Accessible Version

Accessible Version

Figure 1: Reserve Balances

Weekly
Trillions of dollars

Period Reserves
1 January 2003 0.023
8 January 2003 0.025
15 January 2003 0.027
22 January 2003 0.038
29 January 2003 0.018
5 February 2003 0.024
12 February 2003 0.018
19 February 2003 0.028
26 February 2003 0.024
5 March 2003 0.021
12 March 2003 0.016
19 March 2003 0.030
26 March 2003 0.022
2 April 2003 0.024
9 April 2003 0.018
16 April 2003 0.034
23 April 2003 0.021
30 April 2003 0.032
7 May 2003 0.021
14 May 2003 0.028
21 May 2003 0.021
28 May 2003 0.028
4 June 2003 0.016
11 June 2003 0.029
18 June 2003 0.019
25 June 2003 0.031
2 July 2003 0.020
9 July 2003 0.027
16 July 2003 0.023
23 July 2003 0.033
30 July 2003 0.026
6 August 2003 0.018
13 August 2003 0.021
20 August 2003 0.035
27 August 2003 0.026
3 September 2003 0.029
10 September 2003 0.021
17 September 2003 0.027
24 September 2003 0.025
1 October 2003 0.033
8 October 2003 0.018
15 October 2003 0.030
22 October 2003 0.024
29 October 2003 0.027
5 November 2003 0.020
12 November 2003 0.023
19 November 2003 0.020
26 November 2003 0.027
3 December 2003 0.020
10 December 2003 0.026
17 December 2003 0.019
24 December 2003 0.025
31 December 2003 0.023
7 January 2004 0.020
14 January 2004 0.022
21 January 2004 0.041
28 January 2004 0.025
4 February 2004 0.021
11 February 2004 0.018
18 February 2004 0.021
25 February 2004 0.020
3 March 2004 0.023
10 March 2004 0.019
17 March 2004 0.028
24 March 2004 0.021
31 March 2004 0.025
7 April 2004 0.020
14 April 2004 0.029
21 April 2004 0.023
28 April 2004 0.036
5 May 2004 0.019
12 May 2004 0.029
19 May 2004 0.021
26 May 2004 0.031
2 June 2004 0.020
9 June 2004 0.028
16 June 2004 0.019
23 June 2004 0.031
30 June 2004 0.030
7 July 2004 0.023
14 July 2004 0.022
21 July 2004 0.027
28 July 2004 0.025
4 August 2004 0.018
11 August 2004 0.016
18 August 2004 0.014
25 August 2004 0.023
1 September 2004 0.024
8 September 2004 0.024
15 September 2004 0.025
22 September 2004 0.022
29 September 2004 0.025
6 October 2004 0.016
13 October 2004 0.025
20 October 2004 0.018
27 October 2004 0.025
3 November 2004 0.020
10 November 2004 0.025
17 November 2004 0.017
24 November 2004 0.027
1 December 2004 0.025
8 December 2004 0.027
15 December 2004 0.025
22 December 2004 0.025
29 December 2004 0.021
5 January 2005 0.032
12 January 2005 0.021
19 January 2005 0.027
26 January 2005 0.028
2 February 2005 0.024
9 February 2005 0.015
16 February 2005 0.017
23 February 2005 0.024
2 March 2005 0.020
9 March 2005 0.018
16 March 2005 0.026
23 March 2005 0.018
30 March 2005 0.026
6 April 2005 0.016
13 April 2005 0.024
20 April 2005 0.020
27 April 2005 0.025
4 May 2005 0.017
11 May 2005 0.024
18 May 2005 0.017
25 May 2005 0.024
1 June 2005 0.027
8 June 2005 0.025
15 June 2005 0.020
22 June 2005 0.024
