Discussion Paper

A Brief Illustrated History of the Federal Reserve’s Balance Sheet

Abstract: The size of the Federal Reserve's balance expanded dramatically from 2008 to 2022 and has recently begun to adjust as the Fed moves toward a policy of "ample" reserves. While this expansion was unprecedented in its speed and came after a long period of stability, the Federal Reserve's balance sheet has risen and fallen and changed in composition over time. This note provides a graphical review of the evolution of the balance sheet from the Fed's founding in 1914 through 2025, with particular emphasis on how the balance sheet changed as the gold standard ended in the early 1970s, as the Fed shifted to interest-rate targeting in the early 1990s, and as the Fed responded to the 2008 financial crisis.

https://doi.org/10.17016/2380-7172.4006

Bibliographic Information

Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: FEDS Notes

Publication Date: 2026-02-13

Number: 2026-02-13-3