Accessible Version
A Decomposition of Balance Sheet Reduction, Accessible Data
Figure 1: SOMA Securities Holdings as a Share of Nominal GDP
| Date | SOMA/Nominal GDP (%) |
|---|---|
| 3/31/2005 | 5.620145111 |
| 6/30/2005 | 5.618194897 |
| 9/30/2005 | 5.602602582 |
| 12/31/2005 | 5.585399323 |
| 3/31/2006 | 5.577844514 |
| 6/30/2006 | 5.572139709 |
| 9/30/2006 | 5.543688377 |
| 12/31/2006 | 5.548037118 |
| 3/31/2007 | 5.493170872 |
| 6/30/2007 | 5.488928615 |
| 9/30/2007 | 5.353156666 |
| 12/31/2007 | 5.033007685 |
| 3/31/2008 | 4.020116767 |
| 6/30/2008 | 3.220971551 |
| 9/30/2008 | 3.296328834 |
| 12/31/2008 | 3.394598202 |
| 3/31/2009 | 5.381506991 |
| 6/30/2009 | 8.45268098 |
| 9/30/2009 | 10.99960537 |
| 12/31/2009 | 12.59080369 |
| 3/31/2010 | 13.6431643 |
| 6/30/2010 | 13.75029013 |
| 9/30/2010 | 13.50134104 |
| 12/31/2010 | 14.11603037 |
| 3/31/2011 | 15.65383279 |
| 6/30/2011 | 16.9860413 |
| 9/30/2011 | 16.89585932 |
| 12/31/2011 | 16.44399325 |
| 3/31/2012 | 16.14556901 |
| 6/30/2012 | 16.08170239 |
| 9/30/2012 | 15.70926535 |
| 12/31/2012 | 16.22967112 |
| 3/31/2013 | 17.65603454 |
| 6/30/2013 | 19.21196804 |
| 9/30/2013 | 20.4643338 |
| 12/31/2013 | 21.84833556 |
| 3/31/2014 | 23.07797688 |
| 6/30/2014 | 23.45017053 |
| 9/30/2014 | 23.51155018 |
| 12/31/2014 | 23.65381484 |
| 3/31/2015 | 23.40838271 |
| 6/30/2015 | 23.13375257 |
| 9/30/2015 | 23.03198641 |
| 12/31/2015 | 23.01018973 |
| 3/31/2016 | 22.90659261 |
| 6/30/2016 | 22.6112515 |
| 9/30/2016 | 22.34108215 |
| 12/31/2016 | 22.11271514 |
| 3/31/2017 | 22.02692685 |
| 6/30/2017 | 21.82991889 |
| 9/30/2017 | 21.53261162 |
| 12/31/2017 | 21.07856191 |
| 3/31/2018 | 20.58051058 |
| 6/30/2018 | 19.93104096 |
| 9/30/2018 | 19.21944273 |
| 12/31/2018 | 18.55007492 |
| 3/31/2019 | 17.86084428 |
| 6/30/2019 | 17.03636117 |
| 9/30/2019 | 16.4880131 |
| 12/31/2019 | 17.05148862 |
| 3/31/2020 | 21.27078928 |
| 6/30/2020 | 30.6770254 |
| 9/30/2020 | 29.62776689 |
| 12/31/2020 | 30.47349682 |
| 3/31/2021 | 31.42756705 |
| 6/30/2021 | 32.03243759 |
| 9/30/2021 | 33.05797978 |
| 12/31/2021 | 33.32966599 |
| 3/31/2022 | 33.57431088 |
| 6/30/2022 | 32.7733046 |
| 9/30/2022 | 31.77856695 |
| 12/31/2022 | 30.41813093 |
| 3/31/2023 | 29.1198575 |
| 6/30/2023 | 27.90826244 |
| 9/30/2023 | 26.48278106 |
| 12/31/2023 | 25.39785613 |
| 3/31/2024 | 24.40117986 |
| 6/30/2024 | 23.30291195 |
| 9/30/2024 | 22.59655708 |
| 12/31/2024 | 21.94320222 |
| 3/31/2025 | 21.40035889 |
| 6/30/2025 | 20.84122705 |
| 9/30/2025 | 20.33950107 |
| 12/31/2025 | 19.99939733 |
Note: Shaded areas represent the two episodes of balance sheet reduction (October 2014 – October 2019, March 2022 – December 2025).
