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</FONT><B><FONT SIZE=5><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><FONT SIZE=2><BR>
<B>Washington, DC 20549</P>
</B></FONT><P ALIGN="CENTER"></P>
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<B><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K</P>
</B></FONT><P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><HR WIDTH="19%" SIZE=1></P>
<B><FONT SIZE=2><P ALIGN="CENTER">CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of <BR>
the Securities Exchange Act of 1934                                                           <BR>
</P>
<P ALIGN="CENTER">Date of Report (Date of earliest event reported) January 19, 2007</P>
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<B><FONT SIZE=5><P ALIGN="CENTER">FEDERAL HOME LOAN BANK OF SEATTLE</B><BR>
</FONT><B><FONT SIZE=1>(Exact name of registrant as specified in its charter)</P>
</B></FONT><FONT SIZE=2><P ALIGN="CENTER"></P>
</FONT><P ALIGN="CENTER"><HR WIDTH="21%" SIZE=1></P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=624>
<TR><TD WIDTH="34%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="32%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="32%" VALIGN="MIDDLE">&nbsp;</TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">Federally chartered corporation</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;</FONT></TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">000-51406</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">91-0852005</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">(State or other jurisdiction<BR>
of incorporation)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">(Commission File Number)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;</FONT></TD>
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<B><FONT SIZE=1><P ALIGN="CENTER">(IRS Employer</B></FONT><FONT SIZE=2><BR>
</FONT><B><FONT SIZE=1>Identification No.)</B></FONT></TD>
</TR>
</TABLE>
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<B><FONT SIZE=2><P ALIGN="CENTER">1501 Fourth Avenue, Suite 1800</B><BR>
<B>Seattle, WA  98101-1693</B><BR>
</FONT><B><FONT SIZE=1>(Address of principal executive offices, including zip code)</P>
</B></FONT><P ALIGN="CENTER"></P>
<B><FONT SIZE=2><P ALIGN="CENTER">(800) 973.6223<BR>
</FONT><FONT SIZE=1>(Registrant's telephone number, including area code) </P>
</B></FONT><P ALIGN="CENTER"></P>
<B><FONT SIZE=2><P ALIGN="CENTER">Not Applicable<BR>
</FONT><FONT SIZE=1>(Former name or former address, if changed since last report) </P>
</B></FONT><P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><HR WIDTH="19%" SIZE=1></P>
<FONT SIZE=2><P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>
<P>[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR>
</P>
<P>[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
</P>
<P>[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
</P>
<P>[&nbsp;&nbsp;]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>
</P>
</FONT><P><HR ALIGN="RIGHT"></P>
<B><FONT SIZE=3>
<P>&nbsp;</P>
<P>Item 7.01.  Regulation FD Disclosure</P>
</B><P>Attached as Exhibit 99.1 to this Current Report on Form 8-K is a copy of a press release issued by the Federal Home Loan Bank of Seattle (&quot;Seattle Bank&quot;) on January 19, 2007, regarding Standard &amp; Poors (&quot;S&amp;P&quot;) improvement of the Seattle Bank's ratings outlook to &quot;stable&quot;. The Seattle Bank has a counterparty credit rating of AA+/A-1+ from S&amp;P. The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K and contained in Exhibit 99.1 shall not be deemed to be &quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (&quot;the Exchange Act&quot;), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</P>
</FONT><EM>
</EM><FONT SIZE=3><P>&nbsp;</P><DIR>
<DIR>
<B><P>Item 9.01.  Financial Statements and Exhibits</P>
</B><P>(d)&#9;Exhibits</P><DIR>
<DIR>
<P>99.1&#9;Press Release dated January 19, 2007.</P>
</FONT><B><P ALIGN="CENTER">&nbsp;</P></DIR>
</DIR>
</DIR>
</DIR>
<P ALIGN="CENTER">Signature(s)</P>
</B><FONT SIZE=3>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=687>
<TR><TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">
<B><FONT SIZE=3><P>Federal Home Loan Bank of Seattle</B></FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="TOP">
<FONT SIZE=3><P>Date:&nbsp;&nbsp;January 19, 2007</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">
<FONT SIZE=3><P>By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Mark Szczepaniak&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">
<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mark Szczepaniak</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">Exhibit Index</P>
<P ALIGN="CENTER"></P>
<U><FONT SIZE=2><P>Exhibit No</U>.&#9;<U>Description</P>
</B><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
</U><P>99.1&#9;Press Release, dated January 19, 2007, issued by the Federal Home Loan <BR>
Bank of Seattle </P></DIR>
</DIR>
</DIR>
</DIR>
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{"company-data": {"conformed-name": "Federal Home Loan Bank of Seattle", "cik": "0001329701", "assigned-sic": "6111", "irs-number": "910852005", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51406", "film-number": "07540928"}, "business-address": {"street1": "1501 FOURTH AVNUE, SUITE 1900", "city": "SEATTLE", "state": "WA", "zip": "98101-1693", "phone": "800.973.6223"}, "mail-address": {"street1": "1501 FOURTH AVNUE, SUITE 1900", "city": "SEATTLE", "state": "WA", "zip": "98101-1693"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 19, 2007
FEDERAL HOME LOAN BANK OF SEATTLE
(Exact name of registrant as specified in its charter)
Federally chartered corporation
000-51406
91-0852005
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
1501 Fourth Avenue, Suite 1800
Seattle, WA  98101-1693
(Address of principal executive offices, including zip code)
(800) 973.6223
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01.  Regulation FD Disclosure
Attached as Exhibit 99.1 to this Current Report on Form 8-K is a copy of a press release issued by the Federal Home Loan Bank of Seattle ("Seattle Bank") on January 19, 2007, regarding Standard & Poors ("S&P") improvement of the Seattle Bank's ratings outlook to "stable". The Seattle Bank has a counterparty credit rating of AA+/A-1+ from S&P. The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K and contained in Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("the Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.  Financial Statements and Exhibits
(d)	Exhibits
99.1	Press Release dated January 19, 2007.
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Federal Home Loan Bank of Seattle
Date:  January 19, 2007
By:
/s/ Mark Szczepaniak
Mark Szczepaniak
Senior Vice President and Chief Financial Officer
Exhibit Index
Exhibit No
.
Description
99.1	Press Release, dated January 19, 2007, issued by the Federal Home Loan
Bank of Seattle