Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1

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Release Date: July 30, 2026

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

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jul 29, 2026
	Week ended Jul 29, 2026	Change from week ended
	Week ended Jul 29, 2026	Jul 22, 2026	Jul 30, 2025
Reserve Bank credit	6,699,203	+ 1,270	+ 102,713	6,691,432
Securities held outright1	6,460,620	- 319	+ 128,741	6,452,856
U.S. Treasury securities	4,519,456	+ 7,693	+ 312,612	4,519,654
Bills2	514,519	+ 7,153	+ 319,026	514,519
Notes and bonds, nominal2	3,624,172	0	+ 30,321	3,624,172
Notes and bonds, inflation-indexed2	273,755	0	- 34,242	273,755
Inflation compensation3	107,010	+ 540	- 2,493	107,209
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	1,938,817	- 8,013	- 183,871	1,930,855
Unamortized premiums on securities held outright5	212,835	- 490	- 22,064	212,568
Unamortized discounts on securities held outright5	-25,724	+ 18	- 2,018	-25,646
Repurchase agreements6	6	+ 6	+ 5	3
Foreign official	0	0	0	0
Others	6	+ 6	+ 5	3
Loans	5,716	+ 990	- 1,229	6,565
Primary credit	5,656	+ 992	+ 165	6,506
Secondary credit	0	0	0	0
Seasonal credit	43	- 3	+ 1	44
Paycheck Protection Program Liquidity Facility	16	0	- 1,395	16
Other credit extensions	0	0	0	0
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)7	627	- 1	- 3,836	628
Float	-231	+ 54	+ 226	-244
Central bank liquidity swaps8	132	- 246	+ 75	132
Other Federal Reserve assets9	45,222	+ 1,259	+ 2,813	44,570
Foreign currency denominated assets10	18,858	- 84	- 611	18,857
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	15,200	0	0	15,200
Treasury currency outstanding11	53,298	+ 14	+ 718	53,298

Total factors supplying reserve funds	6,797,600	+ 1,200	+ 102,821	6,789,828

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jul 29, 2026
	Week ended Jul 29, 2026	Change from week ended
	Week ended Jul 29, 2026	Jul 22, 2026	Jul 30, 2025
Currency in circulation11	2,470,970	+ 69	+ 71,550	2,472,177
Reverse repurchase agreements12	343,947	- 9,297	- 181,761	337,051
Foreign official and international accounts	342,803	- 10,283	- 28,523	334,475
Others	1,144	+ 986	- 153,238	2,576
Treasury cash holdings	320	- 4	- 103	323
Deposits with F.R. Banks, other than reserve balances	1,177,019	+ 89,880	+ 571,430	1,214,102
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	910,776	+ 81,153	+ 540,269	970,442
Foreign official	9,469	- 582	+ 31	9,452
Other13	256,774	+ 9,309	+ 31,131	234,208
Treasury contributions to credit facilities14	0	0	- 2,029	0
Other liabilities and capital15	-179,225	- 1,867	+ 6,579	-178,368

Total factors, other than reserve balances, absorbing reserve funds	3,813,030	+ 78,780	+ 465,665	3,845,287

Reserve balances with Federal Reserve Banks	2,984,570	- 77,579	- 362,844	2,944,541

Note: Components may not sum to totals because of rounding.

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.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Jul 29, 2026
	Week ended Jul 29, 2026	Change from week ended
	Week ended Jul 29, 2026	Jul 22, 2026	Jul 30, 2025
Securities held in custody for foreign official and international accounts	2,917,756	+ 32,986	- 310,644	2,935,289
Marketable U.S. Treasury securities1	2,638,757	+ 35,459	- 250,396	2,656,633
Federal agency debt and mortgage-backed securities2	204,531	- 1,920	- 51,929	204,218
Other securities3	74,468	- 553	- 8,320	74,437
Securities lent to dealers	42,679	+ 4,655	+ 9,383	39,780
Overnight facility4	42,679	+ 4,655	+ 9,383	39,780
U.S. Treasury securities	42,679	+ 4,655	+ 9,383	39,780
Federal agency debt securities	0	0	0	0

Note: Components may not sum to totals because of rounding.

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.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, July 29, 2026

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans1	4,096	2,469	0	0	0	...	6,565
U.S. Treasury securities2
Holdings	114,430	363,933	511,313	1,429,728	484,121	1,616,129	4,519,654
Weekly changes	- 3,841	+ 8,328	- 977	+ 240	+ 37	+ 205	+ 3,993
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	6	84	5,302	101,993	1,823,470	1,930,855
Weekly changes	0	0	+ 10	- 93	- 1,852	- 11,999	- 13,933
Loan participations held by MS
Facilities 2020 LLC (Main Street
Lending Program)5	471	32	91	0	...	...	594
Repurchase agreements6	3	0	...	...	...	...	3
Central bank liquidity swaps7	132	0	0	0	0	0	132
Reverse repurchase agreements6	337,051	0	...	...	...	...	337,051
Term deposits	0	0	0	...	...	...	0

Note: Components may not sum to totals because of rounding.
...Not applicable.

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.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Jul 29, 2026
Mortgage-backed securities held outright1	1,930,855
Residential mortgage-backed securities	1,923,337
Commercial mortgage-backed securities	7,517

Commitments to buy mortgage-backed securities2	0
Commitments to sell mortgage-backed securities2	63

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.

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:	Wednesday Jul 29, 2026
		Net portfolio holdings of
		Credit Facilities LLC
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC1	purchases2	other assets3	Total
MS Facilities 2020 LLC (Main Street Lending Program)	0	36	592	628

Note: Components may not sum to totals because of rounding.

