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 January 8, 2026 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 Jan 7, 2026 Federal Reserve Banks Jan 7, 2026 Dec 31, 2025 Jan 8, 2025 Reserve Bank credit 6,539,523 - 3,457 - 267,805 6,526,135 Securities held outright1 6,270,069 - 651 - 256,610 6,276,897 U.S. Treasury securities 4,228,698 + 999 - 62,372 4,235,527 Bills2 234,758 + 1,166 + 39,415 241,757 Notes and bonds, nominal2 3,567,471 - 2,192 - 68,316 3,567,471 Notes and bonds, inflation-indexed2 312,274 + 2,192 - 29,303 312,274 Inflation compensation3 114,195 - 167 - 4,168 114,025 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,039,024 - 1,650 - 194,238 2,039,024 Unamortized premiums on securities held outright5 224,550 - 418 - 24,615 224,393 Unamortized discounts on securities held outright5 -23,654 - 78 - 125 -23,654 Repurchase agreements6 20,431 - 1,827 + 20,430 0 Foreign official 0 0 0 0 Others 20,431 - 1,827 + 20,430 0 Loans 8,093 - 1,316 - 99 7,287 Primary credit 8,029 - 1,307 + 5,700 7,225 Secondary credit 0 - 1 0 0 Seasonal credit 2 - 7 0 0 Paycheck Protection Program Liquidity Facility 63 0 - 1,894 62 Bank Term Funding Program 0 0 - 3,905 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 1,594 - 427 - 6,668 1,571 Float -424 + 5 - 47 -384 Central bank liquidity swaps9 481 0 - 639 481 Other Federal Reserve assets10 38,383 + 1,253 + 568 39,545 Foreign currency denominated assets11 19,347 - 52 + 1,901 19,290 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 0 15,200 Treasury currency outstanding12 52,892 + 14 + 390 52,892 Total factors supplying reserve funds 6,638,003 - 3,494 - 265,514 6,624,558 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 Jan 7, 2026 Federal Reserve Banks Jan 7, 2026 Dec 31, 2025 Jan 8, 2025 Currency in circulation12 2,444,489 + 2,257 + 74,218 2,441,944 Reverse repurchase agreements13 353,101 + 2,062 - 258,957 328,300 Foreign official and international accounts 333,581 + 10,395 - 53,141 323,718 Others 19,520 - 8,333 - 205,816 4,582 Treasury cash holdings 321 + 10 + 7 319 Deposits with F.R. Banks, other than reserve balances 1,032,249 - 47,970 + 204,990 1,018,816 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 796,148 - 41,158 + 143,512 783,571 Foreign official 9,438 - 1 - 250 9,439 Other14 226,663 - 6,811 + 61,728 225,805 Treasury contributions to credit facilities15 821 0 - 2,640 821 Other liabilities and capital16 -189,356 + 1,179 - 24,767 -188,640 Total factors, other than reserve balances, absorbing reserve funds 3,641,625 - 42,462 - 7,149 3,601,561 Reserve balances with Federal Reserve Banks 2,996,379 + 38,969 - 258,364 3,022,997 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 Jan 7, 2026 Jan 7, 2026 Dec 31, 2025 Jan 8, 2025 Securities held in custody for foreign official and international accounts 3,040,323 + 1,851 - 207,629 3,059,863 Marketable U.S. Treasury securities1 2,737,165 + 2,031 - 129,919 2,756,827 Federal agency debt and mortgage-backed securities2 224,672 - 120 - 69,388 224,669 Other securities3 78,486 - 60 - 8,322 78,366 Securities lent to dealers 37,879 + 2,658 + 3,483 36,178 Overnight facility4 37,879 + 2,658 + 3,483 36,178 U.S. Treasury securities 37,879 + 2,658 + 3,483 36,178 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, January 7, 2026 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 4,869 2,395 24 0 0 ... 7,287 U.S. Treasury securities2 Holdings 69,223 214,862 453,783 1,401,095 500,394 1,596,170 4,235,527 Weekly changes - 1,073 + 5,555 + 3,614 - 181 - 44 - 144 + 7,726 Federal agency debt securities3 Holdings 0 0 0 1,818 529 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 28 36 4,895 59,200 1,974,865 2,039,024 Weekly changes 0 0 0 + 121 + 9,339 - 9,459 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 1,037 117 95 0 ... ... 1,250 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 481 0 0 0 0 0 481 Reverse repurchase agreements6 328,300 0 ... ... ... ... 328,300 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 days category has reached contractual maturity, and collection is expected based upon the terms of the PPPLF. 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. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy. 