FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201403_34页_435kb

Summary of Quarterly Report on Federal Reserve Balance Sheet Developments (March 2014)

Core Content

This report outlines the Federal Reserve's balance sheet developments and monetary policy tools as of December 31, 2013, and updates through February 26, 2014. It emphasizes transparency and accountability in the Fed's operations, especially in light of the Dodd-Frank Act.

Main Points

Purpose of the Report

• The Federal Reserve prepares this report to enhance transparency regarding its balance sheet, financial information, and monetary policy tools.
• It aims to ensure appropriate accountability to Congress and the public.

Recent Developments

• FOMC Slows Asset Purchases: The FOMC reduced the pace of asset purchases due to progress toward maximum employment and improved labor market outlook.
  • In December 2013: $35 billion/month for agency MBS, $40 billion/month for longer-term Treasury securities.
  • In January 2014: Further reduced to $30 billion/month for agency MBS, $35 billion/month for longer-term Treasury securities.
  • In March 2014: Reduced again to $25 billion/month for agency MBS, $30 billion/month for longer-term Treasury securities.
• Annual Financial Statements: The Federal Reserve System released the 2013 audited financial statements.
  • Total assets: $4.0 trillion (up $1.1 trillion from 2012).
  • Earnings: $81.4 billion (including other comprehensive income).
  • Remittances to the U.S. Treasury: $79.6 billion.
  • Interest income: $90.4 billion (up $9.9 billion from 2012).
  • No realized gains from U.S. Treasury security sales in 2013, compared to $13.3 billion in 2012.
  • Earnings from VIEs: $181 million (down $5.8 billion from 2012).
• FRBNY Extends Overnight Reverse Repo Operations:
  • The FRBNY was authorized to continue daily overnight reverse repurchase agreements started in September 2013.
  • These operations may extend through January 30, 2015, using Treasury collateral under a fixed-rate format.
  • These are for operational experience and do not signal a change in monetary policy stance.

Balance Sheet Overview

• Table 1 shows the Federal Reserve System's assets, liabilities, and capital as of February 26, 2014.
• Total assets: $4,160 billion (up $317 billion from October 30, 2013).
• Securities held outright: $3,900 billion (up $329 billion from October 30, 2013).
• U.S. Treasury securities: $2,278 billion (up $161 billion from October 30, 2013).
• Mortgage-backed securities (MBS): $1,570 billion (up $176 billion from October 30, 2013).
• Total liabilities: $4,104 billion (up $316 billion from October 30, 2013).
• Total capital: $56 billion (up $1 billion from October 30, 2013).

Monetary Policy Tools

• The Federal Reserve uses open market operations (OMOs), which can be permanent or temporary.
• Permanent OMOs involve outright purchases or sales of securities.
• Temporary OMOs include repos and reverse repos, used to manage reserve balances and short-term interest rates.
• The Trading Desk at the FRBNY conducts OMOs on behalf of the FOMC, with primary dealers as traditional counterparties.

Large-Scale Asset Purchase Programs (LSAPs)

• The LSAPs were initiated in 2009 and included purchases of:
  • Agency debt and MBS.
  • Longer-term Treasury securities.
• The FOMC expanded its purchase of agency MBS in 2012 to $40 billion/month.
• In 2013, the FOMC further reduced the pace of these purchases.

Maturity Extension Program

• The program, launched in 2011, aimed to extend the average maturity of Treasury securities.
• It involved purchasing $400 billion par of long-term Treasury securities and redeeming short-term ones.
• The program concluded in 2012, resulting in the purchase, sale, and redemption of about $667 billion in Treasury securities.

Temporary Open Market Operations

• The FRBNY conducted Term Deposit Facility (TDF) operations in 2014:
  • On January 13, 2014: $12.8 billion in 28-day term deposits at 0.26%.
  • In March 2014: Four seven-day TDF operations with amounts of $13.5 billion, $15.2 billion, and $15.4 billion, at 26 basis points.
  • The last TDF operation on March 24 will use a floating-rate format.

Expanded Counterparties

• The FRBNY expanded reverse repo counterparties beyond primary dealers to include:
  • Money market funds.
  • Banks and savings associations.
  • GSEs (Freddie Mac and Fannie Mae).
• These expansions aimed to improve the Fed's capacity for large-scale liquidity management.

Key Information

• The Federal Reserve's balance sheet grew significantly from 2012 to 2013.
• The FOMC adjusted the pace of asset purchases based on economic progress and inflation expectations.
• The FRBNY plays a central role in conducting OMOs and liquidity management operations.
• Transparency and accountability are central to the Fed's reporting and policy implementation.
• The report includes detailed financial data and provides access to further information on the Fed's operations and publications.