29 June 2005 0.020
6 July 2005 0.024
13 July 2005 0.015
20 July 2005 0.023
27 July 2005 0.021
3 August 2005 0.026
10 August 2005 0.014
17 August 2005 0.020
24 August 2005 0.020
31 August 2005 0.026
7 September 2005 0.020
14 September 2005 0.023
21 September 2005 0.016
28 September 2005 0.028
5 October 2005 0.016
12 October 2005 0.018
19 October 2005 0.015
26 October 2005 0.022
2 November 2005 0.014
9 November 2005 0.019
16 November 2005 0.015
23 November 2005 0.022
30 November 2005 0.020
7 December 2005 0.020
14 December 2005 0.016
21 December 2005 0.026
28 December 2005 0.017
4 January 2006 0.026
11 January 2006 0.014
18 January 2006 0.019
25 January 2006 0.020
1 February 2006 0.019
8 February 2006 0.015
15 February 2006 0.020
22 February 2006 0.021
1 March 2006 0.020
8 March 2006 0.021
15 March 2006 0.026
22 March 2006 0.021
29 March 2006 0.018
5 April 2006 0.015
12 April 2006 0.017
19 April 2006 0.015
26 April 2006 0.024
3 May 2006 0.019
10 May 2006 0.014
17 May 2006 0.016
24 May 2006 0.017
31 May 2006 0.023
7 June 2006 0.022
14 June 2006 0.020
21 June 2006 0.020
28 June 2006 0.014
5 July 2006 0.018
12 July 2006 0.013
19 July 2006 0.021
26 July 2006 0.015
2 August 2006 0.021
9 August 2006 0.014
16 August 2006 0.016
23 August 2006 0.013
30 August 2006 0.024
6 September 2006 0.017
13 September 2006 0.014
20 September 2006 0.012
27 September 2006 0.022
4 October 2006 0.013
11 October 2006 0.026
18 October 2006 0.010
25 October 2006 0.021
1 November 2006 0.022
8 November 2006 0.022
15 November 2006 0.018
22 November 2006 0.025
29 November 2006 0.014
6 December 2006 0.022
13 December 2006 0.012
20 December 2006 0.016
27 December 2006 0.013
3 January 2007 0.020
10 January 2007 0.010
17 January 2007 0.014
24 January 2007 0.013
31 January 2007 0.024
7 February 2007 0.010
14 February 2007 0.017
21 February 2007 0.015
28 February 2007 0.023
7 March 2007 0.012
14 March 2007 0.022
21 March 2007 0.011
28 March 2007 0.018
4 April 2007 0.011
11 April 2007 0.015
18 April 2007 0.011
25 April 2007 0.022
2 May 2007 0.012
9 May 2007 0.023
16 May 2007 0.011
23 May 2007 0.023
30 May 2007 0.019
6 June 2007 0.019
13 June 2007 0.014
20 June 2007 0.016
27 June 2007 0.016
4 July 2007 0.017
11 July 2007 0.011
18 July 2007 0.020
25 July 2007 0.013
1 August 2007 0.017
8 August 2007 0.013
15 August 2007 0.013
22 August 2007 0.013
29 August 2007 0.022
5 September 2007 0.011
12 September 2007 0.032
19 September 2007 0.013
26 September 2007 0.034
3 October 2007 0.011
10 October 2007 0.026
17 October 2007 0.010
24 October 2007 0.021
31 October 2007 0.021
7 November 2007 0.020
14 November 2007 0.020
21 November 2007 0.021
28 November 2007 0.014
5 December 2007 0.016
12 December 2007 0.014
19 December 2007 0.018
26 December 2007 0.011
2 January 2008 0.040
9 January 2008 0.013