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 an allowance for credit losses, updated as of March 31, 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.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Jul 29, 2026	Change since
			Wednesday	Wednesday
			Jul 22, 2026	Jul 30, 2025
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		15,200	0	0
Coin		1,360	- 7	- 93
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,646,346	- 8,842	+ 98,283
Securities held outright1		6,452,856	- 9,941	+ 122,921
U.S. Treasury securities		4,519,654	+ 3,993	+ 312,738
Bills2		514,519	+ 3,453	+ 319,026
Notes and bonds, nominal2		3,624,172	0	+ 30,321
Notes and bonds, inflation-indexed2		273,755	0	- 34,242
Inflation compensation3		107,209	+ 540	- 2,366
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		1,930,855	- 13,933	- 189,817
Unamortized premiums on securities held outright5		212,568	- 579	- 22,145
Unamortized discounts on securities held outright5		-25,646	+ 59	- 2,011
Repurchase agreements6		3	+ 3	+ 3
Loans7		6,565	+ 1,615	- 485
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8		628	+ 1	- 3,843
Items in process of collection	(0)	57	- 3	- 2
Bank premises		684	+ 1	+ 108
Central bank liquidity swaps9		132	- 246	+ 75
Foreign currency denominated assets10		18,857	- 55	- 365
Other assets11		43,888	- 37	+ 1,448

Total assets	(0)	6,738,190	- 9,188	+ 95,612

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Jul 29, 2026	Change since
			Wednesday	Wednesday
			Jul 22, 2026	Jul 30, 2025
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,420,559	+ 1,236	+ 69,908
Reverse repurchase agreements12		337,051	- 15,652	- 188,630
Deposits	(0)	4,158,647	+ 7,173	+ 210,464
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,944,544	- 120,352	- 355,152
U.S. Treasury, General Account		970,442	+ 135,025	+ 550,996
Foreign official		9,452	+ 4	+ 14
Other13	(0)	234,208	- 7,505	+ 14,605
Deferred availability cash items	(0)	300	- 99	- 1,086
Treasury contributions to credit facilities14		0	0	- 2,029
Other liabilities and accrued dividends15		-226,135	- 1,904	+ 4,775

Total liabilities	(0)	6,690,422	- 9,247	+ 93,402

Capital accounts
Capital paid in		40,982	+ 58	+ 2,208
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		47,767	+ 58	+ 2,208

Note: Components may not sum to totals because of rounding.

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.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 29, 2026

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
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	1,360	42	64	173	39	181	106	239	32	60	102	119	204
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	6,646,346	166,710	3,376,026	132,116	256,506	547,759	465,606	416,610	110,008	57,131	82,889	325,920	709,065
Net portfolio holdings of MS
Facilities 2020 LLC (Main Street
Lending Program)2	628	628	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	18,857	787	6,075	622	1,917	4,136	672	1,031	472	112	248	535	2,251
Other assets5	44,629	1,137	20,360	956	1,748	4,072	4,206	2,685	923	580	913	2,250	4,798
Interdistrict settlement account	0	+ 1,940	+ 159,971	- 18,918	- 30,519	- 41,692	- 40,840	- 4,878	- 8,615	+ 3,209	+ 6,280	- 5,530	- 20,410

Total assets	6,738,190	172,140	3,570,546	115,772	230,945	516,387	433,452	417,430	103,614	61,545	91,192	325,589	699,577

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 29, 2026 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes, net	2,420,559	84,515	748,255	64,176	119,074	173,441	345,884	126,983	77,935	40,915	54,692	220,331	364,358
Reverse repurchase agreements6	337,051	8,424	171,275	6,700	13,015	27,796	23,632	21,125	5,570	2,896	4,199	16,522	35,896
Deposits	4,158,647	81,727	2,768,498	46,794	102,798	344,611	61,183	289,170	18,614	17,569	32,845	87,164	307,674
Depository institutions	2,944,544	81,717	1,719,915	46,792	102,766	343,724	61,169	124,830	18,611	17,465	32,814	87,097	307,644
U.S. Treasury, General Account	970,442	0	970,442	0	0	0	0	0	0	0	0	0	0
Foreign official	9,452	2	9,425	1	4	9	1	2	1	0	1	1	5
Other7	234,208	8	68,716	0	28	878	13	164,338	2	104	30	66	26
Earnings remittances due to the U.S. Treasury8	-233,419	-5,380	-135,162	-3,664	-9,738	-40,560	154	-22,960	30	-319	-1,424	86	-14,482
Treasury contributions to credit facilities9	0	0	0	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	7,585	916	2,259	202	288	1,028	746	529	266	198	251	307	595

Total liabilities	6,690,422	170,201	3,555,124	114,208	225,437	506,316	431,599	414,846	102,416	61,260	90,562	324,411	694,042

Capital
Capital paid in	40,982	1,656	13,237	1,340	4,818	8,582	1,611	2,213	1,029	245	540	986	4,725
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	6,738,190	172,140	3,570,546	115,772	230,945	516,387	433,452	417,430	103,614	61,545	91,192	325,589	699,577

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 29, 2026 (continued)

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).

H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral	Wednesday
Federal Reserve notes and collateral	Jul 29, 2026
Federal Reserve notes outstanding	2,827,302
Less: Notes held by F.R. Banks not subject to collateralization	406,743
Federal Reserve notes to be collateralized	2,420,559
Collateral held against Federal Reserve notes	2,420,559
Gold certificate account	11,037
Special drawing rights certificate account	15,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,394,322
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	6,452,859
Less: Face value of securities under reverse repurchase agreements	388,254
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	6,064,605

Note: Components may not sum to totals because of rounding.

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.

Last Update: July 30, 2026