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 July 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 Jul 2, 2025 Federal Reserve Banks Jul 2, 2025 Jun 25, 2025 Jul 3, 2024 Reserve Bank credit 6,615,146 - 13,265 - 574,622 6,611,008 Securities held outright1 6,351,674 - 14,050 - 433,601 6,349,167 U.S. Treasury securities 4,210,832 - 1,629 - 236,100 4,208,325 Bills2 195,418 0 + 125 195,418 Notes and bonds, nominal2 3,589,161 - 2,889 - 192,709 3,585,251 Notes and bonds, inflation-indexed2 314,727 + 960 - 36,363 316,031 Inflation compensation3 111,526 + 300 - 7,154 111,624 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,138,496 - 12,420 - 197,501 2,138,496 Unamortized premiums on securities held outright5 236,827 - 652 - 27,071 236,679 Unamortized discounts on securities held outright5 -23,719 + 78 + 884 -23,654 Repurchase agreements6 1,583 + 1,581 + 1,578 0 Foreign official 0 0 - 3 0 Others 1,583 + 1,581 + 1,581 0 Loans 7,997 + 739 - 108,343 7,836 Primary credit 6,394 + 875 - 731 6,354 Secondary credit 3 + 3 + 3 0 Seasonal credit 29 - 5 - 29 33 Paycheck Protection Program Liquidity Facility 1,570 - 134 - 1,255 1,449 Bank Term Funding Program 0 0 - 106,332 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 5,180 + 5 - 5,998 5,184 Float -709 - 348 - 123 -930 Central bank liquidity swaps9 37 + 18 - 174 37 Other Federal Reserve assets10 36,277 - 635 - 1,773 36,689 Foreign currency denominated assets11 19,738 + 308 + 2,069 19,926 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 53,189 + 14 + 728 53,189 Total factors supplying reserve funds 6,714,314 - 12,943 - 566,824 6,710,364 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 Jul 2, 2025 Federal Reserve Banks Jul 2, 2025 Jun 25, 2025 Jul 3, 2024 Currency in circulation12 2,396,706 + 2,173 + 42,821 2,401,421 Reverse repurchase agreements13 679,088 + 141,696 - 259,610 631,138 Foreign official and international accounts 385,770 + 17,445 - 3,435 393,831 Others 293,318 + 124,252 - 256,175 237,307 Treasury cash holdings 438 - 29 + 30 437 Deposits with F.R. Banks, other than reserve balances 591,937 - 9,306 - 336,696 600,416 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 359,516 - 4,859 - 401,857 372,232 Foreign official 9,437 - 1 - 248 9,432 Other14 222,985 - 4,445 + 65,410 218,753 Treasury contributions to credit facilities15 2,029 0 - 2,929 2,029 Other liabilities and capital16 -181,865 - 4,130 - 52,241 -181,579 Total factors, other than reserve balances, absorbing reserve funds 3,488,334 + 130,405 - 608,625 3,453,862 Reserve balances with Federal Reserve Banks 3,225,980 - 143,348 + 41,800 3,256,502 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 Jul 2, 2025 Jul 2, 2025 Jun 25, 2025 Jul 3, 2024 Securities held in custody for foreign official and international accounts 3,232,158 + 13,028 - 86,484 3,243,036 Marketable U.S. Treasury securities1 2,888,926 + 15,503 - 43,100 2,899,846 Federal agency debt and mortgage-backed securities2 259,487 - 2,113 - 46,894 259,443 Other securities3 83,745 - 362 + 3,510 83,746 Securities lent to dealers 33,006 + 7,363 - 8,521 38,025 Overnight facility4 33,006 + 7,363 - 8,521 38,025 U.S. Treasury securities 33,006 + 7,363 - 8,521 38,025 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, July 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 3,047 3,366 1,412 11 0 ... 7,836 U.S. Treasury securities2 Holdings 55,110 192,079 438,945 1,434,865 515,988 1,571,338 4,208,325 Weekly changes - 9,285 - 2,318 + 16,286 - 14,735 + 4,411 + 1,350 - 4,292 Federal agency debt securities3 Holdings 0 0 0 1,436 911 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 0 96 4,733 33,051 2,100,614 2,138,496 Weekly changes 0 0 0 + 545 - 546 0 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 1 331 2,475 15 ... ... 2,822 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 37 0 0 0 0 0 37 Reverse repurchase agreements6 631,138 0 ... ... ... ... 631,138 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 Jul 2, 2025 Mortgage-backed securities held outright1 2,138,496 Residential mortgage-backed securities 2,130,563 Commercial mortgage-backed securities 7,933 Commitments to buy mortgage-backed securities2 78 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. 4. Information on Principal Accounts of Credit Facilities LLC Millions of dollars Wednesday Jul 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) 2,266 2,275 2,909 5,184 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 March 31, 2025. 