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

 6,687,445

-    7,164

+  130,873

 6,689,880

Securities held outright1

 6,465,275

-    5,988

+  158,045

 6,468,278

U.S. Treasury securities

 4,549,343

+    3,669

+  347,306

 4,552,347

Bills2

   545,329

+    3,940

+  349,836

   548,360

Notes and bonds, nominal2

 3,621,410

-      440

+   35,345

 3,620,822

Notes and bonds, inflation-indexed2

   276,517

+      441

-   32,932

   277,105

Inflation compensation3

   106,087

-      271

-    4,943

   106,060

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,913,585

-    9,657

-  189,261

 1,913,585

Unamortized premiums on securities held outright5

   210,575

-      552

-   22,008

   210,447

Unamortized discounts on securities held outright5

   -25,960

+       34

-    2,172

   -26,040

Repurchase agreements6

        17

+       16

+       17

         0

Foreign official

         0

         0

         0

         0

Others

        17

+       16

+       17

         0

Loans

     5,173

-      242

-      983

     5,355

Primary credit

     5,102

-      244

+      412

     5,282

Secondary credit

         0

         0

         0

         0

Seasonal credit

        55

+        2

-        5

        57

Paycheck Protection Program Liquidity Facility

        16

         0

-    1,390

        16

Other credit extensions

         0

         0

         0

         0

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

       894

+       28

-    3,362

       895

Float

      -242

         0

+      260

      -228

Central bank liquidity swaps8

       132

+       11

+       91

       132

Other Federal Reserve assets9

    31,581

-      472

+      986

    31,041

Foreign currency denominated assets10

    19,323

-       67

-      267

    19,458

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding11

    53,368

+       14

+      728

    53,368

Total factors supplying reserve funds

 6,786,376

-    7,218

+  131,334

 6,788,947

Currency in circulation11

 2,479,541

+    3,397

+   69,098

 2,482,031

Reverse repurchase agreements12

   365,043

+    2,830

-   50,021

   357,742

Foreign official and international accounts

   363,763

+    1,880

+    3,349

   357,217

Others

     1,280

+      950

-   53,370

       525

Treasury cash holdings

       320

-        9

         0

       317

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

 1,223,525

+   14,933

+  392,080

 1,195,440

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   967,935

+   17,199

+  370,422

   944,364

Foreign official

     9,459

+        1

+       24

     9,459

Other13

   246,131

-    2,267

+   21,633

   241,617

Treasury contributions to credit facilities14

         0

         0

-    2,029

         0

Other liabilities and capital15

  -176,582

+    2,037

+    9,379

  -175,867

Total factors, other than reserve balances,
absorbing reserve funds

 3,891,846

+   23,188

+  418,505

 3,859,662

Reserve balances with Federal Reserve Banks

 2,894,531

-   30,405

-  287,170

 2,929,285

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

 2,884,952

+    6,901

-  280,519

 2,877,129

Marketable U.S. Treasury securities1

 2,609,138

+    7,211

-  228,137

 2,601,241

Federal agency debt and mortgage-backed securities2

   201,413

-      284

-   46,862

   201,414

Other securities3

    74,400

-       28

-    5,522

    74,474

Securities lent to dealers

    36,269

+    2,586

-    3,046

    39,261

Overnight facility4

    36,269

+    2,586

-    3,046

    39,261

U.S. Treasury securities

    36,269

+    2,586

-    3,046

    39,261

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

     1,692

     3,663

         0

         0

         0

...

     5,355

U.S. Treasury securities2

Holdings

    93,581

   399,688

   532,944

 1,427,478

   473,534

 1,625,121

 4,552,347

Weekly changes

-   19,582

+   31,564

-    4,417

-    6,564

+    2,141

+    3,034

+    6,178

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

         0

         8

       153

     5,165

   100,130

 1,808,129

 1,913,585

Weekly changes

-        6

+        8

+       54

+       30

-       92

+        6

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

         0

         0

         0

         0

...

...

         0

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

       132

         0

         0

         0

         0

         0

       132

Reverse repurchase agreements6

   357,742

         0

...

...

...

...

   357,742

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

 1,913,585

Residential mortgage-backed securities

 1,906,167

Commercial mortgage-backed securities

     7,417

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

         0

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

         0

       895

       895

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

     1,330

-       22

-      140

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

 6,658,041

+    6,090

+  137,517

Securities held outright1

 6,468,278

+    6,177

+  162,267

U.S. Treasury securities

 4,552,347

+    6,178

+  351,529

Bills2

   548,360

+    6,365

+  352,867

Notes and bonds, nominal2

 3,620,822

-    1,028

+   36,048

Notes and bonds, inflation-indexed2

   277,105

+    1,029

-   32,347

Inflation compensation3

   106,060

-      187

-    5,038

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,913,585

         0

-  189,261

Unamortized premiums on securities held outright5

   210,447

-      354

-   21,985

Unamortized discounts on securities held outright5

   -26,040

-      125

-    2,282

Repurchase agreements6

         0

-        3

-        3

Loans7

     5,355

+      393

-      481

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

       895

+        1

-    3,364

Items in process of collection

(0)

