Accessible Version
Accessible Version
Figure 1. Federal Reserve Liabilities as a Share of GDP
Quarterly averages
Percent
| Period | Reserve Balances | Other Liabilities | Treasury General Account | Currency in Circulation | Total Liabilities |
|---|---|---|---|---|---|
| 2006:Q1 | 0.1 | 0.3 | 0.0 | 5.5 | 5.9 |
| 2006:Q2 | 0.1 | 0.3 | 0.0 | 5.5 | 5.9 |
| 2006:Q3 | 0.1 | 0.3 | 0.0 | 5.5 | 5.9 |
| 2006:Q4 | 0.1 | 0.3 | 0.0 | 5.5 | 5.9 |
| 2007:Q1 | 0.1 | 0.3 | 0.0 | 5.4 | 5.9 |
| 2007:Q2 | 0.1 | 0.3 | 0.0 | 5.4 | 5.8 |
| 2007:Q3 | 0.1 | 0.3 | 0.0 | 5.3 | 5.7 |
| 2007:Q4 | 0.1 | 0.3 | 0.0 | 5.3 | 5.8 |
| 2008:Q1 | 0.1 | 0.4 | 0.0 | 5.3 | 5.8 |
| 2008:Q2 | 0.1 | 0.4 | 0.0 | 5.3 | 5.7 |
| 2008:Q3 | 0.2 | 0.6 | 0.0 | 5.4 | 6.2 |
| 2008:Q4 | 3.7 | 3.9 | 0.4 | 5.7 | 13.7 |
| 2009:Q1 | 5.2 | 2.0 | 0.4 | 5.9 | 13.5 |
| 2009:Q2 | 5.8 | 2.0 | 0.4 | 6.0 | 14.3 |
| 2009:Q3 | 5.6 | 2.0 | 0.3 | 6.0 | 13.9 |
| 2009:Q4 | 7.3 | 0.8 | 0.4 | 6.0 | 14.6 |
| 2010:Q1 | 7.7 | 0.8 | 0.6 | 6.0 | 15.1 |
| 2010:Q2 | 7.2 | 1.8 | 0.3 | 6.0 | 15.3 |
| 2010:Q3 | 6.9 | 1.9 | 0.3 | 6.0 | 15.0 |
| 2010:Q4 | 6.6 | 2.0 | 0.3 | 6.1 | 15.0 |
| 2011:Q1 | 8.0 | 1.4 | 0.5 | 6.2 | 16.1 |
| 2011:Q2 | 10.0 | 0.6 | 0.5 | 6.3 | 17.4 |
| 2011:Q3 | 10.4 | 1.0 | 0.3 | 6.4 | 18.0 |
| 2011:Q4 | 9.9 | 1.1 | 0.3 | 6.4 | 17.7 |
| 2012:Q1 | 9.9 | 1.0 | 0.5 | 6.5 | 17.8 |
| 2012:Q2 | 9.4 | 0.9 | 0.5 | 6.6 | 17.4 |
| 2012:Q3 | 9.3 | 0.9 | 0.3 | 6.6 | 17.1 |
| 2012:Q4 | 9.2 | 0.9 | 0.3 | 6.8 | 17.1 |
| 2013:Q1 | 10.1 | 0.9 | 0.3 | 6.8 | 18.1 |
| 2013:Q2 | 11.6 | 0.9 | 0.5 | 6.9 | 19.9 |
| 2013:Q3 | 13.0 | 0.9 | 0.4 | 6.9 | 21.1 |
| 2013:Q4 | 14.3 | 1.0 | 0.3 | 6.9 | 22.5 |
| 2014:Q1 | 15.0 | 1.4 | 0.4 | 7.0 | 23.9 |
| 2014:Q2 | 15.2 | 1.7 | 0.4 | 7.1 | 24.4 |
| 2014:Q3 | 15.5 | 1.7 | 0.4 | 7.0 | 24.6 |
| 2014:Q4 | 14.6 | 2.5 | 0.6 | 7.1 | 24.8 |
| 2015:Q1 | 14.6 | 2.2 | 0.7 | 7.2 | 24.7 |
| 2015:Q2 | 14.3 | 1.7 | 1.0 | 7.2 | 24.3 |
| 2015:Q3 | 14.3 | 1.8 | 0.9 | 7.3 | 24.2 |
| 2015:Q4 | 14.0 | 2.0 | 0.8 | 7.4 | 24.2 |
| 2016:Q1 | 13.2 | 1.9 | 1.5 | 7.5 | 24.2 |
| 2016:Q2 | 12.8 | 1.9 | 1.6 | 7.6 | 23.8 |
| 2016:Q3 | 12.3 | 2.2 | 1.6 | 7.6 | 23.6 |
| 2016:Q4 | 11.0 | 2.7 | 2.0 | 7.6 | 23.3 |
| 2017:Q1 | 11.6 | 2.6 | 1.2 | 7.7 | 23.1 |
| 2017:Q2 | 11.6 | 2.7 | 0.9 | 7.8 | 22.9 |
| 2017:Q3 | 11.7 | 2.4 | 0.7 | 7.8 | 22.6 |
| 2017:Q4 | 11.4 | 2.2 | 0.8 | 7.8 | 22.3 |
| 2018:Q1 | 11.0 | 1.8 | 1.2 | 7.9 | 21.8 |
| 2018:Q2 | 10.0 | 1.7 | 1.6 | 7.9 | 21.1 |
| 2018:Q3 | 9.3 | 1.6 | 1.7 | 7.9 | 20.4 |
