---
ticker: "USFEDASSET"
title: "U.S. Federal Reserve Total Assets"
unit: "bil. USD"
frequency: "Weekly"
source: "Board of Governors of the Federal Reserve System (2002)"
release: "Updated Weekly"
category: "Monetary Data"
country: "US"
language: "en"
canonical: "https://kred.dev/en/series/USFEDASSET"
license: "https://creativecommons.org/licenses/by-nc-nd/4.0/"
latest_value: 6737.20
latest_date: "2026-09-02"
first_date: "2002-12-18"
observations_total: 1238
observations_shown: 120
---

# U.S. Federal Reserve Total Assets

## Overview

The total balance sheet built from Treasury and MBS purchases, gauging the scale of monetary easing.

## Key Figures

|  | Value | Date |
|---|---|---|
| Latest | 6737.20 | 2026-09-02 |
| Change from previous | +6.29 | 2026-08-26 |
| Change over one year | +133.82 | 2025-08-27 |
| Highest on record | 8965.49 | 2022-04-13 |
| Lowest on record | 712.81 | 2003-01-29 |
| Period covered | 2002-12-18 – 2026-09-02 |  |
| Observations | 1238 |  |

## Recent observations

| Date | Value | Change |
|---|---|---|
| 2024-05-22 | 7299.57 | -4.70 |
| 2024-05-29 | 7284.32 | -15.25 |
| 2024-06-05 | 7255.69 | -28.63 |
| 2024-06-12 | 7258.97 | +3.28 |
| 2024-06-19 | 7252.54 | -6.43 |
| 2024-06-26 | 7231.16 | -21.38 |
| 2024-07-03 | 7221.52 | -9.64 |
| 2024-07-10 | 7224.08 | +2.56 |
| 2024-07-17 | 7208.25 | -15.83 |
| 2024-07-24 | 7205.45 | -2.80 |
| 2024-07-31 | 7178.39 | -27.06 |
| 2024-08-07 | 7175.26 | -3.13 |
| 2024-08-14 | 7177.69 | +2.43 |
| 2024-08-21 | 7139.95 | -37.74 |
| 2024-08-28 | 7123.24 | -16.71 |
| 2024-09-04 | 7112.57 | -10.67 |
| 2024-09-11 | 7115.00 | +2.43 |
| 2024-09-18 | 7109.14 | -5.86 |
| 2024-09-25 | 7080.06 | -29.08 |
| 2024-10-02 | 7046.93 | -33.13 |
| 2024-10-09 | 7046.84 | -0.09 |
| 2024-10-16 | 7039.28 | -7.56 |
| 2024-10-23 | 7029.41 | -9.87 |
| 2024-10-30 | 7013.49 | -15.92 |
| 2024-11-06 | 6994.30 | -19.19 |
| 2024-11-13 | 6967.11 | -27.19 |
| 2024-11-20 | 6923.73 | -43.38 |
| 2024-11-27 | 6905.14 | -18.59 |
| 2024-12-04 | 6895.83 | -9.31 |
| 2024-12-11 | 6897.48 | +1.65 |
| 2024-12-18 | 6889.33 | -8.15 |
| 2024-12-25 | 6885.96 | -3.37 |
| 2025-01-01 | 6852.49 | -33.47 |
| 2025-01-08 | 6853.55 | +1.06 |
| 2025-01-15 | 6834.07 | -19.48 |
| 2025-01-22 | 6831.76 | -2.31 |
| 2025-01-29 | 6818.19 | -13.57 |
| 2025-02-05 | 6810.94 | -7.25 |
| 2025-02-12 | 6813.51 | +2.57 |
| 2025-02-19 | 6782.33 | -31.18 |
| 2025-02-26 | 6766.10 | -16.23 |
| 2025-03-05 | 6756.76 | -9.34 |
| 2025-03-12 | 6759.57 | +2.81 |
| 2025-03-19 | 6755.98 | -3.59 |
