# Deriving the H.4.1 MBS data from the Agency Mortgage-Backed Securities Operations

### MBS changes for June 2022

If I go through the H.4.1 data:

https://www.federalreserve.gov/releases/h41/

and pull out the Mortgage-backed securities data, I get the following for June 2022:

I get a value of \$22,711,000,000. \$22,711,000,000 is a lot higher than \$1,882,000,000. 😅 ### MBS cap? This site: https://www.federalreserve.gov/newsevents/pressreleases/monetary20220504b.htm says: For agency debt and agency mortgage-backed securities, the cap will initially be set at \$17.5 billion per month and after three months will increase to $35 billion per month. So for June, there's a cap of$17.5B for MBS.

So we get:

  $22,711,000,000 Outright TBA Purchase (value from above) -$17,000,000,000     Cap for MBS
-----------------
$5,211,000,000  Even accounting for the \$17.5B MBS cap in June, I'm still getting $5,211,000,000 which is much larger than $1,882,000,000.

### Question

I'd like to see exactly how the H.4.1 data is arrived at by looking at the AMBS (Agency Mortgage-Backed Securities Operations) data. However, I'm getting the discrepancy shown above.

Is there some data that I'm missing in the above?

Is it even practical to derive the H.4.1 data from the AMBS data?