Accessible Version

The Increased Role of the Federal Home Loan Bank System in Funding Markets, Part 2: Recent Trends and Potential Drivers Accessible Data

Figure 1: Evolution of assets

Date Advances Securities Mortgage Other Repo Fed Funds Advances Percent Securities Percent Mortgage Percent Other Percent Repo Percent Fed Funds Percent
3/1/2001 450 114 16.50384 24.66152 6.79262 65.04202 66.46972 16.839 2.43779 3.642765 1.003341 9.607388
6/1/2001 450 116 19.60575 23.51765 4.279421 53.59718 67.46627 17.3913 2.939392 3.525884 0.641592 8.03556
9/1/2001 467 114 22.6357 25.15643 4.49992 60.70795 67.29107 16.42651 3.261628 3.624846 0.648403 8.747543
12/1/2001 473 117 27.6386 25.0175 7.949895 48.394 67.6681 16.7382 3.954021 3.579042 1.137324 6.923319
3/1/2002 462 123 31.61952 27.62523 5.56525 55.19 65.53191 17.44681 4.485039 3.918472 0.789397 7.828369
6/1/2002 470 132 38.28354 30.7543 5.86016 48.102 64.82759 18.2069 5.280488 4.241972 0.808298 6.634759
9/1/2002 490 133 47.0199 35.2664 2.8367 53.877 64.30446 17.45407 6.170591 4.628137 0.37227 7.070472
12/1/2002 489 132 60.45507 30.62092 5.24296 46.68105 64.00524 17.27749 7.912967 4.007974 0.686251 6.110085
3/1/2003 495 135 74.55182 28.97595 4.4422 44.03004 63.29923 17.26343 9.53348 3.705364 0.568056 5.63044
6/1/2003 506 133 90.21838 34.15757 5.307 42.31705 62.39211 16.39951 11.12434 4.211784 0.654377 5.217885
9/1/2003 506 125 108 25.51812 4.40338 42.0785 62.39211 15.41307 13.31689 3.1465 0.542957 5.188471
12/1/2003 514 134 113 22.8474 6.4236 36.729 62.15236 16.20314 13.66385 2.762684 0.776735 4.441233
3/1/2004 531 141 115 28.64818 5.28442 42.0674 61.52955 16.33835 13.32561 3.319604 0.612331 4.874554
6/1/2004 564 145 116 30.006 3.231005 42.763 62.59711 16.09323 12.87458 3.330299 0.358602 4.746171
9/1/2004 562 152 115 24.44507 5.59953 59.9554 61.15343 16.53972 12.5136 2.659964 0.609307 6.523983
12/1/2004 581 153 114 28.50856 2.89484 54.5966 62.20557 16.38116 12.20557 3.052308 0.30994 5.84546
3/1/2005 580 153 114 26.54008 1.79392 61.666 61.89968 16.32871 12.16649 2.832453 0.191454 6.581217
6/1/2005 616 157 111 32.1245 4.2512 57.6243 62.98569 16.05317 11.34969 3.284714 0.434683 5.892055
9/1/2005 615 149 107 33.3613 2.9432 80.6955 62.24696 15.08097 10.82996 3.37665 0.297895 8.167561
12/1/2005 620 153 105 38.14799 3.29481 80.5572 62 15.3 10.5 3.814799 0.329481 8.05572
3/1/2006 615 155 104 36.07708 2.99792 86.925 61.5 15.5 10.4 3.607708 0.299792 8.6925
6/1/2006 638 157 102 43.67295 2.74705 76.58 62.54902 15.39216 10 4.281662 0.269319 7.507843
9/1/2006 644 156 99.68706 46.56954 4.605 79.1384 62.52427 15.14563 9.678355 4.521315 0.447087 7.68334
12/1/2006 641 193 97.97681 6.063493 4.905 77.0547 62.84314 18.92157 9.605569 0.59446 0.480882 7.554382
3/1/2007 624 191 96.32084 4.360064 6.105 98.2141 61.17647 18.72549 9.443219 0.427457 0.598529 9.628833
6/1/2007 640 195 94.3843 7.4107 3.205 100 61.53846 18.75 9.075413 0.712567 0.308173 9.615385
9/1/2007 824 207 92.96552 7.689942 0.15 98.19454 66.99187 16.82927 7.558173 0.625199 0.012195 7.983296
12/1/2007 875 214 91.61054 12.77146 0.8 85.818 68.35938 16.71875 7.157073 0.99777 0.0625 6.704531
3/1/2008 913 220 90.79386 3.456336 0.15 92.5998 69.16667 16.66667 6.878323 0.261844 0.011364 7.015136
6/1/2008 914 245 89.13337 2.213533 0.3 89.3531 68.20896 18.28358 6.651744 0.165189 0.022388 6.668142
9/1/2008 1010 220 87.91821 15.45049 2.3 94.3313 70.62937 15.38462 6.148127 1.080454 0.160839 6.596594
12/1/2008 929 212 87.36138 74.44482 6.895 40.2988 68.81481 15.7037 6.471213 5.514431 0.510741 2.985096
