The Federal Reserve’s balance sheet shows what the Fed owns and owes; the U.S. national debt measures the federal government’s outstanding borrowing. They overlap because Federal Reserve Banks hold Treasury securities, which count as Fed assets and as federal debt held by the public. But the Fed’s balance-sheet total is not the national-debt total: each measures a different institution and includes different items.
What each figure measures
Think of the two totals as answers to different accounting questions. The Federal Reserve’s balance sheet asks: what assets does the Federal Reserve System hold, what liabilities does it have, and how much capital does it report? The national debt asks: how much federal borrowing remains outstanding?
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The Federal Reserve System is the central bank; the U.S. Treasury borrows on behalf of the federal government. A Treasury security can appear in both sets of accounts, but the accounts describe different sides of the relationship. The security is an asset for whoever holds it, including a Federal Reserve Bank. It is also part of the federal government’s outstanding debt.
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →| Measure | What it describes | What is included |
|---|---|---|
| Federal Reserve balance sheet | The Federal Reserve System’s financial position | Assets, liabilities and capital. Assets include Treasury securities, agency mortgage-backed securities, loans and other assets. Liabilities include currency, deposits, reverse repurchase agreements, certain official account balances and the Treasury General Account. |
| U.S. national debt | Federal government borrowing that has not been repaid | Debt held by the public plus intragovernmental holdings, subject to the distinctions and adjustments used in Treasury reporting. |
This difference in scope is why adding up the Fed’s assets does not tell you the size of the national debt. The Fed holds assets that are not federal debt, and it has liabilities that are not federal borrowing. Meanwhile, the national-debt figure includes Treasury obligations held by many kinds of investors and government accounts, not just the Fed.
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In short, one is a financial-position statement for the Federal Reserve System; the other is a measure of accumulated federal borrowing. The Fed’s balance sheet has both assets and liabilities, while national-debt figures describe outstanding government debt under Treasury’s definitions. The figures should not be treated as two labels for the same pool of money.
Where the figures overlap: Treasury securities held by the Fed
When the Fed holds a Treasury security, the instrument has two relevant accounting identities. On the Fed’s balance sheet it is an asset: the Fed holds a claim issued by the Treasury. In Treasury’s accounting of debt held by the public, the Federal Reserve Banks are among the holders included in that category.
TreasuryDirect defines debt held by the public as federal debt held by individuals, corporations, state or local governments, Federal Reserve Banks, foreign governments and other entities outside the U.S. government, less Federal Financing Bank securities. The term “public” in this accounting category therefore includes Federal Reserve Banks; it does not mean only households or private investors.
This answers a common question: yes, Treasury securities held by the Fed are included in debt held by the public. The fact that the holder is a Federal Reserve Bank does not remove the security from that category. But only the Fed’s Treasury holdings create this particular overlap; the Fed’s total assets and total liabilities are not themselves amounts of public debt.
The overlap does not make the Fed and Treasury the same institution, nor does it turn every Fed asset or liability into national debt. A mortgage-backed security, a loan, currency in circulation or a bank’s deposit at the Fed belongs to the Fed balance-sheet picture, but it is not thereby a Treasury security held by the Fed.
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What the Fed’s March 2026 figures show—and do not show
The Board of Governors of the Federal Reserve System’s May 2026 balance-sheet report gives a snapshot for March 25, 2026. On that date, the Federal Reserve System reported $6,657 billion in total assets, $6,611 billion in total liabilities and $46 billion in total capital. Its Treasury securities held outright were $4,375 billion.
| Fed balance-sheet item | Amount | How to read it |
|---|---|---|
| Total assets | $6,657 billion | Everything included in the Fed’s reported assets on March 25, 2026—not the national debt. |
| Total liabilities | $6,611 billion | What the Fed reported owing on that date, across its liability categories. |
| Total capital | $46 billion | The capital reported in the Fed balance sheet on that date. |
| Treasury securities held outright | $4,375 billion | A subset of Fed assets; these holdings are included among debt held by the public in Treasury’s definition. |
The reported liabilities plus capital equal the reported assets: $6,611 billion plus $46 billion is $6,657 billion. That relationship is part of the balance-sheet presentation. It does not mean the Fed’s liabilities and capital are components of the national debt, or that its assets can be substituted for federal borrowing.
