H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 3, 2025 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Apr 2, 2025 Federal Reserve Banks Apr 2, 2025 Mar 26, 2025 Apr 3, 2024 Reserve Bank credit 6,687,317 - 16,283 - 739,268 6,676,534 Securities held outright1 6,421,032 - 15,555 - 567,223 6,410,395 U.S. Treasury securities 4,229,687 - 7,499 - 367,786 4,219,049 Bills2 195,343 0 + 200 195,343 Notes and bonds, nominal2 3,603,691 - 8,350 - 324,628 3,592,557 Notes and bonds, inflation-indexed2 321,140 + 228 - 39,472 321,443 Inflation compensation3 109,513 + 622 - 3,886 109,706 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,188,999 - 8,054 - 199,436 2,188,999 Unamortized premiums on securities held outright5 243,054 - 555 - 27,980 242,906 Unamortized discounts on securities held outright5 -23,666 + 169 + 1,198 -23,601 Repurchase agreements6 373 + 369 + 371 0 Foreign official 371 + 371 + 371 0 Others 2 - 2 0 0 Loans 4,104 - 290 - 135,983 4,001 Primary credit 2,259 - 274 - 3,846 2,154 Secondary credit 0 0 - 45 0 Seasonal credit 1 - 5 0 5 Paycheck Protection Program Liquidity Facility 1,843 - 13 - 1,205 1,843 Bank Term Funding Program 0 0 - 130,888 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,287 + 10 - 7,391 7,294 Float -616 - 307 - 42 -533 Central bank liquidity swaps9 95 + 9 - 92 95 Other Federal Reserve assets10 35,654 - 131 - 2,126 35,977 Foreign currency denominated assets11 18,370 + 18 + 348 18,543 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,007 + 14 + 728 53,007 Total factors supplying reserve funds 6,784,935 - 16,251 - 728,191 6,774,325 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 Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Apr 2, 2025 Federal Reserve Banks Apr 2, 2025 Mar 26, 2025 Apr 3, 2024 Currency in circulation12 2,374,557 + 4,385 + 30,235 2,376,726 Reverse repurchase agreements13 679,823 + 92,981 - 224,577 622,253 Foreign official and international accounts 392,076 + 12,079 + 16,915 388,765 Others 287,747 + 80,902 - 241,492 233,488 Treasury cash holdings 431 + 12 - 13 399 Deposits with F.R. Banks, other than reserve balances 519,232 - 44,356 - 429,817 515,901 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 313,326 - 46,851 - 455,325 301,624 Foreign official 9,437 0 - 3,483 9,439 Other14 196,468 + 2,493 + 28,990 204,838 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -171,907 + 2,321 - 65,092 -171,464 Total factors, other than reserve balances, absorbing reserve funds 3,405,596 + 55,343 - 693,242 3,347,276 Reserve balances with Federal Reserve Banks 3,379,339 - 71,594 - 34,949 3,427,049 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements. 7. Includes outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees. 8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. 9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 10. Includes bank premises, accrued interest, and other accounts receivable. 11. Revalued daily at current foreign currency exchange rates. 12. Estimated. 13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities 14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 15. Book value. Amount of equity investments in MS Facilities 2020 LLC. 16. Includes the liability for earnings remittances due to the U.S. Treasury. Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1 1A. Memorandum Items Millions of dollars Averages of daily figures Wednesday Memorandum item Week ended Change from week ended Apr 2, 2025 Apr 2, 2025 Mar 26, 2025 Apr 3, 2024 Securities held in custody for foreign official and international accounts 3,293,311 - 3,929 - 52,102 3,292,870 Marketable U.S. Treasury securities1 2,929,934 - 2,632 - 11,764 2,929,255 Federal agency debt and mortgage-backed securities2 275,524 - 1,616 - 47,075 275,629 Other securities3 87,852 + 317 + 6,736 87,986 Securities lent to dealers 30,311 + 5,047 - 14,301 28,560 Overnight facility4 30,311 + 5,047 - 14,301 28,560 U.S. Treasury securities 30,311 + 5,047 - 14,301 28,560 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, April 2, 2025 Millions of dollars Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 Remaining Maturity All days 90 days 1 year to 5 years to 10 years years Loans1 729 1,641 251 1,381 0 ... 4,001 U.S. Treasury securities2 Holdings 62,513 210,743 417,119 1,445,359 530,587 1,552,728 4,219,049 Weekly changes + 7,598 - 5,898 - 4,678 - 17,861 + 1,901 + 569 - 18,370 Federal agency debt securities3 Holdings 0 0 0 1,151 1,196 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 0 71 4,068 33,766 2,151,093 2,188,999 Weekly changes 0 0 0 + 99 - 100 0 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 4 3,704 12 ... ... 3,766 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 95 0 0 0 0 0 95 Reverse repurchase agreements6 622,253 0 ... ... ... ... 622,253 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 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.

H.4.1 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Wednesday Account name Apr 2, 2025 Mortgage-backed securities held outright1 2,188,999 Residential mortgage-backed securities 2,180,991 Commercial mortgage-backed securities 8,007 Commitments to buy mortgage-backed securities2 15 Commitments to sell mortgage-backed securities2 146 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 Wednesday Apr 2, 2025 Net portfolio holdings of Credit Facilities LLC Outstanding Credit Facilities LLC: 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) 2,795 3,052 4,242 7,294 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 December 31, 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.

