United States
BIS area US | FED
Latest common month
May 2026
Nominal 101.69Real 107.26
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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
Monetary conditions
Nominal and real exchange-rate paths diverge when relative prices move
Broad monthly BIS effective exchange rate indices for the same five monetary areas, through the latest month common to all ten series (2026-05). A rise is effective appreciation. Real EER additionally reflects relative price movements. Each panel uses its own local axis: a 2020 = 100 level is an index within that economy, not a cross-economy competitiveness ranking. Real appreciation is not, by itself, evidence of overvaluation or proof of policy causality.
Nominal EERReal EERIndex, 2020 = 100
Euro area
BIS area XM | ECB
Latest common month
May 2026
Nominal 109.37Real 103.41
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Japan
BIS area JP | BOJ
Latest common month
May 2026
Nominal 68.73Real 65.93
Hover for monthly nominal and real values
United Kingdom
BIS area GB | BOE
Latest common month
May 2026
Nominal 110.87Real 111.17
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Switzerland
BIS area CH | SNB
Latest common month
May 2026
Nominal 123.89Real 102.68
Hover for monthly nominal and real values
Both lines use the BIS source monthly series. Daily nominal observations are excluded, and a missing monthly observation breaks only the affected line.
Source: Bank for International Settlements, BIS Data Portal (WS_EER) Broad 64-economy basket, nominal and real, index 2020 = 100. This is a monetary-conditions complement; balance sheets remain in native currency and percent of GDP. 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
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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
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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
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Hover for total assets, USD trillions
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
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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
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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
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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
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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.