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The report’s $6,657 billion asset figure is not a same-date national-debt figure. It would be misleading to subtract the Fed’s Treasury holdings from total national debt, or to compare the $6,657 billion total directly with a debt figure from another date or definition and call the difference the amount by which one “exceeds” the other. A valid numerical comparison requires matched reporting dates and clearly identified measures. These figures establish the scale and composition of the Fed’s balance sheet on March 25, 2026; by themselves they do not establish the national debt on that date.
If you need a current side-by-side comparison, use Treasury Fiscal Data for the national-debt series and the Federal Reserve’s H.4.1 release for balance-sheet data, then align the dates and definitions. The figures change over time, so the March 25 snapshot should not be presented as a live total or matched with an undated debt figure.
How the national debt is divided
Debt held by the public
Treasury’s public-debt category includes Treasury debt held outside the U.S. government, with Federal Reserve Banks explicitly included among the holders. It also includes holdings by individuals, corporations, state and local governments, foreign governments and other entities outside the U.S. government. Consequently, “debt held by the public” is a Treasury accounting term with a defined scope, rather than a synonym for debt owned by ordinary members of the public.
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For the Fed-versus-debt comparison, this category is where the link is clearest: the Fed’s Treasury securities held outright are assets for the Fed, and Federal Reserve Banks are counted as holders of debt held by the public. That does not mean every dollar in the public-debt category is owned by the Fed. The category also covers the other listed holders.
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Intragovernmental holdings
Intragovernmental debt consists of Treasury securities held by government accounts, including government trust funds. These are claims between parts of the federal government. Treasury still includes them in gross federal debt, even though their holders are government accounts rather than outside investors.
Treasury’s FY 2025 financial report describes gross federal debt as debt held by the public plus intragovernmental debt, with adjustments for the statutory debt limit. The categories help explain why the same headline “national debt” can be broken into components with different holders. They do not change the basic distinction: both components concern federal borrowing, while the Fed’s balance sheet concerns the Federal Reserve System’s assets, liabilities and capital.
The debt limit is a separate measure
The debt limit is not another name for the national debt and is not a measure of the Fed’s assets. TreasuryDirect distinguishes Public Debt Outstanding from Public Debt Subject to Limit. Public Debt Outstanding is the face or principal amount of Treasury marketable and nonmarketable securities currently outstanding. Public Debt Subject to Limit is an adjusted amount used to determine whether the statutory borrowing limit has been reached.
Because the limit measure is adjusted for its legal purpose, it should not be substituted for either a general national-debt figure or the Fed’s balance-sheet total. If two published numbers appear different, first check whether one is debt outstanding and the other is debt subject to limit, rather than assuming they use the same definition. The debt limit is a legal borrowing-limit measure, not a third way to describe what the Fed owns or owes.
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Why the two totals can move differently
The measures can change for different reasons because they track different things. The national debt changes as federal borrowing and repayment change the amount of outstanding Treasury obligations. The Fed’s balance sheet changes as its assets, liabilities and capital change. A change in the Fed’s holdings of Treasury securities can affect the composition of who holds federal debt, but the Fed’s entire balance sheet is not a measure of federal borrowing.
For example, a Treasury security held by the Fed is one part of both accounting pictures: it is an asset on the Fed’s books and a federal debt obligation held by a holder Treasury places in the public-debt category. The Fed also reports other assets and liabilities, however. Likewise, Treasury’s gross debt includes intragovernmental holdings that are not assets held by the Fed simply because they are part of federal debt.
