Accessible Version
A Brief Illustrated History of the Federal Reserve's Balance Sheet, Accessible Data
Figure 1. Federal Reserve Bank Assets and Liabilities and Capital, Share of GDP, End-year, 1914-2025
Percent
Values at end-year
| Year | Other assets | Gold / gold cert. | Treasuries | Agency securities | Loans | Foreign (inc. swaps) | Other liabilities and capital | Currency | Deposits of depository institutions | Government deposits |
|---|---|---|---|---|---|---|---|---|---|---|
| 1914 | 0.03 | 0.61 | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | -0.01 | -0.68 | 0.00 |
| 1915 | 0.14 | 0.80 | 0.04 | 0.00 | 0.13 | 0.00 | -0.02 | -0.03 | -0.93 | -0.04 |
| 1916 | 0.16 | 0.87 | 0.11 | 0.00 | 0.30 | 0.00 | 0.00 | -0.03 | -1.29 | -0.06 |
| 1917 | 0.49 | 2.58 | 0.17 | 0.00 | 1.47 | 0.00 | -0.33 | -1.93 | -2.24 | -0.17 |
| 1918 | 0.96 | 2.56 | 0.38 | 0.00 | 2.45 | 0.00 | -0.88 | -3.43 | -1.94 | -0.08 |
| 1919 | 1.21 | 2.30 | 0.33 | 0.00 | 3.07 | 0.00 | -1.08 | -3.67 | -1.98 | -0.08 |
| 1920 | 0.93 | 2.56 | 0.36 | 0.00 | 3.70 | 0.00 | -0.83 | -4.43 | -2.18 | -0.03 |
| 1921 | 0.87 | 4.08 | 0.34 | 0.00 | 1.84 | 0.00 | -0.73 | -3.59 | -2.37 | -0.18 |
| 1922 | 1.04 | 3.85 | 0.58 | 0.00 | 1.11 | 0.00 | -0.81 | -3.13 | -2.35 | -0.01 |
| 1923 | 0.78 | 3.62 | 0.12 | 0.00 | 1.41 | 0.00 | -0.69 | -2.76 | -2.21 | -0.05 |
| 1924 | 0.85 | 3.36 | 0.62 | 0.00 | 0.80 | 0.00 | -0.72 | -2.13 | -2.54 | -0.06 |
| 1925 | 0.83 | 2.80 | 0.39 | 0.00 | 1.15 | 0.01 | -0.70 | -1.90 | -2.39 | -0.02 |
| 1926 | 0.82 | 2.87 | 0.32 | 0.00 | 1.11 | 0.00 | -0.71 | -1.90 | -2.31 | -0.04 |
| 1927 | 0.86 | 2.92 | 0.64 | 0.00 | 1.06 | 0.00 | -0.75 | -1.93 | -2.59 | -0.02 |
| 1928 | 0.81 | 2.61 | 0.23 | 0.00 | 1.67 | 0.00 | -0.73 | -1.93 | -2.43 | -0.02 |
| 1929 | 0.79 | 2.73 | 0.49 | 0.00 | 0.98 | 0.00 | -0.68 | -1.83 | -2.25 | -0.03 |
| 1930 | 0.75 | 3.19 | 0.79 | 0.00 | 0.67 | 0.00 | -0.65 | -1.81 | -2.68 | -0.02 |
| 1931 | 0.77 | 3.86 | 1.04 | 0.00 | 1.75 | 0.01 | -0.63 | -3.38 | -3.00 | -0.07 |
