This page shows the size of Federal Reserve’s (Fed’s) balance sheet, both historical and forecast. This expanded rapidly after the global financial crisis as various U.S. quantitative easing (QE) programs were introduced. The COVID-19 pandemic has forced the Fed to again introduce the QE program and aggressively expand their balance sheets again. However, given the robust U.S. economic backdrop, we expect the Fed to start quantitative tightening in 2H 2022 and shrink their balance sheets holdings, potentially falling to USD 7billion in size by 2025.