3/1/2009 817 207 85.03169 48.58581 8.98 63.4025 66.42276 16.82927 6.913146 3.950066 0.730081 5.154675
6/1/2009 739 214 77.75442 51.12958 10.385 57.731 64.26087 18.6087 6.761254 4.44605 0.903043 5.020087
9/1/2009 678 220 74.17734 15.35836 7.65 64.8143 63.96226 20.75472 6.997862 1.448902 0.721698 6.114557
12/1/2009 631 223 71.43689 32.79041 7.175 54.5977 61.86275 21.86275 7.003617 3.214746 0.703431 5.352716
3/1/2010 572 220 68.7923 15.69162 10.55 78.96608 59.21325 22.77433 7.121356 1.624391 1.092133 8.174542
6/1/2010 540 224 66.79649 21.24678 14.975 69.98174 57.63074 23.90608 7.128761 2.267532 1.598186 7.468702
9/1/2010 500 231 64.3016 9.086018 24.45 75.16238 55.30973 25.5531 7.113009 1.00509 2.704646 8.314423
12/1/2010 479 238 61.193 7.551851 16.4 75.85515 54.55581 27.10706 6.96959 0.86012 1.867882 8.639539
3/1/2011 445 236 58.42724 16.86176 11.9 80.811 52.41461 27.79741 6.881889 1.986073 1.401649 9.518375
6/1/2011 428 233 55.8631 29.4659 7.8 54.871 52.90482 28.80099 6.905204 3.642262 0.964153 6.782571
9/1/2011 415 221 55.17044 18.53816 12.35 55.9414 53.3419 28.40617 7.091316 2.382797 1.587404 7.190411
12/1/2011 418 216 53.37456 24.81174 12.675 41.1387 54.56919 28.19843 6.967959 3.23913 1.6547 5.370587
3/1/2012 394 212 52.60169 12.37531 19.7 47.323 53.38753 28.72629 7.1276 1.676871 2.669377 6.412331
6/1/2012 418 205 51.70983 10.08976 28.12821 47.0722 55 26.97368 6.803926 1.3276 3.70108 6.193711
9/1/2012 412 195 50.67433 8.62664 31.37313 51.3259 55.00668 26.03471 6.765599 1.151754 4.188668 6.85259
12/1/2012 426 185 49.41458 22.73594 35.83929 44.0102 55.83224 24.2464 6.476353 2.979808 4.697154 5.768047
3/1/2013 418 184 47.93915 14.39097 26.62898 48.0409 56.56292 24.89851 6.48703 1.947357 3.60338 6.500798
6/1/2013 458 184 46.61118 14.25218 20.50844 51.6282 59.09677 23.74194 6.014346 1.838992 2.64625 6.661703
9/1/2013 465 191 45.14939 37.36791 17.6 32.8827 58.93536 24.20786 5.722356 4.736111 2.230672 4.167643
12/1/2013 499 192 44.41987 49.73013 20.35 29.5 59.76048 22.99401 5.319745 5.955704 2.437126 3.532934
3/1/2014 484 194 43.6397 21.6039 32.24 45.5164 58.9525 23.62972 5.315433 2.631413 3.926918 5.544019
6/1/2014 537 191 43.29237 24.58783 34.575 35.5448 62.00924 22.05543 4.999119 2.839242 3.992494 4.10448
9/1/2014 545 190 43.32257 56.23933 8.59 39.8481 61.7214 21.51755 4.906293 6.36912 0.97282 4.512809
12/1/2014 571 191 43.52943 30.27877 25.419 52.7728 62.47265 20.89716 4.76252 3.312775 2.781072 5.773829
3/1/2015 542 186 44.21318 18.52902 46.715 42.5428 61.59091 21.13636 5.024226 2.10557 5.308523 4.834409
6/1/2015 592 183 44.78388 16.66412 38.915 41.637 64.55834 19.95638 4.883738 1.817243 4.24373 4.540567
9/1/2015 591 179 44.84657 22.82343 51.319 31.011 64.23913 19.45652 4.874627 2.480807 5.578152 3.370761
12/1/2015 634 182 44.55702 19.236 47.82698 42.38 65.36082 18.76289 4.593507 1.983093 4.930616 4.369072
3/1/2016 618 187 44.76705 11.18042 51.64553 49.407 64.24116 19.43867 4.653539 1.162206 5.368559 5.135863
6/1/2016 690 191 45.67782 10.74121 46.90997 45.671 66.99029 18.54369 4.43474 1.042836 4.554366 4.434078
9/1/2016 689 192 47.04622 15.33617 38.43861 58.179 66.25 18.46154 4.523675 1.474631 3.696021 5.594135
12/1/2016 705 188 48.47585 17.12052 52.77063 48.633 66.50943 17.73585 4.573193 1.615144 4.978362 4.588019
3/1/2017 661 186 48.97209 14.86155 40.75336 78.413 64.17476 18.05825 4.754572 1.442869 3.956637 7.612913
6/1/2017 706.849 186.4993 50.53767 14.92212 48.4167 74.622 65.33726 17.23897 4.671425 1.379319 4.475375 6.897649

