FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201611_28页_478kb

Summary of the Federal Reserve Quarterly Report on Balance Sheet Developments (November 2016)

Core Content

This report provides an overview of the Federal Reserve's balance sheet and monetary policy tools as of October 26, 2016. It highlights the changes in key assets, liabilities, and total capital of the Federal Reserve System, and outlines the operations and developments of various monetary policy instruments.

Main Points

Purpose of the Report

• The report aims to increase transparency about the Federal Reserve's balance sheet, financial information, and monetary policy tools.
• It ensures accountability to Congress and the public by detailing the operations of the Federal Reserve and its compliance with the Dodd-Frank Act.

Financial Report Overview

• The Federal Reserve Board published the "Federal Reserve Banks Combined Quarterly Financial Report" for Q3 2016 on November 18, 2016.
• All financial data in the report are unaudited.
• The report includes detailed balance sheet data and is available on the Federal Reserve's public website.

Key Balance Sheet Components

• Total Assets: $4,454 billion as of October 26, 2016.
• Selected Assets:
  • Securities Held Outright: $4,218 billion, with a slight decrease of $8 billion from July 27, 2016.
  • U.S. Treasury Securities: $2,464 billion, increased by $1 billion from July 27, 2016.
  • Federal Agency Debt Securities: $18 billion, decreased by $4 billion from July 27, 2016.
  • Mortgage-Backed Securities (MBS): $1,736 billion, decreased by $5 billion from July 27, 2016.
  • Net Commitments to Purchase MBS: $38 billion, increased by $8 billion from July 27, 2016.
• Total Liabilities: $4,414 billion as of October 26, 2016.
• Selected Liabilities:
  • Federal Reserve Notes in Circulation: $1,431 billion, increased by $15 billion from July 27, 2016.
  • Reverse Repurchase Agreements (RRPs): $385 billion, increased by $76 billion from July 27, 2016.
  • Foreign Official and International Accounts: $243 billion, increased by $1 billion from July 27, 2016.
  • Other Deposits: $2,065 billion, decreased by $267 billion from July 27, 2016.
• Total Capital: $40 billion as of October 26, 2016.

Monetary Policy Tools

Open Market Operations (OMOs)

• The Federal Reserve conducts both permanent and temporary OMOs.
• Permanent OMOs: Used to reinvest principal payments from agency debt and MBS into agency MBS, and to roll over maturing Treasury securities.
• Temporary OMOs: Include repos and reverse repos, which are used to manage reserve balances and short-term interest rates.

Repos and Reverse Repos

• Repos: The Federal Reserve buys securities with an agreement to resell them, increasing bank reserves.
• Reverse Repos: The Federal Reserve sells securities with an agreement to repurchase them, decreasing bank reserves.
• These operations are conducted as competitive auctions or full-allotment operations at fixed rates.
• The FRBNY has not conducted repos since December 2008, except for occasional test operations.
• Reverse repos are used to manage money market interest rates and support monetary policy implementation.

Expanded Counterparties for Reverse Repos

• Since 2009, the FRBNY has expanded the types of counterparties for reverse repos to include non-primary dealers.
• This initiative is aimed at enhancing the Federal Reserve's capacity to manage reserve balances effectively.
• The FRBNY has accepted various entities, including GSEs, banks, savings associations, and money market funds, as reverse repo counterparties.

Term Deposit Facility (TDF)

• The TDF allows eligible institutions to hold interest-bearing term deposits with the Federal Reserve.
• The TDF was established to support the implementation of monetary policy and to manage the quantity of reserves.
• Term deposits are offered through competitive auctions, fixed-rate formats, or floating-rate formats.
• Since 2014, term deposits have included an early withdrawal feature with a penalty.

Securities Lending Program

• The Federal Reserve operates an overnight securities lending facility to address market pressures for specific Treasury securities.
• Since 2009, the facility has also lent GSE debt securities.
• This program helps maintain market liquidity and is available to depository institutions.

Discount Window Lending

• The discount window provides short-term liquidity to depository institutions and is governed by the Federal Reserve Act and Regulation A.
• Three types of discount window credit are available: primary, secondary, and seasonal.
• Primary Credit: Available to institutions in sound financial condition, at a rate 50 basis points above the FOMC's target rate.
• Secondary Credit: Available to institutions not qualifying for primary credit, at a higher rate.
• Seasonal Credit: Provides short-term funds to smaller institutions with seasonal fluctuations in loans and deposits.

Recent Developments in Discount Window Lending

• Discount window credit outstanding was $0.1 billion as of October 26, 2016.
• The lendable value of collateral pledged was $1.4 billion.
• The Federal Reserve closely monitors the financial condition of borrowers through a four-step process to minimize risk.

Key Information

• The report includes detailed data on the Federal Reserve's balance sheet and monetary policy tools.
• The Federal Reserve has been actively managing its balance sheet to support economic recovery and stability.
• The use of reverse repos and the TDF has been expanded to include a broader range of counterparties.
• The Federal Reserve has implemented various test programs to ensure operational readiness and to explore new ways of conducting monetary policy.
• All financial data in the report are unaudited and updated quarterly.
• The report is part of the Federal Reserve's efforts to comply with the Dodd-Frank Act and enhance transparency.