In this case, the Federal Reserve System, or Fed, which is the central bank of the United States.
The assets we're interested in are securities, foreign exchange reserves, and loans.
The securities are generally U.S. Treasury bonds, and foreign exchange reserves are held as foreign government bonds and used in foreign exchange interventions.
Notice that there are also loans held as assets. These are loans from the Fed to a commercial bank. Do you know what these are called?
Discount loans
Federal funds
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