Accessible Version
The Effect of the Federal Reserve’s Securities Holdings on Longer-term Interest Rates, Accessible Data
Figure 1
10-Year Term Premium Effect
Quarterly
Percentage Points
Period | 10-Year Term Premium Effect | 90% Confidence Interval Upper Bound | 90% Confidence Interval Lower Bound |
---|---|---|---|
1 December 2016 | -0.99 | -0.52 | -1.46 |
1 March 2017 | -0.95 | -0.49 | -1.42 |
1 June 2017 | -0.91 | -0.46 | -1.37 |
1 September 2017 | -0.88 | -0.43 | -1.32 |
1 December 2017 | -0.84 | -0.40 | -1.27 |
1 March 2018 | -0.80 | -0.38 | -1.22 |
1 June 2018 | -0.76 | -0.35 | -1.18 |
1 September 2018 | -0.72 | -0.32 | -1.12 |
1 December 2018 | -0.68 | -0.30 | -1.07 |
1 March 2019 | -0.65 | -0.27 | -1.02 |
1 June 2019 | -0.61 | -0.25 | -0.97 |
1 September 2019 | -0.57 | -0.22 | -0.92 |
1 December 2019 | -0.54 | -0.20 | -0.87 |
1 March 2020 | -0.51 | -0.18 | -0.83 |
1 June 2020 | -0.48 | -0.17 | -0.79 |
1 September 2020 | -0.45 | -0.15 | -0.75 |
1 December 2020 | -0.42 | -0.14 | -0.71 |
1 March 2021 | -0.40 | -0.12 | -0.67 |
1 June 2021 | -0.37 | -0.11 | -0.64 |
1 September 2021 | -0.35 | -0.10 | -0.60 |
1 December 2021 | -0.33 | -0.09 | -0.57 |
1 March 2022 | -0.31 | -0.08 | -0.54 |
1 June 2022 | -0.29 | -0.07 | -0.51 |
1 September 2022 | -0.27 | -0.06 | -0.48 |
1 December 2022 | -0.26 | -0.05 | -0.46 |
1 March 2023 | -0.24 | -0.05 | -0.43 |
1 June 2023 | -0.23 | -0.04 | -0.41 |
1 September 2023 | -0.21 | -0.04 | -0.39 |
1 December 2023 | -0.20 | -0.03 | -0.36 |
1 March 2024 | -0.19 | -0.03 | -0.34 |
1 June 2024 | -0.18 | -0.03 | -0.32 |
1 September 2024 | -0.16 | -0.03 | -0.30 |
1 December 2024 | -0.15 | -0.02 | -0.29 |
1 March 2025 | -0.14 | -0.02 | -0.27 |
1 June 2025 | -0.13 | -0.02 | -0.25 |
1 September 2025 | -0.12 | -0.02 | -0.23 |
1 December 2025 | -0.11 | -0.01 | -0.21 |
Figure 2
Percent
2007 | 2023 | |
---|---|---|
Agency MBS | 0 | 51 |
Treasury Bills | 32 | 1 |
Treasury Notes/Bonds | 63 | 44 |
Other | 5 | 4 |
Figure 3
Left Panel
10-Year Term Premium Effect
Quarterly
Period | 10-Year Term Premium Effect | Upper bound | Lower bound |
---|---|---|---|
1 December 2016 | -0.99 | -0.52 | -1.46 |
1 March 2017 | -0.95 | -0.49 | -1.42 |
1 June 2017 | -0.91 | -0.46 | -1.37 |
1 September 2017 | -0.88 | -0.43 | -1.32 |
1 December 2017 | -0.84 | -0.40 | -1.27 |
1 March 2018 | -0.80 | -0.38 | -1.22 |
1 June 2018 | -0.76 | -0.35 | -1.18 |
1 September 2018 | -0.72 | -0.32 | -1.12 |
1 December 2018 | -0.68 | -0.30 | -1.07 |
1 March 2019 | -0.65 | -0.27 | -1.02 |
1 June 2019 | -0.61 | -0.25 | -0.97 |
1 September 2019 | -0.57 | -0.22 | -0.92 |
1 December 2019 | -0.54 | -0.20 | -0.87 |
1 March 2020 | -0.51 | -0.18 | -0.83 |
1 June 2020 | -0.48 | -0.17 | -0.79 |
