3 183.0 1778.9 4213.2 4267.4 1624.4 298.8 465.3 1683.3 4267.4 29 262.5 4446.2 1691.1 685.5 1624.4 4446.2 297.6 4111.8 294.6 465.3 1585.9 1691.1 4111.8 28 716.6 4087.8 297.3 1624.4 685.5 238.8 1585.9 4087.8 4446.2 707.7 1675.7 301.0 716.6 1624.4 4446.2 4017.4 45.8 27 699.0 1675.7 4017.4 287.3 707.7 146.8 465.3 683.8 315.4 699.0 141.8 294.6 703.7 301.0 683.8 137.6 26 685.5 146.8 287.1 703.7 135.0 24 683.8 37FL223073045Stateandlocal govt.retirementfunds 141.8 577.0 685.5 131.5 36FL343073045Federalgovernment retirementfunds 702.7 23 137.6 561.2 35FL573073005Asset:Privatepension funds 683.8 129.4 736.1 135.0 562.8 702.7 146.8 34FL223073045Stateandlocalgovernments 716.3 33FL343073045Federalgovernment 131.5 561.5 131.5 717.0 25 32FL573073005Liab.:Nonfinancialcorporatebusiness 129.4 159.1 537.5 119.3 713.0 Claimsofpensionfundonsponsor: 146.8 155.1 570.7 686.4 131.5 154.2 577.0 31FL313195105Asset:Householdsector 718.3 19 30FL313195105Liab.:Federalgovernment(3) 20 21 119.3 151.4 537.5 391.7 128.8 317.2 736.1 Retireehealthcarefunds: 15 148.9 559.6 386.2 126.0 314.0 76.7 686.4 147.6 383.9 29FL663097005Asset:Brokersanddealers 123.6 312.7 698.4 76.2 28FL663097005Liab.:Otherfinancialbusiness 159.1 378.7 120.7 309.0 75.5 Securitiesborrowed(net): 148.9 377.1 118.9 308.1 138.8 377.6 74.9 27FL573074005Asset:Privatepensionfunds 120.2 305.8 12 16 26FL573074005Liab.:Nonfinancialcorporatebusiness 11 420.8 391.7 1329.1 128.8 317.2 36.7 74.3 1319.0 420.0 Pensionfundcontributionspayable: 377.1 118.9 308.1 36.6 1313.6 73.4 417.1 365.6 120.3 299.4 25FL223095505Stateandlocalgovernmentretirementfunds 1297.9 35.7 76.7 24FL573095005Asset:Privatepensionfunds 414.0 1294.2 23FL593095005Liab.:Lifeinsurancecompanies 1291.5 8 408.7 36.4 74.3 1329.1 90.8 Unallocatedinsurancecompanycontracts: 401.8 35.0 1294.2 69.8 88.7 22FL263076005Restoftheworld 420.8 1250.2 36.2 21FL513076005Property-casualtyinsurancecompanies 7 6 408.7 87.7 20FL113076005Nonfinancialnoncorporatebusiness 12.9 12.9 19FL103076005Nonfinancialcorporatebusiness 36.7 382.4 89.1 18FL153076005Asset:Householdsector 10.8 10.8 35.0 3 85.7 17FL263176005Restoftheworld 8.9 8.9 3.7 16FL513176005Liab.:Property-casualtyinsurancecompanies 33.1 87.6 8.3 8.3 Policypayables: 1.0 90.8 15FL543095105Lifeinsurancecompanies 7.6 7.6 0.0 14FL153095105Asset:Householdsector 85.7 8.2 8.2 13FL263195105Restoftheworld 1.4 82.7 12FL543195005Liab.:Lifeinsurancecompanies 12.9 12.9 4.2 Lifeinsurancecompanyreserves: 7.6 7.6 0.1 11FL543077073Asset:Lifeinsurancecompanies 10FL543077073Liab.:Householdsector 7.8 7.8 3.7 Deferredandunpaidlifeinsurancepremiums: 4.2 9FL673090543Asset:ABSissuers 8FL673090543Liab.:Lifeinsurancecompanies(2) 12.1 Fundingagreementsbackingsecurities: 7FL403197033Asset:U.S.-chartereddepositoryinstitutions 6FL403197033Liab.:Government-sponsoredenterprises DepositsatFederalHomeLoanBanks: 5FL313131003Asset:Householdsector 4FL313131003Liab.:Federalgovernment PostalSavingsSystemdeposits: 3FL713091103Monetaryauthority(1) 2FL313091105Asset:Federalgovernment 1FL263191103Liab.:Restoftheworld Nonofficialforeigncurrencies: Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.233 IdentifiedMiscellaneousFinancialClaims-PartII 136 (3) IncludesUniformServices RetireeHealthCareFundandPostalService RetireeHealthBenefitsFund. areincludedinforeigndirectinvestmentthe U.S.SeetablesL.133andL.230. (2) Equaltofundingagreement-backedsecurities (FABS)issuedbydomesticissuersofasset-backedsecurities.Fundingagreement-backedsecurities issuedbyforeignentities (1) Reciprocalcurrencyarrangements(swaplines) withforeigncentralbanks.

Z.1, March12,2020 0721 092018 2019 2018 2017 8. 0. 1. 8. 0. 9. 9. 9. 1. 31 315.4 298.8 297.6 297.3 301.0 287.3 315.4 301.0 287.1 18 597.2 17 596.6 166.1 596.8 164.2 591.6 163.5 591.9 161.5 14 362.7 591.8 161.1 362.1 597.2 160.6 359.7 591.9 166.1 357.0 574.0 161.1 352.2 159.3 346.5 362.7 352.2 331.8 015. 025. 925. 016. 0222 60.2 60.4 60.1 59.4 59.2 56.8 60.2 13 18.6 59.2 18.3 50.1 18.1 10 36.7 18.0 36.6 17.8 9 90.8 35.7 18.1 88.7 36.4 18.6 87.7 35.0 17.8 89.1 36.2 19.3 85.7 36.7 87.6 35.0 90.8 33.1 1 6.4 85.7 3.6 82.7 2.6 4.0 6.8 2.7 6.4 6.8 14.7 ...... 5 4 0.0 0.0 0.0 0.0 2 0.0 0.0 2.6 0.0 0.0 2.6 0.0 0.0 2.6 0.0 0.0 2.6 0.0 0.0 2.6 0.0 0.0 2.6 0.0 0.0 2.6 2.6 2.6 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

5 F43905 oenetsosrdetrrss1109. 2. 0. 5312915515317135 127.1 135.3 115.5 102.9 29 95.3 692.6 31 26 315.7 17.0 584.1 101.0 25 310.2 79.7 548.6 127.1 21.7 307.5 28 521.8 95.3 83.0 22 200.4 19.9 297.9 67.3 521.3 189.3 111.0 91.9 289.3 24.9 83.9 520.6 181.3 24 298.4 89.5 28.5 692.6 378.4 86.8 177.8 40FL903090005Discrepancy 315.7 74.4 521.3 381.8 27.9 185.0 72.4 289.3 39FL733093005Holdingcompanies 480.2 366.2 38FL663093005Brokersanddealers 90.3 175.7 17.0 277.9 59.8 352.4 200.4 37FL643093005REITs 79.7 28.5 37.9 36FL613093005Financecompanies 436.7 185.0 35FL403093005Government-sponsoredenterprises 74.4 27.1 19 430.3 17 20 67.3 171.4 5224.2 -173.6 4566.2 34LM563093003Exchange-tradedfunds 96.6 378.4 5023.4 -209.0 4491.5 33FL653093005Mutualfunds 59.8 4890.0 436.7 32FL633093005Moneymarketfunds 12 8 4411.6 -146.7 54.5 5103.4 65.8 3.0 4359.0 -121.9 392.9 31FL223093005Stateandlocalgovt.retirementfunds 5182.2 4289.2 11 57.6 -137.3 30FL573093005Privatepensionfunds 400.5 3850.5 3.2 4145.6 -131.2 5224.2 53.7 29FL543093005Lifeinsurancecompanies 4566.2 375.9 -173.6 28FL513093005Property-casualtyinsurancecompanies 5182.2 3.2 4289.2 338.2 54.2 -137.3 3275.9 3949.7 7 27FL473093005Creditunions 10 311.9 -167.7 3.2 86.1 26FL743093005BanksinU.S.-affiliatedareas 263.8 52.1 25FL753093005ForeignbankingofficesinU.S. 302.7 254.7 108.6 24FL763093005U.S.-chartereddepositoryinstitutions 52.2 3.2 308.0 23FL713093005Monetaryauthority 6 241.4 113.0 54.5 400.5 629.1 3.2 229.8 22FL213093003Stateandlocalgovernments 106.7 21FL313093003Federalgovernment 302.7 680.8 52.1 217.4 93.0 3.0 324.3 685.9 20FL113093005Nonfinancialnoncorporatebusiness 233.3 51.5 106.8 19FL103093005Nonfinancialcorporatebusiness 660.1 3.2 263.8 86.1 18FL893093005Totalassets 577.2 2 3 217.4 4.1 7581.3 93.0 1867.2 625.7 17FL503193005Otherfinancialbusiness 220.4 7361.3 1835.9 16FL733193005Holdingcompanies 629.1 111.1 7207.0 15FL663193005Brokersanddealers 1803.2 577.2 7028.5 1778.2 14FL643193005REITs 6222.8 1748.6 612.9 13FL613193005Financecompanies 6402.2 1707.6 12FL403193005Government-sponsoredenterprises 7581.3 1867.2 11FL543193005Lifeinsurancecompanies 6222.8 1748.6 10FL513193005Property-casualtyinsurancecompanies 6645.0 1645.2 9FL473193005Creditunions 8FL743193005BanksinU.S.-affiliatedareas 7FL753193005ForeignbankingofficesinU.S. 6FL763193005U.S.-chartereddepositoryinstitutions 5FL713193005Monetaryauthority 4FL313193013Federalgovernment 3FL113193003Nonfinancialnoncorporatebusiness 2FL103193005Nonfinancialcorporatebusiness 1FL893193005Totalliabilities Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted L.234 UnidentifiedMiscellaneousFinancialClaims 01. 29. 33. 19. 29. 29. 21. 39. 33. 18 13533.7 13194.5 12915.6 12995.0 12997.1 11490.7 13533.7 12997.1 10611.5 25. 48. 37. 31. 48. 30. 39. 30. 37. 40 -3775.8 -3709.2 -3590.2 -3908.7 -4883.4 -3118.7 -3775.8 -4883.4 -2058.0 15 -1349.8 -1374.0 -1344.9 -1339.5 -1319.5 -1291.1 -1349.8 -1319.5 -1292.6 0721 092018 2019 2018 2017 53581. 78087. 13798. 35398. 7801 9758.0 9485.2 9325.3 9086.3 8113.7 8372.0 9758.0 8113.7 8553.5 8. 0. 9. 0. 0. 0. 8. 8. 9. 37 192.4 186.2 189.7 33 205.2 272.5 204.8 297.3 30 202.6 313.9 866.4 192.4 305.7 852.5 204.8 225.7 831.2 180.0 258.2 818.3 272.5 807.7 225.7 23 793.9 146.2 293.1 866.4 147.6 21 807.7 145.7 153.7 746.1 145.1 157.7 143.7 163.2 142.0 168.2 140.0 146.2 136.8 163.2 145.7 184.4 14 146.9 13 140.0 151.4 144.8 126.4 154.4 137.7 164.0 151.0 155.2 117.6 149.9 121.8 144.9 146.9 151.4 117.6 149.9 101.5 203.9 2. 40-46741. 1. 2. 2. 2. 38 -24.6 -26.7 -20.7 -16.9 14.0 7.4 -24.6 14.0 -24.0 16 4.7 0.7 -10.2 -14.2 -13.7 -13.7 4.7 -13.7 -22.7 816. 856. 886. 805. 8539 38.5 55.6 36 43.0 68.0 47.4 68.3 34 84.9 47.3 68.8 84.1 46.1 69.4 71.3 54.7 38.5 67.8 25.9 68.8 65.9 27 43.0 78.1 89.7 63.4 54.7 90.2 84.9 28.4 88.6 65.9 89.9 68.9 82.5 79.7 89.7 82.5 75.0 9 20.4 19.5 5 72.9 20.7 70.9 19.6 59.3 18.3 63.9 19.4 81.7 20.4 82.8 18.3 72.9 18.3 81.7 98.2 . . 05728188961. 0532 10.5 10.7 9.6 8.8 8.1 7.2 10.5 8.1 6.6 4 -0.2 -0.2 -0.2 -0.2 -0.2 -0.1 -0.2 -0.2 0.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 137

Levels Balance Sheets 2 F15306 wes qiyra sae(ecn)(ie5/ie4 25 36 38 34 36 43 41 39 38 52 63.82 48 1960.9 50 63.94 712.04 1951.9 64.16 698.24 1940.6 699.57 64.31 1917.5 695.10 1899.9 63.65 51 42 49 669.89 18715.7 1868.2 371.4 16623.7 63.40 18664.5 698.11 16501.6 1960.9 18671.5 350.8 16355.7 720.88 63.82 18640.5 1899.9 16198.5 18067.2 681.12 352.5 16005.4 1798.3 63.65 17769.1 15842.0 714.64 18715.7 339.4 16419.9 62.51 18067.2 15741.5 39 16757.2 311.3 14833.0 36.7 37 36 289.3 333.8 499.6 36.6 286.2 371.4 480.0 52FL155035066Owners’equity/realestate(percent)(line51/line4) 35.7 283.1 35 311.3 474.9 51FL155035065Owners’equityinrealestate(line4lessline33) 345.9 50FL152090006Networth/DPI(percent)(line40/line49) 280.0 36.4 319.0 454.9 49FA156012005Disposablepersonalincome(DPI)(SAAR) 333.2 276.9 463.3 35.0 336.2 48LM165013665Nonresidential(nonprofits) 273.8 494.3 47LM165012665Nonprofitorganizations 322.5 36.2 31 289.3 46LM155012665Households 212.9 499.6 333.1 45LM155012605Residential 36.7 276.9 214.0 Replacement-costvalueofstructures: 463.3 312.3 264.6 35.0 214.5 488.2 44FL154023213Prepaidtuitionplans 345.9 43LM154023223Collegesavingsplans 215.3 33.1 333.1 42FL154023205Assetsheldin529collegeplans(9) 33 22 216.4 41FL893131573AssetsheldinIRAs(9) 299.1 10610.1 27.8 27 10524.3 216.9 27995.6 Memo: 10430.1 27327.0 28.5 10345.7 212.9 27151.6 20 28 10316.2 40FL152090005Networth 26767.5 806.3 13541.9 10255.9 29.3 216.4 25904.2 13492.3 10610.1 26638.1 813.5 39FL543077073Deferredandunpaidlifeinsurancepremiums 13255.7 10316.2 218.6 27995.6 30.4 12946.5 10048.5 38FL163170005Tradepayables(5) 18 25904.2 779.5 12732.0 937.6 25919.1 12586.4 31.4 37FL163165505Commercialmortgages(5) 774.1 13541.9 1053.0 36FL153169005Otherloansandadvances 12732.0 782.9 16 997.9 32.2 12169.4 35FL153168005Depositoryinstitutionloansn.e.c. 721.3 34FL153166000Consumercredit 784.5 917.5 27.8 33FL153165105One-to-four-familyresidentialmortgages(8) 721.5 806.3 32FL154123005Loans 955.7 661.9 13 31.4 31FL163162003Debtsecurities(municipalsecurities)(5) 2148.1 782.9 955.3 634.0 12 2063.5 30FL154190005Liabilities 35.2 786.2 937.6 10162.5 1908.0 647.9 9995.7 11 955.7 29FL153090005Miscellaneousassets 1825.3 9852.1 1263.4 572.1 6 28LM152090205Equityinnoncorporatebusiness(7) 1799.8 1024.5 9832.5 1211.1 27FL153050005Pensionentitlements(6) 459.1 721.3 1673.3 9664.2 26FL153040005Lifeinsurancereserves 8 1346.9 454.1 25FL163070005Tradereceivables(5) 2148.1 647.9 9555.6 5752.3 1477.9 5 24LM153064205Mutualfundshares 1799.8 10162.5 450.1 5717.2 1402.4 460.3 23LM153064105Corporateequities 7 9664.2 3583.4 1619.3 5649.2 1234.1 444.0 213.9 9261.2 3653.1 5591.7 22FL163066223Consumercredit(studentloans)(5) 1263.4 3568.2 437.1 210.2 21FL153065005Mortgages 5519.3 1402.4 3429.2 20FL153069005Otherloansandadvances(4) 432.3 5466.0 206.2 1324.6 19FL154023005Loans 3328.9 5752.3 459.1 202.1 3297.4 5519.3 18LM153063005Corporateandforeignbonds 3583.4 437.1 198.7 17LM153062005Municipalsecurities 5302.6 3328.9 16LM153061705Agency-andGSE-backedsecurities 412.6 197.9 15LM153061105Treasurysecurities 3249.9 14LM154022005Debtsecurities 213.9 198.7 13FL153034005Moneymarketfundshares 12FL153030005Timeandsavingsdeposits 189.4 11FL153020005Checkabledepositsandcurrency 10LM153091003Foreigndeposits 9FL154090005Financialassets 8LM155111005Consumerdurablegoods(3) 7LM165013765Intellectualpropertyproducts(nonprofits)(3) 6LM165015205Equipment(nonprofits)(3) 5LM165035005Nonprofitorganizations 4LM155035015Households(2) 3LM155035005Realestate 2LM152010005Nonfinancialassets 1FL152000005Assets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted B.101 BalanceSheetofHouseholdsandNonprofitOrganizations(1) 138 (9) Includedinassetsshown onthehouseholdbalancesheet. (8) Includesloansmadeunderhomeequitylines ofcreditandhomeequityloanssecuredbyjuniorliens(tableL.218,line23). (7) Networthofnonfinancialnoncorporatebusiness (tableB.104,line35)andowners’equityinunincorporatedsecuritybrokersdealers. (6) Includespublicandprivatedefinedbenefit definedcontributionpensionplansandannuities,includingthoseinIRAsatlifeinsurance companies.Excludessocialsecurity. (5) Studentloansandtradereceivablesarefinancial assetsofnonprofitorganizations;municipalsecurities,commercialmortgages,andtradepayables areliabilities. (4) Includescashaccountsatbrokersanddealers andsyndicatedloanstononfinancialcorporatebusinessbynonprofitsdomestichedgefunds. (3) Atreplacement(current)cost. (2) Alltypesofowner-occupiedhousingincluding farmhousesandmobilehomes,aswellsecondhomesthatarenotrented,vacantfor sale,andvacantland.Atmarketvalue. householdsandnonprofitorganizations,respectively. Detailonthesector’sindirectholdingsofdebtsecuritiesandequityisshowntableB.101.e. (1) Sectorincludesdomestichedgefunds,privateequityandpersonaltrusts.Supplementary balancesheettablesB.101.handB.101.nshowestimatesofannualyear-endoutstandings

Z.1, March12,2020 0028171. 1382109. 0290129. 1494151. 138240 118368.2 115219.8 114419.4 112596.3 107219.0 110594.0 118368.2 107219.0 106002.8 1 134944.4 131609.5 130629.9 128632.0 123247.4 126497.1 134944.4 123247.4 121547.5 61. 79. 89. 78. 79. 86. 89. 81. 89. 46 18597.3 45 18411.0 18904.5 18196.6 18715.4 18065.7 18497.8 17895.9 18365.1 17780.0 18192.7 18597.3 18074.9 17895.9 18904.5 16919.0 18192.7 17199.4 32 15935.7 15751.4 15575.9 30 15402.9 16576.2 15399.3 16389.7 15275.4 16210.5 15935.7 16035.7 15399.3 16028.5 14928.6 15903.0 16576.2 16028.5 15544.7 23 21075.5 19339.7 19408.1 18869.3 16655.5 19168.4 21075.5 16655.5 18110.1 9 95609.8 92386.1 91654.5 89978.8 85380.0 89078.3 4 95609.8 85380.0 3 29325.9 85587.3 29188.9 32909.3 29101.7 2 32841.9 28986.3 32669.8 39334.6 28383.4 32415.5 39223.4 28025.0 31712.3 38975.4 29325.9 31322.5 38653.3 28383.4 32909.3 37867.4 26805.7 31712.3 37418.7 30055.6 39334.6 37867.4 35960.3 0721 092018 2019 2018 2017 15081. D96. 75094. 75091. D41 ND 9810.0 9715.0 9441.0 8715.0 9460.0 ND 8715.0 9105.0 34 4190.7 4127.6 4051.6 3999.8 4009.7 3939.1 29 1275.3 4190.7 1257.5 4009.7 26 1254.1 3828.2 1766.4 1246.0 24 1729.1 1245.1 9682.9 1709.8 1225.6 9104.2 1692.1 1275.3 9026.9 1659.1 1245.1 8806.7 1675.9 1193.0 7960.8 1766.4 9088.1 1659.1 9682.9 1626.6 17 7960.8 1894.0 8654.7 1892.9 15 1960.7 14 1899.2 5513.5 2002.2 1893.5 5669.6 2015.8 1859.2 5574.8 1904.6 1830.0 5349.5 1716.4 1894.0 5179.2 1693.2 1859.2 5050.6 1960.7 1887.1 5513.5 1716.4 5179.2 1145.1 4516.9 8. 9. 0. 9. 9. 9. 0. 0. 0. 47 307.2 304.4 301.2 299.3 43 346.3 296.8 326.3 294.8 328.0 307.2 315.8 296.8 288.8 280.4 310.4 38 390.9 346.3 387.6 288.8 384.3 294.4 381.1 377.8 374.5 390.9 377.8 364.4 25 259.5 258.3 257.1 255.9 19 254.7 891.4 253.7 902.0 259.5 871.7 254.7 870.5 250.5 883.2 888.9 891.4 883.2 903.1 462. 512. 252. 452. 5144 25.1 24.6 24.5 23.6 22.5 23.4 25.1 22.5 24.6 21 57.3 60.0 63.0 66.0 69.0 72.2 10 57.3 33.8 69.0 36.1 81.7 37.6 39.0 39.7 39.7 33.8 39.7 38.9 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

0 F15175 nelculpoet rdcs27. 45826. 30620. 44028. 53426. 50 2564.6 2523.4 52 2483.1 8483.3 44 2444.0 29.85 8055.5 2405.8 7883.4 32.37 2370.6 7960.9 46 31.95 2564.6 36700.3 43 8760.0 36113.3 42.51 2405.8 32.44 7758.0 35597.1 2272.3 35147.9 42.48 8483.3 36.20 45 34306.4 142.39 8760.0 34039.7 42.84 30.50 36700.3 131.23 7727.8 34306.4 54FL105013613Nonresidential 43.73 134.08 29.85 33036.9 53FL105012613Residential 134.79 43.37 Historical-costvalue ofstructures: 36.20 42 119.80 Memo: 43.51 33889.3 31.31 142.66 31206.9 42.51 52FL102090115Networth(historicalcost)(line46lessline26) 31266.6 39 142.39 30424.1 16902.7 119.80 43.37 26668.1 16859.6 37 51FL105020000Inventories 31399.8 16466.8 7503.3 135.16 50FL105013715Intellectualpropertyproducts 42.32 33889.3 16002.9 7482.1 49FL105013213Equipment 26668.1 16496.1 33 28901.7 48FL105035045Realestate 15416.7 7414.3 1855.1 16902.7 47FL102010115Nonfinancialassets 7121.6 1826.8 16496.1 46FL102000115Assets(sumoflines7and47) 15425.0 6302.2 1799.4 32 7156.0 Withnonfinancialassetsstatedathistoricalcost: 1775.8 1102.7 7503.3 1725.8 1099.5 45FL103164106Equities/adjustednetworth(percent)(3) 6302.2 1717.1 1103.7 44FL104104016Debt/equities(percent)(3) 6552.9 1855.1 1093.7 43FL104104006Debt/adjustednetworth(percent)(3) 42LM103164103Marketvalueofequitiesoutstanding 1725.8 1081.0 41LM105013665Nonresidential 1387.6 1031.0 40LM105012665Residential 1102.7 Replacement-costvalueofstructures: 1081.0 Memo: 1004.5 24 6164.8 39FL102090005Networth(marketvalue) 6150.1 38FL103190005Miscellaneousliabilities 6219.4 16 37LM103192005ForeigndirectinvestmentinU.S. 6004.8 10.5 36FL103178005Taxespayable 12 5503.4 35FL103170005Tradepayables 8.5 14.2 6299.3 34FL103165005Mortgages 6164.8 9.7 15.5 33FL103169005Otherloansandadvances 5503.4 32FL103168005Depositoryinstitutionloansn.e.c. 11 6684.0 577.0 17.6 10 31FL104123005Loans 9.9 179.4 528.4 30FL103163003Corporatebonds(1) 16.8 182.0 11.6 29FL103162000Municipalsecurities(2) 492.0 28FL103169100Commercialpaper 184.2 16.5 14.0 472.6 27FL104122005Debtsecurities 9 181.9 10.5 466.3 12.7 1231.5 26FL104190005Liabilities 174.7 1213.6 449.7 16.8 8.5 25FL103090005Miscellaneousassets 174.3 1021.2 577.0 24LM103092005U.S.directinvestmentabroad(1) 23.8 919.5 179.4 6 23FL103070005Tradereceivables 14.0 466.3 2596.5 22LM103064203Mutualfundshares 1030.1 174.7 4 21LM103064103Corporateequities 475.7 2583.7 39.6 1024.2 5273.3 181.3 2581.8 1231.5 20FL103066005Consumercredit 5235.0 2573.6 1030.1 19FL103065003Mortgages 3 5210.6 2547.8 18FL104023005Loans 975.5 14069.0 5161.8 5 14414.1 2512.0 5104.0 14070.5 17LM103062003Municipalsecurities 2934.7 2596.5 13487.8 5062.6 16LM103061703Agency-andGSE-backedsecurities 2884.2 13083.1 2547.8 15LM103061103Treasurysecurities 5273.3 12966.4 2833.1 2423.0 14FL103069100Commercialpaper 14069.0 5104.0 2778.9 13083.1 13LM104022005Debtsecurities 4872.4 12840.4 2732.9 12FL102051003Securityrepurchaseagreements 2722.6 11FL103034000Moneymarketfundshares 2934.7 10FL103030003Timeandsavingsdeposits 2732.9 9FL103020000Checkabledepositsandcurrency 2600.0 8FL103091003Foreigndeposits 7FL104090005Financialassets 6LM105020015Inventories(replacementcost) 5LM105013765Intellectualpropertyproducts(replacementcost) 4LM105015205Equipment(replacementcost) 3LM105035005Realestate(marketvalue) 2LM102010005Nonfinancialassets 1FL102000005Assets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted B.103 BalanceSheetofNonfinancialCorporateBusiness asthesumofdebtsecurities (line27)andloans31).Equitiesare shownonline42. (3) Adjustednetworthiscalculatedas atmarketvalue(line39)lesstheequityportionofforeigndirectinvestmentinUnitedStates atmarketvalue(partofline37).Debtiscalculated (2) Industrialrevenuebonds.Issuedbystateand localgovernmentstofinanceprivateinvestmentandsecuredininterestprincipalbytheindustrial userofthefunds. (1) Through1992,corporatebondsincludenetissues byNetherlandsAntilleanfinancialsubsidiaries,andU.S.directinvestmentabroadexcludes netinflowsfromthosebondissues. 53. 53. 65. 50. 53. 56. 61. 61. 65. 47 16454.0 16312.9 16112.5 15960.3 15731.7 15604.9 16454.0 15731.7 15038.6 26 28217.0 28057.8 27713.6 27187.0 25546.4 26281.6 28217.0 25546.4 25309.1 7 20246.3 19800.4 19484.6 19187.6 18574.6 18434.7 2 20246.3 18574.6 24873.5 17998.3 1 25117.0 24695.9 45119.7 24002.2 44917.5 23467.8 44180.5 23263.6 43189.8 24873.5 42042.4 23467.8 41698.3 22735.8 45119.7 42042.4 40734.1 0721 092018 2019 2018 2017 20850. 70254. 55956. 63657. 70254 5730.2 5678.1 5623.6 5566.2 5505.9 5447.2 51 2354.4 5730.2 2349.2 49 5505.9 5082.4 48 2291.5 5270.8 6452.6 5044.1 2284.4 6396.2 5001.7 2200.8 6336.2 4954.9 2226.1 6276.9 4906.3 2354.4 6218.9 4856.2 2200.8 6152.0 5082.4 2089.8 6452.6 4906.3 6218.9 4713.7 5962.8 41 10027.2 9982.1 9924.1 9805.2 9712.9 38 9573.3 7774.0 10027.2 7661.5 9712.9 35 7527.6 9283.8 2586.5 7426.0 2571.1 6819.5 2539.3 6770.4 2496.6 31 7774.0 2507.3 3558.9 6819.5 2515.4 30 3513.7 7058.9 5785.0 2586.5 3476.7 5802.2 2507.3 3432.1 27 5707.7 2369.7 3355.4 6557.6 5630.9 3284.1 6588.8 5539.2 3558.9 6513.8 5506.8 25 3355.4 6437.9 5728.6 5785.0 2891.6 6298.8 5523.0 23 5539.2 3330.4 6291.9 5387.9 5384.6 21 3363.6 6557.6 5598.1 2249.1 3363.2 6298.8 5673.7 2082.9 3297.4 6158.7 4348.2 2069.8 3257.2 5728.6 2005.4 3327.2 5673.7 1783.8 3330.4 3753.4 2086.0 3257.2 2249.1 3114.0 1783.8 1948.3 0. 0. 1. 0. 0. 1. 1. 1. 1. 53 114.7 113.4 112.1 110.9 109.6 108.3 114.7 109.6 104.4 40 252.1 249.8 247.0 245.4 243.3 36 236.7 241.5 240.7 252.1 34 601.1 241.9 243.3 587.4 272.8 229.2 573.6 263.1 562.6 29 263.9 577.6 28 548.6 236.7 194.9 569.9 536.1 263.1 216.6 569.5 601.1 277.2 236.6 565.9 548.6 241.1 563.2 499.5 196.5 22 561.5 311.9 223.6 577.6 298.6 194.9 563.2 300.7 196.5 567.4 294.7 206.7 271.0 305.8 14 311.9 242.3 13 300.3 271.0 216.5 290.5 303.1 184.9 8 263.9 91.3 152.6 239.9 85.6 155.4 239.2 137.3 100.4 220.0 242.3 90.2 300.3 155.4 89.0 239.2 123.7 236.0 116.1 91.3 89.0 216.6 863. 863. 863. 783. 8620 38.6 19 34.9 18 73.5 38.0 34.5 17 17.0 72.5 37.8 34.2 15 30.5 17.2 72.0 37.6 33.9 42.5 17.1 71.4 38.6 33.5 46.4 16.9 72.1 38.0 33.2 52.8 16.6 71.2 38.6 34.9 50.4 16.6 73.5 38.6 33.5 49.6 17.0 72.1 38.6 32.2 30.5 16.6 70.8 50.4 17.2 71.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 139

Balance Sheets Balance Sheets 8 F14006 etntwrh(ecn)(ie2/ie3)4.24.64.54.54.64.44.34.34.538 44.15 43.73 43.93 33 44.54 33.7 44.76 33.5 44.25 33.2 44.15 32.1 44.76 29 223.7 44.12 28.3 218.2 32.1 218.3 24 33.7 216.7 12.7 214.5 28 28.3 12.7 1425.7 209.1 1422.4 28.2 38FL114104006Debt/networth(percent)(line27/line35) 12.6 223.7 1428.4 1414.6 37FL115013665Nonresidential 12.4 214.5 36FL115012665Residential 1400.3 206.4 Replacement-costvalueofstructures: 12.5 1337.2 1425.7 Memo: 12.5 1400.3 1303.3 35LM112090205Networth(5) 12.7 14 34FL113193003Miscellaneousliabilities 12.5 114.0 33LM115114005ForeigndirectinvestmentinU.S. 112.0 12.3 32FL113178003Taxespayable 109.9 31FL113170005Tradepayables 12 13 334.3 1162.3 108.4 30FL113165005Mortgages 1132.0 324.2 29FL113169005Otherloansandadvances 106.5 1103.5 28FL113168005Depositoryinstitutionloansn.e.c. 314.8 1077.1 9 103.1 27FL114123005Loans 306.3 1052.5 296.3 114.0 26FL114190005Liabilities 1029.7 298.3 293.9 106.5 1162.3 25FL113093005Other 292.8 291.1 1052.5 97.8 24FL113092405EquityinvestmentinGSEs(4) 334.3 972.7 23FL113076005Insurancereceivables 287.4 22FL113090005Miscellaneousassets 298.3 285.0 21FL113070003Tradereceivables 279.7 283.2 20FL113066003Consumercredit 296.3 19FL113065005Mortgages 18FL114023005Loans 285.0 17FL113062003Municipalsecurities 273.0 16FL113061003Treasurysecurities 15FL114022005Debtsecurities 14FL113034003Moneymarketfundshares 13FL113030003Timeandsavingsdeposits 12FL113020005Checkabledepositsandcurrency 11FL114090005Financialassets 10LM115020005Inventories(2) 9LM115013765Intellectualpropertyproducts(2) 8LM115013265Nonresidential 7LM115012265Residential(3) 6LM115015205Equipment(2) 5LM115035035Nonresidential 4LM115035023Residential 3LM115035005Realestate(1) 2LM112010005Nonfinancialassets 1FL112000005Assets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted B.104 BalanceSheetofNonfinancialNoncorporateBusiness 140 (5) IncludedintableB.101,line28. (4) EquityintheFarmCreditSystem. (3) Durablegoodsinrentalproperties. (2) Atreplacement(current)cost. (1) Atmarketvalue.

