Federal Reserve Balance Sheet Developments (Federal Reserve Board)

Summary

• Total assets on the Federal Reserve balance sheet increased by $49 billion from September 24, 2025, reaching $6.7 trillion as of March 25, 2026.p.2
• Total balance sheet assets accounted for 21 percent of nominal gross domestic product as of March 25, 2026.p.3
• U.S. Treasury General Account balances grew by $79 billion over the two-quarter period.p.3
• The Federal Reserve System reported a consolidated deferred asset of $244 billion as of March 25, 2026.p.4
• Securities holdings fell by $2.2 trillion between June 1, 2022, and October 31, 2025, under balance sheet reduction plans.p.5

Key insights

1. Securities held outright increased following the FOMC decision in December 2025 to begin reserve management purchases to maintain an ample supply of reserves.p.2
2. Total balance sheet assets equaled 21 percent of nominal gross domestic product as of March 25, 2026.p.3
3. Take-up at the overnight reverse repurchase agreement facility fell $28 billion as higher-yielding money market instruments became available.p.3
4. Reserve balances increased by $36 billion on net over the two quarters ending March 25, 2026.p.3
5. Accumulated negative net income created a consolidated deferred asset of $244 billion that does not affect the Federal Reserve's ability to conduct monetary policy.p.4
6. The FOMC announced reserve management purchases will focus on shorter-term Treasury securities to accommodate trend growth in liability demand.p.5