Sector flow of funds

Quarterly sector balance sheets from the Fed's Z.1

A fixed quarterly cut through the Federal Reserve's Financial Accounts: net lending or borrowing for four major sectors, selected balance-sheet positions, and a transparent market-based runnable-liabilities grouping. In 2026:Q1, the financial balances were +$2.2T for households and nonprofits, +$1.0T for nonfinancial corporates, +$1.1T for the rest of the world, and -$2.7T for the federal government. The sector panels keep a sourced 20-series subset rather than presenting the full Z.1 series estate.

+$2.2T

Households net lending

2026:Q1, SAAR

+$1.0T

Corporate net lending

2026:Q1, SAAR

-$2.7T

Federal net lending

2026:Q1, SAAR

+$1.1T

Rest of world net lending

2026:Q1, SAAR

Data as of 2026:Q1, release vintage June 11, 2026 (2026:Q1 Z.1 release); selected quarterly series span 1952-03-31 to 2026-03-31

Selection rule. Quarterly only, explicit sector subset only, covering households and nonprofit organizations, nonfinancial corporate business, the federal government, and the rest of the world. A series was kept only if its official Z.1 table and line label could be sourced from the Federal Reserve's published HTML tables; any unsourced mnemonic was dropped. The methodology page lists every mnemonic, table, and line. Flow figures here are seasonally adjusted annual rates; balance-sheet figures are end-of-quarter levels. The signed flow stack closes each quarter with a separate labeled residual segment, equal to the negative of the four curated sector balances summed together. That residual holds the Z.1 sectors this page does not curate, state and local government, nonfinancial noncorporate business, and financial business, plus the Z.1 statistical discrepancy. It is never absorbed into a sector. The official Z.1 tables publish billions of dollars, while the local parquet stores millions. The page divides the local values by 1,000,000 to display trillions, equivalent to dividing the official billions by 1,000.

Funding plumbing

Three market-based liability levels form a transparent analytical grouping

The FinObservatory grouping adds federal funds and repo liabilities, open-market-paper liabilities, and total interbank transaction liabilities once each. In 2026:Q1, that sum was $14.87T. The stacked areas show the full common-quarter composition. The dashed checkable-deposits-and-currency line is a separate $12.43T comparison and is never added to the grouping.

$14.87T

Analytical grouping

Sum of three components

$6.76T

Federal funds and repos

FL892150005.Q

$1.43T

Open market paper

FL893169175.Q

$6.68T

Interbank transactions

FL894110005.Q

$12.43T

Checkable deposits and currency

FL883120005.Q, comparison only, excluded from the sum

Federal funds and reposOpen market paperInterbank transactionsCheckable deposits and currency (comparison, excluded)

Hover a quarter for the three-part composition and excluded deposits comparison

This is a FinObservatory analytical grouping, not a Federal Reserve published aggregate. Accounting perimeter, gross and net treatment, and instrument liquidity differ. It is not a guaranteed run amount or a liquidity-stress forecast. Interbank transactions can overlap economically with broader funding narratives, so the exact additive definition is published here. Checkable deposits and currency are not classified as uninsured or immediately runnable.

Source: Federal Reserve Board, Financial Accounts of the United States (Z.1) Flow of Funds Matrix liability levels FL892150005.Q, FL893169175.Q, FL894110005.Q; FL883120005.Q is plotted separately as a comparison. Common history spans 1945:Q4 to 2026:Q1. Methodology

Net lending or borrowing

Signed quarterly balances show the sector identity around zero

Quarterly net lending (+) or net borrowing (-), shown in trillions of dollars at seasonally adjusted annual rates. Each quarter stacks surpluses above zero and deficits below it, then shows the remaining residual as its own labeled sliver. In 2026:Q1, households and nonprofits supplied $2.2T, the rest of the world supplied $1.1T, nonfinancial corporates supplied $1.0T, and the federal government absorbed $2.7T. That residual was -$1.6T. This is the financial balance, not gross issuance.

HouseholdsNonfinancial corporatesFederal governmentRest of worldOther sectors and statistical discrepancy

Hover a quarter for the sector breakdown and the residual segment

The residual is shown as its own segment in every quarter, equal to minus the sum of the four curated sector balances. It is not the published Z.1 statistical discrepancy on its own: it also carries the sectors omitted here.

Source: Federal Reserve Board, Financial Accounts of the United States (Z.1) table S1M.t, line 18 (Net lending (+) or net borrowing (-)); table S11.1.t, line 14 (Net lending (+) or net borrowing (-)); table S1311.t, line 24 (Net lending (+) or net borrowing (-)); table S2.t, line 13 (Net lending (+) or net borrowing (-)). Methodology

Households and nonprofits

Selected household positions put assets, liabilities, net worth, and real estate side by side

This curated household-and-nonprofit subset shows four lines from the broader official balance sheet. At 2026:Q1, assets stood at $204.5T, liabilities at $21.6T, and net worth at $183.0T. Real estate accounted for $53.0T.

Assets FL152000005.QLiabilities FL154190005.QNet worth (assets minus liabilities) FL152090005.QReal estate LM155035005.Q

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Source: Federal Reserve Board, Financial Accounts of the United States (Z.1) table S1M.b, line 1 (Assets); table S1M.b, line 30 (Liabilities); table S1M.b, line 40 (Net worth (assets minus liabilities)); table S1M.b, line 3 (Real estate). Methodology

Nonfinancial corporates

Selected corporate positions compare assets, liabilities, net worth, and debt securities

This curated nonfinancial-corporate subset shows four lines from the broader official balance sheet, including nonfinancial assets and market-value net worth. At 2026:Q1, assets were $70.1T, liabilities $31.9T, net worth $38.2T, and debt securities outstanding $9.0T.

Assets FL102000005.QLiabilities FL104190005.QNet worth (assets minus liabilities) FL102090005.QDebt securities FL104122005.Q

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Source: Federal Reserve Board, Financial Accounts of the United States (Z.1) table S11.1.b, line 1 (Assets); table S11.1.b, line 30 (Liabilities); table S11.1.b, line 46 (Net worth (assets minus liabilities)); table S11.1.b, line 31 (Debt securities). Methodology

Federal government

Selected federal positions compare financial assets, liabilities, Treasury securities, and consumer credit

Federal government tables in the Z.1 are financial balance sheets rather than a household-style full net-worth statement. At 2026:Q1, total financial assets were $6.1T, total liabilities $36.8T, Treasury securities $30.6T, and consumer-credit assets $1.6T.

Total financial assets FL314090005.QTotal liabilities FL314190005.QTreasury securities FL313161105.QConsumer credit FL313066220.Q

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Source: Federal Reserve Board, Financial Accounts of the United States (Z.1) table S1311.s, line 1 (Total financial assets); table S1311.s, line 18 (Total liabilities); table S1311.s, line 23 (Treasury securities); table S1311.s, line 11 (Consumer credit). Methodology

Rest of world

Selected foreign positions compare total financial assets with Treasuries and U.S. equities

The rest-of-world sector is the foreign side of the U.S. financial accounts. At 2026:Q1, total financial assets were $65.2T, total liabilities $12.1T, Treasury securities $9.3T, and U.S. corporate equities $19.4T.

Total financial assets FL264090005.QTotal liabilities FL264190005.QTreasury securities LM263061105.QU.S. corporate equities LM263064105.Q

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Source: Federal Reserve Board, Financial Accounts of the United States (Z.1) table S2.s, line 1 (Total financial assets); table S2.s, line 28 (Total liabilities); table S2.s, line 8 (Treasury securities); table S2.s, line 16 (U.S. corporate equities). Methodology