        71

+       12

+       10

Bank premises

       666

-       27

+      110

Central bank liquidity swaps9

       132

+       11

+       91

Foreign currency denominated assets10

    19,458

+      104

-       71

Other assets11

    30,375

+      124

+      982

Total assets

(0)

 6,737,204

+    6,292

+  135,133

Liabilities

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

 2,430,305

+    3,939

+   68,650

Reverse repurchase agreements12

   357,742

+    1,584

-   10,989

Deposits

(0)

 4,124,725

-    1,446

+   70,414

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,929,285

+   12,461

-  238,620

U.S. Treasury, General Account

   944,364

-   15,071

+  282,425

Foreign official

     9,459

         0

+       24

Other13

(0)

   241,617

+    1,163

+   26,585

Deferred availability cash items

(0)

       299

         0

-      332

Treasury contributions to credit facilities14

         0

         0

-    2,029

Other liabilities and accrued dividends15

  -223,583

+    2,181

+    7,423

Total liabilities

(0)

 6,689,488

+    6,258

+  133,137

Capital accounts

Capital paid in

    40,931

+       35

+    1,996

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    47,716

+       35

+    1,996

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

     1,330

        36

        61

       180

        44

       176

        96

       238

        27

        56

        96

       120

       200

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

 6,658,041

   167,094

 3,381,647

   132,412

   256,923

   548,775

   466,566

   417,273

   110,171

    57,242

    82,954

   326,823

   710,160

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

       895

       895

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       132

         6

        43

         4

        13

        29

         5

         7

         3

         1

         2

         4

        16

Foreign currency denominated

assets4

    19,458

       806

     6,366

       637

     1,963

     4,236

       688

     1,056

       483

       115

       254

       548

     2,305

Other assets5

    31,112

       796

    13,488

       684

     1,205

     2,896

     3,236

     1,831

       873

       457

       709

     1,578

     3,358

Interdistrict settlement account

         0

+    7,965

+  149,198

-   15,257

-   24,793

-   63,062

-   37,541

+    9,219

-    7,612

+    5,153

+    9,022

+    1,057

-   33,349

Total assets

 6,737,204

   178,488

 3,558,809

   119,479

   236,595

   494,951

   436,748

   431,361

   104,737

    63,475

    93,795

   332,422

   686,343

Liabilities

Federal Reserve notes, net

 2,430,305

    84,258

   752,957

    64,063

   119,138

   175,081

   346,908

   126,364

    77,373

    41,390

    55,897

   221,266

   365,610

Reverse repurchase agreements6

   357,742

     8,941

   181,789

     7,111

    13,814

    29,502

    25,083

    22,422

     5,912

     3,074

     4,457

    17,537

    38,100

Deposits

 4,124,725

    87,229

 2,740,366

    50,252

   107,391

   319,831

    61,963

   302,480

    19,939

    18,802

    33,940

    92,006

   290,526

Depository institutions

 2,929,285

    87,223

 1,722,612

    50,251

   107,355

   319,332

    61,950

   125,545

    19,935

    18,748

    33,915

    91,917

   290,503

U.S. Treasury, General Account

   944,364

         0

   944,364

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,459

         2

     9,432

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   241,617

         5

    63,958

         0

        32

       490

        11

   176,933

         3

        54

        25

        88

        18

Earnings remittances due to the U.S. Treasury8

  -233,369

    -5,339

  -135,086

    -3,606

    -9,643

   -40,717

       147

   -23,243

        21

      -292

    -1,411

        62

   -14,263

Treasury contributions to credit facilities9

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    10,086

     1,218

     3,580

       240

       384

     1,150

       783

       752

       287

       217

       280

       374

       820

Total liabilities

 6,689,488

   176,307

 3,543,606

   118,061

   231,084

   484,848

   434,884

   428,775

   103,533

    63,190

    93,163

   331,245

   680,792

Capital

Capital paid in

    40,931

     1,898

    13,018

     1,194

     4,822

     8,615

     1,622

     2,215

     1,034

       245

       543

       984

     4,741

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

 6,737,204

   178,488

 3,558,809

   119,479

   236,595

   494,951

   436,748

   431,361

   104,737

    63,475

    93,795

   332,422

   686,343

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

 2,832,233

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

   401,927

Federal Reserve notes to be collateralized

 2,430,305

Collateral held against Federal Reserve notes

 2,430,305

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,404,069

Other assets pledged

         0

Memo:

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

 6,468,278

Less: Face value of securities under reverse repurchase agreements

   417,499

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

 6,050,779

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.