1 September 2020 | -0.45 | -0.15 | -0.75 |
1 December 2020 | -0.42 | -0.14 | -0.71 |
1 March 2021 | -0.40 | -0.12 | -0.67 |
1 June 2021 | -0.37 | -0.11 | -0.64 |
1 September 2021 | -0.35 | -0.10 | -0.60 |
1 December 2021 | -0.33 | -0.09 | -0.57 |
1 March 2022 | -0.31 | -0.08 | -0.54 |
1 June 2022 | -0.29 | -0.07 | -0.51 |
1 September 2022 | -0.27 | -0.06 | -0.48 |
1 December 2022 | -0.26 | -0.05 | -0.46 |
1 March 2023 | -0.24 | -0.05 | -0.43 |
1 June 2023 | -0.23 | -0.04 | -0.41 |
1 September 2023 | -0.21 | -0.04 | -0.39 |
1 December 2023 | -0.20 | -0.03 | -0.36 |
1 March 2024 | -0.19 | -0.03 | -0.34 |
1 June 2024 | -0.18 | -0.03 | -0.32 |
1 September 2024 | -0.16 | -0.03 | -0.30 |
1 December 2024 | -0.15 | -0.02 | -0.29 |
1 March 2025 | -0.14 | -0.02 | -0.27 |
1 June 2025 | -0.13 | -0.02 | -0.25 |
1 September 2025 | -0.12 | -0.02 | -0.23 |
1 December 2025 | -0.11 | -0.01 | -0.21 |
Center panel
SOMA Holdings
Monthly
Period | Billions of Dollars |
---|---|
1 January 2006 | 748.82 |
1 February 2006 | 754.68 |
1 March 2006 | 758.54 |
1 April 2006 | 759.69 |
1 May 2006 | 762.41 |
1 June 2006 | 766.36 |
1 July 2006 | 764.81 |
1 August 2006 | 766.74 |
1 September 2006 | 768.92 |
1 October 2006 | 768.49 |
1 November 2006 | 772.60 |
1 December 2006 | 778.91 |
1 January 2007 | 778.86 |
1 February 2007 | 780.79 |
1 March 2007 | 780.90 |
1 April 2007 | 787.19 |
1 May 2007 | 790.27 |
1 June 2007 | 790.52 |
1 July 2007 | 790.80 |
1 August 2007 | 779.64 |
1 September 2007 | 779.63 |
1 October 2007 | 779.59 |
1 November 2007 | 779.70 |
1 December 2007 | 740.61 |
1 January 2008 | 713.38 |
1 February 2008 | 713.35 |
1 March 2008 | 591.23 |
1 April 2008 | 548.69 |
1 May 2008 | 486.90 |
1 June 2008 | 478.84 |
1 July 2008 | 479.24 |
1 August 2008 | 479.70 |
1 September 2008 | 491.13 |
1 October 2008 | 490.09 |
1 November 2008 | 488.62 |
1 December 2008 | 495.63 |
1 January 2009 | 510.79 |
1 February 2009 | 581.68 |
1 March 2009 | 779.35 |
1 April 2009 | 983.18 |
1 May 2009 | 1113.52 |
1 June 2009 | 1215.52 |
1 July 2009 | 1354.07 |
1 August 2009 | 1491.50 |
1 September 2009 | 1592.70 |
1 October 2009 | 1697.80 |
1 November 2009 | 1783.76 |
1 December 2009 | 1844.84 |
1 January 2010 | 1910.42 |
1 February 2010 | 1970.83 |
1 March 2010 | 2014.39 |
1 April 2010 | 2042.12 |
1 May 2010 | 2057.14 |
1 June 2010 | 2059.88 |
1 July 2010 | 2053.99 |
1 August 2010 | 2045.95 |
1 September 2010 | 2044.31 |
1 October 2010 | 2040.23 |
1 November 2010 | 2081.47 |
1 December 2010 | 2161.09 |
1 January 2011 | 2238.30 |
1 February 2011 | 2319.84 |
1 March 2011 | 2410.10 |
1 April 2011 | 2472.32 |
1 May 2011 | 2567.25 |
1 June 2011 | 2645.10 |
1 July 2011 | 2647.93 |
