Figure 14.12 in our textbook has the asset size of the Fed's balance sheet from 2007-2015.We read that "Before the financial crisis in 2007 and early 2008, the size of the Fed's balance sheet was about $0.9 trillion." There was an increase in lending to financial institutions, which was later reduced. In the graph you see Treasury securities and mortgage-backed securities as the main items in the balance sheet. Please check current figures at FRED of Total Assets of Fed and answer with your economic interpretation:

1. What is the approximate current level of Fed's total assets?
2. How does that compare to the less than $ 1 trillion of 2008?
3. How does that compare to the less than $ 4.5 trillion of 2015?
   

5 Fed assets Sept 2008 March 2009 Nov 2010 Sept 2012 4.5 (trillions of dollars) 4 3.5 AGENCY DEBT AND MORTGAGE-BACKED 3 SECURITIES 2.5 2 1.5 LENDING LONG-TERM TREASURY AND LIQUIDITY SECURITIES 0.5 TRADITIONAL SECURITY HOLDINGS 0 2008 2009 2010 2011 2012 2013 2014 2015 Year