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Vol. I, No. 13 Afternoon Edition
A civic journal of money and credit
Live Federal Reserve rates, FOMC decisions, speeches, and Treasury data, with every figure copied from the agency that published it.
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Quantitative tightening, or QT, is when the Federal Reserve lets the Treasury and mortgage securities it owns mature without buying new ones, so its balance sheet gets smaller over time.
The Fed holds a large portfolio of Treasury securities and mortgage-backed securities. When one of them matures, the Treasury or the mortgage agency repays the Fed. During quantitative easing the Fed used that money to buy new securities and keep the portfolio the same size or larger. During quantitative tightening it does not reinvest all of it, or any of it, so the portfolio shrinks.
The Fed's policy committee, the FOMC, sets how fast the portfolio may run off. It can change the pace or stop at any meeting, and it explains the plan in its statements and in a separate document on balance sheet policy.
The fed funds rate is the Fed's main everyday tool. Changing the target range moves short-term borrowing costs directly. Quantitative tightening works on the supply of reserves and on longer-term yields, and its effects are harder to separate from everything else going on in markets.
The two tools can be used together or apart. A central bank can hold its target range steady while it changes the size of its portfolio.
The New York Fed publishes the System Open Market Account, or SOMA, which is the portfolio the Fed manages. Its total holdings fall when securities mature and are not replaced. The Fed's weekly H.4.1 release shows the same balance sheet from the Board's side, including bank reserves.
This paper prints stored values from those releases as they were published. It does not compute a pace of runoff or predict one.
Stored as the agency published it. This paper does not forecast or compute a change here.
Source: Federal Reserve Bank of New York, SOMA summary history · as of · retrieved
Cite the agency first. This paper is the place you read the figure, as of Oct 7, 2026.
| As of | Total |
|---|---|
| Sep 24, 2003 | $654,473,316,000.00 |
| Dec 31, 2003 | $665,000,116,000.00 |
| Mar 31, 2004 | $672,391,366,000.00 |
| Jun 30, 2004 | $685,454,366,000.00 |
| Sep 29, 2004 | $696,482,366,000.00 |
| Dec 29, 2004 | $715,507,486,000.00 |
| Mar 30, 2005 | $715,209,519,000.00 |
| Jun 29, 2005 | $723,226,552,000.00 |
| Sep 28, 2005 | $733,168,152,000.00 |
| Dec 28, 2005 | $740,848,599,000.00 |
| Mar 29, 2006 | $755,193,221,000.00 |
| Jun 28, 2006 | $762,595,446,000.00 |
| Sep 27, 2006 | $764,827,929,000.00 |
| Dec 27, 2006 | $774,987,618,000.00 |
| Mar 28, 2007 | $777,347,825,000.00 |
| Jun 27, 2007 | $786,149,825,000.00 |
| Sep 26, 2007 | $774,913,483,000.00 |
| Dec 26, 2007 | $749,750,234,000.00 |
| Mar 26, 2008 | $607,579,161,000.00 |
| Jun 25, 2008 | $473,302,960,000.00 |
| Sep 24, 2008 | $479,985,502,900.00 |
| Dec 31, 2008 | $489,693,502,900.00 |
| Mar 25, 2009 | $757,262,829,168.00 |
| Jun 24, 2009 | $1,212,040,431,153.80 |
| Sep 30, 2009 | $1,587,020,034,300.00 |
| Dec 30, 2009 | $1,838,849,745,975.50 |
| Mar 31, 2010 | $2,008,756,703,446.30 |
