
The Fed's balance sheet is now 5.3% below its April 2022 peak. The 2 largest drawdowns over the last 20 years?
1) Dec '08 - Feb '09: -18.2% (balance sheet hit new high in Jan '10).
2) Jan '15 - Aug '19: -16.7% (balance sheet hit a new high in Mar '20). (twitter.com)