| 1932 | 0.79 | 5.41 | 3.11 | 0.00 | 0.51 | 0.00 | -0.70 | -4.60 | -4.17 | -0.07 |
| 1933 | 0.95 | 6.24 | 4.26 | 0.00 | 0.39 | 0.01 | -0.89 | -5.76 | -4.78 | -0.05 |
| 1934 | 0.86 | 7.70 | 3.64 | 0.00 | 0.04 | 0.00 | -0.95 | -4.92 | -5.93 | -0.25 |
| 1935 | 0.97 | 10.20 | 3.27 | 0.00 | 0.06 | 0.00 | -1.11 | -5.00 | -7.53 | -0.73 |
| 1936 | 1.04 | 10.45 | 2.86 | 0.00 | 0.04 | 0.00 | -1.11 | -5.04 | -7.75 | -0.27 |
| 1937 | 0.85 | 9.82 | 2.76 | 0.00 | 0.04 | 0.00 | -1.00 | -4.61 | -7.51 | -0.15 |
| 1938 | 0.92 | 13.51 | 2.94 | 0.00 | 0.03 | 0.00 | -1.11 | -5.12 | -9.82 | -1.08 |
| 1939 | 0.98 | 16.25 | 2.66 | 0.00 | 0.02 | 0.00 | -1.07 | -5.33 | -12.30 | -0.69 |
| 1940 | 1.00 | 19.20 | 2.12 | 0.00 | 0.01 | 0.00 | -1.39 | -5.76 | -13.63 | -0.36 |
| 1941 | 1.02 | 15.86 | 1.74 | 0.00 | 0.01 | 0.00 | -1.31 | -6.34 | -9.63 | -0.67 |
| 1942 | 1.13 | 12.39 | 3.61 | 0.00 | 0.01 | 0.00 | -1.08 | -7.34 | -7.71 | -0.49 |
| 1943 | 1.17 | 9.77 | 5.72 | 0.00 | 0.05 | 0.00 | -0.94 | -8.31 | -6.29 | -0.38 |
| 1944 | 1.02 | 8.23 | 8.49 | 0.00 | 0.07 | 0.00 | -0.85 | -9.68 | -6.22 | -0.40 |
| 1945 | 0.99 | 7.83 | 10.54 | 0.00 | 0.22 | 0.00 | -0.79 | -10.85 | -6.87 | -0.53 |
| 1946 | 1.25 | 8.08 | 10.26 | 0.00 | 0.07 | 0.00 | -1.03 | -10.96 | -7.09 | -0.17 |
| 1947 | 1.26 | 8.61 | 9.06 | 0.00 | 0.06 | 0.00 | -1.13 | -9.97 | -7.20 | -0.33 |
| 1948 | 1.17 | 8.36 | 8.51 | 0.00 | 0.09 | 0.00 | -1.04 | -8.83 | -7.37 | -0.47 |
| 1949 | 1.12 | 8.51 | 6.90 | 0.00 | 0.05 | 0.00 | -1.06 | -8.66 | -5.98 | -0.36 |
| 1950 | 1.35 | 7.19 | 6.78 | 0.00 | 0.10 | 0.00 | -0.99 | -7.91 | -5.73 | -0.26 |
| 1951 | 1.16 | 6.17 | 6.77 | 0.00 | 0.23 | 0.00 | -0.78 | -7.26 | -5.82 | -0.08 |
| 1952 | 1.15 | 5.99 | 6.76 | 0.00 | 0.33 | 0.00 | -0.88 | -7.17 | -5.66 | -0.12 |
| 1953 | 1.20 | 5.48 | 6.68 | 0.00 | 0.03 | 0.00 | -0.95 | -6.86 | -5.14 | -0.13 |
| 1954 | 1.15 | 5.39 | 6.39 | 0.00 | 0.14 | 0.00 | -0.93 | -6.74 | -4.92 | -0.12 |
| 1955 | 1.32 | 4.94 | 5.83 | 0.00 | 0.13 | 0.00 | -0.97 | -6.35 | -4.44 | -0.12 |
