The Federal Reserve's balance sheet fell by -$39 billion in August, to $6.60 trillion, the lowest since April 2020.



Since the April 2022 peak, the Fed has reduced its assets by -$2.36 trillion, or -26.4%.

This unwinds 49.2% of the +$4.81 trillion in pandemic-era balance sheet expansion.

As a share of GDP, the Fed's assets hit 21.8%, the least since Q1 2020 and in-line with 2013 levels.

However, the central bank's total assets remain at $2.45 trillion, or +59%, above pre-pandemic levels.
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