1 August 2011 | 2646.83 |
1 September 2011 | 2643.81 |
1 October 2011 | 2619.75 |
1 November 2011 | 2605.00 |
1 December 2011 | 2605.12 |
1 January 2012 | 2597.45 |
1 February 2012 | 2603.21 |
1 March 2012 | 2594.40 |
1 April 2012 | 2603.40 |
1 May 2012 | 2606.44 |
1 June 2012 | 2606.40 |
1 July 2012 | 2589.00 |
1 August 2012 | 2573.34 |
1 September 2012 | 2563.68 |
1 October 2012 | 2579.27 |
1 November 2012 | 2620.64 |
1 December 2012 | 2669.59 |
1 January 2013 | 2750.98 |
1 February 2013 | 2844.07 |
1 March 2013 | 2939.42 |
1 April 2013 | 3036.42 |
1 May 2013 | 3124.08 |
1 June 2013 | 3213.90 |
1 July 2013 | 3295.89 |
1 August 2013 | 3385.57 |
1 September 2013 | 3475.02 |
1 October 2013 | 3570.52 |
1 November 2013 | 3661.90 |
1 December 2013 | 3756.16 |
1 January 2014 | 3831.69 |
1 February 2014 | 3904.80 |
1 March 2014 | 3970.06 |
1 April 2014 | 4027.11 |
1 May 2014 | 4066.82 |
1 June 2014 | 4108.14 |
1 July 2014 | 4136.79 |
1 August 2014 | 4156.86 |
1 September 2014 | 4188.17 |
1 October 2014 | 4219.16 |
1 November 2014 | 4230.13 |
1 December 2014 | 4236.87 |
1 January 2015 | 4237.01 |
1 February 2015 | 4237.20 |
1 March 2015 | 4228.37 |
1 April 2015 | 4214.81 |
1 May 2015 | 4219.05 |
1 June 2015 | 4228.91 |
1 July 2015 | 4231.48 |
1 August 2015 | 4233.68 |
1 September 2015 | 4238.27 |
1 October 2015 | 4240.02 |
1 November 2015 | 4239.34 |
1 December 2015 | 4241.96 |
1 January 2016 | 4236.81 |
1 February 2016 | 4244.28 |
1 March 2016 | 4243.67 |
1 April 2016 | 4233.35 |
1 May 2016 | 4229.91 |
1 June 2016 | 4230.97 |
1 July 2016 | 4226.42 |
1 August 2016 | 4230.12 |
1 September 2016 | 4220.83 |
1 October 2016 | 4217.90 |
1 November 2016 | 4223.03 |
1 December 2016 | 4214.76 |
1 January 2017 | 4214.05 |
1 February 2017 | 4214.47 |
1 March 2017 | 4214.47 |
1 April 2017 | 4213.93 |
1 May 2017 | 4213.38 |
1 June 2017 | 4214.53 |
1 July 2017 | 4216.97 |
1 August 2017 | 4219.19 |
1 September 2017 | 4224.24 |
1 October 2017 | 4227.27 |
1 November 2017 | 4225.42 |
1 December 2017 | 4226.48 |
1 January 2018 | 4229.87 |
1 February 2018 | 4231.21 |
1 March 2018 | 4230.03 |
1 April 2018 | 4229.22 |
1 May 2018 | 4229.84 |
1 June 2018 | 4221.12 |
1 July 2018 | 4213.95 |
1 August 2018 | 4204.28 |
1 September 2018 | 4195.98 |
1 October 2018 | 4183.48 |
1 November 2018 | 4154.36 |
1 December 2018 | 4137.09 |
1 January 2019 | 4122.74 |
1 February 2019 | 4081.10 |
1 March 2019 | 4052.71 |
1 April 2019 | 4018.07 |
1 May 2019 | 3958.84 |
1 June 2019 | 3923.23 |
1 July 2019 | 3887.87 |
1 August 2019 | 3803.90 |
1 September 2019 | 3776.65 |
1 October 2019 | 3745.46 |
1 November 2019 | 3682.14 |
1 December 2019 | 3654.91 |
1 January 2020 | 3623.35 |
1 February 2020 | 3551.57 |
