FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 24, 2018

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

May 23, 2018 May 16, 2018 May 24, 2017

Wednesday

May 23, 2018

Reserve Bank credit 4,298,969 - 15,419 - 135,665 4,297,773

Securities held outright1 4,136,995 - 6,597 - 119,765 4,135,605

U.S. Treasury securities 2,387,010 - 6,095 - 77,642 2,387,035

Bills2 0 0 0 0

Notes and bonds, nominal2 2,253,442 - 6,164 - 86,098 2,253,442

Notes and bonds, inflation-indexed2 112,949 0 + 6,146 112,949

Inflation compensation3 20,618 + 68 + 2,309 20,643

Federal agency debt securities2 4,391 0 - 4,443 4,391

Mortgage-backed securities4 1,745,594 - 502 - 37,680 1,744,179

Unamortized premiums on securities held outright5 152,025 - 363 - 15,854 151,837

Unamortized discounts on securities held outright5 -13,936 - 26 + 924 -13,926

Repurchase agreements6 0 - 18 - 9 0

Loans 81 - 5 + 31 106

Primary credit 12 - 11 + 7 28

Secondary credit 0 0 0 0

Seasonal credit 69 + 6 + 24 77

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,712 - 3 + 3 1,713

Float -174 + 18 + 62 -179

Central bank liquidity swaps8 82 + 2 + 41 82

Other Federal Reserve assets9 22,185 - 8,425 - 1,098 22,535

Foreign currency denominated assets10 21,263 - 242 + 665 21,233

Gold stock 11,041 0 0 11,041

Special drawing rights certificate account 5,200 0 0 5,200

Treasury currency outstanding11 49,608 + 14 + 709 49,608

Total factors supplying reserve funds 4,386,081 - 15,647 - 134,292 4,384,855

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

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

May 23, 2018 May 16, 2018 May 24, 2017

Wednesday

May 23, 2018

Currency in circulation11 1,654,027 + 3,341 + 105,631 1,656,691

Reverse repurchase agreements12 254,832 + 5,933 - 170,664 247,465

Foreign official and international accounts 248,888 + 3,272 + 9,245 244,469

Others 5,944 + 2,661 - 179,909 2,996

Treasury cash holdings 261 - 10 + 14 255

Deposits with F.R. Banks, other than reserve balances 409,269 - 10,972 + 134,265 394,583

Term deposits held by depository institutions 3,686 + 3,686 - 12,661 3,686

U.S. Treasury, General Account 326,445 - 10,813 + 159,280 312,169

Foreign official 5,255 0 + 45 5,255

Other13 73,883 - 3,845 - 12,398 73,474

Other liabilities and capital14 45,746 + 386 - 3,072 45,316

Total factors, other than reserve balances,

absorbing reserve funds 2,364,135 - 1,323 + 66,174 2,344,310

Reserve balances with Federal Reserve Banks 2,021,946 - 14,324 - 200,466 2,040,545

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. Refer to table 4 and the note on consolidation accompanying table 6.

8. 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.

9. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also, includes Reserve

Bank premises and equipment net of allowances for depreciation.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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. 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

Memorandum item Week ended Change from week ended

May 23, 2018 May 16, 2018 May 24, 2017

Wednesday

May 23, 2018

Securities held in custody for foreign official and international

accounts 3,382,455 - 4,770 + 138,245 3,386,856

Marketable U.S. Treasury securities1 3,026,935 - 8,218 + 107,879 3,025,088

Federal agency debt and mortgage-backed securities2 280,033 + 4,513 + 16,273 286,485

Other securities3 75,487 - 1,066 + 14,092 75,283

Securities lent to dealers 20,154 - 468 - 1,852 18,835

Overnight facility4 20,154 - 468 - 1,852 18,835

U.S. Treasury securities 20,154 - 468 - 1,835 18,835

Federal agency debt securities 0 0 - 17 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.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 23, 2018

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 100 5 0 0 0 ... 106

U.S. Treasury securities1

Holdings 28,479 84,951 306,288 1,052,018 296,104 619,195 2,387,035

Weekly changes 0 + 23,069 - 23,068 + 10 + 6,050 - 5,994 + 69

Federal agency debt securities2

Holdings 0 1,982 62 0 0 2,347 4,391

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 142 39,823 1,704,214 1,744,179

Weekly changes 0 0 0 + 65 + 12 - 1,412 - 1,335

Repurchase agreements4 0 0 ... ... ... ... 0

Central bank liquidity swaps5 82 0 0 0 0 0 82

Reverse repurchase agreements4 247,465 0 ... ... ... ... 247,465

Term deposits 3,686 0 0 ... ... ... 3,686

Note: Components may not sum to totals because of rounding.

