Reading the Fed's Balance Sheet
Read the Trend, Not the Level
The balance sheet is $2.2tn off its peak and growing again. Both facts are on the same chart.
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The Fed’s assets peaked at $8.97tn in April 2022, bottomed at $6.54tn in December 2025, and stood at $6.74tn on 2 September 2026. Is the Fed still tightening?
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