16 January 2008 0.028
23 January 2008 0.016
30 January 2008 0.038
6 February 2008 0.009
13 February 2008 0.018
20 February 2008 0.010
27 February 2008 0.022
5 March 2008 0.010
12 March 2008 0.025
19 March 2008 0.010
26 March 2008 0.022
2 April 2008 0.011
9 April 2008 0.026
16 April 2008 0.013
23 April 2008 0.017
30 April 2008 0.020
7 May 2008 0.019
14 May 2008 0.011
21 May 2008 0.028
28 May 2008 0.027
4 June 2008 0.016
11 June 2008 0.014
18 June 2008 0.024
25 June 2008 0.013
2 July 2008 0.016
9 July 2008 0.011
16 July 2008 0.024
23 July 2008 0.011
30 July 2008 0.029
6 August 2008 0.011
13 August 2008 0.025
20 August 2008 0.010
27 August 2008 0.019
3 September 2008 0.011
10 September 2008 0.032
17 September 2008 0.089
24 September 2008 0.095
1 October 2008 0.179
8 October 2008 0.183
15 October 2008 0.272
22 October 2008 0.227
29 October 2008 0.426
5 November 2008 0.504
12 November 2008 0.594
19 November 2008 0.630
26 November 2008 0.611
3 December 2008 0.655
10 December 2008 0.778
17 December 2008 0.802
24 December 2008 0.819
31 December 2008 0.860
7 January 2009 0.846
14 January 2009 0.828
21 January 2009 0.808
28 January 2009 0.740
4 February 2009 0.647
11 February 2009 0.600
18 February 2009 0.709
25 February 2009 0.701
4 March 2009 0.620
11 March 2009 0.632
18 March 2009 0.780
25 March 2009 0.822
1 April 2009 0.837
8 April 2009 0.842
15 April 2009 0.895
22 April 2009 0.916
29 April 2009 0.813
6 May 2009 0.826
13 May 2009 0.932
20 May 2009 0.955
27 May 2009 0.877
3 June 2009 0.845
10 June 2009 0.816
17 June 2009 0.744
24 June 2009 0.745
1 July 2009 0.726
8 July 2009 0.749
15 July 2009 0.809
22 July 2009 0.781
29 July 2009 0.747
5 August 2009 0.725
12 August 2009 0.777
19 August 2009 0.819
26 August 2009 0.862
2 September 2009 0.822
9 September 2009 0.878
16 September 2009 0.863
23 September 2009 0.903
30 September 2009 0.848
7 October 2009 0.967
14 October 2009 1.052
21 October 2009 1.060
28 October 2009 1.083
4 November 2009 1.065
11 November 2009 1.044
18 November 2009 1.109
25 November 2009 1.169
2 December 2009 1.122
9 December 2009 1.107
16 December 2009 1.073
23 December 2009 1.083
30 December 2009 1.025
6 January 2010 1.024
13 January 2010 1.135
20 January 2010 1.063
27 January 2010 1.111
3 February 2010 1.116
10 February 2010 1.164
17 February 2010 1.205
24 February 2010 1.249
3 March 2010 1.186
10 March 2010 1.191
17 March 2010 1.118
24 March 2010 1.148
31 March 2010 1.054
7 April 2010 1.114
14 April 2010 1.064
21 April 2010 1.059
28 April 2010 1.049
5 May 2010 1.033
12 May 2010 1.093
19 May 2010 1.096
26 May 2010 1.088
2 June 2010 1.039
9 June 2010 1.078
16 June 2010 1.021
23 June 2010 1.062
30 June 2010 0.972
7 July 2010 1.059
14 July 2010 1.071
21 July 2010 1.048
28 July 2010 1.051
4 August 2010 1.040
11 August 2010 1.058
18 August 2010 1.042