H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Apr 2, 2025 Mar 26, 2025 Apr 3, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,552 - 17 + 1 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,633,702 - 18,701 - 717,284 Securities held outright1 6,410,395 - 18,370 - 555,549 U.S. Treasury securities 4,219,049 - 18,370 - 356,113 Bills2 195,343 0 + 200 Notes and bonds, nominal2 3,592,557 - 19,484 - 313,206 Notes and bonds, inflation-indexed2 321,443 + 531 - 39,169 Inflation compensation3 109,706 + 583 - 3,938 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,188,999 0 - 199,436 Unamortized premiums on securities held outright5 242,906 - 401 - 27,959 Unamortized discounts on securities held outright5 -23,601 + 156 + 1,183 Repurchase agreements6 0 0 - 2 Loans7 4,001 - 88 - 134,959 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,294 + 9 - 7,394 Items in process of collection (0) 53 - 19 + 5 Bank premises 583 - 13 + 138 Central bank liquidity swaps9 95 + 9 - 92 Foreign currency denominated assets10 18,543 + 264 + 512 Other assets11 35,393 + 1,666 - 1,992 Total assets (0) 6,723,452 - 16,801 - 716,106 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 Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Apr 2, 2025 Mar 26, 2025 Apr 3, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,325,666 + 3,584 + 29,332 Reverse repurchase agreements12 622,253 - 6,358 - 179,383 Deposits (0) 3,942,950 - 16,255 - 496,765 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,427,049 - 23,501 - 114,118 U.S. Treasury, General Account 301,624 - 14,346 - 431,204 Foreign official 9,439 + 3 - 1,260 Other13 (0) 204,838 + 21,589 + 49,817 Deferred availability cash items (0) 586 + 144 - 239 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -215,651 + 2,118 - 66,121 Total liabilities (0) 6,679,264 - 16,768 - 717,154 Capital accounts Capital paid in 37,402 - 34 + 1,046 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,187 - 34 + 1,046 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 7. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions. 8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. 9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 10. Revalued daily at current foreign currency exchange rates. 11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. 12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 14. Book value. Amount of equity investments in MS Facilities 2020 LLC. 15. Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, April 2, 2025 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Assets Gold certificates and special drawing rights certificates 26,237 895 8,109 797 1,233 1,911 3,730 1,726 786 438 738 2,261 3,613 Coin 1,552 60 60 181 45 201 112 255 35 61 104 184 253 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,633,702 138,003 3,568,426 98,854 259,329 660,845 443,619 366,089 92,875 42,120 72,917 289,751 600,874 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 7,294 7,294 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 95 4 32 3 10 18 3 5 2 1 1 3 12 Foreign currency denominated assets4 18,543 778 6,343 637 1,909 3,586 624 1,028 466 118 204 537 2,312 Other assets5 36,030 818 16,956 623 1,407 3,796 3,704 1,932 657 460 725 1,640 3,313 Interdistrict settlement account 0+ 50,726- 312,438+ 47,863+ 13,510- 77,199+ 32,970+ 49,011+ 20,014+ 11,482+ 10,241+ 43,460 + 110,358 Total assets 6,723,452 198,578 3,287,488 148,959 277,444 593,158 484,762 420,047 114,836 54,679 84,930 337,836 720,735 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, April 2, 2025 (continued) Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Liabilities Federal Reserve notes, net 2,325,666 83,567 748,396 57,929 117,989 166,016 360,593 105,999 77,547 30,140 36,716 202,143 338,630 Reverse repurchase agreements6 622,253 12,943 334,859 9,271 24,265 62,025 41,631 34,341 8,707 3,887 6,842 27,173 56,308 Deposits 3,942,950 100,137 2,321,502 83,682 140,197 391,572 79,873 293,203 27,250 20,589 41,579 108,083 335,284 Depository institutions 3,427,049 100,119 1,955,395 83,680 140,165 390,725 79,846 144,639 27,248 20,466 41,549 107,989 335,229 U.S. Treasury, General Account 301,624 0 301,624 0 0 0 0 0 0 0 0 0 0 Foreign official 9,439 2 9,412 1 4 8 1 2 1 0 0 1 5 Other7 204,838 16 55,070 0 28 839 25 148,562 1 123 30 93 50 Earnings remittances due to the U.S. Treasury8 -226,137 -4,740 -136,478 -3,724 -10,055 -36,177 118 -16,654 10 -377 -976 -1,196 -15,889 Treasury contributions to credit facilities9 3,461 3,461 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 11,072 1,347 4,354 279 410 1,144 1,008 717 208 155 231 351 866 Total liabilities 6,679,264 196,714 3,272,634 147,437 272,807 584,580 483,223 417,606 113,722 54,395 84,392 336,555 715,199 Capital Capital paid in 37,402 1,577 12,566 1,287 3,933 7,257 1,308 2,062 942 241 463 1,084 4,683 Surplus 6,785 287 2,288 235 704 1,322 230 379 172 44 75 198 852 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 6,723,452 198,578 3,287,488 148,959 277,444 593,158 484,762 420,047 114,836 54,679 84,930 337,836 720,735 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, April 2, 2025 (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 Wednesday Federal Reserve notes and collateral Apr 2, 2025 Federal Reserve notes outstanding 2,799,915 Less: Notes held by F.R. Banks not subject to collateralization 474,249 Federal Reserve notes to be collateralized 2,325,666 Collateral held against Federal Reserve notes 2,325,666 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,299,430 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,410,395 Less: Face value of securities under reverse repurchase agreements 688,843 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,721,552 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.