BREAKING: The Fed’s balance sheet rose +$11 billion in the week ending June 17th, to $6.74 trillion, the highest since March 2025. Total assets have risen +$162.8 billion since the start of the year. This has been driven by Treasury holdings, which have surged +$251.8 billion over this period, to $4.49 trillion, the highest since June 2024. At the same time, holdings of Mortgage-Backed Securities have declined -$74.2 billion, to $1.96 trillion, the lowest since September 2020. The Fed's balance sheet is now 76% above pre-pandemic levels. The Fed's balance sheet continues to expand.(The Kobeissi Letter)