FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, May 10, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	May 10, 2018

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 May 9, 2018
	Week ended May 9, 2018	Change from week ended
	Week ended May 9, 2018	May 2, 2018	May 10, 2017
Reserve Bank credit	4,317,537	- 8,194	- 116,451	4,318,466
Securities held outright¹	4,144,866	- 10,136	- 100,785	4,144,891
U.S. Treasury securities	2,395,503	- 10,137	- 69,303	2,395,528
Bills²	0	0	0	0
Notes and bonds, nominal²	2,262,072	- 11,384	- 77,668	2,262,072
Notes and bonds, inflation-indexed²	112,949	+ 1,167	+ 6,146	112,949
Inflation compensation³	20,482	+ 81	+ 2,219	20,507
Federal agency debt securities²	4,391	0	- 7,438	4,391
Mortgage-backed securities⁴	1,744,972	0	- 24,044	1,744,972
Unamortized premiums on securities held outright⁵	152,616	- 257	- 15,212	152,544
Unamortized discounts on securities held outright⁵	-13,917	+ 3	+ 924	-13,907
Repurchase agreements⁶	9	+ 9	0	64
Loans	78	- 47	+ 37	60
Primary credit	18	- 50	+ 17	0
Secondary credit	0	0	0	0
Seasonal credit	60	+ 3	+ 19	60
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,715	+ 1	+ 6	1,715
Float	-169	+ 464	+ 133	-176
Central bank liquidity swaps⁸	80	- 37	+ 45	80
Other Federal Reserve assets⁹	32,259	+ 1,806	- 1,599	33,195
Foreign currency denominated assets¹⁰	21,547	- 158	+ 1,334	21,434
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,636	+ 14	+ 771	49,636

Total factors supplying reserve funds	4,404,961	- 8,339	- 114,347	4,405,778

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

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 May 9, 2018
	Week ended May 9, 2018	Change from week ended
	Week ended May 9, 2018	May 2, 2018	May 10, 2017
Currency in circulation¹¹	1,646,778	+ 3,119	+ 100,178	1,649,163
Reverse repurchase agreements¹²	253,503	+ 5,319	- 151,019	247,480
Foreign official and international accounts	248,949	+ 6,012	+ 7,329	244,760
Others	4,554	- 692	- 158,348	2,720
Treasury cash holdings	280	- 9	+ 26	273
Deposits with F.R. Banks, other than reserve balances	432,902	- 49,230	+ 145,575	416,731
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	353,741	- 46,243	+ 154,728	338,377
Foreign official	5,255	+ 1	+ 84	5,254
Other¹³	73,906	- 2,988	- 9,237	73,100
Other liabilities and capital¹⁴	45,747	+ 1,294	- 2,668	45,357

Total factors, other than reserve balances, absorbing reserve funds	2,379,211	- 39,505	+ 92,094	2,359,003

Reserve balances with Federal Reserve Banks	2,025,750	+ 31,166	- 206,441	2,046,775

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.	Refer to table 4 and the note on consolidation accompanying table 6.
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 accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also, includes Reserve Bank premises and equipment net of allowances for depreciation.
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.	Includes the liability for earnings remittances due to the U.S. Treasury.

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

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday May 9, 2018
	Week ended May 9, 2018	Change from week ended
	Week ended May 9, 2018	May 2, 2018	May 10, 2017
Securities held in custody for foreign official and international accounts	3,396,607	- 10,936	+ 174,772	3,385,932
Marketable U.S. Treasury securities¹	3,044,192	- 10,830	+ 138,848	3,033,437
Federal agency debt and mortgage-backed securities²	275,600	+ 435	+ 20,287	275,636
Other securities³	76,815	- 540	+ 15,637	76,859
Securities lent to dealers	18,873	- 1,091	- 2,913	20,564
Overnight facility⁴	18,873	- 1,091	- 2,913	20,564
U.S. Treasury securities	18,873	- 1,091	- 2,884	20,564
Federal agency debt securities	0	0	- 29	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.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 9, 2018

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
Loans	17	44	0	0	0	...	60
U.S. Treasury securities¹
Holdings	26,228	90,360	290,879	1,068,428	304,602	615,031	2,395,528
Weekly changes	0	+ 1	+ 1	+ 10	+ 23	+ 33	+ 68
Federal agency debt securities²
Holdings	0	1,982	62	0	0	2,347	4,391
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	0	79	39,939	1,704,954	1,744,972
Weekly changes	0	0	- 1	0	+ 3,850	- 3,850	0
Repurchase agreements⁴	64	0	...	...	...	...	64
Central bank liquidity swaps⁵	80	0	0	0	0	0	80

Reverse repurchase agreements⁴	247,480	0	...	...	...	...	247,480
Term deposits	0	0	0	...	...	...	0

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

1.	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.
2.	Face value.
3.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
4.	Cash value of agreements.
5.	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.

