FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201511_30页_499kb

Quarterly Report on Federal Reserve Balance Sheet Developments (November 2015)

Purpose

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

Core Content

Recent Developments

• The Federal Reserve Board published the "Federal Reserve Banks Combined Quarterly Financial Report" for Q3 2015 on November 20, 2015. The report includes unaudited financial information on the 12 Reserve Banks and Maiden Lane LLC.
• The Federal Reserve System's balance sheet as of October 28, 2015, showed total assets of $4,489 billion, with a modest increase of +4 billion from July 29, 2015.
• Total liabilities were $4,431 billion, with an increase of +4 billion from July 29, 2015.
• Total capital was $59 billion, with an increase of +2 billion from October 29, 2014.
• The Federal Reserve's securities holdings included $4,240 billion in outright holdings, with a small increase of +9 billion from July 29, 2015.
• Federal Reserve notes in circulation increased to $1,350 billion, up +22 billion from July 29, 2015.
• Reverse repurchase agreements (RRPs) reached $345 billion, up +102 billion from July 29, 2015.
• The Federal Reserve continues to manage reserve balances through various tools, including OMOs, discount window lending, and liquidity arrangements with foreign central banks.

Monetary Policy Tools

• The Federal Reserve uses open market operations (OMOs) to implement monetary policy, which can be permanent or temporary.
• Permanent OMOs include outright purchases and sales of securities, such as Treasury securities, agency debt, and MBS.
• Temporary OMOs involve repurchase agreements (repos) and reverse repos (RRPs), which are used to manage short-term interest rates and liquidity in the financial system.
• The Federal Reserve conducts OMOs through the Federal Reserve Bank of New York (FRBNY) Trading Desk, acting on behalf of the FOMC.
• Since 2009, the FRBNY has expanded its counterparties for OMOs to include non-primary dealers, aiming to increase operational capacity and resiliency.

Permanent Open Market Operations

• From March 2009 to March 2010, the Federal Reserve expanded its holdings of securities, including MBS and longer-term Treasury securities.
• In 2011 and 2012, the FOMC used permanent OMOs to extend the average maturity of securities in the SOMA portfolio.
• In 2012, the FOMC announced the purchase of additional agency MBS at $40 billion per month and began purchasing longer-term Treasury securities at $45 billion per month.
• In 2013, the FOMC reduced the pace of asset purchases in measured steps as the economy improved.
• In 2014, the FOMC concluded its asset purchase program but continued reinvesting principal payments into agency MBS and rolling over maturing Treasury securities at auction.

Temporary Open Market Operations and Other Reserve Management Tools

• The FRBNY conducted term RRP operations to span each quarter-end through January 2016, as part of its efforts to manage money market interest rates.
• The FRBNY has expanded the types of counterparties for reverse repos to include entities beyond primary dealers, such as money market funds, GSEs, and banks.
• These expanded counterparties are not eligible to participate in other types of transactions.
• The FRBNY periodically conducts triparty repo and reverse repo transactions as a technical exercise to ensure operational readiness and manage reserve balances.
• The Term Deposit Facility (TDF) provides interest-bearing term deposits to eligible institutions to manage reserve balances and support the reduction of monetary accommodation.
• The TDF has been used since 2010, with periodic test offerings to prepare for its implementation.

Discount Window Lending

• Discount window credit outstanding on October 28, 2015, was $0.2 billion, with collateral pledged by borrowing institutions totaling $2.1 billion.
• The discount window provides liquidity to depository institutions and the banking system as a whole, especially during times of financial stress.
• Three types of discount window credit are available: primary, secondary, and seasonal.
• Primary credit is available at a rate 50 basis points above the FOMC's target federal funds rate.
• Secondary credit is available at a similar rate but for institutions that do not qualify for primary credit.
• Seasonal credit is for smaller institutions with regular seasonal swings in loans and deposits, with a floating rate based on market conditions.

Liquidity Arrangements with Foreign Central Banks

• The Federal Reserve has established liquidity arrangements with foreign central banks to support global financial stability and coordinate monetary policy efforts.
• These arrangements include central bank liquidity swaps, which allow the exchange of foreign currency for U.S. dollars, with the foreign currency revalued daily at current exchange rates.

Key Information

• Financial data is unaudited and updated quarterly.
• Securities lending is used to address market pressures for specific Treasury securities and housing-related GSE debt.
• Liquidity management is a key component of the Federal Reserve's monetary policy, with tools such as repos, RRPs, and TDFs.
• The Dodd-Frank Act requires the Federal Reserve to provide detailed and transparent information on its operations and balance sheet.
• The FOMC plays a central role in setting the pace and direction of asset purchases and liquidity management.

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 details on the Federal Reserve's disclosure requirements and other provisions related to its financial operations and accountability.