1 March 2020 | 3515.10 |
1 April 2020 | 3484.05 |
1 May 2020 | 3403.70 |
1 June 2020 | 3367.16 |
1 July 2020 | 3332.20 |
1 August 2020 | 3255.47 |
1 September 2020 | 3229.73 |
1 October 2020 | 3210.68 |
1 November 2020 | 3169.00 |
1 December 2020 | 3147.89 |
1 January 2021 | 3123.02 |
1 February 2021 | 3058.80 |
1 March 2021 | 3033.51 |
1 April 2021 | 3004.60 |
1 May 2021 | 2925.52 |
1 June 2021 | 2906.03 |
1 July 2021 | 2889.06 |
1 August 2021 | 2833.61 |
1 September 2021 | 2820.16 |
1 October 2021 | 2806.57 |
1 November 2021 | 2731.88 |
1 December 2021 | 2717.13 |
1 January 2022 | 2701.43 |
1 February 2022 | 2635.73 |
1 March 2022 | 2621.14 |
1 April 2022 | 2605.59 |
1 May 2022 | 2544.46 |
1 June 2022 | 2529.30 |
1 July 2022 | 2514.15 |
1 August 2022 | 2453.14 |
1 September 2022 | 2439.57 |
1 October 2022 | 2426.84 |
1 November 2022 | 2377.29 |
1 December 2022 | 2362.11 |
1 January 2023 | 2343.92 |
1 February 2023 | 2305.41 |
1 March 2023 | 2312.24 |
1 April 2023 | 2319.66 |
1 May 2023 | 2326.86 |
1 June 2023 | 2334.29 |
1 July 2023 | 2341.57 |
1 August 2023 | 2349.06 |
1 September 2023 | 2356.51 |
1 October 2023 | 2363.88 |
1 November 2023 | 2371.48 |
1 December 2023 | 2378.84 |
1 January 2024 | 2386.46 |
1 February 2024 | 2394.07 |
1 March 2024 | 2401.25 |
1 April 2024 | 2408.88 |
1 May 2024 | 2416.30 |
1 June 2024 | 2423.93 |
1 July 2024 | 2431.41 |
1 August 2024 | 2439.12 |
1 September 2024 | 2446.83 |
1 October 2024 | 2454.46 |
1 November 2024 | 2462.31 |
1 December 2024 | 2469.91 |
1 January 2025 | 2477.88 |
1 February 2025 | 2485.83 |
1 March 2025 | 2493.08 |
1 April 2025 | 2500.95 |
1 May 2025 | 2508.60 |
1 June 2025 | 2516.48 |
1 July 2025 | 2524.21 |
1 August 2025 | 2532.17 |
1 September 2025 | 2540.12 |
1 October 2025 | 2547.98 |
1 November 2025 | 2556.09 |
1 December 2025 | 2563.94 |
Right panel
Reserve Balances
Monthly
Period | Billions of Dollars |
---|---|
1 January 2006 | 22.25 |
1 February 2006 | 24.24 |
1 March 2006 | 21.02 |
1 April 2006 | 21.41 |
1 May 2006 | 23.40 |
1 June 2006 | 20.96 |
1 July 2006 | 24.49 |
1 August 2006 | 19.53 |
1 September 2006 | 17.33 |
1 October 2006 | 20.00 |
1 November 2006 | 20.38 |
1 December 2006 | 18.70 |
1 January 2007 | 24.23 |
1 February 2007 | 22.91 |
1 March 2007 | 18.33 |
1 April 2007 | 17.83 |
1 May 2007 | 21.90 |
1 June 2007 | 17.29 |
1 July 2007 | 21.54 |
1 August 2007 | 12.77 |
1 September 2007 | 23.01 |
1 October 2007 | 20.72 |
1 November 2007 | 17.91 |
1 December 2007 | 20.77 |
1 January 2008 | 17.66 |
1 February 2008 | 20.26 |
1 March 2008 | 24.16 |
1 April 2008 | 20.30 |
1 May 2008 | 18.77 |
1 June 2008 | 33.50 |
1 July 2008 | 23.22 |
1 August 2008 | 20.17 |