25 August 2010 1.053
1 September 2010 1.013
8 September 2010 1.052
15 September 2010 0.935
22 September 2010 0.982
29 September 2010 0.984
6 October 2010 1.000
13 October 2010 1.029
20 October 2010 0.995
27 October 2010 1.011
3 November 2010 0.983
10 November 2010 1.007
17 November 2010 0.989
24 November 2010 1.028
1 December 2010 1 1.011
8 December 2010 1.061
15 December 2010 0.997
22 December 2010 1.036
29 December 2010 1.021
5 January 2011 1.033
12 January 2011 1.098
19 January 2011 1.064
26 January 2011 1.086
2 February 2011 1.081
9 February 2011 1.189
16 February 2011 1.220
23 February 2011 1.293
2 March 2011 1.299
9 March 2011 1.381
16 March 2011 1.337
23 March 2011 1.410
30 March 2011 1.458
6 April 2011 1.505
13 April 2011 1.534
20 April 2011 1.465
27 April 2011 1.452
4 May 2011 1.475
11 May 2011 1.547
18 May 2011 1.539
25 May 2011 1.592
1 June 2011 1.593
8 June 2011 1.663
15 June 2011 1.569
22 June 2011 1.597
29 June 2011 1.622
6 July 2011 1.663
13 July 2011 1.688
20 July 2011 1.627
27 July 2011 1.658
3 August 2011 1.648
10 August 2011 1.628
17 August 2011 1.647
24 August 2011 1.610
31 August 2011 1.592
7 September 2011 1.610
14 September 2011 1.621
21 September 2011 1.549
28 September 2011 1.609
5 October 2011 1.627
12 October 2011 1.635
19 October 2011 1.572
26 October 2011 1.588
2 November 2011 1.522
9 November 2011 1.594
16 November 2011 1.578
23 November 2011 1.492
30 November 2011 1.487
7 December 2011 1.550
14 December 2011 1.615
21 December 2011 1.507
28 December 2011 1.569
4 January 2012 1.582
11 January 2012 1.585
18 January 2012 1.545
25 January 2012 1.579
1 February 2012 1.574
8 February 2012 1.634
15 February 2012 1.674
22 February 2012 1.623
29 February 2012 1.607
7 March 2012 1.604
14 March 2012 1.566
21 March 2012 1.545
28 March 2012 1.565
4 April 2012 1.562
11 April 2012 1.569
18 April 2012 1.515
25 April 2012 1.526
2 May 2012 1.483
9 May 2012 1.510
16 May 2012 1.516
23 May 2012 1.526
30 May 2012 1.526
6 June 2012 1.547
13 June 2012 1.567
20 June 2012 1.462
27 June 2012 1.492
4 July 2012 1.508
11 July 2012 1.528
18 July 2012 1.537
25 July 2012 1.568
1 August 2012 1.541
8 August 2012 1.560
15 August 2012 1.563
22 August 2012 1.510
29 August 2012 1.531
5 September 2012 1.528
12 September 2012 1.503
19 September 2012 1.421
26 September 2012 1.471
3 October 2012 1.465
10 October 2012 1.470
17 October 2012 1.506
24 October 2012 1.433
31 October 2012 1.434
7 November 2012 1.511
14 November 2012 1.507
21 November 2012 1.513
28 November 2012 1.540
5 December 2012 1.524
12 December 2012 1.548
19 December 2012 1.483
26 December 2012 1.533
2 January 2013 1.509
9 January 2013 1.566
16 January 2013 1.604
23 January 2013 1.596
30 January 2013 1.645
6 February 2013 1.668
13 February 2013 1.697
20 February 2013 1.668
27 February 2013 1.754
