Credit Easing Policy Tools

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Summary View

The Federal Reserve has introduced a number of new tools for conducting monetary policy and dealing with the financial crisis. These tools have become more important with the federal funds rate close to zero. Chairman Ben Bernanke divides the tools into three groups:

  • Lending to financial institutions
  • Providing liquidity to key credit markets
  • Purchasing longer-term securities

The new tools make use of the Fed's balance sheet, particularly the asset side, and involve ways of extending credit and purchasing securities. These actions can change both the absolute level of the balance sheet as well as the types of assets it contains. Bernanke has called the use of the balance sheet in this way "credit easing."

The charts on this site let you see the assets of the balance sheet in a number of ways. Explore them by using the navigation bar on the left.

This page shows the balance sheet with the individual tools grouped into the three types of new credit-easing tools, plus the base of traditional Fed assets.

For an overview of the new tools, see this article.

 

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SUMMARY VIEW (Millions of Dollars)

Date Traditional Security Holdings Long Term Treasury Purchases Lending to Financial Institutions Liquidity to Key Credit Markets Fed Agency Debt Mortgage-Backed Securities Purch
01/03/07 771569 88047 0 0
01/10/07 775795 69095 0 0
01/17/07 777708 68484 0 0
01/24/07 777213 60369 0 0
01/31/07 777579 67405 0 0
02/07/07 776052 65920 0 0
02/14/07 777917 69135 0 0
02/21/07 776444 75274 0 0
02/28/07 777065 76583 0 0
03/07/07 778604 73767 0 0
03/14/07 778560 73687 0 0
03/21/07 779210 72386 0 0
03/28/07 780301 72236 0 0
04/04/07 778991 74031 0 0
04/11/07 780336 69573 0 0
04/18/07 781361 70640 0 0
04/25/07 782129 68673 0 0
05/02/07 783936 83260 0 0
05/09/07 786752 67232 0 0
05/16/07 786550 62197 0 0
05/23/07 785997 64917 0 0
05/30/07 786033 68969 0 0
06/06/07 784360 74214 0 0
06/13/07 786772 63952 0 0
06/20/07 785699 67289 0 0
06/27/07 787147 61329 0 0
07/04/07 780390 78066 0 0
07/11/07 787374 66530 0 0
07/18/07 785962 68424 0 0
07/25/07 786062 64876 0 0
08/01/07 784674 73856 0 0
08/08/07 787327 63829 0 0
08/15/07 785954 82772 0 0
08/22/07 784532 67863 0 0
08/29/07 779362 70730 0 0
09/05/07 773755 83285 0 0
09/12/07 774120 82046 0 0
09/19/07 777459 75020 0 0
09/26/07 776315 83629 0 0
10/03/07 775901 86653 0 0
10/10/07 776557 82402 0 0
10/17/07 773723 85762 0 0
10/24/07 773131 86313 0 0
10/31/07 771470 91893 0 0
11/07/07 772354 92772 0 0
11/14/07 771535 95064 0 0
11/21/07 770663 98193 0 0
11/28/07 771677 98429 0 0
12/05/07 773958 93648 0 0
12/12/07 766809 97799 0 0
12/19/07 758996 112265 0 0
12/26/07 740475 133936 0 0
01/02/08 724107 168235 0 0
01/09/08 718496 150798 0 0
01/16/08 721165 146678 0 0
01/23/08 712865 150055 0 0
01/30/08 706841 158627 0 0
02/06/08 701397 161677 0 0
02/13/08 703622 156056 0 0
02/20/08 697345 170965 0 0
02/27/08 698899 168607 0 0
03/05/08 694345 180510 0 0
03/12/08 697494 172745 0 0
03/19/08 664666 215775 0 0
03/26/08 619037 251653 0 0
04/02/08 503479 373111 0 0
04/09/08 451112 416119 0 0
04/16/08 410205 458124 0 0
04/23/08 378971 490878 0 0
04/30/08 385300 481391 0 0
05/07/08 377491 492452 0 0
05/14/08 369513 498788 0 0
05/21/08 371762 500605 0 0
05/28/08 378343 500218 0 0
06/04/08 371291 507714 0 0
06/11/08 375350 499567 0 0
06/18/08 359344 519867 0 0
06/25/08 366701 508925 0 0
07/02/08 361356 499405 29816 0
07/09/08 369150 490922 28900 0
07/16/08 374734 485116 28955 0
07/23/08 362533 493133 29025 0
07/30/08 352521 513550 29065 0
08/06/08 346432 516110 29105 0
08/13/08 348242 509936 29145 0
08/20/08 354689 506921 29183 0
08/27/08 333430 525036 29213 0
09/03/08 328606 538042 29253 0
09/10/08 311701 550510 29293 0
09/17/08 304146 600227 29333 0
09/24/08 271610 808868 51133 3714
10/01/08 220811 1008116 151517 11929
