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 May 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.

Graph and download economic data for Money Market Funds; Total Financial Assets, Level (MMMFFAQ027S) from Q4 1945 to Q1 2025 about MMMF, IMA, financial, assets, and USA.

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

United States Money Supply M2: Savings Deposits: Banks data was reported at 7,871.700 USD bn in Oct 2018. This records a decrease from the previous number of 7,916.500 USD bn for Sep 2018. United States Money Supply M2: Savings Deposits: Banks data is updated monthly, averaging 544.500 USD bn from Jan 1959 (Median) to Oct 2018, with 718 observations. The data reached an all-time high of 7,916.500 USD bn in Sep 2018 and a record low of 51.500 USD bn in Jan 1959. United States Money Supply M2: Savings Deposits: Banks data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s USA – Table US.KA005: Money Stock, Liquid Assets and Debt Measures: Monthly.

This item includes other Federal Reserve assets and non-float-related as-of adjustments. In addition to the as-of adjustments, there are many components in this category, including the following major items:

Assets denominated in foreign currencies: Foreign currencies are revalued to reflect movements in market exchange rates each day. If, in the revaluation, the value of the currency increases, then other Federal Reserve assets increase. On the other side of the balance sheet, "Other liabilities and capital" increase because the increase in value of the currency becomes earnings, which are reflected in the earnings category within the capital account. Other liabilities and capital decline in value as the earnings are removed from this category and the U.S. Treasury's general account increases because the funds are remitted to this account at the Reserve Banks. Since 1963, the Federal Reserve has occasionally agreed to warehouse foreign currency for the Treasury. In such transactions, the Federal Reserve takes the foreign currency from the Treasury in return for dollars provided to the Treasury. The Federal Reserve makes a spot purchase of the currency and protects the value of those currencies purchased by simultaneously selling the same amount of currencies forward at the same price to the Treasury.

When the Federal Reserve warehouses foreign currencies for the Treasury, both "other Federal Reserve assets" and "U.S. Treasury, general account" increase in value at the time of the spot transaction. Both accounts decline when the forward transaction is completed or when currencies are withdrawn from the warehousing arrangement prior to maturity.

Premiums paid on securities bought: This release reports Federal Reserve holdings of securities at face value, not necessarily at market value. If the Federal Reserve pays more than the face value for securities it purchased, the premiums over the face value are amortized as the securities mature. Part of the premium is transferred daily to the earnings category as a "negative earning." As the premium in "Other Federal Reserve assets" is reduced, a simultaneous balancing reduction is made in "Other liabilities and capital." Securities purchased at a premium over face value are accounted for in this way because, at maturity, the Federal Reserve Banks receive only the face amount of the securities, not the amount actually paid. The premiums paid on securities bought under repurchase agreements, though, are not amortized. These premiums are, in effect, returned to the Federal Reserve Banks when the securities are repurchased by the dealer, since the negotiated price in the original transaction reflects the premiums.

Accrued interest and other accounts receivable: This item represents the daily accumulation of interest earned on U.S. government securities--other than bills--owned by the Federal Reserve or held under repurchase agreements, on loans to depository institutions, and on foreign currency investments. Interest is accrued daily. Reserve Bank premises and operating equipment less allowances for depreciation: This item states the value, at initial cost, of the land and buildings of the Reserve Banks and branches less an allowance for depreciation on buildings, including building-related machinery and equipment.

United States Money Supply M1: sa: Currency in Circulation data was reported at 1,617.200 USD bn in Oct 2018. This records an increase from the previous number of 1,610.700 USD bn for Sep 2018. United States Money Supply M1: sa: Currency in Circulation data is updated monthly, averaging 211.350 USD bn from Jan 1959 (Median) to Oct 2018, with 718 observations. The data reached an all-time high of 1,617.200 USD bn in Oct 2018 and a record low of 28.500 USD bn in Jan 1959. United States Money Supply M1: sa: Currency in Circulation 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.KA005: Money Stock, Liquid Assets and Debt Measures: Monthly.

Calculated as the ratio of quarterly nominal GDP (GDP (https://fred.stlouisfed.org/series/GDP)) to the quarterly average of M1 money stock (M1SL (https://fred.stlouisfed.org/series/M1SL))

The velocity of money is the frequency at which one unit of currency is used to purchase domestically- produced goods and services within a given time period. In other words, it is the number of times one dollar is spent to buy goods and services per unit of time. If the velocity of money is increasing, then more transactions are occurring between individuals in an economy.