Source: FHLB 10Q and 10K filings.

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Figure 2: Evolution of advances to members by type

Date Insurance Credit Unions Thrifts Com. Banks with assets < $50 billion Com. Banks with assets >$50 billion Insurance Percent Credit Unions Percent Thrifts Percent Com. Banks with assets < $50 billion Percent Com. Banks with assets >$50 billion Percent
1/1/1999 0.254056 1.489403 178.2193 95.5 8.3 0.08942 0.52423 62.72798 33.55439 2.916245
4/1/1999 0.472746 1.593947 192.9951 109.1 7.93 0.15122 0.50986 61.73396 34.90659 2.537208
7/1/1999 0.92659 2.083359 207.0958 127.1 10.3 0.26627 0.59869 59.51243 36.64398 2.969576
10/1/1999 3.200214 3.037991 231.6343 135.5 9.73 0.83439 0.79209 60.39369 35.40466 2.54234
1/1/2000 3.016224 2.311887 230.1342 140.6 14.4 0.77162 0.59144 58.87378 35.96471 3.68344
4/1/2000 2.746257 2.859167 245.0377 155.8 18.3 0.64603 0.67259 57.64242 36.71103 4.312014
7/1/2000 2.658866 2.840754 239.9046 148.4 23.8 0.63621 0.67973 57.40419 35.56452 5.703744
10/1/2000 2.481505 2.854692 247.1078 147.1 25 0.58427 0.67213 58.18102 34.64543 5.888073
1/1/2001 1.878005 2.706812 250.3213 152.9 23.2 0.43567 0.62794 58.07078 35.41108 5.373036
4/1/2001 1.902013 2.953353 247.1023 146.2 32.4 0.44149 0.68553 57.35699 33.86589 7.505164
7/1/2001 1.866786 3.375354 247.8277 152.8 31.7 0.42644 0.77105 56.61256 34.98717 7.258464
10/1/2001 3.119203 4.491601 243.9318 158.9 37.5 0.69613 1.00242 54.43967 35.51165 8.380657
1/1/2002 3.716355 5.11437 224.6063 162.2 36.3 0.85965 1.18304 51.95513 37.43035 8.376831
4/1/2002 4.024671 5.667501 211.3288 177.4 35.8 0.92559 1.30341 48.60127 40.87935 8.24961
7/1/2002 4.517548 6.367798 212.2639 184.1 37.4 1.01385 1.4291 47.63741 41.31995 8.394169
10/1/2002 5.142329 6.365279 204.3636 183.6 45.8 1.15466 1.42926 45.88785 41.22674 10.28423
1/1/2003 6.240934 7.095686 205.414 184.2 48.5 1.38001 1.56901 45.42164 40.70116 10.71665
4/1/2003 6.605753 7.55394 203.4224 193.2 50.3 1.42996 1.63522 44.03536 41.81349 10.88622
7/1/2003 7.391249 8.329664 213.5934 188.6 52.9 1.57018 1.76953 45.37525 40.07348 11.24012
10/1/2003 8.01657 8.678471 222.9759 204.4 38.7 1.6605 1.79761 46.18591 42.28626 8.006255
1/1/2004 7.923445 8.129272 244.0946 193.7 44.1 1.5908 1.63213 49.00731 38.95843 8.869733
4/1/2004 8.578244 9.624402 260.6315 214.6 47.5 1.58437 1.77759 48.13753 39.62818 8.771382
7/1/2004 8.597615 9.855143 258.849 201.6 57.4 1.60204 1.83636 48.2327 37.5244 10.68403
10/1/2004 9.416493 11.37115 280.5612 199 53.5 1.69705 2.04932 50.56307 35.83465 9.63394
1/1/2005 8.981483 11.75778 272.2493 177 89 1.60612 2.10259 48.68502 31.5961 15.8873
4/1/2005 9.543477 12.54387 299.3714 191.9 77.2 1.61336 2.12059 50.60985 32.4889 13.07005
7/1/2005 9.648375 12.61926 302.7748 193.3 75.8 1.62136 2.1206 50.87981 32.52222 12.75315
10/1/2005 9.787292 14.65648 308.5641 189.7 78.2 1.62449 2.43267 51.21526 31.46963 12.97272
1/1/2006 10.49998 14.59702 307.5446 188.7 80 1.74389 2.42434 51.0785 31.36426 13.29699
4/1/2006 10.81884 16.30824 310.8028 203.9 85.8 1.72344 2.5979 49.51085 32.43231 13.64734
7/1/2006 11.41689 16.79619 260.9982 198.9 142 1.81053 2.66359 41.3899 31.5532 22.52667
10/1/2006 14.17608 18.88539 277.3369 196.2 121 2.25717 3.007 44.15856 31.19233 19.23686
1/1/2007 15.41213 16.12903 244.9043 195.9 139 2.52038 2.63762 40.04978 32.02579 22.72376
4/1/2007 18.56648 18.78635 250.8663 199.7 143 2.94274 2.97759 39.76163 31.60726 22.63314
7/1/2007 24.03237 28.37246 327.5381 224 197 3.00133 3.54335 40.90527 27.95347 24.58408
