HOLDINGS OF U.S. MUNICIPAL SECURITIES AND LOANS, 2004-2008
($ billions, end of year)
| Total |
$2,031.0 |
$2,225.9 |
$2,403.3 |
$2,618.9 |
$2,682.1 |
32.1% |
| Household sector |
742.4 |
821.0 |
871.8 |
908.0 |
949.9 |
27.9 |
| Nonfinancial corporate business |
31.8 |
32.1 |
28.1 |
29.8 |
7.7 |
-75.8 |
| Nonfarm noncorporate business |
4.3 |
4.4 |
5.8 |
6.7 |
7.1 |
65.1 |
| State and local governments |
4.7 |
5.0 |
5.5 |
5.8 |
5.7 |
21.3 |
| Rest of the world |
26.0 |
29.0 |
34.4 |
33.0 |
41.0 |
57.7 |
| Commercial banking |
140.8 |
157.7 |
180.2 |
192.4 |
215.6 |
53.1 |
| Savings institutions |
7.4 |
9.0 |
11.1 |
11.0 |
8.4 |
13.5 |
| Property/casualty insurance companies |
267.8 |
313.2 |
335.2 |
371.3 |
372.8 |
39.2 |
| Life insurance companies |
30.1 |
32.5 |
36.6 |
41.4 |
41.1 |
36.5 |
| State and local govt retirement funds |
1.8 |
1.7 |
3.6 |
1.9 |
1.1 |
-38.9 |
| Money market mutual funds |
313.8 |
336.8 |
370.3 |
471.0 |
494.6 |
57.6 |
| Mutual funds |
294.3 |
311.7 |
344.4 |
372.2 |
389.6 |
32.4 |
| Closed-end funds |
89.1 |
89.4 |
89.4 |
91.0 |
78.2 |
-12.2 |
| Government-sponsored enterprises |
44.6 |
39.7 |
36.1 |
33.3 |
30.5 |
-31.6 |
| Brokers and dealers |
32.0 |
42.9 |
50.9 |
50.1 |
38.7 |
20.9 |
|
Source: Board of Governors of the Federal Reserve System, June 11, 2009.
HOLDINGS OF U.S. MUNICIPAL SECURITIES AND LOANS, 2005-2009
($ billions, end of year)
| Total |
$2,225.9 |
$2,403.3 |
$2,618.9 |
$2,676.0 |
$2,803.7 |
26.0% |
| Household sector |
820.9 |
872.0 |
896.0 |
907.2 |
998.9 |
21.7 |
| Nonfinancial corporate business |
32.1 |
28.1 |
29.2 |
26.6 |
27.1 |
-15.6 |
| Nonfarm noncorporate business |
4.4 |
5.8 |
5.3 |
5.6 |
5.2 |
18.2 |
| State and local governments |
5.0 |
5.5 |
5.8 |
5.9 |
6.3 |
26.0 |
| Rest of the world |
29.0 |
34.4 |
45.1 |
41.0 |
60.6 |
109.0 |
| Commercial banking |
157.7 |
180.2 |
192.9 |
216.7 |
218.6 |
38.6 |
| Savings institutions |
9.0 |
11.2 |
11.0 |
7.8 |
9.2 |
2.2 |
| Property/casualty insurance companies |
313.2 |
335.2 |
371.3 |
381.9 |
369.4 |
17.9 |
| Life insurance companies |
32.5 |
36.6 |
41.4 |
47.1 |
73.3 |
125.5 |
| State and local govt retirement funds |
1.7 |
3.3 |
2.4 |
1.4 |
1.5 |
-11.8 |
| Money market mutual funds |
336.8 |
370.3 |
471.0 |
494.6 |
401.3 |
19.2 |
| Mutual funds |
311.7 |
344.4 |
372.2 |
389.6 |
480.2 |
54.1 |
| Closed-end funds |
89.4 |
89.4 |
91.3 |
78.5 |
81.8 |
-8.5 |
| Government-sponsored enterprises |
39.7 |
36.1 |
33.3 |
31.3 |
29.1 |
-26.7 |
| Brokers and dealers |
42.9 |
50.9 |
50.1 |
38.7 |
35.4 |
-17.5 |
|
Source: Board of Governors of the Federal Reserve System, June 10, 2010.