Z.1, March12,2020 20. 25. 35. 20. 25. 26. 37. 31. 35. 35 13458.4 13411.7 13177.3 12868.1 12653.8 12507.7 13458.4 12653.8 12100.7 3 13209.5 2 13195.9 13164.9 14899.7 12873.4 1 14862.2 12673.0 14634.0 22280.5 12562.0 14331.5 22104.5 13209.5 14118.9 21733.9 12673.0 13976.1 21325.6 12231.7 14899.7 20989.7 14118.9 20640.4 13569.7 22280.5 20989.7 19913.4 0721 092018 2019 2018 2017 14925. 22222. 29926. 29027. 22237 2272.2 36 3973.7 2277.2 3942.8 2279.0 3905.7 2266.5 3886.6 2259.9 3858.4 2225.8 3840.7 2272.2 34 1867.2 3973.7 2259.9 1835.9 3858.4 2144.9 1803.2 3675.5 1778.2 1748.6 30 4292.0 1707.6 4224.0 1867.2 27 4141.9 1748.6 5941.4 4099.4 1645.2 26 5864.5 4049.1 8822.1 5788.6 3988.0 8692.8 25 5730.8 4566.2 4292.0 8556.6 5663.9 4491.5 4049.1 8457.5 5534.3 22 4411.6 3829.4 8335.9 4707.8 5941.4 4359.0 8132.7 4630.3 5663.9 4289.2 8822.1 4547.8 5339.1 4145.6 8335.9 4492.2 4566.2 7812.8 4420.7 4289.2 4278.2 3949.7 4707.8 4420.7 4082.3 11 7380.9 7242.3 7099.9 6994.1 6870.8 6664.3 7380.9 5 6870.8 4 5748.6 6343.8 7664.9 5839.0 7556.3 5726.1 7446.3 5544.9 7341.8 5427.1 7269.6 5384.2 7184.5 5748.6 7664.9 5427.1 7269.6 5325.0 6877.7 4. 4. 5. 4. 4. 5. 5. 5. 5. 32 157.6 31 822.1 155.5 803.4 153.2 778.4 151.6 764.9 149.6 745.4 145.8 712.8 157.6 822.1 23 149.6 128.8 745.4 140.2 21 126.0 927.3 660.1 123.6 910.9 120.7 893.6 118.9 881.6 120.2 866.4 128.8 838.2 118.9 927.3 120.3 866.4 795.2 10 250.2 247.9 8 883.1 258.3 6 867.7 262.6 939.7 854.7 261.2 925.2 837.7 254.6 912.2 819.5 250.2 894.8 814.5 261.2 875.9 883.1 260.0 869.7 819.5 939.7 783.7 875.9 834.0 264. 974. 644. 794. 9719 49.7 18 49.7 48.8 48.8 16 79.2 47.9 15 85.6 47.9 77.8 47.2 84.1 47.2 76.3 46.4 82.5 46.4 75.3 44.9 81.4 44.9 74.0 49.7 80.0 49.7 71.6 46.4 77.4 46.4 7 79.2 42.6 56.6 85.6 42.6 74.0 57.5 80.0 67.9 57.5 73.4 57.2 56.3 55.2 56.6 56.3 50.3 ...... 20 0.0 0.0 17 6.4 0.0 6.3 0.0 6.2 0.0 6.1 0.0 6.0 0.0 5.8 0.0 6.4 0.0 6.0 5.5 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

9 F13935 qiyivsmn ne PP00000000000000000029 0.0 0.0 33 0.0 16623.7 16501.6 16355.7 28 0.0 16198.5 8.6 32 16005.4 118368.2 15842.0 115219.8 114419.4 0.0 16419.9 112596.3 195.2 107219.0 15741.5 110594.0 118368.2 20 14833.0 107219.0 261.9 106002.8 0.5 0.0 247.6 21 1.0 0.0 -40.2 116.2 -11.4 -4.8 1.2 0.0 -18.8 713.3 0.7 0.0 1.6 480.0 -1.1 812.3 -10.9 15 33FA156012005Disposablepersonalincome 0.3 189.9 -11.0 32FL152090005Networthoutstanding(4) 182.6 -68.8 3.5 Memo: 11 178.5 41.3 -50.0 31FV158090005Othervolumechanges(3) 14 2.2 11.4 40.9 12 528.2 -97.4 13 285.3 338.2 30FR153030005Otherfinancialassets 130.1 484.5 5.3 40.3 29FR153094305EquityinvestmentunderPPIP 281.9 301.9 28FR152090205Equityinnoncorporatebusiness 182.0 8 283.7 6 279.1 39.9 27FR153050005Pensionentitlements 105.1 9 -3.2 562.5 54.1 726.9 26FR153040005Lifeinsurancereserves 438.3 275.4 715.4 25FR153064205Mutualfundshares 39.6 502.8 7 594.7 -3.3 54.3 24FR153064105Corporateequities 433.4 282.1 464.6 360.6 23FR154022005Debtsecurities 596.2 39.1 560.7 -3.3 428.4 278.8 54.3 378.7 361.3 2023.2 22FR154090005Financialassets 162.4 423.4 1121.8 1460.7 355.4 -3.3 54.1 1928.1 1109.3 155.0 21FR155111005Consumerdurablegoods(2) 1425.3 428.6 1426.4 346.3 20FR165013765Intellectualpropertyproducts(2) 1068.8 51.8 -3.2 830.2 146.8 423.6 19FR165015205Equipment(2) 346.3 18FR155035005Realestate 51.4 -3.1 1723.5 346.2 1683.7 17FR152010085Nonfinancialassets 216.7 1423.6 -13.0 1606.1 1375.9 204.1 16FR158000005Netholdinggains -12.5 1313.5 192.5 15FU154190005-Netincreaseinliabilities -11.9 14FU154090005Netacquisitionoffinancialassets 13FU155000005Netlending(+)ornetborrowing(-) 12FU156300103Consumerdurablegoods 11FU166330005Nonprofitnonresidential 10FU156320005Residential 9FU156300005-Consumptionoffixedcapital 8FU155420003Nonproducednonfinancialassets 7FU155111003Consumerdurablegoods 6FU165013005Nonprofitnonresidential 5FU155012005Residential 4FU155050005Capitalexpenditures 3FU155061005Netphysicalinvestment 2FU155060005Netinvestment 1FC152090005Changeinnetworth(1) Billions ofdollars;notseasonallyadjusted R.101 ChangeinNetWorthofHouseholdsandNonprofitOrganizations (4) TableB.101,line40. (3) Consistsofstatisticaldiscontinuitiesanddisaster-relatedlossestofixedassets.AlsoincludesthedifferencebetweenseriesforconsumptioncapitalpublishedbyBEA. (2) Valuedatcurrentcost. (1) Sumofnetinvestment(line2),holdinggains16),andothervolumechanges31). 0721 092018 2019 2018 2017 089-3. 527299-6. 3. 5. 6854227 524.2 25 465.5 36.8 6.9 252.6 24 1700.7 739.2 248.8 -79.0 -860.2 756.0 528.1 22 259.9 2687.6 -924.2 18 2066.6 6.4 1552.7 241.9 240.5 -2393.3 -535.0 721.2 1419.9 17 1477.3 113.6 1008.9 -33.9 3952.2 -668.9 4216.4 197.6 -4051.2 101.1 1039.2 -1364.9 1188.0 2741.7 644.6 179.8 8301.5 16 343.5 2653.6 -2228.6 647.3 5712.0 343.0 345.1 330.3 1599.7 962.2 336.1 4599.5 1460.8 894.3 -3720.9 1949.0 1524.1 1414.0 9195.8 1853.2 -814.7 7565.2 4 584.1 581.0 2 571.2 484.0 561.9 449.5 558.1 247.8 1 558.6 3148.4 853.9 2298.1 800.4 594.1 2222.1 1823.1 513.7 2122.0 5377.3 2035.3 -3375.1 2087.2 1963.7 11149.2 1346.1 1216.2 8913.4 9. 1. 3. 0. 0. 0. 0. 1. 1. 10 111.7 110.6 109.1 108.0 5 107.0 172.6 105.7 168.8 3 439.4 164.8 145.8 419.4 164.8 147.6 390.4 163.2 142.7 164.1 138.5 670.9 129.5 654.5 135.0 627.9 574.6 538.5 515.9 94-696. 08-082. . . 5226 25.2 1.9 9.9 23 -36.5 27.8 80.0 -30.8 118.7 10.8 115.1 41.1 64.8 -39.7 -16.9 277.4 39.4 -122.5 68.9 3610-. . 1204-. 21-. 19 -0.7 -2.1 -0.3 0.4 -1.2 1.7 -2.6 1.0 -3.6 . 05-. . . 02-. . 0030 -0.0 31 10.7 0.1 7.9 -0.2 -24.4 -0.2 -76.1 0.1 -248.2 49.5 0.0 -81.9 -0.4 67.1 -0.5 2.1 1.6 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 141

Balance Sheets Balance Sheets 0 F18905 te ouecags()-25918. 924-7911. 796-9. 06-7630 31 -97.6 16902.7 16859.6 70.6 16466.8 28 16002.9 0.0 29 -195.8 16496.1 -114.8 26 15416.7 -719.6 0.5 16902.7 -27.6 35.5 16496.1 1513.9 15425.0 -82.4 -103.4 -47.9 222.6 116.4 -205.6 740.2 -942.4 223.9 524.4 1782.4 -926.1 20 18.4 -1255.9 -56.8 -829.5 399.1 -4.6 -430.5 19.8 998.3 186.0 -482.4 537.9 24.0 -270.1 810.7 -1111.8 16.6 933.9 -16.2 31FL102090005Networthoutstanding(5) 15 5.6 Memo: -81.5 11 30FV108090005Othervolumechanges(4) 78.9 -117.7 3.3 13 14 -36.8 253.1 29FR573073005Claimsofpensionfundonsponsor 101.0 31.1 12 7.0 152.1 28FR103192005ForeigndirectinvestmentinU.S. -172.6 289.8 190.7 80.8 99.1 -187.9 27FR108100005Less:liabilities 210.6 7 -1.1 278.6 6 -46.4 -0.3 -68.0 -47.7 26FR103092005Directinvestmentabroad -35.2 351.9 -3.9 -408.5 25FR103064203Mutualfundshares -399.6 62.4 0.0 69.3 36.3 24FR103064103Corporateequities -529.7 8 -3.8 -6.9 23FR104022005Debtsecurities 422.3 32.1 -320.8 270.6 7.4 0.0 -10.5 22FR108080095Financialassets -238.5 417.9 922.2 705.9 54.0 -216.3 1.2 5.3 413.6 21FR105020015Inventories(2,3) 298.9 318.8 19.9 20FR105013765Intellectualpropertyproducts(2) -3.6 407.5 481.8 549.0 0.1 19FR105015205Equipment(2) -51.5 67.2 18FR105035005Realestate 401.6 49.8 -48.9 -0.4 395.7 17FR102010005Nonfinancialassets 62.5 1661.3 1.0 16FR108000005Netholdinggains 1572.0 51.1 1493.5 15FU103164103Netcorporateequityissues -1.1 27.9 14FU104194005-Netincreaseinliabilitiesandequity 0.4 13FU104090005Netacquisitionoffinancialassets 12FU105000005Netlending(+)ornetborrowing(-) 11FU105020601-Inventoryvaluationadjustment 10FU106330005Nonresidential 9FU106320005Residential 8FU106300005-Consumptionoffixedcapital 7FU105420005Nonproducednonfinancialassets 6FU105020005Inventorychange+IVA 5FU105019005Fixedinvestment 4FU105050005Capitalexpenditures 3FU105061005Netphysicalinvestment 2FU105060005Netinvestment 1FC102090005Changeinnetworth(1) Billions ofdollars;notseasonallyadjusted R.103 ChangeinNetWorthofNonfinancialCorporateBusiness 142 (5) TableB.103,line39. (4) Consistsofstatisticaldiscontinuitiesanddisaster-relatedlossestofixedassets. (3) Beforeinventoryvaluationadjustment. (2) Valuedatcurrentcost. (1) Sumofnetinvestment(line2),holdinggains16),andothervolumechanges30).

Z.1, March12,2020 0721 092018 2019 2018 2017 276-24210. 4. 15. 8. 0. 7. 9. 22 193.2 -77.3 202.7 785.1 17 -291.5 -1152.0 298.2 16 144.2 16.5 587.9 1103.7 213.0 379.2 -1254.2 1297.6 650.4 100.1 629.7 -349.4 -349.7 973.7 -547.5 225.7 10 1509.6 421.0 1022.6 -732.1 416.9 1779.7 412.5 406.5 5 400.5 514.6 4 394.8 516.4 479.1 1656.9 519.1 552.7 1568.2 517.3 526.6 1489.2 511.2 572.5 504.1 507.7 2067.4 553.5 2001.0 2130.9 1859.1 2051.0 1887.4 4. 264579323-0. 3. 4. . 14827 -114.8 7.9 24 177.8 140.2 24.6 534.6 -702.2 76.0 342.3 233.1 567.9 -291.5 18 -296.4 -364.2 140.9 540.6 320.5 511.4 559.3 -118.3 382.4 326.0 85.9 -355.5 898.0 123.9 881.5 3 53.6 2 124.2 127.8 109.2 114.1 1 9.4 43.1 168.8 109.9 392.8 -403.3 168.3 -84.8 464.0 464.4 -493.2 -116.6 530.5 1079.4 -160.5 -712.0 20.8 442.8 406.7 189.1 1071.1 712.9 73-225. . 3. 6284031. 25 15.7 0.3 8.4 21 19 26.2 51.2 3.0 -32.4 -27.4 -14.8 8.9 -0.4 5.0 -32.0 50.7 12.2 35.5 -22.2 -5.1 -28.4 37.3 28.9 -8.6 5.4 22.1 48.5 29.7 30.7 . 1936-. . . . . 0823 -0.8 1.1 1.9 1.4 1.3 -1.0 3.6 -1.9 0.5 9 1.2 1.0 1.1 1.0 1.0 0.9 4.3 3.8 4.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

4 F18905 te ouecags()-45-. . 86-. . . . . 24 0.2 0.2 0.2 19 0.2 25 21 -1.5 13458.4 -1.3 20 13411.7 -1.3 1.3 13177.3 -0.6 12868.1 -1.0 12653.8 -8.6 -0.3 16.1 12507.7 -0.1 13458.4 18 12653.8 0.8 -102.5 11.6 0.2 12100.7 -1.2 99.0 39.6 -9.4 0.5 -1.6 168.6 -9.7 -14.5 14 116.2 1.0 0.3 38.0 13.3 29.0 39.0 -2.3 -3.6 13 68.6 -100.6 167.4 47.1 3.2 2.8 281.4 32.4 175.1 -33.5 52.5 12 -1.4 145.5 11 7.4 26.3 138.6 -28.8 33.3 25LM112090205Networthoutstanding(5) 296.5 85.1 8 142.3 -32.8 90.6 Memo: 48.6 241.5 105.8 -39.7 89.8 24FV118090005Othervolumechanges(4) 90.6 125.5 123.3 38.2 573.2 206.5 88.8 23FR115114005investmentinU.S.) 85.5 Less:liabilities(foreigndirect -35.0 612.4 87.0 87.8 65.6 -38.6 22FR115020005Inventories(3) 494.7 510.1 21FR115013765Intellectualpropertyproducts(3) 86.7 -63.1 20FR115013265Nonresidentialequipment(3) 527.0 19FR115012265Residentialequipment(3) 85.6 -85.4 427.0 18FR115035035Nonresidentialrealestate 17FR115035023Residentialrealestate -67.7 357.0 340.0 16FR112010005Nonfinancialassets 322.9 15FR118000005Netholdinggains 14FU112090205Proprietor’snetinvestment(2) 13FU114190005-Netincreaseinliabilities 12FU114090005Netacquisitionoffinancialassets 11FU115000005Netlending(+)ornetborrowing(-) 10FU116330005Nonresidential 9FU116320005Residential 8FU116300005-Consumptionoffixedcapital 7FU115020005Changeininventories 6FU115019005Fixedinvestment 5FU115050005Capitalexpenditures 4FU115061005Netphysicalinvestment 3FU115060005Netinvestment 2FU115440005Netcapitaltransferspaid 1FC112090205Changeinnetworth(1) Billions ofdollars;notseasonallyadjusted R.104 ChangeinNetWorthofNonfinancialNoncorporateBusiness (5) TableB.104,line35. (4) Consistsofstatisticaldiscontinuitiesanddisaster-relatedlossestofixedassets. (3) Valuedatcurrentcost. (2) ShownontableF.104,line32. (1) Sumofnetcapitaltransferspaid(line2),investment3),holdinggains15),andothervolumechanges24). 0721 092018 2019 2018 2017 7. 8. 9. 768. 748. 3810417 110.4 93.8 16 8.6 88.9 15 8.6 195.5 97.4 262.8 195.2 86.5 250.8 261.9 87.6 109.2 247.6 10 62.8 -3.8 390.4 114.0 62.3 385.7 -5.7 717.7 472.2 474.2 61.4 713.3 808.9 477.0 61.2 6 802.9 119.3 61.0 5 121.2 119.4 60.4 126.9 122.6 247.8 46.9 128.5 239.5 49.6 121.8 229.0 1 123.1 123.9 46.8 414.4 125.1 234.4 424.8 420.1 309.2 397.7 428.4 214.3 400.0 146.1 34.3 804.7 553.1 854.0 381051922. 572. 742. 779 27.7 27.5 27.4 26.6 4 25.7 28.8 3 25.2 38.0 32.8 109.2 39.0 39.7 100.5 47.1 -38.2 93.8 37.1 -33.5 35.5 39.4 49.5 63.1 90.6 88.4 88.6 77.1 75.0 94-. . 09-. . . . . 2 0.0 0.0 0.0 0.0 -2.2 -0.9 0.0 -3.0 -9.4 . 284419-. . . . . 23 0.0 0.3 22 0.9 2.3 3.2 -11.8 -5.9 -4.8 -1.3 1.9 4.5 4.4 -5.4 -2.8 -16.7 6.0 -2.4 7.9 7 0.0 1.4 1.6 2.7 2.1 2.0 5.7 3.6 2.3 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 Z.1, March12,2020 2019 143

Balance Sheets Supplements 7 F13905 es opoi ic iblte B11n ie2)78479983381595396293999412. 37 36 1023.9 1995.6 999.4 1945.4 33 1893.1 973.9 35 31 113.3 15604.5 1833.3 946.2 9601.2 32 15082.4 114.8 1808.6 1933.3 8936.2 14625.5 945.3 1723.3 111.4 1838.1 14087.4 8675.6 34 881.5 13674.0 1609.6 1745.9 16576.2 111.5 8101.0 30 25 26 13481.4 1589.3 803.3 16028.5 127389.7 499.6 1654.9 7594.4 36.7 115.4 13240.7 1519.6 116264.1 15544.7 769.9 13093.7 1536.1 114729.2 7307.1 463.3 24 13094.4 14974.6 106.9 105729.3 35.0 708.4 29 267.3 1488.3 28 6882.6 100189.4 14537.3 488.2 134944.4 97050.9 107.3 118368.2 6137.3 14323.2 1410.5 33.1 258.2 123247.4 107219.0 91180.4 427.2 5667.2 121547.5 103.1 1276.7 14047.0 106002.8 82729.0 13913.2 112064.0 37 FL163193005Less:Nonprofitmisc.liabilities(B.101.n,line27) 227.6 97089.4 31.3 1151.4 77904.5 101.0 437.4 13905.6 106132.3 36 FL164190005Nonprofitliabilities(B.101.n,line20) 91595.0 102762.8 35 FL194190005Householdliabilities(B.101.h,line20) 223.4 31.6 34 FL154190005Less:Householdandnonprofitliabilities(B.101,line30) 96545.3 88439.5 514.0 87486.6 82498.3 217.2 22 33 FL164041085Less:Nonprofitothernotesandloansreceivable(9) 82319.3 16 480.8 73573.4 29.9 32 FL163093005Less:Nonprofitmisc.assets(B.101.n,line19) 10610.1 68413.7 1766.4 172.4 31 FL162000005Nonprofittotalassets(B.101.n,line1) 443.3 10316.2 30 FL192000005Householdtotalassets(B.101.h,line1) 28.7 17 1659.1 18 13 29 FL152000005Householdandnonprofittotalassets(B.101,line1) 10048.5 377.0 161.4 27995.6 13541.9 780.6 1626.6 9761.4 25.7 28 FL152090005Householdandnonprofitnetworth(B.101,line40) 149.2 25904.2 12732.0 1568.1 9576.8 759.4 25919.1 12169.4 159.4 25.0 nonprofitorganizationsectornetworth:(8) 11 Reconciliationwithhouseholdand 1510.9 24351.4 9452.5 11314.4 760.4 718.8 23449.7 10777.6 1472.1 Memo: 9478.5 23118.2 815.3 9978.7 15 9562.0 752.1 1407.8 8 27 FL192090005Networth 22284.8 28661.6 9776.4 9226.2 1352.6 819.2 19738.9 2028.5 826.9 6 26 FL543077073Deferredandunpaidlifeinsurancepremiums 22758.4 8134.5 18701.3 1350.4 10 1703.1 24935.0 870.3 1070.4 7395.7 895.4 25 FL193169005Otherloansandadvances 4464.6 20878.2 24 FL193168005Depositoryinstitutionloansn.e.c. 1532.3 1221.1 7 818.2 23 FL153166000Consumercredit 4113.4 1057.3 19132.8 4 22 FL153165105One-to-four-familyresidentialmortgages(7) 1472.4 1154.9 9951.9 758.1 19328.4 3382.3 21 FL194123005Loans 1583.7 5752.3 1476.3 971.8 17270.2 9445.6 726.1 3279.2 1470.0 20 FL194190005Liabilities 5519.3 13709.7 1498.5 2071.7 11758.5 9040.3 1059.1 3319.7 19 FL153090005Miscellaneousassets 5302.6 1533.4 1995.2 18 LM152090205Equityinnoncorporatebusiness(6) 8851.5 979.5 2850.3 5155.3 1534.8 17 FL153050005Pensionentitlements(5) 8183.7 2819.3 983.0 1524.7 5006.0 16 FL153040005Lifeinsurancereserves 3330.6 7670.5 799.9 4859.3 15 LM193064005Corporateequitiesandmutualfundshares 3296.5 7119.4 694.1 4779.6 14 FL193065005Mortgages 6928.9 4727.5 13 FL153067005Otherloansandadvances(4) 6610.3 12 FL194023005Loans 4644.7 11 LM193063005Corporateandforeignbonds 10 LM193061005U.S.governmentandmunicipalsecurities 9LM194022005Debtsecurities 8FL193034005Moneymarketfundshares 7FL193030205Timedepositsandshort-terminvestments 6FL193020005Checkabledepositsandcurrency 5FL194090005Financialassets 4LM155111005Consumerdurablegoods(3) 3LM155035015Realestate(2) 2LM192010005Nonfinancialassets 1FL192000005Assets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted B.101.h BalanceSheetofHouseholds(1) 144 (9) Loans,otherthansyndicatedloans,thatarenotincludedinhouseholdandnonprofitorganizations’ otherloansandadvances(tableB.101,line20). (tableB.101.n)withthehouseholdandnonprofitorganizationsector’sB.101)incore FinancialAccounts. organizationsector(tableB.101).Therefore,someadjustmentsarenecessarytoreconcilethe combinedassetsandliabilitiesofthehouseholdsector(tableB.101.h)nonprofitorganizationsector (8) Somefinancialassetandliabilityitemsshownonthesupplementalbalancesheetofnonprofit organizations(tableB.101.n)arenotincludedonthebalancesheetofhouseholdandnonprofit (7) Includesloansmadeunderhomeequitylinesofcreditandsecuredbyjunior liens(tableL.218,line23). (6) Networthofnonfinancialnoncorporatebusiness(tableB.104,line35)andowners’equityin unincorporated securitybrokersanddealers. (5) Includespublicandprivatedefinedbenefitcontributionpensionplansannuities, includingthoseinIRAsandatlifeinsurancecompanies.Excludessocialsecurity. (4) Cashaccountsatbrokersanddealers. (3) Atreplacement(current)cost. (2) Alltypesofowner-occupiedhousingincludingfarmhousesandmobilehomes,aswellsecond homesthatarenotrented,vacantforsale,andland,atmarketvalue. (1) TableisbasedontableB.101BalanceSheetofHouseholdsandNonprofitOrganizations,with adjustmentstoremovetheassetsandliabilitiesofnonprofitorganizations,shownontableB.101.n.

Z.1, March12,2020 41. 93. 73. 36. 61. 14. 0137118. 175327 111785.3 101181.7 100103.7 91641.9 86515.4 21 83569.5 15567.8 20 77939.7 15047.4 69635.3 15604.5 64810.1 14592.4 15082.4 14056.1 14625.5 13642.4 14087.4 13451.4 13674.0 13212.1 13481.4 13068.1 13240.7 13069.3 13093.7 13094.4 5 92311.6 3 82361.4 82620.9 29325.9 2 75627.0 28383.4 35078.1 71966.3 26805.7 33902.7 1 70505.4 24946.9 32108.3 66078.0 23217.1 127389.7 30102.3 59455.2 116264.1 21686.1 55154.6 28223.1 114729.2 20322.9 105729.3 26545.5 18546.4 100189.4 25102.5 18105.2 97050.9 23273.9 91180.4 22749.9 82729.0 77904.5 76621. 01431. 41034. 88240. 10723 4190.7 4009.7 3828.2 3644.1 3411.0 3312.5 3091.4 2913.6 2756.6 9 5183.4 4865.5 4209.2 4174.6 4377.0 4434.0 4289.3 5402.2 5291.7 0121 0321 0521 0721 2019 2018 2017 2016 2015 2014 2013 2012 2011 6. 7. 04914. 02113. 13014. 25319 1275.3 14 1245.1 56.1 1193.0 1138.8 12 67.8 836.7 1082.1 80.6 1042.8 827.3 90.5 1024.9 841.1 971.5 97.9 905.8 964.6 917.1 112.4 982.7 120.9 124.1 939.1 137.2 882.1 863.3

9 F14905 Ttlfnnilast fpiaefudtos69368173174976280788290595629 27 995.6 1023.9 30 920.5 24 999.4 4349.2 78.6 898.2 4051.1 973.9 74.9 840.7 3925.5 946.2 3692.5 786.2 71.6 945.3 3442.1 21 784.9 881.5 67.9 3420.6 212.9 743.1 18 803.3 3253.6 19 216.4 63.4 658.1 259.5 2929.2 769.9 1933.3 218.6 2661.1 609.3 63.3 254.7 708.4 1838.1 216.9 1745.9 250.5 54.6 16 1654.9 219.8 244.2 56.6 139.0 9 30 FL164090025Totalfinancialassetsof501(c)organizations 1536.1 12 228.1 29 FL164090015Totalfinancialassetsofprivatefoundations 17 119.7 241.0 50.0 138.3 218.7 1488.3 2096.8 234.6 Memo: 96.7 240.7 137.2 1410.5 203.6 1857.9 249.1 28 FL162090005Networth 1276.7 213.2 136.1 11 87.0 197.6 1829.7 263.3 1151.4 27 FL163193005Miscellaneousliabilities(8) 111.4 207.6 1663.3 137.4 188.0 7 85.8 26 FL163170005Tradepayables 198.6 110.0 1513.8 8 131.2 193.0 173.3 5 25 FL163169385Otherloansandadvances 74.6 244.4 1552.6 110.1 24 FL163168005Depositoryinstitutionloansn.e.c. 213.9 133.2 181.4 23 FL163165505Commercialmortgages 171.3 1494.7 22 FL164123005Loans 258.3 107.6 69.2 124.0 198.7 169.7 1230.5 168.5 21 FL163162003Debtsecurities(municipalsecurities) 259.8 124.4 109.0 1052.9 58.5 189.4 175.7 157.9 20 FL164190005Liabilities 253.0 110.9 173.9 55.1 178.1 146.4 19 FL163093005Miscellaneousassets(7) 250.9 86.2 60.1 167.1 134.9 18 FL163070005Grantsandtradereceivables 257.5 92.9 17 LM163064005Corporateequitiesandmutualfundshares 160.8 121.8 257.5 101.7 16 FL164041005Othernotesandloansreceivable(6) 111.0 153.4 15 FL163066223Consumercredit 254.8 104.8 14 FL163065013Mortgages 141.5 13 FL164023005Loans 234.7 129.4 12 LM163063005Corporateandforeignbonds 11 LM163061005U.S.governmentandmunicipalsecurities(5) 10 LM164022005Debtsecurities 9FL163034003Moneymarketfundshares 8FL163030205Otherdepositsandshort-terminvestments(4) 7FL163020005Cashandnon-interest-bearingdeposits 6FL164090005Financialassets 5FL165013765Intellectualpropertyproducts(3) 4FL165015205Equipment(3) 3FL165035005Realestate(2) 2FL162010005Nonfinancialassets 1FL162000005Totalassets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted B.101.n BalanceSheetofNonprofitOrganizations(1) (8) NotincludedontableB.101. (7) Includespledgesreceivable,receivablesfromofficersanddisqualifiedpersons,prepaidexpenses anddeferredcharges,otherinvestments,financialassets.NotincludedontableB.101. (6) Includessomeloansthatarenotincludedinhouseholdandnonprofitorganizations’holdings ofotherloansandadvances(tableB.101,line20). (5) Excludestheshort-termdebtsecuritiesincludedinline16. inoneyearorless. (4) Includesinterest-bearingcheckingandsavingsaccounts,depositsintransit,commercialpaper, certificatesofdeposit,andU.S.Treasurybillsorothergovernmentalobligationsthatmature (3) Atreplacement(current)cost. (2) Residentialandnonresidentialrealestateatmarketvalue. bystaff. organizationsorwithlessthan$25,000ingrossannualreceipts.Mostfinancialassetandliabilityinformationfromtaxdataavailablealag;recentvaluesestimated (1) Includesprivatefoundations,includingcharitabletrusts,andorganizationsthataretax-exemptunderSections501(c)(3)through501(c)(9)oftheInternalRevenueCode.Doesnotincludereligious

17644. 23058. 75966. 72669. 65628 7605.6 6990.8 6782.6 6267.7 5785.9 5583.8 5273.0 20 4548.0 1995.6 4147.6 1945.4 1893.1 1833.3 1808.6 1723.3 1609.6 1589.3 1519.6 6 5344.8 4971.5 3 4823.7 3583.4 2 4533.3 3328.9 4256.4 1 4228.3 3249.9 3964.7 9601.2 4205.5 2994.0 3852.0 8936.2 3996.7 2816.4 3567.8 8675.6 3587.3 2576.7 3366.1 8101.0 3270.4 2386.3 3101.6 7594.4 2081.6 2885.9 7307.1 1960.1 2550.0 6882.6 2396.8 6137.3 5667.2 0121 0321 0521 0721 2019 2018 2017 2016 2015 2014 2013 2012 2011 9. 0. 9. 2. 4. 4. 6. 7. 9. 26 390.9 377.8 23 22 289.3 364.4 367.9 276.9 349.5 351.8 264.6 341.3 336.2 252.9 322.1 320.8 238.8 295.4 302.2 228.3 301.0 291.7 293.9 221.7 13 276.2 212.8 168.0 269.3 204.0 170.8 254.1 10 330.1 173.4 313.6 178.6 307.6 183.1 295.5 4 179.9 459.1 282.4 185.8 437.1 282.2 183.1 192.4 412.6 254.6 268.6 395.7 275.5 382.6 364.1 346.1 326.9 307.3 715. 184. 494. 523. 7815 27.8 31.4 35.2 41.3 44.9 47.6 51.8 58.0 67.1 ...... 25 0.0 0.0 0.0 0.0 0.0 14 0.0 1.2 0.0 1.1 0.0 1.1 0.0 1.2 0.8 1.1 0.8 1.1 1.0 Z.1, March12,2020 145

Supplements Supplements 7 F13646 oa ses(ie1 47 21 53 50 21 39 42 39 53 27 28 25 25.32 35.73 8.09 23.95 34.12 26 8.28 11.42 24.25 34.56 7.98 11.80 23.98 34.29 7.80 11.38 22.15 31.98 8.02 11.15 25.07 35.61 11.57 25.32 7.80 35.73 11.07 22.15 31.98 8.09 21 11.42 24.72 6519.9 35.11 8.02 6038.8 11.57 7.38 19 6056.4 10.49 355.0 20 18 5922.2 157.1 17 4336.9 324.6 5240.7 1719.9 16 143.3 4032.4 6238.5 326.3 13088.7 15 1642.3 4064.3 28 FL153064486Financialassets(line3) 145.0 12181.3 6519.9 21075.5 27 FL153064476Totalassets(line1) 1673.6 316.2 3947.4 12 12265.6 19339.7 Equityshares(line14)asapercentof 5240.7 142.7 1653.2 2880.2 11981.7 19408.1 277.9 3500.2 26 FL154022386Financialassets(line3) 5889.7 11 10644.8 1500.1 125.9 18869.3 25 FL154022376Totalassets(line1) 2767.6 4078.6 10 333.1 8 14 69.4 Debtsecurities(line5)asapercentof 12548.0 16655.5 1747.8 2661.5 283.5 150.0 34164.3 7 4336.9 473.3 13088.7 19168.4 355.0 Memo: 9 1719.9 65.7 31521.0 2576.3 6 10644.8 5409.0 21075.5 3500.2 275.9 157.1 463.7 1702.6 24 FL152090005Networth 31673.7 277.9 1500.1 11936.4 16655.5 5513.5 2464.6 5231.0 3870.7 63.7 74.5 30851.1 125.9 1658.1 18110.1 454.9 23 FL154190005Liabilities 1723.1 5669.6 308.7 2562.4 4851.9 27300.3 1597.2 144.2 62.1 22 FL153099475Other 69.2 5574.8 444.6 2880.2 31716.4 4682.5 4 1530.3 34164.3 21 LM653064155Mutualfunds 5349.5 2464.6 4703.3 432.2 59.2 281.0 20 LM223064213Stateandlocalgovt.retirementfunds(2) 13607.8 27300.3 1466.3 5179.2 19 LM343064125Federalgovt.retirementfunds(2) 2457.5 5 3 4811.3 13306.4 30046.5 447.6 18 LM573064175Privatepensionfunds(2) 272.7 61.6 1467.1 5050.6 10922.5 17 LM543064153Lifeinsurancecompanies 95609.8 13144.6 5409.0 473.3 1702.6 10900.5 283.5 2 92386.1 13174.7 5513.5 69.4 16 LM153064175Indirectlyheld 4703.3 10426.7 91654.5 1466.3 12906.2 39334.6 432.2 5179.2 281.0 4457.9 15 LM153064105Directlyheld 10032.0 89978.8 12502.7 59.2 39223.4 1398.8 4516.9 444.4 9882.5 85380.0 97.0 14 LM153064475Equitysharesatmarketvalue 13607.8 38975.4 89078.3 60.2 12906.2 9861.9 38653.3 13 FL154023005Loans 95609.8 12244.0 37867.4 10922.5 12 LM654022055Mutualfunds 85380.0 37418.7 9882.5 11 LM223064223Stateandlocalgovt.retirementfunds(2) 85587.3 10 LM344022025Federalgovt.retirementfunds(2) 39334.6 8974.7 9LM574022075Privatepensionfunds(2) 37867.4 8LM544022053Lifeinsurancecompanies 35960.3 7LM154022075Indirectlyheld 6LM154022005Directlyheld 5LM154022375Debtsecuritiesatmarketvalue 4FL154000025Deposits(1) 3FL154090005Financialassets 2FL152010005Nonfinancialassets 1FL152000005Assets Billions ofdollars;amountsoutstandingendperiod,notseasonallyadjusted B.101.e BalanceSheetofHouseholdsandNonprofitOrganizationswithDebtEquityHoldingsDetail 146 (2) Definedcontributionplans.Assetsheldbydefinedbenefitpensionfundsarenotconsideredassetsofthehouseholdsector.entitlementsincludedinline22. (1) Includesforeigndeposits,checkabledepositsandcurrency,timesavingsmoneymarketfundshares.