6 March 2013 1.745
13 March 2013 1.803
20 March 2013 1.756
27 March 2013 1.830
3 April 2013 1.838
10 April 2013 1.851
17 April 2013 1.849
24 April 2013 1.749
1 May 2013 1.814
8 May 2013 1.870
15 May 2013 1.952
22 May 2013 1.975
29 May 2013 2.023
5 June 2013 2.026
12 June 2013 2.041
19 June 2013 1.928
26 June 2013 2.018
3 July 2013 2.052
10 July 2013 2.083
17 July 2013 2.140
24 July 2013 2.099
31 July 2013 2.121
7 August 2013 2.161
14 August 2013 2.199
21 August 2013 2.200
28 August 2013 2.265
4 September 2013 2.274
11 September 2013 2.276
18 September 2013 2.254
25 September 2013 2.307
2 October 2013 2.329
9 October 2013 2.363
16 October 2013 2.383
23 October 2013 2.383
30 October 2013 2 2.435
6 November 2013 2.450
13 November 2013 2.489
20 November 2013 2.470
27 November 2013 2.488
4 December 2013 2.511
11 December 2013 2.541
18 December 2013 2.466
25 December 2013 2.451
1 January 2014 2.249
8 January 2014 2.490
15 January 2014 2.560
22 January 2014 2.495
29 January 2014 2.526
5 February 2014 2.547
12 February 2014 2.602
19 February 2014 2.611
26 February 2014 2.611
5 March 2014 2.659
12 March 2014 2.663
19 March 2014 2.614
26 March 2014 2.611
2 April 2014 2.612
9 April 2014 2.698
16 April 2014 2.671
23 April 2014 2.584
30 April 2014 2.514
7 May 2014 2.597
14 May 2014 2.648
21 May 2014 2.658
28 May 2014 2.677
4 June 2014 2.708
11 June 2014 2.709
18 June 2014 2.638
25 June 2014 2.628
2 July 2014 2.605
9 July 2014 2.633
16 July 2014 2.654
23 July 2014 2.788
30 July 2014 2.786
6 August 2014 2.789
13 August 2014 2.799
20 August 2014 2.770
27 August 2014 2.778
3 September 2014 3 2.814
10 September 2014 2.789
17 September 2014 2.752
24 September 2014 2.707
1 October 2014 2.686
8 October 2014 2.766
15 October 2014 2.821
22 October 2014 2.680
29 October 2014 2.627
5 November 2014 2.600
12 November 2014 2.571
19 November 2014 2.486
26 November 2014 2.479
3 December 2014 2.479
10 December 2014 2.429
17 December 2014 2.739
24 December 2014 2.610
31 December 2014 2.378
7 January 2015 2.710
14 January 2015 2.760
21 January 2015 2.672
28 January 2015 2.663
4 February 2015 2.709
11 February 2015 2.558
18 February 2015 2.446
25 February 2015 2.347
4 March 2015 2.555
11 March 2015 2.693
18 March 2015 2.726
25 March 2015 2.738
1 April 2015 2.668
8 April 2015 2.793
15 April 2015 2.749
22 April 2015 2.617
29 April 2015 2.581
6 May 2015 2.610
13 May 2015 2.644
20 May 2015 2.588
27 May 2015 2.537
3 June 2015 2.490
10 June 2015 2.662
17 June 2015 2.576
24 June 2015 2.494
1 July 2015 2.505
8 July 2015 2.585
15 July 2015 2.655
22 July 2015 2.645
29 July 2015 2.633
5 August 2015 2.624
12 August 2015 2.556
19 August 2015 2.554
26 August 2015 2.705
2 September 2015 2.695
9 September 2015 2.735
16 September 2015 2.644
23 September 2015 2.602
30 September 2015 2.198
7 October 2015 2.679