| 1956 | 1.22 | 4.73 | 5.55 | 0.00 | 0.16 | 0.00 | -0.83 | -6.14 | -4.26 | -0.12 |
| 1957 | 1.32 | 4.66 | 5.11 | 0.00 | 0.03 | 0.00 | -0.91 | -5.81 | -4.02 | -0.10 |
| 1958 | 1.32 | 4.15 | 5.47 | 0.00 | 0.02 | 0.00 | -0.99 | -5.79 | -3.85 | -0.07 |
| 1959 | 1.39 | 3.67 | 5.13 | 0.00 | 0.09 | 0.00 | -1.02 | -5.43 | -3.44 | -0.10 |
| 1960 | 1.33 | 3.24 | 5.02 | 0.00 | 0.03 | 0.00 | -0.98 | -5.27 | -3.06 | -0.08 |
| 1961 | 1.11 | 2.96 | 5.17 | 0.00 | 0.11 | 0.00 | -0.72 | -5.16 | -3.18 | -0.05 |
| 1962 | 1.00 | 2.60 | 5.07 | 0.00 | 0.06 | 0.00 | -0.57 | -5.03 | -2.79 | -0.10 |
| 1963 | 1.09 | 2.39 | 5.27 | 0.00 | 0.04 | 0.00 | -0.66 | -5.08 | -2.67 | -0.14 |
| 1964 | 1.13 | 2.20 | 5.37 | 0.00 | 0.06 | 0.00 | -0.71 | -5.09 | -2.60 | -0.11 |
| 1965 | 1.11 | 1.81 | 5.51 | 0.00 | 0.09 | 0.00 | -0.72 | -5.03 | -2.52 | -0.07 |
| 1966 | 1.16 | 1.56 | 5.40 | 0.01 | 0.14 | 0.00 | -0.77 | -4.88 | -2.46 | -0.03 |
| 1967 | 1.21 | 1.39 | 5.72 | 0.00 | 0.06 | 0.00 | -0.83 | -4.88 | -2.50 | -0.04 |
| 1968 | 1.33 | 1.07 | 5.63 | 0.00 | 0.03 | 0.00 | -0.76 | -4.75 | -2.32 | -0.07 |
| 1969 | 1.30 | 0.99 | 5.62 | 0.00 | 0.02 | 0.00 | -0.84 | -4.67 | -2.16 | -0.13 |
| 1970 | 1.13 | 1.01 | 5.65 | 0.00 | 0.03 | 0.04 | -0.81 | -4.71 | -2.07 | -0.12 |
| 1971 | 1.14 | 0.85 | 6.11 | 0.05 | 0.14 | 0.03 | -0.83 | -4.66 | -2.51 | -0.17 |
| 1972 | 0.90 | 0.81 | 5.33 | 0.10 | 0.12 | 0.03 | -0.59 | -4.63 | -1.75 | -0.18 |
| 1973 | 1.00 | 0.80 | 5.26 | 0.13 | 0.04 | 0.03 | -0.53 | -4.51 | -1.84 | -0.19 |
| 1974 | 0.79 | 0.75 | 5.41 | 0.37 | 0.08 | 0.03 | -0.55 | -4.60 | -1.95 | -0.17 |
| 1975 | 0.75 | 0.69 | 5.22 | 0.37 | 0.08 | 0.03 | -0.46 | -4.58 | -1.55 | -0.43 |
| 1976 | 0.64 | 0.62 | 5.39 | 0.38 | 0.07 | 0.06 | -0.42 | -4.51 | -1.60 | -0.52 |
| 1977 | 0.75 | 0.56 | 5.08 | 0.42 | 0.13 | 0.06 | -0.47 | -4.50 | -1.53 | -0.37 |
| 1978 | 0.86 | 0.50 | 4.75 | 0.39 | 0.15 | 0.06 | -0.43 | -4.41 | -1.58 | -0.15 |
| 1979 | 0.80 | 0.42 | 4.30 | 0.32 | 0.09 | 0.07 | -0.38 | -4.32 | -1.08 | -0.11 |
| 1980 | 0.75 | 0.39 | 4.25 | 0.32 | 0.09 | 0.09 | -0.38 | -4.36 | -0.96 | -0.11 |
