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 17, 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 16, 2025 Federal Reserve Banks Apr 16, 2025 Apr 9, 2025 Apr 17, 2024 Reserve Bank credit 6,681,971 + 3,108 - 706,009 6,679,539 Securities held outright1 6,410,311 - 367 - 540,564 6,408,479 U.S. Treasury securities 4,219,012 - 320 - 341,241 4,217,259 Bills2 195,343 0 + 200 195,343 Notes and bonds, nominal2 3,595,097 + 2,540 - 300,206 3,601,447 Notes and bonds, inflation-indexed2 318,761 - 2,682 - 37,314 312,055 Inflation compensation3 109,811 - 178 - 3,921 108,414 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,188,952 - 47 - 199,323 2,188,873 Unamortized premiums on securities held outright5 242,294 - 365 - 27,845 242,212 Unamortized discounts on securities held outright5 -23,621 + 18 + 1,160 -23,636 Repurchase agreements6 672 + 658 + 666 3 Foreign official 671 + 671 + 666 0 Others 1 - 13 0 3 Loans 4,614 + 419 - 130,238 4,544 Primary credit 2,781 + 430 - 3,071 2,713 Secondary credit 0 0 - 27 0 Seasonal credit 10 + 1 + 4 11 Paycheck Protection Program Liquidity Facility 1,824 - 11 - 1,196 1,821 Bank Term Funding Program 0 0 - 125,946 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,233 - 62 - 7,382 7,063 Float -350 - 34 - 54 -413 Central bank liquidity swaps9 103 + 9 - 71 103 Other Federal Reserve assets10 40,715 + 2,832 - 1,681 41,184 Foreign currency denominated assets11 19,208 + 493 + 1,439 19,324 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,035 + 14 + 728 53,035 Total factors supplying reserve funds 6,780,454 + 3,614 - 693,843 6,778,139 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 16, 2025 Federal Reserve Banks Apr 16, 2025 Apr 9, 2025 Apr 17, 2024 Currency in circulation12 2,377,444 - 273 + 31,377 2,377,963 Reverse repurchase agreements13 450,962 - 104,286 - 303,984 412,428 Foreign official and international accounts 354,958 - 25,585 + 2,363 357,656 Others 96,004 - 78,701 - 306,347 54,772 Treasury cash holdings 421 + 20 - 21 475 Deposits with F.R. Banks, other than reserve balances 668,545 + 127,637 - 283,961 874,419 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 422,983 + 116,934 - 373,552 638,783 Foreign official 9,434 - 1 - 261 9,433 Other14 236,128 + 10,704 + 89,851 226,203 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -172,409 + 3,168 - 62,590 -171,450 Total factors, other than reserve balances, absorbing reserve funds 3,328,424 + 26,266 - 623,156 3,497,294 Reserve balances with Federal Reserve Banks 3,452,030 - 22,652 - 70,687 3,280,845 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 16, 2025 Apr 16, 2025 Apr 9, 2025 Apr 17, 2024 Securities held in custody for foreign official and international accounts 3,292,712 - 1,598 - 76,650 3,301,241 Marketable U.S. Treasury securities1 2,929,890 - 979 - 39,109 2,939,491 Federal agency debt and mortgage-backed securities2 275,067 - 586 - 44,091 274,238 Other securities3 87,755 - 33 + 6,550 87,511 Securities lent to dealers 35,998 + 5,651 + 1,123 28,427 Overnight facility4 35,998 + 5,651 + 1,123 28,427 U.S. Treasury securities 35,998 + 5,651 + 1,123 28,427 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 16, 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 1,029 1,981 219 1,315 0 ... 4,544 U.S. Treasury securities2 Holdings 58,916 210,658 419,053 1,434,751 537,198 1,556,684 4,217,259 Weekly changes + 735 - 4,364 + 1,818 - 10,800 + 6,560 + 3,814 - 2,237 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 35,835 2,148,898 2,188,873 Weekly changes 0 0 0 0 0 - 126 - 126 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 4 3,659 12 ... ... 3,721 Repurchase agreements6 3 0 ... ... ... ... 3 Central bank liquidity swaps7 103 0 0 0 0 0 103 Reverse repurchase agreements6 412,428 0 ... ... ... ... 412,428 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 16, 2025 Mortgage-backed securities held outright1 2,188,873 Residential mortgage-backed securities 2,180,872 Commercial mortgage-backed securities 8,001 Commitments to buy mortgage-backed securities2 5 Commitments to sell mortgage-backed securities2 76 Cash and cash equivalents3 1 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 16, 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) 2,556 3,007 4,056 7,063 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 16, 2025 Apr 9, 2025 Apr 17, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,544 - 8 + 16 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,631,602 - 2,760 - 680,688 Securities held outright1 6,408,479 - 2,363 - 521,241 U.S. Treasury securities 4,217,259 - 2,237 - 321,874 