So, a reader should not infer that a rise in total Fed assets must mean the national debt rose by the same amount, or that a decline in the Fed’s Treasury holdings means the government repaid an equivalent amount of debt. The figures can be connected through Treasury securities while still changing for different accounting reasons.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Can the Fed simply cancel its Treasury holdings?
The accounting overlap is not a basis for treating the two institutions as one or assuming that a Fed-held Treasury security can simply be erased without consequences. Treasury securities are assets on the Fed’s books and federal obligations in Treasury’s debt accounting. Cancelling them would raise accounting, legal and policy questions beyond the fact that the Fed owns the securities. The figures here establish the relationship between the accounts, not a claim that cancellation is automatic or consequence-free.
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How to compare published figures correctly
- Identify the institution and measure. Confirm whether the number is for the Federal Reserve System’s assets, liabilities or capital, or for federal debt.
- Check the debt definition. Determine whether a Treasury figure means debt held by the public, intragovernmental holdings, gross federal debt, Public Debt Outstanding or Public Debt Subject to Limit.
- Match the reporting dates. A Fed balance-sheet snapshot and a national-debt figure from different dates are not a like-for-like comparison.
- Compare the right component. If the question is how much Treasury debt the Fed holds, use the Fed’s Treasury holdings—not its total assets. If the question is the government’s borrowing, use the relevant Treasury debt measure.
- Keep the holder treatment in view. Treasury counts Federal Reserve Banks among holders of debt held by the public, while intragovernmental holdings are a separate component of gross federal debt.
These checks prevent the most common category error: treating “what the Fed owns and owes” as if it meant “what the federal government has borrowed.” They also help explain why two official totals can both be accurate while answering different questions.
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Frequently Asked Questions
Is the Fed’s balance sheet the same as the national debt?
No. The Fed’s balance sheet reports the Federal Reserve System’s assets, liabilities and capital. The national debt measures federal borrowing that remains outstanding. They overlap where the Fed holds Treasury securities, but neither total is interchangeable with the other.
Does the national debt include Treasury bonds held by the Federal Reserve?
Yes. TreasuryDirect includes Federal Reserve Banks among holders of debt held by the public. Treasury securities held by the Fed are Fed assets and are included in that federal-debt category.
Why isn’t the Fed’s total asset figure the amount of debt it holds?
Treasury securities are only one category of Fed assets. The Federal Reserve System also reports agency mortgage-backed securities, loans and other assets. Its total balance sheet also includes liabilities and capital, which are not the same thing as federal borrowing.
What is the difference between debt held by the public and intragovernmental debt?
Debt held by the public includes Treasury debt held outside the U.S. government, including by Federal Reserve Banks, investors, state and local governments, and foreign governments. Intragovernmental holdings are Treasury securities held by government accounts, including trust funds. Treasury includes both components in gross federal debt.
Is Public Debt Subject to Limit the same as the national debt?
No. TreasuryDirect distinguishes Public Debt Outstanding—the face or principal amount of outstanding marketable and nonmarketable Treasury securities—from Public Debt Subject to Limit, an adjusted amount used to determine whether the statutory borrowing limit has been reached. Check which measure a figure represents before comparing it.
Can I compare the Fed’s March 2026 balance sheet with a national-debt total?
Only if the debt figure uses a clearly identified definition and a matching reporting date. The Fed report gives a March 25, 2026 balance-sheet snapshot, but the figures presented here do not provide a same-date national-debt total. For a current comparison, align Treasury Fiscal Data and Federal Reserve H.4.1 dates and measures.
The Bottom Line
The Fed’s balance sheet is a report on the Federal Reserve System’s own assets, liabilities and capital; the national debt is the federal government’s outstanding borrowing. A Fed-held Treasury security is both a Fed asset and debt held by the public, but that overlap does not make the two totals the same. Compare only clearly defined figures from matching dates.
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