...Not applicable.

1. 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.

2. Face value.

3. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

4. Cash value of agreements.

5. 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 May 23, 2018

Mortgage-backed securities held outright1 1,744,179

Commitments to buy mortgage-backed securities2 7,291

Commitments to sell mortgage-backed securities2 60

Cash and cash equivalents3 66

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. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.

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 Maiden Lane LLC

Millions of dollars

Wednesday Account name May 23, 2018

Net portfolio holdings of Maiden Lane LLC1 1,713

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0

Accrued interest payable to the Federal Reserve Bank of New York2 0

Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3 0

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an

orderly market on the measurement date. Assets are revalued quarterly.

2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with

consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.

3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in

table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of

the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time

to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan

from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

May 23, 2018 May 16, 2018 May 24, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,797 - 6 - 23

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,273,622 - 1,684 - 133,172

Securities held outright1 4,135,605 - 1,267 - 118,272

U.S. Treasury securities 2,387,035 + 69 - 77,625

Bills2 0 0 0

Notes and bonds, nominal2 2,253,442 0 - 86,098

Notes and bonds, inflation-indexed2 112,949 0 + 6,146

Inflation compensation3 20,643 + 68 + 2,326

Federal agency debt securities2 4,391 0 - 4,443

Mortgage-backed securities4 1,744,179 - 1,335 - 36,204

Unamortized premiums on securities held outright5 151,837 - 412 - 15,809

Unamortized discounts on securities held outright5 -13,926 + 27 + 923

Repurchase agreements6 0 - 65 - 62

Loans 106 + 33 + 49

Net portfolio holdings of Maiden Lane LLC7 1,713 + 1 + 3

Items in process of collection (0) 83 + 5 + 23

Bank premises 2,196 + 1 - 3

Central bank liquidity swaps8 82 + 2 + 41

Foreign currency denominated assets9 21,233 - 90 + 692

Other assets10 20,339 + 1,464 - 1,111

Total assets (0) 4,337,301 - 308 - 133,551

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

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

May 23, 2018 May 16, 2018 May 24, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,609,131 + 2,988 + 104,357

Reverse repurchase agreements11 247,465 - 9,439 - 179,852

Deposits (0) 2,435,128 + 5,318 - 55,671

Term deposits held by depository institutions 3,686 + 3,686 - 12,661

Other deposits held by depository institutions 2,040,545 + 17,884 - 165,618

U.S. Treasury, General Account 312,169 - 15,579 + 149,111

Foreign official 5,255 0 + 91

Other12 (0) 73,474 - 671 - 26,593

Deferred availability cash items (0) 262 - 4 - 149

Other liabilities and accrued dividends13 6,003 + 829 - 743

Total liabilities (0) 4,297,989 - 308 - 132,059

Capital accounts

Capital paid in 31,813 + 1 + 1,009

Surplus 7,500 0 - 2,500

Other capital accounts 0 0 0

Total capital 39,313 + 1 - 1,491

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. Refer to table 4 and the note on consolidation accompanying table 6.

8. 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.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

12. 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.

13. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, May 23, 2018

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificate account 11,037 364 3,626 350 544 773 1,491 739 334 199 307 905 1,405

Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574

Coin 1,797 49 53 177 115 255 180 292 23 49 105 184 315

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,273,622 81,620 2,359,318 107,897 121,156 252,890 256,556 228,901 56,927 35,676 67,275 176,709 528,697

Securities held outright1 4,135,605 78,986 2,283,175 104,415 117,246 244,729 248,247 221,494 55,059 34,512 65,104 171,006 511,633

U.S. Treasury securities 2,387,035 45,590 1,317,828 60,268 67,673 141,255 143,286 127,844 31,779 19,920 37,578 98,703 295,310

Bills2 0 0 0 0 0 0 0 0 0 0 0 0 0

Notes and bonds3 2,387,035 45,590 1,317,828 60,268 67,673 141,255 143,286 127,844 31,779 19,920 37,578 98,703 295,310

Federal agency debt securities2 4,391 84 2,424 111 124 260 264 235 58 37 69 182 543

Mortgage-backed securities4 1,744,179 33,312 962,922 44,037 49,448 103,214 104,697 93,414 23,221 14,555 27,458 72,121 215,780