Z.1, March12,2020 0028171. 1382109. 0290129. 1494151. 138224 118368.2 115219.8 114419.4 112596.3 107219.0 110594.0 118368.2 107219.0 106002.8 1 134944.4 131609.5 130629.9 128632.0 123247.4 126497.1 134944.4 123247.4 121547.5 54. 62. 67. 50. 62. 63. 61. 68. 67. 23 16576.2 22 16389.7 36023.8 16210.5 35756.2 16035.7 35537.7 16028.5 35050.5 15903.0 34407.8 16576.2 34108.5 16028.5 36023.8 15544.7 34407.8 33419.0 0721 092018 2019 2018 2017 0. 8. 9. 8. 8. 7. 7. 0. 9. 13 891.4 902.0 871.7 870.5 883.2 888.9 891.4 883.2 903.1 3Q 1Q 3Q4 Q3 Q2 Q1 Q4 Q3 2019

6 F07006 ttsia iceac sapretg fGP-.4-.9-.6-.5-.0-.0-.500 46 43 0.05 10.8 -0.35 -67.6 -0.60 -112.0 -1.40 -254.9 -1.65 44 -289.2 38 20580.2 -160.3 -0.96 19519.4 991.3 -241.3 18715.0 37 -1.49 18224.8 948.5 -53.2 855.7 40 17527.3 39 -0.34 36 16784.9 963.9 16903.0 818.3 17406.7 16197.0 31 16069.3 4297.3 16574.3 15542.6 925.4 15419.9 20.0 826.6 4121.4 15912.9 14900.5 15659.0 851.1 3975.4 14388.2 799.9 15133.4 17.4 13849.2 3858.1 14386.2 771.4 13522.8 746.5 13982.8 3671.7 13152.9 16.1 13235.3 752.9 30 668.5 3509.1 34 24 808.8 46 FA087005086StatisticaldiscrepancyasapercentageofGDP 146.9 18.3 2297.4 3291.1 646.6 20.0 45 FA086902203AverageofGDPandGDI 33 2365.2 3243.8 107.8 44 FA086902005Equals:GDP(NIPA,expenditureapproach) 22.9 692.1 2311.1 17.4 2333.7 27 43 FA087005005Plusstatisticaldiscrepancy(NIPA) 91.7 2377.6 42 FA896902505Grossvalueadded(line1) 2334.4 3499.3 21.9 16.1 Addendum: 2346.0 25 2191.3 3370.8 83.2 29 2346.1 22.7 7840.6 32 2038.6 3189.9 1801.1 41 FA896006001Equals:Netsaving 18.3 2201.1 94.6 7318.0 17545.9 1843.8 3202.3 1717.5 22.2 16708.8 2046.8 40 FA896901001Less:Finalconsumptionexpenditures 6913.3 22.9 1734.3 3116.0 1615.9 16053.6 87.8 20 23 1851.6 6787.5 15787.9 2949.4 1611.7 39 FA896012005Equals:Disposableincome,net 4345.5 21.9 -197.7 15242.5 1741.1 6591.0 91.8 2737.5 1628.3 14494.7 3571.9 22 360.7 6333.7 38 FA896403005Less:Othercurrenttransfers(paid) 14094.7 2413.2 1563.9 22.7 3362.0 15 13357.7 1801.1 84.8 37 FA896403105Plus:Othercurrenttransfers(received) 6297.3 331.4 1502.7 3365.0 36 FA896404005Less:Socialcontributions(paid) 2040.0 1717.5 6009.2 22.2 1375.3 35 FA896404105Plus:Socialbenefits(received) 323.0 3277.6 1949.5 1615.9 16 34 FA896220005Less:Currenttaxesonincome,wealth,etc.(paid) 3087.8 1876.8 1611.7 337.9 1441.8 33 FA896220001Plus:Currenttaxesonincome,wealth,etc.(received) 13 2917.4 1841.5 32 FA896140001Netnationalincome/Balanceofprimaryincomes,net 1628.3 1364.5 348.2 10928.5 2568.2 1773.9 1563.9 1312.8 10411.6 31 FA896112001Rentsonlandandnaturalresources 317.2 1721.0 9960.3 1502.7 10 1277.1 30 FA893192201Reinvestedearningsonforeigndirectinvestment 1639.2 342.5 1375.3 838.3 9698.2 29 FA896122001Withdrawalsfromincomeofquasi-corporations 1240.8 9 28 FA896121001Dividends 1600.0 9249.1 1188.7 6 714.6 1106.2 27 FA896120005Distributedincomeofcorporations 8834.2 1136.1 957.9 26 FA896130001Interest 2040.0 643.5 8566.7 1103.7 25 FA896150005Less:Usesofpropertyincome(paid) 1949.5 861.7 4 24 FA896112101Rentsonlandandnaturalresources 613.1 8225.9 7 1876.8 23 FA893092201ReinvestedearningsonU.S.directinvestmentabroad 837.7 10941.4 612.5 1377.4 1841.5 22 FA156122101Withdrawalsfromincomeofquasi-corporations 2 10424.5 21 FA896121101Dividends 1303.3 853.5 1773.9 9972.7 592.7 11 20 FA896120105Distributedincomeofcorporations 3291.4 1251.0 1721.0 9709.2 17545.9 823.4 19 FA896130101Interest 567.4 3121.4 1219.9 16708.8 1639.2 9259.7 18 FA896150105Propertyincome(received) 799.7 16053.6 2991.6 552.8 1182.7 17 FA366402015Subsidiespaid 1600.0 8843.6 15787.9 2916.5 16 FA896240001Taxesonproductionandimports,receivable 1128.9 789.2 15242.5 8575.4 15 FA156401101Employers’socialcontributions 2815.0 14494.7 1078.1 8234.0 14 FA156020101Wagesandsalaries 14094.7 2681.2 1043.7 13357.7 13 FA156025105Compensationofemployees(received) 2576.0 12 FA896402101Operatingsurplus,net 11 FA896140001Equals:Netnationalincome/Balanceofprimaryincomes,net 2474.5 10 FA266904101Less:Incomepaymentstotherestofworld 9FA266904001Plus:Incomereceiptsfromtherestofworld 8FA896402101Operatingsurplus,net 7FA896240101Taxesonproductionandimportslesssubsidies 6FA896401001Employers’socialcontributions 5FA896020001Wagesandsalaries 4FA896025001Compensationofemployees(paid) 3FA896902601Equals:Netvalueadded 2FA886300091Less:Consumptionoffixedcapital (incomeapproach) 1FA896902505Grossvalueadded Billions ofdollars S.1.a TotalEconomy-CurrentAccount

56. 61. 66. 77. 85. 87. 95. 07. 45 20574.8 19553.2 18771.0 42 18352.2 20569.5 17671.8 19587.0 16865.0 18827.0 16317.7 18479.7 15569.2 17816.4 16945.2 16438.4 15595.8 3 17278.0 16465.5 15835.4 15563.2 1 15001.4 14263.9 20569.5 13862.4 19587.0 13121.4 18827.0 18479.7 17816.4 16945.2 16438.4 15595.8 21237. 45435. 83035. 14747. 35 4279.9 4104.7 3959.6 3843.0 3657.4 3495.4 28 3277.7 1698.2 26 3231.2 1653.3 4174.4 1573.9 3822.0 1590.6 3615.6 1487.7 21 3483.7 1385.5 2544.4 3357.4 1234.9 19 1854.5 3274.6 18 1038.0 3953.5 1746.1 3445.2 8121.4 3624.1 1753.4 3489.0 7574.2 3434.3 1649.3 7143.9 14 3316.9 1523.9 7023.2 8888.5 3204.2 1414.8 12 6842.6 8462.1 3115.9 1192.9 4959.2 6573.8 8083.5 3280.8 4737.7 6538.2 7856.7 3320.9 4611.7 6253.7 7475.2 4634.1 8 7113.2 4559.0 6927.5 4959.2 4291.4 6625.9 4737.7 5 4208.9 4611.7 8901.4 3843.6 4634.1 8474.9 4559.0 8095.9 4291.4 7867.8 4208.9 7485.8 3843.6 7122.6 6936.1 6634.0 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 6. 5. 5. 5. 5. 6. 6. 6. 17 -64.4 -61.1 -61.8 -57.3 -58.1 -59.7 -58.0 -60.0 2440057075378443055053841 503.8 505.0 493.0 758.4 745.3 537.0 460.0 82.4 Z.1, March12,2020 147

Integrated Accounts Integrated Accounts 7 F28005 tt n oa oenet366575757318-7830889524867 244.8 839.5 380.8 63 60 -27.8 474.2 64 -30.2 331.8 971.7 808.9 6.2 785.7 -2744.5 576.8 -1594.5 527.5 70.0 577.2 749.7 56 346.6 73.1 -12.5 612.6 57 -2275.4 1797.9 -3560.3 62 -69.0 907.0 41.7 -1171.7 -1022.2 -814.2 658.3 -282.2 -711.1 -82.8 -57.1 7563.7 53 103.7 262.4 50 -265.9 316.7 4330.1 217.5 19.9 56.7 1635.0 -251.8 55 49 -213.8 137.4 829.8 -85.4 4285.8 67.2 -147.5 -1077.4 184.0 68 FR265000005 Restoftheworld 6741.8 -1062.1 303.9 -67.7 -182.1 67 FR218200005 Stateandlocalgovernment 189.0 65.2 277.6 3795.5 66 FR318200005Federalgovernment -224.5 45 220.2 -63.7 65 FR798200005Financialbusiness 9.2 -363.3 10.8 64 FR108200005Nonfinancialcorporate business 228.1 -244.0 493.0 63 FR112010005Nonfinancialnoncorporate business -78.2 44 -278.8 62 FR158200095Householdsandnonprofit institutionsservinghouseholds -218.6 -297.6 -67.6 41 694.0 Holdinggains/losses -72.0 -375.0 55.7 130.6 -301.6 40 47 1401.7 -112.0 48 61 FV268090185Restoftheworld 36 -64.0 -85.6 37 445.1 -346.4 -300.8 60 FV218090185Stateandlocalgovernment 251.9 1425.3 -113.8 -254.9 3.6 51.1 59 FV318090185Federalgovernment -15.1 54.7 252.1 -67.9 -267.7 830.2 58 FV798090185Financialbusiness -289.2 74.0 800.9 57 FV108090105Nonfinancialcorporatebusiness 27.9 2.3 -270.4 -1.6 -160.3 -180.8 -63.9 519.2 56 FV118090105Nonfinancialnoncorporatebusiness 11.7 34 55 FV158090185Householdsandnonprofitinstitutionsservinghouseholds -296.1 -241.3 518.8 26.6 1070.4 Totalothervolumechanges 279.6 -78.4 0.4 -321.1 115.1 -53.2 -81.2 1051.6 54 FA265000005Restoftheworld 266.1 -72.1 112.6 39 -331.2 236.6 Addendum: 772.6 19.3 32 928.8 -38.0 38 53 FA215000005Stateandlocalgovernment 74.3 256.6 -64.2 236.5 206.9 1138.5 52 FA315000005Federalgovernment -517.4 9.6 30 774.7 -728.9 51 FA795000005Financialbusiness 251.4 -15.2 83.1 1468.1 222.7 31 27 342.1 339.8 -408.5 50 FA105000005Nonfinancialcorporatebusiness -162.2 696.1 1575.2 396.8 49 FA115000005Nonfinancialnoncorporatebusiness 246.3 21.4 -1.7 210.7 -329.9 28 73.5 322.7 48 FA155000005Householdsandnonprofitinstitutionsservinghouseholds 1495.6 817.9 47 FA885000005Netlending(+)ornetborrowing(-)(financialaccount) 378.0 3291.4 238.8 -169.6 -2.3 199.5 310.3 25 1433.3 41.5 804.7 3121.4 46 FA265000905Restoftheworld 232.0 369.7 -86.8 285.7 190.3 1405.9 45 FA087005005Statisticaldiscrepancy(NIPA) 302.6 4.8 2991.6 23 636.4 29 Addendum: 222.2 355.8 -209.1 1349.2 265.1 19 24 181.8 424.8 574.4 291.6 2916.5 44 FA215000905Stateandlocalgovernment 1008.8 -73.3 2004.5 -200.3 1279.7 43 FA315000905Federalgovernment 338.8 16 2815.0 172.5 257.8 397.7 21 277.2 42 FA795000905Financialbusiness 537.2 791.1 15 1857.4 1230.6 -414.0 -5.9 -72.2 41 FA105000905Nonfinancialcorporatebusiness 330.8 4260.7 2681.2 -3.0 165.2 240.4 267.3 373.8 40 FA115000905Nonfinancialnoncorporatebusiness 1169.3 508.9 1751.7 2576.0 3995.3 39 FA155000905Householdsandnonprofitinstitutionsservinghouseholds 333.7 -72.4 191.5 218.7 1783.2 260.6 361.7 38 FA885000985Netlending(+)ornetborrowing(-)(capitalaccount) -9.4 485.7 2474.5 3786.9 22 341.0 1753.8 -69.1 2.6 203.0 858.7 354.1 37 FA105020005Nonfinancialcorporatebusiness 3712.2 467.3 0.0 1606.5 36 FA115020005Nonfinancialnoncorporatebusiness -70.6 193.2 3562.8 320.0 35 FA145020005Changeininventories 820.4 437.8 -3.2 1542.8 13 14 3321.9 168.1 0.0 -71.6 289.8 34 FA216300001Stateandlocalgovernment 1391.0 412.0 -239.2 768.4 9.8 3171.6 -6.7 33 FA316300001Federalgovernment 10 -74.4 259.1 -248.1 32 FA796300081Financialbusiness(nonresidential) 402.2 705.9 2922.9 0.0 529.1 31 FA106300003Nonfinancialcorporatebusiness -5.7 -15.0 -246.8 -74.1 30 FA116300001Nonfinancialnoncorporatebusiness 633.6 467.7 29 FA156300003Householdsandnonprofitinstitutionsservinghouseholds -0.0 -220.3 14.7 -17.0 28 FA886300095Consumptionoffixedcapital 592.0 7 428.6 -238.0 -4.9 27 FA215019001Stateandlocalgovernment -6.4 524.8 21.4 1774.3 527.7 -265.4 26 FA315019001Federalgovernment 1708.1 25 FA795013005Financialbusiness(nonresidential) 468.1 -1.6 9.3 -282.8 588.9 24 FA105019085Nonfinancialcorporatebusiness 4 1663.2 9 23 FA115019085Nonfinancialnoncorporatebusiness -275.1 642.2 22 FA155019005Householdsandnonprofitinstitutionsservinghouseholds 1626.8 10063.1 20.0 3 1210.4 21 FA885019005Grossfixedcapitalformation 9607.3 575.9 1573.5 3707.4 1030.9 -4.8 20 FA265440005Restoftheworld 9238.0 1526.1 597.8 3510.1 19 FA215440005Stateandlocalgovernment 958.8 9139.0 1463.0 18 FA315440005Federalgovernment 2.4 3331.9 17 FA795440005Financialbusiness 1048.8 8786.9 1443.0 16 FA105440005Nonfinancialcorporatebusiness 3315.9 970.8 15 FA115440005Nonfinancialnoncorporatebusiness 8374.1 2 3257.5 14 FA155440005Householdsandnonprofitinstitutionsservinghouseholds 8059.1 801.4 Netcapitaltransfers 3088.6 2569.9 7615.3 1107.6 2978.5 2445.7 13 FA216006005Stateandlocalgovernment 12 FA316006085Federalgovernment 849.8 2805.1 2349.0 11 FA796012005Financialbusiness 10 FA106012005Nonfinancialcorporatebusiness 2256.2

Z.1, March12,2020 59. 63. 64. 71. 87. 82. 98. 06. 1 20569.5 19587.0 18827.0 18479.7 17816.4 16945.2 16438.4 15595.8 14. 12. 654-9. 535-7. 464-8. 52 -989.8 -476.4 -672.6 -523.5 -591.8 -655.4 43 -1127.7 -1065.8 -1349.7 -534.0 -716.0 -584.6 -653.7 -697.3 -1187.3 -1395.6 12 -1009.8 -724.7 -677.0 -570.1 -604.3 -637.9 -1078.6 -1242.0 392-5. 6. 450155403-0. 02768 1022.7 -808.0 480.3 135.5 1415.0 360.9 -455.9 1329.2 5 1657.6 1545.0 1493.4 1403.2 1316.7 1170.4 1200.3 1058.8 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 115440109-2. 6. 2. 3. 1. 58 312.0 -37.5 224.8 264.6 -224.2 100.9 404.0 -141.5 6. 500-649-. 368-6. 52912465 192.4 -562.9 -763.3 -336.8 -4.9 -1684.9 -530.0 54 460.5 318.3 342.3 406.4 324.5 240.8 46 506.7 342.9 469.0 476.0 42 501.6 441.9 -52.9 424.5 -165.9 376.0 -19.4 369.4 -68.6 441.6 -10.4 467.2 33 -24.4 286.1 107.7 277.1 181.3 271.8 271.4 26 290.4 270.2 276.8 265.9 261.6 265.5 18 254.9 265.3 52.7 263.8 -188.2 269.6 53.8 287.3 51.4 295.7 11 13.2 58.4 58.1 -20.8 84.9 29.4 6 113.8 -27.7 797.1 27.9 770.7 -3.2 751.6 138.0 738.5 151.8 723.1 711.0 719.0 716.8 3. . . 0000181271. 17 16.9 102.7 1.8 0.0 10.0 0.0 9.6 -32.4 283. 424. . 849. 9466 89.4 91.7 68.4 8.9 61 59 167.3 48.5 137.5 -149.3 74.2 -128.4 -111.0 82.2 35.0 -89.8 117.3 32.8 -196.6 87.5 38.9 51 33.0 38.9 340.9 40.9 150.6 84.5 -5.1 37.5 223.1 -25.9 22.3 -99.5 41.3 35 54.7 30.2 27.1 131.9 84.0 104.5 71.2 46.3 8 503.8 505.0 493.0 758.4 745.3 537.0 460.0 82.4 1665-. 04-. 05-. . 20 2.8 -9.4 -0.5 -0.4 -0.4 -0.8 6.5 -1.6

1 F22905 tt n oa oenet40. 29651. 25851. 20756. 09381 6009.3 5960.5 5290.7 74 5014.3 48.7 5205.8 78 77 669.8 -10172.1 5110.3 12653.8 -13476.7 5229.6 12100.7 -9986.2 276.4 11246.6 4806.8 -8734.8 70 -191.5 10727.2 -10332.2 553.1 71 9933.6 -8438.5 95.5 3304.6 -4448.6 9185.4 854.0 -2807.8 -119.2 -3490.5 8096.7 519.5 -1251.4 76 422.8 7368.2 1597.4 107219.0 793.6 202.3 106002.8 -1893.6 97089.4 748.2 -3989.9 91595.0 82 FL262090095Restoftheworld 69 88439.5 1088.7 -1640.9 81 FL212090095Stateandlocalgovernment 1216.2 82498.3 599.7 728.4 80 FL312090095Federalgovernment 73573.4 8913.4 79 FL792090095Financialbusiness 68413.7 491.5 78 FL102090085Nonfinancialcorporatebusiness 5494.4 77 LM112090205Nonfinancialnoncorporatebusiness 76 FL152090005Householdsandnonprofitinstitutionsservinghouseholds 3155.5 Networth 5941.3 75 FC262090095Restoftheworld 8924.8 74 FC212090095Stateandlocalgovernment 5159.8 73 FC312090095Federalgovernment 72 FC792090095Financialbusiness 1285.1 71 FC102090085Nonfinancialcorporatebusiness 70 FC112090205Nonfinancialnoncorporatebusiness 69 FC152090005Householdsandnonprofitinstitutionsservinghouseholds Changeinnetworth Billions ofdollars S.2.a SelectedAggregatesforTotalEconomyandSectors

96. 1550-14. 1605-26. 1760-31. 114880 -14154.8 -13319.2 -12746.0 73 -12165.8 -835.6 -11670.5 -11143.8 -573.2 -10555.0 -9467.3 -580.2 -495.3 -526.7 -588.8 -1087.7 -1285.5 21041. 04767. 19376. 49397. 82 9176.0 7479.3 7960.5 7149.3 75 6679.1 1696.7 5084.7 -481.2 4315.6 811.2 4291.0 470.2 1594.4 769.1 24.6 1880.9 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 6. 7. 663-2. 973-482-121-61579 -1661.5 -2162.1 -1438.2 -927.3 72 -827.4 500.7 -616.3 -723.9 971.0 -510.9 968.6 -99.9 -211.2 -1587.2 2.4 503.1 Z.1, March12,2020 149

Integrated Accounts Integrated Accounts 9 F13935 qiyivsmn ne ulcPiaeIv rga 3 . 34-...... 59 0.0 0.0 0.0 0.0 0.0 -1.8 -3.4 0.5 59 FA153094305 EquityinvestmentunderPublic-PrivateInv. Program(3) 58 FA152090205 Equityinnoncorporatebusiness 57 FA153034005 Moneymarketfundshares 56 FA153064205Mutualfundshares 55 FA153064105Corporateequities 54 FA153081005Equityandinvestment fundshares 37 -12.5 53 FA153065005Longterm(mortgages) 52 FA154041005Shortterm -11.9 51 FA154023005Loans -11.6 50 FA153063005Corporateandforeign bonds 49 FA153062005Municipalsecurities -10.6 38 48 FA153061705Agency-andGSE-backedsecurities(2) 928.8 -9.5 47 FA153061105Treasurysecurities 774.7 46 FA154022005Debtsecurities -9.3 696.1 33 45 FA313131003Postalsavingssystemdeposits 858.7 -9.1 44 FA153091003Foreigndeposits 817.9 43 FA153030005Timeandsavingsdeposits 820.4 -9.5 804.7 42 FA153020005Currencyandtransferabledeposits 768.4 41 FA154000005Currencyanddeposits 636.4 705.9 1008.8 40 FA154090005Netacquisitionoffinancialassets 791.1 633.6 39 FA155000905Netlending(+)orborrowing(-)(line38) 592.0 Financialaccount 524.8 468.1 38 FA155000905Netlending(+)orborrowing(-),capitalaccount(lines29-32) 37 FA155420003Acquisitionofnonproducednonfinancialassets 36 FA156300003Less:Consumptionoffixedcapital 35 FA165013005Nonresidential(nonprofitorganizations) 19 34 FA155012005Residential 627.5 33 FA155019005Grossfixedcapitalformation,excludingconsumerdurables 21 32 FA155050905Capitalformation,net 2077.6 582.1 2045.8 556.2 31 FA155440005Less:Capitaltransferspaid(net) 1956.1 30 FA156006005Netsaving 545.1 1937.8 29 FA156006315Netsavinglesscapitaltransfers 1784.0 18 525.6 Capitalaccount 1801.1 20 1675.8 15872.1 518.9 1508.9 1717.5 15033.1 1453.2 554.1 14315.8 1615.9 28 FA156006005Equals:Netsaving 13981.9 582.4 1611.7 13369.1 12645.2 1628.3 27 FA156901001Less:Finalconsumptionexpenditures 7 12374.7 11647.7 1563.9 195.9 1502.7 26 FA156012095Equals:Disposableincome,net 1375.3 188.4 4 25 FA156403001Less:Othercurrenttransfers(paid) 961.1 178.8 24 FA156403101Plus:Othercurrenttransfers(received) 916.9 23 FA156600001Less:Socialcontributions(paid) 171.2 9 22 FA156404105Plus:Socialbenefits(received) 888.5 15872.1 165.7 21 FA156220001Less:Currenttaxesonincome,wealth,etc.(paid) 15033.1 20 FA156140005Netnationalincome/Balanceofprimaryincomes,net 854.3 14315.8 159.0 13981.9 155.2 812.2 13369.1 19 FA156130001Less:Usesofpropertyincome(interestpaid) 12645.2 154.1 18 FA156122101Withdrawalsfromincomeofquasi-corporations(1) 12374.7 11647.7 780.0 17 FA156121101Dividends 758.8 16 FA156120105Distributedincomeofcorporations 723.8 15 FA156130101Interest 14 FA156150105Propertyincome(received) 13 FA156401101Employers’socialcontributions 12 FA156020101Wagesandsalaries 11 FA156025105Compensationofemployees(received) 10 FA156402101Operatingsurplus,net 9FA156140005Netnationalincome/Balanceofprimaryincomes,net 8FA156402101Operatingsurplus,net 7FA156240101Taxesonproductionandimportslesssubsidies 6FA156401001Employers’socialcontributions 5FA156020001Wagesandsalaries 4FA156025005CompensationpaidbyhouseholdsandNPISHs 3FA156902605Equals:Netvalueadded 2FA156300003Less:Consumptionoffixedcapital 1FA156902505Grossvalueadded Currentaccount Billions ofdollars S.3.a HouseholdsandNonprofitInstitutionsServing 150

Z.1, March12,2020 04. 10. 11. 12. 28. 24. 31. 39. 27 13998.7 13312.1 26 12748.5 15209.1 12284.3 14343.0 11822.8 13707.3 11317.2 13333.1 11006.8 10641.1 12793.5 12118.6 12114.4 11491.0 46718. 9. 33112. 8. 46412. 40 1928.1 1426.4 986.8 1420.8 1373.1 995.0 1286.8 1486.7 22 2918.3 2800.1 2714.6 2633.0 2498.6 2385.9 16 2322.6 3028.5 15 2310.1 1704.1 14 2847.5 4732.6 13 1553.0 2679.9 2040.0 4400.4 12 1458.9 2644.5 8888.5 1949.5 4138.8 1439.4 2581.5 11 8462.1 1876.8 4083.9 10928.5 1350.6 2357.2 8083.5 10411.6 1841.5 3932.0 2337.8 1274.4 9960.3 7856.7 2056.8 1773.9 1331.9 3631.6 9698.2 1270.7 7475.2 3669.7 1721.0 3327.5 9249.1 1639.2 7113.2 1600.0 6927.5 8834.2 6625.9 8566.7 8225.9 3 1995.5 1908.4 1840.1 1 1770.5 2569.9 1691.5 2445.7 1637.2 2349.0 1606.4 2256.2 1554.6 2158.8 2075.0 2018.4 1956.8 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 477-7. 2. 4. 130-. 3. 8. 55 -89.7 133.3 -7.3 -123.0 144.4 225.7 47 -179.6 612.8 -417.7 -41.2 101.5 326.7 -200.3 -142.3 144.7 -106.4 1. 74125192283-136. 5158 95.1 56 66.6 -25.1 -41.3 309.1 54.1 218.3 139.2 92.4 182.5 50 220.4 -5.0 77.4 232.0 218.9 48 -28.6 329.4 201.5 46 175.8 -88.1 54.0 800.6 -237.8 -54.1 -96.5 71.0 42 -71.3 192.1 77.8 43 402.9 -379.7 240.9 104.4 64.8 41 194.9 218.4 481.5 -79.0 -130.6 226.6 -64.8 675.1 -71.8 425.9 -695.3 89.5 136.2 506.7 21.5 604.7 39 928.8 494.8 255.7 9.6 582.3 774.7 190.5 498.0 193.9 371.4 696.1 387.0 125.6 382.6 817.9 489.2 291.0 663.7 804.7 36 574.4 35 636.4 204.1 34 537.2 1008.8 654.5 791.1 192.5 508.9 627.9 191.4 485.7 577.0 182.1 467.3 523.7 169.7 30 437.8 463.9 1210.4 29 168.0 412.0 1200.6 1030.9 423.9 166.7 402.2 1045.9 958.8 358.0 154.0 944.1 314.2 1048.8 1027.4 970.8 28 1210.4 961.5 801.4 1030.9 781.3 1107.6 958.8 849.8 1112.4 25 847.5 1048.8 200.4 970.8 192.9 801.4 186.7 23 1107.6 1356.5 849.8 189.7 1299.6 179.6 1239.9 1204.7 170.8 1153.6 163.9 17 1104.3 1227.5 145.6 950.5 1130.0 916.7 1064.0 1032.9 10 953.2 838.6 793.3 803.1 8 835.1 838.6 772.9 681.5 6 803.1 5 745.0 166.6 794.4 772.9 713.5 158.2 758.7 745.0 698.2 157.9 2 730.6 692.4 713.5 147.8 574.4 676.7 706.5 698.2 142.8 537.2 692.4 669.4 138.3 508.9 676.7 641.7 134.3 485.7 624.5 126.9 467.3 597.0 437.8 412.0 402.2 7. . . 2. 1. . 1010657 180.6 61.0 7.3 54 160.9 -16.8 570.0 -24.2 12.9 2.0 171.0 5.1 479.8 -72.8 640.4 228.8 -95.3 6413614916729527921221832 271.8 271.2 247.9 209.5 156.7 144.9 103.6 56.4 24 53.2 48.1 59.7 50.3 42.9 38.4 40.4 48.5 623. 904. 5. 50-98-. 52 -7.1 51 -19.9 -59.8 -69.8 -5.0 49 -8.8 -12.0 -56.0 -70.8 -38.3 44 46.2 0.8 38.0 11.8 59.0 55.5 12.6 -40.1 31.5 18.6 -54.1 -5.6 -6.2 -0.1 -42.7 -13.8 -116.2 -6.4 -0.6 2.6 -7.9 -9.9 . 1. 35-. 1. 70-00-2753 -12.7 -10.0 -7.0 45 -14.8 0.0 -8.2 0.0 -3.5 0.0 -12.9 6.1 0.0 0.0 0.0 0.0 0.0 31 9.8 -15.0 14.7 21.4 9.3 20.0 -4.8 2.4

6 F12905 hnei e ot lns3+87+5 25155. 94854. 15559. 93411. 96 1216.2 8913.4 93 108 FL313131003Postalsavingssystem deposits 0.0 5494.4 107 FL153030005Timeandsavings deposits 3155.5 106 LM153091003Foreigndeposits 105 FL153020005Currencyandtransferable deposits 0.0 5941.3 104 FL154000005Currencyanddeposits 8924.8 5159.8 0.0 103 FL154090005Financialassets 1285.1 94 -551.9 102 LM165013765Intellectualpropertyproducts 0.0 95 -814.2 1048.4 101 LM165015205Equipment 100 LM155111005Consumerdurablegoods 464.5 7563.7 0.0 99 LM155035005Realestate 4330.1 -157.6 98 LM152010005Nonfinancialassets 1635.0 0.0 386.8 4285.8 97 FL152000005Totalassets 955.8 -0.0 6741.8 3795.5 Balancesheetaccount(endofperiod) 543.4 -363.3 0.9 -93.4 96 FC152090005Changeinnetworth(lines32+38+78+95) 82 Changesinbalancesheetaccount -496.5 -55.6 95 FR158200095Changesinnetworthduetonominalholdinggains/losses 176.9 94 FR153052045Insurance,pensionandstandardizedguaranteeschemes -252.5 93 FR153094305EquityinvestmentunderPublic-PrivateInv.Program -246.9 92 FR152090205Equityinnoncorporatebusiness -136.2 91 FR153064205Mutualfundshares -129.8 90 FR153064105Corporateequities -677.0 89 FR154022005Debtsecurities 88 FR158080095Financialassets 75 1.9 87 FR155111005Consumerdurablegoods 86 FR165013765Intellectualpropertyproducts 1.8 85 FR165015205Equipment 77 1425.3 84 FR155035005Realestate -0.3 83 FR152010085Nonfinancialassets 830.2 519.2 1.7 Revaluationaccount 66 1070.4 4.3 1.2 1051.6 82 FU157005045Less:Statisticaldiscrepancy(lines38-77)(5) 772.6 81 FV158090085Othervolumechanges 6.3 3.0 1138.5 80 FV152010005Disasterlosses 1468.1 79 FU155111005Netinvestmentinconsumerdurablegoods 0.6 3.2 78 FV158090185Totalothervolumechanges 64 -0.5 Otherchangesinvolumeaccount 0.2 20.3 13.1 27.5 77 FA155000005Netlending(+)orborrowing(-),financialaccount(lines40-67) Addendum: 12.8 5.6 76 FA163170005Otheraccountspayable(tradedebt) 5.6 9.0 75 FA543077073Insurance,pensionandstandardizedguaranteeschemes 61 60 14.4 11.9 17.9 500.7 74 FA153165005Longterm(mortgages) 10.7 31.6 73 FA153169005Otherloansandadvances 548.2 72 FA153168005Depositoryinstitutionloansn.e.c. 4.6 449.2 71 FA153166000Consumercredit 31.1 70 FA154141005Shortterm 497.2 12.2 69 FA154123005Loans 26.3 408.8 68 FA163162003Debtsecurities(municipals) -4.3 601.8 519.7 67 FA154190005Netincurrenceofliabilities 32.3 648.3 66 FA163070005Otheraccountsreceivable(tradereceivables) -7.7 27.2 65 FA313195105RetireeHealthCareFunds 64 FA153095105Non-lifeinsurancereservesatlifecompanies 63 FA153050005Pensionentitlements(4) 62 FA153040005Lifeinsurancereserves 61 FA153076005Insurancereceivablesduefromproperty-casualtyinsurancecompanies 60 FA153052005Insurance,pensionandstandardizedguaranteeschemes Billions ofdollars S.3.a HouseholdsandNonprofitInstitutionsServing

77. 16. 85. 31. 44. 89. 58. 58. 103 85380.0 85587.3 78393.9 74543.1 73115.7 68557.0 99 61662.8 57172.5 31712.3 98 30055.6 37867.4 27941.0 35960.3 26033.6 33670.1 24262.9 31589.2 22709.2 29647.1 97 20628.0 20065.3 123247.4 27988.3 121547.5 25823.8 25146.7 112064.0 106132.3 102762.8 96545.3 87486.6 82319.3 77773. 34878. 42897. 21296. 107 9664.2 9261.2 9078.2 8402.8 104 11106.4 7882.4 10624.7 10234.2 7324.8 9640.2 7134.2 6787.7 9042.5 100 5519.3 8481.6 8094.6 5302.6 7643.9 5155.3 5006.0 4859.3 4779.6 4727.5 4644.7 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 193559881269-0. 9. 092-6. 91 -668.9 1039.2 293.8 -202.0 246.9 818.1 535.9 84 1460.8 -149.3 83 1414.0 1949.0 1853.2 1693.1 1612.1 1592.9 1525.9 1426.2 1324.1 1969.3 516.2 1874.1 469.8 -571.4 -549.8 9. 1. 14811. 25512. 34610. 105 1402.4 1324.6 102 1129.8 198.7 101 437.1 1205.5 189.4 1114.4 412.6 178.1 1104.8 395.7 910.9 167.1 798.9 382.6 160.8 364.1 153.4 346.1 141.5 326.9 129.4 307.3 92 480.0 812.3 89 -122.5 576.6 68.9 576.1 88 610.8 -29.6 -2228.2 5710.4 904.7 -105.4 2718.0 663.2 212.8 109.1 263.4 -359.9 2961.8 140.1 4867.6 232.8 3325.7 186.5 78 829.8 303.9 220.2 493.0 694.0 1401.7 251.9 800.9 71 181.8 184.0 233.1 233.8 221.1 177.8 159.0 109.8 63 399.1 475.0 350.7 410.7 341.1 525.7 523.7 504.6 6. 43124. 545-. 42724. 16. 90 -1364.9 2741.7 1412.7 -2.0 1504.5 2548.9 1443.1 -67.8 73 74 -24.9 298.8 324.9 60.9 229.1 -10.2 149.0 -76.5 26.0 33.2 13.9 37.5 -64.0 66.3 -61.9 -37.4 744. 214. 192. 893. 106 39.7 38.9 26.3 31.9 45.7 52.1 49.5 57.4 87 -50.0 -97.4 -75.3 -62.5 -100.6 -94.9 -44.2 81 108.6 19.4 79.6 79 266.6 172.5 244.7 31.4 224.7 76 266.7 209.1 13.4 1118.5 180.4 16.0 14.9 147.0 34.0 127.0 8.2 89.8 19.2 26.7 -5.6 70 190.9 7.2 252.9 20.0 233.6 67 65 188.8 502.8 13.9 274.1 596.2 9.6 225.5 467.6 62 49.4 218.7 12.9 350.5 68.3 19.0 321.5 7.4 222.4 41.8 10.4 148.2 47.2 18.6 12.2 49.8 13.3 18.5 20.9 -14.4 85.7 02-. 37-. 39-. 361085 1.0 -3.6 -8.5 -3.9 -2.7 -3.7 -3.8 -0.2 72 34.0 7.9 68 10.6 -2.2 31.5 1.7 19.8 -2.9 10.2 -8.3 -6.7 -4.1 -6.5 -14.5 -14.2 -7.3 ...... 108 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86 2.2 5.3 2.8 -0.6 1.2 80 -42.0 3.5 -76.0 1.5 0.0 2.3 0.0 0.0 0.0 -20.9 0.0 69 489.7 577.8 462.7 337.8 300.1 239.5 154.7 6.4 Z.1, March12,2020 151

Integrated Accounts Integrated Accounts 3 L4077 Isrne eso n tnadzdgaateshms2. 572. 993. 133. 50139 35.0 33.1 31.3 31.6 29.9 28.7 25.7 25.0 129 254.7 250.5 141 FL152090005Networth 244.2 140 FL163170005Otheraccountspayable(tradedebt) 241.0 122 127 0.0 352.2 240.7 139 FL543077073Insurance,pensionandstandardizedguaranteeschemes 331.8 0.0 213.2 138 FL153165005Longterm(mortgages) 318.8 207.6 137 FL153169005Otherloansandadvances 0.0 136 FL153168005Depositoryinstitutionloansn.e.c. 306.0 198.6 135 FL153166000Consumercredit 300.4 134 FL154141005Shortterm 0.0 124 133 FL154123005Loans 591.9 288.6 277.9 0.0 574.0 132 FL163162003Debtsecurities(municipals) 273.2 542.4 123 28808.4 131 FL154190005Liabilities 0.0 28738.7 511.4 111 27058.3 647.9 130 FL152100005Totalliabilitiesandnetworth 26042.7 1.8 485.1 25633.2 460.3 129 FL163070005Otheraccountsreceivable(tradereceivables) 24717.5 22061.2 5.2 489.4 21011.0 402.0 457.1 128 FL313195105RetireeHealthCareFunds 496.7 464.7 127 FL153095105Non-lifeinsurancereservesatlifecompanies 126 FL153050005Pensionentitlements(4) 302.0 125 FL153040005Lifeinsurancereserves 124 FL153076005Insurancereceivablesduefromproperty-casualtyinsurancecompanies 207.4 123 FL153052005Insurance,pensionandstandardizedguaranteeschemes 322.1 383.9 122 LM153094305EquityinvestmentunderPublic-PrivateInv.Program(3) 121 LM152090205Equityinnoncorporatebusiness 120 FL153034005Moneymarketfundshares 119 LM153064205Mutualfundshares 118 LM153064105Corporateequities 117 FL153081005Equityandinvestmentfundshares 116 FL153065005Longterm(mortgages) 115 FL154041005Shortterm 114 FL154023005Loans 113 LM153063005Corporateandforeignbonds 112 LM153062005Municipalsecurities 111 LM153061705Agency-andGSE-backedsecurities(2) 110 LM153061105Treasurysecurities 109 LM154022005Debtsecurities Billions ofdollars S.3.a HouseholdsandNonprofitInstitutionsServing 152 reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatisticalbetweenthecapitalfinancialaccounts. (5) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedincapitalaccountandsameconceptfinancialaccount. (4) Includesvariableannuities,includingthoseinIRAs,atlifeinsurancecompanies. (3) FundsinvestedbyfinancialinstitutionssuchasdomestichedgefundsthroughthePublic-PrivateInvestmentProgram(PPIP). theFinancingCorporation,andResolutionFundingtheyincludedStudentLoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. (2) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae,FreddieMac,AgriculturalMortgageCorporation,FarmCreditSystem, theyprimarilycovertheiroperatingcoststhroughsales,andkeepacompletesetoffinancialrecords. (1) Consistsofrentalincometenant-occupiedhousingandproprietors’income.Quasi-corporationsareunincorporatedenterprisesthatfunctionasiftheywerecorporations;

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4 F13945 qiyi oenetsosrdetrrss()030206070507260244 0.2 2.6 0.7 45 -1.4 0.5 4.0 0.7 -3.0 0.6 -10.2 54 FA113165005 Longterm(mortgages) 0.2 12.7 53 FA113169005Otherloansandadvances 52 FA113168005Depositoryinstitution loansn.e.c. -26.2 0.3 51 FA114141005Shortterm 15.7 50 FA114123005Loans -4.6 49 FA114190005Netincurrenceofliabilities 48 FA113093005Other(miscellaneous assets) 47 FA113070003Tradereceivables 46 FA113096005Otheraccountsreceivable 45 FA113076005Insurance,pensionandstandardizedguaranteeschemes(4) 44 FA113092405Equityingovernment-sponsoredenterprises(3) 43 FA113034003Moneymarketfundshares 42 FA113081005Equityandinvestmentfundshares 41 FA113065005Longterm(mortgages) 40 FA113066003Shortterm(consumercredit) 30 39 FA114023005Loans -85.6 -67.9 38 FA113062003Municipalsecurities 37 FA113061003Treasurysecurities -63.9 36 FA114022005Debtsecurities -78.4 35 FA113030003Timeandsavingsdeposits -72.1 34 FA113020005Currencyandtransferabledeposits -64.2 33 FA114000005Currencyanddeposits -15.2 32 FA114090005Netacquisitionoffinancialassets -1.7 31 FA115000905Netlending(+)orborrowing(-)(line30) 15 Financialaccount 0.5 17 26.1 0.3 30 FA115000905Netlending(+)orborrowing(-),capitalaccount(lines21-24) 30.1 0.3 29 FA115020005Changeinprivateinventories 28 FA116300001Less:Consumptionoffixedcapital 21.9 27 FA115012005Residential 0.2 25.1 26 FA115013085Nonresidential 25 FA115019085Grossfixedcapitalformation 0.2 28.5 24 FA115050985Capitalformation,net 9 14 27.5 26.1 0.2 23 FA115440005Less:Capitaltransferspaid(net) 1730.9 22 FA116012005Netsaving 25.9 1648.7 30.1 7 0.2 21 FA116006305Netsavinglesscapitaltransfers 1568.8 21.9 219.0 23.9 1597.7 0.2 Capitalaccount 1605.4 209.2 25.1 1509.6 196.9 1431.9 28.5 1318.5 20 FA116012005Equals:Netsaving 196.3 27.5 186.0 19 FA116012005Equals:Disposableincome,net 170.7 25.9 18 FA116403001Less:Othercurrenttransfers(paid) 171.2 23.9 17 FA116140001Netnationalincome/Balanceofprimaryincomes,net 163.9 16 FA116112001Rentsonlandandnaturalresources 15 FA113192281Reinvestedearningsonforeigndirectinvestment 14 FA116122001Withdrawalsfromincomeofquasi-corporations(2) 13 FA116130001Interest 12 FA116150005Less:Usesofpropertyincome(paid) 11 FA116130101Propertyincome(interestreceived) 10 FA116402105Operatingsurplus,net 9FA116140001Netnationalincome/Balanceofprimaryincomes,net 8FA116402105Operatingsurplus,net 7FA116240101Taxesonproductionandimportslesssubsidies 6FA116401005Employers’socialcontributions 5FA116020001Wagesandsalaries 4FA116025001Compensationofemployees(paid) 3FA116902605Equals:Netvalueadded 2FA116300001Less:Consumptionoffixedcapital 1FA116902505Grossvalueadded Currentaccount Billions ofdollars S.4.a NonfinancialNoncorporateBusiness(1)

