Fed balance sheet grows again, ticking up $3B to $6.75 trillion

The Fed's balance sheet is expanding again. Assets rose by $3 billion in the week ending November 4, landing at $6.75 trillion — the third-highest level since mid-March 2025, according to @KobeissiLetter. It's a small weekly move, but it keeps the broader trend pointed up.

Zoom out and the picture gets bigger. Total assets have climbed by $212 billion since the December 2025 low, a steady rebuild after months of shrinkage. The balance sheet now sits $2.99 trillion above pre-pandemic levels, a jump of roughly 80%.

The mix underneath has shifted hard toward government debt. Treasury holdings have swelled by $390 billion over the same stretch, hitting $4.58 trillion — the most since March 2024. That's the engine behind the overall expansion.

Mortgage-backed securities are heading the other way. MBS holdings have dropped by $170 billion, down to $1.88 trillion, the lowest since June 2020. So while the total grows, the composition is tilting decisively toward Treasuries and away from housing-linked debt.

For markets, the headline number matters less than the direction. A balance sheet that's quietly climbing again revives the question of how much liquidity the Fed is willing to leave in the system — and whether the recent run of growth continues into year-end.