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Federal Reserve Balance Sheet Developments: November 2023

According to the Federal Reserve's November 2023 balance sheet report, the size of the Federal Reserve’s balance sheet decreased by approximately $704 billion over the previous two quarters, from $8.7 trillion in March 2023 to $8.0 trillion in September 2023.

Key Highlights:

General Balance Sheet Trends:

• The main components driving the decline were:
  • Reduction in securities held outright, including $371 billion in U.S. Treasury securities.
  • Decrease in loans, particularly lending via the discount window.
  • Sharp reduction in the Federal Reserve's overnight reverse repurchase agreement (ON RRP) program, but a rebound in Treasury General Account (TGA) holdings.
• Assets decreased primarily due to runoff of Treasury securities and agency mortgage-backed securities, as per the FOMC's balance sheet reduction plans announced in 2022.
• Liabilities also fell, mainly reflecting reduced use of ON RRP but a recovery in the TGA. Net reserve balances decreased slightly.

Purpose and Transparency:

• The Federal Reserve uses its balance sheet for monetary policy, promoting maximum employment and price stability.
• Transparency, through reports and the H.4.1 release, is fundamental to the effectiveness and accountability of monetary policy.

Monitoring Changes:

• Changes in key assets reflect the Fed's actions in managing its balance sheet size, consistent with FOMC goals.
• Changes in liabilities track shifts in demand for reserves from depository institutions and reliance on collateralized facilities like ON RRP.