HOLDINGS OF U.S. MUNICIPAL SECURITIES AND LOANS, 2006-2010
($ billions, end of year)
| Total |
$2,403.2 |
$2,618.8 |
$2,680.2 |
$2,808.9 |
$2,925.3 |
21.7% |
| Household sector |
872.0 |
896.0 |
903.8 |
1,009.6 |
1,083.8 |
24.3 |
| Nonfinancial corporate business |
28.1 |
29.2 |
26.2 |
27.3 |
23.7 |
-15.7 |
| Nonfarm noncorporate business |
5.8 |
5.3 |
4.9 |
4.5 |
4.3 |
-25.9 |
| State and local governments |
5.5 |
5.7 |
5.6 |
5.9 |
6.3 |
14.5 |
| Rest of the world |
34.4 |
45.1 |
50.5 |
57.0 |
73.0 |
112.2 |
| Commercial banking |
180.2 |
192.9 |
216.7 |
218.6 |
246.1 |
36.6 |
| Savings institutions |
11.2 |
11.0 |
7.8 |
9.2 |
11.1 |
-0.9 |
| Property/casualty insurance companies |
335.2 |
371.3 |
381.9 |
369.4 |
348.4 |
3.9 |
| Life insurance companies |
36.6 |
41.4 |
47.1 |
73.1 |
113.3 |
209.6 |
| State and local govt retirement funds |
3.3 |
2.4 |
1.4 |
1.5 |
1.6 |
-51.5 |
| Money market mutual funds |
370.3 |
471.0 |
494.6 |
401.3 |
334.4 |
-9.7 |
| Mutual funds |
344.4 |
372.2 |
389.6 |
480.2 |
526.6 |
52.9 |
| Closed-end funds |
89.4 |
91.3 |
77.9 |
80.9 |
80.3 |
-10.2 |
| Exchange-traded funds |
0.0 |
0.6 |
2.3 |
5.9 |
7.6 |
NA |
| Government-sponsored enterprises |
36.1 |
33.3 |
31.3 |
29.1 |
24.9 |
-31.0 |
| Brokers and dealers |
50.9 |
50.1 |
38.7 |
35.4 |
40.0 |
-21.4 |
|
NA=Not applicable.
Source: Board of Governors of the Federal Reserve System, June 9, 2011.
HOLDINGS OF U.S. MUNICIPAL SECURITIES AND LOANS, 2007-2011
($ billions, end of year)
| Total assets |
$3,448.1 |
$3,543.4 |
$3,697.9 |
$3,795.6 |
$3,743.4 |
8.6% |
| Household sector |
1,725.4 |
1,767.2 |
1,896.5 |
1,954.6 |
1,891.8 |
9.6 |
| Nonfinancial corporate business |
29.2 |
26.2 |
27.1 |
24.1 |
19.7 |
-32.5 |
| Nonfinancial noncorporate business |
5.3 |
4.9 |
5.1 |
4.9 |
4.9 |
-7.5 |
| State and local governments |
5.5 |
5.4 |
5.7 |
6.1 |
5.9 |
7.3 |
| Rest of the world (1) |
45.1 |
50.5 |
58.7 |
71.7 |
82.7 |
83.4 |
| U.S.-chartered depository institutions (2) |
202.0 |
221.9 |
224.3 |
254.6 |
297.3 |
47.2 |
| Banks in U.S.-affiliated areas |
2.0 |
2.5 |
3.5 |
2.5 |
3.4 |
70.0 |
| Property/casualty insurance companies |
371.3 |
381.9 |
369.4 |
348.4 |
331.0 |
-10.9 |
| Life insurance companies |
41.4 |
47.1 |
73.1 |
112.3 |
122.6 |
196.1 |
| State and local govt retirement funds |
2.4 |
1.4 |
1.5 |
1.6 |
1.5 |
-37.5 |
| Money market mutual funds |
471.0 |
494.6 |
401.3 |
334.4 |
296.5 |
-37.0 |
| Mutual funds |
372.2 |
389.6 |
480.2 |
526.6 |
542.6 |
45.8 |
| Closed-end funds |
91.3 |
77.9 |
81.2 |
81.3 |
82.4 |
-9.7 |
| Exchange-traded funds |
0.6 |
2.3 |
5.9 |
7.6 |
8.6 |
1,333.3 |
| Government-sponsored enterprises |
33.3 |
31.3 |
29.1 |
24.9 |
21.0 |
-36.9 |
| Brokers and dealers |
50.1 |
38.7 |
35.4 |
40.0 |
31.5 |
-37.1 |
|
(1) Holdings of U.S. issues by foreign residents.
(2) Includes savings banks and commercial banks.
Source: Board of Governors of the Federal Reserve System, June 7, 2012.
INSURANCE COMPANY HOLDINGS OF U.S. MUNICIPAL SECURITIES AND LOANS, 2009-2013
($ billions, end of year)
| |
2009 |
2010 |
2011 |
2012 |
2013 |
| Property/casualty insurance companies |
$369.4 |
$348.4 |
$331.0 |
$328.1 |
$325.8 |
| Life insurance companies |
73.1 |
112.3 |
121.8 |
131.5 |
141.2 |
| Total |
$442.5 |
$460.7 |
$452.8 |
$459.6 |
$467.0 |
|
Source: Board of Governors of the Federal Reserve System, June 5, 2014.
