Board of Governors of the Federal Reserve System

Beginning in 2012:Q1, market value stocks outstanding calculated as the fair value from Federal Reserve Banks Combined Quarterly Financial Report, table 2 Domestic SOMA portfolio holdings, Total Treasury securities. Transactions calculated as the difference in amortized cost from Federal Reserve Banks Combined Quarterly Financial Report, table 2 Domestic SOMA portfolio holdings, Total Treasury securities. Capital gains calculated as change in the stocks outstanding less transactions less other changes in volume. Prior to 2012:Q1, stocks outstanding calculated from the H.4.1 Federal Reserve statistical release, table 5 Consolidated Statement of Condition of All Federal Reserve Banks, Securities held outright, U.S. Treasury securities. Data for the most recent ten years show no significant seasonality.