| 2025-03-26 | 6740.25 | -15.73 |
| 2025-04-02 | 6723.45 | -16.80 |
| 2025-04-09 | 6727.42 | +3.97 |
| 2025-04-16 | 6727.11 | -0.31 |
| 2025-04-23 | 6726.93 | -0.18 |
| 2025-04-30 | 6709.28 | -17.65 |
| 2025-05-07 | 6710.89 | +1.61 |
| 2025-05-14 | 6713.27 | +2.38 |
| 2025-05-21 | 6688.73 | -24.54 |
| 2025-05-28 | 6673.24 | -15.49 |
| 2025-06-04 | 6672.89 | -0.35 |
| 2025-06-11 | 6677.15 | +4.26 |
| 2025-06-18 | 6681.06 | +3.91 |
| 2025-06-25 | 6662.20 | -18.86 |
| 2025-07-02 | 6659.60 | -2.60 |
| 2025-07-09 | 6661.91 | +2.31 |
| 2025-07-16 | 6659.27 | -2.64 |
| 2025-07-23 | 6657.72 | -1.55 |
| 2025-07-30 | 6642.58 | -15.14 |
| 2025-08-06 | 6640.84 | -1.74 |
| 2025-08-13 | 6643.61 | +2.77 |
| 2025-08-20 | 6618.41 | -25.20 |
| 2025-08-27 | 6603.38 | -15.03 |
| 2025-09-03 | 6602.07 | -1.31 |
| 2025-09-10 | 6605.96 | +3.89 |
| 2025-09-17 | 6608.60 | +2.64 |
| 2025-09-24 | 6608.40 | -0.20 |
| 2025-10-01 | 6587.12 | -21.28 |
| 2025-10-08 | 6590.81 | +3.69 |
| 2025-10-15 | 6596.45 | +5.64 |
| 2025-10-22 | 6589.53 | -6.92 |
| 2025-10-29 | 6587.03 | -2.50 |
| 2025-11-05 | 6572.73 | -14.30 |
| 2025-11-12 | 6580.46 | +7.73 |
| 2025-11-19 | 6555.28 | -25.18 |
| 2025-11-26 | 6552.42 | -2.86 |
| 2025-12-03 | 6535.78 | -16.64 |
| 2025-12-10 | 6539.30 | +3.52 |
| 2025-12-17 | 6556.86 | +17.56 |
| 2025-12-24 | 6581.23 | +24.37 |
| 2025-12-31 | 6640.62 | +59.39 |
| 2026-01-07 | 6573.60 | -67.02 |
| 2026-01-14 | 6581.70 | +8.10 |
| 2026-01-21 | 6584.58 | +2.88 |
| 2026-01-28 | 6587.57 | +2.99 |
| 2026-02-04 | 6605.91 | +18.34 |
| 2026-02-11 | 6622.38 | +16.47 |
| 2026-02-18 | 6613.40 | -8.98 |
| 2026-02-25 | 6613.80 | +0.40 |
| 2026-03-04 | 6628.89 | +15.09 |
| 2026-03-11 | 6646.34 | +17.45 |
| 2026-03-18 | 6655.94 | +9.60 |
| 2026-03-25 | 6657.16 | +1.22 |
| 2026-04-01 | 6675.34 | +18.18 |
| 2026-04-08 | 6693.87 | +18.53 |
| 2026-04-15 | 6705.70 | +11.83 |
| 2026-04-22 | 6707.42 | +1.72 |
| 2026-04-29 | 6699.95 | -7.47 |
| 2026-05-06 | 6709.51 | +9.56 |
| 2026-05-13 | 6728.50 | +18.99 |
| 2026-05-20 | 6713.64 | -14.86 |
| 2026-05-27 | 6704.38 | -9.26 |
| 2026-06-03 | 6711.49 | +7.11 |
| 2026-06-10 | 6725.40 | +13.91 |
| 2026-06-17 | 6736.42 | +11.02 |
| 2026-06-24 | 6735.65 | -0.77 |
| 2026-07-01 | 6724.56 | -11.09 |
| 2026-07-08 | 6735.61 | +11.05 |
| 2026-07-15 | 6743.03 | +7.42 |
| 2026-07-22 | 6747.38 | +4.35 |
| 2026-07-29 | 6738.19 | -9.19 |
| 2026-08-05 | 6748.57 | +10.38 |
| 2026-08-12 | 6759.95 | +11.38 |
| 2026-08-19 | 6745.70 | -14.25 |
| 2026-08-26 | 6730.91 | -14.79 |
| 2026-09-02 | 6737.20 | +6.29 |