| 2018:Q4 | 8.5 | 1.5 | 1.7 | 7.9 | 19.6 |
| 2019:Q1 | 7.9 | 1.5 | 1.5 | 7.9 | 18.7 |
| 2019:Q2 | 7.0 | 1.5 | 1.5 | 7.9 | 17.9 |
| 2019:Q3 | 6.3 | 1.5 | 1.5 | 7.9 | 17.1 |
| 2019:Q4 | 5.7 | 1.4 | 1.4 | 7.9 | 16.5 |
| 2020:Q1 | 5.1 | 1.4 | 1.4 | 7.9 | 15.9 |
| 2020:Q2 | 5.0 | 1.4 | 1.4 | 7.9 | 15.8 |
| 2020:Q3 | 5.0 | 1.4 | 1.4 | 7.9 | 15.8 |
| 2020:Q4 | 5.0 | 1.4 | 1.4 | 7.9 | 15.8 |
Note: Key identifies regions in order from top to bottom. In this figure, currency in circulation is Federal Reserve notes outstanding. Projections begin in 2019:Q1. Projections of liabilities are based on responses to surveys of primary dealers and market participants conducted by the Federal Reserve Bank of New York. Nominal GDP projections are from the Congressional Budget Office, The Budget and Economic Outlook: 2019 to 2029.
Source: Federal Reserve Board, Statistical Release H.4.1, "Factors Affecting Reserve Balances," https://www.federalreserve.gov/releases/h41; Federal Reserve Board staff calculations; Federal Reserve Bank of New York Primary Dealer Survey and Survey of Market Participants; Congressional Budget Office (2019), The Budget and Economic Outlook: 2019 to 2029. (Washington: CBO), https://www.cbo.gov/system/files?file=2019-03/54918-Outlook-2.pdf.
Table 1. Federal Reserve Liabilities as a Share of GDP
(Percent)
| 2006 | 2014 | 2019 | 2019 to 2006 Change |
|
|---|---|---|---|---|
| Reserve Balances | 0.1 | 14.6 | 5.7 | 5.6 |
| Currency in Circulation | 5.5 | 7.1 | 7.9 | 2.4 |
| Treasury General Account | 0.0 | 0.6 | 1.4 | 1.4 |
| Other Liabilities | 0.3 | 2.5 | 1.4 | 1.1 |
| Total Liabilities | 5.9 | 24.8 | 16.5 | 10.6 |
Note: Values shown are averages for each liability item in Q4 of each year divided by Q4 nominal GDP in that year. Values for 2019 are based on projections (for details on projections, see the Figure 1 note). In this table, currency in circulation is Federal Reserve notes outstanding. Total liabilities may not equal the sum of the line items due to rounding.
Source: Federal Reserve Board, Statistical Release H.4.1, "Factors Affecting Reserve Balances," https://www.federalreserve.gov/releases/h41; Federal Reserve Board staff calculations; Federal Reserve Bank of New York Primary Dealer Survey and Survey of Market Participants; Congressional Budget Office (2019), The Budget and Economic Outlook: 2019 to 2029 (Washington: CBO), https://www.cbo.gov/system/files?file=2019-03/54918-Outlook-2.pdf.
Figure 2. Some Interesting Dots
Photo of a small portion of a painting.
