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

 7,101,037

-   34,059

-1,006,253

 7,098,080

Securities held outright1

 6,717,909

-   16,282

-  806,363

 6,715,162

U.S. Treasury securities

 4,398,702

-   14,970

-  607,602

 4,398,736

Bills2

   195,293

         0

-   64,129

   195,293

Notes and bonds, nominal2

 3,742,423

-   15,005

-  530,547

 3,742,444

Notes and bonds, inflation-indexed2

   344,044

         0

-   20,505

   344,044

Inflation compensation3

   116,943

+       36

+    7,580

   116,956

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,316,860

-    1,311

-  198,762

 2,314,079

Unamortized premiums on securities held outright5

   260,325

-      521

-   31,040

   260,059

Unamortized discounts on securities held outright5

   -24,794

-      143

+    2,797

   -24,712

Repurchase agreements6

         0

-       15

-        4

         1

Foreign official

         0

-        1

-        4

         1

Others

         0

-       15

         0

         0

Loans

   104,608

-      995

-  150,574

   104,212

Primary credit

     2,135

-      177

+      198

     2,061

Secondary credit

         0

-        3

         0

         0

Seasonal credit

        88

+       13

+       27

        97

Paycheck Protection Program Liquidity Facility

     2,569

-       25

-    3,431

     2,566

Bank Term Funding Program

    99,816

-      804

-    7,452

    99,488

Other credit extensions7

         0

         0

-  139,916

         0

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

    10,628

-      265

-    8,871

    10,635

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,613

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,580

         0

Float

      -260

+       22

-       92

      -325

Central bank liquidity swaps9

       151

         0

-       79

       151

Other Federal Reserve assets10

    32,469

-   15,860

-    4,835

    32,896

Foreign currency denominated assets11

    18,582

+      101

+      312

    18,785

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    10,200

         0

+    5,000

    10,200

Treasury currency outstanding12

    53,003

+       14

+      708

    53,003

Total factors supplying reserve funds

 7,193,863

-   33,944

-1,000,233

 7,191,109

Currency in circulation12

 2,347,253

-    1,856

+   18,823

 2,347,140

Reverse repurchase agreements13

   722,646

+   12,383

-1,389,739

   718,527

Foreign official and international accounts

   399,242

+    6,316

+  101,906

   397,198

Others

   323,403

+    6,066

-1,491,645

   321,329

Treasury cash holdings

       390

-        8

+       80

       377

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

   900,184

-   55,974

+  308,596

   897,420

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   736,494

-   57,626

+  322,707

   734,727

Foreign official

     9,681

         0

-        5

     9,681

Other14

   154,009

+    1,652

-   14,107

   153,011

Treasury contributions to credit facilities15

     4,958

         0

-    8,400

     4,958

Other liabilities and capital16

  -137,154

+    2,064

-   98,390

  -136,391

Total factors, other than reserve balances,
absorbing reserve funds

 3,838,277

-   43,392

-1,169,030

 3,832,031

Reserve balances with Federal Reserve Banks

 3,355,586

+    9,448

+  168,797

 3,359,078

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 of $5.0 billion.

16.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 3,298,306

+    2,486

-  142,031

 3,301,852

Marketable U.S. Treasury securities1

 2,918,984

+    4,079

-   86,707

 2,923,749

Federal agency debt and mortgage-backed securities2

   299,414

-    1,364

-   53,139

   298,211

Other securities3

    79,908

-      229

-    2,185

    79,891

Securities lent to dealers

    35,835

+    1,412

-    2,145

    35,541

Overnight facility4

    35,835

+    1,412

-    2,145

    35,541

U.S. Treasury securities

    35,835

+    1,412

-    2,145

    35,541

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

     1,274

     1,043

    99,760

     2,136

         0

...

   104,212

U.S. Treasury securities2

Holdings

    50,292

   202,574

   536,076

 1,492,585

   591,550

 1,525,659

 4,398,736

Weekly changes

-   24,229

+   33,651

-    2,585

-   34,543

+    7,992

+    4,765

-   14,949

Federal agency debt securities3

Holdings

         0

         0

         0

       486

     1,861

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        26

     6,251

    25,280

 2,282,522

 2,314,079

Weekly changes

         0

-        1

         0

-       34

-      446

-    3,564

-    4,045

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

         0

         0

         0

     5,745

...

...

     5,745

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

       151

         0

         0

         0

         0

         0

       151

Reverse repurchase agreements6

   718,527

         0

...

...

...

...

   718,527

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), Bank Term Funding Program, and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. 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.

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

 2,314,079

Residential mortgage-backed securities

 2,305,952

Commercial mortgage-backed securities

     8,127

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)

     4,625

     4,844

     5,791

    10,635

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 June 30, 2024.

