This chart looks at the historical and projected balance sheet of the Federal Reserve. The table on the left shows the Fed’s four rounds of quantitative easing and breaks down how long each purchase program lasted and the amounts purchased. The forecasted increase in the balance sheet is based on Fed commentary, and should help to guide investors toward what the balance sheet may look like in the future. Just as cutting the Federal Funds Rate impacts the short end of the yield curve, increasing the balance sheet impacts the long end of the yield curve.