Unamortized premiums on securities 

held outright5 151,837 2,900 83,826 3,834 4,305 8,985 9,114 8,132 2,021 1,267 2,390 6,278 18,784

Unamortized discounts on securities 

held outright5 -13,926 -266 -7,688 -352 -395 -824 -836 -746 -185 -116 -219 -576 -1,723

Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0

Loans 106 0 5 0 0 0 31 21 32 14 0 0 3

Net portfolio holdings of Maiden

Lane LLC7 1,713 0 1,713 0 0 0 0 0 0 0 0 0 0

Items in process of collection 83 0 0 0 0 0 82 0 0 1 0 0 0

Bank premises 2,196 111 445 74 120 197 203 200 108 95 234 220 190

Central bank liquidity swaps8 82 3 26 5 7 18 5 3 1 0 1 1 12

Foreign currency denominated

assets9 21,233 903 6,694 1,206 1,714 4,587 1,227 900 306 97 210 263 3,125

Other assets10 20,339 416 10,686 508 580 1,415 1,213 1,064 467 212 376 921 2,481

Interdistrict settlement account 0 - 1,363 + 88,828 - 4,785 - 961 + 3,136 + 13,353 - 17,478 - 2,466 - 1,865 - 5,730 - 6,886 - 63,783

Total assets 4,337,301 82,300 2,473,206 105,642 123,510 263,683 274,964 215,046 55,850 34,554 62,931 172,599 473,016

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, May 23, 2018 (continued)

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Liabilities

Federal Reserve notes outstanding 1,784,029 59,332 605,751 54,284 87,828 125,752 250,630 113,618 52,078 30,400 47,181 138,652 218,524

Less: Notes held by F.R. Banks 174,898 6,248 42,997 7,102 9,818 13,995 26,659 12,182 5,551 3,253 5,768 16,569 24,757

Federal Reserve notes, net 1,609,131 53,084 562,753 47,182 78,010 111,757 223,971 101,436 46,527 27,147 41,413 122,083 193,767

Reverse repurchase agreements11 247,465 4,726 136,620 6,248 7,016 14,644 14,855 13,254 3,295 2,065 3,896 10,233 30,615

Deposits 2,435,128 22,627 1,758,970 49,681 35,078 128,172 33,375 98,316 5,291 4,817 17,057 39,506 242,237

Term deposits held by depository

institutions 3,686 25 1,305 1,000 10 100 0 400 0 0 345 1 500

Other deposits held by depository

institutions 2,040,545 22,571 1,418,156 48,679 35,007 127,845 33,329 46,954 5,286 4,817 16,701 39,469 241,730

U.S. Treasury, General Account 312,169 0 312,169 0 0 0 0 0 0 0 0 0 0

Foreign official 5,255 2 5,227 2 3 9 2 2 1 0 0 0 6

Other12 73,474 29 22,113 0 57 219 44 50,961 5 0 10 35 1

Deferred availability cash items 262 0 0 0 0 0 72 0 0 190 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,158 21 603 25 35 44 99 67 21 13 21 64 146

Other liabilities and accrued

dividends 4,846 178 1,942 213 213 561 327 317 135 143 146 224 446

Total liabilities 4,297,989 80,637 2,460,888 103,348 120,352 255,178 272,699 213,390 55,268 34,375 62,532 172,110 467,211

Capital

Capital paid in 31,813 1,343 9,955 1,868 2,553 6,885 1,832 1,338 473 145 324 396 4,702

Surplus 7,500 319 2,364 426 605 1,620 433 318 108 34 74 93 1,104

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,337,301 82,300 2,473,206 105,642 123,510 263,683 274,964 215,046 55,850 34,554 62,931 172,599 473,016

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, May 23, 2018 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such 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. Refer to table 4 and the note on consolidation below.

8. 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.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

12. 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.

13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after

providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $7.5 billion surplus.

Note on consolidation:

On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain

assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of

the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any

residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation

of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous

page (and in table 1 and table 5), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were included in other liabilities in this table (and 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 May 23, 2018

Federal Reserve notes outstanding 1,784,029

Less: Notes held by F.R. Banks not subject to collateralization 174,898

Federal Reserve notes to be collateralized 1,609,131

Collateral held against Federal Reserve notes 1,609,131

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,592,894

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,135,605

Less: Face value of securities under reverse repurchase agreements 245,809

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,889,796

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.