10/1/2007 27.42117 32.36755 339.4304 235.6 218 3.21484 3.79475 39.79461 27.59694 25.53537
1/1/2008 29.90648 28.46277 352.0321 242.5 226 3.3981 3.23405 39.99931 27.57864 25.70215
4/1/2008 32.15744 35.44073 342.0108 258.8 223 3.60772 3.97607 38.36992 29.00692 24.99437
7/1/2008 41.18207 43.50458 287.7022 264 265 4.56314 4.82048 31.87857 29.24521 29.35599
10/1/2008 52.67664 40.51787 250.0911 231.9 223 6.59825 5.07525 31.32627 29.06672 27.95118
1/1/2009 50.98014 30.30649 192.3911 216.4 186 7.53951 4.48206 28.45295 31.98953 27.49562
4/1/2009 48.99771 28.43414 177.993 200.8 200 7.45966 4.32896 27.09855 30.53911 30.41744
7/1/2009 46.25248 28.27523 166.9198 186.1 182 7.5872 4.63823 27.38129 30.55186 29.87877
10/1/2009 46.62785 26.51733 127.1333 188.2 167 8.38942 4.77108 22.87421 33.8526 30.03923
1/1/2010 45.61773 25.40331 118.4487 181.4 142 8.89385 4.95275 23.09332 35.33305 27.65873
4/1/2010 45.57101 25.04708 115.1173 175.5 128 9.2925 5.10741 23.47386 35.73919 26.06619
7/1/2010 44.8036 25.19435 111.4042 157.2 117 9.80345 5.51276 24.3763 34.41938 25.61748
10/1/2010 44.93771 26.0958 106.9238 154.8 109 10.14194 5.88953 24.1315 34.93837 24.6013
1/1/2011 44.89771 23.69381 99.60649 146 99.5 10.817 5.70844 23.99775 35.1194 23.93411
4/1/2011 45.51336 22.80866 95.20098 135.7 96.2 11.47806 5.75214 24.00882 34.20654 24.24959
7/1/2011 45.74093 23.74643 92.45749 131.2 69.6 12.5593 6.52017 25.38649 36.0102 19.10298
10/1/2011 46.88396 24.14701 78.81026 126.4 94.5 12.60517 6.49214 21.18884 33.97912 25.40369
1/1/2012 48.4985 22.88449 76.82378 116.1 85.9 13.80445 6.51376 21.86686 33.03654 24.44305
4/1/2012 50.73187 23.72483 75.74288 113.6 116 13.35479 6.24539 19.93876 29.94969 30.58243
7/1/2012 50.57083 24.37446 75.98742 107.5 116 13.47604 6.49527 20.24902 28.64482 30.90976
10/1/2012 49.47629 25.07159 73.85744 104.7 140 12.58834 6.37901 18.79169 26.66446 35.65448
1/1/2013 52.87331 22.2174 70.5473 103.8 142 13.49588 5.67098 18.00715 26.46968 36.21094
4/1/2013 54.49802 23.78664 74.83133 118.7 165 12.47586 5.44532 17.13063 27.2118 37.82601
7/1/2013 53.77313 26.534 76.8496 114.5 173 12.07476 5.95821 17.25659 25.69275 38.81961
10/1/2013 54.30104 26.9518 80.6839 120.3 194 11.40113 5.65884 16.94051 25.25584 40.72844
1/1/2014 54.80493 27.39942 77.74341 116.3 185 11.87195 5.93532 16.84093 25.22004 40.11787
4/1/2014 56.61423 29.9485 92.22048 124.5 210 11.02566 5.83249 17.96 24.2708 40.93871
7/1/2014 57.91805 33.09107 87.00973 126.1 216 11.12362 6.3554 16.71091 24.23679 41.51582
10/1/2014 57.69546 35.3549 87.6999 128.7 231 10.65786 6.53098 16.20047 23.7833 42.68797
1/1/2015 71.86151 34.88201 87.78575 117.2 204 13.90803 6.75104 16.99 22.65571 39.43486
4/1/2015 78.81702 39.87969 92.73681 143 223 13.62587 6.89439 16.03232 24.74453 38.58761
7/1/2015 82.30888 44.81437 92.19624 125.8 209 14.83245 8.07576 16.6142 22.66141 37.64893
10/1/2015 84.98767 44.63426 87.21997 144.3 235 14.2488 7.48326 14.62306 24.18374 39.38448
1/1/2016 90.97538 42.90659 83.95017 137.5 232 15.46693 7.29465 14.27256 23.35298 39.40285
4/1/2016 98.1853 44.45259 94.53369 157.8 266 14.83951 6.71847 14.28761 23.83469 40.17762
7/1/2016 99.01623 46.34291 85.1318 150.2 280 14.96491 7.00408 12.86647 22.71734 42.34925
10/1/2016 96.01132 46.65605 86.09913 154.2 299 14.07018 6.83731 12.61758 22.58642 43.79597
1/1/2017 100.018 45.17034 81.21125 151.7 265 15.52534 7.01159 12.60606 23.54292 41.1264
4/1/2017 100.5435 46.62193 82.2314 172.2 289 14.53704 6.74082 11.8894 24.91084 41.8074