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	May 9, 2018
Mortgage-backed securities held outright¹	1,744,972

Commitments to buy mortgage-backed securities²	13,801
Commitments to sell mortgage-backed securities²	20

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. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.
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 Maiden Lane LLC

Millions of dollars

Account name	Wednesday
Account name	May 9, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,715

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York²	0
Accrued interest payable to the Federal Reserve Bank of New York²	0
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.³	0

1.	Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Assets are revalued quarterly.
2.	Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.
3.	Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday May 9, 2018	Change since
			Wednesday	Wednesday
			May 2, 2018	May 10, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,815	- 4	- 45
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,283,652	- 231	- 115,015
Securities held outright¹		4,144,891	+ 68	- 100,769
U.S. Treasury securities		2,395,528	+ 68	- 69,287
Bills²		0	0	0
Notes and bonds, nominal²		2,262,072	0	- 77,668
Notes and bonds, inflation-indexed²		112,949	0	+ 6,146
Inflation compensation³		20,507	+ 68	+ 2,235
Federal agency debt securities²		4,391	0	- 7,438
Mortgage-backed securities⁴		1,744,972	0	- 24,044
Unamortized premiums on securities held outright⁵		152,544	- 231	- 15,187
Unamortized discounts on securities held outright⁵		-13,907	+ 29	+ 923
Repurchase agreements⁶		64	+ 64	+ 2
Loans		60	- 161	+ 15
Net portfolio holdings of Maiden Lane LLC⁷		1,715	+ 1	+ 6
Items in process of collection	(0)	77	- 2	+ 15
Bank premises		2,194	0	- 2
Central bank liquidity swaps⁸		80	- 37	+ 45
Foreign currency denominated assets⁹		21,434	- 140	+ 1,370
Other assets¹⁰		31,002	+ 2,492	- 1,628

Total assets	(0)	4,358,207	+ 2,078	- 115,252

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

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

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday May 9, 2018	Change since
			Wednesday	Wednesday
			May 2, 2018	May 10, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,601,610	+ 3,011	+ 99,938
Reverse repurchase agreements¹¹		247,480	- 8,692	- 177,613
Deposits	(0)	2,463,507	+ 7,025	- 35,200
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,046,776	+ 54,953	- 173,142
U.S. Treasury, General Account		338,377	- 46,584	+ 150,121
Foreign official		5,254	0	+ 89
Other¹²	(0)	73,100	- 1,345	- 12,267
Deferred availability cash items	(0)	254	- 76	- 159
Other liabilities and accrued dividends¹³		6,080	+ 797	- 780

Total liabilities	(0)	4,318,930	+ 2,064	- 113,814

Capital accounts
Capital paid in		31,777	+ 15	+ 1,061
Surplus		7,500	0	- 2,500
Other capital accounts		0	0	0

Total capital		39,277	+ 15	- 1,439

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.	Refer to table 4 and the note on consolidation accompanying table 6.
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.	Revalued daily at current foreign currency exchange rates.
10.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
11.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
12.	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.
13.	Includes the liability for earnings remittances due to the U.S. Treasury.

