Fed Balance Sheet (% GDP)

Federal Reserve total assets as a percentage of nominal GDP. Pre-2008: ~6% of GDP. COVID QE peak: ~35%. The pace of QT during 2022–24 was the most aggressive in history. A larger balance sheet suppresses risk-free rates and compresses credit spreads system-wide.

This indicator is computed by MacroLab from two FRED series: WALCL divided by GDP, scaled by ÷ 10. Both input series are sourced from the Federal Reserve Economic Data (FRED) database.