Board of Governors of the Federal Reserve System

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

Reserve Bank credit

 6,705,727

-    1,278

+  128,519

 6,698,426

Securities held outright1

 6,471,814

+    5,146

+  147,188

 6,475,303

U.S. Treasury securities

 4,538,703

+    5,236

+  336,412

 4,542,228

Bills2

   534,115

+    5,539

+  338,622

   537,752

Notes and bonds, nominal2

 3,621,850

         0

+   34,887

 3,621,850

Notes and bonds, inflation-indexed2

   276,076

         0

-   33,351

   276,076

Inflation compensation3

   106,661

-      302

-    3,747

   106,550

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,930,764

-       91

-  189,224

 1,930,728

Unamortized premiums on securities held outright5

   211,676

-      355

-   22,037

   211,546

Unamortized discounts on securities held outright5

   -25,922

+       15

-    2,024

   -25,994

Repurchase agreements6

         1

-       14

-       28

         1

Foreign official

         0

         0

         0

         0

Others

         1

-       13

-       28

         1

Loans

     5,216

-      559

-      895

     5,101

Primary credit

     5,165

-      553

+      522

     5,038

Secondary credit

         0

         0

         0

         0

Seasonal credit

        35

-        6

-       25

        47

Paycheck Protection Program Liquidity Facility

        16

         0

-    1,391

        16

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)7

       728

+       25

-    3,554

       727

Float

      -216

+       12

+       53

      -229

Central bank liquidity swaps8

       123

-        9

+       77

       123

Other Federal Reserve assets9

    42,307

-    5,539

+    9,738

    31,848

Foreign currency denominated assets10

    19,277

+       20

-      267

    19,397

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding11

    53,340

+       14

+      728

    53,340

Total factors supplying reserve funds

 6,804,585

-    1,244

+  128,981

 6,797,403

Currency in circulation11

 2,475,096

+      205

+   72,228

 2,475,537

Reverse repurchase agreements12

   364,865

+   13,977

-   24,897

   373,686

Foreign official and international accounts

   364,589

+   14,948

+    7,066

   373,369

Others

       275

-      972

-   31,964

       317

Treasury cash holdings

       333

+        6

-       90

       330

Deposits with F.R. Banks, other than reserve balances

 1,205,481

-    8,945

+  457,846

 1,192,695

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   953,612

-   10,338

+  434,078

   936,406

Foreign official

     9,945

+      489

+      511

     9,456

Other13

   241,925

+      906

+   23,258

   246,833

Treasury contributions to credit facilities14

         0

         0

-    2,029

         0

Other liabilities and capital15

  -176,478

+    2,284

+    7,926

  -175,663

Total factors, other than reserve balances,
absorbing reserve funds

 3,869,298

+    7,529

+  510,985

 3,866,586

Reserve balances with Federal Reserve Banks

 2,935,287

-    8,772

-  382,005

 2,930,817

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements.

7.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

8.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

9.

Includes bank premises, accrued interest, and other accounts receivable.

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 2,870,870

-   16,825

-  295,632

 2,864,974

Marketable U.S. Treasury securities1

 2,592,082

-   16,852

-  239,301

 2,586,171

Federal agency debt and mortgage-backed securities2

   204,492

+      146

-   50,263

   204,466

Other securities3

    74,296

-      119

-    6,068

    74,338

Securities lent to dealers

    37,868

-    2,094

+    4,604

    36,235

Overnight facility4

    37,868

-    2,094

+    4,604

    36,235

U.S. Treasury securities

    37,868

-    2,094

+    4,604

    36,235

Federal agency debt securities

         0

         0

         0

         0

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.

Loans1

     2,813

     2,288

         0

         0

         0

...

     5,101

U.S. Treasury securities2

Holdings

   116,943

   361,022

   536,473

 1,434,175

   471,415

 1,622,201

 4,542,228

Weekly changes

-    1,175

-    5,002

+   21,688

-      382

-   17,397

+    6,209

+    3,940

Federal agency debt securities3

Holdings

         0

         0

         0

     2,134

       213

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         6

         0

        89

     5,308

   102,035

 1,823,289

 1,930,728

Weekly changes

+        6

-        6

         0

         0

-        1

-      127

-      127

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       482

        16

        74

         0

...

...

       572

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

       123

         0

         0

         0

         0

         0

       123

Reverse repurchase agreements6

   373,686

         0

...

...

...

...

   373,686

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); and other credit extensions. A component of PPPLF loans presented in the Within 15 days category has reached contractual maturity, and collection is expected based upon the terms of the PPPLF. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

2.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

3.

Face value.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Book value of the loan participations held by the MS Facilities 2020 LLC. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy.

6.

Cash value of agreements.

7.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

Mortgage-backed securities held outright1

 1,930,728

Residential mortgage-backed securities

 1,923,213

Commercial mortgage-backed securities

     7,514

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

       156

Cash and cash equivalents3

         0

1.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

MS Facilities 2020 LLC (Main Street Lending Program)

         0

       102

       625

       727

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases includes loan participations at face value, net of a valuation allowance, updated as of June 30, 2026.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

    15,200

         0

         0

Coin

     1,353

-        5

-      120

Securities, unamortized premiums and discounts, repurchase agreements, and loans

 6,665,957

+    2,779

+  129,182

Securities held outright1

 6,475,303

+    3,813

+  154,238

U.S. Treasury securities

 4,542,228

+    3,940

+  340,275

Bills2

   537,752

+    4,243

+  342,259

Notes and bonds, nominal2

 3,621,850

         0

+   35,343

Notes and bonds, inflation-indexed2

   276,076

         0

-   33,351

Inflation compensation3

   106,550

-      302

-    3,976

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,930,728

-      127

-  186,036

Unamortized premiums on securities held outright5

   211,546

-      359

-   21,926

Unamortized discounts on securities held outright5

   -25,994

-       87

-    2,149

Repurchase agreements6

         1

+        1

-      200

Loans7

     5,101

-      590

-      781

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8

       727

-        1

-    3,523

Items in process of collection

(0)