6. Statement of Condition of Each Federal Reserve Bank, May 9, 2018

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 certificate account	11,037	364	3,626	350	544	773	1,491	739	334	199	307	905	1,405
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	1,815	51	52	179	114	262	186	298	27	50	109	185	302
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,283,652	81,812	2,364,875	108,152	121,441	253,486	257,134	229,442	57,052	35,755	67,434	177,126	529,943
Securities held outright¹	4,144,891	79,163	2,288,301	104,650	117,509	245,279	248,804	221,991	55,182	34,589	65,250	171,390	512,782
U.S. Treasury securities	2,395,528	45,752	1,322,517	60,482	67,914	141,758	143,796	128,299	31,892	19,991	37,711	99,055	296,361
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,395,528	45,752	1,322,517	60,482	67,914	141,758	143,796	128,299	31,892	19,991	37,711	99,055	296,361
Federal agency debt securities²	4,391	84	2,424	111	124	260	264	235	58	37	69	182	543
Mortgage-backed securities⁴	1,744,972	33,327	963,360	44,057	49,471	103,261	104,745	93,457	23,231	14,562	27,470	72,154	215,878
Unamortized premiums on securities held outright⁵	152,544	2,913	84,216	3,851	4,325	9,027	9,157	8,170	2,031	1,273	2,401	6,308	18,872
Unamortized discounts on securities held outright⁵	-13,907	-266	-7,678	-351	-394	-823	-835	-745	-185	-116	-219	-575	-1,720
Repurchase agreements⁶	64	1	35	2	2	4	4	3	1	1	1	3	8
Loans	60	0	0	0	0	0	4	22	24	9	0	0	2
Net portfolio holdings of Maiden
Lane LLC⁷	1,715	0	1,715	0	0	0	0	0	0	0	0	0	0
Items in process of collection	77	0	0	0	0	0	77	0	0	0	0	0	0
Bank premises	2,194	111	444	74	120	197	203	200	108	95	234	220	190
Central bank liquidity swaps⁸	80	3	25	5	6	17	5	3	1	0	1	1	12
Foreign currency denominated
assets⁹	21,434	912	6,758	1,217	1,730	4,630	1,238	909	309	98	212	265	3,155
Other assets¹⁰	31,002	625	16,618	780	894	2,057	1,861	1,638	513	331	560	1,318	3,807
Interdistrict settlement account	0	- 1,641	+ 88,419	- 4,767	- 2,766	+ 2,907	+ 8,384	- 19,543	- 1,728	- 2,012	- 3,051	- 4,859	- 59,342

Total assets	4,358,207	82,433	2,484,351	106,200	122,320	264,742	271,233	214,109	56,766	34,607	65,958	175,442	480,045

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

6. Statement of Condition of Each Federal Reserve Bank, May 9, 2018 (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 outstanding	1,782,256	59,567	605,903	54,203	88,049	125,810	247,264	114,058	52,073	30,512	47,238	138,878	218,701
Less: Notes held by F.R. Banks	180,646	6,244	45,954	7,215	9,910	14,118	28,587	12,596	5,525	3,423	5,851	16,763	24,461
Federal Reserve notes, net	1,601,610	53,323	559,949	46,988	78,138	111,692	218,677	101,463	46,548	27,090	41,388	122,115	194,240
Reverse repurchase agreements¹¹	247,480	4,727	136,628	6,248	7,016	14,645	14,855	13,254	3,295	2,065	3,896	10,233	30,617
Deposits	2,463,507	22,528	1,772,762	50,439	33,780	129,308	34,966	97,357	6,185	4,947	20,114	42,319	248,800
Term deposits held by depository institutions	0	0	0	0	0	0	0	0	0	0	0	0	0
Other deposits held by depository institutions	2,046,776	22,498	1,407,546	50,437	33,716	129,053	34,930	46,320	6,180	4,947	20,069	42,287	248,793
U.S. Treasury, General Account	338,377	0	338,377	0	0	0	0	0	0	0	0	0	0
Foreign official	5,254	2	5,227	2	3	9	2	2	1	0	0	0	6
Other¹²	73,100	29	21,613	0	61	246	33	51,036	4	0	45	31	2
Deferred availability cash items	254	0	0	0	0	0	77	0	0	176	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,334	25	738	28	35	51	97	71	21	12	23	69	163
Other liabilities and accrued dividends	4,746	168	1,958	202	207	540	310	310	136	138	139	218	420

Total liabilities	4,318,930	80,771	2,472,036	103,906	119,176	256,237	268,983	212,455	56,184	34,428	65,560	174,954	474,240

Capital
Capital paid in	31,777	1,343	9,951	1,868	2,538	6,884	1,817	1,336	474	145	324	396	4,702
Surplus	7,500	319	2,364	426	605	1,620	433	318	108	34	74	93	1,104
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,358,207	82,433	2,484,351	106,200	122,320	264,742	271,233	214,109	56,766	34,607	65,958	175,442	480,045

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

6. Statement of Condition of Each Federal Reserve Bank, May 9, 2018 (continued)

1.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.	Face value of the securities.
3.	Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such 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.	Refer to table 4 and the 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.	Revalued daily at current foreign currency exchange rates.
10.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
11.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
12.	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.
13.	Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $7.5 billion surplus.

Note on consolidation:

On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous page (and in table 1 and table 5), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were included in other liabilities in this table (and table 1 and table 5).

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	May 9, 2018
Federal Reserve notes outstanding	1,782,256
Less: Notes held by F.R. Banks not subject to collateralization	180,646
Federal Reserve notes to be collateralized	1,601,610
Collateral held against Federal Reserve notes	1,601,610
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,585,373
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,144,955
Less: Face value of securities under reverse repurchase agreements	243,417
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,901,538

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.

Statistical releases