FRB美联储资产负债表发展季度报告-monthlyclbsreport201201_41页_1mb

Federal Reserve System Monthly Report on Credit and Liquidity Programs and the Balance Sheet - January 2012

Core Content

This report provides an overview of the Federal Reserve's credit and liquidity programs and the balance sheet of the Federal Reserve System as of December 28, 2011. It aims to enhance transparency and ensure accountability to Congress and the public in response to the financial crisis.

The Federal Reserve's statutory mandate is to foster maximum employment and stable prices. Financial stability is essential for achieving these goals, and the Fed implemented various credit and liquidity programs to support financial institutions and improve market conditions, especially after the strains emerged in 2007.

The report includes preliminary 2011 income and expense data, noting that the Federal Reserve Banks transferred approximately $76.9 billion of their estimated $78.9 billion net income to the U.S. Treasury, a slight decrease from 2010.

Foreign central banks continued to draw on U.S. dollar liquidity swap lines, with the total amount outstanding reaching $99.8 billion as of December 28, 2011.

The Federal Reserve conducted a small-value Term Deposit Facility (TDF) auction of $3 billion, which is part of its ongoing efforts and has no immediate implications for monetary policy.

Key Programs and Facilities

• System Open Market Account (SOMA): The Federal Reserve's portfolio of securities, which includes U.S. Treasury securities, federal agency debt, and mortgage-backed securities (MBS). The SOMA portfolio was expanded through large-scale asset purchase programs (LSAPs).
• Liquidity Facilities: These include the Term Auction Facility (TAF), the Primary Dealer Credit Facility (PDCF), and the Term Asset-Backed Securities Loan Facility (TALF). These programs were designed to support market liquidity and stabilize financial institutions.
• Mortgage-Backed Securities (MBS): The Federal Reserve purchased MBS to reduce credit costs and increase availability for housing. These purchases included both agency-guaranteed MBS and MBS dollar roll transactions.
• Treasury Inflation-Protected Securities (TIPS): The Fed purchased TIPS as part of its efforts to support private credit markets and improve market conditions.
• Reverse Repos: These are used to manage reserve balances and are not intended to signal changes in monetary policy stance. They are conducted to ensure operational readiness without affecting market rates significantly.
• Maiden Lane LLC and related entities: These were established to support specific institutions like AIG and Bear Stearns. The outstanding principal balances and portfolio compositions are detailed in the report.

Financial Overview

Assets, Liabilities, and Capital

• Total assets: $2,929 billion, up $112 billion from the previous month and $505 billion from December 2010.
• Securities held outright: $2,613 billion, up $8 billion from the previous month and $457 billion from December 2010.
• U.S. Treasury securities: $1,672 billion, up $656 billion from December 2010.
• Federal agency debt securities: $104 billion, down $2 billion from the previous month.
• Mortgage-backed securities (MBS): $837 billion, up $10 billion from the previous month.
• Total liabilities: $2,875 billion, up $112 billion from the previous month and $508 billion from December 2010.
• Federal Reserve notes in circulation: $1,035 billion, up $15 billion from the previous month.
• Other deposits held by depository institutions: $1,569 billion, up $82 billion from the previous month.
• Total capital: $54 billion, down $3 billion from December 2010.

Recent Developments in SOMA Portfolio

• U.S. Treasury securities: Slight increase in holdings between November 30 and December 28, 2011.
• Federal agency debt securities: Declined due to principal payments.
• MBS: Increased holdings of agency MBS, with a shift from off-the-run to on-the-run agency debt securities.
• CUSIP aggregation: Implemented in January 2011 to streamline the administration of MBS in the SOMA portfolio.
• Reinvestment policy: Principal payments from agency debt and MBS were reinvested in longer-term Treasury securities to maintain the level of domestic securities holdings.

Transparency and Regulatory Compliance

• The Dodd-Frank Act requires disclosure of information related to entities that participated in Federal Reserve credit and liquidity programs.
• Transaction-level details from December 1, 2007, to July 21, 2010, are available on the Federal Reserve Board's public website.
• The report includes appendices for additional information on credit facilities, closed/ expired programs, and transparency provisions under the Dodd-Frank Act.

Conclusion

The report highlights the Federal Reserve's efforts to maintain financial stability and support market liquidity through various credit and liquidity programs. It provides detailed financial data and recent developments in the operations of these programs, emphasizing transparency and accountability. The Federal Reserve continues to adjust its policies and operations to ensure the stability of the financial system and to support economic growth.