FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201608_28页_492kb

Summary of Quarterly Report on Federal Reserve Balance Sheet Developments - August 2016

Core Content

This report outlines recent developments in the Federal Reserve's balance sheet, financial information, and monetary policy tools as of July 27, 2016. It emphasizes the Fed's efforts to enhance transparency and accountability in its operations, in compliance with the Dodd-Frank Act.

Main Points

1. Purpose of the Report

• The Federal Reserve prepares this quarterly report to increase transparency regarding its balance sheet, financial information, and monetary policy tools.
• The report is part of the Fed's commitment to accountability to Congress and the public.
• Financial information is unaudited and will be audited annually.

2. Recent Developments in the Federal Reserve System

• Total Assets: $4,464 billion as of July 27, 2016, with a slight decrease of $10 billion from April 27, 2016, and a decrease of $21 billion from July 29, 2015.
• Selected Assets:
  • Securities Held Outright: $4,226 billion, with a decrease of $7 billion from April 27, 2016, and a decrease of $5 billion from July 29, 2015.
  • U.S. Treasury Securities: $2,463 billion, with a slight increase of $1 billion from April 27, 2016, and an increase of $1 billion from July 29, 2015.
  • Federal Agency Debt Securities: $22 billion, with a decrease of $5 billion from April 27, 2016, and a decrease of $13 billion from July 29, 2015.
  • Mortgage-Backed Securities (MBS): $1,741 billion, with a decrease of $4 billion from April 27, 2016, and an increase of $6 billion from July 29, 2015.
• Total Liabilities: $4,424 billion, with a decrease of $10 billion from April 27, 2016, and a decrease of $3 billion from July 29, 2015.
• Selected Liabilities:
  • Federal Reserve Notes in Circulation: $1,417 billion, with an increase of $14 billion from April 27, 2016, and an increase of $89 billion from July 29, 2015.
  • Reverse Repurchase Agreements (RRPs): $309 billion, with an increase of $42 billion from April 27, 2016, and an increase of $67 billion from July 29, 2015.
• Total Capital: $40 billion, with an increase of $500 million from April 27, 2016, and a decrease of $18 billion from July 29, 2015.

3. Monetary Policy Tools

The Federal Reserve uses various monetary policy tools, including open market operations (OMOs), discount window lending, and liquidity arrangements with foreign central banks (FCBs).

Key Tools and Operations

1. Open Market Operations (OMOs)

• Permanent OMOs: Used to reinvest principal payments from agency debt and MBS into agency MBS, and to roll over maturing Treasury securities at auction.
• Temporary OMOs: Include repos and reverse repos, used to manage short-term interest rates and reserve balances.
• Repos: The Fed buys securities with an agreement to resell them later, increasing reserves and functioning as a collateralized loan.
• Reverse Repos: The Fed sells securities with an agreement to repurchase them later, decreasing reserves and functioning as a collateralized borrowing.
• New Counterparties: Since 2009, the Fed has expanded the list of counterparties for reverse repos to include non-primary dealers, such as money market funds, banks, and GSEs.

2. Discount Window Lending

• Recent Developments: Discount window credit outstanding was $0.3 billion as of July 27, 2016, with a lendable collateral value of $0.9 billion.
• Types of Discount Window Credit:
  • Primary Credit: Available to sound institutions at 50 basis points above the federal funds rate.
  • Secondary Credit: Available to institutions that do not qualify for primary credit, at a higher rate.
  • Seasonal Credit: Provides short-term funds to smaller institutions with seasonal liquidity needs.
• Lending Practices: The Fed closely monitors the financial health of institutions accessing discount window credit to minimize risk.

3. Liquidity Arrangements with Foreign Central Banks

• The Fed provides liquidity to foreign central banks through central bank liquidity swaps, which help manage reserve balances and support international monetary policy coordination.
• These swaps are valued at the exchange rate used when the foreign currency was acquired.

4. Securities Lending Program

• The Fed operates an overnight securities lending facility to address market pressures for specific Treasury securities.
• This facility also lends housing-related GSE debt securities since 2009.

5. Term Deposit Facility (TDF)

• The TDF allows eligible institutions to deposit funds for a specific period, with interest rates set based on excess reserves and a fixed spread.
• It is used to manage reserve balances and support the reduction of monetary accommodation.
• The TDF includes an early withdrawal feature with a penalty since 2014.

Key Information

• Transparency: The report includes transaction-level data for OMOs and discount window lending, published quarterly with a two-year lag.
• Unaudited Data: All financial information in the report is unaudited and will be audited annually.
• Data Sources:
  • Complete balance sheet data is available weekly via the H.4.1 statistical release.
  • Detailed transaction data is available on the Federal Reserve's public website.
• Policy Implementation: The Fed uses these tools to manage interest rates, liquidity, and the overall balance sheet in line with its monetary policy goals.

Conclusion

This report provides a comprehensive overview of the Federal Reserve's balance sheet and monetary policy tools as of July 27, 2016. It highlights the Fed's efforts to enhance transparency, manage liquidity, and implement monetary policy effectively. The tools discussed include open market operations, discount window lending, and liquidity arrangements with foreign central banks, all of which play a critical role in maintaining financial stability and supporting economic recovery.