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 22, 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 21, 2026 Federal Reserve Banks Jan 21, 2026 Jan 14, 2026 Jan 22, 2025 Reserve Bank credit 6,532,345 - 544 - 255,826 6,537,019 Securities held outright1 6,284,577 + 958 - 224,590 6,289,343 U.S. Treasury securities 4,244,160 + 1,912 - 30,419 4,251,156 Bills2 251,108 + 2,353 + 55,765 258,228 Notes and bonds, nominal2 3,602,109 + 34,638 - 51,526 3,602,109 Notes and bonds, inflation-indexed2 288,706 - 23,568 - 30,188 288,706 Inflation compensation3 102,237 - 11,511 - 4,470 102,114 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,038,070 - 954 - 194,171 2,035,840 Unamortized premiums on securities held outright5 223,716 - 453 - 24,492 223,523 Unamortized discounts on securities held outright5 -23,998 - 289 + 7 -24,015 Repurchase agreements6 1 - 14 0 1 Foreign official 1 + 1 + 1 0 Others 0 - 15 - 1 1 Loans 3,702 - 2,259 - 1,359 3,558 Primary credit 3,642 - 2,257 + 830 3,498 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Paycheck Protection Program Liquidity Facility 61 - 1 - 1,882 60 Bank Term Funding Program 0 0 - 305 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 1,573 + 2 - 6,075 1,567 Float -332 - 27 - 48 -404 Central bank liquidity swaps9 79 - 43 - 26 79 Other Federal Reserve assets10 43,028 + 1,582 + 756 43,367 Foreign currency denominated assets11 19,185 - 9 + 1,679 19,264 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 0 15,200 Treasury currency outstanding12 52,920 + 14 + 408 52,920 Total factors supplying reserve funds 6,630,690 - 540 - 253,741 6,635,443 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 21, 2026 Federal Reserve Banks Jan 21, 2026 Jan 14, 2026 Jan 22, 2025 Currency in circulation12 2,431,615 - 4,536 + 78,437 2,430,441 Reverse repurchase agreements13 318,550 - 4,187 - 179,852 323,388 Foreign official and international accounts 316,587 - 2,889 - 69,273 320,044 Others 1,963 - 1,298 - 110,579 3,344 Treasury cash holdings 320 + 1 - 4 325 Deposits with F.R. Banks, other than reserve balances 1,114,405 + 100,913 + 251,787 1,113,245 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 869,261 + 90,086 + 191,979 871,169 Foreign official 9,463 + 23 - 225 9,608 Other14 235,681 + 10,804 + 60,033 232,468 Treasury contributions to credit facilities15 821 0 - 2,640 821 Other liabilities and capital16 -189,924 + 1,996 - 24,094 -189,303 Total factors, other than reserve balances, absorbing reserve funds 3,675,788 + 94,188 + 123,635 3,678,918 Reserve balances with Federal Reserve Banks 2,954,903 - 94,727 - 377,375 2,956,525 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 21, 2026 Jan 21, 2026 Jan 14, 2026 Jan 22, 2025 Securities held in custody for foreign official and international accounts 3,066,725 + 5,011 - 191,896 3,069,850 Marketable U.S. Treasury securities1 2,766,145 + 6,914 - 115,695 2,770,578 Federal agency debt and mortgage-backed securities2 222,341 - 2,067 - 69,289 221,289 Other securities3 78,239 + 163 - 6,912 77,984 Securities lent to dealers 33,309 + 589 + 8,039 37,178 Overnight facility4 33,309 + 589 + 8,039 37,178 U.S. Treasury securities 33,309 + 589 + 8,039 37,178 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 21, 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 2,225 1,314 19 0 0 ... 3,558 U.S. Treasury securities2 Holdings 54,133 226,957 463,982 1,400,837 502,964 1,602,284 4,251,156 Weekly changes - 14,645 + 4,493 + 9,260 - 8,782 + 11,318 + 6,259 + 7,903 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 28 0 36 4,895 59,200 1,971,681 2,035,840 Weekly changes + 28 - 28 0 0 0 - 3,184 - 3,184 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 975 123 93 0 ... ... 1,191 Repurchase agreements6 1 0 ... ... ... ... 1 Central bank liquidity swaps7 79 0 0 0 0 0 79 Reverse repurchase agreements6 323,388 0 ... ... ... ... 323,388 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 21, 2026 Mortgage-backed securities held outright1 2,035,840 Residential mortgage-backed securities 2,028,094 Commercial mortgage-backed securities 7,746 Commitments to buy mortgage-backed securities2 75 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 21, 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) 0 610 957 1,567 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 21, 2026 Jan 14, 2026 Jan 22, 2025 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 0 Coin 1,538 + 25 + 13 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,492,410 + 1,977 - 243,668 Securities held outright1 6,289,343 + 4,719 - 217,405 U.S. Treasury securities 4,251,156 + 7,903 - 23,407 Bills2 258,228 + 8,306 + 62,885 Notes