FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201505_30页_631kb

Summary of the Federal Reserve's Quarterly Report on Balance Sheet Developments (May 2015)

Core Content

This report provides an overview of the Federal Reserve's balance sheet developments and monetary policy tools as of April 29, 2015. It highlights recent changes in the assets, liabilities, and capital of the Federal Reserve System, as well as updates on the use of open market operations (OMOs), discount window lending, and liquidity arrangements.

Main Points

Purpose of the Report

• The Federal Reserve publishes this quarterly report to increase transparency about its balance sheet, financial information, and monetary policy tools.
• It aims to ensure appropriate accountability to Congress and the public.
• The report also outlines the Federal Reserve's compliance with the transparency provisions of the Dodd-Frank Act.

Financial Statements

• The Federal Reserve Board published the "Federal Reserve Banks Combined Quarterly Financial Report" on May 22, 2015, which includes unaudited financial information for the first quarter of 2015.
• The report contains data on the Federal Reserve's selected assets, liabilities, and total capital.
• All financial data is unaudited and updated quarterly.

Recent Developments in the Balance Sheet

• Total assets as of April 29, 2015, were $4,471 billion, a decrease of $15 billion from February 25, 2015.
• Securities held outright were $4,215 billion, down $22 billion from February 25, 2015.
• U.S. Treasury securities totaled $2,460 billion, up $110 billion from April 30, 2014.
• Mortgage-backed securities (MBS) amounted to $1,719 billion, a decrease of $21 billion from February 25, 2015.
• Total liabilities were $4,414 billion, down $15 billion from February 25, 2015.
• Federal Reserve notes in circulation increased to $1,316 billion, up $9 billion from February 25, 2015.
• Reverse repurchase agreements (RRPs) were $250 billion, down $56 billion from February 25, 2015.
• Foreign official and international accounts totaled $158 billion, up $31 billion from February 25, 2015.
• Total capital was $58 billion, up $2 billion from April 30, 2014.

Monetary Policy Tools

• The Federal Reserve uses permanent open market operations (OMOs) and temporary OMOs to implement monetary policy.
• Permanent OMOs include outright purchases and sales of securities, while temporary OMOs involve repurchase agreements and securities lending.
• These tools are used to manage the supply of reserve balances and keep the federal funds rate near the FOMC's target.

Large-Scale Asset Purchase Programs (LSAPs)

• LSAPs were initiated in March 2009 and involved the purchase of MBS and longer-term Treasury securities.
• The FOMC expanded its securities holdings in 2010 and continued purchasing agency MBS at a rate of $40 billion per month starting in September 2012.
• In 2014, the FOMC decided to conclude the asset purchase program but would continue reinvesting principal payments and rolling over maturing Treasury securities.

Temporary Open Market Operations and Reserve Management Tools

• The Federal Reserve conducts repo and reverse repo (RRP) transactions to manage short-term interest rates.
• These operations are typically used for transitory reserve needs and are not intended to signal a change in monetary policy stance.
• The Term Deposit Facility (TDF) was used for periodic testing to ensure operational readiness and familiarity with procedures.

Expanded Counterparties for Reverse Repos

• The Federal Reserve expanded the list of counterparties for RRP transactions to include money market funds, GSEs, banks, and savings associations.
• These expansions were part of efforts to increase the Federal Reserve's operational capacity and resilience.
• The last wave of counterparty expansion was announced in January 2015, with no further expansion expected.

Discount Window Lending

• Discount window lending remained at historically usual levels, with $0.1 billion in outstanding credit as of April 29, 2015.
• The amount of collateral pledged by borrowing institutions was $0.5 billion on that date.
• The discount window provides liquidity to depository institutions and is governed by Regulation A and Section 10B of the Federal Reserve Act.

Liquidity Arrangements with Foreign Central Banks

• The Federal Reserve has established liquidity arrangements with foreign central banks as part of coordinated international efforts.
• These arrangements are used to provide short-term liquidity to domestic banks and other depository institutions.

Key Information

• The report includes detailed tables and figures showing changes in the Federal Reserve's balance sheet components.
• The data is unaudited and updated quarterly.
• The Federal Reserve uses a combination of permanent and temporary OMOs to manage monetary policy.
• The Term Deposit Facility (TDF) and Securities Lending Program are tools used to manage liquidity and support monetary policy.
• The discount window is a critical tool for providing short-term liquidity to banks.
• The Securities Lending Program allows the Federal Reserve to lend specific Treasury securities and housing-related GSE debt securities.
• The Dodd-Frank Act requires the Federal Reserve to disclose financial information and enhance transparency.

Appendix

• The appendix outlines the transparency provisions of the Dodd-Frank Act and the Federal Reserve's efforts to comply with these requirements.
• It includes information about the Federal Reserve's disclosure requirements and other related provisions.

Summary Table

• Less than $500 million.
  ** Data not available.
  Note: Data is unaudited and may not sum to totals due to rounding.