How to Read the Fed's Balance Sheet (H.4.1) — Securities, Reserves, Reverse Repos and the Treasury Account

As of 24 October 2026 (KST); latest release: H.4.1 of October 22, 2026, covering the week ended Wednesday, October 21, 2026. Primary sources: https://www.federalreserve.gov/releases/h41/20261022 and https://www.federalreserve.gov/releases/h41/^[1][3]

Comparison basis: rows 1-9 are averages of daily figures for the week, as shown in table 1; the last row is the Wednesday level from table 5. Previous-week figures are taken from the October 15 release, and each change matches the change column published on October 22. Figures are in millions of dollars as published, and the release notes that "Components may not sum to totals because of rounding." Trillion-dollar figures elsewhere on this page are this page's conversions, rounded to two decimals.^[1][2]

In three lines 1. The H.4.1 is the Fed's weekly balance sheet: one table lists the factors that supply and absorb bank reserves, another the consolidated assets and liabilities of the 12 Reserve Banks. 2. In the week ended October 21, 2026, reserve balances averaged $2,962,607 million, down $59,533 million, while the Treasury's General Account rose $68,629 million. 3. Total assets were $6,753,604 million on Wednesday, October 21, about $6.75 trillion, $2,035 million less than a week earlier.^[1][4]

The Fed describes the release this way: "The release presents a balance sheet for each Federal Reserve Bank, a consolidated balance sheet for all 12 Reserve Banks, an associated statement that lists the factors affecting reserve balances of depository institutions, and several other tables presenting information on the assets, liabilities, and commitments of the Federal Reserve Banks."^[4]

Timing: "These data are released each Thursday, generally at 4:30 p.m. Publication may be shifted to the next business day when the regular publication date falls on a federal holiday." The October 22 release is marked for release at 4:30 p.m. Eastern Time, so the release comes generally at 4:30 p.m. Eastern Time on Thursdays; each release carries the date of the Thursday it is published and covers the week ended the previous Wednesday.^[1][3][4]

Table 1, factors affecting reserve balances. The first half lists factors supplying reserve funds (Reserve Bank credit, gold, SDRs and Treasury currency), totalling $6,805,526 million on a weekly average. The second half lists factors other than reserve balances absorbing reserve funds (currency, reverse repos, Treasury and other deposits and other liabilities), totalling $3,842,919 million. Reserve balances with Federal Reserve Banks, $2,962,607 million, equal the first total minus the second (this page's calculation from the table).^[1]

Table 5, consolidated statement of condition. This is a conventional balance sheet of all Reserve Banks on Wednesday: total assets of $6,753,604 million against liabilities and capital. On the liabilities side, "Other deposits held by depository institutions" was $2,969,522 million, the same figure table 1 shows for Wednesday reserve balances.^[1]

Weekly average vs Wednesday. Table 1 gives both the average for the week and the Wednesday figure. For the Treasury's General Account the weekly average was $952,002 million and the Wednesday figure $945,153 million, a difference of $6,849 million (this page's calculation).^[1]

Securities held outright comprise Treasury securities, agency debt and mortgage-backed securities; the release separately identifies inflation compensation on inflation-indexed securities ($106,235 million on a weekly average in the week ended October 21) and explains the valuation in its footnotes. Treasury and agency securities are shown at "Face value of the securities"; inflation compensation is "Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities." For mortgage-backed securities the release notes: "Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities." Treasury floating rate notes are counted within nominal notes and bonds; the Fed's technical Q&A says "Treasury Floating Rate Notes (FRNs) are included in the following line items on the H.4.1.: U.S. Treasury securities, Notes and bonds, nominal on tables 1 and 8".^[1][5]

Reverse repurchase agreements are shown at "Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities". In the week ended October 21 most of the weekly average, $326,910 million of $327,238 million, was with foreign official and international accounts.^[1]

Currency in circulation is footnoted as estimated ("11. Estimated."). Other liabilities and capital "Includes the liability for earnings remittances due to the U.S. Treasury."^[1]

Earnings remittances and the deferred asset. Table 6 explains: "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."^[1]

Treasury's account vs reserve balances. In the release's layout the U.S. Treasury, General Account is a factor absorbing reserve funds. In the week ended October 21 its average rose $68,629 million while reserve balances fell $59,533 million (this page's comparison of the two published changes; other lines also moved).^[1]

Treasury securities vs mortgage-backed securities. Over the year to October 21, 2026, weekly-average Treasury holdings rose $374,817 million, almost all in bills (+$371,077 million), while mortgage-backed securities fell $187,277 million (published year-ago changes).^[1]

Total assets vs Reserve Bank credit. Total assets (Wednesday, table 5) and Reserve Bank credit (weekly average, table 1) are different measures: $6,753,604 million and $6,706,861 million respectively in the October 22 release. Compare like with like when quoting a weekly change (this page's reading).^[1][2]

Balance sheet vs policy. The H.4.1 reports the Reserve Banks' holdings and liabilities week by week; monetary policy decisions are announced by the FOMC rather than in this release (this page's explanation; see GlowWiki's FOMC dot plot page).^[1]