        58

-        5

+        2

Bank premises

       682

+        7

+      114

Central bank liquidity swaps9

       123

-        9

+       77

Foreign currency denominated assets10

    19,397

+      180

-      123

Other assets11

    31,166

-   17,201

+    1,675

Total assets

(0)

 6,745,699

-   14,256

+  127,284

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

 2,423,877

-       43

+   71,070

Reverse repurchase agreements12

   373,686

+   15,569

-   25,380

Deposits

(0)

 4,123,512

-   32,152

+   75,479

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,930,817

-   16,813

-  366,818

U.S. Treasury, General Account

   936,406

-   22,999

+  410,343

Foreign official

     9,456

         0

+       21

Other13

(0)

   246,833

+    7,661

+   31,933

Deferred availability cash items

(0)

       287

+        3

-      100

Treasury contributions to credit facilities14

         0

         0

-    2,029

Other liabilities and accrued dividends15

  -223,344

+    2,362

+    6,307

Total liabilities

(0)

 6,698,018

-   14,261

+  125,346

Capital accounts

Capital paid in

    40,896

+        5

+    1,938

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    47,681

+        5

+    1,938

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

10.

Revalued daily at current foreign currency exchange rates.

11.

Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Assets

Gold certificates and special drawing rights certificates

    26,237

       891

     8,007

       818

     1,240

     1,901

     3,698

     1,737

       791

       452

       758

     2,291

     3,653

Coin

     1,353

        40

        63

       178

        41

       178

       103

       242

        29

        58

       100

       122

       201

Securities, unamortized premiums and discounts, repurchase agreements,
and loans1

 6,665,957

   167,326

 3,385,620

   132,561

   257,265

   549,473

   467,087

   417,920

   110,351

    57,368

    83,063

   326,889

   711,035

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

       727

       727

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       123

         5

        40

         4

        13

        27

         4

         7

         3

         1

         2

         3

        15

Foreign currency denominated

assets4

    19,397

       809

     6,249

       640

     1,972

     4,254

       691

     1,060

       485

       115

       255

       551

     2,315

Other assets5

    31,906

       818

    13,887

       701

     1,235

     2,988

     3,291

     1,881

       890

       432

       721

     1,620

     3,442

Interdistrict settlement account

         0

-   14,715

+  145,521

-   16,972

-   28,645

-   54,574

-   38,957

+    4,640

-    8,757

+    3,665

+    6,683

-    2,831

+    4,943

Total assets

 6,745,699

   155,901

 3,559,387

   117,929

   233,120

   504,246

   435,917

   427,487

   103,791

    62,091

    91,582

   328,644

   725,604

Liabilities

Federal Reserve notes, net

 2,423,877

    84,259

   751,608

    64,093

   118,991

   174,821

   345,698

   126,620

    77,445

    40,840

    55,238

   219,852

   364,414

Reverse repurchase agreements6

   373,686

     9,340

   189,891

     7,428

    14,430

    30,817

    26,201

    23,421

     6,176

     3,211

     4,655

    18,318

    39,798

Deposits

 4,123,512

    64,649

 2,733,811

    48,367

   103,455

   327,907

    61,233

   297,219

    18,671

    17,837

    32,188

    88,865

   329,311

Depository institutions

 2,930,817

    64,640

 1,719,344

    48,365

   103,405

   327,277

    61,221

   119,897

    18,665

    17,780

    32,149

    88,794

   329,279

U.S. Treasury, General Account

   936,406

         0

   936,406

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,456

         2

     9,429

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   246,833

         8

    68,632

         0

        46

       621

        11

   177,320

         4

        57

        38

        70

        26

Earnings remittances due to the U.S. Treasury8

  -232,955

    -5,358

  -134,889

    -3,618

    -9,654

   -40,542

       127

   -23,095

        28

      -300

    -1,412

        60

   -14,303

Treasury contributions to credit facilities9

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     9,898

     1,070

     3,553

       241

       387

     1,140

       795

       736

       268

       218

       281

       373

       834

Total liabilities

 6,698,018

   153,959

 3,543,975

   116,512

   227,609

   494,143

   434,055

   424,901

   102,587

    61,805

    90,950

   327,468

   720,054

Capital

Capital paid in

    40,896

     1,658

    13,227

     1,194

     4,821

     8,615

     1,620

     2,215

     1,034

       245

       543

       984

     4,740

Surplus

     6,785

       283

     2,185

       224

       690

     1,488

       242

       371

       170

        40

        89

       193

       810

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,745,699

   155,901

 3,559,387

   117,929

   233,120

   504,246

   435,917

   427,487

   103,791

    62,091

    91,582

   328,644

   725,604

1.

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

the purchase price and the face value of the securities that have not been amortized.  For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility; and other credit extensions.

2.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

3.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4.

Revalued daily at current foreign currency exchange rates.

5.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

6.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8.

The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

9.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,831,229

Less: Notes held by F.R. Banks not subject to collateralization

   407,351

Federal Reserve notes to be collateralized

 2,423,877

Collateral held against Federal Reserve notes

 2,423,877

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

 2,397,640

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

 6,475,304

Less: Face value of securities under reverse repurchase agreements

   428,625

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

 6,046,678

1.

Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.

2.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.