14 October 2015 2.720
21 October 2015 2.676
28 October 2015 2.668
4 November 2015 2.690
11 November 2015 2.659
18 November 2015 2.612
25 November 2015 2.575
2 December 2015 2.532
9 December 2015 2.510
16 December 2015 2.460
23 December 2015 2.371
30 December 2015 2.209
6 January 2016 2.354
13 January 2016 2.451
20 January 2016 2.412
27 January 2016 2.399
3 February 2016 2.441
10 February 2016 2.483
17 February 2016 2.490
24 February 2016 2.426
2 March 2016 2.497
9 March 2016 2.533
16 March 2016 2.456
23 March 2016 2.432
30 March 2016 2.336
6 April 2016 2.467
13 April 2016 2.510
20 April 2016 2.405
27 April 2016 2.353
4 May 2016 2.383
11 May 2016 2.410
18 May 2016 2.400
25 May 2016 2.340
1 June 2016 2.401
8 June 2016 2.449
15 June 2016 2.405
22 June 2016 2.319
29 June 2016 2.199
6 July 2016 2.308
13 July 2016 2.327
20 July 2016 2.318
27 July 2016 2.332
3 August 2016 2.403
10 August 2016 2.383
17 August 2016 2.336
24 August 2016 2.341
31 August 2016 2.231
7 September 2016 2.382
14 September 2016 2.349
21 September 2016 2.170
28 September 2016 2.085
5 October 2016 2.063
12 October 2016 2.162
19 October 2016 2.106
26 October 2016 2.065
2 November 2016 2.137
9 November 2016 2.190
16 November 2016 2.178
23 November 2016 2.103
30 November 2016 2.015
7 December 2016 2.134
14 December 2016 2.124
21 December 2016 1.963
28 December 2016 1.943
4 January 2017 1.998
11 January 2017 2.111
18 January 2017 2.119
25 January 2017 2.137
1 February 2017 2.172
8 February 2017 2.237
15 February 2017 2.254
22 February 2017 2.243
1 March 2017 2.308
8 March 2017 2.351
15 March 2017 2.368
22 March 2017 2.314
29 March 2017 2.270
5 April 2017 2.338
12 April 2017 2.368
19 April 2017 2.257
26 April 2017 2.201
3 May 2017 2.201
10 May 2017 2.220
17 May 2017 2.248
24 May 2017 2.206
31 May 2017 2.130
7 June 2017 2.271
14 June 2017 2.231
21 June 2017 2.165
28 June 2017 2.118
5 July 2017 2.170
12 July 2017 2.239
19 July 2017 2.251
26 July 2017 2.294
2 August 2017 2.292
9 August 2017 2.336
16 August 2017 2.365
23 August 2017 2.338
30 August 2017 2.332
6 September 2017 2.357
13 September 2017 2.360
20 September 2017 2.229
27 September 2017 2.179
4 October 2017 2.229
11 October 2017 2.268
18 October 2017 2.255
25 October 2017 2.242
1 November 2017 2.281
8 November 2017 2.318
15 November 2017 2.358
22 November 2017 2.330
29 November 2017 2.271
6 December 2017 2.325
13 December 2017 2.323
20 December 2017 2.237
27 December 2017 2.176
3 January 2018 2.195
10 January 2018 2.258
17 January 2018 2.234
24 January 2018 2.182
31 January 2018 2.142
7 February 2018 2.240
14 February 2018 2.256
21 February 2018 2.215
28 February 2018 2.208
7 March 2018 2.261
14 March 2018 2.190
21 March 2018 2.135
28 March 2018 2.119
4 April 2018 2.099
11 April 2018 2.129
18 April 2018 2.067
25 April 2018 2.011

