Outstanding U.S.

Bond Market Debt

$ Billions
Federal
Mortgage Corporate Money Asset-
Treasury Agency Total
Related Debt Markets Backed
Securities
1980 623.2 111.4 467.9 164.3 163.8 1,530.6
1981 720.3 127.0 499.0 194.5 215.1 1,755.9
1982 881.5 177.1 545.0 208.8 226.8 2,039.2
1983 1,050.9 248.3 585.9 209.3 253.8 2,348.1
1984 1,247.4 302.9 663.3 240.4 305.7 2,759.7
1985 1,437.7 399.9 789.1 261.0 358.5 1.3 3,246.2
1986 1,619.0 614.7 976.1 276.6 384.9 11.8 3,871.3
1987 1,724.7 816.0 1,092.1 308.3 437.9 18.6 4,379.0
1988 1,821.3 973.6 1,212.5 370.7 513.4 26.2 4,891.5
1989 1,945.4 1,192.7 1,307.8 397.5 579.2 37.6 5,422.6
1990 2,195.8 1,340.1 1,363.5 421.5 609.9 67.2 5,930.8
1991 2,471.6 1,577.1 1,463.6 421.5 565.9 92.6 6,499.7
1992 2,754.1 1,774.3 1,563.3 462.4 579.0 117.3 7,133.2
1993 2,989.5 2,209.0 1,790.2 550.8 580.0 133.3 8,119.6
1994 3,126.0 2,352.9 1,941.7 727.7 623.5 162.8 8,771.8
1995 3,307.2 2,432.1 2,096.9 924.0 700.4 215.7 9,460.5
1996 3,444.7 2,606.4 2,268.0 925.8 803.0 298.2 10,047.9
1997 3,441.7 2,871.8 2,478.1 1,021.8 979.4 394.9 10,792.8
1998 3,340.5 3,243.4 2,809.8 1,302.1 1,172.6 478.0 11,868.3
1999 3,266.0 3,832.2 3,163.5 1,620.0 1,402.4 583.5 13,284.2
2000 2,951.9 4,119.3 3,461.3 1,853.7 1,614.0 701.9 14,000.2
2001 2,968.0 4,711.0 3,877.1 2,157.4 1,474.0 812.0 15,187.5
2002 3,205.3 5,289.4 4,075.5 2,377.7 1,374.9 904.8 16,322.7
2003 3,575.2 5,714.5 4,370.1 2,626.2 1,292.9 995.3 17,578.9
2004 3,945.8 6,301.7 4,595.6 2,700.6 1,399.1 1,100.2 18,942.8
2005 4,170.0 7,218.1 4,664.6 2,616.0 1,644.2 1,281.4 20,312.9
2006 4,328.0 8,389.9 4,904.7 2,634.0 1,958.4 1,656.9 22,215.0
2007 4,522.6 9,386.0 5,337.7 2,906.2 1,788.9 1,963.5 23,941.4
2008 5,783.6 9,467.4 5,514.0 3,210.6 1,599.8 1,829.5 25,575.4
2009 7,260.6 9,352.5 6,100.1 2,727.5 1,138.0 1,712.1 26,578.7
2010 8,853.0 9,258.4 6,743.9 2,538.8 1,057.6 1,507.8 28,451.7
2011 9,928.4 9,075.5 6,862.5 2,326.9 969.3 1,359.0 29,162.7
2012 11,046.1 8,838.1 7,266.2 2,095.8 952.4 1,280.3 30,198.6
2013 11,854.4 8,742.6 7,682.2 2,056.9 951.6 1,285.7 31,287.7
2014 12,504.8 8,842.0 8,045.0 2,028.7 930.4 1,349.4 32,350.9
2015 13,191.6 8,894.8 8,284.7 1,995.4 941.5 1,376.6 33,308.0
2016 13,908.2 9,023.4 8,688.5 1,971.7 884.9 1,391.8 34,476.7
 2017 14,468.8 9,304.5 8,994.0 1,934.7 965.9 1,457.9 35,667.9
2018 15,608.0 9,732.3 9,200.7 1,841.6 1,076.1 1,615.6 37,458.7

2018
Q1 14,933.3 9,383.7 9,070.9 1,913.1 1,048.4 1,457.8 41,666.0
Q2 14,972.1 9,483.9 9,079.0 1,899.6 1,051.5 1,528.3 41,874.7
Q3 15,267.7 9,613.6 9,163.1 1,865.2 1,045.6 1,546.2 42,334.8
Q4 15,608.0 9,732.3 9,200.7 1,841.6 1,076.1 1,615.6 42,895.5

Outstanding
Treasury Interest bearing marketable coupon public debt.

Asset-Backed Includes auto, credit card, home equity, manufacturing, student loans and other; USD

Money MarketIncludes commercial paper, bankers acceptances, and large time deposits.

Mortgage-Rel Includes GNMA, FNMA, and FHLMC mortgage-backed securities and CMOs and priv

Corporate DebDebt obligations of U.S. financial and nonfinancial corporations including bonds, note

Federal AgencContains agency debt of Fannie Mae, Freddie Mac, Farmer Mac, FHLB, the Farm Cre
loans and other; USD-denominated CDOs are also included.

e deposits.

s and CMOs and private-label MBS/CMOs.

ncluding bonds, notes, debentures, mandatory convertible securities, long-term debt, private mortgage-backed

FHLB, the Farm Credit System, and federal budget agencies (e.g., TVA). Beginning with 2004, Sallie Mae has
te mortgage-backed securities, and unsecured debt. Includes bonds issued both in the United States and in fo

004, Sallie Mae has been excluded due to privatization. Beginning in 2010 Q1, the Federal Reserve Flow of Fu
ted States and in foreign countries, but not bonds issued in foreign countries by foreign subsidiaries of U.S. co

Reserve Flow of Funds is no longer our source of agency debt going forward due to FAS 166/167 changes.
bsidiaries of U.S. corporations. Recorded at book value.

66/167 changes.
Source:
https://www.treasurydirect.gov/govt/reports/pd/mspd/2018/opds122018.pdf
Source:
https://www.gao.gov/americas_fiscal_future?t=federal_debt#understanding_the_debt