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 29, 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 28, 2026 Federal Reserve Banks Jan 28, 2026 Jan 21, 2026 Jan 29, 2025 Reserve Bank credit 6,540,111 + 7,766 - 240,103 6,539,201 Securities held outright1 6,292,194 + 7,617 - 209,258 6,292,034 U.S. Treasury securities 4,259,205 + 15,045 - 15,325 4,265,977 Bills2 266,532 + 15,424 + 71,189 273,452 Notes and bonds, nominal2 3,602,109 0 - 51,526 3,602,109 Notes and bonds, inflation-indexed2 288,706 0 - 30,188 288,706 Inflation compensation3 101,859 - 378 - 4,799 101,711 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,030,641 - 7,429 - 193,934 2,023,710 Unamortized premiums on securities held outright5 223,169 - 547 - 24,433 222,886 Unamortized discounts on securities held outright5 -24,222 - 224 - 176 -24,210 Repurchase agreements6 1 0 - 35 6 Foreign official 0 - 1 0 0 Others 1 + 1 - 35 6 Loans 3,825 + 123 - 1,164 4,575 Primary credit 3,766 + 124 + 933 4,516 Secondary credit 0 0 0 0 Seasonal credit 0 0 - 1 0 Paycheck Protection Program Liquidity Facility 59 - 2 - 1,872 59 Bank Term Funding Program 0 0 - 225 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 1,566 - 7 - 6,076 1,561 Float -319 + 13 + 67 -794 Central bank liquidity swaps9 32 - 47 - 46 32 Other Federal Reserve assets10 43,865 + 837 + 1,018 43,110 Foreign currency denominated assets11 19,504 + 319 + 1,805 19,715 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 0 15,200 Treasury currency outstanding12 52,934 + 14 + 417 52,934 Total factors supplying reserve funds 6,638,790 + 8,100 - 237,881 6,638,091 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 28, 2026 Federal Reserve Banks Jan 28, 2026 Jan 21, 2026 Jan 29, 2025 Currency in circulation12 2,429,105 - 2,510 + 79,722 2,429,415 Reverse repurchase agreements13 323,813 + 5,263 - 170,548 327,151 Foreign official and international accounts 322,572 + 5,985 - 61,159 326,048 Others 1,241 - 722 - 109,389 1,103 Treasury cash holdings 326 + 6 - 6 331 Deposits with F.R. Banks, other than reserve balances 1,176,043 + 61,638 + 201,929 1,189,584 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 923,042 + 53,781 + 138,836 952,705 Foreign official 9,439 - 24 - 245 9,441 Other14 243,563 + 7,882 + 63,339 227,439 Treasury contributions to credit facilities15 821 0 - 2,640 821 Other liabilities and capital16 -192,918 - 2,994 - 23,152 -192,152 Total factors, other than reserve balances, absorbing reserve funds 3,737,190 + 61,402 + 85,304 3,755,151 Reserve balances with Federal Reserve Banks 2,901,600 - 53,303 - 323,185 2,882,940 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 28, 2026 Jan 28, 2026 Jan 21, 2026 Jan 29, 2025 Securities held in custody for foreign official and international accounts 3,086,231 + 19,506 - 181,999 3,088,636 Marketable U.S. Treasury securities1 2,787,564 + 21,419 - 106,959 2,790,528 Federal agency debt and mortgage-backed securities2 220,544 - 1,797 - 67,945 220,138 Other securities3 78,123 - 116 - 7,094 77,971 Securities lent to dealers 37,441 + 4,132 + 10,377 33,216 Overnight facility4 37,441 + 4,132 + 10,377 33,216 U.S. Treasury securities 37,441 + 4,132 + 10,377 33,216 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 28, 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 2,531 2,026 18 0 0 ... 4,575 U.S. Treasury securities2 Holdings 56,032 228,507 475,696 1,400,674 502,929 1,602,139 4,265,977 Weekly changes + 1,899 + 1,550 + 11,714 - 163 - 35 - 145 + 14,821 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 0 36 4,823 58,015 1,960,837 2,023,710 Weekly changes - 28 0 0 - 72 - 1,185 - 10,844 - 12,130 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 966 120 95 0 ... ... 1,181 Repurchase agreements6 6 0 ... ... ... ... 6 Central bank liquidity swaps7 32 0 0 0 0 0 32 Reverse repurchase agreements6 327,151 0 ... ... ... ... 327,151 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 28, 2026 Mortgage-backed securities held outright1 2,023,710 Residential mortgage-backed securities 2,016,004 Commercial mortgage-backed securities 7,706 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 28, 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) 0 600 961 1,561 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 28, 2026 Jan 21, 2026 Jan 29, 2025 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 0 Coin 1,538 0 - 3 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,495,292 + 2,882 - 227,798 Securities held outright1 6,292,034 + 2,691 - 202,383 U.S. Treasury securities 4,265,977 + 14,821 - 