| 1981 | 0.64 | 0.35 | 4.10 | 0.30 | 0.06 | 0.10 | -0.31 | -4.14 | -0.91 | -0.11 |
| 1982 | 0.64 | 0.33 | 4.13 | 0.28 | 0.08 | 0.13 | -0.29 | -4.28 | -0.84 | -0.11 |
| 1983 | 0.57 | 0.31 | 4.20 | 0.24 | 0.04 | 0.13 | -0.33 | -4.34 | -0.63 | -0.10 |
| 1984 | 0.45 | 0.27 | 4.00 | 0.21 | 0.06 | 0.11 | -0.22 | -4.17 | -0.55 | -0.09 |
| 1985 | 0.59 | 0.26 | 4.18 | 0.23 | 0.07 | 0.11 | -0.29 | -4.18 | -0.66 | -0.22 |
| 1986 | 0.58 | 0.24 | 4.61 | 0.22 | 0.03 | 0.11 | -0.24 | -4.27 | -1.05 | -0.17 |
| 1987 | 0.50 | 0.23 | 4.58 | 0.19 | 0.02 | 0.10 | -0.19 | -4.39 | -0.86 | -0.10 |
| 1988 | 0.58 | 0.21 | 4.53 | 0.16 | 0.03 | 0.10 | -0.24 | -4.39 | -0.79 | -0.11 |
| 1989 | 0.82 | 0.20 | 4.15 | 0.14 | 0.04 | 0.15 | -0.18 | -4.28 | -0.85 | -0.09 |
| 1990 | 0.75 | 0.19 | 4.05 | 0.11 | 0.08 | 0.17 | -0.12 | -4.48 | -0.48 | -0.19 |
| 1991 | 0.69 | 0.18 | 4.48 | 0.11 | 0.00 | 0.16 | -0.17 | -4.66 | -0.54 | -0.16 |
| 1992 | 0.65 | 0.17 | 4.62 | 0.09 | 0.00 | 0.12 | -0.11 | -4.82 | -0.51 | -0.11 |
| 1993 | 0.57 | 0.16 | 5.02 | 0.08 | 0.00 | 0.12 | -0.11 | -5.04 | -0.61 | -0.08 |
| 1994 | 0.62 | 0.15 | 5.09 | 0.06 | 0.00 | 0.11 | -0.16 | -5.24 | -0.42 | -0.11 |
| 1995 | 0.53 | 0.14 | 5.08 | 0.03 | 0.00 | 0.13 | -0.14 | -5.25 | -0.34 | -0.08 |
| 1996 | 0.53 | 0.14 | 5.05 | 0.04 | 0.00 | 0.12 | -0.16 | -5.26 | -0.26 | -0.08 |
| 1997 | 0.46 | 0.13 | 5.27 | 0.04 | 0.02 | 0.11 | -0.15 | -5.33 | -0.36 | -0.06 |
| 1998 | 0.51 | 0.12 | 5.19 | 0.09 | 0.02 | 0.10 | -0.13 | -5.43 | -0.21 | -0.11 |
| 1999 | 0.44 | 0.11 | 5.02 | 0.00 | 1.31 | 0.06 | -0.12 | -6.24 | -0.17 | -0.27 |
| 2000 | 0.45 | 0.11 | 5.03 | 0.00 | 0.43 | 0.02 | -0.12 | -5.49 | -0.24 | -0.05 |
| 2001 | 0.40 | 0.10 | 5.25 | 0.00 | 0.48 | 0.02 | -0.06 | -5.77 | -0.24 | -0.05 |
| 2002 | 0.32 | 0.10 | 5.76 | 0.00 | 0.34 | 0.17 | -0.11 | -5.96 | -0.41 | -0.04 |
| 2003 | 0.24 | 0.10 | 5.82 | 0.00 | 0.38 | 0.19 | -0.08 | -6.02 | -0.43 | -0.05 |
| 2004 | 0.20 | 0.09 | 5.88 | 0.00 | 0.27 | 0.19 | -0.06 | -5.92 | -0.42 | -0.05 |
