Monetary Policy

Fed funds, the Fed’s balance sheet, reserves, reverse repo, and money supply — the levers the FOMC is actually pulling.

The Fed talks a lot, but what it actually does is easier to read off a chart. This page tracks the Fed funds target, the size and composition of the Fed’s balance sheet, bank reserves, ON RRP usage, and M2 — the quantitative side of monetary policy that often moves ahead of (and independently of) the press conference.

Treasury Yield Update

Federal Reservce Balance Sheet

• Source: Board of Governors of the Federal Reserve System (US), Assets: Securities Held Outright: Securities Held Outright: Wednesday Level, retrieved from FRED,

Government Consumption and Gross Investment

• U.S. Bureau of Economic Analysis, Real Government Consumption Expenditures and Gross Investment/ Real Government Consumption Expenditures and Gross Investment: State and Local, retrieved from FRED.

Lending

Loan Demand

• Source: Board of Governors of the Federal Reserve System (US), Net Percentage of Domestic Banks Reporting Stronger Demand for Commercial and Industrial Loans from Large and Middle-Market Firms/Qualified Mortgage Non-Jumbo, Non-GSE-Eligible Mortgage Loans, retrieved from FRED.

Lending Standards

• Source: Board of Governors of the Federal Reserve System (US), Net Percentage of Domestic Banks Tightening Standards for Commercial and Industrial Loans to Large and Middle-Market Firms/Credit Card Loans, retrieved from FRED.

Loan Delinquency Rates

• Source: Board of Governors of the Federal Reserve System (US), Delinquency Rate on Business Loans, All Commercial Banks/Single-Family Residential Mortgages, Booked in Domestic Offices/Consumer Loans, All Commercial Banks, retrieved from FRED.

• Document Build: 01:20 PM, May 04, 2026