Skip to main content

Board of Governors of the Federal Reserve System

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

Preliminary Release Highlights First Quarter 2025

Topic	Description
Security brokers and dealers sector assets	*Preliminary -- subject to change* Assets of the security brokers and dealers sector (tables F.130 and L.130) have been revised to incorporate new information on long and short positions available on the U.S. Securities and Exchange Commission Financial and Operational Combined Uniform Single Reports (FOCUS) beginning 2021:Q4. Short position estimates for Treasuries and agency- and GSE-backed securities have been revised beginning 1975:Q1 and new series have been added for commercial paper, municipal securities, corporate equities and other miscellaneous assets. Long positions have been revised for Treasury securities and agency- and GSE-backed securities (1980:Q1 through 2021:Q4) and corporate equity and corporate and foreign bonds (2000:Q1 through 2021:Q3). New memo detail on tables F.130 and L.130 show all short positions for this sector, which are netted from long positions on the tables to avoid double counting in the Financial Accounts.
State and local government sector assets	*Preliminary -- subject to change* Beginning 2003:Q2, assets of state and local governments (tables F.107 and L.107) have been revised due to improvements in the estimation methodology for open market paper, mortgage loans, security repurchase agreements, Treasury securities, agency- and GSE-backed securities, municipal securities, corporate and foreign bonds, corporate equities, mutual fund shares, and miscellaneous assets.
Mutual fund sector municipal securities transactions	*Preliminary -- subject to change* Beginning 2000:Q1, transactions for mutual fund sector (tables F.122 and L.122) holdings of municipal securities have been revised based on municipal bond fund transactions. Previously, transactions were residually calculated after estimating revaluations from a price index.
Nonfinancial corporate business sector benchmark	*Preliminary -- subject to change* Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2023:Q1 forward to reflect new benchmark data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2023.
Integrated Macroeconomic Accounts revaluation accounts	*Preliminary -- subject to change* The revaluation accounts on several sectoral tables of the Integrated Macroeconomic Accounts (IMA) have been modified to include all asset and liability instruments that have nonzero revaluations recorded in the Financial Accounts (Z.1). Offsetting revisions impact the other changes in volume account. This change affects the IMA tables for households and nonprofit institutions (S.3.a and S.3.q), financial business (S.6.a and S.6.q), financial subsectors (S.61.a – S.65.a and S.61.q – S.65.q), federal government (S.7.a and S.7.q), and state and local governments (S.8.a and S.8.q).

Last Update: May 30, 2025