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FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

May 7, 2020

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 6, 2020

Week ended
May 6, 2020

Change from week ended

Apr 29, 2020

May 8, 2019

Reserve Bank credit

6,663,700

+   66,045

+2,811,277

6,682,832

Securities held outright1

5,605,502

+   43,004

+1,903,657

5,627,918

U.S. Treasury securities

3,998,014

+   52,997

+1,873,949

4,020,191

Bills2

   326,044

         0

+  325,944

   326,044

Notes and bonds, nominal2

3,390,412

+   46,208

+1,403,987

3,409,516

Notes and bonds, inflation-indexed2

   245,409

+    6,290

+  130,048

   248,266

Inflation compensation3

    36,149

+      498

+   13,971

    36,365

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

1,605,141

-    9,993

+   29,708

1,605,380

Unamortized premiums on securities held outright5

   285,429

+    4,161

+  151,526

   286,502

Unamortized discounts on securities held outright5

    -5,631

+      176

+    7,322

    -5,534

Repurchase agreements6

   172,929

+    9,371

+  172,920

   172,700

Foreign official

         0

         0

         0

         0

Others

   172,929

+    9,372

+  172,920

   172,700

Loans

   118,730

-    2,654

+  118,686

   113,342

Primary credit

    29,913

-    1,346

+   29,907

    26,494

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

-       37

         0

Primary Dealer Credit Facility

    19,070

-    9,548

+   19,070

    14,903

Money Market Mutual Fund Liquidity Facility

    44,695

-    2,809

+   44,695

    42,763

Paycheck Protection Program Liquidity Facility

    25,052

+   11,049

+   25,052

    29,181

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Commercial Paper Funding Facility II LLC7

     3,974

+    1,053

+    3,974

     3,988

Float

      -275

+       92

-      133

      -241

Central bank liquidity swaps8

   444,965

+   10,712

+  444,910

   444,885

Other Federal Reserve assets9

    38,077

+      130

+    8,415

    39,271

Foreign currency denominated assets10

    20,653

+      213

+       62

    20,521

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    50,289

+       14

+      390

    50,289

Total factors supplying reserve funds

6,750,883

+   66,272

+2,811,728

6,769,884

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 6, 2020

Week ended
May 6, 2020

Change from week ended

Apr 29, 2020

May 8, 2019

Currency in circulation11

1,916,084

+   12,651

+  184,698

1,921,765

Reverse repurchase agreements12

   270,674

-      633

+    6,506

   265,206

Foreign official and international accounts

   269,177

+    2,299

+    5,166

   264,031

Others

     1,497

-    2,933

+    1,340

     1,175

Treasury cash holdings

       301

+        3

-       28

       296

Deposits with F.R. Banks, other than reserve balances

1,339,981

+   53,457

+  927,439

1,352,933

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

1,127,490

+  129,983

+  779,133

1,143,268

Foreign official

    16,350

+       33

+   11,106

    16,336

Other13

   196,142

-   76,557

+  137,201

   193,329

Other liabilities and capital14

    64,905

+      997

+   19,151

    64,080

Total factors, other than reserve balances,
absorbing reserve funds

3,591,945

+   66,476

+1,137,765

3,604,279

Reserve balances with Federal Reserve Banks

3,158,938

-      204

+1,673,963

3,165,605

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 the note on consolidation accompanying table 5.

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 bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC.

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 6, 2020

Week ended
May 6, 2020

Change from week ended

Apr 29, 2020

May 8, 2019

Securities held in custody for foreign official and international accounts

3,345,393

+    8,044

-  116,161

3,356,517

Marketable U.S. Treasury securities1

2,879,491

+    9,783

-  176,804

2,891,121

Federal agency debt and mortgage-backed securities2

   380,456

-    2,095

+   48,314

   380,343

Other securities3

    85,447

+      357

+   12,330

    85,054

Securities lent to dealers

    38,450

+    4,092

+   14,775

    37,938

Overnight facility4

    38,450

+    4,092

+   14,775

    37,938

U.S. Treasury securities

    38,450

+    4,092

+   14,775

    37,938

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, 4, and 5.

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 6, 2020

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

    13,238

    57,105

    13,817

    29,181

         0

...

