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Investments
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Investments
The Bank makes short-term investments in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold. The Bank also makes other investments in debt securities, which are classified as either trading, AFS, or HTM.
Trading Securities

Trading securities by major security type were as follows (dollars in millions):
March 31,
2026		December 31,
2025
Non-mortgage-backed securities
U.S. Treasury obligations1
$5,914 $6,104 
Other U.S. obligations1
54 57 
GSE and Tennessee Valley Authority obligations47 48 
Other2
94 94 
Total fair value$6,109 $6,303 
1    Represents investment securities backed by the full faith and credit of the U.S. Government.
2    Consists of taxable municipal bonds.

Net Gains (Losses) on Trading Securities

The following table summarizes the components of “Net gains (losses) on trading securities” as presented on the Statements of Income (dollars in millions):
For the Three Months Ended
March 31,
20262025
Net unrealized gains (losses) on trading securities held at period-end$(49)$47 
Net gains (losses) on trading securities no longer held at period-end— — 
Net gains (losses) on trading securities$(49)$47 
AFS Securities

AFS securities by major security type were as follows (dollars in millions):
March 31, 2026
Amortized
Cost1
Gross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
Value
Non-mortgage-backed securities
Other U.S. obligations2
$6 $— $— $6 
GSE and Tennessee Valley Authority obligations279 28 — 307 
State or local housing agency obligations413 3 (1)415 
Other3
18 1 — 19 
Total non-mortgage-backed securities716 32 (1)747 
Mortgage-backed securities
U.S. obligations single-family2
5,840 45 — 5,885 
GSE single-family208 1 (1)208 
GSE multifamily20,440 160 (22)20,578 
Total mortgage-backed securities26,488 206 (23)26,671 
Total$27,204 $238 $(24)$27,418 

December 31, 2025
Amortized
Cost1
Gross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
Value
Non-mortgage-backed securities
Other U.S. obligations2
$14 $— $— $14 
GSE and Tennessee Valley Authority obligations280 30 — 310 
State or local housing agency obligations369 2 (1)370 
Other3
18 1 — 19 
Total non-mortgage-backed securities681 33 (1)713 
Mortgage-backed securities
U.S. obligations single-family2
5,683 25 (1)5,707 
GSE single-family217 1 (1)217 
GSE multifamily20,755 152 (25)20,882 
Total mortgage-backed securities26,655 178 (27)26,806 
Total$27,336 $211 $(28)$27,519 
1    Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $88 million at March 31, 2026 and $89 million at December 31, 2025.
2    Represents investment securities backed by the full faith and credit of the U.S. Government.
3    Consists of taxable municipal bonds.
Unrealized Losses

The following tables summarize AFS securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported.
March 31, 2026
Less than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
Non-mortgage-backed securities
Other U.S. obligations1
$3 $— $2 $— $5 $— 
State or local housing agency obligations67 — 157 (1)224 (1)
Total non-mortgage-backed securities70 — 159 (1)229 (1)
Mortgage-backed securities
U.S. obligations single-family1
135 — 120 — 255 — 
GSE single-family5 — 58 (1)63 (1)
GSE multifamily81 — 3,468 (22)3,549 (22)
Total mortgage-backed securities221 — 3,646 (23)3,867 (23)
Total$291 $— $3,805 $(24)$4,096 $(24)

December 31, 2025
Less than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
Non-mortgage-backed securities
Other U.S. obligations1
$7 $— $3 $— $10 $— 
State or local housing agency obligations82 (1)123 — 205 (1)
Total non-mortgage-backed securities89 (1)126 — 215 (1)
Mortgage-backed securities
U.S. obligations single-family1
181 — 488 (1)669 (1)
GSE single-family— — 71 (1)71 (1)
GSE multifamily216 — 3,831 (25)4,047 (25)
Total mortgage-backed securities397 — 4,390 (27)4,787 (27)
Total$486 $(1)$4,516 $(27)$5,002 $(28)
1    Represents investment securities backed by the full faith and credit of the U.S. Government.

Contractual Maturity

The following table summarizes AFS securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
March 31, 2026December 31, 2025
Year of Contractual MaturityAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Non-mortgage-backed securities
Due in one year or less$6 $6 $11 $11 
Due after one year through five years44 46 47 49 
Due after five years through ten years268 271 224 227 
Due after ten years398 424 399 426 
Total non-mortgage-backed securities716 747 681 713 
Mortgage-backed securities26,488 26,671 26,655 26,806 
Total$27,204 $27,418 $27,336 $27,519 
HTM Securities

HTM securities by major security type were as follows (dollars in millions):
March 31, 2026
Amortized
Cost1
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
Non-mortgage-backed securities
GSE and Tennessee Valley Authority obligations$124 $7 $— $131 
State or local housing agency obligations18 1 (1)18 
Total non-mortgage-backed securities142 8 (1)149 
Mortgage-backed securities
U.S. obligations single-family2
1 — — 1 
GSE single-family284 — (4)280 
Private-label2 — — 2 
Total mortgage-backed securities287 — (4)283 
Total$429 $8 $(5)$432 

December 31, 2025
Amortized
Cost1
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
Non-mortgage-backed securities
GSE and Tennessee Valley Authority obligations$124 $8 $— $132 
State or local housing agency obligations21 1 — 22 
Total non-mortgage-backed securities145 9 — 154 
Mortgage-backed securities
U.S. obligations single-family2
1 — — 1 
GSE single-family299 — (4)295 
Private-label2 — — 2 
Total mortgage-backed securities302 — (4)298 
Total$447 $9 $(4)$452 
1    Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $3 million and $2 million at March 31, 2026 and December 31, 2025.
2    Represents investment securities backed by the full faith and credit of the U.S. Government.

Contractual Maturity

The following table summarizes HTM securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
March 31, 2026December 31, 2025
Year of Contractual MaturityAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Non-mortgage-backed securities
Due in one year or less$— $— $3 $3 
Due after one year through five years27 28 27 28 
Due after five years through ten years69 73 69 74 
Due after ten years46 48 46 49 
Total non-mortgage-backed securities142 149 145 154 
Mortgage-backed securities287 283 302 298 
Total$429 $432 $447 $452