FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, November 8, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	November 8, 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 Nov 7, 2018
	Week ended Nov 7, 2018	Change from week ended
	Week ended Nov 7, 2018	Oct 31, 2018	Nov 8, 2017
Reserve Bank credit	4,102,109	- 19,180	- 316,076	4,102,981
Securities held outright¹	3,941,820	- 20,399	- 295,494	3,941,834
U.S. Treasury securities	2,270,422	- 20,399	- 189,505	2,270,436
Bills²	53	0	+ 53	53
Notes and bonds, nominal²	2,132,762	- 20,428	- 198,439	2,132,762
Notes and bonds, inflation-indexed²	115,579	0	+ 6,042	115,579
Inflation compensation³	22,029	+ 30	+ 2,840	22,043
Federal agency debt securities²	2,409	0	- 4,348	2,409
Mortgage-backed securities⁴	1,668,989	0	- 101,641	1,668,989
Unamortized premiums on securities held outright⁵	143,081	- 250	- 18,036	143,010
Unamortized discounts on securities held outright⁵	-13,521	+ 30	+ 771	-13,510
Repurchase agreements⁶	0	0	- 9	0
Loans	101	- 86	+ 48	103
Primary credit	10	- 4	+ 9	16
Secondary credit	0	0	0	0
Seasonal credit	91	- 82	+ 39	87
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	7	0	- 1,705	7
Float	-146	+ 206	+ 159	-133
Central bank liquidity swaps⁸	80	0	+ 43	79
Other Federal Reserve assets⁹	30,687	+ 1,319	- 1,853	31,590
Foreign currency denominated assets¹⁰	20,678	- 33	- 197	20,717
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,843	+ 14	+ 580	49,843

Total factors supplying reserve funds	4,188,872	- 19,198	- 315,692	4,189,782

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 Nov 7, 2018
	Week ended Nov 7, 2018	Change from week ended
	Week ended Nov 7, 2018	Oct 31, 2018	Nov 8, 2017
Currency in circulation¹¹	1,696,737	+ 5,305	+ 106,569	1,699,134
Reverse repurchase agreements¹²	228,627	+ 4,867	- 61,905	230,838
Foreign official and international accounts	226,477	+ 4,894	- 428	228,963
Others	2,150	- 26	- 61,476	1,875
Treasury cash holdings	232	+ 2	+ 3	230
Deposits with F.R. Banks, other than reserve balances	391,941	- 54,171	+ 128,705	385,410
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	319,984	- 53,384	+ 142,204	316,157
Foreign official	5,256	- 45	+ 89	5,257
Other¹³	66,700	- 743	- 13,589	63,995
Other liabilities and capital¹⁴	45,203	+ 920	- 3,268	45,346

Total factors, other than reserve balances, absorbing reserve funds	2,362,741	- 43,076	+ 170,106	2,360,958

Reserve balances with Federal Reserve Banks	1,826,131	+ 23,879	- 485,798	1,828,825

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 Nov 7, 2018
	Week ended Nov 7, 2018	Change from week ended
	Week ended Nov 7, 2018	Oct 31, 2018	Nov 8, 2017
Securities held in custody for foreign official and international accounts	3,415,094	+ 639	+ 41,747	3,421,359
Marketable U.S. Treasury securities¹	3,042,700	+ 185	- 2,932	3,048,974
Federal agency debt and mortgage-backed securities²	306,038	+ 614	+ 43,387	306,038
Other securities³	66,356	- 159	+ 1,291	66,347
Securities lent to dealers	18,610	+ 2,990	- 6,643	16,676
Overnight facility⁴	18,610	+ 2,990	- 6,643	16,676
U.S. Treasury securities	18,610	+ 2,990	- 6,643	16,676
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.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, November 7, 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	36	67	0	0	0	...	103
U.S. Treasury securities¹
Holdings	34,357	59,402	310,003	985,378	264,108	617,188	2,270,436
Weekly changes	0	+ 14,191	- 14,190	+ 6	+ 13	+ 18	+ 37
Federal agency debt securities²
Holdings	0	0	62	0	0	2,347	2,409
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	2	202	62,179	1,606,605	1,668,989
Weekly changes	0	0	0	+ 13	+ 13,477	- 13,491	0
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	79	0	0	0	0	0	79