Bills2 195,343 0 + 200 Notes and bonds, nominal2 3,601,447 + 8,890 - 279,908 Notes and bonds, inflation-indexed2 312,055 - 9,388 - 37,972 Inflation compensation3 108,414 - 1,739 - 4,195 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,188,873 - 126 - 199,368 Unamortized premiums on securities held outright5 242,212 - 313 - 27,756 Unamortized discounts on securities held outright5 -23,636 - 65 + 1,095 Repurchase agreements6 3 + 3 - 4 Loans7 4,544 - 22 - 132,782 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,063 - 238 - 7,442 Items in process of collection (0) 57 + 3 - 8 Bank premises 573 - 13 + 123 Central bank liquidity swaps9 103 + 9 - 71 Foreign currency denominated assets10 19,324 + 504 + 1,600 Other assets11 40,611 + 2,200 - 1,922 Total assets (0) 6,727,113 - 303 - 678,393 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 16, 2025 Apr 9, 2025 Apr 17, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,326,942 - 327 + 31,094 Reverse repurchase agreements12 412,428 - 121,825 - 383,212 Deposits (0) 4,155,264 + 118,622 - 259,978 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,280,845 - 203,500 - 48,687 U.S. Treasury, General Account 638,783 + 323,594 - 291,149 Foreign official 9,433 - 1 - 261 Other13 (0) 226,203 - 1,472 + 80,119 Deferred availability cash items (0) 469 + 26 + 130 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -215,676 + 3,163 - 63,533 Total liabilities (0) 6,682,887 - 342 - 679,479 Capital accounts Capital paid in 37,441 + 39 + 1,085 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,226 + 39 + 1,085 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 16, 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 26,237 898 8,066 815 1,238 1,891 3,695 1,720 794 446 740 2,294 3,640 Coin 1,544 62 58 181 46 199 110 255 36 61 103 181 253 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,631,602 152,765 3,517,853 130,806 270,881 596,448 438,366 336,450 100,158 44,919 63,616 297,292 682,050 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 7,063 7,063 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 103 4 35 4 11 20 3 6 3 1 1 3 13 Foreign currency denominated assets4 19,324 816 6,519 669 2,004 3,764 655 1,079 489 124 214 564 2,427 Other assets5 41,241 1,005 19,455 870 1,678 4,012 4,024 2,058 787 482 749 1,909 4,212 Interdistrict settlement account 0+ 24,755- 53,946+ 12,117- 24,215- 56,968+ 12,159+ 79,863+ 6,123+ 5,348+ 10,086+ 16,406 - 31,731 Total assets 6,727,113 187,367 3,498,040 145,461 251,644 549,366 459,012 421,429 108,390 51,381 75,509 318,649 660,864 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 16, 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 2,326,942 83,034 750,254 57,803 118,396 166,322 360,646 105,259 77,597 30,368 35,914 202,514 338,834 Reverse repurchase agreements6 412,428 9,496 218,877 8,137 16,808 37,117 27,277 20,923 6,223 2,755 3,958 18,499 42,360 Deposits 4,155,264 92,918 2,646,423 81,467 121,371 372,265 68,499 308,889 23,216 18,194 35,856 97,077 289,089 Depository institutions 3,280,845 92,901 1,940,678 81,466 121,352 371,541 68,473 141,305 23,214 18,053 35,829 96,992 289,041 U.S. Treasury, General Account 638,783 0 638,783 0 0 0 0 0 0 0 0 0 0 Foreign official 9,433 2 9,407 1 4 8 1 2 1 0 0 1 5 Other7 226,203 16 57,555 0 15 716 25 167,582 1 141 27 83 43 Earnings remittances due to the U.S. Treasury8 -226,423 -4,765 -136,766 -3,757 -10,002 -36,105 132 -16,867 29 -383 -990 -1,129 -15,820 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 11,216 1,359 4,398 290 435 1,188 920 784 212 162 233 369 866 Total liabilities 6,682,887 185,503 3,483,186 143,940 247,008 540,788 457,474 418,988 107,276 51,097 74,971 317,329 655,329 Capital Capital paid in 37,441 1,577 12,566 1,287 3,933 7,257 1,308 2,062 942 241 463 1,122 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 6,727,113 187,367 3,498,040 145,461 251,644 549,366 459,012 421,429 108,390 51,381 75,509 318,649 660,864 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 16, 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 16, 2025 Federal Reserve notes outstanding 2,800,601 Less: Notes held by F.R. Banks not subject to collateralization 473,658 Federal Reserve notes to be collateralized 2,326,942 Collateral held against Federal Reserve notes 2,326,942 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,300,706 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,408,482 Less: Face value of securities under reverse repurchase agreements 464,813 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,943,669 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.