The frequency of currency exchange can be used to determine the velocity of a given component of the money supply, providing some insight into whether consumers and businesses are saving or spending their money. There are several components of the money supply,: M1, M2, and MZM (M3 is no longer tracked by the Federal Reserve); these components are arranged on a spectrum of narrowest to broadest. Consider M1, the narrowest component. M1 is the money supply of currency in circulation (notes and coins, demand deposits, and other liquid deposits). A decreasing velocity of M1 might indicate fewer short- term consumption transactions are taking place. We can think of shorter- term transactions as consumption we might make on an everyday basis.

Beginning May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other liquid deposits, consisting of OCDs and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, and OCDs (before May 2020) or other liquid deposits (beginning May 2020), each seasonally adjusted separately. For more information on the H.6 release changes and the regulatory amendment that led to the creation of the other liquid deposits component and its inclusion in the M1 monetary aggregate, see the H.6 announcements (https://www.federalreserve.gov/feeds/h6.html) and Technical Q&As (https://www.federalreserve.gov/releases/h6/h6_technical_qa.htm) posted on December 17, 2020.

The broader M2 component includes M1 in addition to saving deposits, certificates of deposit (less than $100,000), and money market deposits for individuals. Comparing the velocities of M1 and M2 provides some insight into how quickly the economy is spending and how quickly it is saving.

MZM (money with zero maturity) is the broadest component and consists of the supply of financial assets redeemable at par on demand: notes and coins in circulation, traveler’s checks (non-bank issuers), demand deposits, other checkable deposits, savings deposits, and all money market funds. The velocity of MZM helps determine how often financial assets are switching hands within the economy.

Graph and download economic data for Money Market Funds; Constant NAV Total Financial Assets, Transactions (BOGZ1FA634090000Q) from Q4 1946 to Q1 2025 about checkable, MMMF, transactions, deposits, currency, assets, and USA.

United States Money Supply M2: sa: Small Time Deposits data was reported at 518.000 USD bn in Oct 2018. This records an increase from the previous number of 505.900 USD bn for Sep 2018. United States Money Supply M2: sa: Small Time Deposits data is updated monthly, averaging 765.700 USD bn from Jan 1959 (Median) to Oct 2018, with 718 observations. The data reached an all-time high of 1,457.900 USD bn in Dec 2008 and a record low of 11.400 USD bn in Dec 1959. United States Money Supply M2: sa: Small Time Deposits 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.KA005: Money Stock, Liquid Assets and Debt Measures: Monthly.

United States Money Supply M2: Savings Deposits data was reported at 9,203.700 USD bn in Oct 2018. This records a decrease from the previous number of 9,249.700 USD bn for Sep 2018. United States Money Supply M2: Savings Deposits data is updated monthly, averaging 925.000 USD bn from Jan 1959 (Median) to Oct 2018, with 718 observations. The data reached an all-time high of 9,249.700 USD bn in Sep 2018 and a record low of 136.000 USD bn in Jan 1959. United States Money Supply M2: Savings Deposits 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.KA005: Money Stock, Liquid Assets and Debt Measures: Monthly.

Graph and download economic data for Money Market Funds; Treasury Bills; Asset, Transactions (BOGZ1FA633061110Q) from Q4 1946 to Q1 2025 about MMMF, bills, transactions, Treasury, assets, and USA.

United States Money Supply M2: Wkly: Small Time Deposits: Banks data was reported at 374.200 USD bn in 16 Jul 2018. This records an increase from the previous number of 372.400 USD bn for 09 Jul 2018. United States Money Supply M2: Wkly: Small Time Deposits: Banks data is updated weekly, averaging 494.200 USD bn from Jan 1975 (Median) to 16 Jul 2018, with 2272 observations. The data reached an all-time high of 1,085.800 USD bn in 29 Dec 2008 and a record low of 122.800 USD bn in 06 Jan 1975. United States Money Supply M2: Wkly: Small Time Deposits: Banks data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s USA – Table US.KA004: Money Stock, Liquid Assets and Debt Measures.

