By studying hepcidin concentrations across gestation in a large cohort of women with uncomplicated singleton pregnancies, all of whom were randomly assigned to receive iron supplementation, in a population at high risk of anemia, we confirm that hepcidin concentrations decline by 20 wk of pregnancy, before the onset of biochemical evidence of iron deficiency or clear evidence of changes in iron stores (assessed by ferritin, sTfR, and total body iron). Here, TFRC is linked to anemia (phenotype).