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

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Release Date: January 08, 2026

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

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jan 7, 2026
	Week ended Jan 7, 2026	Change from week ended
	Week ended Jan 7, 2026	Dec 31, 2025	Jan 8, 2025
Reserve Bank credit	6,539,523	- 3,457	- 267,805	6,526,135
Securities held outright1	6,270,069	- 651	- 256,610	6,276,897
U.S. Treasury securities	4,228,698	+ 999	- 62,372	4,235,527
Bills2	234,758	+ 1,166	+ 39,415	241,757
Notes and bonds, nominal2	3,567,471	- 2,192	- 68,316	3,567,471
Notes and bonds, inflation-indexed2	312,274	+ 2,192	- 29,303	312,274
Inflation compensation3	114,195	- 167	- 4,168	114,025
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,039,024	- 1,650	- 194,238	2,039,024
Unamortized premiums on securities held outright5	224,550	- 418	- 24,615	224,393
Unamortized discounts on securities held outright5	-23,654	- 78	- 125	-23,654
Repurchase agreements6	20,431	- 1,827	+ 20,430	0
Foreign official	0	0	0	0
Others	20,431	- 1,827	+ 20,430	0
Loans	8,093	- 1,316	- 99	7,287
Primary credit	8,029	- 1,307	+ 5,700	7,225
Secondary credit	0	- 1	0	0
Seasonal credit	2	- 7	0	0
Paycheck Protection Program Liquidity Facility	63	0	- 1,894	62
Bank Term Funding Program	0	0	- 3,905	0
Other credit extensions7	0	0	0	0
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8	1,594	- 427	- 6,668	1,571
Float	-424	+ 5	- 47	-384
Central bank liquidity swaps9	481	0	- 639	481
Other Federal Reserve assets10	38,383	+ 1,253	+ 568	39,545
Foreign currency denominated assets11	19,347	- 52	+ 1,901	19,290
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	15,200	0	0	15,200
Treasury currency outstanding12	52,892	+ 14	+ 390	52,892

Total factors supplying reserve funds	6,638,003	- 3,494	- 265,514	6,624,558

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

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jan 7, 2026
	Week ended Jan 7, 2026	Change from week ended
	Week ended Jan 7, 2026	Dec 31, 2025	Jan 8, 2025
Currency in circulation12	2,444,489	+ 2,257	+ 74,218	2,441,944
Reverse repurchase agreements13	353,101	+ 2,062	- 258,957	328,300
Foreign official and international accounts	333,581	+ 10,395	- 53,141	323,718
Others	19,520	- 8,333	- 205,816	4,582
Treasury cash holdings	321	+ 10	+ 7	319
Deposits with F.R. Banks, other than reserve balances	1,032,249	- 47,970	+ 204,990	1,018,816
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	796,148	- 41,158	+ 143,512	783,571
Foreign official	9,438	- 1	- 250	9,439
Other14	226,663	- 6,811	+ 61,728	225,805
Treasury contributions to credit facilities15	821	0	- 2,640	821
Other liabilities and capital16	-189,356	+ 1,179	- 24,767	-188,640

Total factors, other than reserve balances, absorbing reserve funds	3,641,625	- 42,462	- 7,149	3,601,561

Reserve balances with Federal Reserve Banks	2,996,379	+ 38,969	- 258,364	3,022,997

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.
7.	Includes outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees.
8.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
9.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
10.	Includes bank premises, accrued interest, and other accounts receivable.
11.	Revalued daily at current foreign currency exchange rates.
12.	Estimated.
13.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities
14.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
15.	Book value. Amount of equity investments in MS Facilities 2020 LLC.
16.	Includes the liability for earnings remittances due to the U.S. Treasury.

