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.
What this shows
The Federal Reserve does not manage the national debt, but it sets the price of the short-term money the Treasury borrows, and it holds a large block of Treasury securities itself. Both of those feed straight into the interest figure on this site.
This dashboard collects the four parts of that relationship: the balance sheet that is shrinking, the policy rate the short end is priced off, the yield curve the Treasury actually borrows along, and the projections the Fed publishes four times a year. Each has its own page if you want the detail behind the picture.
Fed total assets
$6.75 trillion
week of October 21, 2026
Fed funds target range
3.75–4.00%
effective rate 3.88%
10-year Treasury yield
5.05%
October 28, 2026
Next FOMC decision
Dec 8–9
2026 · with projections
What is changing
Measured from the latest data, over the window stated in each line.
- Balance sheet
Total assets grew by $6 billion over the 13 weeks to October 21, 2026 — about $2 billion a month — to $6.75 trillion.
- Bank reserves
Banks hold $2.97 trillion in reserves at the Fed, $40 billion more than a year earlier.
- Reverse repos
Reverse repurchase agreements stand at $334 billion, against a peak of $2.68 trillion on April 12, 2023.
- Policy rate
The target range is 3.75–4.00%, in effect since September 17, 2026. 3 changes totalling −25 basis points in the past 12 months.
- Yield curve
The 10-year yield is 0.38 percentage points above the 2-year. The curve has been positively sloped at this point since September 6, 2024.
- Projections
In the September 2026 projections, the median FOMC participant sees the federal funds rate at 4.1% at the end of 2026, up from 3.8% in the previous round.
Dashboard
Each line shows the past five or ten years, one point per month.
- Total assets$6.75 trillion+$6 billion in 13 weeksBalance sheet →
- Bank reserves$2.97 trillion+$40 billion over a yearBalance sheet →
- Reverse repos$334 billion−$20 billion over a yearBalance sheet →
- Effective fed funds rate3.88%target range 3.75–4.00%Interest rates →
- 10-year Treasury yield5.05%+1.03 pp over a yearYield curve →
- 10-year minus 2-year+0.38 pppositive since September 2024Yield curve →
- Treasury securities (H.4.1 balance sheet)$4.57 trillion+$376 billion over a year · SOMA par value differs, see Treasury holdingsTreasury holdings (SOMA, par) →
- Projected rate, median4.1%end of 2026, September 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 $6.75 trillion on October 21, 2026, according to the Federal Reserve's weekly H.4.1 release. The largest parts are US Treasury securities ($4.57 trillion) and agency mortgage-backed securities ($1.90 trillion).
Is the Fed balance sheet growing or shrinking?
Over the 13 weeks to October 21, 2026, total assets grew by $6 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 3.75–4.00%. The effective federal funds rate was 3.88% on October 27, 2026.
When is the next Fed meeting?
The Federal Open Market Committee next meets on December 8–9, 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 October 21, 2026
- Federal funds rate and SOFRFederal Reserve Bank of New York — Reference ratesOctober 27, 2026
- Treasury yieldsUS Treasury — Daily par yield curve ratesOctober 28, 2026
- ProjectionsFederal Reserve Board — Summary of Economic ProjectionsSeptember 16, 2026
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