1 September 2008 | 222.06 |
1 October 2008 | 501.31 |
1 November 2008 | 642.25 |
1 December 2008 | 860.00 |
1 January 2009 | 691.99 |
1 February 2009 | 685.58 |
1 March 2009 | 805.21 |
1 April 2009 | 718.62 |
1 May 2009 | 877.70 |
1 June 2009 | 660.54 |
1 July 2009 | 703.15 |
1 August 2009 | 783.48 |
1 September 2009 | 848.09 |
1 October 2009 | 1113.54 |
1 November 2009 | 1081.68 |
1 December 2009 | 976.99 |
1 January 2010 | 1153.99 |
1 February 2010 | 1225.13 |
1 March 2010 | 1053.88 |
1 April 2010 | 1003.07 |
1 May 2010 | 1082.73 |
1 June 2010 | 972.34 |
1 July 2010 | 1079.10 |
1 August 2010 | 984.28 |
1 September 2010 | 932.44 |
1 October 2010 | 1009.66 |
1 November 2010 | 965.89 |
1 December 2010 | 968.05 |
1 January 2011 | 1043.44 |
1 February 2011 | 1255.65 |
1 March 2011 | 1406.98 |
1 April 2011 | 1481.15 |
1 May 2011 | 1552.05 |
1 June 2011 | 1595.94 |
1 July 2011 | 1614.46 |
1 August 2011 | 1592.00 |
1 September 2011 | 1592.41 |
1 October 2011 | 1539.40 |
1 November 2011 | 1487.25 |
1 December 2011 | 1562.25 |
1 January 2012 | 1532.30 |
1 February 2012 | 1607.11 |
1 March 2012 | 1546.87 |
1 April 2012 | 1440.65 |
1 May 2012 | 1467.05 |
1 June 2012 | 1506.98 |
1 July 2012 | 1497.54 |
1 August 2012 | 1514.78 |
1 September 2012 | 1437.32 |
1 October 2012 | 1434.40 |
1 November 2012 | 1516.87 |
1 December 2012 | 1491.04 |
1 January 2013 | 1599.21 |
1 February 2013 | 1695.14 |
1 March 2013 | 1787.31 |
1 April 2013 | 1771.11 |
1 May 2013 | 2004.95 |
1 June 2013 | 2013.26 |
1 July 2013 | 2120.84 |
1 August 2013 | 2267.38 |
1 September 2013 | 2220.74 |
1 October 2013 | 2377.37 |
1 November 2013 | 2485.20 |
1 December 2013 | 2249.07 |
1 January 2014 | 2524.80 |
1 February 2014 | 2608.27 |
1 March 2014 | 2430.06 |
1 April 2014 | 2514.44 |
1 May 2014 | 2664.83 |
1 June 2014 | 2363.42 |
1 July 2014 | 2690.41 |
1 August 2014 | 2761.89 |
1 September 2014 | 2537.85 |
1 October 2014 | 2519.84 |
1 November 2014 | 2416.55 |
1 December 2014 | 2378.00 |
1 January 2015 | 2665.59 |
1 February 2015 | 2513.02 |
1 March 2015 | 2437.28 |
1 April 2015 | 2508.28 |
1 May 2015 | 2400.86 |
1 June 2015 | 2242.47 |
1 July 2015 | 2563.64 |
1 August 2015 | 2596.55 |
1 September 2015 | 2197.66 |
1 October 2015 | 2596.44 |
1 November 2015 | 2425.13 |
1 December 2015 | 1977.17 |
1 January 2016 | 2329.31 |
1 February 2016 | 2407.37 |
1 March 2016 | 2125.36 |
1 April 2016 | 2342.41 |
1 May 2016 | 2317.12 |
1 June 2016 | 2038.27 |
1 July 2016 | 2274.55 |
1 August 2016 | 2230.61 |
1 September 2016 | 1923.02 |
1 October 2016 | 2042.23 |
1 November 2016 | 2015.31 |
1 December 2016 | 2414.28 |
1 January 2017 | 2407.50 |
1 February 2017 | 2402.06 |
1 March 2017 | 2396.12 |
1 April 2017 | 2388.85 |
