v3.25.2
Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents details on the notional amounts, and cleared and bilateral derivative assets and liabilities on our Condensed Statements of Condition. The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right, by contract (e.g., master netting agreement) or otherwise, to offset cash flow obligations between us and our counterparty into a single net payable or receivable.

As ofJune 30, 2025December 31, 2024
Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives in hedge accounting relationships-
Interest rate contracts$108,868 $847 $1,079 $108,746 $983 $1,409 
Derivatives not in hedge accounting relationships-
Interest rate contracts6,484 17 4 13,744 100 12 
Mortgage delivery commitments238 1 1 115 — — 
Other101 — 1 86 1 — 
Derivatives not in hedge accounting relationships6,823 18 6 13,945 101 12 
Gross derivatives amount before netting adjustments and cash collateral
$115,691 865 1,085 $122,691 1,084 1,421 
Netting adjustments and cash collateral(852)(1,008)(1,066)(1,394)
Derivatives on Condensed Statements of Condition$13 $77 $18 $27 
Cash CollateralCash Collateral
Cash collateral posted and related accrued interest$547 $826 
Cash collateral received and related accrued interest390 498 
Derivatives And Hedging Activities as Presented in the Statements of Income [Table Text Block]
The following table presents the noninterest income (loss) - derivatives and economic hedging activities as presented in the Condensed Statements of Income.

Three months ended June 30,Six months ended June 30,
For the periods ending2025202420252024
Economic hedges -
Interest rate contracts$(5)$6 $(25)$20 
Mortgage delivery commitments2 (4)6 (4)
Other— 1 (2)2 
Economic hedges(3)3 (21)18 
Variation margin on derivatives
1 (1)1 (1)
Noninterest income (loss) - Derivatives and hedging activities
$(2)$2 $(20)$17 
Offsetting Assets [Table Text Block]
The following tables present details regarding the offsetting of our cleared and bilateral derivatives on our Condensed Statements of Condition. The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where, as applicable, we have a legal right, by contract (e.g., master netting agreement) or otherwise, to offset cash flow obligations between us and our counterparty into a single net payable or receivable.

Derivative Assets
As of June 30, 2025As of December 31, 2024
BilateralClearedTotalBilateralClearedTotal
Derivatives with legal right of offset -
Gross recognized amount$824 $40 $864 $1,032 $52 $1,084 
Netting adjustments and cash collateral(812)(40)(852)(1,018)(48)(1,066)
Derivatives with legal right of offset - net12 — 12 14 4 18 
Derivatives without legal right of offset1 — 1 — — — 
Derivatives on Condensed Statements of Condition13 — 13 14 4 18 
Net amount$13 $— $13 $14 $4 $18 
Derivative Liabilities
As of June 30, 2025As of December 31, 2024
BilateralClearedTotalBilateralClearedTotal
Derivatives with legal right of offset -
Gross recognized amount$978 $106 $1,084 $1,373 $48 $1,421 
Netting adjustments and cash collateral(968)(40)(1,008)(1,346)(48)(1,394)
Derivatives with legal right of offset - net10 66 76 27 — 27 
Derivatives without legal right of offset1 — 1 — — — 
Derivatives on Condensed Statements of Condition11 66 77 27 — 27 
Less:
Noncash collateral received or pledged and can be sold or repledged— 66 66 — — — 
Net amount$11 $— $11 $27 $— $27 

At June 30, 2025 and December 31, 2024, we had $756 million and $805 million of additional credit exposure due to pledging of noncash collateral to our counterparties, which exceeded our net derivative position for combined cleared and bilateral derivatives. Separately, as of June 30, 2025 and December 31, 2024, we did not pledge or receive initial margin with our bilateral derivative counterparties.
Offsetting Liabilities [Table Text Block]
The following tables present details regarding the offsetting of our cleared and bilateral derivatives on our Condensed Statements of Condition. The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where, as applicable, we have a legal right, by contract (e.g., master netting agreement) or otherwise, to offset cash flow obligations between us and our counterparty into a single net payable or receivable.

Derivative Assets
As of June 30, 2025As of December 31, 2024
BilateralClearedTotalBilateralClearedTotal
Derivatives with legal right of offset -
Gross recognized amount$824 $40 $864 $1,032 $52 $1,084 
Netting adjustments and cash collateral(812)(40)(852)(1,018)(48)(1,066)
Derivatives with legal right of offset - net12 — 12 14 4 18 
Derivatives without legal right of offset1 — 1 — — — 
Derivatives on Condensed Statements of Condition13 — 13 14 4 18 
Net amount$13 $— $13 $14 $4 $18 
Derivative Liabilities
As of June 30, 2025As of December 31, 2024
BilateralClearedTotalBilateralClearedTotal
Derivatives with legal right of offset -
Gross recognized amount$978 $106 $1,084 $1,373 $48 $1,421 
Netting adjustments and cash collateral(968)(40)(1,008)(1,346)(48)(1,394)
Derivatives with legal right of offset - net10 66 76 27 — 27 
Derivatives without legal right of offset1 — 1 — — — 
Derivatives on Condensed Statements of Condition11 66 77 27 — 27 
Less:
Noncash collateral received or pledged and can be sold or repledged— 66 66 — — — 
Net amount$11 $— $11 $27 $— $27 