Source: Steven Zucker. Seurat, A Sunday on La Grande Jatte--1884, detail with bouquet. https://www.flickr.com/photos/profzucker/8018209742/in/photostream/
Figure 3. Georges Seurat's A Sunday Afternoon on the Island of La Grande Jatte
Photo of the full painting, with an indication of the portion shown in Figure 2.
Source: Wikimedia, https://upload.wikimedia.org/wikipedia/commons/6/67/A_Sunday_on_La_Grande_Jatte%2C_Georges_Seurat%2C_1884.png.
Figure 4. Questions for the Review of Monetary Policy Strategy, Tools, and Communications
- Can the Federal Reserve best meet its statutory objectives with its existing monetary policy strategy, or should it consider strategies that aim to reverse past misses of the inflation objective?
- Are the existing monetary policy tools adequate to achieve and maintain maximum employment and price stability, or should the toolkit be expanded?
- How can the FOMC's communication of its policy framework and implementation be improved?
Figure 5. Long-Term Government Bond Yields
Quarterly
Percent
| Period | United Kingdom | Canada | United States | Germany | Japan |
|---|---|---|---|---|---|
| 1990:Q1 | 11.55 | 10.23 | 8.42 | 8.24 | 6.71 |
| 1990:Q2 | 12.32 | 11.14 | 8.68 | 8.75 | 6.61 |
| 1990:Q3 | 12.03 | 10.71 | 8.70 | 8.86 | 7.47 |
| 1990:Q4 | 11.32 | 10.76 | 8.40 | 8.96 | 7.04 |
| 1991:Q1 | 10.34 | 9.84 | 8.02 | 8.59 | 6.44 |
| 1991:Q2 | 10.38 | 9.63 | 8.13 | 8.39 | 6.67 |
| 1991:Q3 | 9.98 | 9.79 | 7.94 | 8.54 | 6.39 |
| 1991:Q4 | 9.72 | 8.76 | 7.35 | 8.31 | 5.84 |
| 1992:Q1 | 9.48 | 8.37 | 7.30 | 7.97 | 5.52 |
| 1992:Q2 | 9.19 | 8.58 | 7.38 | 8.06 | 5.70 |
| 1992:Q3 | 9.20 | 7.54 | 6.62 | 7.97 | 5.18 |
| 1992:Q4 | 8.39 | 7.79 | 6.74 | 7.39 | 4.91 |
| 1993:Q1 | 7.99 | 7.73 | 6.28 | 6.92 | 4.48 |
| 1993:Q2 | 8.00 | 7.50 | 5.99 | 6.77 | 4.79 |
| 1993:Q3 | 7.22 | 7.05 | 5.62 | 6.41 | 4.31 |
| 1993:Q4 | 6.72 | 6.80 | 5.61 | 5.94 | 3.70 |
| 1994:Q1 | 6.85 | 6.77 | 6.07 | 6.07 | 4.03 |
| 1994:Q2 | 8.28 | 8.39 | 7.08 | 6.73 | 4.12 |
| 1994:Q3 | 8.69 | 8.99 | 7.33 | 7.17 | 4.65 |
| 1994:Q4 | 8.67 | 9.08 | 7.84 | 7.50 | 4.65 |
| 1995:Q1 | 8.66 | 8.96 | 7.48 | 7.43 | 4.41 |
| 1995:Q2 | 8.24 | 8.11 | 6.62 | 6.91 | 3.32 |
| 1995:Q3 | 8.11 | 8.09 | 6.32 | 6.73 | 3.06 |
| 1995:Q4 | 7.79 | 7.48 | 5.89 | 6.33 | 2.99 |