8,534 Bills2 273,452 + 15,224 + 78,109 Notes and bonds, nominal2 3,602,109 0 - 51,526 Notes and bonds, inflation-indexed2 288,706 0 - 30,188 Inflation compensation3 101,711 - 403 - 4,928 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,023,710 - 12,130 - 193,849 Unamortized premiums on securities held outright5 222,886 - 637 - 24,411 Unamortized discounts on securities held outright5 -24,210 - 195 - 244 Repurchase agreements6 6 + 5 + 3 Loans7 4,575 + 1,017 - 764 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 1,561 - 6 - 6,087 Items in process of collection (0) 82 - 36 - 3 Bank premises 695 + 39 + 102 Central bank liquidity swaps9 32 - 47 - 46 Foreign currency denominated assets10 19,715 + 451 + 2,070 Other assets11 42,415 - 296 + 1,145 Total assets (0) 6,587,568 + 2,988 - 230,618 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 28, 2026 Jan 21, 2026 Jan 29, 2025 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,378,346 - 1,035 + 80,504 Reverse repurchase agreements12 327,151 + 3,763 - 169,236 Deposits (0) 4,072,524 + 2,753 - 116,090 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,882,940 - 73,586 - 317,716 U.S. Treasury, General Account 952,705 + 81,536 + 141,156 Foreign official 9,441 - 167 - 239 Other13 (0) 227,439 - 5,029 + 60,710 Deferred availability cash items (0) 876 + 354 - 229 Treasury contributions to credit facilities14 821 0 - 2,640 Other liabilities and accrued dividends15 -238,226 - 2,849 - 24,929 Total liabilities (0) 6,541,494 + 2,988 - 232,618 Capital accounts Capital paid in 39,289 + 1 + 2,000 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 46,074 + 1 + 2,000 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 28, 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 63 191 48 206 127 243 36 64 108 151 252 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,495,292 149,643 3,445,610 128,098 264,554 584,204 429,307 329,641 98,140 43,414 62,355 291,226 669,101 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 1,561 1,561 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 32 1 11 1 3 6 1 2 1 0 0 1 4 Foreign currency denominated assets4 19,715 833 6,651 682 2,045 3,840 668 1,101 499 127 219 575 2,476 Other assets5 43,192 1,042 20,436 909 1,765 4,192 4,072 2,153 854 498 775 2,004 4,492 Interdistrict settlement account 0+ 12,547- 56,432- 5,896- 29,541- 85,815+ 10,683+ 86,129+ 7,485+ 15,704+ 22,122+ 22,937 + 78 Total assets 6,587,568 166,575 3,424,405 124,800 240,111 508,523 448,553 420,988 107,809 60,253 86,319 319,187 680,043 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 28, 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 2,378,346 82,621 740,202 65,331 117,033 170,448 358,000 116,502 78,252 38,411 46,340 212,026 353,180 Reverse repurchase agreements6 327,151 7,532 173,621 6,454 13,332 29,443 21,637 16,597 4,936 2,185 3,139 14,674 33,601 Deposits 4,072,524 78,160 2,638,239 55,399 115,282 337,813 65,824 306,667 23,266 19,703 37,466 90,909 303,797 Depository institutions 2,882,940 78,138 1,622,442 55,397 115,246 337,023 65,813 133,966 23,261 19,599 37,440 90,848 303,767 U.S. Treasury, General Account 952,705 0 952,705 0 0 0 0 0 0 0 0 0 0 Foreign official 9,441 2 9,415 1 4 8 1 2 1 0 0 1 5 Other7 227,439 20 53,679 0 33 782 10 172,699 4 103 26 60 24 Earnings remittances due to the U.S. Treasury8 -245,927 -5,517 -144,625 -4,098 -10,488 -40,241 40 -21,815 -58 -511 -1,463 -17 -17,134 Treasury contributions to credit facilities9 821 821 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 8,578 1,035 2,173 199 277 984 1,310 527 262 192 202 302 1,115 Total liabilities 6,541,494 164,652 3,409,610 123,285 235,437 498,447 446,810 418,477 106,658 59,981 85,684 317,893 674,559 Capital Capital paid in 39,289 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 6,587,568 166,575 3,424,405 124,800 240,111 508,523 448,553 420,988 107,809 60,253 86,319 319,187 680,043 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 28, 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 28, 2026 Federal Reserve notes outstanding 2,819,207 Less: Notes held by F.R. Banks not subject to collateralization 440,860 Federal Reserve notes to be collateralized 2,378,346 Collateral held against Federal Reserve notes 2,378,346 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,352,110 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,292,040 Less: Face value of securities under reverse repurchase agreements 363,318 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,928,722 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.