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

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Release Date: January 15, 2026

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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 Jan 14, 2026
	Week ended Jan 14, 2026	Change from week ended
	Week ended Jan 14, 2026	Jan 7, 2026	Jan 15, 2025
Reserve Bank credit	6,532,889	- 6,634	- 272,039	6,534,371
Securities held outright1	6,283,619	+ 13,550	- 240,689	6,284,624
U.S. Treasury securities	4,242,248	+ 13,550	- 46,459	4,243,253
Bills2	248,755	+ 13,997	+ 53,412	249,922
Notes and bonds, nominal2	3,567,471	0	- 70,899	3,567,471
Notes and bonds, inflation-indexed2	312,274	0	- 26,062	312,274
Inflation compensation3	113,748	- 447	- 2,910	113,587
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,039,024	0	- 194,230	2,039,024
Unamortized premiums on securities held outright5	224,169	- 381	- 24,554	224,020
Unamortized discounts on securities held outright5	-23,709	- 55	- 165	-23,643
Repurchase agreements6	15	- 20,416	+ 15	1
Foreign official	0	0	0	1
Others	15	- 20,416	+ 15	0
Loans	5,961	- 2,132	- 976	5,431
Primary credit	5,899	- 2,130	+ 3,367	5,370
Secondary credit	0	0	0	0
Seasonal credit	0	- 2	- 1	0
Paycheck Protection Program Liquidity Facility	62	- 1	- 1,889	61
Bank Term Funding Program	0	0	- 2,454	0
Other credit extensions7	0	0	0	0
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8	1,571	- 23	- 6,610	1,574
Float	-305	+ 119	+ 17	-311
Central bank liquidity swaps9	122	- 359	+ 24	122
Other Federal Reserve assets10	41,446	+ 3,063	+ 899	42,553
Foreign currency denominated assets11	19,194	- 153	+ 1,828	19,202
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	15,200	0	0	15,200
Treasury currency outstanding12	52,906	+ 14	+ 399	52,906

Total factors supplying reserve funds	6,631,230	- 6,773	- 269,812	6,632,720

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 Jan 14, 2026
	Week ended Jan 14, 2026	Change from week ended
	Week ended Jan 14, 2026	Jan 7, 2026	Jan 15, 2025
Currency in circulation12	2,436,151	- 8,338	+ 76,467	2,433,213
Reverse repurchase agreements13	322,737	- 30,364	- 227,967	317,751
Foreign official and international accounts	319,476	- 14,105	- 64,300	314,528
Others	3,261	- 16,259	- 163,666	3,223
Treasury cash holdings	319	- 2	+ 2	319
Deposits with F.R. Banks, other than reserve balances	1,013,492	- 18,757	+ 199,207	1,010,245
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	779,175	- 16,973	+ 137,950	777,061
Foreign official	9,440	+ 2	- 248	9,439
Other14	224,877	- 1,786	+ 61,504	223,745
Treasury contributions to credit facilities15	821	0	- 2,640	821
Other liabilities and capital16	-191,920	- 2,564	- 23,694	-191,389

Total factors, other than reserve balances, absorbing reserve funds	3,581,600	- 60,025	+ 21,375	3,570,960

Reserve balances with Federal Reserve Banks	3,049,630	+ 53,251	- 291,186	3,061,760

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 outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees.
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.	Includes bank premises, accrued interest, and other accounts receivable.
11.	Revalued daily at current foreign currency exchange rates.
12.	Estimated.
13.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities
14.	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.
15.	Book value. Amount of equity investments in MS Facilities 2020 LLC.
16.	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 Jan 14, 2026
	Week ended Jan 14, 2026	Change from week ended
	Week ended Jan 14, 2026	Jan 7, 2026	Jan 15, 2025
Securities held in custody for foreign official and international accounts	3,061,714	+ 21,391	- 178,511	3,061,578
Marketable U.S. Treasury securities1	2,759,231	+ 22,066	- 100,978	2,760,715
Federal agency debt and mortgage-backed securities2	224,408	- 264	- 69,313	222,842
Other securities3	78,076	- 410	- 8,219	78,022
Securities lent to dealers	32,720	- 5,159	+ 2,558	34,691
Overnight facility4	32,720	- 5,159	+ 2,558	34,691
U.S. Treasury securities	32,720	- 5,159	+ 2,558	34,691
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, January 14, 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	2,198	3,212	21	0	0	...	5,431
U.S. Treasury securities2
Holdings	68,778	222,464	454,722	1,409,619	491,646	1,596,025	4,243,253
Weekly changes	- 445	+ 7,602	+ 939	+ 8,524	- 8,748	- 145	+ 7,726
Federal agency debt securities3
Holdings	0	0	0	1,818	529	0	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities4
Holdings	0	28	36	4,895	59,200	1,974,865	2,039,024
Weekly changes	0	0	0	0	0	0	0
Loan participations held by MS
Facilities 2020 LLC (Main Street
Lending Program)5	986	123	89	0	...	...	1,198
Repurchase agreements6	1	0	...	...	...	...	1
Central bank liquidity swaps7	122	0	0	0	0	0	122
Reverse repurchase agreements6	317,751	0	...	...	...	...	317,751
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	Jan 14, 2026
Mortgage-backed securities held outright1	2,039,024
Residential mortgage-backed securities	2,031,272
Commercial mortgage-backed securities	7,752

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.