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 Jul 2, 2025 Jun 25, 2025 Jul 3, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,438 - 17 + 14 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,570,028 - 4,805 - 560,937 Securities held outright1 6,349,167 - 4,293 - 427,071 U.S. Treasury securities 4,208,325 - 4,292 - 229,569 Bills2 195,418 0 + 125 Notes and bonds, nominal2 3,585,251 - 6,842 - 187,484 Notes and bonds, inflation-indexed2 316,031 + 2,264 - 35,055 Inflation compensation3 111,624 + 285 - 7,156 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,138,496 0 - 197,501 Unamortized premiums on securities held outright5 236,679 - 403 - 26,990 Unamortized discounts on securities held outright5 -23,654 + 80 + 847 Repurchase agreements6 0 - 16 - 4 Loans7 7,836 - 173 - 107,719 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 5,184 + 5 - 6,002 Items in process of collection (0) 59 - 1 + 3 Bank premises 558 - 27 + 136 Central bank liquidity swaps9 37 + 18 - 174 Foreign currency denominated assets10 19,926 + 413 + 2,213 Other assets11 36,132 + 1,811 - 2,174 Total assets (0) 6,659,598 - 2,602 - 561,922 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 Jul 2, 2025 Jun 25, 2025 Jul 3, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,350,103 + 6,194 + 42,966 Reverse repurchase agreements12 631,138 + 47,087 - 180,170 Deposits (0) 3,856,918 - 51,894 - 369,127 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,256,502 - 90,772 - 65,663 U.S. Treasury, General Account 372,232 + 37,653 - 373,376 Foreign official 9,432 - 7 - 252 Other13 (0) 218,753 + 1,232 + 70,164 Deferred availability cash items (0) 989 + 523 + 161 Treasury contributions to credit facilities14 2,029 0 - 2,929 Other liabilities and accrued dividends15 -227,131 - 4,525 - 55,077 Total liabilities (0) 6,614,045 - 2,616 - 564,177 Capital accounts Capital paid in 38,768 + 13 + 2,256 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,553 + 13 + 2,256 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, July 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 26,237 898 8,066 815 1,238 1,891 3,695 1,720 794 446 740 2,294 3,640 Coin 1,438 51 50 174 41 199 100 239 32 57 97 159 239 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,570,028 151,145 3,483,100 129,511 268,187 590,585 434,118 333,230 99,192 44,533 63,040 295,084 678,302 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 5,184 5,184 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 37 2 13 1 4 7 1 2 1 0 0 1 5 Foreign currency denominated assets4 19,926 836 6,811 685 2,053 3,855 670 1,105 501 127 219 578 2,486 Other assets5 36,749 896 17,111 780 1,492 3,569 3,714 1,834 703 477 688 1,711 3,774 Interdistrict settlement account 0+ 11,546- 224,224+ 7,714- 5,280- 13,338+ 44,518+ 74,346+ 9,631+ 8,918+ 13,484+ 22,543 + 50,142 Total assets 6,659,598 170,558 3,290,925 139,679 267,736 586,768 486,817 412,477 110,854 54,559 78,267 322,370 738,587 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, July 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 2,350,103 80,019 740,355 62,274 119,063 172,268 373,114 105,818 77,768 31,570 38,147 206,165 343,541 Reverse repurchase agreements6 631,138 14,532 334,948 12,451 25,721 56,800 41,741 32,018 9,522 4,215 6,057 28,309 64,823 Deposits 3,856,918 75,988 2,339,449 67,205 128,097 384,646 68,948 289,983 22,221 18,752 34,404 87,095 340,131 Depository institutions 3,256,502 75,971 1,899,641 67,203 128,078 384,195 68,920 130,154 22,218 18,648 34,376 87,021 340,075 U.S. Treasury, General Account 372,232 0 372,232 0 0 0 0 0 0 0 0 0 0 Foreign official 9,432 2 9,405 1 4 8 1 2 1 0 0 1 5 Other7 218,753 16 58,171 0 15 443 26 159,826 2 103 27 73 50 Earnings remittances due to the U.S. Treasury8 -233,959 -5,002 -141,073 -3,962 -10,037 -37,453 130 -18,317 25 -391 -1,110 -763 -16,006 Treasury contributions to credit facilities9 2,029 2,029 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 7,817 1,121 2,390 189 250 743 1,335 482 180 140 188 239 561 Total liabilities 6,614,045 168,687 3,276,068 138,157 263,094 577,005 485,268 409,984 109,718 54,286 77,685 321,044 733,049 Capital Capital paid in 38,768 1,585 12,568 1,287 3,938 8,442 1,319 2,115 965 229 507 1,128 4,685 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 6,659,598 170,558 3,290,925 139,679 267,736 586,768 486,817 412,477 110,854 54,559 78,267 322,370 738,587 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, July 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 Jul 2, 2025 Federal Reserve notes outstanding 2,806,331 Less: Notes held by F.R. Banks not subject to collateralization 456,229 Federal Reserve notes to be collateralized 2,350,103 Collateral held against Federal Reserve notes 2,350,103 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,323,866 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,349,167 Less: Face value of securities under reverse repurchase agreements 757,417 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,591,751 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.