| 1996:Q1 | 7.75 | 7.32 | 5.91 | 6.18 | 3.23 |
| 1996:Q2 | 8.07 | 7.76 | 6.72 | 6.46 | 3.31 |
| 1996:Q3 | 7.85 | 7.45 | 6.78 | 6.34 | 3.14 |
| 1996:Q4 | 7.57 | 6.39 | 6.34 | 5.89 | 2.72 |
| 1997:Q1 | 7.40 | 6.49 | 6.56 | 5.69 | 2.58 |
| 1997:Q2 | 7.32 | 6.54 | 6.70 | 5.78 | 2.60 |
| 1997:Q3 | 6.99 | 5.94 | 6.24 | 5.60 | 2.36 |
| 1997:Q4 | 6.50 | 5.59 | 5.91 | 5.49 | 1.96 |
| 1998:Q1 | 6.05 | 5.41 | 5.59 | 5.00 | 1.93 |
| 1998:Q2 | 5.82 | 5.34 | 5.60 | 4.89 | 1.69 |
| 1998:Q3 | 5.52 | 5.39 | 5.20 | 4.39 | 1.43 |
| 1998:Q4 | 4.82 | 4.98 | 4.67 | 4.01 | 1.11 |
| 1999:Q1 | 4.46 | 5.10 | 4.98 | 3.86 | 1.95 |
| 1999:Q2 | 4.89 | 5.32 | 5.54 | 4.07 | 1.51 |
| 1999:Q3 | 5.50 | 5.66 | 5.88 | 4.87 | 1.78 |
| 1999:Q4 | 5.53 | 6.09 | 6.14 | 5.16 | 1.76 |
| 2000:Q1 | 5.61 | 6.29 | 6.48 | 5.46 | 1.77 |
| 2000:Q2 | 5.31 | 6.01 | 6.18 | 5.26 | 1.70 |
| 2000:Q3 | 5.32 | 5.79 | 5.89 | 5.25 | 1.77 |
| 2000:Q4 | 5.08 | 5.62 | 5.57 | 5.08 | 1.73 |
| 2001:Q1 | 4.79 | 5.38 | 5.05 | 4.75 | 1.36 |
| 2001:Q2 | 5.09 | 5.72 | 5.27 | 4.96 | 1.24 |
| 2001:Q3 | 5.06 | 5.54 | 4.98 | 4.88 | 1.33 |
| 2001:Q4 | 4.78 | 5.27 | 4.77 | 4.60 | 1.34 |
| 2002:Q1 | 5.02 | 5.44 | 5.08 | 4.98 | 1.45 |
| 2002:Q2 | 5.20 | 5.56 | 5.10 | 5.11 | 1.36 |
| 2002:Q3 | 4.75 | 5.10 | 4.26 | 4.61 | 1.23 |
| 2002:Q4 | 4.61 | 5.06 | 4.01 | 4.42 | 1.02 |
| 2003:Q1 | 4.31 | 4.99 | 3.92 | 4.04 | 0.80 |
| 2003:Q2 | 4.27 | 4.67 | 3.62 | 3.86 | 0.59 |
| 2003:Q3 | 4.58 | 4.78 | 4.23 | 4.09 | 1.26 |
| 2003:Q4 | 4.96 | 4.80 | 4.29 | 4.29 | 1.37 |
| 2004:Q1 | 4.77 | 4.43 | 4.02 | 4.06 | 1.32 |
| 2004:Q2 | 5.09 | 4.77 | 4.60 | 4.22 | 1.61 |
| 2004:Q3 | 5.01 | 4.66 | 4.30 | 4.11 | 1.60 |
| 2004:Q4 | 4.66 | 4.45 | 4.17 | 3.75 | 1.44 |
| 2005:Q1 | 4.64 | 4.27 | 4.30 | 3.60 | 1.35 |
| 2005:Q2 | 4.44 | 4.03 | 4.16 | 3.30 | 1.21 |
| 2005:Q3 | 4.28 | 3.90 | 4.21 | 3.17 | 1.37 |
| 2005:Q4 | 4.29 | 4.07 | 4.49 | 3.34 | 1.49 |
| 2006:Q1 | 4.18 | 4.13 | 4.57 | 3.48 | 1.63 |
| 2006:Q2 | 4.61 | 4.42 | 5.07 | 3.94 | 1.90 |
| 2006:Q3 | 4.62 | 4.26 | 4.90 | 3.88 | 1.74 |
| 2006:Q4 | 4.59 | 4.03 | 4.63 | 3.76 | 1.68 |
| 2007:Q1 | 4.86 | 4.10 | 4.68 | 4.00 | 1.66 |
| 2007:Q2 | 5.21 | 4.36 | 4.85 | 4.33 | 1.76 |
| 2007:Q3 | 5.18 | 4.46 | 4.73 | 4.34 | 1.69 |
| 2007:Q4 | 4.79 | 4.17 | 4.26 | 4.19 | 1.55 |
| 2008:Q1 | 4.52 | 3.67 | 3.66 | 3.93 | 1.37 |
