FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201708_28页_470kb

Summary of the Federal Reserve's Quarterly Report on Balance Sheet Developments (August 2017)

Core Content

This report provides an overview of recent developments in the Federal Reserve's balance sheet and monetary policy tools, highlighting changes in assets, liabilities, and total capital as of July 26, 2017. It also outlines the Federal Reserve's compliance with the Dodd-Frank Act and details its financial transparency measures.

Main Points

1. Recent Developments

• The Federal Reserve announced new collateral margins for discount window lending and payment system risk purposes, effective July 3, 2017.
• The Federal Reserve System published the "Federal Reserve Banks Combined Quarterly Financial Report" for Q2 2017, which includes unaudited financial data.
• As of July 26, 2017, the total assets of the Federal Reserve System were $4,465 billion, with a slight decrease of $5 billion from April 26, 2017.
• Total liabilities were $4,424 billion, with a decrease of $5 billion from April 26, 2017.
• Total capital was $41 billion, with an increase from July 27, 2016.

2. Monetary Policy Tools

• The Federal Reserve uses both permanent and temporary open market operations (OMOs) to implement monetary policy.
• Permanent OMOs include outright purchases and sales of securities, such as U.S. Treasury securities, federal agency debt, and mortgage-backed securities (MBS).
• Temporary OMOs involve repurchase agreements (repos) and reverse repos, which are used to manage short-term interest rates and reserve balances.

3. Key Tools and Programs

a. Open Market Operations (OMOs)

• The FOMC authorizes the FRBNY Trading Desk to conduct OMOs.
• These operations are typically executed with primary dealers but have expanded to include other counterparties since 2009.
• The FRBNY has been conducting reverse repos to manage the federal funds rate and drain reserves.

b. Term Deposit Facility (TDF)

• The TDF allows eligible institutions to deposit funds with the Federal Reserve for a specific period.
• It provides a tool to manage reserve balances and supports monetary policy normalization.
• The TDF offers fixed or floating rate deposits, with an early withdrawal feature introduced in 2014.

c. Securities Lending Program

• This program allows the Federal Reserve to lend securities to market participants to address specific market pressures.
• It has been operational since 2009 and includes lending of housing-related GSE debt securities.

d. Discount Window Lending

• The discount window provides short-term liquidity to depository institutions in need.
• It includes three types of lending: primary, secondary, and seasonal credit.
• The Federal Reserve closely monitors the financial health of institutions accessing the discount window to mitigate risk.

e. Liquidity Arrangements with Foreign Central Banks (FCBs)

• The Federal Reserve has established liquidity arrangements with foreign central banks to support global market stability.
• These include central bank liquidity swaps and reverse repos with foreign official and international accounts.
• The interest rates on these arrangements are based on market rates.

Key Information

• Collateral Margins: Updated on June 1, 2017, to reflect current market conditions and risk management practices.
• Financial Reports: The combined quarterly financial report includes unaudited data and is available on the Federal Reserve's public website.
• Transparency: The report is part of the Federal Reserve's commitment to transparency under the Dodd-Frank Act.
• Operational Readiness: The Federal Reserve conducts test operations to ensure the readiness of its tools and programs.
• Balance Sheet: The Federal Reserve's balance sheet is regularly updated through the H.4.1 statistical release, which includes weekly data on assets, liabilities, and capital.

Summary of Table 1 (Selected Assets, Liabilities, and Capital)

Notes:

• • Less than $500 million.
• Unaudited data; components may not sum to totals due to rounding.
• The values reflect the current face value of securities, which is the remaining principal balance.

Conclusion

This report emphasizes the Federal Reserve's efforts to maintain transparency and accountability, while effectively managing its balance sheet and monetary policy tools. It outlines recent changes in operations, financial data, and compliance with the Dodd-Frank Act, providing a comprehensive view of the Federal Reserve's activities and strategies in 2017.