Note: CDFI and Housing Assoc. receive negligible advances. Breakdown of commercial banks is based on CALL report data.

Source: FHLB 10Q and 10K filings.

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Figure 3: Maturity structure of assets and liabilities

Year Quarter Maturity < 1 year Maturity >5 years Maturity 1-5 years Discount Notes Equity Bond maturity >5 years Bond maturity < 1 year Bond maturity 1-5 years
2006 1 2.46E+11 7.96E+10 3.98E+11 1.57E+11 4.53E+10 1.23E+11 2.50E+11 3.98E+11
2006 2 2.71E+11 8.17E+10 3.78E+11 1.87E+11 4.55E+10 1.29E+11 2.57E+11 3.78E+11
2006 3 2.70E+11 8.64E+10 3.90E+11 1.59E+11 4.56E+10 1.38E+11 2.64E+11 3.90E+11
2006 4 2.52E+11 9.47E+10 4.03E+11 1.58E+11 4.50E+10 1.41E+11 2.43E+11 4.03E+11
2007 1 2.32E+11 9.70E+10 3.96E+11 1.66E+11 4.48E+10 1.44E+11 2.38E+11 3.96E+11
2007 2 2.59E+11 9.94E+10 4.11E+11 1.64E+11 4.46E+10 1.52E+11 2.37E+11 4.11E+11
2007 3 3.64E+11 1.09E+11 4.01E+11 3.09E+11 5.15E+10 1.54E+11 2.76E+11 4.01E+11
2007 4 3.78E+11 1.29E+11 3.62E+11 3.76E+11 5.36E+10 1.52E+11 2.89E+11 3.62E+11
2008 1 3.58E+11 1.41E+11 3.56E+11 3.94E+11 5.59E+10 1.48E+11 3.14E+11 3.56E+11
2008 2 3.54E+11 1.45E+11 3.72E+11 3.79E+11 5.67E+10 1.34E+11 3.62E+11 3.72E+11
2008 3 4.37E+11 1.44E+11 3.46E+11 4.47E+11 5.71E+10 1.25E+11 4.01E+11 3.46E+11
2008 4 3.82E+11 1.45E+11 2.92E+11 4.40E+11 5.14E+10 1.04E+11 4.07E+11 2.92E+11
2009 1 3.13E+11 1.42E+11 2.55E+11 4.07E+11 4.49E+10 8.51E+10 3.80E+11 2.55E+11
2009 2 2.74E+11 1.37E+11 2.68E+11 3.42E+11 4.59E+10 7.82E+10 3.60E+11 2.68E+11
2009 3 2.53E+11 1.30E+11 2.85E+11 2.75E+11 4.50E+10 7.67E+10 3.31E+11 2.85E+11
2009 4 2.29E+11 1.28E+11 3.10E+11 1.99E+11 4.28E+10 7.94E+10 3.37E+11 3.10E+11
2010 1 1.88E+11 1.22E+11 3.52E+11 1.88E+11 4.28E+10 7.85E+10 2.47E+11 3.52E+11
2010 2 1.77E+11 1.19E+11 3.14E+11 1.81E+11 4.32E+10 7.40E+10 2.71E+11 3.14E+11
2010 3 1.62E+11 1.17E+11 2.61E+11 1.84E+11 4.43E+10 7.59E+10 2.80E+11 2.61E+11
2010 4 1.58E+11 1.14E+11 2.56E+11 1.94E+11 4.37E+10 7.69E+10 2.65E+11 2.56E+11
2011 1 1.44E+11 1.03E+11 2.49E+11 1.84E+11 4.47E+10 8.06E+10 2.48E+11 2.49E+11