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

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Jan 7, 2026
	Week ended Jan 7, 2026	Change from week ended
	Week ended Jan 7, 2026	Dec 31, 2025	Jan 8, 2025
Securities held in custody for foreign official and international accounts	3,040,323	+ 1,851	- 207,629	3,059,863
Marketable U.S. Treasury securities1	2,737,165	+ 2,031	- 129,919	2,756,827
Federal agency debt and mortgage-backed securities2	224,672	- 120	- 69,388	224,669
Other securities3	78,486	- 60	- 8,322	78,366
Securities lent to dealers	37,879	+ 2,658	+ 3,483	36,178
Overnight facility4	37,879	+ 2,658	+ 3,483	36,178
U.S. Treasury securities	37,879	+ 2,658	+ 3,483	36,178
Federal agency debt securities	0	0	0	0

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

1.	Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.
2.	Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.
3.	Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4.	Face value. Fully collateralized by U.S. Treasury securities.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, January 7, 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	4,869	2,395	24	0	0	...	7,287
U.S. Treasury securities2
Holdings	69,223	214,862	453,783	1,401,095	500,394	1,596,170	4,235,527
Weekly changes	- 1,073	+ 5,555	+ 3,614	- 181	- 44	- 144	+ 7,726
Federal agency debt securities3
Holdings	0	0	0	1,818	529	0	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities4
Holdings	0	28	36	4,895	59,200	1,974,865	2,039,024
Weekly changes	0	0	0	+ 121	+ 9,339	- 9,459	0
Loan participations held by MS
Facilities 2020 LLC (Main Street
Lending Program)5	1,037	117	95	0	...	...	1,250
Repurchase agreements6	0	0	...	...	...	...	0
Central bank liquidity swaps7	481	0	0	0	0	0	481
Reverse repurchase agreements6	328,300	0	...	...	...	...	328,300
Term deposits	0	0	0	...	...	...	0

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

1.	Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); and other credit extensions. A component of PPPLF loans presented in the Within 15 days category has reached contractual maturity, and collection is expected based upon the terms of the PPPLF. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.
2.	Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.
3.	Face value.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Book value of the loan participations held by the MS Facilities 2020 LLC. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy.
6.	Cash value of agreements.
7.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Jan 7, 2026
Mortgage-backed securities held outright1	2,039,024
Residential mortgage-backed securities	2,031,272
Commercial mortgage-backed securities	7,752

Commitments to buy mortgage-backed securities2	0
Commitments to sell mortgage-backed securities2	0

Cash and cash equivalents3	0

1.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2.	Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.
3.	This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:	Wednesday Jan 7, 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	672	899	1,571

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

1.	Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.
2.	Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for credit losses, updated as of September 30, 2025.
3.	Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Jan 7, 2026	Change since
			Wednesday	Wednesday
			Dec 31, 2025	Jan 8, 2025
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		15,200	0	0
Coin		1,484	+ 3	- 8
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,484,922	- 69,742	- 275,023
Securities held outright1		6,276,897	+ 7,726	- 249,779
U.S. Treasury securities		4,235,527	+ 7,726	- 55,540
Bills2		241,757	+ 8,165	+ 46,414
Notes and bonds, nominal2		3,567,471	0	- 68,334
Notes and bonds, inflation-indexed2		312,274	0	- 29,303
Inflation compensation3		114,025	- 439	- 4,317
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		2,039,024	0	- 194,238
Unamortized premiums on securities held outright5		224,393	- 407	- 24,619
Unamortized discounts on securities held outright5		-23,654	- 7	- 198
Repurchase agreements6		0	- 74,600	0
Loans7		7,287	- 2,453	- 426
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8		1,571	- 41	- 6,699
Items in process of collection	(0)	73	- 19	+ 11
Bank premises		637	- 30	+ 57
Central bank liquidity swaps9		481	0	- 639
Foreign currency denominated assets10		19,290	- 190	+ 1,892
Other assets11		38,908	+ 3,003	+ 457

Total assets	(0)	6,573,602	- 67,016	- 279,952

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

H.4.1

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

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Jan 7, 2026	Change since
			Wednesday	Wednesday
			Dec 31, 2025	Jan 8, 2025
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,390,852	- 3,613	+ 75,991
Reverse repurchase agreements12		328,300	- 133,898	- 243,220
Deposits	(0)	4,041,813	+ 69,123	- 85,109
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,022,997	+ 169,556	- 309,439
U.S. Treasury, General Account		783,571	- 89,282	+ 163,040
Foreign official		9,439	+ 1	- 248
Other13	(0)	225,805	- 11,153	+ 61,538
Deferred availability cash items	(0)	456	- 729	- 77
Treasury contributions to credit facilities14		821	0	- 2,640
Other liabilities and accrued dividends15		-234,713	+ 1,966	- 26,919

