Board of Governors of the Federal Reserve System

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

Reserve Bank credit

 6,694,609

-   11,118

+  129,334

 6,683,670

Securities held outright1

 6,471,263

-      551

+  155,884

 6,462,101

U.S. Treasury securities

 4,545,674

+    6,971

+  343,441

 4,546,169

Bills2

   541,389

+    7,274

+  345,896

   541,995

Notes and bonds, nominal2

 3,621,850

         0

+   35,268

 3,621,850

Notes and bonds, inflation-indexed2

   276,076

         0

-   33,351

   276,076

Inflation compensation3

   106,358

-      303

-    4,373

   106,247

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,923,242

-    7,522

-  187,558

 1,913,585

Unamortized premiums on securities held outright5

   211,127

-      549

-   21,985

   210,801

Unamortized discounts on securities held outright5

   -25,994

-       72

-    2,147

   -25,915

Repurchase agreements6

         1

         0

-       49

         3

Foreign official

         0

         0

         0

         0

Others

         1

         0

-       49

         3

Loans

     5,415

+      199

-      734

     4,962

Primary credit

     5,346

+      181

+      663

     4,890

Secondary credit

         0

         0

         0

         0

Seasonal credit

        53

+       18

-        6

        55

Paycheck Protection Program Liquidity Facility

        16

         0

-    1,391

        16

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)7

       866

+      138

-    3,384

       894

Float

      -242

-       26

+       94

      -240

Central bank liquidity swaps8

       121

-        2

+       81

       121

Other Federal Reserve assets9

    32,053

-   10,254

+    1,576

    30,944

Foreign currency denominated assets10

    19,390

+      113

-      149

    19,354

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding11

    53,354

+       14

+      728

    53,354

Total factors supplying reserve funds

 6,793,594

-   10,991

+  129,914

 6,782,619

Currency in circulation11

 2,476,144

+    1,048

+   71,951

 2,478,052

Reverse repurchase agreements12

   362,213

-    2,652

-   25,987

   356,158

Foreign official and international accounts

   361,883

-    2,706

+    8,693

   355,456

Others

       330

+       55

-   34,680

       702

Treasury cash holdings

       329

-        4

-       65

       321

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

 1,208,592

+    3,111

+  376,438

 1,209,347

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   950,736

-    2,876

+  360,738

   959,435

Foreign official

     9,458

-      487

+       23

     9,459

Other13

   248,398

+    6,473

+   15,677

   240,454

Treasury contributions to credit facilities14

         0

         0

-    2,029

         0

Other liabilities and capital15

  -178,619

-    2,141

+    9,637

  -178,083

Total factors, other than reserve balances,
absorbing reserve funds

 3,868,658

-      640

+  429,945

 3,865,795

Reserve balances with Federal Reserve Banks

 2,924,936

-   10,351

-  300,031

 2,916,824

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.

Securities held in custody for foreign official and international accounts

 2,878,051

+    7,181

-  287,793

 2,891,131

Marketable U.S. Treasury securities1

 2,601,927

+    9,845

-  236,260

 2,615,246

Federal agency debt and mortgage-backed securities2

   201,697

-    2,795

-   46,437

   201,310

Other securities3

    74,428

+      132

-    5,094

    74,575

Securities lent to dealers

    33,683

-    4,185

-    5,077

    35,661

Overnight facility4

    33,683

-    4,185

-    5,077

    35,661

U.S. Treasury securities

    33,683

-    4,185

-    5,077

    35,661

Federal agency debt securities

         0

         0

         0

         0

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.

Loans1

     2,393

     2,568

         0

         0

         0

...

     4,962

U.S. Treasury securities2

Holdings

   113,163

   368,124

   537,361

 1,434,042

   471,393

 1,622,087

 4,546,169

Weekly changes

-    3,780

+    7,102

+      888

-      133

-       22

-      114

+    3,941

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

         6

         0

        99

     5,135

   100,222

 1,808,123

 1,913,585

Weekly changes

         0

         0

+       10

-      173

-    1,813

-   15,166

-   17,143

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

         0

         0

         0

         0

...

...

         0

Repurchase agreements6

         3

         0

...

...

...

...

         3

Central bank liquidity swaps7

       121

         0

         0

         0

         0

         0

       121

Reverse repurchase agreements6

   356,158

         0

...

...

...

...

   356,158

Term deposits

         0

         0

         0

...

...

...

         0

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.

Mortgage-backed securities held outright1

 1,913,585

Residential mortgage-backed securities

 1,906,167

Commercial mortgage-backed securities

     7,417

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.