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1 M1140 qiyadivsmn udsae drc neteti h .. . . 061. 721. 822. 112 28.3 (5) Farmhousesareincludedinthehouseholdsector. 28.2 (4) Netequityinreservesofproperty-casualtyinsurancecompanies. theFinancingCorporation,andResolutionFundingtheyincludedStudentLoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. 19.5 (3) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae,FreddieMac,AgriculturalMortgageCorporation,FarmCreditSystem, 17.2 theyprimarilycovertheiroperatingcoststhroughsales,andkeepacompletesetoffinancialrecords. (2) Consistsofrentalincometenant-occupiedhousingandproprietors’income.Quasi-corporationsareunincorporatedenterprisesthatfunctionasiftheywerecorporations; 14.2 (1) Estimatesfor2000andearlierperiodsarebasedonthe1987StandardIndustrialClassificationSystem;laterestimatesNorthAmericanSystem. 10.6 117 LM112090205Networth 7.9 116 FL113193003Other(miscellaneousliabilities) 115 FL113178003Taxespayable 7.1 114 FL113170005Tradepayables 113 FL113196005Otheraccountspayable 112 LM115114005Equityandinvestmentfundshares(directintheU.S.) 111 FL113165005Longterm(mortgages) 110 FL113169005Otherloansandadvances 109 FL113168005Depositoryinstitutionloansn.e.c. 108 FL114141005Shortterm 107 FL114123005Loans 106 FL114190005Liabilities 105 FL112100005Totalliabilitiesandnetworth Billions ofdollars S.4.a NonfinancialNoncorporateBusiness(1)

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Integrated Accounts Integrated Accounts 4 F13915 neteti iac opn usdais1. . 411. . 1. 252554 53 2.5 0.1 12.5 0.3 -13.1 0.1 48 2.2 -131.7 0.1 43 15.8 225.1 46 -6.8 0.1 -25.6 198.2 14.1 -51.8 10.0 255.4 0.0 3.9 416.7 26.9 1.3 0.0 12.6 37 353.9 13.8 -1.3 54.5 278.6 -0.0 27.6 383.0 0.6 7.8 -1.5 35 0.3 154.1 318.8 -5.1 49.4 -1.3 34 549.0 1.8 54 FA103094105Investmentinfinance companysubsidiaries 55.7 116.5 53 FA103092405Equityingovernment-sponsored enterprises(2) 951.1 -2.2 52 FA103092005U.S.directinvestment abroad 42.1 -113.8 1137.1 51 FA103064203Mutualfundshares 50 FA103064103Corporateequities 673.6 31 74.0 39.8 49 FA103034000Moneymarketfund shares -1.1 48 FA103081005Equityandinvestment fundshares 707.9 11.7 95.5 307.2 47 FA103065003Longterm(mortgages) 0.4 115.1 46 FA104041005Shortterm(securityreposandconsumercredit) 368.6 45 FA104035005Loans 30 236.6 6.9 1575.2 33 44 FA103062003Municipalsecurities 206.9 55.7 43 FA103061703Agency-andGSE-backedsecurities(2) 1495.6 29.3 42 FA103061103Treasurysecurities 342.1 1433.3 41 FA103069100Openmarketpaper -113.8 1.6 1405.9 40 FA104022005Debtsecurities 74.0 1349.2 39 FA103091003Foreigndeposits 1.4 1279.7 11.7 38 FA103030003Timeandsavingsdeposits 37 FA103020000Currencyandtransferabledeposits 1230.6 0.2 36 FA104000005Currencyanddeposits 115.1 1169.3 35 FA104090005Netacquisitionoffinancialassets 236.6 -1.0 206.9 34 FA105000905Netlending(+)orborrowing(-)(line33) 342.1 Financialaccount 21 155.6 33 FA105000905Netlending(+)orborrowing(-),capitalaccount(lines25-28) 18 123.4 232.5 20 32 FA105020005Changeinprivateinventories 768.1 31 FA105420095Acquisitionofnonproducednonfinancialassets 89.9 17 262.9 30 FA106300003Less:Consumptionoffixedcapital 817.2 15 795.7 29 FA105019085producednonfinancialassets) 283.4 76.2 Grossfixedcapitalformation(acquisitionof 1465.2 792.5 13 760.7 290.9 28 FA105050985Capitalformation,net 1356.1 69.6 620.5 793.1 908.5 14 263.6 27 FA105440005Less:Capitaltransferspaid(net) 1350.4 78.9 26 FA106012005Netsaving -168.3 111.2 766.0 959.8 1294.8 245.7 25 FA106006385Netsavinglesscapitaltransfers 308.1 1222.4 700.5 102.4 989.7 71.7 209.3 Capitalaccount 9 1136.8 7 283.1 124.9 632.5 903.3 74.6 1154.9 768.1 876.4 271.1 102.9 624.8 886.5 4 1066.3 24 FA106012005Equals:Netsaving 69.4 795.7 286.4 835.0 535.8 6007.6 100.6 23 FA106012005Equals:Disposableincome,net 760.7 5698.5 2 289.2 799.8 106.9 22 FA106403001Less:Othercurrenttransfers(paid) 5426.6 908.5 1575.2 262.0 784.1 94.8 21 FA106220001Less:Currenttaxesonincome,wealth,etc.(paid) 5290.1 20 FA106140005Netnationalincome/Balanceofprimaryincomes,net 959.8 1495.6 277.7 767.6 5026.2 1433.3 19 FA106112001Rent 989.7 742.0 4768.1 18 FA103192201Reinvestedearningsonforeigndirectinvestment 1405.9 903.3 4608.3 17 FA106121001Distributedincomeofcorporations(dividends) 695.1 1349.2 16 FA106130001Interest 4372.7 886.5 670.8 1279.7 15 FA106150005Less:Usesofpropertyincome(paid) 14 FA103092201ReinvestedearningsonU.S.directinvestmentabroad 1230.6 13 FA106121101Distributedincomeofcorporations(dividends) 1169.3 12 FA106130101Interest 11 FA106150105Propertyincome(received) 10 FA106402101Operatingsurplus,net 9FA106140005Netnationalincome/Balanceofprimaryincomes,net 8FA106402101Operatingsurplus,net 7FA106240101Taxesonproductionandimportslesssubsidies 6FA106401001Employers’socialcontributions 5FA106020001Wagesandsalaries 4FA106025005Compensationofemployees(paid) 3FA106902605Equals:Netvalueadded 2FA106300003Less:Consumptionoffixedcapital 1FA106902501Grossvalueadded Currentaccount Billions ofdollars S.5.a NonfinancialCorporateBusiness(1) 156

Z.1, March12,2020 31014. 66515. 73215. 87420. 29 2004.5 1857.4 1751.7 1783.2 1753.8 1606.5 1542.8 1391.0 10 1603.9 8 1578.2 1603.9 1578.2 5 1658.9 1578.2 1643.8 5042.4 1578.2 3 1584.3 1658.9 4780.9 8487.9 1525.1 1643.8 4555.9 8111.7 1402.4 1584.3 4428.3 1 7804.6 1525.1 4197.2 10063.1 7733.2 1402.4 3968.6 9607.3 7437.6 3839.2 9238.0 7094.4 3630.6 9139.0 6828.5 8786.9 6446.0 8374.1 8059.1 7615.3 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 0. 1. 9. 1. 6. 5. 8. 6. 52 -68.9 282.3 259.9 264.1 317.3 296.9 317.9 400.1 28 479.3 26 390.0 25 529.1 535.0 351.9 467.7 519.2 276.2 428.6 480.5 24 425.9 527.7 529.1 411.3 530.9 23 588.9 386.0 529.1 467.7 595.6 642.2 262.1 428.6 467.7 647.9 575.9 527.7 592.9 428.6 597.8 588.9 604.3 527.7 642.2 588.9 16 504.5 575.9 642.2 597.8 456.3 575.9 12 11 597.8 465.0 177.2 629.3 440.7 154.2 573.6 420.1 147.4 532.9 6 410.7 148.2 544.3 965.3 432.7 149.0 538.4 438.9 917.5 152.4 542.2 870.7 164.2 533.1 861.8 177.9 550.3 829.0 799.5 769.1 742.1 1. 58252. 23-. . 9851 -9.8 7.6 49 -9.3 -3.3 11.6 12.3 -112.5 24.0 19.0 2.5 40 22.1 5.2 -5.8 30.6 39 38 28.8 -127.5 -13.8 -10.9 -6.6 119.0 -4.1 -39.3 -7.7 3.7 3.7 17.5 -19.0 25.7 10.9 -9.3 -3.9 -87.6 68.6 -15.8 39.2 1.1 -13.3 13.7 -11.5 -39.9 34-65993. 4. 72-92-6250 -46.2 -89.2 67.2 -42.2 37.3 9.9 -26.5 23.4 36 -79.6 119.1 175.3 41.3 19.6 32 51.1 149.8 54.6 27.9 44.1 26.6 112.6 74.3 83.1 73.5 41.5 22 83.3 95.5 19 20.0 69.2 17.4 97.3 16.1 80.0 18.3 83.9 22.9 81.8 21.9 79.3 22.7 22.2 06-. . . 35-28241347 1.3 2.4 44 -0.2 42 -22.8 -19.6 -2.5 23.5 30.1 -2.7 1.9 4.2 1.0 1.6 -3.8 -1.6 -1.9 1.6 -0.2 -0.6 1.7 -0.2 -2.8 -3.4 -7.8 27 -5.9 191.5 2.6 -3.2 -6.7 -5.7 -17.0 -6.4 . 70012. 7341-94-4345 -24.3 -49.4 41 4.1 31.7 37.3 -8.8 29.6 -6.9 0.1 7.8 -7.0 25.1 1.3 -5.7 -11.5 0.1

0 C0008 Cag nntwrh(ie 83+09)()597-609-999-83619. 15. 39. 346100 3304.6 -3490.5 -1251.4 97 1597.4 -482.4 98 -1893.6 810.7 186.0 106 LM105020015 Inventories -3989.9 105 LM105013765 Intellectualpropertyproducts 99 -1640.9 299.1 -270.1 104 LM105015205Equipment 599.7 971.7 103 LM105035005Realestate -173.9 -142.3 102 LM102010005Nonfinancialassets (6) -2744.5 237.9 43.6 -1594.5 101 FL102000005Totalassets 749.7 731.5 -152.9 Balancesheet account(endofperiod) -2275.4 165.0 -326.1 84 -3560.3 -180.0 -51.5 -180.6 -1171.7 100 FC102090085Changeinnetworth(lines28+33+80+99)(5) -282.2 -0.2 -48.9 Changesinbalancesheetaccount -0.9 83 35.8 99 FR108200005Changesinnetworthduetonominalholdinggains/losses 53.1 98 FR103152025Insurance,pensionandstandardizedguaranteeschemes -181.0 2.1 97 FR103192005ForeigndirectinvestmentintheUnitedStates -115.0 96 FR103164103Corporateequity 95 FR104190085Liabilities 2.5 14.4 94 FR103092005Directinvestmentabroad -11.4 333.7 93 FR103064203Mutualfundshares 92 FR103064103Corporateequities -68.0 106.0 91 FR104022005Debtsecurities 90 FR108080095Financialassets 553.3 79 89 FR105020015Inventories 19.9 287.4 88 FR105013765Intellectualpropertyproducts 87 FR105015205Equipment 67.2 86 FR105035005Realestate 85 FR102010005Nonfinancialassets 189.0 Revaluationaccount 9.2 66 72 71 69 76.5 -64.8 231.6 -298.0 -218.6 84 FU105020601Less:Inventoryvaluationadjustment 83 FU107005045Less:Statisticaldiscrepancy(lines33-79)(4) -60.1 35.8 248.9 -72.0 130.6 82 FV108090085Othervolumechanges 81 FV102010005Disasterlosses 64.8 409.1 -346.4 4.1 -167.7 80 FV108090105Totalothervolumechanges 54.7 413.3 -136.3 74.6 Otherchangesinvolumeaccount 101.6 -209.0 185.4 39.3 97.8 -165.2 187.7 79 FA105000005Netlending(+)orborrowing(-),financialaccount(lines35-59) -155.1 123.4 52.7 Addendum: 189.8 59 -255.2 -1.4 199.4 298.9 99.8 78 FA103193005Miscellaneousliabilities 77 FA103178005Taxespayable -1.3 481.8 76 FA103170005Tradepayables 147.3 75 FA103196005Otheraccountspayable 762.2 74 FA573073005Claimofpensionfundonsponsor 1127.9 73 FA573074005Pensionfundcontributionspayable 892.2 72 FA103152025Insurance,pensionandstandardizedguaranteeschemes 55 11.5 577.3 71 FA103192005ForeigndirectinvestmentintheUnitedStates 70 FA103164103Corporateequities 653.6 69 FA103181005Equityandinvestmentfundshares 13.9 313.9 68 FA103165005Longterm(mortgages) 6.6 67 FA103169005Otherloansandadvances 66 FA103168005Depositoryinstitutionloansn.e.c. 65 FA104141005Shortterm 2.3 64 FA104123005Loans 10.2 63 FA103163003Corporatebonds 62 FA103162000Municipalsecurities 61 FA103169100Openmarketpaper -5.9 60 FA104122005Debtsecurities 7.8 59 FA104194005Netincurrenceofliabilitiesandequity 12.2 58 FA103093005Other(miscellaneousassets) 57 FA103070005Tradereceivables 56 FA103096005Otheraccountsreceivable 55 FA103076005Insurance,pensionandstandardizedguaranteeschemes(3) Billions ofdollars S.5.a NonfinancialCorporateBusiness(1)

57. 62. 88. 94. 09. 12. 23. 36. 102 23467.8 22735.8 101 42042.4 21320.8 40734.1 20394.2 19245.1 38406.4 36370.2 18084.7 34102.8 16521.9 15674.2 32100.3 29497.1 28197.0 00829. 14023. 28721. 43024. 106 2547.8 105 2732.9 104 2423.0 5104.0 2600.0 2316.5 4872.4 2435.3 103 2248.7 13083.1 4694.2 2304.9 2233.5 12840.4 4594.5 2230.7 2174.0 11874.8 4486.1 11246.2 2129.4 2099.3 10294.9 4322.6 2011.4 2000.8 9458.6 4191.5 1931.4 8219.7 4014.1 7727.8 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 526220603-0. 3973. 3. 11. 94 -1111.8 933.9 33.2 90 -1254.2 -379.7 1297.6 -306.8 191.6 660.3 -398.4 292.0 -138.4 -542.6 992.9 437.2 -543.6 70 -529.7 -320.8 -576.8 -549.6 -394.5 -352.9 -344.9 -454.6 58 394.5 48.9 372.3 763.8 64.4 -54.0 -66.1 -145.2 0. 04454. 787-8. 21342. 10. 96 95 -1703.9 -2000.3 4524.2 5064.8 2231.3 2388.1 -281.7 -412.1 2748.7 2833.7 5344.1 86 5749.5 2094.4 123.9 2079.4 85 402.7 221.9 225.7 881.5 1022.6 546.2 602.0 836.9 736.1 696.6 696.7 82 1162.4 1787.6 1196.2 415.3 80 -1232.4 470.5 1797.9 360.8 -198.8 483.3 -1022.2 372.3 -82.8 122.1 78 316.7 -957.1 260.9 -213.8 -513.3 75 -222.4 -1077.4 497.0 384.3 -1062.1 396.5 277.6 70.1 610.2 572.7 451.9 613.3 156.0 612.7 400.7 246.7 214.3 65 470.1 80.7 64 137.3 251.4 183.4 223.2 63 16.4 154.6 5.5 60 95.4 281.0 140.1 162.8 268.2 160.8 122.6 320.5 403.0 90.3 76.2 286.9 289.8 119.2 413.4 -11.9 281.0 206.9 326.5 117.0 325.9 296.3 160.5 351.8 202.1 9. 111-41-816. 1. 985. 68 56.6 39.8 -10.9 67.4 -38.1 -14.1 -131.1 -90.0 56 537.7 211.4 571.0 797.0 171.8 214.0 -11.0 -58.7 101. . 1. 4. 022. 2189 88 22.1 31.1 87 29.7 80.8 48.5 40.2 44.5 30.7 -44.3 5.3 -29.0 -12.7 -61.8 26.0 6.0 -13.3 51.3 13.5 -23.5 22.5 19.3 31.0 31.8 59.8 77 -14.1 76 211.1 137.6 -8.1 81.3 -21.2 184.2 12.2 24.3 148.5 -9.9 67 100.5 4.2 1.4 68.1 147.7 13.3 23.7 12.3 61 -10.2 -6.1 25.9 63.0 1.8 37.6 19.5 -3.0 57 143.2 59.6 37.5 162.5 14.2 198.7 14.0 33.2 33.4 107.4 268.0 55.1 86.5 591. 8186-. 333. 2. 93 -22.2 37.3 92 -118.3 13.3 326.0 -6.5 145.9 8.6 -11.7 156.5 28.1 308.8 19.2 125.8 -5.9 -0.1 74 -77.0 -79.2 56.0 59.5 42.2 125.8 10.9 -4.2 . . 4333-. 0805-. 91 -1.9 0.5 -0.8 -0.6 3.3 -4.3 81 0.2 -5.5 5.0 -19.7 0.0 0.0 0.0 0.0 -6.9 73 12.2 0.0 19.2 8.8 15.2 -2.9 -2.5 62 -4.3 -12.3 3.0 13.7 17.0 13.4 -0.8 1.1 11.9 8.2 Z.1, March12,2020 157

Integrated Accounts Integrated Accounts 4 L7040 Pninfn otiuin aal 388. 907. 13101193115148 149 131.5 465.3 119.3 294.6 100.1 582.3 91.3 609.0 76.1 504.1 592.0 147 79.0 596.7 141 146 377.9 1081.0 6302.2 81.4 413.9 144 1004.5 497.9 6552.9 32970.3 93.8 682.4 968.7 5493.4 35454.6 30191.6 4785.2 700.3 964.6 27828.9 4545.7 28420.9 580.2 861.3 154 FL102090085Networth 25643.4 4122.4 19732.9 671.0 763.6 3203.2 153 FL103193005Miscellaneousliabilities 17628.6 152 FL103178005Taxespayable 2848.3 459.3 711.0 151 FL103170005Tradepayables 591.7 629.8 150 FL103196005Otheraccountspayable 133 149 FL573073005Claimofpensionfundonsponsor 42042.4 148 FL573074005Pensionfundcontributionspayable 40734.1 127 147 FL103152025Insurance,pensionandstandardizedguaranteeschemes 1.2 38406.4 36370.2 146 LM103192005ForeigndirectinvestmentintheUnitedStates 34102.8 128 145 LM103164103Corporateequity 113.2 1.2 32100.3 144 FL103181005Equityandinvestmentfundshares 29497.1 126 110.7 28197.0 5503.4 143 FL103165005Longterm(mortgages) 0.9 142 FL103169005Otherloansandadvances 6684.0 98.2 141 FL103168005Depositoryinstitutionloansn.e.c. 129 0.8 5467.9 140 FL104141005Shortterm 377.1 111.3 139 FL104123005Loans 5174.9 122 108.8 365.6 0.7 5290.4 8139.0 138 FL103163003Corporatebonds 137 FL103162000Municipalsecurities 5279.9 93.0 351.7 9522.9 136 FL103169100Openmarketpaper 0.6 4322.7 115 345.1 8000.7 135 FL104122005Debtsecurities 78.9 16.8 3712.8 7610.1 342.8 0.6 134 FL104194005Liabilities 75.0 7752.2 23.8 332.6 133 FL102100085Totalliabilitiesandnetworth 7477.2 0.5 13.7 338.5 6126.1 132 FL103093005Other(miscellaneousassets) 5410.5 131 FL103070005Tradereceivables 330.8 12.5 130 FL103096005Otheraccountsreceivable 109 1030.1 13.9 129 FL103076005Insurance,pensionandstandardizedguaranteeschemes(3) 975.5 12.9 128 FL103094105Investmentinfinancecompanysubsidiaries 967.7 127 FL103092405Equityingovernment-sponsoredenterprises(2) 13.1 126 LM103092005U.S.directinvestmentabroad 813.6 125 LM103064203Mutualfundshares 124 LM103064103Corporateequities 14.3 764.2 123 FL103034000Moneymarketfundshares 122 FL103081005Equityandinvestmentfundshares 647.7 121 FL103065003Longterm(mortgages) 605.6 120 FL103066005Consumercredit 565.8 119 FL102051003Securityrepurchases 118 FL104041005Shortterm 117 FL104035005Loans 116 LM103062003Municipalsecurities 115 LM103061703Agency-andGSE-backedsecurities(2) 114 LM103061103Treasurysecurities 113 FL103069100Openmarketpaper 112 LM104022005Debtsecurities 111 FL103091003Foreigndeposits 110 FL103030003Timeandsavingsdeposits 109 FL103020000Currencyandtransferabledeposits 108 FL104000005Currencyanddeposits 107 FL104090005Financialassets Billions ofdollars S.5.a NonfinancialCorporateBusiness(1) 158 (6) Excludesnonproducednonfinancialassets. (5) Includeschangesinthemarketvalueofsharesandotherequitythatareexcludedfromrelated measuresforthenonfinancialcorporatebusinesssectorinFinancialAccountsofUnitedStates. reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatistical betweenthecapitalandfinancialaccounts. (4) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedin capitalaccountandthesameconceptderivedinfinancialaccount.Thediscrepancy (3) Netequityinreservesofproperty-casualtyinsurancecompanies. theFinancingCorporation,andResolutionFundingtheyincludedStudent LoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. (2) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae, FreddieMac,FederalAgriculturalMortgageCorporation,FarmCreditSystem, (1) Estimatesfor2000andearlierperiodsarebasedonthe1987StandardIndustrialClassification System;laterestimatesarebasedontheNorthAmericanClassificationSystem.

Z.1, March12,2020 48. 62. 12. 37. 34. 49. 80. 66. 145 26668.1 28901.7 24698.3 23043.8 23875.2 21521.0 16529.8 14780.3 134 52214.5 54210.8 48392.5 45104.9 44435.0 40538.9 33945.8 31004.8 107 18574.6 17998.3 17085.6 15976.0 14857.7 14015.7 12975.2 12522.8 20. 44. 83. 1322-748-962-37. 1121154 -10172.1 -13476.7 -9986.2 -8734.8 -10332.2 -8438.5 -4448.6 -2807.8 55751. 13253. 36469. 65062. 153 6222.8 151 6645.0 2507.3 150 8993.2 6795.2 2369.7 6316.4 9291.9 2288.3 5732.1 9149.6 2104.1 5133.2 8494.7 2079.8 5113.7 7907.2 1931.2 4545.7 7147.6 1830.7 7037.4 1762.6 6400.1 142 1725.8 140 1387.6 2806.8 139 3355.4 1102.1 2392.1 138 1089.9 2891.6 5539.2 2070.9 1125.9 2530.6 2054.5 5384.6 135 1062.9 2529.7 1987.2 6298.8 5103.7 1036.7 2388.8 1826.5 4835.5 6158.7 1006.9 2265.7 1747.7 4432.5 5838.2 2201.0 1636.7 4142.7 5551.3 2221.0 132 3861.7 5137.9 5182.2 131 3535.8 3257.2 130 4811.3 3275.9 8439.3 4515.1 3114.0 4160.8 6389.9 4163.3 2951.5 3821.7 7112.3 2752.8 2678.6 6574.5 2719.6 2307.4 5398.2 2612.2 3021.8 4919.6 2344.2 3379.9 5365.9 2289.1 5668.9 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 8. 5. 3. 0. 7. 5. 9. 4. 143 548.6 499.5 459.8 475.2 137 563.2 136 401.6 196.5 567.4 439.1 206.7 553.7 453.2 180.8 536.8 584.3 179.0 523.4 182.0 524.2 144.5 523.1 130.3 511.2 116.3 125 271.0 123 303.1 466.3 124 1783.8 258.2 475.7 1948.3 248.2 464.0 1711.5 242.4 576.6 1498.3 209.8 557.6 1552.3 179.3 1358.5 535.5 1039.8 165.9 504.9 113 940.6 155.4 112 515.8 239.2 123.7 236.0 110 132.5 174.7 206.7 139.4 181.3 211.6 131.6 108 189.0 208.4 1293.8 106.5 171.6 1373.4 179.4 112.1 160.7 1254.3 187.6 123.6 1079.0 248.2 203.2 1037.7 209.1 1018.1 195.4 868.3 813.7 179. 329. 426. 7. 6. 152 263.1 277.2 66.1 74.2 95.4 83.2 93.1 91.7 121 33.5 120 38.6 119 14.0 32.2 118 38.6 52.6 39.6 29.8 117 116 86.1 39.7 16.6 78.2 90.3 52.6 114 38.5 50.4 110.4 17.2 130.0 64.6 29.0 159.8 38.9 103.1 71.3 19.3 50.4 27.1 155.7 89.3 111 39.1 41.2 22.3 89.0 22.6 118.4 25.5 61.7 44.9 37.4 21.2 88.8 18.3 216.6 27.4 63.2 45.4 41.7 21.2 88.7 97.6 22.9 68.3 38.8 22.9 95.7 93.9 39.4 22.3 112.9 43.0 122.2 53.6 52.5

1 F73945 qiyi oenetsosrdetrrss()-. 20-...... 51 0.8 1.4 55 47 124.7 -96.8 1.9 255.5 52.3 0.7 380.2 213.6 281.4 0.3 359.0 41 266.3 245.7 -2.1 -0.2 487.3 171.5 298.2 -2.0 254.3 534.6 348.2 -6.2 340.5 87.8 56 FA793096005 Otheraccountsreceivable 16.8 55 FA793052005Insurance,pension andstandardizedguaranteeschemes 93.0 54 FA793094005Investmentinsubsidiaries 35 440.5 53 FA713164003StockinFederalReserve Banks 34 1761.1 52 FA793092005U.S.directinvestment abroad 198.8 -52.9 51 FA793092405Equityingovernment-sponsored enterprises(3) 2874.8 34.5 50 FA793034005Moneymarketfund shares -165.9 49 FA793064205Mutualfundshares 2287.2 29 48 FA793064105Corporateequities 1379.9 32 16.9 -19.4 47 FA793081005Equityandinvestmentfundshares 2601.0 236.5 -68.6 46 FA793065005Longterm(mortgages) 3012.9 102.7 27 222.7 45 FA794041005Shortterm 2295.0 -10.4 44 FA794035005Loans -3.7 31 1.8 2055.8 210.7 -24.4 285.7 43 FA793063005Corporateandforeignbonds 33 199.5 -123.5 0.0 42 FA793062005Municipalsecurities 107.7 265.1 41 FA793061705Agency-andGSE-backedsecurities(3) -52.9 190.3 27.6 181.3 40 FA793061105Treasurysecurities 10.0 257.8 25 39 FA793069175Openmarketpaper 181.8 -165.9 -27.7 13.2 38 FA794022005Debtsecurities 240.4 24 0.0 172.5 -19.4 17.9 21 39.5 37 FA794000005Currencyanddeposits 218.7 -20.8 165.2 0.0 -68.6 9.6 203.0 -3.2 36 FA713011203Monetarygold 17.7 29.4 -10.4 193.2 -32.4 0.0 35 FA794090005Netacquisitionoffinancialassets 128.4 -24.4 -27.7 74.4 23 168.1 184.2 34 FA795000905Netlending(+)orborrowing(-)(line33) 64.1 107.7 27.9 0.0 27.5 Financialaccount 181.3 20 -3.2 86.9 15.3 0.0 22 22.9 17 19 116.9 138.0 33 FA795000905Netlending(+)orborrowing(-),capitalaccount(lines27-30) -14.8 951.2 114.7 0.0 70.2 17.5 151.8 83.8 -18.3 32 FA796300081Less:Consumptionoffixedcapital 113.2 929.6 31 FA795013005Grossfixedcapitalformation(nonresidential) 0.0 68.8 15.2 116.4 29.8 30 FA795015085Capitalformation,net 218.5 827.9 15 14 99.2 13.3 2901.0 0.0 47.1 29 FA795440005Less:Capitaltransferspaid(net) 113.0 838.6 -29.4 13 28 FA796012005Netsaving 89.2 2712.3 159.6 15.6 810.1 27 FA796006385Netsavinglesscapitaltransfers 14.0 611.4 0.0 52.6 2464.3 81.1 807.2 71.8 7 Capitalaccount 15.9 22.9 503.6 2423.9 48.3 680.7 86.1 208.9 2314.1 9 4 17.0 54.2 467.8 558.9 2265.3 26 FA796012005Equals:Netsaving 51.9 253.3 116.9 816.8 70.7 463.6 15.2 2225.9 70.7 25 FA796012005Equals:Disposableincome,net 51.4 2 2124.2 450.3 83.8 786.5 56.7 75.5 236.5 24 FA796403005Less:Othercurrenttransfers(paid) 59.1 414.3 734.1 23 FA796220001Less:Currenttaxesonincome,wealth,etc.(paid) 218.5 68.2 22 FA796140005Netnationalincome/Balanceofprimaryincomes,net 222.7 359.2 55.2 715.7 113.0 63.3 319.0 21 FA796112001Rentsonlandandnaturalresources 210.7 681.1 64.8 159.6 20 FA793192281Reinvestedearningsonforeigndirectinvestment 57.2 199.5 19 FA796122001Withdrawalsfromincomeofquasi-corporations(2) 641.3 81.1 18 FA796121001Dividends 190.3 630.1 56.6 17 FA796120005Distributedincomeofcorporations 208.9 16 FA796130001Interest 181.8 606.5 15 FA796150005Less:Usesofpropertyincome(paid) 54.9 253.3 14 FA793092281ReinvestedearningsonU.S.directinvestmentabroad 172.5 13 FA796121101Distributedincomeofcorporations(dividends) 165.2 12 FA796130101Interest 11 FA796150105Propertyincome(received) 10 FA796402101Operatingsurplus,net 9FA796140005Netnationalincome/Balanceofprimaryincomes,net 8FA796402101Operatingsurplus,net 7FA796240101Taxesonproductionandimportslesssubsidies 6FA796401001Employers’socialcontributions 5FA796020001Wagesandsalaries 4FA796025005Compensationofemployees(paid) 3FA796902605Equals:Netvalueadded 2FA796300081Less:Consumptionoffixedcapital 1FA796902505Grossvalueadded Currentaccount Billions ofdollars S.6.a FinancialBusiness(1)

50112. 42118. 51912. 75212. 16 1926.9 1765.2 12 1621.2 11 1917.6 1571.9 2499.6 1774.8 1488.4 2331.0 1442.1 1693.8 2209.9 1528.1 1601.6 2117.0 1550.1 1590.0 2091.7 1583.0 2056.4 1679.1 2093.6 1761.5 2145.3 1 1657.6 1545.0 1493.4 1403.2 1316.7 1170.4 1200.3 1058.8 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 132-038. 8. 8. 0. 8. 8. 46 582.1 584.0 504.1 380.3 189.8 89.2 -70.3 -173.2 2. 7. 2. 6. 1034. 0. 9. 56 -92.1 54 105.8 63.6 48.5 -75.0 -130.3 264.2 314.2 123.6 129.0 -78.1 175.9 45 124.8 47.4 605.8 44 506.4 1187.9 764.2 104.2 1348.2 435.4 40 939.5 439.8 759.1 820.1 596.8 153.9 786.6 38 -53.8 37 1096.0 35.4 770.1 -458.7 522.0 859.9 347.3 451.7 253.1 318.3 1182.9 613.6 145.2 -477.4 592.3 541.8 -542.6 875.5 411.6 162.7 1410.9 954.0 784.2 1105.3 847.2 -16.7 502.7 28 13.2 -20.8 29.4 26 13.2 -27.7 -20.8 27.9 -3.2 29.4 -27.7 138.0 151.8 27.9 -3.2 18 881.0 138.0 151.8 860.8 780.8 824.6 10 787.2 518.3 8 753.0 465.1 518.3 610.0 472.9 5 502.1 465.1 419.8 693.2 472.9 382.0 668.8 3 419.8 290.0 625.5 1421.2 382.0 341.2 611.2 1322.3 290.0 232.2 582.1 1282.6 341.2 1203.7 545.4 232.2 1126.4 536.8 988.5 513.2 1027.8 893.6 3. 1. 2. 50-. 8. 3. 5. 49 -58.3 -32.1 -84.2 -8.8 42 -48.2 43 25.0 39 372.6 46.9 14.6 128.3 309.1 -17.8 29.2 95.7 130.5 -37.8 47.8 170.3 -87.4 206.2 7.7 10.1 443.7 -26.9 -45.0 373.0 116.5 11.7 -31.2 -33.2 5.4 -76.9 522. 513. 545. 960452 0.4 39.6 48 50.0 -99.1 15.4 80.5 30.3 -169.7 25.1 235.4 -4.4 20.5 15.2 -26.4 42.4 18.5 6 123.7 117.8 108.7 104.5 99.0 95.9 93.3 93.2 63-53-. 74-351043. 5350 -5.3 37.0 100.4 -13.5 17.4 -2.8 -15.3 -6.3 ...... 53 0.9 0.9 1.0 0.9 1.1 0.1 0.5 0.4 36 0.0 0.0 0.0 0.0 0.0 0.0 30 0.0 49.2 0.0 42.4 47.0 40.9 28.4 21.2 20.7 2.9 Z.1, March12,2020 159

Integrated Accounts Integrated Accounts 0 M9036 Itleta rprypout 3. 5. 6. 6. 7. 9. 0. 2. 105 226.8 207.9 191.0 176.2 166.3 160.3 151.1 139.8 100 500.7 -723.9 -510.9 -99.9 108 FL794000005 Currencyanddeposits -211.2 95 107 FL713011203 Monetarygold -195.3 -1587.2 106 FL794090005Financialassets 2.4 99 98 149.2 192.4 105 LM795013765Intellectualproperty products -566.7 503.1 104 LM795013265Equipment 69.7 -562.9 1073.7 103 LM795013665Structures(nonresidential) 102 LM795013865Nonfinancialassets (5) -34.2 -763.3 475.0 -336.8 56.8 101 FL792000095Totalassets -162.9 -4.9 397.3 Balancesheetaccount(endofperiod) 81.5 91 389.7 987.1 -1684.9 40.6 -530.0 100 FC792090095Changeinnetworth(lines30+33+78+99) 561.0 -707.9 460.5 14.3 -98.0 Changesinbalancesheetaccount -284.4 148.2 99 FR798200005Changesinnetworthduetonominalholdinggains/losses -300.1 -793.6 98 FR583152005Insurance,pensionandstandardizedguaranteeschemes 81 97 FR793194005Investmentbyparent -442.5 -393.9 96 FR662090003Equityinnoncorporatebusiness 37.5 95 FR793192005ForeigndirectinvestmentintheUnitedStates -316.6 94 FR653164205Mutualfundshares 93 FR793164105Corporateequityissues -14.3 92 FR794190085Liabilities -291.7 91 FR593052025Insurance,pension,andstandardizedguaranteeschemes 15.4 90 FR793092005U.S.directinvestmentabroad 89 FR793064205Mutualfundshares -46.7 88 FR793064105Corporateequities 87 FR794022005Debtsecurities 207.2 77 86 FR794090085Financialassets 340.9 140.0 70 85 FR795013765Intellectualpropertyproducts 71 1.1 150.6 84 FR795013265Equipment 33.9 83 FR795013665Structures(nonresidential) -5.1 82 FR795013865Nonfinancialassets 75 4.2 40.4 567.9 Revaluationaccount 223.1 66 2.7 618.0 -25.9 74.7 410.9 81 FU797005045Less:Statisticaldiscrepancy(lines33-77)(4) 22.3 506.0 66.3 1.3 80 FV798090085Othervolumechanges 840.2 79 FV795013865Disasterlosses 492.7 -99.5 24.7 78 FV798090185Totalothervolumechanges 751.3 1.2 432.3 41.3 Otherchangesinvolumeaccount 532.1 29.1 584.2 0.5 60 814.2 20.8 575.3 246.9 77 FA795000005Netlending(+)orborrowing(-),financialaccount(lines35-57) 706.1 -1.8 684.8 Addendum: 42.8 346.9 1171.2 -5.9 76 FA793196005Otheraccountspayable 362.8 351.7 75 FA583152005Insurance,pensionandstandardizedguaranteeschemes 220.4 74 FA713164003StockinFederalReserveBanks 150.3 73 FA793194005Investmentbyparent 238.3 72 FA662090003Equityinnoncorporatebusiness 71 FA793192005ForeigndirectinvestmentintheUnitedStates -23.8 70 FA403192405Equityingovernment-sponsoredenterprises(3) 69 FA653164205Mutualfundshares -22.1 68 FA793164105Corporateequityissues 67 FA634090005Moneymarketfundshares 66 FA793181005Equityandinvestmentfundshares 65 FA123165005Longterm(mortgages) 64 FA794141005Shortterm 63 FA794135005Loans 62 FA793169175Commercialpaper 61 FA793163005Corporatebonds 60 FA423161705Agency-andGSE-backedsecurities(3) 59 FA794122005Debtsecurities 58 FA794100005Currencyanddeposits 57 FA794190005Netincurrenceofliabilities Billions ofdollars S.6.a FinancialBusiness(1) 160

