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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions). The Bank records trading securities, AFS securities, derivative assets, derivative liabilities, financial instruments held under the fair value option, and certain other assets at fair value on a recurring basis, and on occasion certain impaired mortgage loans held for portfolio on a non-recurring basis. The Bank records all other financial assets and liabilities at amortized cost. The fair values do not represent an estimate of the overall market value of the Bank as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities.
June 30, 2024
Fair Value
Financial InstrumentsCarrying ValueLevel 1Level 2Level 3
Netting Adjustments and Cash Collateral1
Total
Assets
Cash and due from banks$35 $35 $— $— $— $35 
Interest-bearing deposits2,466 — 2,466 — — 2,466 
Securities purchased under agreements to resell9,300 — 9,300 — — 9,300 
Federal funds sold7,065 — 7,065 — — 7,065 
Trading securities3,499 — 3,499 — — 3,499 
Available-for-sale securities24,280 — 24,280 — — 24,280 
Held-to-maturity securities805 — 797 2 — 799 
Advances104,784 — 104,782 — — 104,782 
Mortgage loans held for portfolio, net10,810 — 9,659 32 — 9,691 
Accrued interest receivable409 — 409 — — 409 
Derivative assets, net1,229 — 302 — 927 1,229 
Other assets42 42 — — — 42 
Liabilities
Deposits(1,234)— (1,234)— — (1,234)
Consolidated obligations
Discount notes(63,786)— (63,784)— — (63,784)
Bonds(89,045)— (88,190)— — (88,190)
Total consolidated obligations(152,831)— (151,974)— — (151,974)
MRCS(10)(10)— — — (10)
Accrued interest payable(858)— (858)— — (858)
Derivative liabilities, net(3)— (80)— 77 (3)

1    Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.
The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions):
December 31, 2023
Fair Value
Financial InstrumentsCarrying ValueLevel 1Level 2Level 3
Netting Adjustments and Cash Collateral1
Total
Assets
Cash and due from banks$31 $31 $— $— $— $31 
Interest-bearing deposits3,481 — 3,481 — — 3,481 
Securities purchased under agreements to resell11,400 — 11,400 — — 11,400 
Federal funds sold7,120 — 7,120 — — 7,120 
Trading securities3,152 — 3,152 — — 3,152 
Available-for-sale securities23,823 — 23,823 — — 23,823 
Held-to-maturity securities852 — 847 3 — 850 
Advances122,530 — 122,512 — — 122,512 
Mortgage loans held for portfolio, net9,967 — 9,051 30 — 9,081 
Accrued interest receivable582 — 582 — — 582 
Derivative assets, net1,267 — 292 — 975 1,267 
Other assets39 39 — — — 39 
Liabilities
Deposits(1,039)— (1,039)— — (1,039)
Consolidated obligations
Discount notes(54,537)— (54,534)— — (54,534)
Bonds(116,961)— (116,121)— — (116,121)
Total consolidated obligations(171,498)— (170,655)— — (170,655)
MRCS(12)(12)— — — (12)
Accrued interest payable(1,023)— (1,023)— — (1,023)
Derivative liabilities, net(7)— (101)— 94 (7)

1    Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions):
June 30, 2024
Recurring Fair Value MeasurementsLevel 1Level 2Level 3
Netting Adjustments and Cash Collateral1
Total
Assets
Trading securities
U.S. Treasury obligations$— $3,285 $— $— $3,285 
Other U.S. obligations— 61 — — 61 
GSE and TVA obligations— 47 — — 47 
Other non-MBS
— 106 — — 106 
Total trading securities— 3,499 — — 3,499 
Available-for-sale securities
Other U.S. obligations— 200 — — 200 
GSE and TVA obligations— 313 — — 313 
State or local housing agency obligations— 523 — — 523 
Other non-MBS— 161 — — 161 
U.S. obligations single-family MBS— 4,545 — — 4,545 
GSE single-family MBS— 214 — — 214 
GSE multifamily MBS— 18,324 — — 18,324 
Total available-for-sale securities— 24,280 — — 24,280 
Derivative assets, net
Interest-rate related— 301 — 927 1,228 
Forward settlement agreements— 1 — — 1 
Total derivative assets, net— 302 — 927 1,229 
Other assets42 — — — 42 
Total recurring assets at fair value$42 $28,081 $— $927 $29,050 
Liabilities
Discount notes2
$— $(54,189)$— $— $(54,189)
Derivative liabilities, net
Interest-rate related— (79)— 77 (2)
Mortgage loan purchase commitments — (1)— — (1)
Total derivative liabilities, net— (80)— 77 (3)
Total recurring liabilities at fair value$— $(54,269)$— $77 $(54,192)

1    Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.

2    Represents financial instruments recorded under the fair value option.
The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions):
December 31, 2023
Recurring Fair Value MeasurementsLevel 1Level 2Level 3
Netting Adjustments and Cash Collateral1
Total
Assets
Trading securities
U.S. Treasury obligations$— $2,925 $— $— $2,925 
Other U.S. obligations— 68 — — 68 
GSE and TVA obligations— 49 — — 49 
Other non-MBS
— 110 — — 110 
Total trading securities— 3,152 — — 3,152 
Available-for-sale securities
Other U.S. obligations— 328 — — 328 
GSE and TVA obligations— 344 — — 344 
State or local housing agency obligations— 458 — — 458 
Other non-MBS— 160 — — 160 
U.S. obligations single-family MBS— 4,398 — — 4,398 
GSE single-family MBS— 180 — — 180 
GSE multifamily MBS— 17,955 — — 17,955 
Total available-for-sale securities— 23,823 — — 23,823 
Derivative assets, net
Interest-rate related— 291 — 975 1,266 
Mortgage loan purchase commitments— 1 — — 1 
Total derivative assets, net— 292 — 975 1,267 
Other assets39 — — — 39 
Total recurring assets at fair value$39 $27,267 $— $975 $28,281 
Liabilities
Discount notes2
$— $(47,442)$— $— $(47,442)
Derivative liabilities, net
Interest-rate related— (100)— 94 (6)
Forward settlement agreements (TBAs)— (1)— — (1)
Total derivative liabilities, net— (101)— 94 (7)
Total recurring liabilities at fair value$— $(47,543)$— $94 $(47,449)

1    Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.

2    Represents financial instruments recorded under the fair value option.
Fair Value Option, Disclosures
The following tables summarize the difference between the unpaid principal balance and fair value of outstanding instruments for which the fair value option has been elected (dollars in millions):

June 30, 2024
Unpaid Principal BalanceFair ValueFair Value Over (Under) Unpaid Principal
Discount Notes$55,310 $54,189 $(1,121)

December 31, 2023
Unpaid Principal BalanceFair ValueFair Value Over (Under) Unpaid Principal
Discount Notes$48,164 $47,442 $(722)