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 Jan 7, 2026 Mortgage-backed securities held outright1 2,039,024 Residential mortgage-backed securities 2,031,272 Commercial mortgage-backed securities 7,752 Commitments to buy mortgage-backed securities2 0 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 Jan 7, 2026 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) 0 672 899 1,571 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 September 30, 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 Jan 7, 2026 Dec 31, 2025 Jan 8, 2025 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 0 Coin 1,484 + 3 - 8 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,484,922 - 69,742 - 275,023 Securities held outright1 6,276,897 + 7,726 - 249,779 U.S. Treasury securities 4,235,527 + 7,726 - 55,540 Bills2 241,757 + 8,165 + 46,414 Notes and bonds, nominal2 3,567,471 0 - 68,334 Notes and bonds, inflation-indexed2 312,274 0 - 29,303 Inflation compensation3 114,025 - 439 - 4,317 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,039,024 0 - 194,238 Unamortized premiums on securities held outright5 224,393 - 407 - 24,619 Unamortized discounts on securities held outright5 -23,654 - 7 - 198 Repurchase agreements6 0 - 74,600 0 Loans7 7,287 - 2,453 - 426 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 1,571 - 41 - 6,699 Items in process of collection (0) 73 - 19 + 11 Bank premises 637 - 30 + 57 Central bank liquidity swaps9 481 0 - 639 Foreign currency denominated assets10 19,290 - 190 + 1,892 Other assets11 38,908 + 3,003 + 457 Total assets (0) 6,573,602 - 67,016 - 279,952 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 Jan 7, 2026 Dec 31, 2025 Jan 8, 2025 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,390,852 - 3,613 + 75,991 Reverse repurchase agreements12 328,300 - 133,898 - 243,220 Deposits (0) 4,041,813 + 69,123 - 85,109 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,022,997 + 169,556 - 309,439 U.S. Treasury, General Account 783,571 - 89,282 + 163,040 Foreign official 9,439 + 1 - 248 Other13 (0) 225,805 - 11,153 + 61,538 Deferred availability cash items (0) 456 - 729 - 77 Treasury contributions to credit facilities14 821 0 - 2,640 Other liabilities and accrued dividends15 -234,713 + 1,966 - 26,919 Total liabilities (0) 6,527,530 - 67,151 - 281,972 Capital accounts Capital paid in 39,288 + 136 + 2,021 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 46,073 + 136 + 2,021 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, January 7, 2026 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 1,484 48 59 186 43 194 118 234 34 64 102 155 248 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,484,922 149,300 3,439,467 127,856 263,990 583,044 428,456 328,973 97,814 43,353 62,210 290,662 669,797 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 1,571 1,571 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 481 20 162 17 50 94 16 27 12 3 5 14 60 Foreign currency denominated assets4 19,290 815 6,507 667 2,001 3,757 653 1,077 489 124 214 563 2,423 Other assets5 39,618 956 18,564 832 1,611 3,870 3,849 1,974 774 483 726 1,844 4,133 Interdistrict settlement account 0+ 17,803- 146,584- 2,886- 18,931- 77,677+ 20,203+ 84,860+ 10,154+ 17,933+ 25,423+ 41,723 + 27,980 Total assets 6,573,602 171,411 3,326,241 127,487 250,002 515,173 456,991 418,865 110,070 62,405 89,420 337,256 708,281 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, January 7, 2026 (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 2,390,852 81,499 741,242 65,975 118,409 172,056 361,614 117,464 79,172 38,634 46,571 213,574 354,641 Reverse repurchase agreements6 328,300 7,559 174,231 6,477 13,379 29,546 21,713 16,655 4,953 2,193 3,150 14,725 33,719 Deposits 4,041,813 83,923 2,536,661 57,350 123,596 342,402 71,028 302,929 24,579 21,606 40,258 107,327 330,155 Depository institutions 3,022,997 83,918 1,689,016 57,348 123,570 342,054 71,017 132,371 24,574 21,543 40,231 107,255 330,100 U.S. Treasury, General Account 783,571 0 783,571 0 0 0 0 0 0 0 0 0 0 Foreign official 9,439 2 9,413 1 4 8 1 2 1 0 0 1 5 Other7 225,805 4 54,660 0 23 340 9 170,556 4 63 26 70 50 Earnings remittances due to the U.S. Treasury8 -243,076 -5,389 -143,949 -4,057 -10,399 -39,692 75 -21,381 7 -457 -1,387 3 -16,450 Treasury contributions to credit facilities9 821 821 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 8,819 1,071 3,158 216 327 952 831 679 206 154 207 327 691 Total liabilities 6,527,530 169,484 3,311,343 125,961 245,313 505,264 455,260 416,347 108,918 62,129 88,799 335,957 702,755 Capital Capital paid in 39,288 1,639 12,610 1,291 3,985 8,588 1,501 2,140 981 232 546 1,101 4,674 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 6,573,602 171,411 3,326,241 127,487 250,002 515,173 456,991 418,865 110,070 62,405 89,420 337,256 708,281 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, January 7, 2026 (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 Jan 7, 2026 Federal Reserve notes outstanding 2,815,924 Less: Notes held by F.R. Banks not subject to collateralization 425,072 Federal Reserve notes to be collateralized 2,390,852 Collateral held against Federal Reserve notes 2,390,852 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,364,615 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,276,897 Less: Face value of securities under reverse repurchase agreements 372,630 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,904,267 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.