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

 7,021,645

-   34,270

-  922,886

 7,004,422

Securities held outright1

 6,660,119

-   20,840

-  765,228

 6,648,807

U.S. Treasury securities

 4,375,694

-    8,390

-  567,580

 4,364,382

Bills2

   195,293

         0

-   43,447

   195,293

Notes and bonds, nominal2

 3,718,678

-    8,664

-  509,585

 3,707,128

Notes and bonds, inflation-indexed2

   344,194

+      150

-   21,186

   344,395

Inflation compensation3

   117,529

+      123

+    6,639

   117,566

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,282,078

-   12,450

-  197,648

 2,282,078

Unamortized premiums on securities held outright5

   256,725

-      729

-   30,219

   256,558

Unamortized discounts on securities held outright5

   -23,943

+      204

+    2,566

   -23,863

Repurchase agreements6

       380

+      361

+      380

         2

Foreign official

         0

         0

         0

         0

Others

       380

+      361

+      380

         2

Loans

    80,847

-   11,665

-  109,834

    75,475

Primary credit

     1,832

+      446

-    1,659

     1,660

Secondary credit

         3

+        3

+        3

         0

Seasonal credit

        72

-       26

-        6

        50

Paycheck Protection Program Liquidity Facility

     2,298

-       53

-    2,671

     2,297

Bank Term Funding Program

    76,643

-   12,033

-   31,098

    71,468

Other credit extensions7

         0

         0

-   74,402

         0

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

    10,400

+       13

-    8,970

    10,407

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,630

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,219

         0

Float

      -622

-      358

-      212

      -896

Central bank liquidity swaps9

       157

+        4

-       72

       157

Other Federal Reserve assets10

    37,582

-    1,260

-    4,448

    37,776

Foreign currency denominated assets11

    18,901

+       13

+    1,107

    18,806

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    10,200

         0

+    5,000

    10,200

Treasury currency outstanding12

    53,087

+       14

+      728

    53,087

Total factors supplying reserve funds

 7,114,874

-   34,243

-  916,051

 7,097,556

Currency in circulation12

 2,351,434

+    1,500

+   27,361

 2,352,941

Reverse repurchase agreements13

   844,125

+   55,069

-  913,753

   799,254

Foreign official and international accounts

   421,449

-    8,283

+  118,186

   415,856

Others

   422,675

+   63,351

-1,031,940

   383,398

Treasury cash holdings

       315

-       10

-       25

       317

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

   971,772

-   12,918

+  128,775

   990,044

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   798,277

-    8,494

+  130,268

   823,412

Foreign official

     9,682

+        1

-        6

     9,682

Other14

   163,812

-    4,425

-    1,488

   156,950

Treasury contributions to credit facilities15

     4,958

         0

-    8,400

     4,958

Other liabilities and capital16

  -147,328

+    1,669

-   93,886

  -147,168

Total factors, other than reserve balances,
absorbing reserve funds

 4,025,276

+   45,309

-  859,929

 4,000,346

Reserve balances with Federal Reserve Banks

 3,089,598

-   79,551

-   56,122

 3,097,210

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

 3,311,602

-    5,334

-  112,758

 3,314,710

Marketable U.S. Treasury securities1

 2,923,993

-   16,109

-   67,712

 2,926,912

Federal agency debt and mortgage-backed securities2

   297,516

+       53

-   52,061

   297,665

Other securities3

    90,093

+   10,723

+    7,016

    90,133

Securities lent to dealers

    33,215

+    1,183

-    5,617

    38,659

Overnight facility4

    33,215

+    1,183

-    5,617

    38,659

U.S. Treasury securities

    33,215

+    1,183

-    5,617

    38,659

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

     1,059

     7,685

    64,848

     1,883

         0

...

    75,475

U.S. Treasury securities2

Holdings

    40,177

   211,961

   523,232

 1,469,539

   591,934

 1,527,538

 4,364,382

Weekly changes

-    8,302

+    6,099

-    5,171

-   13,946

+    1,269

+      301

-   19,748

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

        17

     6,127

    24,211

 2,251,723

 2,282,078

Weekly changes

         0

         0

+        1

+       50

-       51

+        1

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

         0

         0

         0

     5,234

...

...

     5,234

Repurchase agreements6

         2

         0

...

...

...

...

         2

Central bank liquidity swaps7

       157

         0

         0

         0

         0

         0

       157

Reverse repurchase agreements6

   799,254

         0

...

...

...

...