## Definition

Fed total assets are the aggregate asset-side size of the Federal Reserve's balance sheet. U.S. Treasury securities and agency mortgage-backed securities (MBS) accumulated through large-scale asset purchases (LSAPs) form its core, together with loans extended through the discount window and emergency lending facilities. The balance sheet expanded dramatically through successive rounds of quantitative easing, with QE1 in 2008 responding to the global financial crisis, QE2 in 2010 addressing the persistently weak recovery, QE3 in 2012 introducing open-ended purchases, and pandemic-era QE in 2020 providing emergency monetary accommodation. Total assets grew from approximately $870 billion in August 2007 to a peak of $8.97 trillion in April 2022.

The expansion of the balance sheet reflects a phase of monetary accommodation delivered through quantitative easing, but this series represents the gross size of the Fed's balance sheet before accounting for liability-side composition and therefore does not directly measure the magnitude of effective stimulus. The distinction between gross assets and the net liquidity that actually circulates in the private financial system is central to post-2008 monetary policy analysis, as the same level of total assets can correspond to very different degrees of effective monetary stimulus depending on how liabilities are distributed among reserves, the Treasury General Account (TGA), and the overnight reverse repurchase facility (ON RRP).

## Methodology

Sourced from the H.4.1 "Factors Affecting Reserve Balances" weekly statistical release published by the Board of Governors of the Federal Reserve System. The reported figure is a Wednesday close-of-business observation representing the consolidated balance sheet of all twelve Federal Reserve Banks. The raw data are reported in millions of USD and are converted to billions by dividing by 1,000 for display consistency with other series in the U.S. liquidity framework.

## Applications in Economics

The size and composition of the Fed's balance sheet have become a primary instrument of monetary policy in the post-2008 era. Gagnon et al. (2011) provided the first comprehensive evidence that the Fed's large-scale asset purchases during QE1 significantly reduced long-term interest rates, estimating a cumulative decline of roughly 91 basis points in the 10-year term premium. Krishnamurthy and Vissing-Jorgensen (2011) refined this analysis by identifying two distinct channels through which asset purchases operate, where the safety premium channel compresses yields on safe assets and the prepayment-risk channel is specific to agency MBS purchases. Their finding that Treasury and MBS purchases have different transmission mechanisms implies that the composition of Fed assets, not just their total level, matters for the monetary policy impulse.

The debate over whether balance-sheet effects operate through a stock or a flow mechanism has important implications for how total assets should be interpreted as a policy indicator. D'Amico and King (2013) presented evidence for local-supply effects, where the flow of purchases in specific maturity sectors depresses yields in those sectors beyond what aggregate portfolio-balance models predict. This flow channel implies that the pace of asset accumulation, not just the stock of total assets, carries information about the marginal policy impulse. Bernanke (2020) synthesized the post-crisis experience and argued that balance-sheet tools have become a permanent part of the Fed's toolkit, with total assets serving as the headline measure of the cumulative accommodation provided through the asset-purchase channel.

