FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201305_30页_645kb

Summary of the Federal Reserve Quarterly Report on Balance Sheet Developments (May 2013)

Core Content

This report provides an overview of the Federal Reserve's balance sheet developments, monetary policy tools, and financial information for the Federal Reserve Banks as of May 1, 2013. It highlights the evolution of the Federal Reserve's operations in response to the financial crisis and its ongoing efforts to maintain financial stability and transparency.

Main Purpose

• To enhance transparency about the Federal Reserve's balance sheet, financial information, and monetary policy tools.
• To ensure accountability to Congress and the public.
• To comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

Key Information

Recent Developments

• The Federal Reserve Board published the "Federal Reserve Banks Combined Quarterly Financial Report" for Q1 2013, which includes unaudited financial data for the 12 Reserve Banks and VIEs.
• The Federal Reserve's total assets as of May 1, 2013, were $3,317 billion, an increase of $227 billion from February 27, 2013, and $453 billion from May 2, 2012.
• Total liabilities were $3,262 billion, with an increase of $226 billion from February 27, 2013, and $452 billion from May 2, 2012.
• Total capital was $55 billion, up $1 billion from May 2, 2012.
• The System Open Market Account (SOMA) held $3,042 billion in securities as of May 1, 2013.
• The SOMA's holdings of U.S. Treasury securities increased by $98 billion, while agency debt holdings decreased by $2 billion.
• Mortgage-backed securities (MBS) holdings increased by $106 billion, driven by reinvestment of principal payments from agency debt and MBS.
• The Federal Reserve continued its purchase of agency MBS at a pace of $40 billion per month, as announced in September 2012.
• The Term Deposit Facility (TDF) awarded $10.5 billion in 28-day term deposits on May 20, 2013, using a fixed-rate full-allotment format.
• The Federal Reserve conducted small-value reverse repurchase (reverse repo) transactions starting April 2, 2013, using all eligible collateral types.

Monetary Policy Tools

• The Federal Reserve uses open market operations (OMOs), which can be permanent or temporary.
  • Permanent OMOs include outright purchases and sales of securities.
  • Temporary OMOs include repurchase agreements (repos) and reverse repos.
• The Federal Reserve also uses the discount window to provide short-term liquidity to depository institutions.
• Liquidity arrangements with foreign central banks are used to support global financial stability.

Permanent Open Market Operations

• The Federal Reserve expanded its balance sheet through Large-Scale Asset Purchase Programs (LSAPs), which included purchases of U.S. Treasury securities, agency debt, and MBS.
• The Maturity Extension Program, initiated in 2011, aimed to increase the average maturity of the Federal Reserve's securities holdings by purchasing long-term Treasury securities and selling short-term ones.
• This program concluded in 2012, with about $667 billion in Treasury securities being purchased or sold.

Temporary Open Market Operations and Other Reserve Management Tools

• The Federal Reserve conducts temporary OMOs to manage reserve balances, typically through repos and reverse repos.
• The Term Deposit Facility (TDF) is used to offer interest-bearing term deposits to eligible institutions.
• The TDF was first used in June 2010, and small-value offerings continued as part of prudent planning.
• The overnight securities lending facility was established in 2009 to address market pressures for specific Treasury securities.
• In late 2009, the Federal Reserve expanded the pool of reverse repo counterparties to include money market funds, GSEs, and banks.

Discount Window Lending

• Discount window credit remained generally stable, with outstanding credit less than $50 million as of May 1, 2013.
• The discount window provides liquidity to depository institutions and helps maintain financial stability.
• The Federal Reserve monitors the financial condition of borrowers through a four-step process.
• During the financial crisis, the terms and conditions of discount window lending were modified to support market functioning.

Special Lending Facilities

• The Term Asset-Backed Securities Loan Facility (TALF) and Maiden Lane LLC were established to support the purchase of asset-backed securities and to manage the financial system's stress.
• The TALF LLC had no asset purchases from the FRBNY as of May 1, 2013.
• Maiden Lane LLC and its subsequent iterations (Maiden Lane II and III) were used to manage mortgage-backed securities and other financial instruments.

Federal Reserve Banks' Quarterly Financial Information

• The Federal Reserve provides quarterly financial reports that include unaudited data on assets, liabilities, and capital.
• These reports are available on the Federal Reserve's public website and are part of its transparency efforts.

Appendix

• The report outlines the transparency provisions of the Dodd-Frank Act and the Federal Reserve's efforts to meet these requirements.
• Financial data is unaudited and updated quarterly, with annual audits available at the specified website.

Main Viewpoints

• The Federal Reserve's balance sheet has expanded significantly due to LSAPs and other programs aimed at stabilizing financial markets.
• The use of temporary tools like repos and reverse repos is part of the Federal Reserve's broader strategy to manage liquidity and interest rates.
• The Federal Reserve maintains a transparent approach to its operations and is committed to providing detailed financial information.
• The discount window remains a key tool for providing liquidity, with strict monitoring processes in place to manage risk.
• The TDF and special lending facilities are used to support the financial system during periods of stress and to manage the supply of reserves.