1 May 2017 | 2382.27 |
1 June 2017 | 2377.75 |
1 July 2017 | 2374.33 |
1 August 2017 | 2370.61 |
1 September 2017 | 2369.73 |
1 October 2017 | 2366.47 |
1 November 2017 | 2358.04 |
1 December 2017 | 2352.67 |
1 January 2018 | 2349.34 |
1 February 2018 | 2344.15 |
1 March 2018 | 2337.15 |
1 April 2018 | 2329.96 |
1 May 2018 | 2324.42 |
1 June 2018 | 2309.37 |
1 July 2018 | 2295.80 |
1 August 2018 | 2279.59 |
1 September 2018 | 2264.73 |
1 October 2018 | 2245.59 |
1 November 2018 | 2209.54 |
1 December 2018 | 2185.57 |
1 January 2019 | 2164.22 |
1 February 2019 | 2115.60 |
1 March 2019 | 2080.85 |
1 April 2019 | 2039.29 |
1 May 2019 | 1973.27 |
1 June 2019 | 1930.67 |
1 July 2019 | 1888.39 |
1 August 2019 | 1797.25 |
1 September 2019 | 1762.92 |
1 October 2019 | 1724.72 |
1 November 2019 | 1654.21 |
1 December 2019 | 1620.00 |
1 January 2020 | 1581.27 |
1 February 2020 | 1502.34 |
1 March 2020 | 1459.10 |
1 April 2020 | 1420.91 |
1 May 2020 | 1333.61 |
1 June 2020 | 1289.95 |
1 July 2020 | 1248.02 |
1 August 2020 | 1164.14 |
1 September 2020 | 1131.34 |
1 October 2020 | 1105.30 |
1 November 2020 | 1056.42 |
1 December 2020 | 1028.35 |
1 January 2021 | 996.23 |
1 February 2021 | 924.78 |
1 March 2021 | 892.87 |
1 April 2021 | 856.80 |
1 May 2021 | 770.76 |
1 June 2021 | 744.15 |
1 July 2021 | 720.19 |
1 August 2021 | 657.57 |
1 September 2021 | 637.00 |
1 October 2021 | 616.35 |
1 November 2021 | 534.40 |
1 December 2021 | 521.03 |
1 January 2022 | 506.39 |
1 February 2022 | 441.77 |
1 March 2022 | 428.88 |
1 April 2022 | 414.45 |
1 May 2022 | 354.65 |
1 June 2022 | 340.60 |
1 July 2022 | 326.71 |
1 August 2022 | 266.74 |
1 September 2022 | 254.25 |
1 October 2022 | 242.66 |
1 November 2022 | 194.04 |
1 December 2022 | 171.68 |
1 January 2023 | 145.99 |
1 February 2023 | 100.00 |
1 March 2023 | 100.00 |
1 April 2023 | 100.00 |
1 May 2023 | 100.00 |
1 June 2023 | 100.00 |
1 July 2023 | 100.00 |
1 August 2023 | 100.00 |
1 September 2023 | 100.00 |
1 October 2023 | 100.00 |
1 November 2023 | 100.00 |
1 December 2023 | 100.00 |
1 January 2024 | 100.00 |
1 February 2024 | 100.00 |
1 March 2024 | 100.00 |
1 April 2024 | 100.00 |
1 May 2024 | 100.00 |
1 June 2024 | 100.00 |
1 July 2024 | 100.00 |
1 August 2024 | 100.00 |
1 September 2024 | 100.00 |
1 October 2024 | 100.00 |
1 November 2024 | 100.00 |
1 December 2024 | 100.00 |
1 January 2025 | 100.00 |
1 February 2025 | 100.00 |
1 March 2025 | 100.00 |
1 April 2025 | 100.00 |
1 May 2025 | 100.00 |
1 June 2025 | 100.00 |
1 July 2025 | 100.00 |
1 August 2025 | 100.00 |
1 September 2025 | 100.00 |
1 October 2025 | 100.00 |
1 November 2025 | 100.00 |
1 December 2025 | 100.00 |
Last Update:
April 20, 2017