Federal Reserve
The Fed balance sheet
The Federal Reserve holds $6.74 trillion in total assets as of the week of September 9, 2026 — $135 billion more than a year earlier.
Total assets
$6.74 trillion
+$15 billion in 13 weeks
Treasury securities
$4.55 trillion
+$351 billion over a year
Mortgage-backed securities
$1.91 trillion
−$189 billion over a year
Peak total assets
$8.97 trillion
week of April 13, 2022
Bank reserves
$3.04 trillion
−$114 billion over a year
Currency in circulation
$2.49 trillion
+$76 billion over a year
Treasury General Account
$844 billion
the Treasury's cash at the Fed
Reverse repos
$350 billion
peak $2.68 trillion, Apr 12, 2023
Assets: what the Fed owns
Weekly since December 2002. Shaded periods: quantitative easing (buying) and tightening (letting holdings run off), dated from FOMC announcements.
Liabilities: where the money sits
When the Fed buys securities it pays with reserves. Those reserves then move between banks, the Treasury's account and money market funds using the reverse repo facility.
Composition, week of September 9, 2026
Assets
Main liabilities
The last eight weeks
| Week | Total assets | Weekly change | Treasuries | MBS | Reserves | Reverse repos |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | $6.74 trillion | +$3 billion | $4.55 trillion | $1.91 trillion | $3.04 trillion | $350 billion |
| Sep 2, 2026 | $6.74 trillion | +$6 billion | $4.55 trillion | $1.91 trillion | $2.93 trillion | $358 billion |
| Aug 26, 2026 | $6.73 trillion | −$15 billion | $4.55 trillion | $1.91 trillion | $2.92 trillion | $356 billion |
| Aug 19, 2026 | $6.75 trillion | −$14 billion | $4.54 trillion | $1.93 trillion | $2.93 trillion | $374 billion |
| Aug 12, 2026 | $6.76 trillion | +$11 billion | $4.54 trillion | $1.93 trillion | $2.95 trillion | $358 billion |
| Aug 5, 2026 | $6.75 trillion | +$10 billion | $4.53 trillion | $1.93 trillion | $3.00 trillion | $319 billion |
| Jul 29, 2026 | $6.74 trillion | −$9 billion | $4.52 trillion | $1.93 trillion | $2.94 trillion | $337 billion |
| Jul 22, 2026 | $6.75 trillion | +$4 billion | $4.52 trillion | $1.94 trillion | $3.06 trillion | $353 billion |
How to read the balance sheet
Before 2008 the Fed's balance sheet grew slowly, roughly in step with the cash people held. In the financial crisis and again in 2020 it bought Treasury and mortgage-backed securities on a vast scale to lower long-term interest rates — quantitative easing. Paying for those purchases created bank reserves, which is why reserves and total assets move together in the charts above.
Quantitative tightening runs the process in reverse: maturing securities are not replaced, and reserves or reverse repos shrink with them. The Treasury General Account is the government's own cash at the Fed; when the Treasury builds it up after a debt ceiling episode, it pulls reserves out of the banking system for a while.
What it means for the debt
Treasury securities on the Fed's balance sheet are still part of the national debt held by the public. The Treasury pays interest on them like on any other, but the Fed normally returns its profits, so part of that interest comes back. How much of the debt the Fed owns, and how that share has changed, is on the Treasury holdings page.
Common questions
What is on the Federal Reserve balance sheet?
As of September 9, 2026, the Fed held $6.74 trillion in total assets: $4.55 trillion of US Treasury securities and $1.91 trillion of agency mortgage-backed securities make up most of it. On the other side, the largest items are bank reserves ($3.04 trillion) and currency in circulation ($2.49 trillion).
Is the Fed still doing quantitative tightening?
The data show total assets rising by $15 billion over the 13 weeks to September 9, 2026. Quantitative tightening means letting securities mature without replacing them; the FOMC announced the end of its most recent runoff for December 1, 2025. Changes since then reflect maturing mortgage securities, purchases of Treasury bills and swings in other items.
How large was the Fed balance sheet at its peak?
The highest weekly total in this series was $8.97 trillion on April 13, 2022, after the pandemic purchases. Today's figure is $2.22 trillion below that.
What are reverse repos, and why did they fall?
In a reverse repurchase agreement the Fed borrows cash overnight from money market funds and others, handing over securities as collateral. The total peaked at $2.68 trillion on April 12, 2023 and stands at $350 billion now. As the Treasury issued more bills, funds moved cash from the Fed into those bills.
Sources
- All balance sheet figuresFederal Reserve Board — H.4.1 Factors Affecting Reserve Balances (Wednesday levels)week of September 9, 2026
- QE and QT periodsFederal Reserve Board — FOMC statements
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