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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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31-03-2023 10:41:31 (UTC+7)

EUR/USD

1.0901

0.0000 (0.00%)

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EUR/USD

1.0901

0.0000 (0.00%)

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GBP/USD

1.2391

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USD/JPY

132.91

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AUD/USD

0.6716

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USD/CAD

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EUR/JPY

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Gold Futures

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US Coffee C Futures

170.15

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Euro Stoxx 50

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Adidas AG

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9.289

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 EUR/USD1.0901↑ Sell
 GBP/USD1.2391↑ Sell
 USD/JPY132.91Neutral
 AUD/USD0.6716Neutral
 USD/CAD1.3526↑ Buy
 EUR/JPY144.90↑ Sell
 EUR/CHF0.9963↑ Sell
 Gold1,998.55↑ Sell
 Silver24.043↑ Sell
 Copper4.0880↑ Sell
 Crude Oil WTI74.34↑ Buy
 Brent Oil78.45Neutral
 Natural Gas2.100↑ Buy
 US Coffee C170.15Sell
 Euro Stoxx 504,285.42↑ Sell
 S&P 5004,050.83↑ Buy
 DAX15,522.40↑ Sell
 FTSE 1007,620.43↑ Sell
 Hang Seng20,507.00↑ Sell
 Small Cap 20001,768.38↑ Sell
 IBEX 359,207.10↑ Sell
 BASF47.900↑ Buy
 Bayer57.78↑ Buy
 Allianz211.80↑ Buy
 Adidas155.00Sell
 Lufthansa9.950Neutral
 Siemens AG148.52↑ Buy
 Deutsche Bank AG9.289Neutral
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Cập nhật lúc 10:35:49 31/03/2023
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