United States Money Supply M2: Small Time Deposits: Banks data was reported at 407.600 USD bn in Oct 2018. This records an increase from the previous number of 397.300 USD bn for Sep 2018. United States Money Supply M2: Small Time Deposits: Banks data is updated monthly, averaging 382.800 USD bn from Jan 1959 (Median) to Oct 2018, with 718 observations. The data reached an all-time high of 1,082.400 USD bn in Dec 2008 and a record low of 8.800 USD bn in Dec 1959. United States Money Supply M2: Small Time Deposits: Banks 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.KA005: Money Stock, Liquid Assets and Debt Measures: Monthly.

United States Money Supply M2: Wkly: sa data was reported at 14,148.400 USD bn in 16 Jul 2018. This records an increase from the previous number of 14,128.400 USD bn for 09 Jul 2018. United States Money Supply M2: Wkly: sa data is updated weekly, averaging 4,575.500 USD bn from Jan 1981 (Median) to 16 Jul 2018, with 1959 observations. The data reached an all-time high of 14,148.400 USD bn in 16 Jul 2018 and a record low of 1,596.600 USD bn in 05 Jan 1981. United States Money Supply M2: Wkly: sa data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s USA – Table US.KA004: Money Stock, Liquid Assets and Debt Measures.

United States Money Supply M2: sa: Retail Money Market Funds data was reported at 794.000 USD bn in Oct 2018. This records an increase from the previous number of 775.800 USD bn for Sep 2018. United States Money Supply M2: sa: Retail Money Market Funds data is updated monthly, averaging 432.000 USD bn from Jan 1973 (Median) to Oct 2018, with 550 observations. The data reached an all-time high of 1,034.600 USD bn in Oct 2008 and a record low of 0.000 USD bn in Oct 1973. United States Money Supply M2: sa: Retail Money Market Funds 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.KA005: Money Stock, Liquid Assets and Debt Measures: Monthly.

United States Money Supply M1: Wkly data was reported at 3,575.600 USD bn in 16 Jul 2018. This records a decrease from the previous number of 3,578.700 USD bn for 09 Jul 2018. United States Money Supply M1: Wkly data is updated weekly, averaging 1,134.200 USD bn from Jan 1981 (Median) to 16 Jul 2018, with 1959 observations. The data reached an all-time high of 3,879.700 USD bn in 02 Apr 2018 and a record low of 402.600 USD bn in 23 Feb 1981. United States Money Supply M1: Wkly data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s USA – Table US.KA004: Money Stock, Liquid Assets and Debt Measures.

United States Money Supply M2: Wkly: Retail Money Market Funds data was reported at 750.900 USD bn in 16 Jul 2018. This records an increase from the previous number of 746.000 USD bn for 09 Jul 2018. United States Money Supply M2: Wkly: Retail Money Market Funds data is updated weekly, averaging 633.500 USD bn from Feb 1980 (Median) to 16 Jul 2018, with 2007 observations. The data reached an all-time high of 1,050.100 USD bn in 14 Apr 2008 and a record low of 41.900 USD bn in 11 Feb 1980. United States Money Supply M2: Wkly: Retail Money Market Funds data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s USA – Table US.KA004: Money Stock, Liquid Assets and Debt Measures.

Graph and download economic data for Households; Money Market Fund Shares; Asset, Level (BOGZ1FL193034005A) from 1945 to 2024 about MMMF, assets, households, and USA.

Money Supply M2: Wkly: Small Time Deposits data was reported at 480.500 USD bn in 16 Jul 2018. This records an increase from the previous number of 478.200 USD bn for 09 Jul 2018. Money Supply M2: Wkly: Small Time Deposits data is updated weekly, averaging 872.600 USD bn from Jan 1975 (Median) to 16 Jul 2018, with 2272 observations. The data reached an all-time high of 1,465.700 USD bn in 29 Dec 2008 and a record low of 122.800 USD bn in 06 Jan 1975. Money Supply M2: Wkly: Small Time Deposits data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s USA – Table US.KA004: Money Stock, Liquid Assets and Debt Measures.

Graph and download economic data for Households and Nonprofit Organizations; Total Currency and Deposits Including Money Market Fund Shares; Asset, Transactions (BOGZ1FU154000025A) from 1946 to 2024 about MMMF, nonprofit organizations, transactions, deposits, currency, assets, households, and USA.