Z.1, March12,2020 48. 83. 47. 86. 92. 27. 94. 82. 106 98626.8 99347.3 92679.0 89027.9 88868.0 84776.5 78634.9 74080.1 101 100657.9 101278.2 94536.2 90823.8 90608.4 86465.3 80273.8 75683.7 70923. 51138. 11825. 98924. 108 2449.8 2908.9 2655.2 3121.8 3680.9 3521.1 102 2738.2 2031.1 2750.9 1930.9 1857.1 1795.9 1740.3 1688.9 1638.9 1603.6 58 493.6 769.7 57 455.3 1420.2 213.5 2724.2 951.7 2292.3 1156.9 1786.2 2626.9 595.4 2990.6 1448.9 2394.5 2014.5 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 29313. 626561-5. 8. 950-15994 93 -1165.9 90 -983.9 -195.9 1965.0 92 1261.7 -2911.8 160.9 89 689.6 766.6 4449.6 -410.4 -352.3 9.8 -217.5 2000.9 88 776.7 506.1 641.0 -767.0 -1900.7 -160.7 1622.6 346.3 1257.1 1601.3 3405.9 86 25.1 1035.5 711.2 3948.3 -124.2 -2772.5 -289.3 1185.6 2348.2 49.0 225.4 -444.5 3853.8 -466.8 -815.7 693.6 981.8 1223.5 78.2 -1118.2 429.7 3271.4 -167.9 1573.4 1527.1 -122.3 2234.7 -533.2 1801.8 78 -396.4 312.0 -37.5 224.8 264.6 76 -224.2 -413.3 100.9 111.7 404.0 133.0 -141.5 -239.9 132.8 67 189.9 91.8 117.2 -62.5 -267.4 -11.1 -6.7 61 15.7 75.6 40.2 59 28.0 356.5 2.2 42.3 338.2 -112.6 -36.2 394.7 38.7 143.7 -128.4 121.3 -31.3 28.7 -231.0 -134.3 -352.8 8. 0. 2. 5. 8. 0. 2. 5. 104 653.4 627.5 103 1151.0 607.0 1095.5 581.1 1059.2 552.6 1038.6 523.8 1021.4 1004.8 501.9 985.9 482.3 981.5 87 -655.4 218.2 -33.8 -514.7 641.2 -985.7 209.3 389.5 69 -63.3 68 197.6 318.4 418.9 64 28.8 63 20.5 4.7 255.5 98.9 228.1 40.8 311.5 46.4 249.4 346.9 50.9 211.5 52.0 386.6 10.8 197.5 200.8 14.9 151.9 165.3 174.6 -226.3 -206.4 244.6 249.5 124.8 138.2 9. 7. 8. 6. 4. . 3. 3962 33.9 -36.8 0.8 -40.5 -67.7 -81.2 -79.2 -99.7 101. 101. 101. 101. 107 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 83 82 51.5 53.2 33.1 33.0 17.7 14.1 19.4 14.4 23.6 23.0 30.3 28.6 15.5 16.5 34.6 41.3 73 41.2 -60.7 65 382.3 -15.8 138.1 5.6 206.3 74.8 1.0 555.0 4.0 87.2 9.3 19.9 4.8 13.5 166325. 288-71205-5. 7. 80 -79.5 -352.2 210.5 -27.1 -208.8 54.3 72 613.2 9.5 -1.6 1.0 17.3 5.3 4.3 2.9 10.4 -1.8 . 0100000000000097 96 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 85 0.0 84 -0.0 1.7 -0.1 0.0 0.7 1.8 -0.7 0.0 -0.2 -3.5 -1.1 79 -3.9 -2.4 -1.3 0.7 -1.8 -0.1 -1.5 0.0 -1.6 2.6 0.1 0.0 6.6 0.0 74 0.9 0.0 0.9 -2.0 0.0 1.0 0.9 1.1 0.1 0.5 0.4

4 L1140 Soki eea eev ak 692. 752. 953. 143. 146 32.3 144 78.2 31.4 68.7 30.4 67.7 29.5 142 52.2 28.6 50.4 45.1 27.5 143 51.1 1101.7 40.8 27.4 1263.1 46.9 26.9 37.9 1073.5 147 44.2 30457.9 929.1 27.4 30335.7 42.9 138 897.0 32643.3 28560.2 815.5 27477.3 41.7 34577.5 27077.6 30408.4 704.8 26127.8 149 FL792090095Networth 41.2 28172.0 23457.9 28355.4 643.3 22329.3 132 148 FL793196005Otheraccountspayable 26337.3 43.1 9090.0 22675.8 19691.4 147 FL583152005Insurance,pensionandstandardizedguaranteeschemes 8843.0 146 FL713164003StockinFederalReserveBanks 8496.1 124 145 FL793194005Investmentbyparent 8144.4 32.3 144 LM662090003Equityinnoncorporatebusiness 7924.0 143 LM793192005ForeigndirectinvestmentintheUnitedStates 128 7773.7 31.4 142 FL403192405Equityingovernment-sponsoredenterprises(3) 100657.9 101278.2 141 LM653164205Mutualfundshares 123 7535.4 94536.2 949.3 140 LM793164105Corporateequityissues 30.4 7559.2 90823.8 139 FL634090005Moneymarketfundshares 90608.4 122 138 FL793181005Equityandinvestmentfundshares 1144.7 86465.3 29.5 38.5 80273.8 944.3 137 FL123165005Longterm(mortgages) 75683.7 28.6 136 FL794141005Shortterm 37.7 884.4 135 FL794135005Loans 27.5 1029.7 126 36.3 134 FL793169175Commercialpaper 8446.1 974.3 133 FL793163005Corporatebonds 27.4 7810.8 34.4 132 FL423161705Agency-andGSE-backedsecurities(3) 900.2 131 FL794122005Debtsecurities 26.9 8179.4 801.6 33.7 118 114 7999.2 30238.2 130 FL794100005Currencyanddeposits 7913.3 7499.7 33.4 32841.9 8020.6 129 FL794194005Liabilities 7413.4 28493.1 33.5 26778.5 7561.8 6621.1 128 FL792100005Totalliabilitiesandnetworth 27282.9 7302.1 112 6767.8 25805.0 35.5 6858.5 21625.3 127 FL793096005Otheraccountsreceivable 7476.5 19029.7 7131.4 6938.4 126 FL793052005Insurance,pensionandstandardizedguaranteeschemes 7101.4 6672.4 6485.0 125 FL793094005Investmentinsubsidiaries 6386.7 124 FL713164003StockinFederalReserveBanks 6476.4 123 LM793092005U.S.directinvestmentabroad 122 FL793092405Equityingovernment-sponsoredenterprises(3) 6202.4 121 FL793034005Moneymarketfundshares 5984.5 120 LM793064205Mutualfundshares 5628.5 119 LM793064105Corporateequities 118 FL793081005Equityandinvestmentfundshares 117 FL793065005Longterm(mortgages) 116 FL794041005Shortterm 115 FL794035005Loans 114 FL793063005Corporateandforeignbonds 113 FL793062005Municipalsecurities 112 FL793061705Agency-andGSE-backedsecurities(3) 111 FL793061105Treasurysecurities 110 FL793069175Openmarketpaper 109 FL794022005Debtsecurities Billions ofdollars S.6.a FinancialBusiness(1) (5) Excludesland.Includescorporateandnoncorporatefinancialbusiness. reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatistical betweenthecapitalandfinancialaccounts. (4) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedin capitalaccountandthesameconceptderivedinfinancialaccount.Thediscrepancy theFinancingCorporation,andResolutionFundingtheyincludedStudent LoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. (3) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae, FreddieMac,FederalAgriculturalMortgageCorporation,FarmCreditSystem, theyprimarilycovertheiroperatingcoststhroughsales,andkeepacompletesetoffinancial records. (2) Consistsofrentalincometenant-occupiedhousingandproprietors’income.Quasi-corporations areunincorporatedenterprisesthatfunctionasiftheywerecorporations; Estimatesfor2000andearlierperiodsarebasedonthe1987StandardIndustrialClassification System;laterestimatesarebasedontheNorthAmericanClassificationSystem. (1) Financialbusinessincludesdepositoryinstitutions,insurancecompanies,pensionfunds,monetary authority,andotherfinancialinstitutions.

39. 38. 35. 35. 38. 35. 35. 49. 131 14294.6 130 13957.3 18649.1 13655.6 18155.6 13283.6 129 13352.3 17385.9 102319.4 13258.5 16930.5 103440.4 13285.7 16717.0 95974.4 13497.4 15765.3 91751.1 13979.2 91435.8 13411.7 87081.6 79302.8 74715.1 119 18792.5 20792.3 117 17305.9 14921.0 16290.0 115 14365.8 16521.5 26848.0 15544.0 13808.8 12299.1 25687.3 13340.7 10729.6 12970.0 24285.3 12818.8 23381.9 12821.2 22724.2 13037.4 21976.3 22044.0 109 21728.7 26297.5 25882.9 24811.1 23655.6 23602.3 22085.6 21703.5 19935.2 12192787514. 8. 06911. 259148 1265.9 1410.5 1006.9 982.2 145 4422.0 1045.8 887.5 4380.8 992.7 4488.6 140 4147.0 1122.1 139 9248.7 4120.3 3038.3 141 14669.8 10035.0 3914.0 2848.4 15899.0 8354.4 3845.0 136 2731.3 13615.6 7332.3 3264.1 4782.2 135 12897.2 2742.4 7321.8 5008.5 13150.6 4761.7 2749.1 12333.0 6431.4 5003.8 10363.5 133 2733.4 4721.0 4962.8 8941.4 4773.5 4957.4 2693.2 4670.0 4054.1 4905.5 4717.0 2691.0 4656.3 4887.7 4491.0 4725.4 4705.2 4717.2 4706.0 4911.6 4473.7 4954.6 4663.3 4943.3 5127.7 127 5236.4 4336.2 4204.5 125 4243.9 4327.2 4079.8 4263.6 4066.9 3964.1 4385.6 120 3891.9 4112.1 5563.1 3856.8 4094.8 6031.8 3918.9 5287.2 3877.3 5025.1 3345.0 116 5158.1 11927.0 4907.8 11321.5 113 4085.8 1976.1 10476.5 3674.0 10041.2 111 2093.6 9754.2 8900.9 9157.5 2016.4 8196.7 9222.8 2022.8 8021.0 8691.2 1977.4 7317.6 1875.8 7057.0 1981.4 6217.2 1833.8 5989.8 5346.9 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 6. 7. 663-2. 973-482-121-615149 -1661.5 -2162.1 -1438.2 -927.3 -827.4 -616.3 971.0 968.6 137 226.2 242.0 134 431.2 236.5 235.4 397.2 231.4 434.0 214.3 433.2 194.4 473.7 189.5 541.4 622.6 701.8 121 535.2 540.5 503.4 403.0 416.5 399.1 401.9 110 417.2 648.7 633.6 539.5 626.4 614.9 658.8 646.5 641.0 Z.1, March12,2020 161

Integrated Accounts Integrated Accounts 8 F73603 qiysae soki eea eev ak)040501110910090948 0.9 50 -3.2 0.9 0.0 1.0 0.0 0.9 -18.6 1.1 1.1 0.1 0.1 41 0.5 -136.2 0.5 10.8 0.4 0.4 -22.5 5.1 35 34 236.1 50 FA715000005Netlending(+)orborrowing (-),financialaccount(lines35-45) -408.5 -2.6 Addendum: 563.2 -16.8 32 73.7 -2.3 -47.6 49 FA713193005Otheraccountspayable 0.8 48 FA713164003Equityshares(stock inFederalReserveBanks) -197.9 -28.8 0.6 47 FA712151003Loans 0.8 473.8 46 FA714100005Currencyanddeposits -17.2 31 1145.7 0.8 77.9 45 FA714190005Netincurrenceofliabilities 0.8 5.8 493.6 0.8 27 44 FA713096105Otheraccountsreceivable 0.7 -0.6 43 FA713064103Equityshares -2.6 0.8 -17.5 33 42 FA714041005Loans(shortterm) 0.6 -2.4 -2.6 0.0 41 FA713061705Agency-andGSE-backedsecurities(2) 0.8 0.6 0.5 40 FA713061103Treasurysecurities -2.3 39 FA713069603Openmarketpaper 0.8 0.6 -17.4 0.6 24 38 FA714022005Debtsecurities 2.0 0.8 5.6 0.5 37 FA714000005Currencyanddeposits -17.2 36 FA713011203Monetarygold 2.0 -0.9 5.8 0.7 21 35 FA714090005Netacquisitionoffinancialassets -17.6 2.0 -0.6 23 0.5 0.0 -0.3 34 FA715000995Netlending(+)orborrowing(-)(line33) 0.0 -17.5 1.9 0.0 0.0 Financialaccount 0.0 1.9 0.0 20 22 0.0 0.0 1.8 33 FA715000995Netlending(+)orborrowing(-),capitalaccount(lines27-30) -0.6 17 0.0 19 0.0 66.3 0.0 1.6 0.0 32 FA716330085Less:Consumptionoffixedcapital -0.3 0.0 31 FA715013085Grossfixedcapitalformation(nonresidential) 81.3 0.0 0.0 1.4 2.5 0.0 30 FA715015085Capitalformation,net 15 13 0.0 92.2 0.0 123.8 14 0.0 0.0 -15.5 29 FA715440083Less:Capitaltransferspaid(net) 0.0 118.8 0.0 125.0 28 FA716012005Netsaving 0.0 6 7.5 0.0 0.0 0.0 98.6 27 FA716006385Netsavinglesscapitaltransfers 112.6 0.0 0.3 0.0 0.0 130.2 0.9 81.3 0.0 4 Capitalaccount 0.0 0.0 0.0 109.5 7 0.3 0.0 90.1 2.8 -16.0 89.9 0.0 0.0 0.0 0.0 9 1.1 0.3 2 77.0 26 FA716012005Equals:Netsaving 0.0 2.7 96.8 -0.6 0.0 0.0 0.0 0.0 0.8 0.3 25 FA716012005Equals:Disposableincome,net 83.3 0.0 2.5 -0.3 0.0 0.0 0.0 0.8 24 FA716403001Less:Othercurrenttransfers(paid) 0.3 0.0 2.3 2.5 23 FA716220001Less:Currenttaxesonincome,wealth,etc.(paid) 0.0 0.0 0.8 22 FA716140005Netnationalincome/Balanceofprimaryincomes,net 0.3 0.0 2.3 -15.5 0.0 0.0 0.8 21 FA716112001Rentsonlandandnaturalresources 7.5 0.2 0.0 2.2 20 FA713192281Reinvestedearningsonforeigndirectinvestment 0.0 19 FA716122001Withdrawalsfromincomeofquasi-corporations(1) 0.8 0.9 0.2 2.0 18 FA716121001Dividends 0.0 17 FA716120005Distributedincomeofcorporations 0.8 -16.0 16 FA716130001Interest 2.0 1.1 15 FA716150005Less:Usesofpropertyincome(paid) 0.0 0.8 14 FA713092281ReinvestedearningsonU.S.directinvestmentabroad 13 FA716121101Distributedincomeofcorporations(dividends) 0.8 12 FA716130101Interest 11 FA716150105Propertyincome(received) 10 FA716402101Operatingsurplus,net 9FA716140005Netnationalincome/Balanceofprimaryincomes,net 8FA716402101Operatingsurplus,net 7FA716240101Taxesonproductionandimportslesssubsidies 6FA716401001Employers’socialcontributions 5FA716020001Wagesandsalaries 4FA716025005Compensationofemployees(paid) 3FA716902605Equals:Netvalueadded 2FA716330085Less:Consumptionoffixedcapital 1FA716902505Grossvalueadded Currentaccount Billions ofdollars S.61.a CentralBank 162

Z.1, March12,2020 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 8. 20901260-2. 5. 3. 19846 -129.8 45 134.6 -405.3 -50.1 -16.8 -221.5 -47.6 296.0 -10.2 900.1 -2.0 472.7 40 1145.5 -243.3 480.2 77.4 -21.7 38 -13.3 493.2 -379.5 -15.6 -10.9 236.8 -35.8 550.2 -10.4 58.9 472.9 1113.4 642.0 132.6 444.0 2. 173. 1. . 1. . 1. 49 -16.5 8.9 -11.3 43 7.8 0.0 -18.2 0.0 36.5 0.0 71.7 0.0 -27.5 0.0 0.0 0.0 -26.4 02732871392261. 113-5. 47 -259.9 -161.3 12.8 44 42 202.6 -21.6 -7.9 193.9 -13.3 6.6 208.7 -16.4 7.3 4.5 -19.7 -1.8 40.2 -0.6 40.9 1.2 65.3 -9.1 42.7 -121.0 32.2 18 66.3 81.3 92.2 118.8 98.6 12 11 112.3 81.3 112.3 113.6 90.1 113.6 111.1 111.1 77.0 113.6 113.6 115.9 115.9 90.5 90.5 80.9 80.9 84.5 84.5 03-. 03-. 02-. 01-. 30 -0.0 -0.1 28 -2.6 -0.1 -2.4 -0.2 0.5 -0.2 26 -17.4 -0.3 -2.6 25 5.6 -0.1 -2.4 -2.6 -0.9 -0.3 0.5 -2.4 -17.6 0.5 -17.4 -0.3 5.6 -17.4 5.6 -0.9 -17.6 -0.9 -0.3 -17.6 -0.3 10 10.9 8 11.0 10.9 4.1 11.0 1.0 4.1 1.1 1.0 0.3 1.1 -0.2 0.3 -0.1 -0.2 -0.1 ...... 39 0.0 37 0.0 36 0.5 0.0 0.0 0.8 0.0 0.0 0.1 0.0 0.0 1.9 0.0 0.0 1.4 0.0 0.0 0.4 0.0 0.0 0.9 0.0 1.1 29 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 57.4 43.6 20.5 11.3 11.0 5 8.6 2.5 6.7 3 2.4 6.3 13.7 2.2 13.7 1 6.6 2.1 14.5 3.4 2.0 14.5 7.4 3.3 1.9 4.1 2.5 1.8 4.1 1.8 1.8 3.2 2.0 2.6 2.8

1 F73603 qiysae soki eea eev ak)2. 742. 862. 043. 2381 32.3 31.4 30.4 29.5 77 4246.7 28.6 4741.1 4744.2 27.5 4831.7 4928.1 27.4 4227.0 3349.0 26.9 2955.6 73 1644.6 83 FL712090095Networth 1815.3 1804.9 1845.4 82 FL713193005Otheraccountspayable 1863.0 81 FL713164003Equityshares(stockinFederalReserveBanks) 1557.8 80 FL712151003Loans 1079.0 79 FL714100005Currencyanddeposits 941.7 78 FL714190005Liabilities 77 FL712100005Totalliabilitiesandnetworth 76 FL713096105Otheraccountsreceivable 75 FL713064103Equityshares 74 FL714041005Loans(shortterm) 61 73 LM713061705Agency-andGSE-backedsecurities(2) -89.1 72 LM713061103Treasurysecurities 13.7 71 FL713069603Openmarketpaper 59 70 LM714022005Debtsecurities -39.9 -86.3 -86.2 69 FL714000005Currencyanddeposits 13.6 68 FL713011203Monetarygold 228.4 -39.9 -267.5 67 FL714090005Financialassets -67.6 316.0 60 227.3 0.4 66 LM715013765Intellectualpropertyproducts -85.9 -267.6 65 LM715013265Equipment -5.6 64 LM715013665Structures(nonresidential) 13.8 63 LM712010095Nonfinancialassets(4) 54 -39.8 0.0 0.6 62 FL712000095Totalassets -67.4 227.5 -2.3 Balancesheetaccount(endofperiod) -267.4 0.6 -5.5 61 FC712090095Changeinnetworth(lines30+33+51+60) 0.3 1.3 Changesinbalancesheetaccount 4.7 -0.8 60 FR718200005Changesinnetworthduetonominalholdinggains/losses -18.0 59 FR714022005Financialassets(debtsecurities) -0.3 58 FR715013765Intellectualpropertyproducts 57 FR715013265Equipment 56 FR715013665Structures(nonresidential) 55 FR712010095Nonfinancialassets Revaluationaccount 54 FU717005045Less:Statisticaldiscrepancy(lines33-50)(3) 53 FV718090085Othervolumechanges 52 FV712010095Disasterlosses 51 FV718090185Totalothervolumechanges Otherchangesinvolumeaccount Billions ofdollars S.61.a CentralBank (4) Excludesland. reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatistical betweenthecapitalandfinancialaccounts. (3) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedin capitalaccountandthesameconceptderivedinfinancialaccount.Thediscrepancy theFinancingCorporation,andResolutionFundingtheyincludedStudent LoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. (2) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae, FreddieMac,FederalAgriculturalMortgageCorporation,FarmCreditSystem, theyprimarilycovertheiroperatingcoststhroughsales,andkeepacompletesetoffinancial records. (1) Consistsofrentalincometenant-occupiedhousingandproprietors’income.Quasi-corporations areunincorporatedenterprisesthatfunctionasiftheywerecorporations;

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Integrated Accounts Integrated Accounts 5 F73405 nuac,pninadsadrie urne cee ...... 55 3.9 52 49 0.5 5.4 6.4 1.4 12.7 5.6 -8.4 2.0 6.6 -8.4 -0.9 5.7 3.1 -0.0 43 5.8 52.4 -2.9 -1.1 39 -0.2 7.4 168.1 -14.6 -2.1 144.4 -0.3 5.2 -10.7 38 -5.4 140.5 -393.1 -0.4 5.7 56 FA703093005 Otheraccountsreceivable 194.8 35 -0.5 -211.0 55 FA763040005Insurance,pension andstandardizedguaranteeschemes 61.6 415.7 -387.6 -1.5 34 866.7 54 FA713164003StockinFederalReserve Banks 49.5 148.9 93.1 53 FA763092000U.S.directinvestment abroad 731.9 -3.2 52 FA703092405Equityingovernment-sponsored enterprises(2) 730.9 133.6 138.1 51 FA703064205Mutualfundshares 32 521.7 -69.7 1.2 50 FA703064105Corporateequities 41.1 94.5 49 FA703081005Equityandinvestment fundshares 949.0 578.4 38.4 -1.8 76.6 969.2 48 FA703065005Longterm(mortgages) 31 47 FA704041005Shortterm 472.6 36.3 76.7 47.3 46 FA704035005Loans 796.5 34.3 107.0 45 FA703063005Corporateandforeignbonds 43.3 33 44 FA703062005Municipalsecurities 84.8 33.4 43 FA703061705Agency-andGSE-backedsecurities(2) 40.6 93.1 42 FA703061105Treasurysecurities 100.9 33.5 41 FA703069175Openmarketpaper 36.5 138.1 40 FA704022005Debtsecurities 94.5 33.0 29.0 39 FA403197033DepositsatFederalHomeLoanBanks 38 FA713113003ReservesattheFederalReserve 76.6 32.2 28.1 21 37 FA703025005Vaultcash 0.0 36 FA704000005Currencyanddeposits 76.7 30.5 35 FA704090005Netacquisitionoffinancialassets 0.0 107.0 23 27.9 13.8 34 FA705000995Netlending(+)orborrowing(-)(line33) 20 84.8 0.0 6.5 Financialaccount 19.9 100.9 19 17 0.0 0.1 4.9 35.0 164.3 33 FA705000995Netlending(+)orborrowing(-),capitalaccount(lines27-30) 22 0.0 0.1 121.5 36.0 4.4 13 121.9 32 FA706300081Less:Consumptionoffixedcapital 15 2.7 102.7 31 FA705013081Grossfixedcapitalformation(nonresidential) 181.1 37.4 0.0 463.8 0.1 4.3 30 FA705015085Capitalformation,net 104.4 141.8 2.1 352.2 24.8 14 0.0 29 FA705440083Less:Capitaltransferspaid(net) 0.1 5.7 89.9 122.1 299.0 -7.2 28 FA706012005Netsaving 2.0 29.5 27 FA706006385Netsavinglesscapitaltransfers 116.4 0.0 84.0 276.0 0.1 5.9 12.2 22.4 7 Capitalaccount 132.7 3.0 241.5 96.2 0.1 12.5 5.7 12.5 117.3 233.4 2.7 77.9 2 4 26 FA706012005Equals:Netsaving 13.5 123.8 266.0 0.2 11.9 9 4.3 41.1 206.8 2.4 25 FA706012005Equals:Disposableincome,net 268.7 13.6 121.9 11.3 0.1 183.1 38.4 24 FA706403001Less:Othercurrenttransfers(paid) 181.1 18.9 2.2 11.0 181.8 23 FA706220001Less:Currenttaxesonincome,wealth,etc.(paid) 141.8 36.3 22 FA706140005Netnationalincome/Balanceofprimaryincomes,net 17.6 180.3 10.8 2.1 122.1 34.3 21 FA706112001Rentsonlandandnaturalresources 169.6 20.9 20 FA703192281Reinvestedearningsonforeigndirectinvestment 10.1 116.4 33.4 19 FA706122001Withdrawalsfromincomeofquasi-corporations(1) 170.8 132.7 18 FA706121001Dividends 9.2 167.5 17 FA706120005Distributedincomeofcorporations 33.5 117.3 16 FA706130001Interest 158.8 9.2 15 FA706150005Less:Usesofpropertyincome(paid) 33.0 123.8 14 FA703092281ReinvestedearningsonU.S.directinvestmentabroad 13 FA706121101Distributedincomeofcorporations(dividends) 32.2 12 FA706130101Interest 11 FA706150105Propertyincome(received) 10 FA706402101Operatingsurplus,net 9FA706140005Netnationalincome/Balanceofprimaryincomes,net 8FA706402101Operatingsurplus,net 7FA706240101Taxesonproductionandimportslesssubsidies 6FA706401001Employers’socialcontributions 5FA706020001Wagesandsalaries 4FA706025005Compensationofemployees(paid) 3FA706902605Equals:Netvalueadded 2FA706300081Less:Consumptionoffixedcapital 1FA706902505Grossvalueadded Currentaccount Billions ofdollars S.62.a PrivateDepositoryInstitutions 164

Z.1, March12,2020 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 1581. 7819925227526010648 170.6 216.0 297.5 255.2 149.9 -7.8 18.4 -105.8 4. 7. 4. 4. 4. 9. 0. 0. 47 46 605.6 776.2 306.8 522.8 293.2 590.7 447.8 40 703.0 446.4 97.7 596.3 144.2 133.7 136.4 374.0 293.6 392.3 242.0 36 203.0 136.2 -388.4 181.5 195.7 91.8 -209.7 183.9 -389.6 149.5 137.9 730.3 -61.5 584.6 16 293.0 225.8 12 191.9 11 349.1 344.6 167.3 302.0 316.3 145.9 271.3 285.8 143.5 258.5 275.0 164.1 5 247.6 263.9 186.5 175.6 3 260.3 281.6 155.6 460.4 291.5 311.3 155.1 412.0 318.8 1 341.8 153.9 348.1 501.5 144.7 314.4 450.4 145.9 274.4 384.4 143.1 265.4 348.7 134.3 248.7 307.8 218.7 298.9 281.7 250.9 5. 3. . 29726. 47-9056 -79.0 -4.7 60.0 7.2 12.9 7.9 -35.0 -56.8 42 124.3 -37.3 121.9 37.9 192.4 -27.6 87.6 -46.7 686. 473. 534. 04-1144 -41.1 20.4 47.2 45.3 32.7 54.7 68.4 46.8 28 27 99.3 99.3 152.8 143.0 98.8 98.8 26 78.8 99.3 25 78.8 72.3 99.3 152.8 72.3 98.8 101.6 152.8 101.6 82.3 98.8 78.8 82.3 96.3 78.8 72.3 96.6 72.3 101.6 18 164.2 82.3 101.6 121.4 82.3 96.3 102.6 96.3 104.3 10 89.8 241.1 83.9 8 6 217.0 241.1 96.0 31.2 155.0 217.0 123.1 77.8 27.5 155.0 94.0 26.7 123.1 84.5 26.4 94.0 72.0 24.9 84.5 50.7 24.9 72.0 24.4 50.7 24.5 62-. . . 93-. 227053 7.0 51 -5.5 12.2 -2.5 0.2 -9.3 -1.9 2.2 -1.0 0.4 -0.8 -0.8 -1.6 -0.9 -6.2 -0.4 30 29 6.2 0.0 4.9 9.8 4.3 0.0 2.2 0.0 -4.4 0.0 -5.3 0.0 -2.5 0.0 -4.3 -0.3 ...... 54 0.9 0.9 50 1.0 2.5 0.9 -2.0 1.1 -6.9 2.0 0.1 45 41 0.7 -38.2 0.5 0.2 -17.5 -1.5 0.4 -0.0 -19.9 37 -10.5 0.0 4.9 -20.7 0.9 -49.3 0.0 1.2 3.1 0.0 1.8 -21.5 0.0 -1.5 4.3 2.1 0.0 2.5 0.0 7.1 8.1 24 8.8 8.4 8.0 7.3 6.7 6.3 5.5 5.1

0 M0030 oprt n oeg od 0. 9. 7. 3. 9. 8. 7. 1. 105 611.8 670.8 99 682.5 7.6 695.7 733.8 7.8 103 779.5 2445.5 8.1 797.1 2422.6 98 2253.0 800.2 1556.0 8.5 2127.8 1949.0 2031.1 1754.2 9.1 1970.8 1965.2 1961.0 2352.8 10.6 1851.7 2203.9 13.7 1473.0 1542.7 12.6 105 LM703063005 Corporateandforeignbonds 89 104 LM703062005Municipalsecurities 99.3 103 LM703061705Agency-andGSE-backed securities(2) 102 LM703061105Treasurysecurities -193.8 101 FL703069175Openmarketpaper 100 LM704022005Debtsecurities -281.7 4.0 99 FL403197033DepositsatFederal HomeLoanBanks 86 98 FL713113003ReservesattheFederal Reserve -37.3 97 FL703025005Vaultcash -85.7 96 FL704000005Currencyanddeposits 40.6 -304.5 95 FL704090005Financialassets 88 -328.7 8.9 161.2 72.6 94 LM705013765Intellectualpropertyproducts 93 LM705013265Equipment -142.3 -22.2 92 LM705013665Structures(nonresidential) -223.0 91 LM702010095Nonfinancialassets(4) -19.8 -75.4 90 FL702000095Totalassets 56.2 -12.9 Balancesheetaccount(endofperiod) 50.9 -281.2 -150.7 33.4 89 FC702090095Changeinnetworth(lines30+33+71+88) 94.7 Changesinbalancesheetaccount 74 125.6 88 FR708200005Changesinnetworthduetonominalholdinggains/losses 122.4 87 FR703194005Investmentbyparent 157.5 86 FR753192003ForeigndirectinvestmentintheUnitedStates 85 FR763164103Corporateequityissues -6.5 84 FR703181105Liabilities 135.3 83 FR763092000U.S.directinvestmentabroad 67 82 FR703064205Mutualfundshares 104.6 81 FR703064105Corporateequities 6.5 80 FR704022005Debtsecurities 244.2 65 70 79 FR704090085Financialassets 7.7 49.5 129.2 -32.5 78 FR705013765Intellectualpropertyproducts 17.3 77 FR705013265Equipment 15.7 9.2 76 FR705013665Structures(nonresidential) 181.1 75 FR702010095Nonfinancialassets -63.0 0.4 48.3 Revaluationaccount 83.1 3.7 192.4 -58.6 74 FU707005045Less:Statisticaldiscrepancy(lines33-70)(3) 87.6 8.8 2.4 73 FV708090085Othervolumechanges 72 FV702010095Disasterlosses 110.9 71 FV708090185Totalothervolumechanges -2.3 -159.4 76.6 -28.3 Otherchangesinvolumeaccount 26.0 70 FA705000005Netlending(+)orborrowing(-),financialaccount(lines35-57) Addendum: 69 FA703196005Otheraccountspayable 68 FA703194005Investmentbyparent 67 FA753192003ForeigndirectinvestmentintheUnitedStates 66 FA763164103Corporateequityissues 65 FA703181105Equityandinvestmentfundshares 64 FA704141005Loans(shortterm) 63 FA703169175Commercialpaper 62 FA763163005Corporatebonds 61 FA704122005Debtsecurities 60 FA703130205Otherdeposits 59 FA703127005Checkabledeposits 58 FA704100005Currencyanddeposits 57 FA704190005Netincurrenceofliabilities Billions ofdollars S.62.a PrivateDepositoryInstitutions

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Integrated Accounts Integrated Accounts 2 M5120 oeg ietivsmn nteUie tts266253302341224305389381128 318.1 126 348.9 4026.2 4259.4 300.5 3930.3 282.4 3534.5 304.1 3513.4 3257.1 320.2 2901.4 255.3 2529.2 206.6 114 32.3 131 FL702090095Networth 117 31.4 130 FL703196005Otheraccountspayable 19634.3 113 19252.7 252.8 30.4 18367.1 129 FL703194005Investmentbyparent 17657.8 293.6 128 LM753192003ForeigndirectinvestmentintheUnitedStates 17188.4 29.5 112 127 LM763164103Corporateequityissues 16157.8 239.5 33.1 126 FL703181105Equityandinvestmentfundshares 15342.1 28.6 244.0 14860.0 109 32.6 115 125 FL704141005Loans(shortterm) 481.9 172.1 280.5 27.5 552.3 31.3 124 FL703169175Commercialpaper 168.2 317.2 123 FL763163005Corporatebonds 27.4 463.1 29.2 122 FL704122005Debtsecurities 161.8 282.3 26.9 455.3 156.2 259.9 121 FL703130205Otherdeposits 30.2 505.1 120 FL703127005Checkabledeposits 149.6 119 FL704100005Currencyanddeposits 30.2 532.0 143.8 118 FL704194005Liabilities 31.3 460.5 138.1 117 FL702100005Totalliabilitiesandnetworth 431.1 33.4 125.5 116 FL703093005Otheraccountsreceivable 115 FL763040005Insurance,pensionandstandardizedguaranteeschemes 114 FL713164003StockinFederalReserveBanks 113 LM763092000U.S.directinvestmentabroad 112 FL703092405Equityingovernment-sponsoredenterprises(2) 111 LM703064205Mutualfundshares 110 LM703064105Corporateequities 109 FL703081005Equityandinvestmentfundshares 108 FL703065005Longterm(mortgages) 107 FL704041005Shortterm 106 FL704035005Loans Billions ofdollars S.62.a PrivateDepositoryInstitutions 166 (4) Excludesland. reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatisticalbetweenthecapitalfinancialaccounts. (3) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedincapitalaccountandsameconceptfinancialaccount. theFinancingCorporation,andResolutionFundingtheyincludedStudentLoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. (2) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae,FreddieMac,AgriculturalMortgageCorporation,FarmCreditSystem, theyprimarilycovertheiroperatingcoststhroughsales,andkeepacompletesetoffinancialrecords. (1) Consistsofrentalincometenant-occupiedhousingandproprietors’income.Quasi-corporationsareunincorporatedenterprisesthatfunctionasiftheywerecorporations;