The relationship between balance-sheet size and term premia provides the theoretical foundation for monitoring total assets as a policy variable. Greenlaw et al. (2018) estimated that a $675 billion reduction in the Fed's securities holdings would raise the 10-year term premium by approximately 15 basis points, establishing a quantitative mapping from balance-sheet changes to yield-curve effects. Their estimates imply that the 2022–2024 quantitative tightening program, which reduced total assets by roughly $1.8 trillion, exerted meaningful upward pressure on long-term rates independent of the federal funds rate path.

## Applications in Financial Markets

For fixed-income portfolio managers, Fed total assets provide a high-level gauge of the cumulative stock of monetary accommodation flowing through the asset-purchase channel. Swanson (2021) developed an event-study methodology that cleanly separates the effects of forward guidance from those of asset purchases, finding that LSAP announcements operate primarily through long-term yields while forward guidance operates through short and medium maturities. This distinction implies that changes in total assets are most relevant for positioning in the long end of the yield curve, where the portfolio-balance channel exerts its strongest influence.

The safety premium channel has direct implications for relative-value strategies across asset classes (Krishnamurthy and Vissing-Jorgensen 2011). When the Fed accumulates Treasury securities, it removes safe assets from private portfolios, compressing the convenience yield on remaining Treasuries and pushing investors into riskier substitutes. Hamilton and Wu (2012) estimated this portfolio-balance effect using a structural model of preferred-habitat investors and found that QE2's $600 billion in Treasury purchases reduced the 10-year yield by approximately 13 basis points through the term-premium channel alone.

For term structure modeling, the level of Fed assets serves as a conditioning variable that affects the steady-state term premium. Li and Wei (2013) incorporated Fed holdings into an affine term structure model and showed that the stock of Fed-held securities significantly compresses the term premium, with a $500 billion purchase reducing the 10-year term premium by 32 basis points. Bauer and Rudebusch (2014) demonstrated that asset purchases also operate through a signaling channel by reinforcing forward guidance about the future path of the policy rate, implying that total assets contain information about expected short rates beyond what is captured by the pure portfolio-balance effect. For practitioners monitoring the Korean term structure through the ACM and AFNS models available on this site, the trajectory of Fed total assets provides context for the global component of Korean term premia, as cross-border portfolio-balance effects transmit balance-sheet policy spillovers through foreign investor demand for Korean government bonds.

## Statistical Tests

Over 1225 observations from 2002-12-18 to 2026-06-03, the Federal Reserve total assets is integrated of order one on the log-level, with the Dickey and Fuller (1979) test in the Said and Dickey (1984) form not rejecting at p = 0.8595, the Phillips and Perron (1988) test concurring at p = 0.9177, and the Kwiatkowski et al. (1992) test rejecting stationarity. On the first difference of the log the Ljung and Box (1978) portmanteau rejects white noise at lags 13 and 26, Q = 636.52 and Q = 818.00 at p = 0.000 and p = 0.000. The Bai and Perron (1998, 2003) procedure finds no break in the mean, a reading consistent with the parameter-instability inference of Andrews (1993) on the differenced object (Perron 1989).

This Federal Reserve aggregate is released on a high-frequency reporting cadence with no low-integer seasonal period, so the seasonal machinery of Hylleberg et al. (1990) and Canova and Hansen (1995) carries no meaningful object and is not run (Beaulieu and Miron 1992; Ghysels and Osborn 2001).

## Frequently Asked Questions

### How is US net liquidity defined?

It starts from the central bank balance sheet identity and subtracts the government's deposit account and the overnight reverse repo balance from total assets. What remains corresponds to the reserves actually left with the private financial system.

### Why does US net liquidity subtract the government account and reverse repo?

Funds held in the government's account or absorbed overnight do not appear on private intermediaries' balance sheets. Total assets can be unchanged while a shift between these two items alone materially changes the liquidity markets can use.

### How often does US net liquidity update?

The balance sheet components follow a weekly release cadence while the overnight facility is observed daily, so the combined series updates at the pace of its slowest component.