| 2008:Q2 | 4.91 | 3.68 | 3.89 | 4.25 | 1.66 |
| 2008:Q3 | 4.78 | 3.64 | 3.86 | 4.26 | 1.48 |
| 2008:Q4 | 4.15 | 3.40 | 3.25 | 3.50 | 1.36 |
| 2009:Q1 | 3.54 | 2.89 | 2.74 | 3.07 | 1.29 |
| 2009:Q2 | 3.58 | 3.21 | 3.31 | 3.32 | 1.42 |
| 2009:Q3 | 3.73 | 3.42 | 3.52 | 3.30 | 1.32 |
| 2009:Q4 | 3.74 | 3.41 | 3.46 | 3.19 | 1.31 |
| 2010:Q1 | 4.05 | 3.47 | 3.72 | 3.18 | 1.32 |
| 2010:Q2 | 3.83 | 3.47 | 3.49 | 2.78 | 1.21 |
| 2010:Q3 | 3.29 | 3.01 | 2.79 | 2.42 | 1.00 |
| 2010:Q4 | 3.33 | 3.00 | 2.86 | 2.60 | 1.07 |
| 2011:Q1 | 3.78 | 3.31 | 3.46 | 3.14 | 1.22 |
| 2011:Q2 | 3.56 | 3.16 | 3.21 | 3.10 | 1.14 |
| 2011:Q3 | 2.87 | 2.53 | 2.43 | 2.26 | 1.02 |
| 2011:Q4 | 2.33 | 2.14 | 2.05 | 1.93 | 1.02 |
| 2012:Q1 | 2.22 | 2.04 | 2.04 | 1.83 | 0.96 |
| 2012:Q2 | 1.97 | 1.91 | 1.82 | 1.42 | 0.85 |
| 2012:Q3 | 1.68 | 1.77 | 1.64 | 1.36 | 0.78 |
| 2012:Q4 | 1.80 | 1.77 | 1.71 | 1.37 | 0.75 |
| 2013:Q1 | 2.08 | 1.92 | 1.95 | 1.47 | 0.65 |
| 2013:Q2 | 2.01 | 1.96 | 2.00 | 1.34 | 0.76 |
| 2013:Q3 | 2.67 | 2.58 | 2.71 | 1.73 | 0.72 |
| 2013:Q4 | 2.79 | 2.58 | 2.75 | 1.75 | 0.63 |
| 2014:Q1 | 2.84 | 2.47 | 2.76 | 1.61 | 0.60 |
| 2014:Q2 | 2.74 | 2.35 | 2.62 | 1.35 | 0.57 |
| 2014:Q3 | 2.59 | 2.15 | 2.50 | 0.99 | 0.50 |
| 2014:Q4 | 2.11 | 1.96 | 2.28 | 0.70 | 0.41 |
| 2015:Q1 | 1.71 | 1.44 | 1.97 | 0.31 | 0.34 |
| 2015:Q2 | 1.98 | 1.64 | 2.17 | 0.49 | 0.40 |
| 2015:Q3 | 2.00 | 1.48 | 2.22 | 0.66 | 0.38 |
| 2015:Q4 | 1.92 | 1.52 | 2.19 | 0.53 | 0.29 |
| 2016:Q1 | 1.61 | 1.22 | 1.92 | 0.26 | -0.01 |
| 2016:Q2 | 1.47 | 1.28 | 1.75 | 0.08 | -0.15 |
| 2016:Q3 | 0.84 | 1.06 | 1.56 | -0.12 | -0.12 |
| 2016:Q4 | 1.30 | 1.45 | 2.13 | 0.15 | 0.00 |
| 2017:Q1 | 1.31 | 1.71 | 2.44 | 0.29 | 0.07 |
| 2017:Q2 | 1.09 | 1.51 | 2.26 | 0.27 | 0.04 |
| 2017:Q3 | 1.21 | 1.95 | 2.24 | 0.39 | 0.05 |
| 2017:Q4 | 1.33 | 1.96 | 2.37 | 0.33 | 0.05 |
| 2018:Q1 | 1.50 | 2.24 | 2.76 | 0.55 | 0.06 |
| 2018:Q2 | 1.48 | 2.28 | 2.92 | 0.42 | 0.04 |
| 2018:Q3 | 1.43 | 2.28 | 2.93 | 0.31 | 0.10 |
| 2018:Q4 | 1.44 | 2.32 | 3.03 | 0.30 | 0.07 |
| 2019:Q1 | 1.32 | 1.95 | 2.71 | 0.13 | 0.00 |
Note: Series are 10-year nominal bond yields.
Source: Organisation for Economic Co-operation and Development, Main Economic Indicators (retrieved from Federal Reserve Bank of St. Louis, FRED).