2011 2 1.29E+11 9.60E+10 2.50E+11 1.81E+11 4.10E+10 7.82E+10 2.14E+11 2.50E+11
2011 3 1.25E+11 8.98E+10 2.22E+11 1.72E+11 4.02E+10 7.14E+10 2.28E+11 2.22E+11
2011 4 1.45E+11 7.69E+10 2.05E+11 1.90E+11 3.98E+10 6.44E+10 2.29E+11 2.05E+11
2012 1 1.38E+11 7.26E+10 2.05E+11 1.82E+11 4.02E+10 6.48E+10 2.04E+11 2.05E+11
2012 2 1.59E+11 6.87E+10 2.03E+11 1.96E+11 4.02E+10 6.11E+10 2.22E+11 2.03E+11
2012 3 1.60E+11 6.48E+10 1.76E+11 2.17E+11 4.15E+10 5.86E+10 2.21E+11 1.76E+11
2012 4 1.65E+11 6.83E+10 1.61E+11 2.16E+11 4.25E+10 7.01E+10 2.39E+11 1.61E+11
2013 1 1.43E+11 6.93E+10 1.59E+11 1.93E+11 4.26E+10 8.28E+10 2.30E+11 1.59E+11
2013 2 1.84E+11 6.43E+10 1.54E+11 2.21E+11 4.31E+10 8.83E+10 2.40E+11 1.54E+11
2013 3 1.77E+11 5.83E+10 1.62E+11 2.35E+11 4.31E+10 8.71E+10 2.36E+11 1.62E+11
2013 4 2.07E+11 5.58E+10 1.58E+11 2.93E+11 4.50E+10 8.50E+10 2.30E+11 1.58E+11
2014 1 1.86E+11 5.19E+10 1.80E+11 2.68E+11 4.39E+10 8.34E+10 2.22E+11 1.80E+11
2014 2 2.26E+11 5.29E+10 1.98E+11 3.23E+11 4.60E+10 8.00E+10 1.98E+11 1.98E+11
2014 3 2.20E+11 5.44E+10 2.06E+11 3.28E+11 4.66E+10 7.64E+10 2.06E+11 2.06E+11
2014 4 2.31E+11 4.73E+10 1.97E+11 3.62E+11 4.69E+10 6.71E+10 2.20E+11 1.97E+11
2015 1 2.02E+11 4.93E+10 2.05E+11 3.53E+11 4.64E+10 6.01E+10 1.93E+11 2.05E+11
2015 2 2.48E+11 5.75E+10 1.95E+11 3.98E+11 4.72E+10 5.84E+10 2.01E+11 1.95E+11
2015 3 2.32E+11 6.07E+10 1.99E+11 4.09E+11 4.62E+10 5.62E+10 1.92E+11 1.99E+11
2015 4 2.51E+11 7.19E+10 1.71E+11 4.94E+11 4.80E+10 4.74E+10 1.93E+11 1.71E+11
2016 1 2.31E+11 6.94E+10 1.64E+11 4.37E+11 4.67E+10 4.27E+10 2.52E+11 1.64E+11
2016 2 2.76E+11 8.21E+10 1.73E+11 4.71E+11 4.95E+10 3.84E+10 2.81E+11 1.73E+11
2016 3 2.64E+11 7.56E+10 2.13E+11 4.35E+11 5.08E+10 4.04E+10 2.79E+11 2.13E+11
2016 4 2.87E+11 8.08E+10 2.01E+11 4.10E+11 5.24E+10 4.27E+10 3.36E+11 2.01E+11
2017 1 2.98E+11 6.44E+10 1.87E+11 3.77E+11 5.20E+10 4.42E+10 3.50E+11 1.87E+11
2017 2 3.61E+11 7.02E+10 1.82E+11 4.29E+11 5.46E+10 4.41E+10 3.56E+11 1.82E+11

Source: FHLB 10Q and 10K filings.