INSURANCE COMPANY HOLDINGS OF U.S. MUNICIPAL SECURITIES AND LOANS, 2010-2014
($ billions, end of year)
| |
2010 |
2011 |
2012 |
2013 |
2014 |
| Property/casualty insurance companies |
$348.4 |
$331.0 |
$328.1 |
$326.4 |
$321.7 |
| Life insurance companies |
112.3 |
121.8 |
131.5 |
141.2 |
147.8 |
| Total |
$460.7 |
$452.8 |
$459.6 |
$467.6 |
$469.5 |
|
Source: Board of Governors of the Federal Reserve System, June 11, 2015.
Insurance Company Holdings Of U.S. Municipal Securities And Loans, 2011-2015
($ billions, end of year)
| |
2011 |
2012 |
2013 |
2014 |
2015 |
| Property/casualty insurance companies |
$331.0 |
$328.1 |
$326.4 |
$322.1 |
$330.4 |
| Life insurance companies |
121.8 |
131.5 |
141.6 |
147.8 |
158.5 |
| Total |
$452.8 |
$459.6 |
$468.0 |
$469.9 |
$488.9 |
|
Source: Board of Governors of the Federal Reserve System, June 9, 2016.
Insurance Company Holdings Of U.S. Municipal Securities And Loans, 2012-2016
($ billions, end of year)
| |
2012 |
2013 |
2014 |
2015 |
2016 |
| Property/casualty insurance companies |
$337.4 |
$335.6 |
$339.6 |
$345.8 |
$338.5 |
| Life insurance companies |
150.1 |
146.0 |
164.4 |
171.2 |
179.0 |
| Total |
$487.5 |
$481.6 |
$504.0 |
$517.0 |
$517.5 |
|
Source: Board of Governors of the Federal Reserve System, June 8, 2017.
Insurance Company Holdings Of U.S. Municipal Securities And Loans, 2013-2017
($ billions, end of year)
| |
2013 |
2014 |
2015 |
2016 |
2017 |
| Property/casualty insurance companies |
$335.6 |
$339.6 |
$345.8 |
$338.5 |
$327.0 |
| Life insurance companies |
146.0 |
164.4 |
171.2 |
179.0 |
192.7 |
| Total |
$481.6 |
$504.0 |
$517.0 |
$517.5 |
$519.7 |
|
Source: Board of Governors of the Federal Reserve System, June 8, 2018.
Insurance Company Holdings Of U.S. Municipal Securities And Loans, 2014-2018
($ billions, end of year)
| |
2014 |
2015 |
2016 |
2017 |
2018 |
| Property/casualty insurance companies |
$339.6 |
$357.5 |
$350.7 |
$338.9 |
$293.8 |
| Life insurance companies |
164.4 |
177.3 |
185.2 |
197.8 |
190.4 |
| Total |
$504.0 |
$534.8 |
$535.9 |
$536.7 |
$484.2 |
|
Source: Board of Governors of the Federal Reserve System, June 6, 2019.
Insurance Company Holdings Of U.S. Municipal Securities, 2015-2019
($ billions, end of year)
| |
2015 |
2016 |
2017 |
2018 |
2019 |
| Property/casualty insurance companies |
$357.5 |
$350.7 |
$338.9 |
$291.6 |
$285.2 |
| Life insurance companies |
177.3 |
185.2 |
197.8 |
190.0 |
215.0 |
| Total |
$534.8 |
$535.9 |
$536.7 |
$481.6 |
$500.2 |
|
Source: Board of Governors of the Federal Reserve System, June 11, 2020.
Insurance Company Holdings Of U.S. Municipal Securities, 2016-2020
($ billions, end of year)
| |
2016 |
2017 |
2018 |
2019 |
2020 |
| Property/casualty insurance companies |
$350.7 |
$338.9 |
$291.6 |
$285.2 |
$297.9 |
| Life insurance companies |
185.2 |
197.8 |
190.0 |
215.0 |
234.2 |
| Total |
$535.9 |
$536.7 |
$481.6 |
$500.2 |
$532.1 |
|
Source: Board of Governors of the Federal Reserve System, June 11, 2020.
Insurance Company Holdings Of U.S. Municipal Securities, 2017-2021
($ billions, end of year)
| |
2017 |
2018 |
2019 |
2020 |
2021 |
| Property/casualty insurance companies |
$338.9 |
$291.6 |
$285.2 |
$297.9 |
$289.4 |
| Life insurance companies |
197.8 |
190.0 |
215.0 |
234.2 |
234.9 |
| Total |
$536.7 |
$481.6 |
$500.2 |
$532.1 |
$524.3 |
|
Source: Board of Governors of the Federal Reserve System, June 9, 2022.
Insurance Company Holdings Of U.S. Municipal Securities, 2018-2022
($ billions, end of year)
| |
2018 |
2019 |
2020 |
2021 |
2022 |
| Property/casualty insurance companies |
$291.6 |
$285.2 |
$297.9 |
$289.4 |
$246.1 |
| Life insurance companies |
190.0 |
215.0 |
234.2 |
234.9 |
192.2 |
| Total |
$481.6 |
$500.2 |
$532.1 |
$524.3 |
$438.3 |
|
Source: Board of Governors of the Federal Reserve System, September 9, 2023.