Fed Balance Sheet: Not Seeing The Reduction In Fannie/Freddie Mortgage-Backed Securities

These are the first line items of Table 1 from last Thursday's "Factors Affecting Reserve Balances" (H.4.1):

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jun 22, 2022
	Week ended Jun 22, 2022	Change from week ended
		Jun 15, 2022	Jun 23, 2021
Reserve Bank credit	8,900,824	+    7,976	+  849,802	8,898,327
Securities held outright1	8,496,150	+    6,742	+  986,522	8,494,506
U.S. Treasury securities	5,763,156	-    7,300	+  605,085	5,763,344
Bills2	326,044	0	0	326,044
Notes and bonds, nominal2	4,964,082	-    7,951	+  533,223	4,964,082
Notes and bonds, inflation-indexed2	382,966	0	+   35,422	382,966
Inflation compensation3	90,064	+      652	+   36,440	90,251
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,730,647	+   14,042	+  381,437	2,728,815
Unamortized premiums on securities held outright5	335,321	-      816	-   16,707	334,904
Unamortized discounts on securities held outright5	-25,128	-      497	-   11,141	-25,152
Repurchase agreements6	0	0	0	0

....MUCH MORE

The MBS's are not marked to market so changes in market pricing do not affect the carrying value. Rather as footnote 4 makes clear:

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

We haven't done a CUSIP by CUSIP analysis so may be missing something, but did wait this long into the month of June to allow for any settlement issues the Fed's transactions might encounter. 

We wanted to flag this ahead of this week's release to see what that comparison reveals.