Reverse repurchase agreements⁴	230,838	0	...	...	...	...	230,838
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	Nov 7, 2018
Mortgage-backed securities held outright¹	1,668,989

Commitments to buy mortgage-backed securities²	2,966
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	1

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	Nov 7, 2018
Net portfolio holdings of Maiden Lane LLC¹	7

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.
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 Nov 7, 2018	Change since
			Wednesday	Wednesday
			Oct 31, 2018	Nov 8, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,733	- 4	- 112
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,071,437	- 287	- 312,828
Securities held outright¹		3,941,834	+ 37	- 295,539
U.S. Treasury securities		2,270,436	+ 37	- 189,549
Bills²		53	0	+ 53
Notes and bonds, nominal²		2,132,762	0	- 198,439
Notes and bonds, inflation-indexed²		115,579	0	+ 6,042
Inflation compensation³		22,043	+ 38	+ 2,796
Federal agency debt securities²		2,409	0	- 4,348
Mortgage-backed securities⁴		1,668,989	0	- 101,641
Unamortized premiums on securities held outright⁵		143,010	- 227	- 18,042
Unamortized discounts on securities held outright⁵		-13,510	+ 30	+ 771
Repurchase agreements⁶		0	0	- 65
Loans		103	- 127	+ 47
Net portfolio holdings of Maiden Lane LLC⁷		7	0	- 1,705
Items in process of collection	(0)	134	- 12	+ 25
Bank premises		2,186	- 24	- 15
Central bank liquidity swaps⁸		79	- 1	+ 42
Foreign currency denominated assets⁹		20,717	+ 91	- 149
Other assets¹⁰		29,404	+ 2,440	- 1,876

Total assets	(0)	4,141,936	+ 2,205	- 316,616

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 Nov 7, 2018	Change since
			Wednesday	Wednesday
			Oct 31, 2018	Nov 8, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,651,250	+ 3,084	+ 106,694
Reverse repurchase agreements¹¹		230,838	- 5,692	- 70,298
Deposits	(0)	2,214,234	+ 4,152	- 349,830
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		1,828,825	+ 57,284	- 488,785
U.S. Treasury, General Account		316,157	- 50,439	+ 155,720
Foreign official		5,257	0	+ 91
Other¹²	(0)	63,995	- 2,693	- 16,856
Deferred availability cash items	(0)	267	- 755	- 254
Other liabilities and accrued dividends¹³		6,232	+ 1,399	- 806

Total liabilities	(0)	4,102,822	+ 2,188	- 314,493

Capital accounts
Capital paid in		32,289	+ 18	+ 1,052
Surplus		6,825	0	- 3,175
Other capital accounts		0	0	0