At June 30, 2025 and December 31, 2024, we had $756 million and $805 million of additional credit exposure due to pledging of noncash collateral to our counterparties, which exceeded our net derivative position for combined cleared and bilateral derivatives. Separately, as of June 30, 2025 and December 31, 2024, we did not pledge or receive initial margin with our bilateral derivative counterparties.
Fair Value Hedges [Table Text Block]
Fair Value Hedges

The following table presents our fair value hedging results by the type of hedged item. We had no net gain or loss on hedged firm commitments that no longer qualified as a fair value hedge. Changes in the fair value of the derivative and the hedged item attributable to the hedged risk for designated fair value hedges are recorded in net interest income in the same line as the earnings effect of the hedged item. Gains (losses) on derivatives include unrealized changes in fair value, as well as net interest settlements. The line for Other relates to discontinued closed fair value hedges on MPF Loans held for portfolio that are being amortized over the remaining life of the loans. As of June 30, 2025 we did not have any active fair value hedges on our MPF Loans.

Three months ended June 30, 2025Three months ended June 30, 2024
Gain (Loss) on DerivativeGain (Loss) on Hedged ItemAmount Recorded in Net Interest IncomeGain (Loss) on DerivativeGain (Loss) on Hedged ItemAmount Recorded in Net Interest Income
Available-for-sale debt securities$(171)$268 $97 $176 $(35)$141 
Advances(35)131 96 132 $59 191 
Consolidated obligation bonds43 (209)(166)(198)$(169)(367)
Other— 1 1 — 1 1 
Total$(163)$191 $28 $110 $(144)$(34)
Six months ended June 30, 2025Six months ended June 30, 2024
Gain (Loss) on DerivativeGain (Loss) on Hedged ItemAmount Recorded in Net Interest IncomeGain (Loss) on DerivativeGain (Loss) on Hedged ItemAmount Recorded in Net Interest Income
Available-for-sale debt securities$(544)$738 $194 $793 $(510)$283 
Advances(195)389 194 654 (266)388 
Consolidated obligation bonds221 (552)(331)(771)35 (736)
Other— 1 1 — 1 1 
Total$(518)$576 $58 $676 $(740)$(64)

The following table presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items.

As of June 30, 2025Amortized cost of hedged asset/liabilityBasis adjustments active hedges included in amortized costBasis adjustments discontinued hedges included in amortized costTotal amount of fair value hedging basis adjustments
Available-for-sale securities$22,983 $(1,209)$121 $(1,088)
Advances33,200 (162)— (162)
Consolidated obligation bonds49,062 (834)(9)(843)
Other133 — 2 2 
As of December 31, 2024
Available-for-sale securities$21,195 $(1,972)$146 $(1,826)
Advances33,947 (549)— (549)
Consolidated obligation bonds47,670 (1,384)(10)(1,394)
Other148 — 2 2 
Cash Flow Hedges [Table Text Block]
The following table presents our cash flow hedging results by type of hedged item. Additionally, the table indicates where cash flow hedging results are classified in our Condensed Statements of Income. In this regard, the Amount Reclassified from AOCI into Net Interest Income column below includes the following:

•The amortization of closed cash flow hedging adjustments, which are reclassified from AOCI into the interest income/expense line item of the respective hedged item type.

•The effect of net interest settlements attributable to open derivative hedging instruments, which are initially recorded in AOCI and are reclassified to the interest income/expense line item of the respective hedged item type.
Three months ended June 30, 2025Three months ended June 30, 2024
Gross Amount Initially Recognized in AOCIAmount Reclassified from AOCI into Net Interest IncomeGross Amount Initially Recognized in AOCIAmount Reclassified from AOCI into Net Interest Income
Discount notes$(3)$3 $5 $10 
Bonds(6)2 1 1 
Total$(9)$5 $6 $11 
Six months ended June 30, 2025Six months ended June 30, 2024
Gross Amount Initially Recognized in AOCI
Amount Reclassified from AOCI into Net Interest Income
Gross Amount Initially Recognized in AOCIAmount Reclassified from AOCI into Net Interest Income
Discount notes$(8)$10 $23 $21 
Bonds(20)3 1 1 
Total$(28)$13 $24 $22