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

    10,200

         0

+    5,000

Coin

     1,481

+       19

+       51

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

 7,054,723

-   21,065

-  983,470

Securities held outright1

 6,715,162

-   18,994

-  806,819

U.S. Treasury securities

 4,398,736

-   14,949

-  607,758

Bills2

   195,293

         0

-   64,129

Notes and bonds, nominal2

 3,742,444

-   14,984

-  530,590

Notes and bonds, inflation-indexed2

   344,044

         0

-   20,505

Inflation compensation3

   116,956

+       36

+    7,467

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,314,079

-    4,045

-  199,061

Unamortized premiums on securities held outright5

   260,059

-      612

-   31,022

Unamortized discounts on securities held outright5

   -24,712

-      142

+    2,786

Repurchase agreements6

         1

+        1

+        1

Loans7

   104,212

-    1,319

-  148,417

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

    10,635

-      270

-    8,877

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,615

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,581

Items in process of collection

(0)

        44

+        3

-       12

Bank premises

       428

+        4

-       25

Central bank liquidity swaps9

       151

         0

-       79

Foreign currency denominated assets10

    18,785

+      212

+      484

Other assets11

    32,468

-   16,639

-    4,989

Total assets

(0)

 7,139,952

-   37,736

-  999,114

Liabilities

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

 2,295,991

-    1,753

+   18,470

Reverse repurchase agreements12

   718,527

-    3,671

-1,393,987

Deposits

(0)

 4,256,498

-   34,357

+  482,585

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,359,078

+   20,162

+  181,698

U.S. Treasury, General Account

   734,727

-   54,096

+  318,696

Foreign official

     9,681

-        2

-        5

Other13

(0)

   153,011

-      421

-   17,805

Deferred availability cash items

(0)

       369

-       19

+       88

Treasury contributions to credit facilities14

     4,958

         0

-    8,400

Other liabilities and accrued dividends15

  -179,799

+    2,064

-   98,558

Total liabilities

(0)

 7,096,544

-   37,736

-  999,803

Capital accounts

Capital paid in

    36,623

         0

+      689

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    43,408

         0

+      689

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 of $5.0 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Assets

Gold certificates and special drawing rights certificates

    21,237

       729

     6,619

       657

       997

     1,557

     2,999

     1,417

       635

       355

       599

     1,786

     2,887

Coin

     1,481

        47

        48

       173

        46

       193

       106

       248

        33

        49

       102

       181

       256

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

 7,054,723

   156,451

 3,748,563

   105,825

   274,294

   702,155

   473,733

   391,210

   103,241

    48,973

    84,909

   313,139

   652,231

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

    10,635

    10,635

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       151

         6

        52

         5

        16

        30

         5

         7

         3

         1

         2

         4

        19

Foreign currency denominated

assets4

    18,785

       784

     6,497

       661

     1,998

     3,706

       616

       922

       423

       118

       205

       452

     2,405

Other assets5

    32,940

     1,042

    14,229

       603

     1,249

     3,492

     3,140

     1,841

       910

       512

       867

     1,661

     3,393

Interdistrict settlement account

         0

-    6,877

+   22,633

+   43,334

+    5,791

-   65,696

-   13,654

-   35,141

+    5,113

-    1,977

-   15,551

-    3,646

+   65,671

Total assets

 7,139,952

   162,816

 3,798,642

   151,258

   284,391

   645,437

   466,945

   360,505

   110,359

    48,030

    71,131

   313,577

   726,862

Liabilities

Federal Reserve notes, net

 2,295,991

    86,184

   743,334

    56,151

   115,167

   161,556

   357,066

   109,237

    76,510

    28,131

    31,008

   202,452

   329,195

Reverse repurchase agreements6

   718,527

    14,945

   386,668

    10,705

    28,019

    71,622

    48,072

    39,654

    10,054

     4,489

     7,900

    31,377

    65,020

Deposits

 4,256,498

    57,224

 2,767,257

    84,772

   144,349

   433,110

    59,494

   222,217

    22,609

    15,192

    32,182

    79,598

   338,494

Depository institutions

 3,359,078

    57,172

 1,972,912

    84,771

   144,318

   432,565

    59,467

   120,012

    22,603

    15,130

    32,151

    79,522

   338,454

U.S. Treasury, General Account

   734,727

         0

   734,727

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,681

         2

     9,655

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   153,011

        51

    49,962

         0

        27

       537

        26

   102,202

         5

        61

        30

        75

        34

Earnings remittances due to the U.S. Treasury8

  -191,302

    -3,645

  -118,570

    -2,158

    -8,192

   -30,819

        72

   -13,420

         8

      -197

      -645

    -1,375

   -12,362

Treasury contributions to credit facilities9

     4,958

     4,958

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    11,872

     1,307

     5,076

       262

       473

     1,411

       774

       674

       187

       143

       221

       336

     1,007

Total liabilities

 7,096,544

   160,973

 3,783,765

   149,733

   279,817

   636,880

   465,479

   358,362

   109,369

    47,757

    70,666

   312,389

   721,354

Capital

Capital paid in

    36,623

     1,559

    12,531

     1,286

     3,852

     7,218

     1,244

     1,810

       837

       231

       392

     1,024

     4,639

Surplus

     6,785

       283

     2,346

       239

       722

     1,339

       222

       333

       153

        42

        74

       163

       869

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 7,139,952

   162,816

 3,798,642

   151,258

   284,391

   645,437

   466,945

   360,505

   110,359

    48,030

    71,131

   313,577

   726,862

1.

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

the purchase price and the face value of the securities that have not been amortized.  For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, 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 of $5.0 billion.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities 2020 LLC (Main Street Lending Program), 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 MS Facilities 2020 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 FRBNY is the managing member of MLF LLC and TALF II LLC. The FRBB is the managing member of MS Facilities 2020 LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or 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). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,769,563

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

   473,572

Federal Reserve notes to be collateralized

 2,295,991

Collateral held against Federal Reserve notes

 2,295,991

Gold certificate account

    11,037

Special drawing rights certificate account

    10,200

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

 2,274,754

Other assets pledged

         0

Memo:

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

 6,715,163

Less: Face value of securities under reverse repurchase agreements

   790,428

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

 5,924,735

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.