Graph and download economic data for Deposits, All Commercial Banks (DPSACBM027NBOG) from Jan 1973 to Feb 2025 about deposits, banks, depository institutions, and USA.

Among the 12 Federal Reserve Banks of the Federal Reserve System in the United States, the Federal Reserve Bank of New York held by far the highest value of assets in 2023. With approximately 4.3 trillion U.S. dollars on its balance sheet, the Federal Reserve Bank of New York held over 50 percent of the Fed's total assets. It was followed by the Federal Reserve Bank of San Francisco.

The Federal Reserve's balance sheet has undergone significant changes since 2007, reflecting its response to major economic crises. From a modest 0.9 trillion U.S. dollars at the end of 2007, it ballooned to approximately 6.76 trillion U.S. dollars by March 2025. This dramatic expansion, particularly during the 2008 financial crisis and the COVID-19 pandemic - both of which resulted in negative annual GDP growth in the U.S. - showcases the Fed's crucial role in stabilizing the economy through expansionary monetary policies. Impact on inflation and interest rates The Fed's expansionary measures, while aimed at stimulating economic growth, have had notable effects on inflation and interest rates. Following the quantitative easing in 2020, inflation in the United States reached eight percent in 2022, the highest since 1991. However, by November 2024, inflation had declined to 2.7 percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at 5.33 percent in August 2023, before the first rate cut since September 2021 occurred in September 2024. Financial implications for the Federal Reserve The expansion of the Fed's balance sheet and subsequent interest rate hikes have had significant financial implications. In 2023, the Fed reported a negative net income of 114.3 billion U.S. dollars, a stark contrast to the 58.84 billion U.S. dollars profit in 2022. This unprecedented shift was primarily due to rapidly rising interest rates, which caused the Fed's interest expenses to soar to over 281 billion U.S. dollars in 2023. Despite this, the Fed's net interest income on securities acquired through open market operations reached a record high of 174.53 billion U.S. dollars in the same year.

With over 91 billion U.S. dollars, the Federal Reserve Bank of New York reported the highest net interest income of the Federal Reserve (Fed) in 2023. It was followed by San Francisco and Richmond, with 22.72 and 11.69 billion U.S. dollars. The total net interest income of the Fed amounted to roughly 174.5 billion U.S. dollars at the end of the year.

Graph and download economic data for Federal Debt Held by Federal Reserve Banks as Percent of Gross Domestic Product (HBFRGDQ188S) from Q1 1970 to Q4 2024 about debt, federal, banks, depository institutions, GDP, and USA.

Among the 12 Federal Reserve Banks of the Federal Reserve System in the United States, the Federal Reserve Bank of New York held by far the highest value of mortgage-backed securities in 2023. With approximately 1.36 trillion U.S. dollars worth of securities, the Federal Reserve Bank of New York held over 50 percent of the Fed's total mortgage-backed securities. It was followed by the Federal Reserve Bank of San Francisco, which held roughly 228 billion U.S. dollars worth of securities.

With over 161 billion U.S. dollars, the Federal Reserve Bank of New York reported the highest interest expense among the Federal Reserve Banks in 2023. It was followed by the Federal Reserve Banks of Richmond and San Francisco, with 29.5 billion and 27 billion U.S. dollars, respectively. The total net interest expense of the Federal Reserve amounted to approximately 281 billion U.S. dollars at the end of 2023, representing a significant increase from the previous year due to sharply rising interest rates throughout the year.

Graph and download economic data for Commercial Banks in the U.S. (DISCONTINUED) (USNUM) from Q1 1984 to Q3 2020 about commercial, banks, depository institutions, and USA.

The U.S. federal funds effective rate underwent a dramatic reduction in early 2020 in response to the COVID-19 pandemic. The rate plummeted from 1.58 percent in February 2020 to 0.65 percent in March, and further decreased to 0.05 percent in April. This sharp reduction, accompanied by the Federal Reserve's quantitative easing program, was implemented to stabilize the economy during the global health crisis. After maintaining historically low rates for nearly two years, the Federal Reserve began a series of rate hikes in early 2022, with the rate moving from 0.33 percent in April 2022 to 5.33 percent in August 2023. The rate remained unchanged for over a year, before the Federal Reserve initiated its first rate cut in nearly three years in September 2024, bringing the rate to 5.13 percent. By December 2024, the rate was cut to 4.48 percent, signaling a shift in monetary policy in the second half of 2024. The first rate cut in 2025 then set the rate at 4.33 percent. What is the federal funds effective rate? The U.S. federal funds effective rate determines the interest rate paid by depository institutions, such as banks and credit unions, that lend reserve balances to other depository institutions overnight. Changing the effective rate in times of crisis is a common way to stimulate the economy, as it has a significant impact on the whole economy, such as economic growth, employment, and inflation. Central bank policy rates The adjustment of interest rates in response to the COVID-19 pandemic was a coordinated global effort. In early 2020, central banks worldwide implemented aggressive monetary easing policies to combat the economic crisis. The U.S. Federal Reserve's dramatic reduction of its federal funds rate - from 1.58 percent in February 2020 to 0.05 percent by April - mirrored similar actions taken by central banks globally. While these low rates remained in place throughout 2021, mounting inflationary pressures led to a synchronized tightening cycle beginning in 2022, with central banks pushing rates to multi-year highs. By mid-2024, as inflation moderated across major economies, central banks began implementing their first rate cuts in several years, with the U.S. Federal Reserve, Bank of England, and European Central Bank all easing monetary policy.