MS Facilities 2020 LLC (Main Street Lending Program)

         0

         0

       894

       894

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.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

    15,200

         0

         0

Coin

     1,352

-        1

-      126

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

 6,651,951

-   14,006

+  129,679

Securities held outright1

 6,462,101

-   13,202

+  154,557

U.S. Treasury securities

 4,546,169

+    3,941

+  343,818

Bills2

   541,995

+    4,243

+  346,502

Notes and bonds, nominal2

 3,621,850

         0

+   35,268

Notes and bonds, inflation-indexed2

   276,076

         0

-   33,351

Inflation compensation3

   106,247

-      303

-    4,602

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,913,585

-   17,143

-  189,261

Unamortized premiums on securities held outright5

   210,801

-      745

-   22,016

Unamortized discounts on securities held outright5

   -25,915

+       79

-    2,144

Repurchase agreements6

         3

+        2

-       18

Loans7

     4,962

-      139

-      698

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8

       894

+      167

-    3,360

Items in process of collection

(0)

        59

+        1

+        9

Bank premises

       693

+       11

+      125

Central bank liquidity swaps9

       121

-        2

+       81

Foreign currency denominated assets10

    19,354

-       43

-      105

Other assets11

    30,251

-      915

+    1,223

Total assets

(0)

 6,730,912

-   14,787

+  127,528

Liabilities

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

 2,426,366

+    2,489

+   69,988

Reverse repurchase agreements12

   356,158

-   17,528

-   36,997

Deposits

(0)

 4,126,171

+    2,659

+   87,349

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,916,824

-   13,993

-  300,027

U.S. Treasury, General Account

   959,435

+   23,029

+  363,637

Foreign official

     9,459

+        3

+       24

Other13

(0)

   240,454

-    6,379

+   23,716

Deferred availability cash items

(0)

       299

+       12

-      306

Treasury contributions to credit facilities14

         0

         0

-    2,029

Other liabilities and accrued dividends15

  -225,764

-    2,420

+    7,584

Total liabilities

(0)

 6,683,230

-   14,788

+  125,589

Capital accounts

Capital paid in

    40,896

         0

+    1,938

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    47,681

         0

+    1,938

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.

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

     1,352

        37

        62

       179

        44

       178

       101

       242

        29

        57

        99

       123

       202

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

 6,651,951

   166,894

 3,378,817

   132,299

   256,729

   548,317

   466,125

   416,927

   110,110

    57,267

    82,905

   326,140

   709,423

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

       894

       894

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       121

         5

        39

         4

        12

        27

         4

         7

         3

         1

         2

         3

        14

Foreign currency denominated

assets4

    19,354

       808

     6,235

       638

     1,967

     4,245

       690

     1,058

       484

       115

       255

       549

     2,310

Other assets5

    31,003

       796

    13,427

       684

     1,201

     2,915

     3,222

     1,824

       871

       436

       711

     1,575

     3,342

Interdistrict settlement account

         0

-   15,105

+  169,679

-   17,977

-   26,310

-   52,593

-   39,814

+    4,578

-    7,856

+    4,078

+    7,679

-    6,834

-   19,524

Total assets

 6,730,912

   155,219

 3,576,265

   116,645

   234,883

   504,989

   434,026

   426,372

   104,432

    62,405

    92,408

   323,848

   699,420

Liabilities

Federal Reserve notes, net

 2,426,366

    84,198

   754,162

    64,061

   119,067

   174,501

   346,259

   125,986

    77,239

    41,040

    55,507

   219,867

   364,479

Reverse repurchase agreements6

   356,158

     8,901

   180,984

     7,080

    13,753

    29,372

    24,972

    22,323

     5,886

     3,060

     4,437

    17,459

    37,931

Deposits

 4,126,171

    64,121

 2,758,718

    47,494

   105,899

   330,657

    60,085

   298,118

    19,829

    18,110

    32,983

    84,994

   305,164

Depository institutions

 2,916,824

    64,112

 1,729,099

    47,493

   105,863

   330,101

    60,064

   119,254

    19,823

    18,001

    32,956

    84,925

   305,133

U.S. Treasury, General Account

   959,435

         0

   959,435

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,459

         2

     9,431

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   240,454

         7

    60,753

         0

        31

       548

        20

   178,862

         4

       109

        26

        68

        26

Earnings remittances due to the U.S. Treasury8

  -233,518

    -5,350

  -135,128

    -3,620

    -9,659

   -40,638

        79

   -23,182

        -6

      -302

    -1,420

        29

   -14,321

Treasury contributions to credit facilities9

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     8,053

     1,175

     2,348

       212

       312

       993

       768

       541

       281

       211

       269

       323

       618

Total liabilities

 6,683,230

   153,045

 3,561,086

   115,227

   229,372

   494,886

   432,164

   423,786

   103,228

    62,119

    91,776

   322,671

   693,870

Capital

Capital paid in

    40,896

     1,891

    12,994

     1,194

     4,821

     8,615

     1,620

     2,215

     1,034

       245

       543

       984

     4,740

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

 6,730,912

   155,219

 3,576,265

   116,645

   234,883

   504,989

   434,026

   426,372

   104,432

    62,405

    92,408

   323,848

   699,420

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).

Federal Reserve notes outstanding

 2,831,370

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

   405,003

Federal Reserve notes to be collateralized

 2,426,366

Collateral held against Federal Reserve notes

 2,426,366

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,400,129

Other assets pledged

         0

Memo:

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

 6,462,104

Less: Face value of securities under reverse repurchase agreements

   409,651

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

 6,052,453

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.