Central banks

The Fed has shrunk since its peak while the Bank of Japan remains larger relative to GDP

Total assets of five major central banks, each from its own primary portal or from FRED where FRED is the publisher's machine-readable mirror, on one comparable percent-of-GDP scale and in native currency. The Fed's balance sheet peaked at $8.97T (34.5% of GDP) on Apr 13, 2022 and quantitative tightening has since taken it to $6.76T. The Bank of Japan's peaked at 125.8% of GDP, 91 points above the Fed's peak share, and still stands at 106.0%. The QE eras, the 2020 spike, and each bank's unwind are all visible below.

$6.76T

US Federal Reserve

23.2% of GDP | Aug 12, 2026

€5.92T

Eurosystem (ECB)

37.5% of GDP | Aug 7, 2026

¥644.3T

Bank of Japan

106.0% of GDP | Jul 31, 2026

£862B

Bank of England

30.5% of GDP | Mar 31, 2025

CHF 914B

Swiss National Bank

110.4% of GDP | Jun 30, 2026

Data as of Aug 12, 2026 (Fed, weekly); other banks at their own latest print, shown per tile

Quantities here, rates elsewhere. This page carries balance-sheet stocks; the policy rates these banks set live on the financial-conditions page (US, seven decades) and on each country page (BIS policy-rate series, 48 economies plus the euro area). Each series here is displayed with attribution to the publishing central bank; the People's Bank of China is deliberately absent because its monthly balance sheet has no stable machine-readable release (see the methodology).

Central-bank balance sheets

The Bank of Japan's balance sheet peaked at 125.8% of GDP

Monthly total assets for the Fed, ECB, BoJ, BoE and SNB as a percent of annual nominal GDP over their available histories through each bank's latest observation. That is the one scale on which a $6.76 trillion and a ¥644 trillion balance sheet can sit side by side. The Bank of Japan is the outlier of the group, with its peak on Aug 31, 2024 against the Fed's 34.5% peak; the SNB, a small economy holding a large FX portfolio, reached 135.2%. GDP denominators are annual (GMD 2026_06 for the US, Japan, UK, and Switzerland; ECB euro-area accounts for the Eurosystem), with the newest actual carried forward for the most recent observations.

Fed FEDECB ECBBoJ BOJBoE BOESNB SNB

Hover for each bank's total assets as % of GDP (monthly, last observation per month)

Source: Federal Reserve H.4.1 via FRED (WALCL) | ECB Data Portal (ILM, weekly financial statement) | Bank of Japan accounts via FRED (JPNASSETS) | Bank of England Database (RPQB75A, Table B1.1.3) | SNB data portal (snbbipo, balance sheet items) Each month carries a bank's last published print. The BoE line is quarterly and ends earlier because its consolidated balance sheet publishes with a five-quarter lag. Methodology

Quantitative tightening, measured from each peak

Every value computed from the series as published: the all-time peak, the latest print, and the distance between them. The Fed has shed $2.21 trillion (24.6%) since Apr 13, 2022; the ECB 33.0% since Jun 24, 2022; the BoJ, the last to peak, is down 15.8% from Aug 31, 2024.

Bank	Peak	Peak date	Peak %GDP	Latest	Latest date	Latest %GDP	Change since peak
US Federal Reserve	$8.97T	2022-04-13	34.5%	$6.76T	2026-08-12	23.2%	-$2.21T (-24.6%)
Eurosystem (ECB)	€8.84T	2022-06-24	64.2%	€5.92T	2026-08-07	37.5%	-€2.91T (-33.0%)
Bank of Japan	¥764.8T	2024-08-31	125.8%	¥644.3T	2026-07-31	106.0%	-¥120.5T (-15.8%)
Bank of England	£1,142B	2021-12-31	50.0%	£862B	2025-03-31	30.5%	-£281B (-24.6%)
Swiss National Bank	CHF 1,069B	2022-05-31	135.2%	CHF 914B	2026-06-30	110.4%	-CHF 156B (-14.6%)

Source: Federal Reserve H.4.1 via FRED (WALCL) | ECB Data Portal (ILM, weekly financial statement) | Bank of Japan accounts via FRED (JPNASSETS) | Bank of England Database (RPQB75A, Table B1.1.3) | SNB data portal (snbbipo, balance sheet items) Peak = the series' all-time maximum as published. The BoE row runs only to its latest published quarter (five-quarter lag), so its true current position is more recent than shown. %GDP at the peak uses the peak year's GDP. Methodology

Federal Reserve balance sheet

MBS holdings have run off since their $2.74 trillion peak

Weekly Federal Reserve assets in USD trillions over the full H.4.1 histories, with Wednesday levels for total assets, US Treasuries held outright and agency mortgage-backed securities. MBS holdings were zero before 2009 and have been running off since their peak on Apr 13, 2022; the gap between the total and the two held-outright lines is everything else on the balance sheet (loans, repos, swap lines, and other assets), which is what spiked in 2008 and March 2020 before the asset purchases did.

Total assets WALCLUS Treasuries held outright WSHOTSLMBS held outright WSHOMCB

Hover for weekly Wednesday levels, USD trillions

Source: Federal Reserve H.4.1 via FRED (WALCL) Treasuries plus MBS never exceed total assets (asserted at build); the gap contains loans, repos, swap lines and other assets. Methodology

Each bank in its own currency

The same five series in the units each institution publishes: no FX conversion, no rebasing. Frequencies differ by source: weekly for the Fed and the Eurosystem, monthly for the BoJ and SNB, quarterly for the BoE (whose consolidated balance sheet starts Sep 30, 2013 and publishes with a five-quarter lag).

Central-bank balance sheets

Fed assets remain below their series peak

Total assets less eliminations from consolidation, weekly Wednesday level, in USD trillions, over the full published history through the latest observation.

Fed FED

Hover for total assets, USD trillions

Source: Federal Reserve H.4.1 via FRED (WALCL) Methodology

Central-bank balance sheets

ECB assets remain below their series peak

Consolidated Eurosystem total assets/liabilities, weekly, as at Friday, in EUR trillions, over the full published history through the latest observation.

ECB ECB

Hover for total assets, EUR trillions

Source: ECB Data Portal (ILM, weekly financial statement) Methodology

Central-bank balance sheets

BoJ assets remain below their series peak

Total assets, monthly end of period, in JPY trillions, over the full published history through the latest observation.

BoJ BOJ

Hover for total assets, JPY trillions

Source: Bank of Japan accounts via FRED (JPNASSETS) Methodology

Central-bank balance sheets

BoE assets remain below their series peak

Consolidated balance sheet total, quarterly, five-quarter publication lag, in GBP billions, over the full published history through the latest observation.

BoE BOE

Hover for total assets, GBP billions

Source: Bank of England Database (RPQB75A, Table B1.1.3) The quarterly series publishes with a five-quarter lag. Methodology

Central-bank balance sheets

SNB assets remain below their series peak

Total assets, monthly end of month, in CHF billions, over the full published history through the latest observation.

SNB SNB

Hover for total assets, CHF billions

Source: SNB data portal (snbbipo, balance sheet items) Methodology

Related: the policy rates these balance sheets accompany, on financial conditions and the country pages; reserve-currency composition on reserves. See the full methodology for series keys, unit conversions, GDP vintages, and per-source attribution.