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

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Release Date: July 23, 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 Jul 22, 2026
	Week ended Jul 22, 2026	Change from week ended
	Week ended Jul 22, 2026	Jul 15, 2026	Jul 23, 2025
Reserve Bank credit	6,697,933	+ 1,770	+ 86,373	6,700,462
Securities held outright1	6,460,939	+ 1,413	+ 115,065	6,462,797
U.S. Treasury securities	4,511,763	+ 2,973	+ 305,115	4,515,661
Bills2	507,366	+ 2,428	+ 311,873	511,066
Notes and bonds, nominal2	3,624,172	+ 10,604	+ 30,321	3,624,172
Notes and bonds, inflation-indexed2	273,755	- 7,610	- 34,242	273,755
Inflation compensation3	106,470	- 2,449	- 2,836	106,669
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	1,946,830	- 1,559	- 190,049	1,944,788
Unamortized premiums on securities held outright5	213,325	- 360	- 22,275	213,147
Unamortized discounts on securities held outright5	-25,742	+ 69	- 1,937	-25,705
Repurchase agreements6	0	- 29	- 1	0
Foreign official	0	0	0	0
Others	0	- 29	- 1	0
Loans	4,726	- 927	- 1,914	4,950
Primary credit	4,664	- 931	- 512	4,885
Secondary credit	0	0	0	0
Seasonal credit	46	+ 6	+ 11	50
Paycheck Protection Program Liquidity Facility	16	- 1	- 1,413	16
Other credit extensions	0	0	0	0
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)7	628	0	- 3,920	627
Float	-285	- 32	+ 16	-339
Central bank liquidity swaps8	378	+ 243	+ 294	378
Other Federal Reserve assets9	43,963	+ 1,391	+ 1,043	44,608
Foreign currency denominated assets10	18,942	- 25	- 560	18,912
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	15,200	0	0	15,200
Treasury currency outstanding11	53,284	+ 14	+ 708	53,284

Total factors supplying reserve funds	6,796,400	+ 1,759	+ 86,521	6,798,899

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 Jul 22, 2026
	Week ended Jul 22, 2026	Change from week ended
	Week ended Jul 22, 2026	Jul 15, 2026	Jul 23, 2025
Currency in circulation11	2,470,901	- 1,563	+ 72,786	2,470,924
Reverse repurchase agreements12	353,244	+ 4,942	- 218,623	352,703
Foreign official and international accounts	353,086	+ 6,017	- 20,034	352,327
Others	158	- 1,075	- 198,589	376
Treasury cash holdings	324	- 8	- 102	319
Deposits with F.R. Banks, other than reserve balances	1,087,139	+ 75,969	+ 530,350	1,086,578
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	829,623	+ 73,405	+ 506,447	835,417
Foreign official	10,051	+ 310	+ 616	9,448
Other13	247,465	+ 2,254	+ 23,287	241,713
Treasury contributions to credit facilities14	0	0	- 2,029	0
Other liabilities and capital15	-177,358	+ 2,990	+ 4,265	-176,522

Total factors, other than reserve balances, absorbing reserve funds	3,734,250	+ 82,330	+ 386,648	3,734,003

Reserve balances with Federal Reserve Banks	3,062,149	- 80,572	- 300,128	3,064,896

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 Jul 22, 2026
	Week ended Jul 22, 2026	Change from week ended
	Week ended Jul 22, 2026	Jul 15, 2026	Jul 23, 2025
Securities held in custody for foreign official and international accounts	2,884,770	+ 11,234	- 333,554	2,902,477
Marketable U.S. Treasury securities1	2,603,298	+ 12,894	- 272,999	2,622,731
Federal agency debt and mortgage-backed securities2	206,451	- 1,340	- 52,052	204,720
Other securities3	75,021	- 319	- 8,503	75,025
Securities lent to dealers	38,024	+ 914	+ 3,640	43,489
Overnight facility4	38,024	+ 914	+ 3,640	43,489
U.S. Treasury securities	38,024	+ 914	+ 3,640	43,489
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, July 22, 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	2,550	2,400	0	0	0	...	4,950
U.S. Treasury securities2
Holdings	118,271	355,605	512,290	1,429,488	484,084	1,615,924	4,515,661
Weekly changes	+ 39,179	- 31,647	- 2,293	+ 240	+ 36	+ 206	+ 5,720
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	6	74	5,395	103,845	1,835,469	1,944,788
Weekly changes	0	0	0	0	0	- 3,549	- 3,549
Loan participations held by MS
Facilities 2020 LLC (Main Street
Lending Program)5	488	40	95	0	...	...	623
Repurchase agreements6	0	0	...	...	...	...	0
Central bank liquidity swaps7	378	0	0	0	0	0	378
Reverse repurchase agreements6	352,703	0	...	...	...	...	352,703
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	Jul 22, 2026
Mortgage-backed securities held outright1	1,944,788
Residential mortgage-backed securities	1,937,257
Commercial mortgage-backed securities	7,531

Commitments to buy mortgage-backed securities2	0
Commitments to sell mortgage-backed securities2	63

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 Jul 22, 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	37	590	627

