Federal Reserve Balance Sheet
The Federal Reserve balance sheet — the total assets held by the Fed — peaked at approximately $9 trillion in April 2022 and has since been reduced to around $7 trillion through quantitative tightening (QT). The balance sheet primarily consists of U.S. Treasury securities and mortgage-backed securities (MBS) acquired during QE programs.
M2 Money Supply
$22.7T
Federal Reserve
The Fed's balance sheet grew from under $1 trillion before the 2008 financial crisis to $4.5T by 2015 (QE1-3), then to $9T by 2022 (COVID QE). Under QT, the Fed is allowing up to $60B in Treasuries and $35B in MBS to roll off monthly. The size of the Fed balance sheet is considered a key measure of monetary policy accommodation — a larger balance sheet tends to suppress interest rates and support asset prices.
? Frequently Asked Questions
What is the Federal Reserve balance sheet?
The Fed balance sheet is the list of assets (primarily U.S. Treasuries and mortgage-backed securities) and liabilities (primarily bank reserves and currency in circulation) of the Federal Reserve System.
How large is the Fed balance sheet in 2026?
After peaking at ~$9 trillion in 2022, the Fed balance sheet has been reduced to approximately $7 trillion through quantitative tightening (QT).
What is quantitative tightening (QT)?
QT is the process of reducing the Fed's balance sheet by allowing maturing securities to roll off without reinvestment. The Fed is currently running QT at a pace of up to $95B/month (combined Treasuries + MBS).
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