| 2005 | 0.19 | 0.08 | 5.71 | 0.00 | 0.35 | 0.16 | -0.07 | -5.82 | -0.36 | -0.03 |
| 2006 | 0.15 | 0.08 | 5.64 | 0.00 | 0.26 | 0.16 | -0.05 | -5.67 | -0.32 | -0.03 |
| 2007 | 0.12 | 0.08 | 5.21 | 0.00 | 0.46 | 0.27 | -0.04 | -5.47 | -0.36 | -0.03 |
| 2008 | 0.12 | 0.07 | 3.22 | 0.13 | 7.67 | 3.94 | -0.20 | -5.78 | -6.42 | -2.47 |
| 2009 | 0.45 | 0.08 | 5.36 | 7.38 | 1.86 | 0.28 | -0.27 | -6.15 | -7.57 | -1.07 |
| 2010 | 0.55 | 0.07 | 6.75 | 7.57 | 0.92 | 0.21 | -0.28 | -6.27 | -7.21 | -1.92 |
| 2011 | 0.80 | 0.07 | 10.72 | 6.03 | 0.28 | 0.84 | -0.56 | -6.63 | -10.63 | -0.59 |
| 2012 | 1.18 | 0.07 | 10.19 | 6.17 | 0.02 | 0.24 | -0.21 | -6.92 | -10.04 | -0.34 |
| 2013 | 1.34 | 0.07 | 13.08 | 9.21 | 0.01 | 0.17 | -0.46 | -7.08 | -15.41 | -0.56 |
| 2014 | 1.24 | 0.06 | 13.98 | 10.08 | 0.01 | 0.16 | -0.14 | -7.38 | -16.40 | -1.27 |
| 2015 | 1.11 | 0.06 | 13.45 | 9.73 | 0.01 | 0.14 | -0.16 | -7.55 | -14.80 | -1.78 |
| 2016 | 0.99 | 0.06 | 13.10 | 9.35 | 0.01 | 0.16 | -0.29 | -7.78 | -13.38 | -1.98 |
| 2017 | 0.88 | 0.06 | 12.51 | 9.02 | 0.01 | 0.20 | -0.42 | -8.00 | -13.07 | -0.95 |
| 2018 | 0.74 | 0.05 | 10.85 | 7.94 | 0.00 | 0.15 | -0.43 | -8.08 | -9.23 | -1.78 |
| 2019 | 0.64 | 0.05 | 10.81 | 6.60 | 1.09 | 0.14 | -0.58 | -8.14 | -8.78 | -1.63 |
| 2020 | 1.75 | 0.05 | 21.94 | 9.55 | 0.93 | 0.21 | -1.39 | -9.53 | -15.69 | -7.55 |
| 2021 | 1.57 | 0.05 | 23.82 | 11.03 | 0.32 | 0.12 | -1.16 | -9.22 | -25.12 | -1.20 |
| 2022 | 1.24 | 0.04 | 21.11 | 10.15 | 0.18 | 0.09 | -0.87 | -8.66 | -21.52 | -1.57 |
| 2023 | 1.05 | 0.04 | 17.23 | 8.75 | 0.57 | 0.09 | -0.19 | -8.25 | -16.54 | -2.56 |
| 2024 | 0.90 | 0.04 | 14.71 | 7.67 | 0.06 | 0.12 | 0.01 | -7.91 | -12.92 | -2.51 |
| 2025 | 1.07 | 0.04 | 14.43 | 6.97 | 0.04 | 0.12 | -0.01 | -8.17 | -11.32 | -2.98 |
Note: Scaled by GNP (Gordon (1986)) and by GDP (BEA) thereafter.
Sources: Federal Reserve data compiled by Schuler et al (2018); Federal Reserve Statistical Release H.4.1; Gordon (1986); BEA.
Last Update:
February 13, 2026