Z.1, March12,2020 04. 11. 21. 26. 39. 39. 41. 43. 119 14839.8 14219.3 118 13595.9 21237.3 13096.8 20955.0 12664.2 19875.6 12015.1 18884.6 11117.2 18419.1 10548.6 17302.8 16182.5 15371.8 88421. 00827. 30129. 55422. 129 2623.6 2575.4 2497.0 2320.1 125 1281.8 2279.1 1364.4 2090.8 1249.0 2012.6 1146.8 1848.4 1111.1 120 1019.1 2466.1 121 1036.6 2410.2 12373.7 1063.3 11809.1 2226.6 11369.3 2120.0 10976.8 10646.7 2017.5 10196.3 1818.7 9487.2 1630.0 9119.9 1428.6 108 5442.8 107 6529.6 5282.7 5916.4 5070.6 106 5609.6 11972.4 4778.4 11199.2 5316.5 4531.0 10680.3 4868.7 10094.9 4392.0 9399.7 4422.4 4419.1 8814.3 4278.3 4436.2 8697.4 3906.4 8342.6 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 517-4. 14. 13. 12. 10. 10. 10. 131 -1603.1 -1702.3 -1508.5 -1226.8 -1230.7 -1145.0 -840.5 -511.7 0. 8. 0. 7. 6. 7. 5. 0. 130 801.3 850.7 773.8 127 762.2 1084.5 1335.1 770.8 1132.8 124 604.3 128.3 932.0 123 160.0 122 581.3 113.6 930.2 288.2 147.7 607.6 143.9 846.1 261.3 182.7 145.6 633.6 326.7 198.7 151.5 474.1 344.3 208.2 179.7 359.7 227.6 244.1 407.3 116 301.9 269.8 622.2 546.0 353.2 591.6 623.0 678.4 635.6 575.3 519.0 627.5 759.0 354. 815. 495. 715. 111 54.7 110 67.1 109.1 57.9 127.6 104.0 54.9 97.7 59.7 106.1 58.1 99.0 48.1 71.4 43.5 67.4

5 F63953 urnyaddpst fnigareet)-. 04-. . . . 203155 3.1 12.0 6.8 50 2.9 0.5 8.1 52 0.4 46 79.2 -8.6 -102.6 84.9 -0.4 0.4 -58.6 -6.4 55.2 0.5 -92.3 3.3 30.8 0.1 1.8 40 -42.3 0.9 20.9 -26.7 27.9 56 FA524141005 Loans(shortterm) 0.1 7.3 12.3 30.3 55 FA673090543 Currencyanddeposits(fundingagreements) -0.8 35.9 6.7 15.7 54 FA524190005Netincurrenceofliabilities -8.6 35 53 FA523096005Otheraccountsreceivable 34 243.1 -13.2 43.0 52 FA523052005Insurance,pension andstandardizedguaranteeschemes 196.0 -12.7 51 FA523092005U.S.directinvestment abroad -28.3 -25.0 225.2 50 FA523092405Equityingovernment-sponsored enterprises(2) 32 237.7 49 FA523034005Moneymarketfund shares 0.6 36.6 38.4 48 FA523064205Mutualfundshares 175.3 40.4 47 FA523064105Corporateequities 122.7 46 FA523081005Equityandinvestmentfundshares 35.9 51.0 31 123.4 45 FA523065005Longterm(mortgages) 33.9 45.0 242.1 28.6 44 FA524041005Shortterm 33 43 FA524035005Loans 32.1 29.4 41.0 43.0 42 FA523063005Corporateandforeignbonds 31.0 7.0 39.0 41 FA523062005Municipalsecurities -28.3 29.3 40 FA523061705Agency-andGSE-backedsecurities(2) 37.9 39 FA523061105Treasurysecurities 36.6 27.2 38 FA523069105Openmarketpaper 31.7 37 FA524022005Debtsecurities 40.4 26.2 33.3 24 21 36 FA523020005Currencyanddeposits 51.0 -5.4 0.0 27.8 35 FA524090005Netacquisitionoffinancialassets 28.6 24.8 -23.0 0.0 29.4 34 FA525000995Netlending(+)orborrowing(-)(line33) 23 20 22.3 33.5 7.0 Financialaccount 0.0 6.4 17 22 -11.0 19 28.0 36.6 83.5 0.0 -40.0 3.8 33 FA525000995Netlending(+)orborrowing(-),capitalaccount(lines27-30) 4.7 38.4 -66.9 28.4 42.0 32 FA526300081Less:Consumptionoffixedcapital 0.0 3.7 42.2 -67.8 4.2 31 FA525013081Grossfixedcapitalformation(nonresidential) 15 14 22.9 30 FA525015085Capitalformation,net 113.5 0.0 -14.3 38.5 390.7 6.4 2.5 4.3 77.3 18.8 13 29 FA525440083Less:Capitaltransferspaid(net) 33.1 0.0 374.7 28 FA526012005Netsaving 33.3 50.1 4.5 2.3 20.1 4.7 27 FA526006385Netsavinglesscapitaltransfers 28.5 6 370.2 0.0 -1.1 23.4 16.0 2.2 5.0 380.9 Capitalaccount 22.5 24.2 4.2 5.1 22.8 357.9 9 17.9 2.9 7 5.1 23.5 2.5 326.0 13.7 26 FA526012005Equals:Netsaving 13.7 83.5 18.9 45.8 2 340.4 4 3.7 2.4 22.2 2.3 25 FA526012005Equals:Disposableincome,net 17.2 42.0 322.2 38.4 31.2 155.6 21.9 2.9 24 FA526403001Less:Othercurrenttransfers(paid) 2.2 16.2 150.9 113.5 23 FA526220001Less:Currenttaxesonincome,wealth,etc.(paid) 35.9 40.3 21.0 22 FA526140005Netnationalincome/Balanceofprimaryincomes,net 15.5 77.3 2.9 143.4 38.7 20.6 33.9 13.0 21 FA526112001Rentsonlandandnaturalresources 143.7 50.1 2.4 34.1 20.1 20 FA523192281Reinvestedearningsonforeigndirectinvestment 32.1 138.4 -1.1 19 FA526122001Withdrawalsfromincomeofquasi-corporations(1) 24.1 20.1 133.9 18 FA526121001Dividends 31.0 5.1 17 FA526120005Distributedincomeofcorporations 132.1 22.9 16 FA526130001Interest 29.3 127.1 15 FA526150005Less:Usesofpropertyincome(paid) 13.7 22.5 27.2 14 FA523092281ReinvestedearningsonU.S.directinvestmentabroad 13 FA526121101Distributedincomeofcorporations(dividends) 26.2 12 FA526130101Interest 11 FA526150105Propertyincome(received) 10 FA526402101Operatingsurplus,net 9FA526140005Netnationalincome/Balanceofprimaryincomes,net 8FA526402101Operatingsurplus,net 7FA526240101Taxesonproductionandimportslesssubsidies 6FA526401001Employers’socialcontributions 5FA526020001Wagesandsalaries 4FA526025005Compensationofemployees(paid) 3FA526902605Equals:Netvalueadded 2FA526300081Less:Consumptionoffixedcapital 1FA526902505Grossvalueadded Currentaccount Billions ofdollars S.63.a InsuranceCompanies

0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 1. 08-517. 225. 1. 1853 54 71.8 148.1 220.8 -10.1 233.2 56.3 170.6 32.2 138.9 78.2 126.9 131.6 -15.1 243.3 10.8 110.5 42 180.3 85.8 109.6 111.6 103.4 133.6 53.9 101.5 16 347.6 341.6 12 11 343.1 243.2 283.0 359.6 229.3 335.6 250.0 257.3 300.4 279.4 255.0 314.8 276.4 5 262.5 306.0 281.9 131.4 255.9 3 274.3 238.7 127.4 392.7 257.2 242.3 121.2 348.7 257.7 1 121.8 388.0 431.0 117.4 364.2 384.6 113.3 298.6 112.1 421.9 208.6 107.0 396.3 243.4 329.6 227.7 237.9 270.6 254.0 2. . . 821. 07-. 4. 41 -40.2 -3.8 38 -7.1 10.7 -17.5 18.4 13.3 -8.2 -6.7 8.1 -8.7 1.1 11.0 -28.7 17.0 -11.5 2833-. 2. 55-1739-3547 -23.5 45 3.9 64.1 43 -21.7 64.3 43.6 25.5 47.8 37.5 -21.9 39 45.0 39.9 -8.8 -21.3 24.0 43.7 3.3 33.2 37 21.7 32.0 22.8 31.9 132.7 13.1 19.5 5.8 110.1 16.3 16.3 181.1 20.6 17.6 120.7 -7.7 93.9 -2.3 132.4 15.5 44.6 77.5 18 32.8 24.6 18.6 14.4 15.1 10 191.2 18.4 8 166.6 19.1 191.2 204.3 10.8 166.6 181.8 126.2 204.3 50.6 181.8 126.2 88.4 50.6 78.2 88.4 78.2 611. 1. 1671-502. 2136 -2.1 21.9 -15.0 7.1 11.6 30 6.7 -15.2 14.0 5.1 -6.1 5.0 5.8 0.7 4.0 0.7 -1.4 ...... 56 9.3 6.2 9.9 6.2 51 2.5 -0.9 8.7 49 4.1 9.4 4.9 48 -2.5 7.6 5.1 44 -88.1 1.2 0.1 -20.3 -74.6 9.9 6.2 -48.1 4.3 14.8 -30.1 2.4 2.4 -32.8 6.3 -13.9 -19.6 -1.3 -4.0 4.4 1.7 8.0 3.3 6.1 -2.2 3.3 1.3 29 16.9 28 60.2 27 66.6 49.7 0.0 36.9 -23.2 0.0 41.6 26 41.6 66.6 46.2 0.0 25 46.2 66.6 51.7 36.9 0.0 51.7 32.6 36.9 41.6 14.3 32.6 44.4 46.2 41.6 0.0 30.1 5.6 51.7 46.2 5.6 32.6 51.7 44.4 32.6 5.6 44.4 5.6 Z.1, March12,2020 167

Integrated Accounts Integrated Accounts 0 M2020 ..drc netetara 3. 7. 0. 2. 8. 8. 2. 8. 105 104 186.6 4.8 227.9 4.3 189.1 185.9 3.9 221.3 106 859.3 3.5 207.1 100 170.8 780.2 3.1 2622.6 137.7 695.3 2930.2 96 3.0 640.1 2622.0 3244.9 609.2 2566.4 94 2.1 3217.3 2657.6 607.4 491.8 2575.9 3053.6 2.0 579.5 2211.1 2880.9 501.7 1979.0 2909.7 549.1 2736.1 107 FL523096005 Otheraccountsreceivable 480.8 2753.5 477.4 2615.8 106 FL523052005 Insurance,pensionandstandardizedguarantee schemes 504.2 105 LM523092005U.S.directinvestment abroad 485.4 104 FL523092405Equityingovernment-sponsored enterprises(2) 523.0 103 FL523034005Moneymarketfund shares 102 LM523064205Mutualfundshares 543.2 101 LM523064105Corporateequities 100 FL523081005Equityandinvestment fundshares 99 FL523065005Longterm(mortgages) 98 FL524041005Shortterm 97 FL524035005Loans 83 96 LM523063005Corporateandforeignbonds -38.8 95 LM523062005Municipalsecurities 94 LM523061705Agency-andGSE-backedsecurities(2) 19.2 93 LM523061105Treasurysecurities 92 FL523069105Openmarketpaper -41.6 91 LM524022005Debtsecurities -135.6 90 FL523020005Currencyanddeposits 101.2 79 -203.3 -65.1 89 FL524090005Financialassets 82 46.1 55.3 88 LM525013765Intellectualpropertyproducts -143.6 81 201.2 87 LM525013265Equipment -120.1 41.5 86 LM525013665Structures(nonresidential) 36.8 85 LM522010095Nonfinancialassets(4) 287.8 -39.5 18.6 112.6 84 FL522000095Totalassets -209.1 30.7 -59.8 64.5 Balancesheetaccount(endofperiod) -17.5 121.0 -198.4 -14.9 282.7 73.7 83 FC522090095Changeinnetworth(lines30+33+64+82) 25.1 170.1 203.4 Changesinbalancesheetaccount -29.8 67 -52.0 82 FR528200005Changesinnetworthduetonominalholdinggains/losses -3.6 81 FR523152005Insurance,pensionandstandardizedguaranteeschemes 80 FR523194735Investmentbyparent 44.5 79 FR523192005ForeigndirectinvestmentintheUnitedStates 78 FR523164105Corporateequityissues -26.8 77 FR524190085Liabilities 14.6 76 FR523092005U.S.directinvestmentabroad 32.9 75 FR523064205Mutualfundshares 74 FR523064105Corporateequities 37.6 73 FR524022005Debtsecurities 63 72 FR524090085Financialassets 8.2 95.0 59 71 FR525013765Intellectualpropertyproducts 57 14.8 70 FR525013265Equipment -24.7 -16.6 69 FR525013665Structures(nonresidential) 4.9 68 FR522010095Nonfinancialassets -7.9 -21.0 Revaluationaccount 67.2 61 10.7 34.8 153.5 36.4 6.9 39.3 67 FU527005045Less:Statisticaldiscrepancy(lines33-63)(3) 143.7 -4.2 66 FV528090085Othervolumechanges 2.3 -28.7 65 FV522010095Disasterlosses 167.0 -8.2 64 FV528090185Totalothervolumechanges -12.4 12.0 172.7 -2.6 -1.2 Otherchangesinvolumeaccount 112.5 9.9 116.0 -20.5 -7.5 106.0 63 FA525000005Netlending(+)orborrowing(-),financialaccount(lines35-54) Addendum: 247.9 62 FA523196005Otheraccountspayable 61 FA523152005Insurance,pensionandstandardizedguaranteeschemes 60 FA523194735Investmentbyparent 59 FA523192005ForeigndirectinvestmentintheUnitedStates 58 FA523164105Corporateequityissues 57 FA523181105Equityandinvestmentfundshares Billions ofdollars S.63.a InsuranceCompanies 168

Z.1, March12,2020 09312. 44617. 46515. 56712. 102 1424.0 1596.7 1459.5 1416.5 1477.9 1434.6 1229.4 1099.3 91 4621.1 4682.9 4471.5 89 4256.9 9978.8 4304.8 10135.3 4062.5 9471.1 4136.9 9037.3 4010.4 9062.5 8614.9 84 8307.5 10270.9 7877.2 10413.0 9739.3 9298.8 9316.5 8864.1 8549.1 8115.5 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 5. 6. 4. 2. 5. 3. 2. 9. 107 993.8 922.0 932.1 859.5 827.3 101 749.1 929.9 764.2 99 1033.4 98 753.3 588.6 97 909.2 172.6 524.5 761.2 879.9 172.5 880.9 95 480.9 697.0 168.2 481.6 859.3 443.4 93 649.1 165.8 722.9 398.4 536.7 360.5 609.2 167.1 650.1 374.5 565.5 535.9 377.9 159.1 352.8 533.5 534.8 161.3 334.2 339.7 514.1 520.2 158.0 310.1 497.8 497.4 310.5 504.4 274.5 86 505.4 298.0 85 176.7 305.0 292.0 168.9 277.8 164.1 268.2 161.7 261.5 157.3 253.9 154.5 249.3 151.8 241.6 152.0 238.3 73 -194.5 72 -399.4 101.4 468.1 27.2 175.0 -168.5 -263.0 148.4 272.4 -206.8 184.7 81.9 306.7 197.9 131.6 6. 951225. 1. 688. 6. 78 -62.9 76 77 -40.3 88.8 -248.0 75 34.6 66.8 431.8 -84.6 5.7 -11.0 216.2 211.8 59.1 -52.2 -36.6 91.1 122.2 210.7 4.3 -31.4 79.5 387.4 76.2 21.5 234.6 -61.5 -66.1 224.8 26.8 128.5 -26.0 -35.8 58 -21.6 -28.9 -25.2 -32.0 -31.8 -16.8 -24.5 -22.3 988. 197. 056. 787. 103 77.2 67.8 60.2 80.5 74.4 71.9 92 85.9 42.3 89.8 49.4 90 66.9 120.9 88 53.6 87 123.0 67.6 47.8 60.3 101.1 62.3 69.0 105.2 46.5 58.4 98.1 58.0 45.7 54.1 86.5 41.0 45.7 50.9 101.7 45.8 87.7 49.0 45.8 44.5 45.3 41.3 45.0 62 -1.2 79.9 38.8 -18.2 44.6 23.3 23.7 17.2 456. 4. 34-655. 2. 8. 74 71 -80.0 -0.0 120.4 0.2 50.9 -26.5 -0.1 43.4 -0.4 145.2 -0.5 69.5 -4.5 -0.1 64 -0.6 55.1 -0.0 0.9 -43.8 27.4 -15.0 -37.5 -57.7 -7.8 ...... 80 0.0 0.0 0.0 0.0 0.0 69 70 0.0 68 7.6 0.3 7.8 0.0 4.8 0.1 5.2 0.0 2.3 -0.5 1.8 65 66 2.8 -0.7 0.0 1.7 3.1 -0.1 3.4 2.9 0.0 -2.6 -0.3 4.6 4.3 -0.0 0.8 0.0 2.2 1.6 0.3 0.5 0.0 5.4 5.7 -0.4 0.0 -4.7 0.0 60 -19.9 -9.8 -0.1 0.4 0.0 3.1 1.1 -0.3 0.9 -7.6 12.0 9.3

1 L2110 Eut n netetfn hrs60263270671776390612. 7. 112 114 879.1 369.3 1023.6 110 419.6 900.6 85.7 (4) Excludesland. 116 359.5 786.3 reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatisticalbetweenthecapitalfinancialaccounts. 7702.0 (3) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedincapitalaccountandsameconceptfinancialaccount. 82.7 287.9 771.7 theFinancingCorporation,andResolutionFundingtheyincludedStudentLoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. 7668.5 230.0 710.6 (2) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae,FreddieMac,AgriculturalMortgageCorporation,FarmCreditSystem, 108 70.7 7237.1 197.0 theyprimarilycovertheiroperatingcoststhroughsales,andkeepacompletesetoffinancialrecords. 623.2 10270.9 6940.0 (1) Consistsofrentalincometenant-occupiedhousingandproprietors’income.Quasi-corporationsareunincorporatedenterprisesthatfunctionasiftheywerecorporations; 10413.0 63.8 202.6 6827.1 620.2 9739.3 6593.6 207.7 61.0 118 FL522090095Networth 9298.8 6194.9 9316.5 5918.9 52.9 117 FL523196005Otheraccountspayable 8864.1 8549.1 61.5 116 FL523152005Insurance,pensionandstandardizedguaranteeschemes 8115.5 61.9 115 FL523194735Investmentbyparent 114 LM523192005ForeigndirectinvestmentintheUnitedStates 113 LM523164105Corporateequityissues 112 FL523181105Equityandinvestmentfundshares 111 FL524141005Loans(shortterm) 110 FL673090543Currencyanddeposits(fundingagreements) 109 FL524194005Liabilities 108 FL522100005Totalliabilitiesandnetworth Billions ofdollars S.63.a InsuranceCompanies

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Integrated Accounts Integrated Accounts 4 F53675 gny n S-akdscrte 2 5. 1. 542. 1. 093. 6854 46.8 34.2 10.9 -11.7 46 0.0 47 20.0 414.3 -5.4 -0.0 474.2 -11.6 0.0 339.0 -52.9 320.1 0.0 320.1 -0.0 468.5 468.9 0.0 436.7 43 0.0 1334.1 42 44 56 FA593063005 Corporateandforeignbonds 1259.9 41 7.2 149.0 38 55 FA593062045 Municipalsecurities 0.0 45 1175.5 691.5 -199.8 54 FA593061705 Agency-andGSE-backedsecurities(2) 152.6 34 143.0 1160.5 53 FA593061105 Treasurysecurities 7.6 -144.7 656.0 0.0 52 FA593069105Openmarketpaper 176.6 1107.6 148.3 40 -111.0 51 FA594022005Debtsecurities 637.3 1049.5 6.8 175.3 34.0 167.1 -88.3 -0.0 943.6 626.4 50 FA593030005Timeandsavingsdeposits 195.3 141.4 49 FA593020005Currencyandtransferable deposits 31.3 -64.3 6.5 863.2 608.8 0.0 48 FA594000005Currencyanddeposits 201.7 121.0 31 -65.2 28.9 595.5 6.1 212.7 47 FA594090005Netacquisitionoffinancial assets 0.0 0.0 127.1 -99.2 579.0 26.5 245.9 146.7 46 FA595000995Netlending(+)orborrowing(-)(line33) 5.7 33 0.0 -87.4 -0.0 556.2 24.8 154.7 0.0 Financialaccount 5.1 0.0 0.0 23.1 -0.0 45 FA596403053Less:netchangeinassetsfromcurrenttransactionforDCplans 4.8 0.0 0.0 21.7 44 FA596403043Less:netchangeinbenefitentitlementsfromDBplans 0.0 43 FA596403033Less:benefitpaymentsandwithdrawals 20.4 0.0 0.0 0.0 42 FA596403023Less:pensionservicechargefordefinedcontribution(DC)plans 24 41 FA596403163Householdpensioncontributionsupplements 0.0 0.0 -0.0 21 40 FA596403013Less:pensionservicechargesfordefinedbenefit(DB)plans 23 39 FA596403153Actualhouseholdcontributions 0.0 0.0 -0.0 0.0 0.0 38 FA596403143Imputedemployercontributions 37 FA596403133Actualemployercontributions 0.0 0.0 0.0 22 36 FA596403125Claimstopensionbenefits 0.0 0.0 35 FA596403115Contributionsreceived 0.0 20 0.0 0.0 0.0 0.0 0.0 34 FA596403105Othercurrenttransfersreceived,net(line24) 19 0.0 Addenda: -0.0 0.0 0.0 0.0 0.0 17 0.0 0.0 33 FA595000995Netlending(+)orborrowing(-),capitalaccount(lines27-30) 0.0 0.0 189.6 0.0 0.0 15 14 0.0 32 FA596300081Less:Consumptionoffixedcapital 178.7 0.0 0.0 691.5 0.0 0.0 0.0 31 FA595013081Grossfixedcapitalformation(nonresidential) 0.0 167.1 30 FA595015085Capitalformation,net 0.0 656.0 0.0 0.0 0.0 0.0 160.6 0.0 0.0 29 FA595440083Less:Capitaltransfers(net) 637.3 9 7 0.0 28 FA596012005Netsaving 13 153.2 0.0 626.4 0.0 0.0 27 FA596006385Netsavinglesscapitaltransfers 0.0 0.0 0.0 189.6 0.0 142.1 0.0 608.8 Capitalaccount 178.7 0.0 0.0 0.0 128.7 0.0 0.0 595.5 167.1 0.0 115.9 579.0 0.0 0.0 0.0 0.0 26 FA596012005Equals:Netsaving 0.0 160.6 556.2 153.2 25 FA596012005Equals:Disposableincome,net 0.0 0.0 0.0 0.0 142.1 24 FA596403105Plus:Othercurrenttransfersreceived,net 0.0 23 FA596220001Less:Currenttaxesonincome,wealth,etc.(paid) 0.0 0.0 128.7 22 FA596140005Netnationalincome/Balanceofprimaryincomes,net 115.9 0.0 0.0 0.0 21 FA596112001Rentsonlandandnaturalresources 20 FA593192281Reinvestedearningsonforeigndirectinvestment 19 FA596122001Withdrawalsfromincomeofquasi-corporations(1) 0.0 0.0 18 FA596121001Dividends 17 FA596120005Distributedincomeofcorporations 0.0 0.0 16 FA596130001Interest 15 FA596150005Less:Usesofpropertyincome(paid) 14 FA593092281ReinvestedearningsonU.S.directinvestmentabroad 13 FA596121101Distributedincomeofcorporations(dividends) 12 FA596130101Interest 11 FA596150105Propertyincome(received) 10 FA596402101Operatingsurplus,net 9FA596140005Netnationalincome/Balanceofprimaryincomes,net 8FA596402101Operatingsurplus,net 7FA596240101Taxesonproductionandimportslesssubsidies 6FA596401001Employers’socialcontributions 5FA596020001Wagesandsalaries 4FA596025005Compensationofemployees(paid) 3FA596902605Equals:Netvalueadded 2FA596300081Less:Consumptionoffixedcapital 1FA596902505Grossvalueadded Currentaccount Billions ofdollars S.64.a PensionFunds 170

Z.1, March12,2020 23910. 38312. 47211. 50912. 35 1626.1 1560.9 1519.1 1477.2 1423.8 1378.3 1303.0 1263.9 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 0. 4. 2. 1. 631003. 2. 53 426.9 33.5 170.0 56.3 113.4 122.9 148.4 109.6 39 435.3 37 417.9 36 740.2 941.8 401.4 670.4 912.4 380.2 627.1 888.6 352.8 591.9 857.3 329.8 557.5 821.2 311.1 547.1 788.5 294.6 538.9 729.1 525.7 712.4 18 189.6 16 178.7 501.9 167.1 477.3 12 160.6 470.2 11 501.9 153.2 691.5 465.8 477.3 142.1 656.0 455.6 470.2 128.7 637.3 453.4 465.8 115.9 626.4 450.3 455.6 608.8 440.3 453.4 595.5 450.3 579.0 440.3 556.2 231751071344. 3. 508. 56 81.2 45.0 -36.2 51 555.9 44.3 115.0 103.4 156.2 110.7 85.4 117.5 237.1 32.3 239.3 252.6 90.7 060109-. . . . . 55 0.8 0.7 0.2 0.1 -0.2 0.9 0.1 -0.6 . 171. . 361. . . 52 0.3 50 49 0.8 1.6 0.9 48 1.6 3.3 11.2 -5.6 -2.3 -3.6 -0.2 -0.8 -1.0 0.5 -4.1 3.6 -0.5 10.2 1.2 5.8 6.9 -1.7 6.1 3.7 9.8 2.3 -2.3 3.9 1.7 2.0 5.5 7.5 32 0.0 30 0.0 0.0 29 0.0 28 0.0 0.0 27 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 26 0.0 0.0 0.0 0.0 25 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 10 0.0 0.0 0.0 8 0.0 0.0 6 5 0.0 0.0 4 0.0 0.0 3 0.0 0.0 0.0 0.0 0.0 2 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0 L9010 Eut n netetfn hrs68. 08683. 69287. 955133099. 102 9495.5 10333.0 106 7353.7 8905.5 8472.3 6805.4 96 8639.2 91 7269.3 378.2 53.8 7154.0 8334.9 312.4 7008.6 6696.0 53.0 277.2 6287.6 6622.2 5868.6 268.0 58.6 6065.6 289.6 59.4 263.7 55.8 106 FL593052025 Insurance,pensionandstandardizedguarantee schemes 285.4 50.0 105 FL593034005 Moneymarketfundshares 288.6 104 LM593064205Mutualfundshares 46.3 103 LM593064105Corporateequities 102 FL593081005Equityandinvestment fundshares 42.3 101 FL593065005Longterm(mortgages) 83 100 FL594041005Shortterm 15.2 99 FL594035005Loans 98 LM593063005Corporateandforeignbonds 26.1 97 LM593062045Municipalsecurities 96 LM593061705Agency-andGSE-backedsecurities(2) 30.2 95 LM593061105Treasurysecurities 94 FL593069105Openmarketpaper 81 14.8 93 LM594022005Debtsecurities -446.6 -10.0 786.0 92 FL593030005Timeandsavingsdeposits 82 91 FL593020005Currencyandtransferabledeposits -21.1 362.4 15.2 90 FL594000005Currencyanddeposits -13.4 -103.1 26.1 89 FL594090005Financialassets 276.4 -4.0 30.2 88 LM595013765Intellectualpropertyproducts 704.3 87 LM595013265Equipment 80 86 LM595013665Structures(nonresidential) 14.8 390.9 389.7 85 LM592010095Nonfinancialassets(4) -68.2 -10.0 -707.9 71 84 FL592000095Totalassets -284.4 0.1 -21.1 Balancesheetaccount(endofperiod) 148.2 -13.4 0.1 -300.1 -4.0 83 FC592090095Changeinnetworth(lines30+33+68+82) -793.6 0.0 -442.5 Changesinbalancesheetaccount 37.5 -0.1 82 FR598200005Changesinnetworthduetonominalholdinggains/losses -0.2 81 FR594190005Liabilities(pensionentitlements) -0.2 67 80 FR593052025Insurance,pension,andstandardizedguaranteeschemes 0.4 79 FR593064205Mutualfundshares -0.1 78 FR593064105Corporateequities 77 FR594022005Debtsecurities -0.1 0.1 76 FR594090085Financialassets 66 -0.0 414.4 75 FR595013765Intellectualpropertyproducts 74 FR595013265Equipment 474.3 0.1 73 FR595013665Structures(nonresidential) 60 72 FR592010095Nonfinancialassets 339.0 -110.2 0.2 64 320.0 Revaluationaccount -68.6 37.7 319.9 0.2 -231.2 71 FU597005045Less:Statisticaldiscrepancy(lines33-67)(3) 160.2 468.3 12.8 70 FV598090085Othervolumechanges -0.4 315.4 469.3 69 FV592010095Disasterlosses -214.5 68 FV598090185Totalothervolumechanges 239.9 436.9 -0.1 -257.3 Otherchangesinvolumeaccount 253.8 -73.0 448.6 -51.6 67 FA595000005Netlending(+)orborrowing(-),financialaccount(lines47-66) 253.1 Addendum: 333.8 66 FA594190005Netincurrenceofliabilities(pensionentitlements) 65 FA593093005Otheraccountsreceivable 64 FA593052025Insurance,pensionandstandardizedguaranteeschemes 63 FA593034005Moneymarketfundshares 62 FA593064205Mutualfundshares 61 FA593064105Corporateequities 60 FA593081005Equityandinvestmentfundshares 59 FA593065005Longterm(mortgages) 58 FA594041005Shortterm 57 FA594035005Loans Billions ofdollars S.64.a PensionFunds

66. 70. 95. 05. 05. 17. 24. 24. 89 22649.2 22545.7 21175.8 20359.9 20058.2 19351.9 17101.7 84 16263.0 22657.6 22553.7 21183.5 20367.4 20065.8 19359.5 17109.3 16270.3 51220. 45132. 53736. 38048. 104 4084.4 103 5188.0 4368.0 5744.0 3769.8 4912.2 3553.7 4710.8 3620.5 4808.0 3415.1 4707.5 2808.3 4006.4 2531.2 95 3548.4 2817.9 93 2370.4 4561.5 2337.3 4099.9 2176.1 3961.2 2127.5 3792.3 1998.5 3763.8 1907.5 3479.2 1765.9 3346.8 3068.3 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 0. 9. 1. 1. 0. 2. 2. 2. 105 223.1 221.0 223.4 207.9 210.7 212.3 193.8 98 1264.1 208.0 1316.7 1248.7 1261.7 1256.7 1127.4 1075.2 933.6 8. 9. 5. 4. 8. 5. 5. 38979 -318.9 78 -408.4 555.8 76 940.3 -431.8 250.3 811.9 414.1 -89.0 392.5 -90.6 146.7 -88.4 372.0 458.0 266.2 1125.6 295.7 498.3 683.1 -83.9 -76.5 377.4 -72.4 62 35.3 42.4 61 -147.6 -34.1 -108.5 22.3 -212.6 -6.6 58.7 -271.5 148.7 -424.5 -18.6 -40.2 -43.5 -21.5 453. 883. 003. 364. 101 41.7 99 33.6 49.3 36.8 192.8 44.2 30.0 94 97.1 36.5 32.2 92 96.9 39.0 28.8 38.3 90 95.3 35.6 33.5 92.2 37.5 84.0 39.4 34.5 90.5 34.3 87.7 40.6 92.8 34.5 87.2 93.9 38.6 77.0 94.3 37.4 78.7 87.4 31.4 77.7 33.7 76.0 77 -94.2 23.7 12.6 -56.9 47.6 -107.0 25.9 50.5 65 72.9 63 121.3 2.1 91.9 -2.4 -15.1 15.5 33.3 -2.8 32.0 -1.6 35.7 59.8 18.5 -14.2 13.3 00-. . 00-. . . . 75 0.0 0.0 0.0 -0.0 -0.0 0.0 -0.0 -0.0 59 8.1 58 -151.7 57 -3.2 -143.6 151.8 6.8 148.6 0.9 7.7 -2.2 -0.3 -2.5 3.4 0.1 3.4 -4.7 0.8 -3.9 -1.1 -0.1 -1.1 -3.4 -0.1 -3.4 ...... 5. . 100 7.6 97 159.3 4.1 7.5 3.4 6.5 2.7 6.8 2.5 6.8 2.4 88 6.0 87 0.9 2.4 86 0.4 85 6.0 7.2 0.8 8.4 1.7 0.3 6.8 0.7 8.0 1.5 0.3 6.7 0.6 7.7 0.3 6.7 0.6 7.6 0.3 6.7 0.6 7.6 0.3 6.7 0.7 7.6 0.3 6.7 0.4 7.7 0.3 6.6 7.2 73 74 72 0.3 0.0 0.3 0.2 0.0 0.2 0.1 -0.0 0.1 70 69 0.1 -0.0 0.1 0.0 0.1 68 -0.0 0.0 0.2 0.1 0.0 0.1 -0.0 0.0 0.2 0.0 0.0 0.2 -0.0 -0.0 0.1 -0.1 0.0 0.1 0.0 -0.0 0.2 -0.2 0.0 0.2 0.0 -0.2 0.0 -0.0 0.4 0.0 0.0 0.1 0.0 0.0 Z.1, March12,2020 171

Integrated Accounts Integrated Accounts 0 L9100 Laiiis(eso nilmns 61. 76. 93. 05. 03. 12. 26. 25. 109 22755.9 22667.2 21323.1 20537.3 20250.5 19534.2 17262.9 16410.4 (4) Excludesland. reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatisticalbetweenthecapitalfinancialaccounts. (3) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedincapitalaccountandsameconceptfinancialaccount. theFinancingCorporation,andResolutionFundingtheyincludedStudentLoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. (2) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae,FreddieMac,AgriculturalMortgageCorporation,FarmCreditSystem, theyprimarilycovertheiroperatingcoststhroughsales,andkeepacompletesetoffinancialrecords. (1) Consistsofrentalincometenant-occupiedhousingandproprietors’income.Quasi-corporationsareunincorporatedenterprisesthatfunctionasiftheywerecorporations; 110 FL592090095Networth 109 FL594190005Liabilities(pensionentitlements) 108 FL592000095Totalliabilitiesandnetworth 107 FL593093005Otheraccountsreceivable Billions ofdollars S.64.a PensionFunds 172

Z.1, March12,2020 67. 70. 95. 06. 06. 18. 25. 25. 108 22657.6 22553.7 21183.5 20367.4 20065.8 19359.5 17109.3 16270.3 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 102-5. 147-8. 199-3. 135-84110 -98.4 -113.5 -139.6 -169.9 -184.7 -174.7 -153.6 -140.2 2. 6. 9. 2. 1. 0. 04019. 107 1096.9 1024.0 902.7 810.8 825.9 792.6 760.6 724.9

2 F73405 nuac,pninadsadrie urne cee ...... 52 4.0 49 -0.2 4.0 -0.4 46 4.0 -0.5 110.8 4.1 166.8 1.2 545.4 5.0 0.3 351.3 5.1 499.3 0.1 40 458.4 7.3 14.1 0.0 614.9 55 FA403197033 Currencyanddeposits 28.9 2.4 140.6 -0.0 54 FA854190005Netincurrenceofliabilities 192.0 35 53 FA853096005Otheraccountsreceivable -108.5 1096.5 1354.7 -155.5 52 FA733040005Insurance,pension andstandardizedguaranteeschemes 1038.6 -166.1 34 51 FA793094005Investmentinsubsidiaries 329.2 112.3 -186.5 50 FA803092005U.S.directinvestment abroad 29 49 FA813092405Equityingovernment-sponsored enterprises(3) 682.9 -273.4 151.1 48 FA503034005Moneymarketfundshares 0.0 32 -151.2 306.8 47 FA813064105Corporateequities 156.1 -168.3 46 FA813081005Equityandinvestmentfundshares 1152.1 32.8 147.6 -143.9 86.9 45 FA813065005Longterm(mortgages) 1.8 -159.4 44 FA854041005Shortterm 31 139.8 43 FA854035005Loans 192.5 10.9 132.2 0.0 180.1 42 FA853063005Corporateandforeignbonds 73.4 125.2 33 41 FA853062005Municipalsecurities 177.6 10.0 40 FA853061705Agency-andGSE-backedsecurities(3) -186.5 118.3 39 FA853061105Treasurysecurities 165.4 -273.4 0.0 24 111.6 38 FA853069175Openmarketpaper -151.2 37 FA854022005Debtsecurities 157.4 34.1 21 106.0 -168.3 -4.7 141.1 0.0 36 FA854000005Currencyanddeposits 30.2 -143.9 134.2 -32.1 35 FA854090005Netacquisitionoffinancialassets -159.4 0.0 31.0 23 114.9 10.9 28.0 34 FA855000995Netlending(+)orborrowing(-)(line33) 20 29.3 0.0 10.0 73.4 Financialaccount 39.0 46.8 0.0 7.9 41.3 43.9 22 17 33 FA855000995Netlending(+)orborrowing(-),capitalaccount(lines27-30) 19 0.0 -87.9 494.3 35.0 6.6 66.3 42.4 32 FA856300085Less:Consumptionoffixedcapital 519.7 -138.9 31 FA855013085Grossfixedcapitalformation(nonresidential) 40.5 0.0 64.9 6.5 37.6 30 FA855015085Capitalformation,net 15 -39.3 443.0 41.2 1231.3 42.7 0.0 29 FA855440085Less:Capitaltransferspaid(net) 14 -70.9 435.9 7.6 1204.4 28 FA856012005Netsaving -28.6 31.2 9.4 13 448.3 27 FA856006385Netsavinglesscapitaltransfers -14.4 1045.1 0.0 7.8 35.7 385.8 1010.4 476.4 26.9 -51.5 Capitalaccount 17.8 996.4 7 306.8 31.6 8.4 343.0 102.5 1020.4 49.1 27.7 280.8 4 274.3 26 FA856012005Equals:Netsaving 35.9 114.7 9 943.6 8.5 281.1 66.8 27.6 451.6 -87.9 25 FA856012005Equals:Disposableincome,net 893.8 35.6 277.2 2 449.9 53.7 23.9 -138.9 24 FA856403005Less:Othercurrenttransfers(paid) 38.0 253.6 156.1 406.4 23 FA856220005Less:Currenttaxesonincome,wealth,etc.(paid) -39.3 18.6 22 FA856140005Netnationalincome/Balanceofprimaryincomes,net 212.8 147.6 34.7 389.4 -70.9 18.4 188.0 21 FA856112005Rentsonlandandnaturalresources 139.8 370.8 41.5 -14.4 20 FA853192285Reinvestedearningsonforeigndirectinvestment 23.0 132.2 19 FA856122005Withdrawalsfromincomeofquasi-corporations(2) 334.5 -51.5 18 FA856121005Dividends 125.2 328.4 24.5 17 FA856120005Distributedincomeofcorporations 102.5 16 FA856130005Interest 118.3 318.6 15 FA856150005Less:Usesofpropertyincome(paid) 23.2 114.7 14 FA853092285ReinvestedearningsonU.S.directinvestmentabroad 111.6 13 FA856121105Distributedincomeofcorporations(dividends) 106.0 12 FA856130105Interest 11 FA856150105Propertyincome(received) 10 FA856402105Operatingsurplus,net 9FA856140005Netnationalincome/Balanceofprimaryincomes,net 8FA856402105Operatingsurplus,net 7FA856240105Taxesonproductionandimportslesssubsidies 6FA856401005Employers’socialcontributions 5FA856020005Wagesandsalaries 4FA856025005Compensationofemployees(paid) 3FA856902605Equals:Netvalueadded 2FA856300085Less:Consumptionoffixedcapital 1FA856902505Grossvalueadded Currentaccount Billions ofdollars S.65.a OtherFinancialBusiness(1)