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 March 31, 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 Jul 22, 2026	Change since
			Wednesday	Wednesday
			Jul 15, 2026	Jul 23, 2025
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		15,200	0	0
Coin		1,367	- 3	- 79
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,655,188	+ 1,912	+ 92,989
Securities held outright1		6,462,797	+ 2,172	+ 118,946
U.S. Treasury securities		4,515,661	+ 5,720	+ 308,941
Bills2		511,066	+ 5,180	+ 315,573
Notes and bonds, nominal2		3,624,172	0	+ 30,321
Notes and bonds, inflation-indexed2		273,755	0	- 34,242
Inflation compensation3		106,669	+ 540	- 2,710
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		1,944,788	- 3,549	- 189,996
Unamortized premiums on securities held outright5		213,147	- 422	- 22,240
Unamortized discounts on securities held outright5		-25,705	+ 129	- 1,970
Repurchase agreements6		0	- 102	- 3
Loans7		4,950	+ 137	- 1,744
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8		627	- 1	- 3,926
Items in process of collection	(0)	60	+ 17	- 3
Bank premises		683	+ 16	+ 111
Central bank liquidity swaps9		378	+ 243	+ 294
Foreign currency denominated assets10		18,912	- 53	- 725
Other assets11		43,925	+ 2,218	+ 1,001

Total assets	(0)	6,747,378	+ 4,350	+ 89,663

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 Jul 22, 2026	Change since
			Wednesday	Wednesday
			Jul 15, 2026	Jul 23, 2025
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,419,323	- 929	+ 71,553
Reverse repurchase agreements12		352,703	- 1,376	- 214,303
Deposits	(0)	4,151,474	+ 3,682	+ 230,287
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,064,896	- 35,558	- 293,487
U.S. Treasury, General Account		835,417	+ 39,441	+ 501,879
Foreign official		9,448	- 35	+ 14
Other13	(0)	241,713	- 166	+ 21,881
Deferred availability cash items	(0)	399	+ 43	- 108
Treasury contributions to credit facilities14		0	0	- 2,029
Other liabilities and accrued dividends15		-224,231	+ 2,930	+ 2,111

Total liabilities	(0)	6,699,669	+ 4,350	+ 87,512

Capital accounts
Capital paid in		40,924	0	+ 2,151
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		47,709	0	+ 2,151

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, July 22, 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	1,367	43	64	171	42	183	108	238	32	59	103	117	206
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	6,655,188	166,811	3,379,872	132,338	256,866	548,638	466,381	417,252	110,236	57,217	82,909	326,570	710,096
Net portfolio holdings of MS
Facilities 2020 LLC (Main Street
Lending Program)2	627	627	0	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	378	16	122	12	38	83	13	21	9	2	5	11	45
Foreign currency denominated
assets4	18,912	789	6,092	624	1,922	4,148	674	1,034	473	112	249	537	2,257
Other assets5	44,668	1,141	20,415	958	1,749	4,032	4,223	2,688	923	571	910	2,254	4,806
Interdistrict settlement account	0	- 3,300	+ 97,091	- 13,640	- 23,160	- 49,075	- 37,444	+ 25,017	- 8,475	+ 2,127	+ 5,682	- 6,914	+ 12,091

Total assets	6,747,378	167,019	3,511,663	121,282	238,698	509,910	437,654	447,987	103,989	60,540	90,616	324,865	733,155

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, July 22, 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	2,419,323	84,358	746,790	64,134	119,104	173,121	346,192	127,249	77,910	40,830	54,428	220,626	364,581
Reverse repurchase agreements6	352,703	8,815	179,229	7,011	13,620	29,087	24,730	22,106	5,829	3,031	4,394	17,290	37,563
Deposits	4,151,474	76,321	2,702,085	52,018	109,859	337,064	63,804	318,243	18,734	16,511	32,331	85,309	339,194
Depository institutions	3,064,896	76,313	1,789,879	52,017	109,828	336,200	63,772	145,065	18,731	16,431	32,256	85,241	339,163
U.S. Treasury, General Account	835,417	0	835,417	0	0	0	0	0	0	0	0	0	0
Foreign official	9,448	2	9,421	1	4	9	1	2	1	0	1	1	5
Other7	241,713	6	67,368	0	27	855	31	173,176	2	80	75	66	27
Earnings remittances due to the U.S. Treasury8	-233,767	-5,390	-135,459	-3,683	-9,773	-40,541	175	-22,934	35	-331	-1,390	93	-14,569
Treasury contributions to credit facilities9	0	0	0	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	9,935	978	3,647	238	380	1,108	901	739	284	214	227	370	849

Total liabilities	6,699,669	165,082	3,496,292	119,718	233,190	499,839	435,802	445,403	102,791	60,255	89,991	323,687	727,620

Capital
Capital paid in	40,924	1,653	13,186	1,340	4,818	8,582	1,610	2,213	1,029	245	536	986	4,725
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	6,747,378	167,019	3,511,663	121,282	238,698	509,910	437,654	447,987	103,989	60,540	90,616	324,865	733,155

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, July 22, 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	Jul 22, 2026
Federal Reserve notes outstanding	2,827,461
Less: Notes held by F.R. Banks not subject to collateralization	408,137
Federal Reserve notes to be collateralized	2,419,323
Collateral held against Federal Reserve notes	2,419,323
Gold certificate account	11,037
Special drawing rights certificate account	15,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,393,086
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	6,462,797
Less: Face value of securities under reverse repurchase agreements	406,340
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	6,056,456

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: July 23, 2026