Total liabilities	(0)	6,527,530	- 67,151	- 281,972

Capital accounts
Capital paid in		39,288	+ 136	+ 2,021
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		46,073	+ 136	+ 2,021

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

1.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.	Face value of the securities.
3.	Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.	Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7.	Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.
8.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
9.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
10.	Revalued daily at current foreign currency exchange rates.
11.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
12.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
13.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
14.	Book value. Amount of equity investments in MS Facilities 2020 LLC.
15.	Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 7, 2026

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Assets
Gold certificates and special drawing rights certificates	26,237	898	8,066	815	1,238	1,891	3,695	1,720	794	446	740	2,294	3,640
Coin	1,484	48	59	186	43	194	118	234	34	64	102	155	248
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	6,484,922	149,300	3,439,467	127,856	263,990	583,044	428,456	328,973	97,814	43,353	62,210	290,662	669,797
Net portfolio holdings of MS
Facilities 2020 LLC (Main Street
Lending Program)2	1,571	1,571	0	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	481	20	162	17	50	94	16	27	12	3	5	14	60
Foreign currency denominated
assets4	19,290	815	6,507	667	2,001	3,757	653	1,077	489	124	214	563	2,423
Other assets5	39,618	956	18,564	832	1,611	3,870	3,849	1,974	774	483	726	1,844	4,133
Interdistrict settlement account	0	+ 17,803	- 146,584	- 2,886	- 18,931	- 77,677	+ 20,203	+ 84,860	+ 10,154	+ 17,933	+ 25,423	+ 41,723	+ 27,980

Total assets	6,573,602	171,411	3,326,241	127,487	250,002	515,173	456,991	418,865	110,070	62,405	89,420	337,256	708,281

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

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 7, 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	2,390,852	81,499	741,242	65,975	118,409	172,056	361,614	117,464	79,172	38,634	46,571	213,574	354,641
Reverse repurchase agreements6	328,300	7,559	174,231	6,477	13,379	29,546	21,713	16,655	4,953	2,193	3,150	14,725	33,719
Deposits	4,041,813	83,923	2,536,661	57,350	123,596	342,402	71,028	302,929	24,579	21,606	40,258	107,327	330,155
Depository institutions	3,022,997	83,918	1,689,016	57,348	123,570	342,054	71,017	132,371	24,574	21,543	40,231	107,255	330,100
U.S. Treasury, General Account	783,571	0	783,571	0	0	0	0	0	0	0	0	0	0
Foreign official	9,439	2	9,413	1	4	8	1	2	1	0	0	1	5
Other7	225,805	4	54,660	0	23	340	9	170,556	4	63	26	70	50
Earnings remittances due to the U.S. Treasury8	-243,076	-5,389	-143,949	-4,057	-10,399	-39,692	75	-21,381	7	-457	-1,387	3	-16,450
Treasury contributions to credit facilities9	821	821	0	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	8,819	1,071	3,158	216	327	952	831	679	206	154	207	327	691

Total liabilities	6,527,530	169,484	3,311,343	125,961	245,313	505,264	455,260	416,347	108,918	62,129	88,799	335,957	702,755

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

Total liabilities and capital	6,573,602	171,411	3,326,241	127,487	250,002	515,173	456,991	418,865	110,070	62,405	89,420	337,256	708,281

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

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 7, 2026 (continued)

1.	Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities
	lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between
	the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,
	amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
	Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility; and other credit extensions.
2.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
3.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
4.	Revalued daily at current foreign currency exchange rates.
5.	Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.
6.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
7.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
8.	The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.
9.	Book value. Amount of equity investments in MS Facilities 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral	Wednesday
Federal Reserve notes and collateral	Jan 7, 2026
Federal Reserve notes outstanding	2,815,924
Less: Notes held by F.R. Banks not subject to collateralization	425,072
Federal Reserve notes to be collateralized	2,390,852
Collateral held against Federal Reserve notes	2,390,852
Gold certificate account	11,037
Special drawing rights certificate account	15,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,364,615
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	6,276,897
Less: Face value of securities under reverse repurchase agreements	372,630
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,904,267

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

1.	Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.
2.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

Last Update: January 08, 2026