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

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Release Date: September 17, 2026

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 Sep 16, 2026
	Week ended Sep 16, 2026	Change from week ended
	Week ended Sep 16, 2026	Sep 9, 2026	Sep 17, 2025
Reserve Bank credit	6,697,607	+ 5,796	+ 138,353	6,699,262
Securities held outright1	6,470,065	+ 1,793	+ 163,888	6,470,320
U.S. Treasury securities	4,554,150	+ 1,810	+ 353,140	4,554,450
Bills2	550,179	+ 1,819	+ 354,686	550,482
Notes and bonds, nominal2	3,620,822	0	+ 36,098	3,620,822
Notes and bonds, inflation-indexed2	277,105	0	- 32,347	277,105
Inflation compensation3	106,045	- 8	- 5,295	106,041
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	1,913,567	- 18	- 189,253	1,913,523
Unamortized premiums on securities held outright5	209,932	- 291	- 21,894	209,806
Unamortized discounts on securities held outright5	-26,026	+ 40	- 2,398	-25,969
Repurchase agreements6	52	+ 43	- 163	255
Foreign official	1	+ 1	+ 1	1
Others	51	+ 43	- 164	254
Loans	6,681	+ 1,258	+ 821	6,950
Primary credit	6,608	+ 1,257	+ 1,956	6,879
Secondary credit	0	0	0	0
Seasonal credit	58	+ 2	- 6	55
Paycheck Protection Program Liquidity Facility	16	0	- 1,127	16
Other credit extensions	0	0	0	0
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)7	892	- 3	- 3,323	871
Float	-217	+ 14	+ 120	-268
Central bank liquidity swaps8	94	- 7	+ 43	94
Other Federal Reserve assets9	36,134	+ 2,948	+ 1,258	37,202
Foreign currency denominated assets10	19,488	+ 3	- 178	19,409
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	15,200	0	0	15,200
Treasury currency outstanding11	53,396	+ 14	+ 728	53,396

Total factors supplying reserve funds	6,796,731	+ 5,812	+ 138,902	6,798,308

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 Sep 16, 2026
	Week ended Sep 16, 2026	Change from week ended
	Week ended Sep 16, 2026	Sep 9, 2026	Sep 17, 2025
Currency in circulation11	2,484,215	- 812	+ 74,728	2,483,040
Reverse repurchase agreements12	338,042	- 13,617	- 33,213	323,803
Foreign official and international accounts	334,042	- 16,980	- 18,838	318,428
Others	3,999	+ 3,362	- 14,376	5,375
Treasury cash holdings	313	- 3	- 58	310
Deposits with F.R. Banks, other than reserve balances	1,136,067	- 4,679	+ 147,818	1,244,651
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	877,028	- 6,307	+ 120,652	991,708
Foreign official	9,466	+ 8	+ 30	9,466
Other13	249,573	+ 1,620	+ 27,136	243,477
Treasury contributions to credit facilities14	0	0	- 2,029	0
Other liabilities and capital15	-175,700	+ 2,440	+ 11,218	-175,032

Total factors, other than reserve balances, absorbing reserve funds	3,782,937	- 16,672	+ 198,463	3,876,772

Reserve balances with Federal Reserve Banks	3,013,794	+ 22,484	- 59,561	2,921,536

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 assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to 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.	Includes bank premises, accrued interest, and other accounts receivable.
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.	Book value. Amount of equity investments in MS Facilities 2020 LLC.
15.	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 Sep 16, 2026
	Week ended Sep 16, 2026	Change from week ended
	Week ended Sep 16, 2026	Sep 9, 2026	Sep 17, 2025
Securities held in custody for foreign official and international accounts	2,873,528	- 454	- 246,364	2,884,717
Marketable U.S. Treasury securities1	2,597,831	- 561	- 194,951	2,608,821
Federal agency debt and mortgage-backed securities2	201,829	+ 555	- 46,006	202,071
Other securities3	73,867	- 449	- 5,409	73,825
Securities lent to dealers	43,622	+ 3,424	+ 6,460	43,532
Overnight facility4	43,622	+ 3,424	+ 6,460	43,532
U.S. Treasury securities	43,622	+ 3,424	+ 6,460	43,532
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, September 16, 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	4,238	2,713	0	0	0	...	6,950
U.S. Treasury securities2
Holdings	140,626	360,938	527,324	1,426,916	473,533	1,625,114	4,554,450
Weekly changes	+ 42,787	- 37,671	- 2,439	- 558	- 1	- 3	+ 2,113
Federal agency debt securities3
Holdings	0	0	0	2,134	213	0	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities4
Holdings	0	8	153	5,165	106,200	1,801,997	1,913,523
Weekly changes	0	0	0	0	0	- 62	- 62
Loan participations held by MS
Facilities 2020 LLC (Main Street
Lending Program)5	0	0	0	0	...	...	0
Repurchase agreements6	255	0	...	...	...	...	255
Central bank liquidity swaps7	94	0	0	0	0	0	94
Reverse repurchase agreements6	323,803	0	...	...	...	...	323,803
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	Sep 16, 2026
Mortgage-backed securities held outright1	1,913,523
Residential mortgage-backed securities	1,906,109
Commercial mortgage-backed securities	7,414

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 Sep 16, 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	0	871	871