| Jun 30, 2010 | $2,054,460,166,266.20 |
| Sep 29, 2010 | $2,038,827,407,489.00 |
| Dec 29, 2010 | $2,149,525,358,436.20 |
| Mar 30, 2011 | $2,396,289,704,916.10 |
| Jun 29, 2011 | $2,633,633,441,174.70 |
| Sep 28, 2011 | $2,634,157,473,454.20 |
| Dec 28, 2011 | $2,603,764,526,266.30 |
| Mar 28, 2012 | $2,589,017,878,975.60 |
| Jun 27, 2012 | $2,603,158,121,301.90 |
| Sep 26, 2012 | $2,556,821,729,413.80 |
| Dec 26, 2012 | $2,649,332,839,120.30 |
| Mar 27, 2013 | $2,926,952,334,818.20 |
| Jun 26, 2013 | $3,194,599,884,715.00 |
| Sep 25, 2013 | $3,454,330,232,934.70 |
| Dec 31, 2013 | $3,742,632,690,427.80 |
| Mar 26, 2014 | $3,948,089,960,865.10 |
| Jun 25, 2014 | $4,088,813,507,970.90 |
| Sep 24, 2014 | $4,178,343,086,869.30 |
| Dec 31, 2014 | $4,220,690,108,476.80 |
| Mar 25, 2015 | $4,213,964,708,612.80 |
| Jun 24, 2015 | $4,227,464,404,825.00 |
| Sep 30, 2015 | $4,221,499,920,390.40 |
| Dec 30, 2015 | $4,225,583,667,597.60 |
| Mar 30, 2016 | $4,227,737,869,418.30 |
| Jun 29, 2016 | $4,213,862,766,793.10 |
| Sep 28, 2016 | $4,203,567,172,677.70 |
| Dec 28, 2016 | $4,203,366,691,374.20 |
| Mar 29, 2017 | $4,228,959,674,894.20 |
| Jun 28, 2017 | $4,224,719,509,413.80 |
| Sep 27, 2017 | $4,221,655,151,614.20 |
| Dec 27, 2017 | $4,203,854,982,331.50 |
| Mar 28, 2018 | $4,163,864,039,501.30 |
| Jun 27, 2018 | $4,080,701,043,257.30 |
| Sep 26, 2018 | $3,975,452,883,030.40 |
| Dec 26, 2018 | $3,857,873,039,174.80 |
| Mar 27, 2019 | $3,749,234,437,230.70 |
| Jun 26, 2019 | $3,621,864,604,309.80 |
| Sep 25, 2019 | $3,552,957,176,149.20 |
| Dec 31, 2019 | $3,714,482,596,780.60 |
| Mar 25, 2020 | $4,336,011,382,965.00 |
| Jun 24, 2020 | $6,107,308,210,209.90 |
| Sep 30, 2020 | $6,390,379,082,800.20 |
| Dec 30, 2020 | $6,687,077,217,563.09 |
| Mar 31, 2021 | $7,083,224,261,791.89 |
| Jun 30, 2021 | $7,450,262,558,653.42 |
| Sep 29, 2021 | $7,863,880,504,300.80 |
| Dec 29, 2021 | $8,197,891,860,011.00 |
| Mar 30, 2022 | $8,398,359,684,121.30 |
| Jun 29, 2022 | $8,384,742,591,811.30 |
| Sep 28, 2022 | $8,272,288,169,977.00 |
| Dec 28, 2022 | $8,041,875,253,601.80 |
| Mar 29, 2023 | $7,822,324,033,290.50 |
| Jun 28, 2023 | $7,577,439,912,355.20 |
| Sep 27, 2023 | $7,329,489,160,028.60 |
| Dec 27, 2023 | $7,110,733,520,330.00 |
| Mar 27, 2024 | $6,895,845,250,739.80 |
| Jun 26, 2024 | $6,673,467,890,478.70 |
| Sep 25, 2024 | $6,551,103,309,394.10 |
| Dec 31, 2024 | $6,408,308,868,072.60 |
| Mar 26, 2025 | $6,319,641,344,480.90 |
| Jun 25, 2025 | $6,242,120,746,578.70 |
| Sep 24, 2025 | $6,191,231,192,275.50 |
| Dec 31, 2025 | $6,154,707,149,716.80 |
| Mar 25, 2026 | $6,271,471,713,765.80 |
| Jun 24, 2026 | $6,344,345,567,445.70 |
| Sep 30, 2026 | $6,358,573,997,880.20 |
| Oct 7, 2026 | $6,360,519,997,880.20 |
Yes. Quantitative easing is when a central bank buys securities to add to its balance sheet. Quantitative tightening is when it lets them mature without replacing them, or sells them, so the balance sheet gets smaller.
Not necessarily. The usual method is to let securities mature without reinvesting the proceeds. The FOMC decides the method and the pace, and its statements say what it chose.
The New York Fed publishes the SOMA summary, and the Fed Gazette balance sheet page charts it with the source and the as-of date.