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Figure 4: Money funds and FHLB debt

Date % MMF assets invested in FHLB debt % MMF assets invested in FHLB discount notes % MMF assets invested in FHLB bonds % Outstanding FHLB debt held by MMFs % Outstanding FHLB discount notes held by MMFs % Outstanding FHLB bonds held by MMFs Weighted Average Maturity of FHLB Debt Held by MMFs Weighted Average Maturity of MMF Industry
8/31/2011 5.89 2.57 3.32 24.26 41.37 18.37 86.47 38.26
9/30/2011 6.17 2.73 3.44 25.50 45.64 18.88 87.45 40.03
10/31/2011 5.87 2.45 3.42 24.62 41.25 19.10 89.27 40.82
11/30/2011 6.18 2.76 3.43 26.24 45.69 19.55 99.48 42.13
12/30/2011 6.93 3.61 3.32 29.18 55.30 19.27 83.81 41.59
1/31/2012 6.29 3.28 3.01 27.10 47.64 18.45 83.48 42.45
2/29/2012 5.57 3.10 2.48 24.86 48.51 15.45 87.58 43.30
3/30/2012 5.52 3.19 2.34 24.09 50.32 14.08 83.08 44.25
4/30/2012 5.68 3.16 2.52 24.28 44.43 15.47 80.97 42.47
5/31/2012 5.84 3.06 2.78 24.71 44.87 16.54 88.51 43.12
6/29/2012 6.27 3.33 2.94 25.59 47.42 16.81 83.90 44.24
7/31/2012 6.25 3.24 3.02 26.54 45.78 18.30 79.52 43.32
8/31/2012 5.84 2.90 2.94 24.70 41.39 17.68 78.74 46.27
9/30/2012 6.70 3.58 3.12 28.49 47.23 19.58 69.71 45.69
10/31/2012 6.02 2.89 3.13 26.19 41.71 19.50 78.20 47.00
11/30/2012 5.93 2.85 3.08 26.43 41.18 19.86 80.80 48.03
12/31/2012 7.00 3.62 3.38 30.38 49.91 21.41 65.61 43.79
1/31/2013 6.45 2.89 3.56 28.77 44.04 22.45 71.38 45.63
2/28/2013 5.92 2.49 3.42 26.40 38.73 21.43 70.71 46.50
3/29/2013 6.54 2.90 3.64 28.77 44.05 22.53 70.12 47.06
4/30/2013 6.34 2.71 3.63 27.52 40.32 22.24 75.19 46.23
5/31/2013 6.71 2.86 3.86 28.95 41.09 23.75 73.62 46.44
6/28/2013 7.65 3.56 4.09 31.48 46.65 24.53 73.55 48.86
7/31/2013 7.43 3.35 4.08 31.58 47.21 24.84 73.91 46.90
8/31/2013 7.67 3.44 4.23 32.50 48.53 25.62 73.88 47.21
9/30/2013 8.20 4.02 4.18 34.41 51.68 26.04 73.63 46.74
10/31/2013 8.13 3.84 4.29 33.22 46.06 26.58 74.21 47.78
11/29/2013 7.91 3.70 4.21 32.26 42.97 26.45 72.44 48.49
12/31/2013 8.96 4.64 4.32 35.63 48.21 27.84 68.06 45.99
1/31/2014 8.77 4.41 4.37 34.69 46.14 27.75 70.46 46.14
2/28/2014 8.17 3.85 4.31 32.75 42.68 27.11 66.93 45.58
3/31/2014 7.88 3.70 4.19 31.30 41.35 25.77 63.31 44.67
4/30/2014 7.59 3.53 4.05 29.04 37.13 24.41 65.82 43.23
5/30/2014 7.89 3.85 4.05 29.55 39.21 23.95 64.80 42.92
6/30/2014 8.29 4.60 3.69 30.19 41.49 22.54 63.97 43.09
7/31/2014 9.10 5.24 3.86 32.47 45.11 23.53 70.81 43.26
8/29/2014 8.72 5.10 3.62 31.73 44.94 22.42 76.77 44.93
9/30/2014 9.00 5.13 3.86 32.66 46.45 23.42 73.69 45.34
10/31/2014 8.51 4.55 3.95 31.60 42.82 24.28 81.17 46.80
11/28/2014 8.59 4.73 3.86 31.85 43.69 23.89 80.51 46.17