Source: Federal Reserve Board, H.4.1; Bureau of Economic Analysis, Consumer Price Index; Bureau of Labor Statistics, Gross Domestic Product; Survey of Professional Forecasters; Authors' Calculations. Median forecasts from the Survey of Professional Forecasters are used for 2025:Q3 and 2025:Q4 values of RGDP growth and CPI inflation to calculate nominal GDP.
Figure 2. Passive versus Active Factors in Quantitative Tightening
2014-2019, Quarterly
Percent change
| Date | Inflation | Real GDP Increases | Reductions in SOMA |
|---|---|---|---|
| 9/30/2014 | 0 | 0 | 0 |
| 12/31/2014 | 0.058677047 | -0.201135796 | 0.272760634 |
| 3/31/2015 | 0.210755142 | -0.550046428 | 0.224161985 |
| 6/30/2015 | 0.050973307 | -0.66590271 | 0.225827725 |
| 9/30/2015 | -0.036890354 | -0.731316545 | 0.276792016 |
| 12/31/2015 | -0.035112174 | -0.775062149 | 0.29690851 |
| 3/31/2016 | -0.020616251 | -0.901792945 | 0.30570847 |
| 6/30/2016 | -0.204214951 | -0.942387674 | 0.234559719 |
| 9/30/2016 | -0.300114396 | -1.060302818 | 0.178151003 |
| 12/31/2016 | -0.442932 | -1.146892142 | 0.179137985 |
| 3/31/2017 | -0.601743166 | -1.211351203 | 0.316827395 |
| 6/30/2017 | -0.625211942 | -1.365488235 | 0.297269214 |
| 9/30/2017 | -0.728364182 | -1.541131607 | 0.278706118 |
| 12/31/2017 | -0.897302772 | -1.73489485 | 0.187358242 |
| 3/31/2018 | -1.071619 | -1.847916104 | -0.023355616 |
| 6/30/2018 | -1.172691612 | -1.969006433 | -0.450662294 |
| 9/30/2018 | -1.237625219 | -2.073430712 | -0.992902639 |
| 12/31/2018 | -1.298808469 | -2.068176952 | -1.693347915 |
| 3/31/2019 | -1.333186153 | -2.170362698 | -2.159008169 |
| 6/30/2019 | -1.450764021 | -2.245853903 | -2.790422205 |
| 9/30/2019 | -1.494174885 | -2.440137313 | -3.090945762 |
2022-2025, Quarterly
Percent change
| Date | Inflation | Real GDP Increases | Reductions in SOMA |
|---|---|---|---|
| 3/31/2022 | 0 | 0 | 0 |
| 6/30/2022 | -0.782387799 | -0.009726246 | -0.089655924 |
| 9/30/2022 | -1.198194252 | -0.174678041 | -0.552470728 |
| 12/31/2022 | -1.496882876 | -0.372165833 | -1.28820053 |
| 3/31/2023 | -1.741092094 | -0.59838935 | -2.295013906 |
| 6/30/2023 | -1.93260565 | -0.711103284 | -3.154211294 |
| 9/30/2023 | -2.145412416 | -1.023836743 | -3.923349951 |
| 12/31/2023 | -2.304759172 | -1.164531388 | -4.708233478 |
| 3/31/2024 | -2.5228172 | -1.166320429 | -5.485062684 |
| 6/30/2024 | -2.659842716 | -1.376793211 | -6.235832292 |
| 9/30/2024 | -2.714080543 | -1.603441948 | -6.728528261 |
| 12/31/2024 | -2.881614153 | -1.666445944 | -7.144033663 |
| 3/31/2025 | -3.098796579 | -1.591995396 | -7.546974561 |
| 6/30/2025 | -3.173421429 | -1.856505935 | -7.718986759 |
| 9/30/2025 | -3.341889903 | -2.008078538 | -7.901982667 |
| 12/31/2025 | -3.511036135 | -2.077975227 | -7.986971484 |
Note: Inflation and Real GDP Increases are considered passive factors.
Source: Federal Reserve Board, H.4.1; Bureau of Economic Analysis, Consumer Price Index; Bureau of Labor Statistics, Gross Domestic Product; Survey of Professional Forecasters; Authors' Calculations. Median forecasts from the Survey of Professional Forecasters are used for 2025:Q3 and 2025:Q4 values of RGDP growth and CPI inflation.
Last Update:
February 02, 2026