Federal Reserve
The Fed dashboard
What the Federal Reserve is doing with its balance sheet, its interest rate and — through both — the price of US government debt. Official data, updated as it is published.
Fed total assets
$6.74 trillion
week of September 9, 2026
Fed funds target range
3.50–3.75%
effective rate 3.63%
10-year Treasury yield
4.96%
September 11, 2026
Next FOMC decision
Sep 15–16
2026 · with projections
What is changing
Measured from the latest data, over the window stated in each line.
- Balance sheet
Total assets grew by $15 billion over the 13 weeks to September 9, 2026 — about $5 billion a month — to $6.74 trillion.
- Bank reserves
Banks hold $3.04 trillion in reserves at the Fed, $114 billion less than a year earlier.
- Reverse repos
Reverse repurchase agreements stand at $350 billion, against a peak of $2.68 trillion on April 12, 2023.
- Policy rate
The target range is 3.50–3.75%, in effect since December 11, 2025. 3 changes totalling −75 basis points in the past 12 months.
- Yield curve
The 10-year yield is 0.33 percentage points above the 2-year. The curve has been positively sloped at this point since September 6, 2024.
- Projections
In the June 2026 projections, the median FOMC participant sees the federal funds rate at 3.8% at the end of 2026, up from 3.4% in the previous round.
Dashboard
Each line shows the past five or ten years, one point per month.
- Total assets$6.74 trillion+$15 billion in 13 weeksBalance sheet →
- Bank reserves$3.04 trillion−$114 billion over a yearBalance sheet →
- Reverse repos$350 billion−$33 billion over a yearBalance sheet →
- Effective fed funds rate3.63%target range 3.50–3.75%Interest rates →
- 10-year Treasury yield4.96%+0.86 pp over a yearYield curve →
- 10-year minus 2-year+0.33 pppositive since September 2024Yield curve →
- Treasury securities held$4.55 trillion+$351 billion over a yearTreasury holdings →
- Projected rate, median3.8%end of 2026, June 2026 projectionsProjections →
The balance sheet since 2002
Shaded: periods of quantitative easing (QE) and tightening (QT). Hover or use the arrow keys to read a week.
Why the Fed matters for the national debt
The Federal Reserve does not lend to the government directly, but it shapes what the government pays to borrow. Its target for the federal funds rate anchors the yield on short-term Treasury bills, which the Treasury rolls over every few weeks. And when it buys Treasury securities for its own balance sheet, as it did on a vast scale in 2008 and 2020, it becomes one of the largest holders of the debt.
This section follows both channels with official data: the weekly balance sheet, the policy rate, the Treasury yield curve that markets build on top of it, and the projections of the officials who set it. What a higher rate costs the budget is on the interest page.
Common questions
How big is the Federal Reserve balance sheet?
Total assets were $6.74 trillion on September 9, 2026, according to the Federal Reserve's weekly H.4.1 release. The largest parts are US Treasury securities ($4.55 trillion) and agency mortgage-backed securities ($1.91 trillion).
Is the Fed balance sheet growing or shrinking?
Over the 13 weeks to September 9, 2026, total assets grew by $15 billion. The chart on the balance sheet page shows every week since December 2002, with the quantitative easing and tightening periods marked.
What interest rate does the Fed set right now?
The target range for the federal funds rate is 3.50–3.75%. The effective federal funds rate was 3.63% on September 10, 2026.
When is the next Fed meeting?
The Federal Open Market Committee next meets on September 15–16, 2026. The statement is released at 2:00 p.m. Eastern on the second day, together with new economic projections.
Sources
- Balance sheetFederal Reserve Board — H.4.1 Factors Affecting Reserve Balancesweek of September 9, 2026
- Federal funds rate and SOFRFederal Reserve Bank of New York — Reference ratesSeptember 10, 2026
- Treasury yieldsUS Treasury — Daily par yield curve ratesSeptember 11, 2026
- ProjectionsFederal Reserve Board — Summary of Economic ProjectionsJune 17, 2026
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