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.

The H.2A release lists all applications and notices that have been filed or will be filed shortly with the Federal Reserve System under the Bank Holding Company Act, the Change in Bank Control Act, the Home Owners' Loan Act or Regulations Y, LL, MM for which a notice has been sent to the Federal Register. The H.2A briefly describes the proposal, identifies the Reserve Bank that is processing the proposal, and lists the date for the expiration of the Federal Register comment period. Attached to the H.2 release.

It is commonly believed that the Fed's ability to control the federal funds rate stems from its ability to alter the supply of liquidity in the overnight market through open market operations. This paper uses daily data compiled by the author from the records of the Trading Desk of the Federal Reserve Bank of New York over the period March 1, 1984, through December 31, 1996. The author analyzes the Desk's use of its operating procedure in implementing monetary policy and the extent to which open market operations affect the federal funds rate-- the liquidity effect. The author finds that the operating procedure was used to guide daily open market operations. However, there is little evidence of a liquidity effect at the daily frequency and even less evidence at lower frequencies. Consistent with the absence of a liquidity effect, open market operations appear to be a relatively unimportant source of liquidity to the federal funds market.

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 December 2024, the United States had the highest 10-year government bond yield among developed economies at 4.59 percent, while Switzerland had the lowest at 0.27 percent. These rates serve as important benchmarks for borrowing costs and economic expectations worldwide.

The inflation rate in the United States declined significantly between June 2022 and May 2025, despite rising inflationary pressures towards the end of 2024. The peak inflation rate was recorded in June 2022, at *** percent. In August 2023, the Federal Reserve's interest rate hit its highest level during the observed period, at **** percent, and remained unchanged until September 2024, when the Federal Reserve implemented its first rate cut since September 2021. By January 2025, the rate dropped to **** percent, signalling a shift in monetary policy. What is the Federal Reserve interest rate? The Federal Reserve interest rate, or the federal funds rate, is the rate at which banks and credit unions lend to and borrow from each other. It is one of the Federal Reserve's key tools for maintaining strong employment rates, stable prices, and reasonable interest rates. The rate is determined by the Federal Reserve and adjusted eight times a year, though it can be changed through emergency meetings during times of crisis. The Fed doesn't directly control the interest rate but sets a target rate. It then uses open market operations to influence rates toward this target. Ways of measuring inflation Inflation is typically measured using several methods, with the most common being the Consumer Price Index (CPI). The CPI tracks the price of a fixed basket of goods and services over time, providing a measure of the price changes consumers face. At the end of 2023, the CPI in the United States was ****** percent, up from ****** a year earlier. A more business-focused measure is the producer price index (PPI), which represents the costs of firms.

Graph and download economic data for Total Revenue for Exterminating and Pest Control Services, All Establishments, Employer Firms (REVEF56171ALLEST) from 1998 to 2022 about employer firms, accounting, revenue, establishments, services, and USA.

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.

Graph and download economic data for Manufacturers' Total Inventories: Electromedical, Measuring, and Control Instrument Manufacturing (U34KTI) from Jan 1992 to Apr 2025 about electromedical, control instruments, computers, electronics, inventories, durable goods, production, goods, manufacturing, industry, and USA.

Graph and download economic data for Capital Intensity for Manufacturing: Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (NAICS 3345) in the United States (IPUEN3345C061000000) from 1988 to 2021 about navigation, electromedical, control instruments, NAICS, capital, IP, manufacturing, and USA.

Many of the Federal Reserve's (the Fed's) monetary policy operations involve trading with primary dealers. We find that, for agency MBS, dealers charge 2.5 cents (per $100 face value) higher selling to the Fed than to non-Fed customers. Controlling for the same dealer, same security, and same trading time, this discriminatory pricing likely arises from dealers' market power rather than inventory costs. Further, matching trade size reduces the price differential by more than half, implying that dealers' market power greatly relates to the Fed's purchases in large amounts, whereas the Fed's limited breadth of counterparty choice also plays some role.

The FR Y-12 report collects information from certain domestic bank holding companies (BHCs), savings and loan holding companies (SLHCs), and U.S. intermediate holding companies (IHCs) (collectively, holding companies) on their equity investments in nonfinancial companies. The FR Y-12A report is filed annually by financial holding companies (FHCs) with merchant banking investments that are approaching the end of the holding periods permissible under the Board's Regulation Y - Bank Holding Companies and Change in Bank Control (12 CFR Part 225).

This reporting form collects information on covered transactions between an insured depository institution and its affiliates that are subject to the quantitative limits and other requirements of section 23A of the Federal Reserve Act (12 U.S.C. § 371c) and the Board's Regulation W - Transactions Between Member Banks and Their Affiliates (12 CFR Part 223). The FR Y-8 is filed quarterly by all U.S. top-tier bank holding companies (BHCs), intermediate holding companies (IHCs), and savings and loan holding companies (SLHCs); and by foreign banking organizations (FBOs) that directly own or control a U.S. subsidiary insured depository institution (collectively, holding companies). If an FBO indirectly controls a U.S. insured depository institution through a domestic U.S. holding company, the domestic U.S. holding company must file the FR Y-8. A respondent must file a separate FR Y-8 report for each U.S. insured depository institution it controls. If an insured depository institution does not conduct any section 23A covered transactions with an affiliate in a particular quarter, its parent holding company is not required to submit an FR Y-8 report for that quarter with respect to that subsidiary.

