Fed’s Treasury and securities holdings fall below $4 trillion for the first time in 4 years

The U.S. Federal Reserve’s portfolio of Treasury and mortgage-backed securities has dropped below $4 trillion for the first time in more than four years, according to Fed data.

The portfolio was assembled through three rounds of purchases starting during the financial crisis. The value of Treasurys and MBS dropped to $3.997 trillion as of Wednesday, as the Fed nears rounding out the first year of a process of slowly cutting back its holdings.

At its peak, the portfolio totaled more than $4.25 trillion, and including other assets was valued at more than $4.5 trillion.