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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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27-02-2024 18:16:56 (UTC+7)

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EUR/USD

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 EUR/USD1.0852↑ Buy
 GBP/USD1.2685↑ Buy
 USD/JPY150.35↑ Buy
 AUD/USD0.6549↑ Sell
 USD/CAD1.3492Neutral
 EUR/JPY163.16↑ Buy
 EUR/CHF0.9551↑ Buy
 Gold2,045.90↑ Buy
 Silver22.848Sell
 Copper3.8528Buy
 Crude Oil WTI77.23↑ Sell
 Brent Oil81.29↑ Sell
 Natural Gas1.728↑ Sell
 US Coffee C178.70↑ Sell
 Euro Stoxx 504,877.35↑ Sell
 S&P 5005,069.53↑ Sell
 DAX17,497.45↑ Sell
 FTSE 1007,681.40↑ Sell
 Hang Seng16,790.80Neutral
 Small Cap 20002,028.97↑ Sell
 IBEX 3510,077.14Neutral
 BASF46.940↑ Buy
 Bayer28.88↑ Buy
 Allianz245.43Neutral
 Adidas188.35Buy
 Lufthansa7.285Neutral
 Siemens AG176.40↑ Sell
 Deutsche Bank AG12.233↑ Sell
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