Graph and download economic data for Reserves of Depository Institutions: Total (TOTRESNS) from Jan 1959 to May 2025 about adjusted, reserves, and USA.

The Federal Reserve's balance sheet has undergone significant changes since 2007, reflecting its response to major economic crises. From a modest *** trillion U.S. dollars at the end of 2007, it ballooned to approximately **** trillion U.S. dollars by June 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 ***** percent in 2022, the highest since 1991. However, by *************, inflation had declined to *** percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at **** percent in ***********, before the first rate cut since ************** occurred in **************. 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 ***** billion U.S. dollars, a stark contrast to the ***** 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 *** 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 ****** billion U.S. dollars in the same year.

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 Federal Debt Held by Federal Reserve Banks as Percent of Gross Domestic Product (HBFRGDQ188S) from Q1 1970 to Q1 2025 about debt, federal, banks, depository institutions, GDP, and USA.

Daily rates for commercial paper are provided for the AA nonfinancial, A2/P2 nonfinancial, AA financial, and AA asset-backed categories. The criteria that determine which issues are included in the rate categories are detailed in the Rate Calculations section of the About page of this release.

The Comprehensive Capital Analysis and Review (CCAR) is an annual exercise by the Federal Reserve to assess whether the largest bank holding companies operating in the U.S. have sufficient capital to continue operations throughout times of economic and financial stress and that they have robust, forward-looking capital-planning processes that account for their unique risks. As part of this exercise, the Federal Reserve evaluates institutions' capital adequacy, internal capital adequacy assessment processes, and their individual plans to make capital distributions, such as dividend payments or stock repurchases.

The FRB/US model is a large-scale estimated general equilibrium model of the U.S. economy that has been in use at the Federal Reserve Board since 1996. The model is designed for detailed analysis of monetary and fiscal policies. One distinctive feature compared to dynamic stochastic general equilibrium (DSGE) models is the ability to switch between alternative assumptions about expectations formation of economic agents. Another is the models level of detail: FRB/US contains all major components of the product and income sides of the U.S. national accounts. Since its original development, the model has continuously undergone changes to cope with the evolving structure of the economy, including conceptual revisions to sectoral definitions of the national accounts.

The U.S. federal funds rate peaked in 2023 at its highest level since the 2007-08 financial crisis, reaching 5.33 percent by December 2023. A significant shift in monetary policy occurred in the second half of 2024, with the Federal Reserve implementing regular rate cuts. By December 2024, the rate had declined to 4.48 percent. What is a central bank rate? The federal funds rate determines the cost of overnight borrowing between banks, allowing them to maintain necessary cash reserves and ensure financial system liquidity. When this rate rises, banks become more inclined to hold rather than lend money, reducing the money supply. While this decreased lending slows economic activity, it helps control inflation by limiting the circulation of money in the economy. Historic perspective The federal funds rate historically follows cyclical patterns, falling during recessions and gradually rising during economic recoveries. Some central banks, notably the European Central Bank, went beyond traditional monetary policy by implementing both aggressive asset purchases and negative interest rates.

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. In January 2025, the Federal Reserve implemented another cut, setting the rate at 4.33 percent, which remained unchanged throughout the following months. 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.

The benchmark interest rate in the United States was last recorded at 4.50 percent. This dataset provides the latest reported value for - United States Fed Funds Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

United States FOMC Projection: PCE Inflation: Central Tendency: Y3: Upper End data was reported at 2.000 % in Dec 2024. This stayed constant from the previous number of 2.000 % for Sep 2024. United States FOMC Projection: PCE Inflation: Central Tendency: Y3: Upper End data is updated quarterly, averaging 2.100 % from Sep 2015 (Median) to Dec 2024, with 20 observations. The data reached an all-time high of 2.200 % in Sep 2023 and a record low of 2.000 % in Dec 2024. United States FOMC Projection: PCE Inflation: Central Tendency: Y3: Upper End data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.I: PCE Price Index: Projection: Federal Reserve Board.