   799,254

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

 2,282,078

Residential mortgage-backed securities

 2,273,971

Commercial mortgage-backed securities

     8,107

Commitments to buy mortgage-backed securities2

        98

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)

     4,324

     4,634

     5,773

    10,407

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

     1,514

-        7

+       44

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

 6,956,978

-   34,330

-  894,907

Securities held outright1

 6,648,807

-   19,748

-  763,676

U.S. Treasury securities

 4,364,382

-   19,748

-  566,028

Bills2

   195,293

         0

-   43,240

Notes and bonds, nominal2

 3,707,128

-   20,214

-  508,288

Notes and bonds, inflation-indexed2

   344,395

+      351

-   20,985

Inflation compensation3

   117,566

+      114

+    6,485

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,282,078

         0

-  197,648

Unamortized premiums on securities held outright5

   256,558

-      460

-   30,162

Unamortized discounts on securities held outright5

   -23,863

+      191

+    2,539

Repurchase agreements6

         2

-       59

+        2

Loans7

    75,475

-   14,252

-  103,609

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

    10,407

+       11

-    8,980

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,632

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,220

Items in process of collection

(0)

        50

+        6

-       13

Bank premises

       413

-       21

-       19

Central bank liquidity swaps9

       157

+        4

-       72

Foreign currency denominated assets10

    18,806

-       47

+    1,102

Other assets11

    37,363

+    1,249

-    4,161

Total assets

(0)

 7,046,925

-   33,134

-  908,857

Liabilities

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

 2,301,681

+    2,325

+   25,878

Reverse repurchase agreements12

   799,254

-   34,060

-  832,761

Deposits

(0)

 4,087,254

-    3,441

+      226

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,097,210

-   44,355

-  143,497

U.S. Treasury, General Account

   823,412

+   44,502

+  144,453

Foreign official

     9,682

+        1

-        6

Other13

(0)

   156,950

-    3,588

-      724

Deferred availability cash items

(0)

       946

+      605

+      288

Treasury contributions to credit facilities14

     4,958

         0

-    8,400

Other liabilities and accrued dividends15

  -190,608

+    1,419

-   94,796

Total liabilities

(0)

 7,003,485

-   33,151

-  909,566

Capital accounts

Capital paid in

    36,655

+       17

+      709

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    43,440

+       17

+      709

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

     1,514

        56

        51

       168

        46

       201

       103

       254

        34

        56

       101

       187

       256

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

 6,956,978

   149,692

 3,710,784

   104,211

   271,474

   694,767

   467,004

   384,108

   100,981

    46,612

    81,969

   308,177

   637,199

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

    10,407

    10,407

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       157

         7

        54

         6

        17

        31

         5

         8

         4

         1

         2

         4

        20

Foreign currency denominated

assets4

    18,806

       780

     6,583

       658

     1,988

     3,686

       612

       917

       421

       117

       203

       449

     2,392

Other assets5

    37,827

     1,053

    17,173

       672

     1,478

     4,049

     3,466

     2,066

       793

       550

       920

     1,894

     3,713

Interdistrict settlement account

         0

+   23,560

-  128,473

+   54,723

+   31,691

-   75,487

+    5,246

-   27,277

+    8,649

+    4,348

-   10,920

+   22,657

+   91,282

Total assets

 7,046,925

   186,283

 3,612,792

   161,095

   307,691

   628,803

   479,435

   361,493

   111,516

    52,039

    72,874

   335,154

   737,750

Liabilities

Federal Reserve notes, net

 2,301,681

    85,646

   746,905

    55,392

   114,632

   165,943

   358,344

   106,330

    77,723

    30,890

    29,801

   201,767

   328,309

Reverse repurchase agreements6

   799,254

    16,624

   430,111

    11,908

    31,167

    79,668

    53,473

    44,109

    11,184

     4,993

     8,788

    34,903

    72,325

Deposits

 4,087,254

    79,675

 2,540,409

    94,530

   165,657

   405,673

    64,735

   222,425

    21,435

    15,956

    34,290

    98,386

   344,083

Depository institutions

 3,097,210

    79,615

 1,653,593

    94,528

   165,624

   404,924

    64,715

   120,314

    21,429

    15,897

    34,262

    98,273

   344,036

U.S. Treasury, General Account

   823,412

         0

   823,412

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,682

         2

     9,655

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   156,950

        58

    53,748

         0

        29

       741

        18

   102,109

         6

        59

        28

       112

        42

Earnings remittances due to the U.S. Treasury8

  -201,237

    -3,841

  -123,878

    -2,570

    -8,817

   -32,274

        89

   -14,171

        -3

      -223

      -716

    -1,423

   -13,410

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

    11,576

     1,385

     4,369

       310

       479

     1,234

     1,327

       657

       187

       147

       228

       334

       919

Total liabilities

 7,003,485

   184,448

 3,597,916

   159,570

   303,117

   620,244

   477,968

   359,351

   110,527

    51,763

    72,390

   333,966

   732,227

Capital

Capital paid in

    36,655

     1,552

    12,531

     1,286

     3,852

     7,221

     1,244

     1,809

       837

       233

       410

     1,025

     4,655

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

 7,046,925

   186,283

 3,612,792

   161,095

   307,691

   628,803

   479,435

   361,493

   111,516

    52,039

    72,874

   335,154

   737,750

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

 2,780,899

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

   479,218

Federal Reserve notes to be collateralized

 2,301,681

Collateral held against Federal Reserve notes

 2,301,681

Gold certificate account

    11,037

Special drawing rights certificate account

    10,200

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

 2,280,444

Other assets pledged

         0

Memo:

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

 6,648,809

Less: Face value of securities under reverse repurchase agreements

   876,313

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

 5,772,495

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.