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:	Wednesday Jan 14, 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	617	956	1,574

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 September 30, 2025.
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 Jan 14, 2026	Change since
			Wednesday	Wednesday
			Jan 7, 2026	Jan 15, 2025
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		15,200	0	0
Coin		1,513	+ 29	+ 11
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,490,433	+ 5,511	- 250,223
Securities held outright1		6,284,624	+ 7,727	- 225,542
U.S. Treasury securities		4,243,253	+ 7,726	- 31,362
Bills2		249,922	+ 8,165	+ 54,579
Notes and bonds, nominal2		3,567,471	0	- 86,164
Notes and bonds, inflation-indexed2		312,274	0	- 6,620
Inflation compensation3		113,587	- 438	+ 6,844
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		2,039,024	0	- 194,181
Unamortized premiums on securities held outright5		224,020	- 373	- 24,532
Unamortized discounts on securities held outright5		-23,643	+ 11	+ 368
Repurchase agreements6		1	+ 1	+ 1
Loans7		5,431	- 1,856	- 517
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8		1,574	+ 3	- 6,075
Items in process of collection	(0)	65	- 8	+ 13
Bank premises		645	+ 8	+ 58
Central bank liquidity swaps9		122	- 359	+ 24
Foreign currency denominated assets10		19,202	- 88	+ 1,768
Other assets11		41,909	+ 3,001	+ 2,053

Total assets	(0)	6,581,700	+ 8,098	- 252,370

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 Jan 14, 2026	Change since
			Wednesday	Wednesday
			Jan 7, 2026	Jan 15, 2025
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,382,135	- 8,717	+ 77,398
Reverse repurchase agreements12		317,751	- 10,549	- 186,890
Deposits	(0)	4,072,005	+ 30,192	- 116,438
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,061,760	+ 38,763	- 297,281
U.S. Treasury, General Account		777,061	- 6,510	+ 125,874
Foreign official		9,439	0	- 249
Other13	(0)	223,745	- 2,060	+ 55,219
Deferred availability cash items	(0)	376	- 80	- 23
Treasury contributions to credit facilities14		821	0	- 2,640
Other liabilities and accrued dividends15		-237,461	- 2,748	- 25,795

Total liabilities	(0)	6,535,627	+ 8,097	- 254,387

Capital accounts
Capital paid in		39,288	0	+ 2,017
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		46,073	0	+ 2,017

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, Bank Term Funding Program, 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, January 14, 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	898	8,066	815	1,238	1,891	3,695	1,720	794	446	740	2,294	3,640
Coin	1,513	49	62	189	44	198	120	236	35	63	103	162	249
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	6,490,433	149,502	3,442,054	128,007	264,290	583,678	428,956	329,334	97,951	43,396	62,288	291,236	669,743
Net portfolio holdings of MS
Facilities 2020 LLC (Main Street
Lending Program)2	1,574	1,574	0	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	122	5	41	4	13	24	4	7	3	1	1	4	15
Foreign currency denominated
assets4	19,202	811	6,478	664	1,992	3,740	651	1,072	486	123	213	560	2,412
Other assets5	42,619	1,026	20,153	893	1,734	4,148	4,033	2,127	819	514	752	1,979	4,440
Interdistrict settlement account	0	+ 6,367	- 120,798	- 4,668	- 15,969	- 64,348	+ 19,272	+ 74,303	+ 10,366	+ 18,144	+ 23,448	+ 28,729	+ 25,154

Total assets	6,581,700	160,232	3,356,055	125,904	253,342	529,331	456,731	408,799	110,455	62,688	87,544	324,965	705,653

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, January 14, 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	2,382,135	82,090	740,201	65,657	117,691	171,169	359,695	116,637	78,631	38,531	46,229	212,349	353,257
Reverse repurchase agreements6	317,751	7,316	168,632	6,269	12,949	28,597	21,015	16,120	4,794	2,122	3,049	14,252	32,636
Deposits	4,072,005	72,513	2,574,525	56,351	128,218	358,535	73,552	294,588	25,708	22,078	38,890	96,816	330,231
Depository institutions	3,061,760	72,508	1,734,493	56,350	128,191	358,266	73,539	124,872	25,703	22,026	38,864	96,748	330,201
U.S. Treasury, General Account	777,061	0	777,061	0	0	0	0	0	0	0	0	0	0
Foreign official	9,439	2	9,413	1	4	8	1	2	1	0	0	1	5
Other7	223,745	4	53,558	0	22	261	12	169,714	3	52	26	67	25
Earnings remittances due to the U.S. Treasury8	-243,700	-5,424	-144,184	-4,072	-10,439	-39,733	58	-21,522	-12	-456	-1,417	4	-16,503
Treasury contributions to credit facilities9	821	821	0	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	6,615	989	1,984	174	234	855	680	458	183	135	172	245	506

Total liabilities	6,535,627	158,306	3,341,157	124,378	248,653	519,422	455,000	406,281	109,303	62,412	86,923	323,666	700,127

Capital
Capital paid in	39,288	1,639	12,610	1,291	3,985	8,588	1,501	2,140	981	232	546	1,101	4,674
Surplus	6,785	287	2,288	235	704	1,322	230	379	172	44	75	198	852
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	6,581,700	160,232	3,356,055	125,904	253,342	529,331	456,731	408,799	110,455	62,688	87,544	324,965	705,653

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, January 14, 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	Jan 14, 2026
Federal Reserve notes outstanding	2,818,587
Less: Notes held by F.R. Banks not subject to collateralization	436,451
Federal Reserve notes to be collateralized	2,382,135
Collateral held against Federal Reserve notes	2,382,135
Gold certificate account	11,037
Special drawing rights certificate account	15,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,355,898
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	6,284,625
Less: Face value of securities under reverse repurchase agreements	360,694
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,923,931

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: January 15, 2026