10/08/08 265250 1040817 175342 14347
10/15/08 256154 1311702 159108 14105
10/22/08 253398 1393492 143356 14105
10/29/08 253919 1438859 167530 13897
11/05/08 255814 1443203 344587 13565
11/12/08 258094 1571392 357030 13155
11/19/08 270934 1534238 362434 12654
11/26/08 280096 1428042 372453 12261
12/03/08 229310 1479477 397659 12057
12/10/08 236321 1590947 397355 13106
12/17/08 239033 1562440 408560 16587
12/24/08 291501 1444750 425690 19927
12/31/08 296299 1471568 431230 20266
01/07/09 306157 1402649 431037 19587
01/14/09 334820 1272890 427103 21900
01/21/09 334579 1239063 439301 29942
01/28/09 342748 1211148 404503 33492
02/04/09 348040 1109586 348510 36406
02/11/09 351544 1098632 343329 39208
02/18/09 353377 1123811 336386 95629
02/25/09 356844 1111470 329857 104398
03/04/09 321754 1140934 323929 107114
03/11/09 327313 1123188 320217 109418
03/18/09 329650 286 1119269 322472 271958
03/25/09 345998 327 1100090 320948 285760
04/01/09 376921 18563 1040126 328050 287277
04/08/09 405314 34645 1008090 332438 291399
04/15/09 408576 48823 968422 330108 344975
04/22/09 422292 57685 945815 320322 425356
04/29/09 432574 71760 846842 304841 433802
05/06/09 431916 84337 839356 252605 435414
05/13/09 430578 100826 864110 266867 456224
05/20/09 431082 112766 851266 267034 505034
05/29/09 438024 128085 740865 258801 510655
06/03/09 437118 135134 739433 248099 508316
06/10/09 424625 157653 692646 241706 511272
06/17/09 438863 167911 664836 241485 543161
06/24/09 442671 182434 582096 231937 559227
07/01/09 446005 192512 569312 221781 559332
07/08/09 455807 202539 547975 213089 560277
07/15/09 449567 213082 555483 207182 588545
07/22/09 454174 220840 493525 204702 639475
07/29/09 460530 223869 492092 186762 648573
08/05/09 459666 232899 479800 157752 649725
08/12/09 451132 256530 480470 151500 651781
08/19/09 446152 270825 447237 154589 717782
08/26/09 447315 279606 435376 149755 738453
09/02/09 447992 288173 439496 147079 742597
09/09/09 448394 293107 436616 145532 747833
09/16/09 453715 294455 418992 148756 774694
09/23/09 450996 300247 419756 147244 816121
09/30/09 454473 302609 396368 146291 822246
10/07/09 455958 302631 392535 144863 825716
10/14/09 457180 306903 361903 145012 837119
10/21/09 459112 306956 359348 143742 904409
10/28/09 460214 308029 335157 135806 917626
11/04/09 458990 310808 335305 124256 921413
11/11/09 459404 310815 301688 122397 922949
11/18/09 450358 318693 302904 123737 997429
12/02/09 448953 318351 282155 124726 1007222
12/09/09 449853 318360 243163 123570 1009738
12/16/09 449859 317807 243204 125514 1030772
01/06/10 442627 316370 239246 126639 1068362
01/13/10 450529 316377 229837 125890 1079714
01/20/10 452176 318215 181426 126031 1129581
02/10/10 454235 317889 181313 120133 1136822
02/24/10 446183 325295 155704 119776 1198727
03/03/10 448784 322266 154033 119698 1194300
03/10/10 448939 322299 154482 118030 1195177
03/17/10 448184 323209 141816 120720 1234884
03/24/10 449211 323243 139984 120505 1241007
03/31/10 447232 322335 139464 119921 1237597
04/07/10 448492 322338 137781 119757 1237701
04/14/10 447841 322340 136871 119486 1247188
04/21/10 445608 325157 135181 119591 1268768
04/28/10 445630 325159 135676 120092 1268666
05/05/10 449721 321694 134723 115849 1265522
05/12/10 451811 321733 134882 112100 1265691
05/19/10 444166 328569 141692 111973 1288710
05/26/10 444839 328608 128956 111864 1285309
06/02/10 449317 321837 132434 111665 1280323
06/09/10 449805 321854 126654 111019 1280366
06/16/10 449689 322275 127264 110854 1287561
06/23/10 451257 322293 125695 110605 1294123
06/30/10 447588 322113 127715 110024 1284520
07/07/10 447833 322120 127601 109755 1283034
07/14/10 448094 322127 128723 109113 1283477
07/21/10 450396 322158 125672 108704 1284224
07/28/10 450848 322166 125087 108371 1281212
08/04/10 450315 322630 125251 109334 1277010
08/11/10 450799 322621 126147 107412 1277498
08/25/10 445083 332339 117850 105950 1268331