Download the 2022 Report | Data for charts
The 2022 annual report themes include:
- The FOMC significantly increased the target range for the federal funds rate during 2022 in response to inflation above the FOMC’s longer-run target. The Federal Reserve’s monetary policy implementation framework continued to be effective, with the effective federal funds rate (EFFR) remaining within its target range during the year.

- The Federal Reserve started the process of reducing the size of its balance sheet in mid-2022. As directed by the FOMC, the redemption of Treasury and agency MBS securities reduced the size of the Federal Reserve’s balance sheet by around $360 billion at year-end compared to its peak level in the first half of 2022.

- Amid balance sheet reduction and increases in the federal funds target range, the composition of Federal Reserve liabilities also shifted. While the decrease in liabilities during 2022 was driven by balance sheet reduction, the composition of Federal Reserve liabilities was influenced by the broader demand for these liabilities.

- Illustrative projections, which reflect the FOMC’s plans for balance sheet reduction, show the portfolio declining in size for several years, then remaining generally steady through reinvestments, before finally expanding to match the growth in Federal Reserve liabilities.

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