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 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 Jul 16, 2025 Federal Reserve Banks Jul 16, 2025 Jul 9, 2025 Jul 17, 2024 Reserve Bank credit 6,614,580 + 975 - 561,236 6,611,780 Securities held outright1 6,348,901 - 406 - 421,314 6,347,296 U.S. Treasury securities 4,208,078 - 387 - 223,821 4,206,523 Bills2 195,493 + 75 + 200 195,493 Notes and bonds, nominal2 3,587,708 + 2,457 - 183,352 3,593,851 Notes and bonds, inflation-indexed2 313,736 - 2,295 - 33,883 307,997 Inflation compensation3 111,141 - 623 - 6,786 109,182 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,138,476 - 20 - 197,493 2,138,426 Unamortized premiums on securities held outright5 236,052 - 356 - 26,988 235,903 Unamortized discounts on securities held outright5 -23,813 - 119 + 790 -23,817 Repurchase agreements6 3 - 12 - 112 0 Foreign official 0 0 - 100 0 Others 3 - 12 - 12 0 Loans 7,447 - 454 - 105,807 6,705 Primary credit 5,969 - 454 - 777 5,230 Secondary credit 0 0 0 0 Seasonal credit 40 + 6 - 27 40 Paycheck Protection Program Liquidity Facility 1,438 - 6 - 1,329 1,436 Bank Term Funding Program 0 0 - 103,673 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 5,006 - 179 - 6,047 4,548 Float -364 - 11 - 59 -311 Central bank liquidity swaps9 63 + 8 - 100 63 Other Federal Reserve assets10 41,285 + 2,503 - 1,600 41,392 Foreign currency denominated assets11 19,499 - 159 + 1,534 19,431 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 53,217 + 14 + 728 53,217 Total factors supplying reserve funds 6,713,537 + 830 - 553,974 6,710,669 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 16, 2025 Federal Reserve Banks Jul 16, 2025 Jul 9, 2025 Jul 17, 2024 Currency in circulation12 2,400,870 - 2,251 + 48,972 2,399,858 Reverse repurchase agreements13 566,883 - 40,889 - 234,128 574,685 Foreign official and international accounts 375,247 - 14,900 - 19,228 377,599 Others 191,636 - 25,989 - 214,900 197,086 Treasury cash holdings 435 - 2 + 28 426 Deposits with F.R. Banks, other than reserve balances 528,423 - 20,578 - 381,995 541,920 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 296,247 - 23,642 - 455,346 312,085 Foreign official 9,436 - 1 - 249 9,435 Other14 222,739 + 3,064 + 73,599 220,400 Treasury contributions to credit facilities15 2,029 0 - 2,929 2,029 Other liabilities and capital16 -183,926 - 4,025 - 51,320 -183,285 Total factors, other than reserve balances, absorbing reserve funds 3,314,715 - 67,743 - 621,371 3,335,633 Reserve balances with Federal Reserve Banks 3,398,822 + 68,573 + 67,397 3,375,036 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 16, 2025 Jul 16, 2025 Jul 9, 2025 Jul 17, 2024 Securities held in custody for foreign official and international accounts 3,230,694 - 7,711 - 80,748 3,218,523 Marketable U.S. Treasury securities1 2,887,159 - 8,060 - 38,298 2,875,252 Federal agency debt and mortgage-backed securities2 259,657 + 208 - 46,100 259,773 Other securities3 83,878 + 141 + 3,650 83,497 Securities lent to dealers 38,514 + 6,063 + 2,031 35,029 Overnight facility4 38,514 + 6,063 + 2,031 35,029 U.S. Treasury securities 38,514 + 6,063 + 2,031 35,029 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 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 2,439 2,854 1,411 1 0 ... 6,705 U.S. Treasury securities2 Holdings 53,204 176,903 451,704 1,440,384 510,256 1,574,071 4,206,523 Weekly changes + 2,545 - 22,131 + 15,232 + 5,437 - 5,755 + 2,668 - 2,003 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 39,344 2,094,253 2,138,426 Weekly changes 0 0 0 0 0 - 69 - 70 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 64 414 2,287 15 ... ... 2,779 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 63 0 0 0 0 0 63 Reverse repurchase agreements6 574,685 0 ... ... ... ... 574,685 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 16, 2025 Mortgage-backed securities held outright1 2,138,426 Residential mortgage-backed securities 2,130,499 Commercial mortgage-backed securities 7,928 Commitments to buy mortgage-backed securities2 78 Commitments to sell mortgage-backed securities2 67 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 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) 1,626 2,231 2,316 4,548 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 16, 2025 Jul 9, 2025 Jul 17, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,446 + 9 + 19 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,566,088 - 3,553 - 546,973 Securities held outright1 6,347,296 - 2,073 - 414,535 U.S. Treasury securities 4,206,523 - 2,003 - 217,029 Bills2 195,493 + 75 + 200 Notes and bonds, nominal2 3,593,851 + 8,600 - 174,908 Notes and bonds, inflation-indexed2 307,997 - 8,034 - 34,999 Inflation compensation3 109,182 - 2,644 - 7,323 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,138,426 - 70 - 197,506 Unamortized premiums on securities held outright5 235,903 - 404 - 27,035 Unamortized discounts on securities held outright5 -23,817 - 179 + 679 Repurchase agreements6 0 0 - 100 Loans7 6,705 - 899 - 105,982 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 4,548 - 641 - 6,321 Items in process of collection (0) 69 + 9 - 9 Bank premises 564 + 4 + 135 Central bank liquidity swaps9 63 + 8 - 100 Foreign currency denominated assets10 19,431 - 150 + 1,378 Other assets11 40,828 + 1,676 - 2,103 Total assets (0) 6,659,273 - 2,639 - 548,974 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 16, 2025 Jul 9, 2025 Jul 17, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,348,509 - 3,487 + 49,285 Reverse repurchase agreements12 574,685 - 35,088 - 215,356 Deposits (0) 3,916,956 + 39,781 - 328,571 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,375,036 + 33,037 + 52,590 U.S. Treasury, General Account 312,085 + 1,037 - 454,694 Foreign official 9,435 - 2 - 249 Other13 (0) 220,400 + 5,709 + 73,783 Deferred availability cash items (0) 380 - 66 + 23 Treasury contributions to credit facilities14 2,029 0 - 2,929 Other liabilities and accrued dividends15 -228,842 - 3,780 - 53,683 Total liabilities (0) 6,613,716 - 2,641 - 551,233 Capital accounts Capital paid in 38,772 + 2 + 2,260 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,557 + 2 + 2,260 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 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 1,446 50 48 174 45 198 105 240 33 58 95 159 240 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,566,088 151,033 3,481,560 129,454 268,074 590,365 433,946 332,978 99,129 44,504 62,988 294,404 677,652 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 4,548 4,548 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 63 3 21 2 7 12 2 4 2 0 1 2 8 Foreign currency denominated assets4 19,431 821 6,555 672 2,015 3,785 658 1,085 492 125 215 567 2,440 Other assets5 41,461 1,007 19,590 872 1,694 4,007 4,015 2,073 796 480 749 1,923 4,256 Interdistrict settlement account 0+ 1,377- 214,696- 2,649- 8,211+ 18,864+ 35,991+ 68,798+ 8,057+ 6,136+ 12,019+ 17,834 + 56,480 Total assets 6,659,273 159,735 3,301,144 129,341 264,862 619,122 478,413 406,898 109,302 51,750 76,808 317,183 744,716 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 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 2,348,509 79,825 740,820 62,951 118,831 172,304 372,458 106,348 77,230 31,204 38,371 205,841 342,325 Reverse repurchase agreements6 574,685 13,232 304,988 11,338 23,420 51,720 38,008 29,154 8,671 3,838 5,515 25,777 59,025 Deposits 3,916,956 66,721 2,380,042 57,346 127,817 422,264 65,554 287,029 22,067 16,690 33,291 84,718 353,417 Depository institutions 3,375,036 66,713 2,003,068 57,345 127,792 421,840 65,526 122,843 22,061 16,576 33,261 84,645 353,366 U.S. Treasury, General Account 312,085 0 312,085 0 0 0 0 0 0 0 0 0 0 Foreign official 9,435 2 9,408 1 4 8 1 2 1 0 0 1 5 Other7 220,400 6 55,481 0 21 416 26 164,184 6 114 29 71 46 Earnings remittances due to the U.S. Treasury8 -235,926 -5,056 -142,081 -3,998 -10,120 -37,740 88 -18,611 14 -397 -1,138 -728 -16,160 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 7,463 1,112 2,517 183 271 811 754 481 184 142 186 249 572 Total liabilities 6,613,716 157,864 3,286,288 127,819 260,220 609,359 476,862 404,402 108,166 51,478 76,225 315,857 739,179 Capital Capital paid in 38,772 1,585 12,568 1,287 3,938 8,442 1,321 2,117 965 229 507 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 6,659,273 159,735 3,301,144 129,341 264,862 619,122 478,413 406,898 109,302 51,750 76,808 317,183 744,716 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 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 Jul 16, 2025 Federal Reserve notes outstanding 2,806,544 Less: Notes held by F.R. Banks not subject to collateralization 458,035 Federal Reserve notes to be collateralized 2,348,509 Collateral held against Federal Reserve notes 2,348,509 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,322,272 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,347,296 Less: Face value of securities under reverse repurchase agreements 689,216 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,658,081 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.