0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 1932321644. 527. 9. 4. 42 149.3 195.7 77.0 35.2 48.6 196.4 223.2 -169.3 0. 0. 74159190342-506. 51 63.6 -75.0 314.2 129.0 175.9 47.4 506.4 104.2 39 472.4 146.2 459.6 262.8 50.4 -96.1 119.0 233.7 18 428.0 16 454.7 726.9 400.3 676.8 12 426.5 595.5 10 711.1 11 430.5 567.9 75.1 1068.2 652.6 427.3 8 995.1 540.4 70.4 583.8 75.1 276.2 896.2 536.2 508.6 109.6 220.6 825.6 592.2 70.4 5 508.4 113.9 821.2 610.9 383.7 3 109.6 522.9 160.8 814.4 383.4 554.5 113.9 617.6 154.5 865.1 346.9 547.9 160.8 675.5 181.0 1 905.0 333.5 539.9 154.5 103.4 710.6 318.0 521.8 181.0 695.5 284.3 550.0 103.4 679.7 279.8 512.0 654.1 270.1 533.9 675.2 445.2 630.4 645.5 551.2 3. 1505. 4. 149-4. 25-3. 53 -136.1 12.5 48 -143.4 -16.7 -134.9 31.8 141.6 57.9 105.2 45 339.2 -16.8 -155.0 43 327.6 -31.3 16.6 498.9 41 162.4 -7.4 32.3 622.4 82.3 38 296.7 29.6 2.8 21.2 12.5 76.5 -28.9 -23.0 111.6 36 80.0 153.6 -16.1 -70.4 -111.9 -100.6 -107.5 -16.6 37.1 20.4 -80.3 165.2 -90.7 -251.8 -36.7 -37.4 46.9 -161.5 -9.5 -6.8 -50.7 -9.8 58.9 -67.7 28.2 -84.5 6418. 8. 8. 3. 7. 14984754 814.7 50 1194.9 -5.6 972.8 238.0 23.2 687.8 47 55.1 69.5 283.1 23.5 1084.1 187.1 16.4 18.2 44 71.5 159.7 9.9 214.5 294.7 288.3 15.8 134.3 408.4 -5.8 16.9 89.8 141.1 37 42.6 689.2 -187.5 265.8 512.0 42.9 587.7 193.7 -109.8 -165.9 491.5 97.1 28 27 -150.1 -150.1 -208.1 -240.9 -111.5 -113.3 -135.2 26 -135.2 -101.7 -150.1 -111.7 25 -136.6 -208.1 -136.6 -150.1 28.9 -111.5 33.6 -208.1 -135.2 50.2 -111.5 82.3 -101.7 -135.2 -136.6 -101.7 28.9 -136.6 28.9 50.2 50.2 6 67.9 66.5 59.5 55.9 52.8 50.1 48.6 48.4 1812-. 15-. 04-. 0255 -0.2 -0.3 -0.4 -0.5 -1.5 -3.2 1.2 -1.8 . 272. 223. 793. 6430 36.4 32.5 37.9 33.1 32.2 22.8 22.7 8.9 Z.1, March12,2020 173

Integrated Accounts Integrated Accounts 0 L5030 Croaeadfrinbns23. 45528. 56426. 56921. 725105 2792.5 2815.9 2576.9 2463.7 103 2576.4 1898.4 2488.3 1886.4 2475.5 1856.5 2135.3 1668.1 1788.5 1924.7 2136.1 2003.4 108 FL813065005 Longterm(mortgages) 107 FL854041005 Shortterm 106 FL854035005 Loans 92 105 FL853063005Corporateandforeign bonds 514.2 104 FL853062005Municipalsecurities -589.1 103 FL853061705Agency-andGSE-backed securities(3) 102 FL853061105Treasurysecurities -177.9 101 FL853069175Openmarketpaper 103.1 100 FL854022005Debtsecurities 88 -445.0 -92.9 99 FL854000005Currencyanddeposits -790.8 53.3 98 FL854090005Financialassets -17.6 91 245.5 24.0 97 LM815013765Intellectualpropertyproducts 232.9 96 LM815013265Equipment -501.9 95 LM815013665Structures(nonresidential) -30.7 -491.3 94 LM812010095Nonfinancialassets(5) 45.9 0.3 93 FL852000095Totalassets 42.9 -273.9 Balancesheetaccount(endofperiod) 4.7 -916.9 -434.1 92 FC852090095Changeinnetworth(lines30+33+73+91) -44.3 166.1 Changesinbalancesheetaccount 91 FR858200005Changesinnetworthduetonominalholdinggains/losses 76 -468.2 90 FR803194005Investmentbyparent 89 FR662090003Equityinnoncorporatebusiness -433.2 88 FR803192005ForeigndirectinvestmentintheUnitedStates -217.0 87 FR653164205Mutualfundshares 86 FR813164105Corporateequityissues -259.5 85 FR813181085Liabilities -139.0 -183.1 84 FR803092005U.S.directinvestmentabroad 83 FR813064105Corporateequities -57.0 82 FR854022005Debtsecurities 67 72 68 81 FR854090085Financialassets 2.8 1.1 281.7 12.6 80 FR815013765Intellectualpropertyproducts 159.8 79 FR815013265Equipment 4.2 27.7 65.9 78 FR815013665Structures(nonresidential) 77 FR812010095Nonfinancialassets 30.8 2.7 63 91.2 Revaluationaccount 377.0 26.6 1.3 -4.9 842.9 18.7 76 FU857005045Less:Statisticaldiscrepancy(lines33-72)(4) 23.7 558.5 1.2 75 FV858090085Othervolumechanges 8.4 74 FV812010095Disasterlosses 476.0 68.0 0.5 73 FV858090185Totalothervolumechanges 649.4 57 13.2 70.6 Otherchangesinvolumeaccount 246.9 630.8 -1.8 24.3 346.9 1062.5 -5.9 72 FA855000005Netlending(+)orborrowing(-),financialaccount(lines35-54) 306.3 351.7 Addendum: 220.4 71 FA813196005Otheraccountspayable 150.3 70 FA803194005Investmentbyparent 238.3 69 FA662090003Equityinnoncorporatebusiness 68 FA803192005ForeigndirectinvestmentintheUnitedStates -23.8 67 FA403192405Equityingovernment-sponsoredenterprises(3) 66 FA653164205Mutualfundshares -22.1 65 FA813164105Corporateequityissues 64 FA634090005Moneymarketfundshares 63 FA853181005Equityandinvestmentfundshares 62 FA123165005Longterm(mortgages) 61 FA814141005Shortterm 60 FA814135005Loans 59 FA813169105Commercialpaper 58 FA813163005Corporatebonds 57 FA423161705Agency-andGSE-backedsecurities(3) 56 FA814122005Debtsecurities Billions ofdollars S.65.a OtherFinancialBusiness(1) 174

Z.1, March12,2020 21. 28. 29. 21. 24. 20. 38. 46. 106 14060.8 13586.2 12906.1 12640.2 12718.3 12592.4 12783.6 12717.2 98 42569.7 43102.1 39335.0 37544.4 38025.9 36816.4 34923.8 93 32511.6 43848.5 44317.8 40502.1 38668.0 39109.6 37856.9 35924.4 33482.3 26981. 03680. 08982. 55084. 108 8847.9 107 5212.9 8525.0 104 5061.1 985.6 8220.5 4685.6 8088.9 974.5 4551.3 8008.4 926.1 4709.9 102 8023.6 2647.8 4568.8 971.3 8015.8 100 2199.3 4767.7 8226.9 8833.4 986.4 2054.7 4490.3 8363.4 1618.3 952.4 7791.5 1379.8 1093.6 7210.1 1297.5 1023.0 7198.0 1467.6 7165.6 1359.7 7684.3 7042.7 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 1102. 705. 9. . 45-0. 84 86 87 -107.8 -675.7 -1165.9 84.5 973.4 1965.0 85 689.6 494.0 6.1 -1934.5 83 2991.7 -352.3 -201.5 -1391.2 1207.6 -96.9 506.1 2319.6 498.2 81 -584.5 707.4 -1720.2 1622.6 59.7 923.0 1050.2 2470.3 1035.5 -339.4 474.2 2588.4 707.0 -7.0 -289.3 560.0 1514.3 -213.7 -593.5 27.3 -545.5 1971.4 762.0 944.9 -101.0 1654.6 -445.0 1068.6 -404.9 71 -229.4 -137.4 75.3 64 189.9 -166.8 -15.2 117.2 -11.1 -105.7 -185.0 -6.7 -168.3 58 15.7 63.3 40.2 63.1 56 2.2 58.2 329.5 403.6 -112.6 -26.7 412.4 58.1 159.1 -54.1 168.9 18.8 167.4 -213.5 -58.5 -302.6 2. 1. 0. 6. 8. 7. 8. 0. 101 509.0 487.3 99 521.5 377.3 591.9 488.7 555.9 96 467.0 95 512.1 807.7 502.6 650.5 491.5 984.2 511.5 617.7 475.0 991.0 94 521.3 595.0 1278.7 450.4 932.1 582.1 1215.7 422.4 901.8 1167.0 572.7 391.2 1123.6 563.7 1083.7 366.5 552.6 1040.5 345.5 1000.5 549.0 970.7 82 -221.3 66.3 -6.4 -157.3 142.3 -309.8 96.4 141.1 66 -63.3 65 318.4 224.4 28.8 445.0 285.6 98.9 61 60 253.3 353.7 311.5 337.9 280.8 80.5 346.9 86.1 227.7 -74.0 386.6 -73.0 220.0 200.8 -233.7 167.8 -229.7 -123.1 -113.8 -426.2 -406.3 259.2 264.1 169.3 182.7 1. 2. 96-9. 2. 0. 276-7075 -47.0 73 -277.6 418.8 209.7 153.8 -21.5 426.8 -198.4 238.0 79.6 -59.4 327.2 262.7 -12.6 382.9 -15.4 59 19.2 -6.4 2.4 -34.6 -39.4 -16.8 -53.5 -66.9 628. 568. 119. 0. 1. 97 116.1 106.4 97.0 91.1 88.6 85.6 81.4 76.2 78 77 29.7 31.2 19.8 19.4 10.9 9.3 11.3 9.3 13.7 14.3 17.4 16.9 9.3 11.5 19.3 25.5 70 2.8 -70.5 204.3 62 97.4 -15.8 17.1 5.6 4.1 1.0 431.8 4.0 33.7 9.3 19.9 4.8 13.5 181. . . . 73109569 9.5 1.0 17.3 5.3 4.3 2.9 10.4 -1.8 . 0100000000000090 89 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80 0.3 79 0.0 0.0 1.3 0.7 -0.1 0.0 -1.0 1.8 0.2 0.0 -1.8 -0.3 -1.7 74 -0.5 -2.4 1.1 0.1 -1.8 -0.6 -0.5 0.0 2.7 0.3 0.0 5.9 0.0 0.0 -1.3 0.0

3 M6000 qiyi ocroaebsns 743. 084. 046. 877. 133 78.2 68.7 67.7 131 50.4 52.2 132 45.1 414.2 51.1 40.8 494.6 46.9 413.5 37.9 44.2 358.8 27.4 42.9 362.9 127 27705.7 298.2 41.7 29263.2 25547.2 246.9 41.2 23821.8 24041.7 229.0 22342.1 43.1 121 19123.8 136 FL852090095Networth 9090.0 16515.1 8843.0 135 FL813196005Otheraccountspayable 8496.1 134 FL803194005Investmentbyparent 8144.4 133 LM662090003Equityinnoncorporatebusiness 7924.0 132 LM803192005ForeigndirectinvestmentintheUnitedStates 117 7773.7 131 FL403192405Equityingovernment-sponsoredenterprises(3) 43848.5 113 112 44317.8 509.9 130 LM653164205Mutualfundshares 0.6 7535.4 40502.1 129 LM813164105Corporateequityissues 7559.2 623.2 38668.0 128 FL634090005Moneymarketfundshares 115 39109.6 0.7 127 FL853181005Equityandinvestmentfundshares 61.0 515.6 37856.9 35924.4 126 FL123165005Longterm(mortgages) 454.5 33482.3 1.1 57.0 125 FL814141005Shortterm 527.9 124 FL814135005Loans 53.0 1.6 450.0 123 FL813169105Commercialpaper 49.0 122 FL813163005Corporatebonds 447.1 0.5 121 FL423161705Agency-andGSE-backedsecurities(3) 45.0 403.9 109 120 FL814122005Debtsecurities 17638.1 0.2 19026.3 39.9 119 FL403197033Currencyanddeposits 16502.6 15284.4 0.1 118 FL854194005Liabilities 34.9 15481.1 14362.1 11945.1 0.1 117 FL852100005Totalliabilitiesandnetworth 27.6 10332.0 116 FL853096005Otheraccountsreceivable 115 FL733040005Insurance,pensionandstandardizedguaranteeschemes 114 FL793094005Investmentinsubsidiaries 113 LM803092005U.S.directinvestmentabroad 112 FL813092405Equityingovernment-sponsoredenterprises(3) 111 FL503034005Moneymarketfundshares 110 LM813064105Corporateequities 109 FL813081005Equityandinvestmentfundshares Billions ofdollars S.65.a OtherFinancialBusiness(1) (5) Excludesland.Includescorporateandnoncorporatefinancialbusiness. reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatisticalbetweenthecapitalfinancialaccounts. (4) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedincapitalaccountandsameconceptfinancialaccount. theFinancingCorporation,andResolutionFundingtheyincludedStudentLoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. (3) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae,FreddieMac,AgriculturalMortgageCorporation,FarmCreditSystem, theyprimarilycovertheiroperatingcoststhroughsales,andkeepacompletesetoffinancialrecords. (2) Consistsofrentalincometenant-occupiedhousingandproprietors’income.Quasi-corporationsareunincorporatedenterprisesthatfunctionasiftheywerecorporations; HoldingCompanies;OtherFinancialBusiness. Government-SponsoredEnterprises;Agency-andGSE-BackedMortgagePools;IssuersofAsset-BackedSecurities;FinanceCompanies;REITs;SecurityBrokersDealers; (1) IncludesthefollowingsectorsasdefinedinFinancialAccountsofUnitedStates:MoneyMarketFunds;MutualClosed-EndExchange-Traded

27. 23. 25. 29. 23. 32. 39. 40. 120 14006.4 13696.0 13328.9 12939.3 118 12992.6 44613.3 12851.2 45596.7 12739.7 41191.9 12874.3 39180.0 39724.7 38026.9 35303.6 32844.0 30410. 87212. 80417. 74818. 134 1787.6 1784.8 1974.0 1810.4 129 7665.2 1824.4 128 3038.3 130 8116.5 1807.2 14669.8 2848.4 6698.1 1804.0 15899.0 2731.3 13615.6 5918.5 1340.4 125 12897.2 2742.4 3087.7 5866.7 124 13150.6 3313.9 2749.1 12333.0 2734.0 5087.7 10363.5 2976.1 2733.4 2653.5 3937.0 8941.4 122 2890.0 2693.2 2727.5 3242.8 4613.5 2962.9 2691.0 2958.3 4569.3 3189.7 3081.4 4542.7 3295.6 3507.6 4507.3 3702.0 3249.5 4746.4 3439.0 4715.8 4825.8 4883.1 116 1454.9 1477.3 1525.9 114 1552.9 4327.2 1599.2 4263.6 1665.4 4385.6 1543.8 4112.1 1490.4 4094.8 110 12565.5 3918.9 13887.2 3877.3 11380.5 10601.6 3345.0 10726.5 9878.2 7498.4 6463.7 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 3. 2. 100-1. 520-8. 17. 748136 -764.8 -1278.9 -689.9 -512.0 -615.1 -170.0 620.7 638.3 126 226.2 242.0 123 236.5 302.9 235.4 283.6 231.4 290.1 214.3 287.6 194.4 322.3 189.5 361.7 378.5 432.0 111 234.9 251.6 219.8 114.6 131.4 114.9 122.2 119.4 261. 069185817876119 7.6 7.8 8.1 8.5 9.1 10.6 13.7 12.6 . 255-7. 585-5. 522-4. 403135 -420.3 -346.3 -582.2 -552.6 -508.5 -472.6 -275.5 3.0 Z.1, March12,2020 175

Integrated Accounts Integrated Accounts 5 F33983 qiyi nentoa raiain ...... 55 1.3 53 56 1.3 0.0 1.5 57 0.0 1.5 0.0 2.0 0.0 2.0 0.0 2.2 0.0 2.2 0.0 2.3 46 0.0 0.0 2.3 0.0 2.2 0.0 0.0 0.5 0.0 2.4 -1.8 0.0 -1.0 42 0.0 2.6 173.5 -3.4 0.0 3.1 0.0 -170.2 0.5 0.0 65.7 110.4 0.0 60.3 35 -31.1 57 FA313094303 EquityinvestmentunderPublic-PrivateInv. Program 254.1 69.6 56 FA313092403 Equityingovernment-sponsoredenterprises (2) -118.1 55 FA313092803Equityininternational organizations 162.3 54 FA313064105Corporateequities 6.7 53 FA313081115Equityandinvestment fundshares 211.3 52 FA313065005Longterm(mortgages) -257.6 235.6 51 FA313069005Otherloansandadvances 34 50 FA313066220Consumercredit -1065.8 173.2 32 49 FA314041005Shortterm 31 -534.0 -0.9 48 FA314023005Loans 217.4 286.1 -716.0 28 47 FA313063763Corporateandforeignbonds -2.2 117.4 277.1 52.7 46 FA313061703Agency-andGSE-backedsecurities -584.6 45 FA314022005Debtsecurities -150.2 271.8 -653.7 -8.6 -188.2 44 FA313091105Nonofficialforeigncurrencies -697.3 271.4 53.8 43 FA313030003Timeandsavingsdeposits -30.8 42 FA313020005Currencyandtransferabledeposits -1187.3 270.2 41 FA313011405ReservepositioninIMF(net) 26 51.4 -1395.6 33 -2.6 40 FA313011505Officialforeigncurrencies -1062.4 265.9 -1065.8 39 FA314000005Currencyanddeposits -536.5 58.4 -534.0 -2.5 261.6 38 FA313011303SDRholdings -730.8 23 -716.0 37 FA313011205Monetarygold 58.1 254.9 47.2 -2.0 36 FA313011105MonetarygoldandSDRs 24 -621.4 21 -584.6 22 1056.9 84.9 86.0 -662.7 35 FA314090005Netacquisitionoffinancialassets 267.9 -653.7 -0.9 641.8 992.6 -696.0 113.8 -697.3 84.6 34 FA315000905Netlending(+)orborrowing(-)(line33) 291.5 15 612.4 968.6 -1163.6 -1187.3 8.3 20 Financialaccount 386.2 79.6 -1355.7 611.6 956.3 -1395.6 2204.2 346.9 585.8 6.1 2109.6 76.1 951.2 33 FA315000905Netlending(+)orborrowing(-),capitalaccount(lines26-29) 319.0 2041.9 547.8 956.9 87.3 32 FA315420003Acquisitionofnonproducednonfinancialassets 5.0 1987.9 -79.4 16 31 FA316300001Less:Consumptionoffixedcapital 504.0 999.3 30 FA315019001producednonfinancialassets) 540.7 1900.6 69.3 -238.7 6.7 Grossfixedcapitalformation(acquisitionof 14 499.7 18 1003.3 1840.4 29 FA315050905Capitalformation,net 475.9 79.0 17 56.1 1795.3 530.1 1799.8 -327.5 10.3 28 FA315440005Less:Capitaltransferspaid(net) 454.1 1890.5 10 103.7 1796.5 27 FA316006085Netsaving 67.1 6 -269.0 160.8 1883.0 26 FA316006385Netsavinglesscapitaltransfers 429.3 9.3 106.3 156.0 -242.5 1882.7 128.7 4 Capitalaccount 439.1 126.4 -189.6 10.2 148.6 1763.8 513.5 136.4 416.3 -195.8 1619.4 137.6 145.1 25 FA316006085Equals:Netsaving 2 9.9 492.7 140.3 422.6 8 1457.8 -117.0 210.9 286.1 140.2 24 FA316901001Less:Finalconsumptionexpenditures 481.4 -327.5 1369.8 136.3 425.4 -231.7 23 FA316012005Equals:Disposableincome,net 109.5 277.1 135.9 -269.0 470.6 -252.2 125.5 22 FA316403001Less:Othercurrenttransfers(paid) 94.2 271.8 134.7 -242.5 21 FA316403105Plus:Othercurrenttransfers(received) 460.0 115.2 20 FA316404001Less:Socialcontributions(paid) -189.6 271.4 137.5 19 FA316601001Plus:Socialbenefits(received) 455.1 108.6 18 FA316220001Plus:Currenttaxesonincome,wealth,etc.(received) -195.8 270.2 136.5 17 FA316140005Netnationalincome/Balanceofprimaryincomes,net 465.2 -117.0 265.9 16 FA316130001Less:Usesofpropertyincome(interestpaid) 468.2 -231.7 15 FA316112101Rentsonlandandnaturalresources 261.6 14 FA316121105Distributedincomeofcorporations(dividends) -252.2 13 FA316130101Interest 254.9 12 FA316150105Propertyincome(received) 11 FA316402015Subsidies(paid) 10 FA316240001Taxesonproductionandimports,receivable 9FA316402101Operatingsurplus,net 8FA316140005Netnationalincome/Balanceofprimaryincomes,net 7FA316402101Operatingsurplus,net 6FA316401005Employers’socialcontributions 5FA316020001Wagesandsalaries 4FA316025001Compensationofemployees(paid) 3FA316902605Equals:Netvalueadded 2FA316300001Less:Consumptionoffixedcapital 1FA316902505Grossvalueadded Currentaccount Billions ofdollars S.7.a FederalGovernment(1) 176

Z.1, March12,2020 14. 17. 679-0. 501-7. 747-09827 -1009.8 -724.7 -677.0 -570.1 25 -1009.8 -604.3 -724.7 -637.9 -677.0 -1078.6 -570.1 -1242.0 -604.3 -637.9 -1078.6 -1242.0 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 182-13-. 00-. . . . 45 0.0 0.0 0.0 -0.0 39 178.5 -0.0 -171.6 -0.1 67.0 103.5 -31.3 57.2 -118.2 65.8 11.1 -239.9 3. 2. 1. 1. 0. 969. 0750 49 90.7 93.5 48 96.3 96.9 99.0 99.6 99.2 99.9 103.4 103.0 105.5 110.7 104.8 112.8 113.3 114.5 120.5 127.5 124.4 130.1 131.0 131.7 135.7 139.0 30 290.4 276.8 265.5 265.3 263.8 269.6 287.3 295.7 19 1339.4 1283.8 1224.9 12 1190.8 118.6 1140.1 137.8 1091.8 938.0 138.0 903.2 159.5 5 357.4 171.7 3 243.1 344.1 511.0 141.1 336.3 493.6 1 130.4 330.5 797.1 479.9 324.0 467.1 770.7 320.4 452.9 751.6 327.6 445.1 738.5 331.7 457.4 723.1 461.9 711.0 719.0 716.8 5. 5. 5. 5. 5. 6. 6. 6. 11 -63.8 -60.6 -61.3 -56.7 -57.6 -59.2 -57.6 -59.5 03-32-. 16-. 01-. . 54 4.0 -0.1 -0.1 -0.0 -1.6 -4.8 41 4.8 -13.2 40.3 -1.8 1.5 -6.5 -3.9 -3.4 4.0 18.2 29 3.4 -2.5 -14.9 -36.9 -9.0 1.3 23.7 39.8 13 31.3 28.1 26.7 26.4 23.8 22.9 21.4 26.3 01-. 01-. 0000000047 0.0 0.0 43 0.1 40 0.0 0.0 0.4 -0.0 38 0.0 0.2 -0.2 36 -0.0 0.2 0.0 0.1 -0.5 -0.1 0.1 0.1 0.7 0.7 -0.2 0.7 0.1 -0.5 0.0 -0.1 0.0 0.2 0.2 0.0 0.0 -0.3 0.2 0.0 0.0 -0.2 0.0 0.0 -1.8 -1.8 9 -2.5 7 1.0 -2.5 -1.6 1.0 -3.5 -1.6 -7.1 -3.5 -10.1 -7.1 -7.8 -10.1 -6.3 -7.8 -6.3 . . . . 0732023452 51 3.4 2.8 0.2 2.8 3.2 0.2 -0.7 44 2.1 0.0 1.7 2.0 0.0 4.0 7.2 0.0 37 1.6 2.6 0.0 0.0 3.3 4.8 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

3 F32905 hnei e ot lns2+37+2 18. 18. 588-2. 453-8. 532-3. 93 -835.6 -573.2 90 92 0.0 -580.2 89.4 102 FL313011303SDRholdings -495.3 101 FL313011205Monetarygold 0.0 91.7 100 FL313011105Monetarygoldand SDRs -526.7 -588.8 99 FL314090005Financialassets 0.0 68.4 -1087.7 98 LM315013765Intellectualpropertyproducts 8.9 -1285.5 0.0 97 LM315013265Equipment 96 LM315015605Structures 95 LM312010095Nonfinancialassets(4) 48.5 0.0 94 FL312000095Totalassets 74.2 0.0 Balancesheetaccount(endofperiod) 81 35.0 -76.1 -0.0 93 FC312090095Changeinnetworth(lines29+33+78+92) 76 32.8 -57.5 1.6 0.9 Changesinbalancesheetaccount -43.3 3.2 92 FR318200005Changesinnetworthduetonominalholdinggains/losses -61.1 91 FR313111303Liabilities(SDRallocations) 5.8 -61.9 72 90 FR313094303EquityinvestmentunderPublic-PrivateInv.Program -50.0 -41.9 3.5 89 FR313064105Corporateequities 88 FR314000005Currencyanddeposits 8.1 -59.6 87 FR313011105MonetarygoldandSDRs 3.0 86 FR318080005Financialassets -45.9 -5.6 85 FR315013765Intellectualpropertyproducts 1.3 77 84 FR315013265Equipment 83 FR315015605Structures 8.1 -989.8 82 FR312010095Nonfinancialassets -8.3 -476.4 69 18.1 Revaluationaccount -35.9 -672.6 13.6 -11.7 -523.5 17.5 81 FU317005045Less:Statisticaldiscrepancy(lines33-77)(3) -591.8 80 FV318090085Othervolumechanges 46.4 7.4 79 FV312010095Disasterlosses -655.4 78 FV318090185Totalothervolumechanges 18.3 -1127.7 15.4 Otherchangesinvolumeaccount -1349.7 29.2 77 FA315000005Netlending(+)orborrowing(-),financialaccount(lines35-62) Addendum: 0.7 76 FA313193005Other(miscellaneousliabilities) 60.0 75 FA313170005Tradepayables 74 FA713014003SDRcertificates 73 FA313196005Otheraccountspayable 38.1 72 FA343073045Claimsofpensionfundonsponsor 71 FA313195105RetireeHealthCareFunds 70 FA313140003Insurancereserves 69 FA313152005Insurance,pensionandstandardizedguaranteeschemes 68 FA314123005Loans 67 FA313161705Federalagencysecurities 66 FA313161105Treasurysecurities 65 FA314122005Debtsecurities 64 FA314100005Currencyanddeposits 63 FA313111303SDRallocations 62 FA314190005Netincurrenceofliabilities 61 FA313093003Other(miscellaneousassets) 60 FA313078000Taxesreceivable 59 FA313070000Tradereceivables 58 FA313096005Otheraccountsreceivable Billions ofdollars S.7.a FederalGovernment(1)

49712. 72718. 12823. 26729. 99 2592.5 2286.7 96 2338.3 95 1628.4 2132.8 3503.8 1582.1 94 1881.4 3405.6 6096.3 1538.1 1732.7 3315.4 5692.4 1506.7 1529.8 3252.7 5653.7 1504.7 1429.7 3248.7 5385.5 1483.1 3204.8 5130.1 1445.7 3126.7 4937.5 1414.0 3061.3 4656.5 4491.0 66 65 1411.2 1409.8 447.0 447.0 842.8 842.7 724.4 62 724.6 1243.8 736.0 735.9 638.8 857.7 857.3 883.9 1181.0 1180.6 759.0 1137.6 1138.7 765.0 872.9 1245.1 1199.5 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 1. 2. 3. 4. 4. 5. 6. 9. 97 98 795.4 1080.0 1055.9 767.6 1020.8 756.5 998.7 747.4 997.2 746.8 985.4 736.2 954.4 726.6 934.2 713.1 3. 470000000000-. 89 -4.0 0.0 86 -5.7 0.0 4.0 0.0 -2.1 0.0 -3.3 0.0 -5.0 -4.7 0.1 -32.4 -4.7 -32.1 505. 525. 974. 195. 102 50.8 100 50.8 51.9 51.9 48.9 48.9 49.7 49.7 51.9 51.9 55.2 55.2 55.1 55.1 55.0 55.0 84 14.3 83 3.9 82 59.3 93.9 6.9 55.8 90.5 43.2 -1.2 69.0 12.3 9.0 10.0 78 31.2 5.6 50.3 137.5 45.7 -128.4 74.2 0.2 82.2 34.9 39.7 10.8 117.3 48.6 64.8 73 87.5 21.6 33.0 71 22.6 13.9 40.9 33.9 9.6 37.5 19.1 12.9 0.1 7.4 15.2 10.4 4.5 12.2 22.7 13.3 60 18.5 -50.8 58 -26.8 223.8 23.6 233.3 38.6 0.2 25.1 -4.1 0.9 24.7 31.6 20.8 20.0 23.8 27.3 020101-. 22-. . 1291 -1.2 2.8 88 87 -0.4 -1.2 -1.5 1.1 2.9 -2.2 -0.6 -1.5 -3.2 -1.1 -2.3 0.1 -1.7 -3.3 0.1 0.0 0.1 80 -0.2 61.4 0.0 0.1 -185.9 -0.5 -0.1 38.9 56.2 25.7 -8.9 -18.7 -8.5 61 13.7 9.4 11.2 12.2 10.2 3.7 -3.5 -1.3 ...... 101 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 85 20.3 30.9 18.9 79 -1.1 0.0 10.1 0.0 23.0 0.0 4.7 0.0 5.5 74 0.0 0.0 75 20.1 0.0 0.0 19.4 70 0.2 0.0 0.0 28.1 -0.2 0.0 0.0 68 15.6 -151.7 67 0.1 0.0 -2.9 -1.5 151.7 64 0.0 -0.1 13.9 0.0 -0.1 63 0.0 0.0 0.8 12.8 0.0 -0.1 0.0 0.0 9.1 0.0 0.2 0.2 0.0 0.0 0.0 0.0 59 0.3 0.0 -0.1 10.4 -0.0 0.0 -0.4 1.3 0.0 0.1 -0.3 -0.4 0.0 0.0 3.8 -0.4 1.1 0.0 0.0 12.7 0.0 -5.2 0.0 0.0 3.3 2.6 4.8 Z.1, March12,2020 177

Integrated Accounts Integrated Accounts 4 L1131 Ohr(iclaeu iblte)32282318120601-. 141 -0.2 0.1 0.6 1.2 1.8 2.3 137 1624.4 2.8 1675.7 1693.7 3.2 1726.9 1720.8 1741.7 1754.8 134 1708.3 1976.7 2013.9 126 2022.5 6096.3 142 FL312090095Networth 2042.7 5692.4 141 FL313193013Other(miscellaneousliabilities) 2029.4 5653.7 140 FL313170005Tradepayables 120 2039.1 139 FL713014003SDRcertificates 119 0.0 121 5385.5 69.4 138 FL313196005Otheraccountspayable 0.0 2039.8 117 5130.1 69.4 137 FL343073045Claimsofpensionfundonsponsor 1979.7 0.0 68.1 4937.5 0.0 136 FL313195105RetireeHealthCareFunds 135 FL313140003Insurancereserves 68.1 4656.5 66.6 0.0 134 FL313152005Insurance,pensionandstandardizedguaranteeschemes 4491.0 0.0 66.6 110 133 FL314123005Loans 64.6 0.0 0.0 0.0 64.6 132 FL313161705Federalagencysecurities 62.4 131 FL313161105Treasurysecurities 0.0 0.0 130 FL314122005Debtsecurities 62.4 0.0 60.0 129 FL314100005Currencyanddeposits 0.0 0.0 60.0 0.0 57.8 128 FL313111303SDRallocations 0.0 59.6 0.0 55.4 106 127 FL314190005Liabilities 1.8 405.9 60.6 0.0 126 FL312000095Totalliabilitiesandnetworth 0.0 232.0 5.2 125 FL313093003Other(miscellaneousassets) 404.0 0.0 124 FL313078000Taxesreceivable 123 FL313070000Tradereceivables 338.1 122 FL313096005Otheraccountsreceivable 0.0 226.3 121 LM313094303EquityinvestmentunderPublic-PrivateInv.Program 120 FL313092403Equityingovernment-sponsoredenterprises(2) 31.1 163.0 119 FL313092803Equityininternationalorganizations 118 LM313064105Corporateequities 92.2 117 FL313081115Equityandinvestmentfundshares 116 FL313065005Longterm(mortgages) 84.6 115 FL313069005Otherloansandadvances 114 FL313066220Consumercredit 113 FL314041005Shortterm 112 FL314023005Loans 111 FL313063763Corporateandforeignbonds 110 FL313061703Agency-andGSE-backedsecurities 109 FL314022005Debtsecurities 108 FL313091105Nonofficialforeigncurrencies 107 FL313030003Timeandsavingsdeposits 106 FL313020005Currencyandtransferabledeposits 105 FL313011405ReservepositioninIMF(net) 104 FL313011505Officialforeigncurrencies 103 FL314000005Currencyanddeposits Billions ofdollars S.7.a FederalGovernment(1) 178 (4) Excludeslandandnonproducednonfinancialassets. reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatistical betweenthecapitalandfinancialaccounts. (3) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedin capitalaccountandthesameconceptderivedinfinancialaccount.Thediscrepancy theFinancingCorporation,andResolutionFundingtheyincludedStudent LoanMarketingAssociationuntilitwasfullyprivatizedinthe2004:Q4. (2) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae, FreddieMac,FederalAgriculturalMortgageCorporation,FarmCreditSystem, (1) Thefederalgovernmentsectorexcludesemployeeretirementfunds.

