FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201705_28页_475kb

Quarterly Report on Federal Reserve Balance Sheet Developments (May 2017)

Core Content

This report provides an overview of the Federal Reserve's balance sheet developments, monetary policy tools, and financial operations as of April 26, 2017. It emphasizes transparency and accountability in the Fed's financial and monetary policy activities, as mandated by the Dodd-Frank Act.

Main Points

1. Purpose and Transparency

• The report is part of the Federal Reserve's effort to increase transparency regarding its balance sheet, financial information, and monetary policy tools.
• It ensures accountability to Congress and the public.
• The report includes unaudited financial data and is available on the Federal Reserve Board's website.

2. Recent Developments in the Federal Reserve System

• Total assets: $4,470 billion as of April 26, 2017, with a slight increase of +1 billion from February 22, 2017, and a decrease of -5 billion from April 27, 2016.
• Selected assets:
  • Securities held outright: $4,246 billion, with a decrease of -5 billion from February 22, 2017, and an increase of +12 billion from April 27, 2016.
  • U.S. Treasury securities: $2,465 billion, up +1 billion from February 22, 2017, and +3 billion from April 27, 2016.
  • Mortgage-backed securities (MBS): $1,769 billion, down -5 billion from February 22, 2017, but up +24 billion from April 27, 2016.
• Total liabilities: $4,430 billion, up +1 billion from February 22, 2017, and down -5 billion from April 27, 2016.
• Federal Reserve notes in circulation: $1,496 billion, up +30 billion from February 22, 2017, and +93 billion from April 27, 2016.
• Reverse repurchase agreements (RRPs): $363 billion as of April 26, 2017, with a decrease of -62 billion from February 22, 2017.
• Total capital: $41 billion, up +1 billion from April 27, 2016.

Monetary Policy Tools

1. Open Market Operations (OMOs)

• The Federal Reserve conducts both permanent and temporary OMOs to manage the supply of reserves and control short-term interest rates.
• Permanent OMOs include outright purchases and sales of securities (e.g., Treasury, agency debt, and MBS).
• Temporary OMOs include repos and reverse repos, which are used to manage reserve levels on a short-term basis.

2. Federal Reserve Banks' Operations

• The Federal Reserve Bank of New York (FRBNY) acts as the agent for the Federal Open Market Committee (FOMC) in conducting OMOs.
• The FRBNY has expanded its counterparty list for OMOs, including non-primary dealers, since 2009.

3. Reverse Repurchase Agreements (RRPs)

• RRPs are used to reduce reserves and manage short-term interest rates.
• As of April 26, 2017, outstanding RRPs totaled $122.3 billion.
• The FRBNY conducts RRPs with a range of counterparties, including money market funds, banks, and GSEs.

4. Term Deposit Facility (TDF)

• The TDF offers interest-bearing term deposits to eligible institutions.
• It was introduced to support monetary policy by managing reserve balances and facilitating the reduction of monetary accommodation.
• The TDF includes features such as floating interest rates, early withdrawal options, and competitive auctions.

5. Securities Lending Program

• The Fed provides an overnight securities lending facility to address market pressures for specific Treasury securities.
• Since 2009, it has also lent GSE debt securities, particularly those related to housing.

6. Discount Window Lending

• The discount window provides short-term liquidity to depository institutions during times of need.
• The amount of discount window credit outstanding was less than $50 million as of April 26, 2017.
• The Fed monitors the financial condition of borrowers using a four-step process to minimize risk.

Key Information

• Transparency: The report is aligned with the Dodd-Frank Act, which mandates greater transparency in the Fed's financial operations.
• Unaudited Data: Financial figures in the report are unaudited, with annual audits conducted separately.
• Balance Sheet Changes: The balance sheet has seen gradual changes, with some components like MBS increasing and others like agency debt decreasing due to maturities.
• Liquidity Management: The Fed uses a combination of OMOs, RRPs, TDFs, and discount window lending to manage liquidity and interest rates.
• Counterparty Expansion: The FRBNY has expanded its counterparty list for reverse repos and other operations to enhance operational capacity and resiliency.

Summary of Balance Sheet Components

• Less than $500 million.

Conclusion

The report highlights the Federal Reserve's ongoing efforts to manage its balance sheet and monetary policy tools effectively. It outlines the use of various financial instruments and mechanisms to maintain liquidity and control interest rates, while also ensuring transparency and accountability. The data reflects the Fed's strategic approach to managing the financial system, particularly in the context of post-crisis reforms and the normalization of monetary policy.