F.211 Municipal Securities and Loans            
 Billions of dollars; quarterly figures are seasonally adjusted annual rates            
 stock price direction  DOWN DOWN DOWN UP UP UP DOWN UP UP UP DOWN
 bond price direction UP UP UP UP DOWN DOWN UP DOWN DOWN DOWN DOWN
2001 2002 2003 2004 2005 2005 2006
Q1 Q2 Q3 Q4 Q1 Q2
1 Net change in liabilities 122.8 159.4 137.6 130.5 194.8 188.2 148.1 237.3 205.6 77.5 160.0 1
2 State and local governments 105.4 143.4 120.0 115.1 171.0 166.2 126.8 215.9 175.1 64.3 122.6 2
3 Short-term (1) 23.8 25.2 10.4 -5.9 5.7 4.5 -20.7 12.8 26.3 0.3 -8.2 3
4 Long-term 81.6 118.2 109.6 121.0 165.3 161.7 147.5 203.1 148.7 64.1 130.9 4
5 Nonprofit organizations (2) 13.8 12.9 14.1 10.3 16.5 15.7 14.6 14.9 20.7 9.3 29.7 5
Nonfinancial corporate business  
6 (industrial revenue bonds) 3.5 3.1 3.5 5.1 7.4 6.3 6.7 6.5 9.9 3.9 7.6 6
7 Net change in assets 122.8 159.4 137.6 130.5 194.8 188.2 148.1 237.3 205.6 77.5 160.0 7
8 Household sector 49.9 97.6 29.1 33.2 75.8 33.0 77.8 99.9 92.6 -23.2 94.6 8
9 Nonfinancial corporate business -2.6 2.8 3.3 -0.4 -2.4 2.3 -12.2 2.7 -2.4 7.9 -1.0 9
10 Nonfarm noncorporate business 1.1 -0.1 -0.7 0.4 0.5 0.3 0.5 0.5 0.5 0.4 0.3 10
11 State and local governments 0.2 0.1 0.3 0.2 0.2 0.2 -0.1 0.3 0.2 0.4 0.2 11
12 Rest of the world 0.0 3.5 8.0 6.5 4.0 4.0 4.0 4.0 4.0 4.0 4.0 12
13 Commercial banking 6.1 1.5 10.8 8.3 16.9 20.6 8.1 17.5 21.4 12.2 3.9 13
14 Savings institutions 1.3 1.0 0.8 0.8 1.5 1.0 3.0 1.5 0.7 3.2 1.2 14
15 Property-casualty insurance companies -10.3 9.2 41.2 43.6 45.4 52.5 38.0 62.2 28.8 24.6 25.8 15
16 Life insurance companies -0.4 1.2 6.2 4.0 2.4 4.1 2.0 2.3 1.1 1.8 1.3 16
17 State and local govt. retirement funds -0.1 -0.8 0.1 0.7 -0.6 -2.7 1.2 1.0 -1.8 -3.4 0.2 17
18 Money market mutual funds 34.2 1.8 13.6 21.8 23.2 21.7 22.2 18.4 30.7 35.1 -9.2 18
19 Mutual funds 22.6 24.3 12.9 4.1 17.4 26.9 18.5 28.0 -4.0 39.2 20.0 19
20 Closed-end funds 7.0 11.3 3.2 -0.1 0.2 1.1 2.5 -1.7 -1.1 0.0 3.1 20
21 Government-sponsored enterprises 6.2 4.0 5.0 0.2 -0.8 5.6 -1.8 -10.9 4.0 5.0 6.3 21
22 Brokers and dealers 7.7 2.0 3.8 7.1 11.0 17.5 -15.7 11.5 30.7 -29.7 9.4 22
 (1) Debt with original maturity of 13 months or less.      
 (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).