12/31/2014 9.10 5.33 3.77 33.11 45.29 24.00 69.05 42.67
1/30/2015 9.11 5.51 3.59 32.81 44.58 23.35 68.08 42.99
2/27/2015 8.27 4.84 3.43 30.24 40.43 22.32 74.57 42.65
3/31/2015 7.83 4.64 3.18 29.07 39.66 20.92 76.82 41.58
4/30/2015 8.39 5.20 3.19 29.81 40.90 20.67 73.94 39.85
5/29/2015 8.35 5.09 3.26 29.70 40.02 21.18 70.40 38.99
6/30/2015 9.12 5.66 3.46 31.56 41.97 22.44 64.60 37.70
7/31/2015 8.95 5.13 3.81 31.38 40.13 24.27 63.84 37.59
8/31/2015 9.27 5.46 3.81 33.23 44.07 24.57 56.96 34.40
9/30/2015 10.16 6.45 3.71 35.75 47.47 25.01 55.68 34.21
10/30/2015 10.94 7.04 3.89 38.64 49.71 27.54 61.30 37.59
11/30/2015 10.93 7.03 3.90 39.07 49.60 28.26 58.25 34.58
12/31/2015 11.72 7.99 3.74 39.61 49.41 27.81 53.93 34.59
1/29/2016 12.25 8.07 4.19 40.58 49.23 30.32 49.82 36.50
2/29/2016 12.30 7.38 4.92 42.07 49.28 34.51 48.87 36.99
3/31/2016 12.45 6.91 5.54 42.45 48.26 36.92 51.99 37.31
4/29/2016 12.68 6.78 5.90 42.19 46.39 38.20 55.17 36.43
5/31/2016 13.69 7.53 6.17 44.69 50.19 39.41 55.11 33.56
6/30/2016 15.20 8.24 6.96 46.79 51.87 41.93 53.45 34.91
7/29/2016 15.13 8.16 6.97 47.46 52.90 42.36 52.28 34.00
8/31/2016 15.63 8.09 7.54 49.48 55.38 44.41 53.28 33.80
9/30/2016 16.94 8.58 8.36 50.76 57.24 45.48 52.09 37.72
10/31/2016 17.35 8.50 8.85 52.48 59.32 47.25 44.77 40.85
11/30/2016 17.04 7.95 9.09 52.76 58.82 48.39 44.77 40.85
12/30/2016 17.63 7.60 10.03 52.09 54.16 50.63 46.62 42.77
1/31/2017 18.68 8.26 10.42 54.36 58.36 51.56 44.39 40.12
2/28/2017 18.08 7.55 10.53 53.13 54.41 52.25 45.37 37.69
3/31/2017 16.49 6.24 10.26 50.04 48.12 51.28 45.27 35.71
4/28/2017 17.27 7.28 9.99 50.75 51.74 50.06 43.30 33.80
5/31/2017 17.11 6.71 10.40 50.65 49.45 51.45 39.28 30.47
6/30/2017 17.56 6.95 10.62 49.98 46.59 52.47 41.66 32.54
7/31/2017 18.59 7.41 11.18 53.33 52.92 53.61 37.47 31.50

Source: SEC N-MFP filings, FHLB filings.

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Figure 5: Weighted average yield on instruments held by money funds

Date FHLB Debt Held by Money Funds Government Exempt Money Funds Non-Government Exempt Money Funds
4/29/2016 41.31 38.47 45.06
5/31/2016 43.05 39.14 46.74
6/30/2016 41.66 39.53 47.00
7/29/2016 42.96 39.75 46.53
8/31/2016 45.58 40.56 47.72
9/30/2016 44.66 40.26 50.39
10/31/2016 44.28 38.86 62.39
11/30/2016 51.31 42.63 62.97
12/30/2016 58.93 56.75 77.93
1/31/2017 61.07 58.10 80.01
2/28/2017 62.59 58.09 78.21
3/31/2017 75.98 77.34 93.77
4/28/2017 81.50 80.91 95.26
5/31/2017 87.92 85.48 96.14
6/30/2017 100.28 102.29 112.10
7/31/2017 104.13 104.95 113.55

Source: SEC N-MFP filings.

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Last Update: October 18, 2017