纽约联储-公开市场2022年年度报告（英）-63页_2mb

Summary of Federal Reserve Open Market Operations in 2022

During 2022, the Federal Open Market Committee (FOMC) responded to persistent inflation above its target by increasing the federal funds rate target range from nearly zero to 4 ½ to 4 ½ percent. The Federal Reserve subsequently initiated balance sheet reduction, with its balance sheet shrinking from $8.97 trillion at mid-year to $8.55 trillion by year-end, a net decrease of $451 billion.

Key developments included:

• A shift in the composition of the SOMA portfolio toward longer-duration Treasury securities and away from agency MBS.
• Significant growth in the Overnight Reverse Repurchase Agreement (ON RRP) facility, which averaged $2.18 trillion and peaked at $2.55 trillion at year-end, driven by attractive rates and investor preference for short-term investments.
• Reduced usage of the Standing Repurchase Agreement (SRF) facility as overnight rates remained within the target range throughout much of the year.
• Implementation of reserve reduction measures, including setting redemption caps of $60 billion for Treasury securities and $35 billion for agency securities, which were later reduced to $30 billion and $17.5 billion respectively.
• Portfolio size decreased by $420 billion, with projected declines through mid-2025 before stabilizing. By 2030, agency holdings are expected to represent 17% of the portfolio, down from 34% in 2022.
• Net income peaked at $114.8 billion in 2021 before declining to $65.7 billion in 2022 due to higher interest expenses.

Counterparties expanded throughout 2022, with counterparties added to various facilities for operational flexibility. The Treasury General Account experienced significant fluctuations due to tax receipts and spending patterns.

Staff projections indicate the portfolio will continue to decline through mid-2025 before stabilizing, with gradual shifts toward shorter-duration assets over time. Projections also show a continued reduction in portfolio volatility and a return toward more typical durations in the longer run.