Note: LCR is Liquidity Coverage Ratio.

1. Basel III LCR rule was issued on December 1, 2010. Return to table

2. U.S. proposed rule was published on October 24, 2013. Return to table

3. U.S. final rule was announced on September 3, 2014. Return to table

Source: Federal Reserve Board, Statistical Release H.4.1, "Factors Affecting Reserve Balances," https://www.federalreserve.gov/releases/h41.

Figure 2: Reserve Balance Concentration in HQLA

Quarterly
Percent

Period Large RB Share - Reserves Large RB Share - Treasury securities Large RB Share - Agency MBS Large RB Share - Other HQLA Small RB Share - Reserves Small RB Share - Treasury securities Small RB Share - Agency MBS Small RB Share - Other HQLA
2011:Q1 29.12 10.52 39.99 20.37 28.78 29.70 19.36 22.16
2011:Q2 49.12 6.83 31.38 12.67 32.77 25.72 21.15 20.35
2011:Q3 31.51 11.27 42.73 14.49 37.24 23.83 21.40 17.53
2011:Q4 27.95 9.91 46.57 15.58 36.93 28.04 21.10 13.93
2012:Q1 29.86 14.87 41.06 14.20 40.52 27.14 19.38 12.96
2012:Q2 35.66 13.42 38.94 11.98 34.09 31.54 20.98 13.39
2012:Q3 30.59 15.18 42.01 12.22 36.48 30.92 20.66 11.94
2012:Q4 37.93 11.18 40.10 10.79 11.23 45.17 28.05 15.56
2013:Q1 58.79 8.62 26.15 6.45 28.30 36.73 22.97 11.99
2013:Q2 60.80 12.66 21.88 4.66 31.26 35.49 22.35 10.91
2013:Q3 68.10 10.09 17.83 3.97 39.86 32.54 17.93 9.67
2013:Q4 64.52 9.90 21.77 3.80 40.75 33.93 16.48 8.84
2014:Q1 67.89 9.77 19.20 3.15 35.80 41.08 15.40 7.71
2014:Q2 68.79 9.62 18.77 2.83 32.92 43.51 15.83 7.74
2014:Q3 69.13 10.60 17.66 2.61 29.93 45.86 16.13 8.09
2014:Q4 74.16 6.29 17.41 2.14 22.53 51.92 18.70 6.84
2015:Q1 76.18 6.04 15.16 2.62 20.27 54.46 19.36 5.91
2015:Q2 70.97 7.35 17.75 3.93 17.30 55.82 21.05 5.82
2015:Q3 69.09 8.29 18.53 4.09 18.65 54.35 21.25 5.75
2015:Q4 68.32 6.82 20.21 4.65 15.18 54.61 23.38 6.82
2016:Q1 67.32 8.70 18.32 5.66 21.85 50.07 21.66 6.43
2016:Q2 63.80 9.67 20.23 6.29 19.13 51.08 22.75 7.03
2016:Q3 66.33 11.01 17.00 5.66 19.87 50.97 23.02 6.13
2016:Q4 58.68 15.20 20.03 6.09 18.09 52.60 23.36 5.94

Note: Key shows bar segments in order from bottom to top. HQLA is high-quality liquid assets; MBS is mortgage-backed securities; Other is other HQLA-eligible securities.

Source: Jane Ihrig, Edward Kim, Ashish Kumbhat, Cindy M. Vojtech, and Gretchen C. Weinbach (2017), "How Have Banks Been Managing the Composition of High-Quality Liquid Assets?" Finance and Economics Discussion Series 2017-092 (Washington: Board of Governors of the Federal Reserve System, August; revised February 2018), https://www.federalreserve.gov/econres/feds/files/2017092r1pap.pdf.

Figure 3: Projected SOMA Domestic Securities Holdings: Alternative Liabilities Scenarios

Annual
Trillions of dollars

Period Smaller Liabilities Median Liabilities Larger Liabilities
2010 2.161 2.161 2.161
2011 2.605 2.605 2.605
2012 2.669 2.669 2.669
2013 3.763 3.763 3.763
2014 4.239 4.239 4.239
2015 4.243 4.243 4.243
2016 4.222 4.222 4.222
2017 4.225 4.225 4.225
2018 3.823 3.823 3.823
2019 3.360 3.360 3.360
2020 3.002 3.002 3.368
2021 2.685 3.058 3.491
2022 2.536 3.155 3.617
2023 2.592 3.256 3.750
2024 2.649 3.360 3.888
2025 2.706 3.466 4.034

Note: Figures are as of year-end. Figures for 2010 to 2017 (shaded area) are historical settled holdings. Smaller and larger liabilities are based, respectively, on the 25th percentile and 75th percentile responses to a question about the size and composition of the Federal Reserve's long-run balance sheet in the Federal Reserve Bank of New York's December 2017 Survey of Primary Dealers and Survey of Market Participants. Projected figures are rounded. SOMA is System Open Market Account.

Source: Federal Reserve Bank of New York (2018), Open Market Operations during 2017 (New York: FRBNY), https://www.newyorkfed.org/medialibrary/media/markets/omo/omo2017-pdf.pdf.

Last Update: May 04, 2018