Graph and download economic data for Federal income and excess profits taxes, IRS: Amounts paid to U.S. Treasury by Federal Reserve banks (B1190C1A027NBEA) from 1929 to 2014 about paid, tax, Treasury, federal, banks, depository institutions, income, GDP, and USA.

The Survey of Consumer Finances (SCF) is normally a triennial cross-sectional survey of U.S. families. The survey data include information on families balance sheets, pensions, income, and demographic characteristics. Information is also included from related surveys of pension providers and the earlier such surveys conducted by the Federal Reserve Board. No other study for the country collects comparable information. Data from the SCF are widely used, from analysis at the Federal Reserve and other branches of government to scholarly work at the major economic research centers.The survey has contained a panel element over two periods. Respondents to the 1983 survey were re-interviewed in 1986 and 1989. Respondents to the 2007 survey were re-interviewed in 2009.The study is sponsored by the Federal Reserve Board in cooperation with the Department of the Treasury. Since 1992, data have been collected by the National Opinion Research Center (NORC) at the University of Chicago.

Subscribers can find out export and import data of 23 countries by HS code or product’s name. This demo is helpful for market analysis.

This page will be updated weekly from October through December. The weekly pattern of commercial paper maturing after December 31 chart and table will be replaced each week. A new row will be added to the commercial paper maturing after December 31 table each week.

Subscribers can find out export and import data of 23 countries by HS code or product’s name. This demo is helpful for market analysis.

United States FOMC Projection: Federal Funds Rate: Range: Y3: Lower End data was reported at 2.400 % in Dec 2024. This stayed constant from the previous number of 2.400 % for Sep 2024. United States FOMC Projection: Federal Funds Rate: Range: Y3: Lower End data is updated quarterly, averaging 2.000 % from Sep 2015 (Median) to Dec 2024, with 20 observations. The data reached an all-time high of 2.900 % in Sep 2015 and a record low of 0.100 % in Dec 2020. United States FOMC Projection: Federal Funds Rate: Range: Y3: Lower End data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.M005: Federal Funds Rates: Summary of Economic Projections: Federal Reserve Board.

United States FOMC Projection: Federal Funds Rate: Central Tendency: Y3: Upper End data was reported at 3.600 % in Dec 2024. This stayed constant from the previous number of 3.600 % for Sep 2024. United States FOMC Projection: Federal Funds Rate: Central Tendency: Y3: Upper End data is updated quarterly, averaging 3.200 % from Sep 2015 (Median) to Dec 2024, with 20 observations. The data reached an all-time high of 4.100 % in Sep 2023 and a record low of 0.400 % in Dec 2020. United States FOMC Projection: Federal Funds Rate: Central Tendency: Y3: Upper End data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.M005: Federal Funds Rates: Summary of Economic Projections: Federal Reserve Board.

The Community Reinvestment Act (CRA) Analytics Data Tables are curated and published by the Federal Reserve Board in support of the Board's CRA modernization analysis. The tables combine Home Mortgage Disclosure Act (HMDA) data, Community Reinvestment Act (CRA) small business and small farm data, and manually extracted data from CRA performance evaluations. Bank attributes (e.g., deposits, branching, demographic, etc.) and other third party vendor data supplement the data tables.

United States FOMC Projection: Federal Funds Rate: Median: Year 3 (Y3) data was reported at 3.100 % in Mar 2025. This stayed constant from the previous number of 3.100 % for Dec 2024. United States FOMC Projection: Federal Funds Rate: Median: Year 3 (Y3) data is updated quarterly, averaging 2.900 % from Sep 2015 (Median) to Mar 2025, with 21 observations. The data reached an all-time high of 3.400 % in Sep 2018 and a record low of 0.100 % in Dec 2020. United States FOMC Projection: Federal Funds Rate: Median: Year 3 (Y3) data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.M005: Federal Funds Rates: Summary of Economic Projections: Federal Reserve Board.