Graph and download economic data for Federal Outlays: Interest as Percent of Gross Domestic Product (FYOIGDA188S) from 1940 to 2024 about outlays, federal, percent, interest, GDP, and USA.

European Union central banks navigated a complex economic landscape between 2022 and 2025, with interest rates initially rising across member states. However, a pivotal shift occurred in late 2023 as most countries began lowering their rates, reflecting the delicate balance between controlling inflation and supporting economic growth. In the Euro area, the European Central Bank (ECB) led this trend by cutting interest rates from 4.5 percent to 3.15 percent in 2024, implementing four strategic rate reductions throughout the year. This approach was nearly universally adopted, with Poland being the sole EU country not reducing its rates during this period. The ECB continued the series of reductions in early 2025, setting the rate at 2.4 percent in April 2025. Global context and policy shifts The interest rate changes in the EU mirror similar movements in other major economies. The United States, United Kingdom, and European Union central banks followed remarkably similar patterns from 2003 to 2024, responding to shared global economic conditions. After maintaining near-zero rates following the 2008 financial crisis and the COVID-19 pandemic, these institutions sharply raised rates in 2022 to combat surging inflation. By mid-2024, the European Central Bank and Bank of England initiated rate cuts, with the Federal Reserve following suit. Varied approaches within the EU Despite the overall trend, individual EU countries have adopted diverse strategies. Hungary, for instance, set the highest rate in the EU at 13 percent in September 2023, gradually reducing it to 6.5 percent by September 2024. In contrast, Sweden implemented the most aggressive cuts, lowering its rate to 2.25 percent by February 2025, the lowest among EU members. These divergent approaches highlight the unique economic challenges faced by each country and the flexibility required in monetary policy to address specific national circumstances.

United States - Manufacturers' Unfilled Orders: Electromedical, Measuring, and Control Instrument Manufacturing was 32912.00000 Mil. of $ in March of 2025, according to the United States Federal Reserve. Historically, United States - Manufacturers' Unfilled Orders: Electromedical, Measuring, and Control Instrument Manufacturing reached a record high of 32912.00000 in March of 2025 and a record low of 8861.00000 in September of 1994. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Manufacturers' Unfilled Orders: Electromedical, Measuring, and Control Instrument Manufacturing - last updated from the United States Federal Reserve on July of 2025.

The Federal Reserve Banks provide the National Settlement Service (NSS), which allows participants in private-sector clearing arrangements to exchange and settle transactions on a multilateral basis through designated master accounts held at the Federal Reserve Banks. There are approximately 17 NSS arrangements that have been established by financial market utilities, check clearinghouse associations, and automated clearinghouse networks.NSS provides an automated mechanism for submitting settlement files to the Federal Reserve Banks and reduces settlement risk to participants by granting settlement finality on settlement day. NSS also enables the clearing arrangements to manage and limit settlement risk by incorporating risk controls that are as robust as those used in the Fedwire Funds Service. Participants generally submit settlement files online, by initiating an electronic message.

United States - Total Revenue for Exterminating and Pest Control Services, Establishments Subject to Federal Income Tax, Employer Firms was 21466.00000 Mil. of $ in January of 2022, according to the United States Federal Reserve. Historically, United States - Total Revenue for Exterminating and Pest Control Services, Establishments Subject to Federal Income Tax, Employer Firms reached a record high of 21466.00000 in January of 2022 and a record low of 5027.00000 in January of 1998. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Total Revenue for Exterminating and Pest Control Services, Establishments Subject to Federal Income Tax, Employer Firms - last updated from the United States Federal Reserve on August of 2025.

United States - Total Revenue for Exterminating and Pest Control Services, All Establishments, Employer Firms was 21466.00000 Mil. of $ in January of 2022, according to the United States Federal Reserve. Historically, United States - Total Revenue for Exterminating and Pest Control Services, All Establishments, Employer Firms reached a record high of 21466.00000 in January of 2022 and a record low of 5027.00000 in January of 1998. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Total Revenue for Exterminating and Pest Control Services, All Establishments, Employer Firms - last updated from the United States Federal Reserve on August of 2025.

United States - Employed full time: Wage and salary workers: Computer control programmers and operators occupations: 16 years and over: Men was 87.00000 Thous. of Persons in January of 2024, according to the United States Federal Reserve. Historically, United States - Employed full time: Wage and salary workers: Computer control programmers and operators occupations: 16 years and over: Men reached a record high of 100.00000 in January of 2019 and a record low of 34.00000 in January of 2000. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Employed full time: Wage and salary workers: Computer control programmers and operators occupations: 16 years and over: Men - last updated from the United States Federal Reserve on July of 2025.

United States - Employed full time: Wage and salary workers: Pest control workers occupations: 16 years and over was 102.00000 Thous. of Persons in January of 2024, according to the United States Federal Reserve. Historically, United States - Employed full time: Wage and salary workers: Pest control workers occupations: 16 years and over reached a record high of 108.00000 in January of 2021 and a record low of 45.00000 in January of 2009. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Employed full time: Wage and salary workers: Pest control workers occupations: 16 years and over - last updated from the United States Federal Reserve on August of 2025.