Where Data Tells the Story
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After surging by over 80% year-over-year from May 2020 to February 2021, the Federal Reserve's balance sheet growth began to decline. The trend fell to 17% in April 2021 and turned negative in November 2022. Notably, since April 2024 the pace of balance sheet reduction slowed and in Q2 2025 contraction decelerated from 9.9% in March to 7.9% in June (YoY0, as Treasury holdings remained steady at $4.2 trillion.