Sector flow of funds / Methodology
Sector Flow of Funds Methodology
This page publishes the exact 20-series sector cut and the four-series register behind the market-based runnable-liabilities panel on /flows/sector-balance-sheets. It does not expose a browser for the full Z.1 series estate. The sector subset is quarterly, grouped around 4 major sectors, and limited to series whose official table and line labels could be sourced directly from the Federal Reserve's published HTML tables.
Market-based runnable-liabilities grouping
This is a FinObservatory analytical grouping, not a Federal Reserve published aggregate. It adds exactly three all-sector liability levels once each: Federal funds and repos (FL892150005.Q), Open market paper (FL893169175.Q), Interbank transactions (FL894110005.Q). The guarded query retains only quarters common to all three components and the separately displayed comparison. It returns 304 quarters from 1945:Q4 through 2026:Q1.
Every selected mnemonic begins FL because these are amounts outstanding at quarter end, stored in USD millions. No FA transaction-flow series or annual-rate change is substituted. The page divides each level by 1,000,000 to display USD trillions, then computes the grouping as FL892150005.Q + FL893169175.Q + FL894110005.Q.
Accounting perimeter, gross and net treatment, and instrument liquidity differ, so the grouping is not a guaranteed run amount or a liquidity-stress forecast. Interbank transactions can overlap economically with broader funding narratives; publishing the exact addition avoids implying a canonical regulatory measure. Checkable deposits and currency remain outside the addition and are not interpreted as uninsured or immediately runnable.
| Treatment | Mnemonic | Official Z.1 label | Unit | Perimeter |
|---|---|---|---|---|
| Added once | FL892150005.Q | All sectors; federal funds and security repurchase agreements; liability | Millions of dollars; amounts outstanding end of period, not seasonally adjusted | All sectors |
| Added once | FL893169175.Q | All sectors; open market paper; liability | Millions of dollars; amounts outstanding end of period, not seasonally adjusted | All sectors |
| Added once | FL894110005.Q | All sectors; total interbank transactions; liability | Millions of dollars; amounts outstanding end of period, not seasonally adjusted | All sectors |
| Comparison only, excluded | FL883120005.Q | All domestic sectors; checkable deposits and currency; liability | Millions of dollars; amounts outstanding end of period, not seasonally adjusted | All domestic sectors |
Godley chart ledger
- Series used: FA155000005.Q, FA105000005.Q, FA315000005.Q, FA265000005.Q. These are the same four curated quarterly net-lending or net-borrowing mnemonics listed in the table below.
- Residual treatment: the signed stack adds a separate labeled segment each quarter, equal to the negative of those four series summed together. It is never absorbed into a sector. Because only four of the seven Z.1 sectors are curated here, that segment carries the net lending of state and local government, nonfinancial noncorporate business, and financial business as well as the published statistical discrepancy, so it is labeled Other sectors and statistical discrepancy rather than the discrepancy alone.
- Frequency restriction: the chart is quarterly only. It never mixes annual .A mnemonics with quarterly .Q mnemonics on one axis.
| Sector | Mnemonic | Official label | Z.1 table | Line | Page unit |
|---|---|---|---|---|---|
| Households and nonprofit organizations | FA155000005.Q | Households and nonprofit organizations; net lending (+) or net borrowing (-) | S1M.t | Line 18: Net lending (+) or net borrowing (-) | $T SAAR |
| FL152000005.Q | Households and nonprofit organizations; assets | S1M.b | Line 1: Assets | $T | |
| FL154190005.Q | Households and nonprofit organizations; liabilities | S1M.b | Line 30: Liabilities | $T | |
| FL152090005.Q | Households and nonprofit organizations; net worth (assets minus liabilities) | S1M.b | Line 40: Net worth (assets minus liabilities) | $T | |
| LM155035005.Q | Households and nonprofit organizations; real estate | S1M.b | Line 3: Real estate | $T | |
| Nonfinancial corporate business | FA105000005.Q | Nonfinancial corporate business; net lending (+) or net borrowing (-) | S11.1.t | Line 14: Net lending (+) or net borrowing (-) | $T SAAR |
| FL102000005.Q | Nonfinancial corporate business; assets | S11.1.b | Line 1: Assets | $T | |
| FL104190005.Q | Nonfinancial corporate business; liabilities | S11.1.b | Line 30: Liabilities | $T | |
| FL102090005.Q | Nonfinancial corporate business; net worth (assets minus liabilities) | S11.1.b | Line 46: Net worth (assets minus liabilities) | $T | |
| FL104122005.Q | Nonfinancial corporate business; debt securities | S11.1.b | Line 31: Debt securities | $T | |
| Federal government | FA315000005.Q | Federal government; net lending (+) or net borrowing (-) | S1311.t | Line 24: Net lending (+) or net borrowing (-) | $T SAAR |
| FL314090005.Q | Federal government; total financial assets | S1311.s | Line 1: Total financial assets | $T | |
| FL314190005.Q | Federal government; total liabilities | S1311.s | Line 18: Total liabilities | $T | |
| FL313161105.Q | Federal government; Treasury securities | S1311.s | Line 23: Treasury securities | $T | |
| FL313066220.Q | Federal government; consumer credit | S1311.s | Line 11: Consumer credit | $T | |
| Rest of the world | FA265000005.Q | Rest of the world; net lending (+) or net borrowing (-) | S2.t | Line 13: Net lending (+) or net borrowing (-) | $T SAAR |
| FL264090005.Q | Rest of the world; total financial assets | S2.s | Line 1: Total financial assets | $T | |
| FL264190005.Q | Rest of the world; total liabilities | S2.s | Line 28: Total liabilities | $T | |
| LM263061105.Q | Rest of the world; Treasury securities | S2.s | Line 8: Treasury securities | $T | |
| LM263064105.Q | Rest of the world; U.S. corporate equities | S2.s | Line 16: U.S. corporate equities | $T |
Interpretation notes
The household and nonfinancial-corporate balance-sheet figures come from the Z.1 balance-sheet tables, which include nonfinancial assets and net worth. The federal-government and rest-of-world figures come from the sector levels tables, which are financial balance sheets instead. That is why the page shows net worth for households and nonfinancial corporates, but not for the federal government or the rest of the world.
Quarterly flow series in the Z.1 are seasonally adjusted annual rates; quarterly level series are end-of-period amounts outstanding. They are shown in separate figures on the page so flow units and level units are never plotted on the same line.