Z.1, March12,2020 14. 22. 38. 41. 54. 58. 63. 74. 131 17842.1 130 17865.0 16430.9 16455.3 15983.8 16008.3 15141.1 15165.6 14416.7 14441.1 13680.6 127 13705.1 12822.9 20251.0 12847.8 11642.0 19011.6 11667.3 18399.7 17551.3 16800.6 16081.3 15211.5 13958.3 96. 1550-14. 1605-26. 1760-31. 1148142 -14154.8 -13319.2 -12746.0 -12165.8 -11670.5 -11143.8 -10555.0 -9467.3 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 2. 3. 4. 4. 6. 9. 0. 2. 140 329.8 138 334.9 309.7 315.1 290.4 136 301.0 262.3 296.1 287.1 268.6 246.7 277.6 249.6 253.7 264.7 257.1 235.7 257.3 222.9 243.6 246.9 231.3 234.8 221.4 124 206.7 122 200.1 422.1 194.1 391.5 174.3 376.0 154.8 341.2 116 178.5 123.2 296.9 115 203.4 168.5 315.5 119.8 114 200.6 1236.3 160.3 298.6 119.7 113 1145.6 197.8 1439.7 112 291.3 116.5 1049.3 1562.9 1346.2 197.6 117.2 949.7 1466.0 1247.1 195.5 1366.8 1147.3 115.5 846.2 193.5 1263.8 1041.8 111.5 735.5 1159.0 929.0 186.3 109.9 622.2 103 1044.5 183.7 808.6 453.7 494.8 920.1 678.5 275.6 788.4 446.1 379.7 277.2 221.8 155.9 144.8 005. 055. 115. 115. 135 51.3 51.1 132 51.3 22.9 51.1 24.4 129 25.3 51.3 24.5 128 49.1 25.3 50.5 24.6 50.3 25.3 50.3 24.4 47.5 25.3 50.0 24.5 125 123 48.9 140.0 25.3 75.4 24.9 51.2 126.4 25.6 65.0 25.3 117.0 54.4 25.9 64.9 118 105.8 33.2 54.3 25.9 61.2 93.6 33.2 54.2 48.4 83.4 33.3 53.6 79.8 33.4 109 0.5 50.3 83.2 33.4 47.7 0.5 35.1 0.5 39.9 105 22.3 104 0.5 57.8 20.8 17.9 0.5 21.2 18.7 19.3 0.6 17.7 19.5 0.6 25.3 20.7 31.9 31.0 23.6 34.4 24.7 30.3 25.6 ...... 139 5.2 5.2 5.2 133 5.2 0.0 5.2 151.7 0.0 5.2 0.0 5.2 0.0 5.2 0.0 0.0 0.0 111 0.5 0.5 108 2.6 107 2.0 0.5 2.6 1.9 0.5 2.6 1.5 0.5 2.6 1.8 0.6 2.6 2.2 0.6 2.6 1.5 0.8 2.6 2.0 2.6 1.7

8 F23805 qiyadivsmn udsae 18-. 30-. 2432-. 4348 -4.3 -1.9 3.2 -2.4 -3.9 42 -3.0 -33.8 37 4.8 -7.6 -4.4 -2.5 27.1 -1.8 35 5.9 -11.7 -118.4 -39.8 2.5 55 FA213093003 Other(miscellaneousassets) -8.6 54 FA213078005Taxesreceivable 11.3 53 FA213070003Tradereceivables 16.8 176.6 52 FA213096005Otheraccountsreceivable -45.2 42.8 6.9 51 FA213064203Mutualfundshares -29.8 34 50 FA213064103Corporateequities -11.4 49 FA213034003Moneymarketfund shares -9.0 -297.6 48 FA213081005Equityandinvestment fundshares 88.4 -301.6 32 17.0 31 -300.8 47 FA213065005Longterm(mortgages) -33.0 14.5 279.6 46 FA212051003Shortterm -267.7 45 FA214035005Loans -69.4 266.1 28 13.7 -270.4 -73.3 44 FA213063003Corporateandforeignbonds 256.6 -296.1 13.3 43 FA213062003Municipalsecurities -321.1 -72.2 251.4 42 FA213061703Agency-andGSE-backedsecurities(2) 12.1 41 FA213061105Treasurysecurities -331.2 246.3 -72.4 26 40 FA213069103Openmarketpaper 33 39 FA214022005Debtsecurities 10.6 -165.9 238.8 -69.1 -297.6 -175.9 -301.6 232.0 38 FA213030000Timeandsavingsdeposits 10.4 -70.6 -174.4 37 FA213020005Currencyandtransferabledeposits -300.8 222.2 36 FA214000005Currencyanddeposits -71.6 10.9 -151.2 -267.7 -167.4 -74.4 35 FA214090005Netacquisitionoffinancialassets -270.4 11.5 -193.8 -296.1 -74.1 34 FA215000905Netlending(+)orborrowing(-)(line33) 24 -208.5 23 -321.1 1847.4 Financialaccount -201.0 1608.2 -331.2 21 1764.6 1516.6 716.6 1702.8 1456.1 33 FA215000905Netlending(+)orborrowing(-),capitalaccount(lines26-29) 685.6 1660.0 15 1439.7 1614.2 32 FA215420003Acquisitionofnonproducednonfinancialassets 11.7 687.4 1376.2 14 31 FA216300001Less:Consumptionoffixedcapital 1575.1 6.1 1309.7 673.6 30 FA215019001producednonfinancialassets) 11.4 1516.7 1233.9 Grossfixedcapitalformation(acquisitionof 18 616.4 1508.5 16 5.9 29 FA215050905Capitalformation,net 1233.4 11.1 515.8 277.5 560.8 28 FA215440005Less:Capitaltransferspaid(net) 17 487.2 11.6 5.6 285.8 550.1 27 FA216006005Netsaving 1090.3 463.0 26 FA216006305Netsavinglesscapitaltransfers 12.7 281.7 576.5 1035.2 5.6 463.3 979.1 Capitalaccount 269.7 6 12.5 437.4 5.3 949.0 263.2 453.6 10 12.5 427.4 25 FA216006005Equals:Netsaving 921.3 271.1 441.6 1281.0 4.7 393.8 12.2 868.2 1235.8 24 FA216901001Less:Finalconsumptionexpenditures 281.1 435.9 8 2 1176.3 4 371.3 4.1 813.6 265.7 23 FA216012005Equals:Disposableincome,net 432.3 1090.3 1136.8 279.6 1498.7 798.5 1035.2 418.1 1104.5 22 FA216403001Less:Othercurrenttransfers(paid) 3.4 1445.5 266.1 979.1 21 FA216403105Plus:Othercurrenttransfers(received) 1063.2 1407.6 405.6 20 FA216404001Less:Socialcontributions(paid) 256.6 1021.0 949.0 1377.4 19 FA216601001Plus:Socialbenefits(received) 368.0 995.1 251.4 1331.0 18 FA216220005Plus:Currenttaxesonincome,wealth,etc.(received) 921.3 370.7 17 FA216140005Netnationalincome/Balanceofprimaryincomes,net 1293.2 246.3 868.2 1238.7 16 FA216130001Less:Usesofpropertyincome(interestpaid) 238.8 813.6 1233.8 15 FA216112101Rentsonlandandnaturalresources 14 FA216121101Distributedincomeofcorporations(dividends) 232.0 798.5 13 FA216130101Interest 222.2 12 FA216150105Propertyincome(received) 11 FA216402015Subsidies(paid) 10 FA216240001Taxesonproductionandimports,receivable 9FA216402101Operatingsurplus,net 8FA216140005Netnationalincome/Balanceofprimaryincomes,net 7FA216402101Operatingsurplus,net 6FA216401005Employers’socialcontributions 5FA216020001Wagesandsalaries 4FA216025001Compensationofemployees(paid) 3FA216902605Equals:Netvalueadded 2FA216300001Less:Consumptionoffixedcapital 1FA216902505Grossvalueadded Currentaccount Billions ofdollars S.8.a StateandLocalGovernments(1)

20713. 27412. 35410. 42019. 3 1494.8 1442.0 1 1406.6 1375.4 1774.3 1327.1 1708.1 1287.4 1663.2 1231.0 1626.8 1220.7 1573.5 1526.1 1463.0 1443.0 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 152-405. 4. . 0. 41-0. 39 -104.2 -4.1 109.5 4.4 -49.5 55.9 -34.0 -105.2 27 -239.2 -248.1 -246.8 -220.3 25 -238.0 -239.2 -265.4 -248.1 -282.8 -246.8 -275.1 -220.3 -238.0 -265.4 -282.8 -275.1 4. 3. 3. 3. 5. 6. 7. 9. 30 396.8 29 378.0 131.7 369.7 125.7 355.8 126.4 338.8 116.5 330.8 103.0 333.7 102.4 341.0 112.7 130.2 20 736.6 712.2 693.6 665.5 617.5 564.4 540.8 530.7 5 1045.2 1003.9 971.7 945.2 912.9 887.6 870.7 863.2 5. 373. . . 38-. 6. 41 40 -62.0 -5.4 -8.9 1.0 73.8 0.7 6.8 -4.4 4.9 -9.2 31.0 -5.9 33.7 -11.0 -58.3 -12.3 9 -4.0 7 -3.4 -4.0 -1.0 -3.4 -2.0 -1.0 -3.9 -2.0 -5.9 -3.9 -7.6 -5.9 -13.1 -7.6 -13.1 801. 041. 42821. . 38 7.9 36 0.3 14.1 11.7 8.2 14.1 14.2 5.5 11.6 28.4 20.4 27.3 19.0 9.9 18.0 35.0 19 22.2 20.8 20.1 13 19.2 12 73.6 91.4 18.7 72.0 89.3 17.7 69.3 86.1 17.2 67.3 84.5 17.9 66.4 84.3 65.2 82.4 65.3 81.8 67.1 82.7 34-. 34-. 34-. 34-. 50 -3.4 -3.4 46 -11.4 -3.4 45 2.2 -29.1 -3.4 43 44 5.9 -0.8 7.8 -2.3 -3.4 -0.2 20.4 -0.8 5.3 -3.4 1.1 11.0 6.7 1.8 -3.4 2.0 0.3 13.5 -3.4 6.5 15.1 -4.3 -1.2 -0.9 -3.4 18.0 1.4 -4.7 -3.6 -10.7 -0.8 -4.1 -0.8 11 -0.6 -0.6 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 . . . . . 05829454 9.4 55 53 -6.0 15.6 51 8.2 52 1.2 -28.0 19.0 10.8 10.5 49 1.5 1.2 -9.1 17.5 -2.1 5.1 18.5 29.4 0.6 1.2 47 0.3 7.1 -17.7 -6.5 24.3 11.0 1.2 5.4 3.8 3.2 -19.5 11.6 9.4 1.2 -0.2 12.6 -14.0 -6.9 7.3 5.5 1.2 0.4 5.7 -1.7 -1.1 0.3 5.5 -0.8 1.2 0.2 6.2 -2.2 1.2 8.5 0.4 -2.5 1.0 22 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Z.1, March12,2020 179

Integrated Accounts Integrated Accounts 4 F23805 qiyadivsmn udsae 5. 6. 9. 0. 0. 2. 5. 3. 94 233.4 254.0 221.5 202.5 208.5 88 197.8 443.9 164.3 474.9 151.7 83 453.1 132.9 435.6 140.6 101 FL213093003 Other(miscellaneousassets) 470.5 100 FL213078005Taxesreceivable 143.0 99 FL213070003Tradereceivables 498.7 98 FL213096005Otheraccountsreceivable 137.1 508.7 145.7 97 LM213064203Mutualfundshares 547.2 96 LM213064103Corporateequities 128.9 95 FL213034003Moneymarketfund shares 94 FL213081005Equityandinvestment fundshares 122.1 93 FL213065005Longterm(mortgages) 125.8 92 FL212051003Shortterm 91 FL214035005Loans 75 90 FL213063003Corporateandforeignbonds 89 FL213062003Municipalsecurities 48.7 88 FL213061703Agency-andGSE-backedsecurities(2) 87 FL213061105Treasurysecurities 669.8 86 FL213069103Openmarketpaper 276.4 85 FL214022005Debtsecurities -191.5 84 FL213030000Timeandsavingsdeposits 95.5 83 FL213020005Currencyandtransferabledeposits 82 FL214000005Currencyanddeposits 72 73 -119.2 74 81 FL214090005Financialassets -16.4 218.4 422.8 244.8 -463.1 34.4 80 LM215013765Intellectualpropertyproducts 202.3 839.5 79 LM215013265Equipment -152.6 15.8 78 LM215015605Structures 380.8 109.9 77 LM212010095Nonfinancialassets(4) -27.8 -3.6 -157.7 76 FL212000095Totalassets -498.7 331.8 67 14.6 Balancesheetaccount(endofperiod) -279.9 -31.7 785.7 36.5 42.3 -49.7 527.5 75 FC212090095Changeinnetworth(lines29+33+64+74) 17.1 346.6 -153.3 Changesinbalancesheetaccount -85.5 -2.2 -45.9 62 74 FR218200005Changesinnetworthduetonominalholdinggains/losses 48.1 -52.1 73 FR223073045Liabilities(claimofpensionfundsonsponsor) 45.3 -42.3 72 FR213081005Financialassets(equityandinvestmentfundshares) 43.2 43.9 71 FR215013765Intellectualpropertyproducts 41.3 70 FR215013265Equipment 69 FR215015605Structures 63 39.8 68 FR212010095Nonfinancialassets -265.9 -251.8 38.8 Revaluationaccount 61 -147.5 149.8 38.3 -182.1 210.6 67 FU217005045Less:Statisticaldiscrepancy(lines33-63)(3) -224.5 66 FV218090085Othervolumechanges 38.3 246.7 65 FV212010095Disasterlosses -244.0 64 FV218090185Totalothervolumechanges 172.7 -278.8 Otherchangesinvolumeaccount 210.8 -375.0 345.4 63 FA215000005Netlending(+)orborrowing(-),financialaccount(lines35-56) 205.9 Addendum: 304.4 62 FA213170003Otheraccountspayable(tradepayables) (claimofpensionfundsonsponsor) 61 FA223073045Insurance,pensionandstandardizedguaranteeschemes 60 FA213169203Loans(shortterm) 59 FA213162200Other 58 FA213162400Shortterm 57 FA213162005Debtsecurities(municipals) 56 FA214190005Netincurrenceofliabilities Billions ofdollars S.8.a StateandLocalGovernments(1) 180

Z.1, March12,2020 11. 24. 24. 23. 34. 34. 45. 43. 76 14532.1 14056.9 13547.7 13047.4 12834.0 12547.0 12146.8 11815.0 47310. 39818. 32616. 41619. 85 1391.0 1481.6 1464.8 1372.6 81 1383.1 2978.2 1399.8 3099.5 1409.6 3042.0 1437.3 2867.2 78 2843.8 11150.1 77 10570.0 2808.6 11553.9 10130.0 10957.4 2750.7 9813.3 10505.7 2743.8 9626.6 10180.3 9990.2 9380.1 9738.4 9043.9 9396.0 8723.5 9071.2 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 1. 998. 399. 396. 98101 59.8 65.8 100 99 163.2 93.9 98 227.7 153.7 450.7 92.4 212.1 145.6 431.7 201.3 73.9 135.1 440.7 183.8 80.4 130.0 411.3 93 183.2 122.9 92 387.0 99.9 224.0 172.1 91 142.8 119.7 375.4 241.9 113.9 366.8 162.7 154.2 90 112.4 382.3 238.5 396.2 86 157.2 180.7 152.1 383.4 67.7 226.3 390.6 195.2 87 144.3 221.4 684.1 370.6 73.2 192.4 138.9 222.0 722.7 360.4 182.6 72.1 137.1 84 215.0 731.6 359.2 178.6 403.4 130.6 71.4 82 220.0 668.3 345.5 179.1 395.5 131.4 536.3 75.9 643.7 351.4 173.4 381.3 536.0 622.6 85.0 80 177.5 373.2 524.4 79 139.7 622.5 359.0 91.0 264.2 510.2 132.3 596.3 347.4 255.0 504.7 101.9 126.5 327.0 249.1 476.3 120.9 294.2 246.1 449.0 118.1 245.6 420.0 114.6 243.7 109.7 242.4 106.1 241.7 69 68 471.7 479.6 337.7 341.9 210.0 212.4 86.1 66 85.7 -61.7 156.1 159.4 246.7 -41.4 250.4 227.0 -83.3 230.5 385.2 -98.0 391.1 -114.8 -763.2 68.8 100.6 56 147.5 254.4 324.1 225.0 213.0 332.4 245.8 305.6 1. . 1. 64-. 27483058 59 3.0 -54.5 57 4.8 -51.5 -6.8 -2.0 36.1 -2.7 33.3 16.6 -5.9 10.7 -31.5 -6.4 -37.9 -41.4 -10.9 -52.3 -2.6 3.8 1.2 -27.3 -10.6 -38.0 585. 166. 486. 077. 97 75.9 95 19.8 80.7 96 137.7 21.9 69.5 151.5 21.6 64.8 130.5 16.2 65.3 121.5 89 14.6 126.9 16.4 61.6 118.2 15.7 18.1 52.3 93.2 15.5 18.9 45.8 84.8 14.7 21.1 14.4 14.4 14.0 14.3 64 -30.2 6.2 70.0 -12.5 -69.0 -711.1 103.7 56.7 . . . . 1017202771 70 2.7 5.1 2.0 2.2 1.7 0.7 -1.0 0.6 65 0.3 -0.2 3.1 1.9 -2.1 1.8 1.3 0.0 2.1 1.7 0.0 4.2 0.0 0.0 60 1.1 -7.4 0.4 0.0 0.9 0.3 0.4 0.5 0.4 0.9

0 L1100 Ohracut aal taepybe)77175474284085398593810. 109 1001.8 953.8 908.5 865.3 824.0 104 3055.5 784.2 3107.0 745.4 3109.0 108 (4) Excludeslandandnonproducednonfinancialassets. 3075.7 707.1 4446.2 reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatisticalbetweenthecapitalfinancialaccounts. 3065.0 4017.4 (3) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedincapitalaccountandsameconceptfinancialaccount. 102 3102.9 4221.7 theFinancingCorporation,andResolutionFundingtheyincludedStudentLoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. 14532.1 3155.2 (2) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae,FreddieMac,AgriculturalMortgageCorporation,FarmCreditSystem, 4075.3 14056.9 (1) Thestateandlocalgovernmentsectorexcludesemployeeretirementfunds. 13547.7 3154.0 3722.7 13047.4 3533.4 12834.0 110 FL212090095Networth 12547.0 3001.0 12146.8 109 FL213170003Otheraccountspayable(tradepayables) 3131.9 11815.0 (claimofpensionfundsonsponsor) 108 FL223073045Insurance,pensionandstandardizedguaranteeschemes 107 FL213169203Loans(shortterm) 106 FL213162200Other 105 FL213162400Shortterm 104 FL213162005Debtsecurities(municipals) 103 FL214190005Liabilities 102 FL212100005Totalliabilitiesandnetworth Billions ofdollars S.8.a StateandLocalGovernments(1)

86852. 10350. 04359. 90560. 110 6009.3 5960.5 5290.7 5014.3 5205.8 5110.3 5229.6 106 4806.8 3017.5 3072.0 3078.7 103 3042.7 8522.9 3026.0 8096.4 3057.6 8257.0 3099.0 8033.2 3101.6 7628.2 7436.7 6917.2 7008.2 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 531. 621. 691. 821. 107 19.3 18.2 105 38.1 17.8 35.0 16.9 30.2 16.6 33.0 16.2 38.9 15.7 45.3 15.3 56.2 52.4 Z.1, March12,2020 181

Integrated Accounts Integrated Accounts 8 F23505 nuac,pninadsadrie urne cee 0640-. . 381. 351. 38 10.9 39 37 9.1 268.4 13.5 291.9 10.4 13.4 52 FA263163005Bonds 486.0 51 FA263169105Commercialpaper 1.2 -3.8 50 FA264122005Debtsecurities 481.5 9.1 2.9 49 FA313091105Nonofficialforeign currencies 212.0 48 FA263191005U.S.privatedeposits 217.3 47 FA263111403Reservepositionin IMF(net) -1.3 -0.4 46 FA263111503Officialforeigncurrencies 211.5 45 FA264100005Currencyanddeposits 4.0 3.7 242.2 44 FA313011303SDRholdings 10.6 1.5 23 43 FA264190005Netincurrenceofliabilities 48.9 9.3 42 FA263070005Otheraccountsreceivable 104.0 41 FA543151905Pensionentitlements -144.0 40 FA543141905Lifeinsurancereserves -59.6 39 FA263076005Insurancereceivablesduefromproperty-casualtyinsurancecompanies 38 FA263052005Insurance,pensionandstandardizedguaranteeschemes -34.6 37 FA263092001ForeigndirectinvestmentintheUnitedStates 268.7 36 FA263064203Mutualfundshares 35 FA263064105Corporateequities -136.2 14 34 FA263034003Moneymarketfundshares 227.8 506.7 33 FA263081005Equityandinvestmentfundshares 476.0 32 FA263069500LoanstoU.S.corporatebusiness 31 FA262051005Securityrepurchases 441.9 30 FA264041005Loans(shortterm) 12 424.5 0.0 29 FA263063005Corporatebonds 376.0 28 FA263062003Municipalsecurities 27 FA263061705Agency-andGSE-backedsecurities(2) 369.4 -0.0 26 FA263061105Treasurysecurities 441.6 25 FA263069103Openmarketpaper 0.0 24 FA264022005Debtsecurities 467.2 13 23 FA264016005NetinterbankitemsduefromU.S.banks 0.0 506.7 22 FA263030005Timedeposits 476.0 21 FA263027003Transferabledeposits -0.0 20 FA263025003Currency 9 441.9 19 FA264000005Currencyanddeposits 509.5 0.0 424.5 18 FA313111303SDRallocations 466.6 17 FA263011205Monetarygold 376.0 -0.1 8 16 FA263011005MonetarygoldandSDRs 441.4 369.4 155.4 -0.0 424.1 15 FA264090005NetacquisitionofU.S.financialassets 441.6 164.0 4 375.6 14 FA265000905Netlending(+)orborrowing(-)(line13) 467.2 142.3 294.5 368.5 Financialaccount 135.8 298.5 448.1 145.8 283.0 465.6 13 FA265000905Netlending(+)orborrowing(-),capitalaccount(lines10-11-12) 131.1 264.7 12 FA265420095Less:Acquisitionofnonproducednonfinancialassets 113.3 254.8 104.1 239.6 11 FA265440005Less:Netcapitaltransfers 225.2 10 FA266000095Netsaving 226.6 Capitalaccount 9FA266000095Equals:Netsaving(currentexternalbalance) 8FA266400201Currenttaxesandtrans.receiptsfromrestofworld(1) 7FA266904001U.S.incomereceiptsfromrestofworld 6FA266903011U.S.exportsofgoodsandservices 5FA266900005Less:ForeignoutlaystoU.S. 4FA266400101Currenttaxesandtrans.paymentstorestofworld 3FA266904101U.S.incomepaymentstorestofworld 2FA266903001U.S.importsofgoodsandservices 1FA266905005ForeignincomefromU.S. Currentaccount Billions ofdollars S.9.a RestoftheWorld 182

Z.1, March12,2020 10680412. 19967879118. 4. 15 749.8 1488.2 759.1 677.8 1149.9 1124.8 880.4 1110.6 6 5 2510.3 3771.8 2356.7 3478.6 2220.6 2 3224.6 2266.8 1 3240.3 3148.5 2371.7 4281.3 3371.1 2932.1 2273.4 3945.2 3228.0 2739.4 2191.3 3665.9 3104.3 2786.6 2103.0 3664.4 2996.3 2879.4 3746.7 2764.2 3596.5 2759.9 3552.4 2682.5 3461.8 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 250-4. 11-1. 258-472563. 48 32.4 45 255.6 37.2 -84.7 253.8 -235.8 -83.3 -117.8 31.1 -242.1 -121.4 -147.4 28.0 -215.0 -143.0 -197.3 29 -20.2 321.5 326.3 334.9 209.6 210.4 -19.7 -111.5 5. 1. 3. 5. 8. 5022314952 114.9 50 121.2 292.3 384.2 65.0 5.8 -85.9 153.9 -31.3 139.8 162.8 112.6 206.1 43 150.2 160.8 431.5 128.2 1145.9 352.8 353.2 909.0 782.0 411.3 33 609.0 31 410.8 -62.9 30 441.5 31.0 -39.4 346.3 130.6 68.7 294.2 64.4 -21.2 366.3 26 15.7 154.6 100.4 114.8 24 450.5 45.1 131.4 308.2 169.9 365.5 40.9 -107.9 0.1 653.7 42.7 -52.2 341.7 132.8 19 314.2 166.7 406.5 165.0 423.2 527.8 202.4 589.7 553.6 -13.1 355.3 495.9 -45.6 203.6 102.5 370.9 -29.9 357.0 10 509.5 466.6 441.4 424.1 375.6 7 368.5 1106.2 957.9 448.1 3 861.7 465.6 838.3 837.7 714.6 853.5 643.5 823.4 613.1 799.7 612.5 789.2 592.7 567.4 552.8 2. 826. . 46-929. . 51 6.3 91.9 -59.2 54.6 8.9 66.3 48.2 -22.0 27 86.6 23.7 79.1 24.8 -8.1 -83.6 -73.6 -41.6 8140-. 38-. . 184847 4.8 -1.8 1.3 -6.5 -3.8 -3.4 4.0 36 18.1 28.7 32.6 35 32 96.4 60.9 23.5 116.9 1.8 99.5 -186.3 40.9 -191.4 -4.3 114.3 -17.0 36.9 -54.9 79.6 31.0 136.9 75.5 -4.2 43.3 22 21 36.6 20 14.2 -52.2 65.3 16.9 33.9 11.9 69.7 70.8 17.8 42.3 -18.6 -5.7 38.4 54.2 16.6 66.3 51.5 13.0 37.7 38.0 11.1 57.1 47.3 26.8 55.0 050403020201000046 0.0 44 0.0 0.2 0.1 0.1 0.2 0.7 0.2 0.0 0.3 0.0 0.4 0.0 -0.5 0.0 -1.8 11 2.8 -9.4 -0.5 -0.4 -0.4 -0.8 6.5 -1.6 . . 00000000000049 0.0 0.0 0.0 0.0 0.0 42 41 32.6 -0.0 11.0 40 46.5 -9.3 0.4 0.0 6.4 2.7 1.2 0.0 10.8 11.0 -2.0 34 12.8 -4.6 17.3 2.8 6.1 6.7 0.1 -0.8 11.9 -4.1 -14.3 1.0 28 7.3 1.5 2.3 -0.5 0.6 0.8 7.1 -0.9 25 -10.8 9.2 7.2 -6.8 22.6 6.5 37.0 4.6 4.3 18 -2.3 17 0.0 16 4.5 0.0 7.7 0.0 0.0 -0.6 0.0 -0.9 0.0 0.0 0.6 0.0 0.1 0.0 0.0 0.0 0.7 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

4 F23505 nuac,pninadsadrie urne cee . 000000000000-. 94 -0.0 96 0.0 1022.7 -808.0 0.0 480.3 0.0 135.5 1415.0 99 FL313111303 SDRallocations 0.0 360.9 98 FL264090005 Totalfinancialassets(4) 0.0 -455.9 Financialbalance sheetaccount(endofperiod) 1329.2 -0.0 97 FC262090095Changeinnetworth (lines13+66+96) 0.1 Changesinbalance sheetaccount 96 FR265000005Changesinnetworthduetonominalholdinggains/losses 95 FR263170005Otheraccountspayable 80 -680.5 94 FR263152005Insurance,pensionandstandardizedguaranteeschemes 965.9 93 FR263192005U.S.directinvestmentabroad 369.0 92 FR263164100Corporateequities 91 FR263181105Equityandinvestmentfundshares -207.0 296.5 90 FR263169205Loans(otherloansandadvances) 815.3 89 FR263163005Debtsecurities(corporatebonds) 205.6 88 FR263191103Nonofficialforeigncurrencies 87 FR263191005U.S.privatedeposits -165.7 86 FR263111403ReservepositioninIMF(net) 85 FR263111503Officialforeigncurrencies 84 FR264100005Currencyanddeposits 68 83 FR313011303SDRholdings 188.4 82 FR264194005Liabilities 133.7 81 FR263070005Otheraccountsreceivable 35.5 80 FR263092001ForeigndirectinvestmentintheUnitedStates 100.0 79 FR263064203Mutualfundshares 78 FR263064105Corporateequities 135.2 77 FR263081005Equityandinvestmentfundshares 26.5 76 FR263063005Corporatebonds -27.4 75 FR263061705Agency-andGSE-backedsecurities 74 FR263061105Treasurysecurities 65 63 -34.4 73 FR263069103Openmarketpaper 318.3 27.5 72 FR264022005Debtsecurities 342.3 71 FR264000005Currencyanddeposits 47.4 406.4 70 FR263011005MonetarygoldandSDRs 21.9 324.5 69 FR264090005Financialassets 9.9 240.8 Revaluationaccount 342.9 -5.8 469.0 -1.0 68 FU267005005Less:Statisticaldiscrepancy(lines13-65)(3) 501.6 67 FV268090085Othervolumechanges 66 FV268090185Totalothervolumechanges 4.9 Otherchangesinvolumeaccount -10.8 65 FA265000005Netlending(+)orborrowing(-),financialaccount(lines15-43) Addendum: 64 FA263170005Otheraccountspayable 63 FA263152005Insurance,pensionandstandardizedguaranteeschemes 62 FA263194735Investmentbyholdingcompanies 61 FA263192005U.S.directinvestmentabroad 60 FA313092803U.S.governmentequityinIBRD,etc. 59 FA263164100Corporateequities 58 FA263181105Equityandinvestmentfundshares 57 FA713091103Nonoff.foreigncurrencies(swaplines) 56 FA263168005Depositoryinstitutionloansn.e.c. 55 FA263169005Otherloansandadvances 54 FA262151003Securityrepurchases 53 FA264141005Loans(shortterm) Billions ofdollars S.9.a RestoftheWorld

85. 02. 31. 53. 51. 62. 00. 90. 98 29905.7 30502.0 26725.8 25116.7 25138.2 23012.4 20025.7 18355.2 15. 06617. 456-5. 6. 967-63491 -2623.4 2926.7 269.8 -751.7 -415.6 1572.9 1086.6 -1357.8 82 -2726.2 3063.1 317.7 -860.5 -411.6 1455.7 1231.5 -1335.5 8092. 6. 544402812-8. 66797 1696.7 -481.2 811.2 470.2 1594.4 769.1 24.6 1880.9 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 705302794-8. 5034. 048-37693 -1307.6 92 1094.8 -1315.7 43.0 1831.9 226.8 -540.3 -211.4 -281.7 -133.9 709.4 863.6 370.2 716.4 -710.5 -647.3 77 -1344.2 2187.6 869.8 -453.1 920.1 2197.2 670.0 -230.8 6. 2. 2589. 5. 4. 2. 6. 74 -61.5 72 -21.7 -358.3 -43.0 65.8 -56.2 -69.5 94.0 -268.0 -215.8 87.9 -22.6 -382.2 166.8 105.6 226.3 61 -68.4 321.8 58 151.9 309.9 461.5 279.5 53 252.4 347.7 91.1 471.7 321.9 -8.9 767.1 338.4 594.7 152.6 415.3 393.2 143.6 455.4 111.2 -55.3 -8.0 229.5 1. 547. 27-793. 0. 5. 79 -58.5 101.9 78 32.8 -605.2 -17.9 1119.8 468.1 22.7 -228.2 74.6 600.9 45.4 1307.3 419.0 -10.2 -54.9 425. 445. 894. 034. 99 49.1 50.3 47.5 48.9 51.2 54.4 54.3 54.2 87 -0.3 89 -99.7 -7.2 84 135.3 -1.6 1.0 49.5 -2.5 0.6 -102.6 0.1 17.1 -1.8 -3.3 -114.7 0.1 139.1 -9.4 10.5 8.1 -2.5 12.0 75 5.8 -7.9 76 11.8 -2.1 -290.5 88.1 -1.8 -24.2 -3.7 -206.7 8.0 -12.9 -154.4 -11.4 129.5 -1.3 25.4 32.4 67 355.7 66 -15.6 167.3 -75.5 -149.3 10.2 -111.0 -89.8 -61.5 -196.6 65.4 38.9 11.4 62 38.9 24.9 50.1 84.5 -1.8 57 -7.9 -81.2 56 6.5 64.8 -6.9 54 12.7 -14.6 4.6 41.9 -16.9 34.1 -0.5 -32.8 -51.5 62.9 1.3 115.9 30.6 91.1 80.8 -8.6 60.5 16.5 -90.9 40.4 -108.6 99.7 36.0 31.9 96.4 050000-. 11-. . 0486 -0.4 1.1 83 -1.2 -0.6 2.9 81 -1.1 -0.3 -1.5 -1.7 0.4 -2.3 0.0 -0.2 -3.3 0.0 -0.3 0.1 -0.5 -0.3 0.1 -0.0 71 -0.1 0.5 70 0.0 -1.2 -1.6 -0.1 2.8 -0.6 -1.5 -1.4 -2.2 -1.1 69 -1703.5 -3.2 1.5 2255.1 798.0 0.1 -0.0 -725.0 0.1 1003.4 -1.6 1816.6 -0.2 775.6 -6.3 . 01-. 05-. 0307-. 95 -0.3 0.7 -0.3 90 0.0 -0.6 0.0 88 -0.5 0.0 0.0 -0.1 0.0 85 -0.1 0.0 -0.8 0.0 0.0 0.0 3.7 0.0 0.0 -0.3 0.0 0.0 -2.8 0.0 0.0 -5.9 0.0 -2.6 0.0 -2.3 73 0.3 1.5 1.5 -0.5 -1.4 -1.1 -0.6 -0.0 1.6 64 2.4 7.7 60 2.7 1.3 1.4 1.5 -4.9 2.0 59 55 194.1 -7.7 9.5 2.2 139.9 4.6 3.3 21.7 2.3 -1.9 5.8 196.9 2.2 0.4 431.6 2.4 287.4 2.4 104.0 2.6 1.4 7.0 6.6 1.5 Z.1, March12,2020 183

Integrated Accounts Integrated Accounts 3 L1010 Nnf.frincrece sa ie)9...... 2142139 4.2 12.1 145 323.0 5.6 295.6 1.0 248.2 226.3 1.5 216.4 0.3 222.2 223.2 8.9 218.3 99.8 147 FL262090095Networth(externalaccount) 146 LM263170005Otheraccountspayable 145 FL263152005Insurance,pensionandstandardizedguaranteeschemes 144 FL263194735Investmentbyholdingcompanies 143 LM263192005U.S.directinvestmentabroad 142 FL313092803U.S.governmentequityinIBRD,etc. 141 LM263164100Corporateequities 140 FL263181105Equityandinvestmentfundshares 139 FL713091103Nonoff.foreigncurrencies(swaplines) 138 FL263168005Depositoryinstitutionloansn.e.c. 137 FL263169005Otherloansandadvances 136 FL262151003Securityrepurchases 119 135 FL264141005Loans(shortterm) 85.0 134 LM263163005Bonds 74.2 120 133 FL263169105Commercialpaper 59.2 132 FL264122005Debtsecurities 118 60.6 7432.1 50.1 131 FL313091105Nonofficialforeigncurrencies 7844.2 130 LM263191005U.S.privatedeposits 47.2 6586.4 39.8 129 FL263111403ReservepositioninIMF(net) 128 FL263111503Officialforeigncurrencies 5731.4 51.0 127 FL264100005Currencyanddeposits 38.6 5456.9 41.9 4948.4 126 FL313011303SDRholdings 35.7 108 3915.8 43.1 1077.9 125 FL264194005Totalliabilities 3498.7 36.1 1012.2 104 39.1 124 FL262100005Totalliabilitiesandnetworth 991.6 206.8 32.3 916.5 158.0 123 LM263070005Otheraccountsreceivable 30.8 899.6 54.0 122 FL543151905Pensionentitlements 121 FL543141905Lifeinsurancereserves 883.8 198.0 120 FL263076005Insurancereceivablesduefromproperty-casualtyinsurancecompanies 1001.2 119 FL263052005Insurance,pensionandstandardizedguaranteeschemes 257.6 1078.2 118 LM263092001ForeigndirectinvestmentintheUnitedStates 292.2 117 LM263064203Mutualfundshares 23.5 116 LM263064105Corporateequities 115 FL263034003Moneymarketfundshares 114 FL263081005Equityandinvestmentfundshares 159.9 113 FL263069500LoanstoU.S.corporatebusiness 112 FL262051005Securityrepurchases 111 FL264041005Loans(shortterm) 110 LM263063005Corporatebonds 109 FL263062003Municipalsecurities 108 LM263061705Agency-andGSE-backedsecurities(2) 107 LM263061105Treasurysecurities 106 LM263069103Openmarketpaper 105 FL264022005Debtsecurities 104 FL264016005NetinterbankitemsduefromU.S.banks 103 FL263030005Timedeposits 102 FL263027003Transferabledeposits 101 FL263025003Currency 100 FL264000005Currencyanddeposits Billions ofdollars S.9.a RestoftheWorld 184 (4) Nonfinancialassets,includingnonproducednonfinancialarenotincludedonthebalance sheet. reflectsdifferencesinsourcedata,timingofrecordedtransactions,andotherstatistical betweenthecapitalandfinancialaccounts. (3) Thestatisticaldiscrepancyisthedifferencebetweennetlendingorborrowingderivedin capitalaccountandthesameconceptderivedinfinancialaccount.Thediscrepancy theFinancingCorporation,andResolutionFundingtheyincludedStudent LoanMarketingAssociationuntilitwasfullyprivatizedin2004:Q4. (2) Government-sponsoredenterprises(GSEs)consistofFederalHomeLoanBanks,FannieMae, FreddieMac,FederalAgriculturalMortgageCorporation,FarmCreditSystem, currenttaxesandtransferpaymentstotherestofworldnettaxes,contributions forgovernmentsocialinsurance,andtransferreceiptsfromtherestofworld. (1) Priorto1999,currenttaxes,contributionsforgovernmentsocialinsurance,andtransferreceipts fromtherestofworld(line8)arenotseparatelydisplayed,andline4includes

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