   113,342

U.S. Treasury securities2

Holdings

   104,760

   213,636

   558,517

1,568,584

   675,810

   898,885

4,020,191

Weekly changes

+   49,466

-   36,220

+   22,696

-    3,888

+   10,214

+    6,504

+   48,772

Federal agency debt securities3

Holdings

         0

         0

         0

         0

     1,151

     1,196

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

         5

     2,014

    78,947

1,524,414

1,605,380

Weekly changes

         0

         0

+        1

+      169

+    2,428

-    1,937

+      660

Commercial paper held by Commercial

Paper Funding Facility II LLC5

         0

     3,948

         0

...

...

...

     3,948

Repurchase agreements6

    42,850

   129,850

...

...

...

...

   172,700

Central bank liquidity swaps7

    23,293

   421,593

         0

         0

         0

         0

   444,885

Reverse repurchase agreements6

   265,206

         0

...

...

...

...

   265,206

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 and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans exclude the loan from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, which was eliminated when preparing the FRBNY'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.

Face value of commercial paper held by Commercial Paper Funding Facility II LLC.

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.


3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

May 6, 2020

Mortgage-backed securities held outright1

1,605,380

Residential mortgage-backed securities

1,597,206

Commercial mortgage-backed securities

     8,174

Commitments to buy mortgage-backed securities2

   331,582

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         7

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 4 and table 5.



4. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
May 6, 2020

Change since

Wednesday

Wednesday

Apr 29, 2020

May 8, 2019

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,557

-       41

-      114

Securities, unamortized premiums and discounts, repurchase agreements, and loans

6,194,928

+   57,682

+2,371,975

Securities held outright1

5,627,918

+   49,432

+1,926,009

U.S. Treasury securities

4,020,191

+   48,772

+1,896,062

Bills2

   326,044

         0

+  325,944

Notes and bonds, nominal2

3,409,516

+   42,469

+1,423,091

Notes and bonds, inflation-indexed2

   248,266

+    5,976

+  132,905

Inflation compensation3

    36,365

+      327

+   14,123

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

1,605,380

+      660

+   29,947

Unamortized premiums on securities held outright5

   286,502

+    3,262

+  152,646

Unamortized discounts on securities held outright5

    -5,534

+      177

+    7,409

Repurchase agreements6

   172,700

+   14,498

+  172,635

Loans7

   113,342

-    9,686

+  113,276

Net portfolio holdings of Commercial Paper Funding Facility II LLC8

     3,988

+      616

+    3,988

Items in process of collection

(0)

        30

-       11

-       85

Bank premises

     2,203

-        5

+        9

Central bank liquidity swaps9

   444,885

+    5,932

+  444,830

Foreign currency denominated assets10

    20,521

-        4

-      146

Other assets11

    37,069

+    1,320

+    8,747

Total assets

(0)

6,721,420

+   65,491

+2,829,204

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


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

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
May 6, 2020

Change since

Wednesday

Wednesday

Apr 29, 2020

May 8, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

1,873,325

+   11,194

+  188,164

Reverse repurchase agreements12

   265,206

-    3,900

+    4,236

Deposits

(0)

4,518,539

+   58,401

+2,618,263

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

3,165,606

+    2,093

+1,674,926

U.S. Treasury, General Account

1,143,268

+   67,036

+  798,807

Foreign official

    16,336

+       13

+   11,091

Other13

(0)

   193,329

-   10,741

+  133,438

Deferred availability cash items

(0)

       272

-    1,166

+       25

Other liabilities and accrued dividends14

    25,208

+      929

+   19,074

Total liabilities

(0)

6,682,549

+   65,458

+2,829,761

Capital accounts

Capital paid in

    32,046

+       33

-      556

Surplus

     6,825

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    38,871

+       33

-      556

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 Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.

8.

Refer to the note on consolidation accompanying table 5.

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. Also includes net portfolio holdings of Maiden Lane LLC.

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.


5. Statement of Condition of Each Federal Reserve Bank, May 6, 2020

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Assets

Gold certificates and special drawing rights certificates

    16,237

       533

     5,483

       529

       761

     1,165

     2,183

     1,137

       479

       270

       450

     1,202

     2,045

Coin

     1,557

        35

        45

       145

        87

       213

       150

       261

        21

        44

       102

       175

       279

Securities, unamortized premiums and discounts, repurchase agreements,
and loans1