This data package includes the underlying data files to replicate the data and charts presented in Central banks and policy communication: How emerging markets have outperformed the Fed and ECB, PIIE Working Paper 23-10.

If you use the data, please cite as: Evdokimova, Tatiana, Piroska Nagy Mohácsi, Olga Ponomarenko, and Elina Ribakova. 2023. Central banks and policy communication: How emerging markets have outperformed the Fed and ECB. PIIE Working Paper 23-10. Washington, DC: Peterson Institute for International Economics.

From 2003 to 2025, the central banks of the United States, United Kingdom, and European Union exhibited remarkably similar interest rate patterns, reflecting shared global economic conditions. In the early 2000s, rates were initially low to stimulate growth, then increased as economies showed signs of overheating prior to 2008. The financial crisis that year prompted sharp rate cuts to near-zero levels, which persisted for an extended period to support economic recovery. The COVID-19 pandemic in 2020 led to further rate reductions to historic lows, aiming to mitigate economic fallout. However, surging inflation in 2022 triggered a dramatic policy shift, with the Federal Reserve, Bank of England, and European Central Bank significantly raising rates to curb price pressures. As inflation stabilized in late 2023 and early 2024, the ECB and Bank of England initiated rate cuts by mid-2024, and the Federal Reserve also implemented its first cut in three years, with forecasts suggesting a gradual decrease in all major interest rates between 2025 and 2026. Divergent approaches within the European Union While the ECB sets a benchmark rate for the Eurozone, individual EU countries have adopted diverse strategies to address their unique economic circumstances. For instance, Hungary set the highest rate in the EU at 13 percent in September 2023, gradually reducing it to 6.5 percent by October 2024. In contrast, Sweden implemented more aggressive cuts, lowering its rate to 2.25 percent by February 2025, the lowest among EU members. These variations highlight the complex economic landscape that European central banks must navigate, balancing inflation control with economic growth support. Global context and future outlook The interest rate changes in major economies have had far-reaching effects on global financial markets. Government bond yields, for example, reflect these policy shifts and investor sentiment. As of June 2024, the United States had the highest 10-year government bond yield among developed economies at 4.09 percent, while Switzerland had the lowest at 0.69 percent. These rates serve as important benchmarks for borrowing costs and economic expectations worldwide.

Graph and download economic data for Overnight Bank Funding Volume (OBFRVOL) from 2016-03-01 to 2025-03-24 about ibf, overnight, banks, depository institutions, and USA.

Graph and download economic data for Total Fed Funds Sold and Securities Purchased Under Agreements to Resell, Small Domestically Chartered Commercial Banks (H8B3092NSMA) from 2010-01-06 to 2025-03-12 about small, purchase, securities, sales, banks, depository institutions, and USA.

Graph and download economic data for All Employees, Commercial Banking (CEU5552211001) from Jan 1990 to Feb 2025 about financial, establishment survey, commercial, banks, depository institutions, employment, and USA.

Graph and download economic data for Total Assets, All Commercial Banks (TLAACBM027SBOG) from Jan 1973 to Feb 2025 about assets, banks, depository institutions, and USA.

Graph and download economic data for Net Interest Margin for U.S. Banks with average assets greater than $15B (DISCONTINUED) (USG15NIM) from Q1 1984 to Q3 2020 about ibf, NIM, Net, assets, banks, interest, depository institutions, and USA.

Graph and download economic data for Net Interest Margin for Banks Geographically Located in Federal Reserve District 8: St. Louis Portion of Indiana (DISCONTINUED) (INPNIM) from Q1 1984 to Q3 2020 about FRB STL District, ibf, NIM, IN, Net, banks, interest, depository institutions, and USA.

View the total value of the assets of all Federal Reserve Banks as reported in the weekly balance sheet.

Graph and download economic data for Demand Deposits, Member Banks, Federal Reserve System for United States (M14166USM144SNBR) from Jul 1919 to Dec 1945 about deposits, banks, depository institutions, and USA.

Graph and download economic data for Book Value of Federal Reserve Bank Held Gold Bullion: On Display (FRDGBSV) from Jan 2012 to Feb 2025 about gold, accounting, reserves, banks, depository institutions, and USA.