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Fed says surging interest costs cut what it handed back to Treasury in 2022

Saturday, January 14, 2023
Fed says surging interest costs cut what it handed back to Treasury in 2022 © Reuters. U.S. dollar banknotes are displayed in this illustration taken, February 14, 2022. REUTERS/Dado Ruvic/Illustration

By Michael S. Derby

NEW YORK (Reuters) - The Federal Reserve said Friday that it handed back substantially less money to the Treasury last year than it did the year before, amid rising interest expenses tied to its work to lower inflation.

The Fed said in a statement that in 2021 it handed back a preliminary $58.4 billion, compared to 2021’s $107.9 billion. The Fed noted in September of last year net income turned negative and by September the central bank began recording what’s called a deferred asset that tallies up the loss, which stood at $18.8 billion at the end of the year.

By law the Fed hands back any excess earnings to the Treasury after it covers its expenses. The Fed earns money from interest on bonds it owns and from services it provides to the financial sector. Fed officials have said the net negative income they are now operating under does not affect their monetary policy actions.

The turn to technical losses for the Fed is driven by the central bank’s aggressive rate rise campaign last year, which saw it raise its rate target from near zero levels to between 4.25% to 4.5% by year’s end. That sharply increased the amount of interest expenses faced by the central bank last year.

In 2022, the Fed says that interest expenses surged to $102.4 billion last year, from 2021’s $5.7 billion.

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21-02-2024 11:07:23 (UTC+7)

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EUR/USD

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 EUR/USD1.0819↑ Buy
 GBP/USD1.2636↑ Buy
 USD/JPY149.88↑ Sell
 AUD/USD0.6569Neutral
 USD/CAD1.3510Sell
 EUR/JPY162.16↑ Sell
 EUR/CHF0.9527↑ Buy
 Gold2,041.85↑ Buy
 Silver23.198Sell
 Copper3.8712↑ Sell
 Crude Oil WTI77.28↑ Sell
 Brent Oil82.63↑ Sell
 Natural Gas1.704↑ Sell
 US Coffee C188.03↑ Buy
 Euro Stoxx 504,759.75↑ Sell
 S&P 5004,975.51↑ Buy
 DAX17,068.43Sell
 FTSE 1007,719.21↑ Buy
 Hang Seng16,732.20Buy
 Small Cap 20002,003.65↑ Buy
 IBEX 3510,038.20Sell
 BASF46.045↑ Sell
 Bayer28.77Neutral
 Allianz249.40Sell
 Adidas181.12↑ Buy
 Lufthansa7.339↑ Buy
 Siemens AG168.72Neutral
 Deutsche Bank AG11.954↑ Sell
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