FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201805_28页_524kb

Summary of the Quarterly Report on Federal Reserve Balance Sheet Developments (May 2018)

Core Content

This report provides an overview of recent developments in the Federal Reserve's balance sheet and monetary policy operations as of April 25, 2018. It outlines the Federal Reserve's balance sheet composition, the use of monetary policy tools, and the implementation of the balance sheet normalization program.

Main Points

1. FOMC Policy and Implementation Steps

• On March 21, 2018, the FOMC raised the target range for the federal funds rate to 1.5–1.75% from 1.25–1.5%.
• To implement this, the FOMC directed the Federal Reserve Bank of New York (FRBNY) to conduct open market operations (OMOs), including overnight reverse repurchase agreements (RRPs), to maintain the target rate.
• The interest rate on required and excess reserves was increased to 1.75%, and the primary credit rate (discount rate) was raised by 0.25% to 2.25%, effective March 22, 2018.
• The reinvestment thresholds for principal payments from Treasury and agency securities were increased to $18 billion (Treasury) and $12 billion (agency debt and MBS) per calendar month, starting in April 2018.

2. Federal Reserve System Financial Position

• As of April 25, 2018, the total assets of the Federal Reserve System were $4,373 billion, with a net decrease of $21 billion from February 28, 2018, and a net decrease of $97 billion from April 26, 2017.
• Total liabilities were $4,334 billion, with a net decrease of $21 billion from February 28, 2018, and a net decrease of $96 billion from April 26, 2017.
• Total capital was $39 billion, with a net increase from February 28, 2018, and a net decrease from April 26, 2017.

3. Selected Assets and Liabilities

• Securities held outright totaled $4,163 billion, with a net decrease of $26 billion from February 28, 2018.
• U.S. Treasury securities were $2,413 billion, with a net decrease of $11 billion from February 28, 2018.
• Mortgage-backed securities (MBS) were $1,745 billion, with a net decrease of $15 billion from February 28, 2018.
• Reverse repurchase agreements (RRPs) totaled $238 billion, with a net decrease of $39 billion from February 28, 2018.
• Foreign official and international accounts held $235 billion in liabilities, with a net increase of $2 billion from February 28, 2018.
• Other deposits held by depository institutions were $2,011 billion, with a net decrease of $197 billion from February 28, 2018.

4. Balance Sheet Normalization

• The FOMC initiated a balance sheet normalization program in October 2017, aiming to reduce the size of the Federal Reserve's balance sheet.
• The normalization process involves gradually reducing the reinvestment of principal payments from securities held in the System Open Market Account (SOMA).
• Reinvestment caps for Treasury securities were initially set at $6 billion per month, and for agency debt and MBS at $4 billion per month, with the intention to gradually increase to $30 billion (Treasury) and $20 billion (agency debt and MBS) per month.
• The goal is to bring the balance sheet back to a size that is appropriate for the economy and consistent with monetary policy needs, while ensuring market stability.

5. Monetary Policy Tools

• The Federal Reserve uses permanent OMOs (outstanding purchases and sales of securities) and temporary OMOs (repos and reverse repos) to manage liquidity and short-term interest rates.
• Repos increase bank reserves and are used to provide short-term liquidity.
• Reverse repos reduce bank reserves and are used to manage money market interest rates.
• The Term Deposit Facility (TDF) provides interest-bearing term deposits to eligible institutions and is used to manage the supply of reserves.
• The Securities Lending Program allows the Federal Reserve to lend specific Treasury securities and GSE debt to market participants, helping to address liquidity pressures.

6. Discount Window Lending

• Discount window lending remained at usual levels, with $0.1 billion in outstanding credit to depository institutions as of April 25, 2018.
• The primary credit rate was increased to 2.25% effective March 22, 2018.
• The discount window offers three types of credit: primary, secondary, and seasonal, each with different eligibility criteria and interest rates.

Key Information

• The report is unaudited and includes aggregate data on the Federal Reserve's balance sheet, financial position, and monetary policy operations.
• Transaction-level details are available for open market operations and discount window lending, but are released with a two-year lag in accordance with the Dodd-Frank Act.
• The Federal Reserve Board is committed to enhancing transparency and ensuring accountability to Congress and the public.
• The balance sheet normalization is a gradual and predictable process aimed at reducing the size of the Federal Reserve's holdings while maintaining monetary policy effectiveness.
• The Federal Reserve Banks regularly publish financial reports and data, including the H.4.1 statistical release, which contains detailed balance sheet information.