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 a valuation allowance, updated as of June 30, 2026.
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 Sep 16, 2026	Change since
			Wednesday	Wednesday
			Sep 9, 2026	Sep 17, 2025
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		15,200	0	0
Coin		1,325	+ 19	- 164
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,661,362	+ 3,039	+ 140,496
Securities held outright1		6,470,320	+ 2,051	+ 164,126
U.S. Treasury securities		4,554,450	+ 2,113	+ 353,386
Bills2		550,482	+ 2,122	+ 354,989
Notes and bonds, nominal2		3,620,822	0	+ 36,098
Notes and bonds, inflation-indexed2		277,105	0	- 32,347
Inflation compensation3		106,041	- 9	- 5,354
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		1,913,523	- 62	- 189,260
Unamortized premiums on securities held outright5		209,806	- 342	- 21,876
Unamortized discounts on securities held outright5		-25,969	+ 38	- 2,408
Repurchase agreements6		255	+ 249	+ 254
Loans7		6,950	+ 1,043	+ 400
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8		871	- 24	- 3,280
Items in process of collection	(0)	46	- 8	- 16
Bank premises		679	+ 2	+ 77
Central bank liquidity swaps9		94	- 7	+ 43
Foreign currency denominated assets10		19,409	- 158	- 391
Other assets11		36,524	+ 3,065	+ 1,184

Total assets	(0)	6,746,548	+ 5,929	+ 137,951

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 Sep 16, 2026	Change since
			Wednesday	Wednesday
			Sep 9, 2026	Sep 17, 2025
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,431,275	- 3,381	+ 72,827
Reverse repurchase agreements12		323,803	- 25,860	- 47,768
Deposits	(0)	4,166,188	+ 32,712	+ 104,063
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,921,537	- 114,971	- 98,826
U.S. Treasury, General Account		991,708	+ 148,003	+ 184,566
Foreign official		9,466	+ 8	+ 31
Other13	(0)	243,477	- 329	+ 18,292
Deferred availability cash items	(0)	314	+ 10	- 90
Treasury contributions to credit facilities14		0	0	- 2,029
Other liabilities and accrued dividends15		-222,748	+ 2,449	+ 8,950

Total liabilities	(0)	6,698,832	+ 5,929	+ 135,953

Capital accounts
Capital paid in		40,931	0	+ 1,997
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		47,716	0	+ 1,997

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 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, September 16, 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	891	8,007	818	1,240	1,901	3,698	1,737	791	452	758	2,291	3,653
Coin	1,325	39	59	183	44	176	95	242	26	56	92	119	195
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	6,661,362	167,285	3,383,485	132,469	257,024	548,958	466,710	417,373	110,293	57,310	82,973	327,009	710,474
Net portfolio holdings of MS
Facilities 2020 LLC (Main Street
Lending Program)2	871	871	0	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	94	4	30	3	10	21	3	5	2	1	1	3	11
Foreign currency denominated
assets4	19,409	810	6,253	640	1,973	4,257	692	1,061	486	115	255	551	2,317
Other assets5	37,250	950	16,597	805	1,452	3,409	3,644	2,214	997	485	804	1,882	4,013
Interdistrict settlement account	0	- 3,051	+ 153,574	- 18,468	- 16,586	- 61,367	- 40,783	- 210	- 10,292	+ 2,710	+ 5,909	- 9,475	- 1,962

Total assets	6,746,548	167,799	3,568,005	116,450	245,156	497,353	434,059	422,421	102,303	61,129	90,792	322,379	718,702

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, September 16, 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	2,431,275	84,560	749,733	64,047	118,670	174,631	348,687	126,687	77,361	41,579	57,048	223,066	365,206
Reverse repurchase agreements6	323,803	8,093	164,543	6,437	12,504	26,703	22,703	20,295	5,351	2,782	4,034	15,873	34,485
Deposits	4,166,188	77,086	2,769,607	47,877	117,655	325,390	59,818	295,424	18,053	16,538	30,191	81,813	326,735
Depository institutions	2,921,537	77,075	1,704,729	47,875	117,620	324,797	59,806	116,491	18,049	16,481	30,165	81,747	326,703
U.S. Treasury, General Account	991,708	0	991,708	0	0	0	0	0	0	0	0	0	0
Foreign official	9,466	2	9,439	1	4	9	1	2	1	0	1	1	5
Other7	243,477	10	63,731	0	31	584	11	178,931	3	57	26	65	27
Earnings remittances due to the U.S. Treasury8	-232,751	-5,327	-134,739	-3,572	-9,600	-40,644	154	-23,336	38	-276	-1,396	78	-14,131
Treasury contributions to credit facilities9	0	0	0	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	10,317	1,206	3,658	243	416	1,170	832	766	296	220	282	372	856

Total liabilities	6,698,832	165,618	3,552,802	115,033	239,645	487,250	432,195	419,836	101,099	60,843	90,159	321,202	713,151

Capital
Capital paid in	40,931	1,898	13,018	1,194	4,822	8,615	1,622	2,215	1,034	245	543	984	4,741
Surplus	6,785	283	2,185	224	690	1,488	242	371	170	40	89	193	810
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	6,746,548	167,799	3,568,005	116,450	245,156	497,353	434,059	422,421	102,303	61,129	90,792	322,379	718,702

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, September 16, 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	Sep 16, 2026
Federal Reserve notes outstanding	2,834,109
Less: Notes held by F.R. Banks not subject to collateralization	402,834
Federal Reserve notes to be collateralized	2,431,275
Collateral held against Federal Reserve notes	2,431,275
Gold certificate account	11,037
Special drawing rights certificate account	15,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,405,038
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	6,470,575
Less: Face value of securities under reverse repurchase agreements	380,525
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	6,090,050

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: September 17, 2026