March 12, 2026: The Fed's TGA Builds While Reserves Hold
The Treasury’s operating cash balance increased to $380B, up $10B (+2.63%) week over week.
Federal Reserve Board of Governors
Tracking the Federal Reserve’s balance sheet, interest rate decisions, and H.4.1 releases.
Prime Rate
The current U.S. Prime Rate, historical trends, and its impact on credit card APRs.
March 5, 2026: The Fed's $23B February Print: Tracking the T-Bill Rotation
The Federal Reserve’s balance sheet rose to $6.63 trillion in February as “Reserve Management Purchases” offset the final ghosts of Quantitative Tightening.
Federal Reserve & Credit Card FAQ
Common questions and answers about how Federal Reserve interest rate changes affect your credit card payments, approvals, and terms.
The Federal Reserve Board of Governors is the main governing body of the Federal Reserve System. For market participants and liquidity-watchers, the “Fed” is the single most important institution in the global financial system.
On this page, we track the structural changes in the Fed’s monetary policy and its direct impact on consumer credit and market liquidity.
Quantitative Analysis
Every week, we analyze the H.4.1 Release (Factors Affecting Reserve Balances) to understand where the “print” is moving.
- Fed & Credit Card FAQ: A comprehensive guide to how Fed decisions impact your wallet.
- Periodic Print Analysis: Deep dive into the T-bill rotation and MBS contraction.
- Prime Rate Tracking: The current base for all credit card APRs.
Core Metrics
Watch the core metrics that determine the cost of capital:
- Balance Sheet size: Currently $6.63 Trillion.
- Reserve Balances: Target level > $3.0 Trillion.
- Overnight Reverse Repo (ON RRP): Currently near $0.