and bonds, nominal2 3,602,109 + 34,638 - 51,526 Notes and bonds, inflation-indexed2 288,706 - 23,568 - 30,188 Inflation compensation3 102,114 - 11,473 - 4,577 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,035,840 - 3,184 - 193,998 Unamortized premiums on securities held outright5 223,523 - 497 - 24,469 Unamortized discounts on securities held outright5 -24,015 - 372 - 73 Repurchase agreements6 1 0 0 Loans7 3,558 - 1,873 - 1,721 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 1,567 - 7 - 6,074 Items in process of collection (0) 118 + 53 + 38 Bank premises 656 + 11 + 65 Central bank liquidity swaps9 79 - 43 - 26 Foreign currency denominated assets10 19,264 + 62 + 1,672 Other assets11 42,711 + 802 + 799 Total assets (0) 6,584,580 + 2,880 - 247,180 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 21, 2026 Jan 14, 2026 Jan 22, 2025 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,379,381 - 2,754 + 78,215 Reverse repurchase agreements12 323,388 + 5,637 - 193,061 Deposits (0) 4,069,771 - 2,234 - 105,700 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,956,526 - 105,234 - 374,670 U.S. Treasury, General Account 871,169 + 94,108 + 205,684 Foreign official 9,608 + 169 - 79 Other13 (0) 232,468 + 8,723 + 63,365 Deferred availability cash items (0) 522 + 146 + 28 Treasury contributions to credit facilities14 821 0 - 2,640 Other liabilities and accrued dividends15 -235,377 + 2,084 - 26,041 Total liabilities (0) 6,538,506 + 2,879 - 249,199 Capital accounts Capital paid in 39,288 0 + 2,017 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 46,073 0 + 2,017 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 21, 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 1,538 51 62 191 48 206 126 242 37 64 105 154 253 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,492,410 149,646 3,444,175 128,093 264,458 584,032 429,193 329,537 98,040 43,412 62,277 291,252 668,296 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 1,567 1,567 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 79 3 27 3 8 15 3 4 2 1 1 2 10 Foreign currency denominated assets4 19,264 814 6,498 667 1,998 3,752 653 1,076 488 124 214 562 2,419 Other assets5 43,485 1,048 20,573 910 1,776 4,221 4,135 2,167 859 488 773 2,017 4,518 Interdistrict settlement account 0+ 9,243- 54,685- 4,490- 37,436- 76,262+ 12,552+ 76,860+ 8,379+ 16,985+ 22,840+ 22,461 + 3,550 Total assets 6,584,580 163,269 3,424,716 126,189 232,090 517,855 450,356 411,607 108,599 61,519 86,951 318,742 682,687 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 21, 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 2,379,381 82,629 738,875 65,361 117,062 170,540 359,137 116,597 78,165 38,450 46,149 212,010 354,407 Reverse repurchase agreements6 323,388 7,446 171,624 6,380 13,179 29,104 21,388 16,406 4,879 2,160 3,103 14,505 33,215 Deposits 4,069,771 74,834 2,640,375 56,777 107,265 347,118 67,069 297,041 24,178 20,931 38,288 90,581 305,314 Depository institutions 2,956,526 74,822 1,701,427 56,776 107,235 346,823 67,056 123,290 24,174 20,876 38,259 90,501 305,284 U.S. Treasury, General Account 871,169 0 871,169 0 0 0 0 0 0 0 0 0 0 Foreign official 9,608 2 9,581 1 4 8 1 2 1 0 0 1 5 Other7 232,468 10 58,197 0 25 287 11 173,748 3 54 28 78 25 Earnings remittances due to the U.S. Treasury8 -244,616 -5,475 -144,341 -4,081 -10,454 -40,079 16 -21,672 -50 -495 -1,443 -25 -16,517 Treasury contributions to credit facilities9 821 821 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 9,761 1,091 3,389 236 364 1,096 1,003 725 276 201 219 378 785 Total liabilities 6,538,506 161,347 3,409,921 124,674 227,415 507,779 448,614 409,096 107,449 61,246 86,316 317,448 677,203 Capital Capital paid in 39,288 1,639 12,610 1,291 3,985 8,588 1,501 2,140 981 232 546 1,102 4,674 Surplus 6,785 283 2,185 224 690 1,488 242 371 170 40 89 193 810 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 6,584,580 163,269 3,424,716 126,189 232,090 517,855 450,356 411,607 108,599 61,519 86,951 318,742 682,687 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 21, 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 21, 2026 Federal Reserve notes outstanding 2,820,412 Less: Notes held by F.R. Banks not subject to collateralization 441,030 Federal Reserve notes to be collateralized 2,379,381 Collateral held against Federal Reserve notes 2,379,381 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,353,144 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,289,344 Less: Face value of securities under reverse repurchase agreements 358,893 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,930,451 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.