The Federal Reserve balance sheet was worth approximately $8.1 trillion in the final week of June, roughly the size of the economies of Japan and Germany combined. As of July 1, around $5.1 of these holdings took the form of US Treasuries, and another $2.3 trillion were mortgage-backed securities. Both totals continue to increase on monthly purchases by the Fed of $80 billion in Treasuries and $40 billion in mortgage-backed securities.

Other central bank assets include corporate credit facilities (worth $14 billion and now in the process of being wound down), and the Fed’s Main Street Lending Program (worth $16 billion), neither of which gained significant traction among borrowers during the economic shocks of 2020.