Fed finds larger-than-expected bank exposure to private credit
Researchers add sector to national accounts for first time
The Federal Reserve counted private credit exposure on the US’s national balance sheet for the first time in September 2026.
A new Feds note, published on October 16, explains the methodology and key findings from this process. Katie Brinkman and her colleagues find that assets in the private credit market grew from around $350 billion in 2012 to more than $2.6 trillion by the end of 2025, with around $1.5 trillion lent to US businesses.
Banks are heavily involved in funding the sector. Although a
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