Total capital		39,114	+ 18	- 2,123

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, November 7, 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	1,733	45	34	155	121	234	180	290	30	44	107	199	295
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,071,437	77,758	2,247,704	102,793	115,424	240,926	244,395	218,065	54,231	34,009	64,102	168,349	503,681
Securities held outright¹	3,941,834	75,285	2,176,198	99,523	111,752	233,262	236,616	211,116	52,479	32,895	62,054	162,994	487,661
U.S. Treasury securities	2,270,436	43,363	1,253,457	57,324	64,368	134,356	136,287	121,600	30,227	18,947	35,742	93,882	280,885
Bills²	53	1	29	1	2	3	3	3	1	0	1	2	7
Notes and bonds³	2,270,383	43,362	1,253,427	57,322	64,366	134,352	136,284	121,597	30,226	18,946	35,741	93,880	280,878
Federal agency debt securities²	2,409	46	1,330	61	68	143	145	129	32	20	38	100	298
Mortgage-backed securities⁴	1,668,989	31,876	921,411	42,138	47,316	98,764	100,184	89,387	22,220	13,928	26,274	69,012	206,477
Unamortized premiums on securities held outright⁵	143,010	2,731	78,952	3,611	4,054	8,463	8,584	7,659	1,904	1,193	2,251	5,913	17,692
Unamortized discounts on securities held outright⁵	-13,510	-258	-7,459	-341	-383	-799	-811	-724	-180	-113	-213	-559	-1,671
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	103	0	12	0	0	0	6	13	28	34	10	0	0
Net portfolio holdings of Maiden
Lane LLC⁷	7	0	7	0	0	0	0	0	0	0	0	0	0
Items in process of collection	134	0	0	0	0	0	134	0	0	0	0	0	0
Bank premises	2,186	108	448	79	117	195	206	195	106	95	233	219	187
Central bank liquidity swaps⁸	79	3	25	5	6	17	5	3	1	0	1	1	12
Foreign currency denominated
assets⁹	20,717	882	6,532	1,177	1,672	4,475	1,197	878	299	95	205	256	3,049
Other assets¹⁰	29,404	599	15,783	736	849	1,939	1,766	1,549	488	317	534	1,243	3,602
Interdistrict settlement account	0	+ 2,321	- 29,666	- 4,720	+ 1,494	+ 266	+ 33,161	+ 1,264	+ 5,364	+ 1,906	- 4,247	+ 12,280	- 19,423

Total assets	4,141,936	82,277	2,246,311	100,784	120,463	249,237	283,189	223,407	61,002	36,755	61,395	183,734	493,382

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, November 7, 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	1,852,426	58,337	616,200	54,804	88,724	125,595	262,889	120,845	55,706	31,407	49,818	150,443	237,657
Less: Notes held by F.R. Banks	201,175	6,281	60,373	7,306	9,273	14,128	29,964	13,024	5,569	2,918	5,764	17,430	29,145
Federal Reserve notes, net	1,651,250	52,056	555,826	47,498	79,451	111,467	232,924	107,822	50,138	28,490	44,053	133,014	208,512
Reverse repurchase agreements¹¹	230,838	4,409	127,440	5,828	6,544	13,660	13,856	12,363	3,073	1,926	3,634	9,545	28,558
Deposits	2,214,234	23,969	1,547,991	44,955	31,072	115,084	33,574	101,195	7,034	5,861	13,152	40,404	249,943
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	1,828,825	23,939	1,209,331	44,952	31,028	114,589	33,536	55,252	7,026	5,807	13,139	40,289	249,936
U.S. Treasury, General Account	316,157	0	316,157	0	0	0	0	0	0	0	0	0	0
Foreign official	5,257	2	5,230	2	3	9	2	2	1	0	0	0	6
Other¹²	63,995	28	17,274	1	41	486	35	45,941	7	54	13	115	1
Deferred availability cash items	267	0	0	0	0	0	129	0	0	138	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,309	27	679	34	48	76	104	65	22	12	23	62	157
Other liabilities and accrued dividends	4,924	182	1,934	213	221	585	327	324	146	151	152	226	462

Total liabilities	4,102,822	80,643	2,233,871	98,528	117,335	240,873	280,914	221,769	60,413	36,578	61,015	183,251	487,632

Capital
Capital paid in	32,289	1,343	10,289	1,868	2,577	6,890	1,880	1,349	491	146	312	398	4,745
Surplus	6,825	290	2,151	388	551	1,474	394	289	98	31	68	84	1,005
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,141,936	82,277	2,246,311	100,784	120,463	249,237	283,189	223,407	61,002	36,755	61,395	183,734	493,382

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, November 7, 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 $6.825 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	Nov 7, 2018
Federal Reserve notes outstanding	1,852,426
Less: Notes held by F.R. Banks not subject to collateralization	201,175
Federal Reserve notes to be collateralized	1,651,250
Collateral held against Federal Reserve notes	1,651,250
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,635,013
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	3,941,834
Less: Face value of securities under reverse repurchase agreements	229,816
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,712,017

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.

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