6,194,928

   181,893

3,187,013

   139,967

   190,959

   384,954

   450,608

   343,929

    97,418

    58,706

    99,043

   295,039

   765,399

Net portfolio holdings of Commercial Paper Funding Facility II LLC2

     3,988

         0

     3,988

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

   444,885

    21,117

   149,510

    16,010

    38,018

    93,901

    22,065

    17,277

     7,293

     3,484

     4,692

     5,282

    66,239

Foreign currency denominated

assets4

    20,521

       974

     6,898

       738

     1,753

     4,331

     1,018

       797

       336

       161

       216

       244

     3,055

Other assets5

    39,302

     1,007

    19,140

       946

     1,300

     2,759

     2,934

     2,224

       789

       510

       912

     2,017

     4,765

Interdistrict settlement account

         0

-   60,309

+  374,553

-   10,099

-   27,257

+   45,852

-   99,773

-    7,743

-   18,642

-   13,287

-   10,823

+    2,632

-  175,105

Total assets

6,721,420

   145,250

3,746,631

   148,236

   205,621

   533,176

   379,184

   357,882

    87,695

    49,887

    94,591

   306,591

   666,677

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


5. Statement of Condition of Each Federal Reserve Bank, May 6, 2020 (continued)

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Liabilities

Federal Reserve notes, net

1,873,325

    57,984

   622,362

    51,175

    85,060

   126,216

   258,186

   121,874

    59,352

    30,471

    50,417

   153,195

   257,032

Reverse repurchase agreements6

   265,206

     5,956

   137,312

     6,051

     8,297

    16,622

    19,545

    14,813

     4,190

     2,506

     4,217

    12,781

    32,915

Deposits

4,518,539

    79,063

2,956,484

    89,212

   108,442

   381,011

    98,436

   218,821

    23,198

    16,098

    39,208

   139,241

   369,325

Depository institutions

3,165,606

    79,040

1,737,189

    89,211

   106,417

   379,722

    98,333

   100,005

    23,191

    16,040

    31,341

   135,797

   369,319

U.S. Treasury, General Account

1,143,268

         0

1,143,268

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

    16,336

         2

    16,310

         1

         3

         8

         2

         2

         1

         0

         0

         0

         6

Other7

   193,329

        21

    59,718

         0

     2,022

     1,280

       100

   118,814

         6

        58

     7,866

     3,443

         0

Earnings remittances due to the U.S. Treasury8

     2,029

        56

     1,069

        44

        62

        96

       149

       113

        37

        23

        32

        94

       255

Other liabilities and accrued
dividends

    23,451

       362

    16,402

       366

       463

     1,047

       969

       764

       283

       462

       301

       627

     1,405

Total liabilities

6,682,549

   143,421

3,733,630

   146,847

   202,324

   524,990

   377,285

   356,385

    87,059

    49,561

    94,176

   305,939

   660,932

Capital

Capital paid in

    32,046

     1,505

    10,707

     1,143

     2,714

     6,745

     1,561

     1,232

       523

       272

       344

       571

     4,729

Surplus

     6,825

       324

     2,294

       246

       583

     1,441

       338

       265

       112

        53

        72

        81

     1,016

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

6,721,420

   145,250

3,746,631

   148,236

   205,621

   533,176

   379,184

   357,882

    87,695

    49,887

    94,591

   306,591

   666,677

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


5. Statement of Condition of Each Federal Reserve Bank, May 6, 2020 (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 and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.

2.

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. Also includes Net portfolio holdings of Maiden Lane LLC; refer to the note on consolidation for additional information.

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.

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 April 14, 2020, the Federal Reserve Bank of New York (FRBNY) began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC) under the authority of section 13(3) of the Federal Reserve Act. CPFF II LLC is a limited liability company formed to purchase three-month U.S dollar-denominated commercial paper by eligible issuers. The assets of the CPFF II LLC are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY.

The FRBNY is the managing member of CPFF II LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the CPFF II LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBNY to CPFF II LLC is eliminated, the net assets of the CPFF II LLC appear as assets on the previous page (and in table 1 and table 4), and the liabilities of the CPFF II LLC to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the CPFF II LLC are included in other liabilities in this table (and table 1 and table 4).


6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Federal Reserve notes and collateral

Wednesday

May 6, 2020

Federal Reserve notes outstanding

2,028,096

Less: Notes held by F.R. Banks not subject to collateralization

   154,771

Federal Reserve notes to be collateralized

1,873,325

Collateral held against Federal Reserve notes

1,873,325

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

1,857,088

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

5,800,618

Less: Face value of securities under reverse repurchase agreements

   252,327

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

5,548,291

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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