FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201605_28页_494kb

Quarterly Report on Federal Reserve Balance Sheet Developments (May 2016)

Core Content

This report provides an overview of the Federal Reserve's balance sheet developments, focusing on recent changes in assets, liabilities, and total capital as of April 27, 2016. It also outlines the monetary policy tools used by the Federal Reserve, including open market operations, discount window lending, and liquidity arrangements with foreign central banks. The report emphasizes transparency and accountability to Congress and the public, in line with the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Main Points

• Purpose: To enhance transparency and accountability regarding the Federal Reserve's balance sheet, financial information, and monetary policy tools.
• Transparency Efforts: The report is part of the Federal Reserve's ongoing commitment to transparency, including the publication of transaction-level data and expanded counterparty access.
• Financial Information: The report contains unaudited financial data, with annual audits available on the Federal Reserve's website.
• Balance Sheet Overview: As of April 27, 2016, the total assets of the Federal Reserve System were $4,475 billion, while total liabilities were $4,435 billion, resulting in a total capital of $40 billion.
• Key Changes:
  • Securities held outright decreased by $20 billion from February 24, 2016.
  • U.S. Treasury securities remained largely unchanged.
  • Federal agency debt securities decreased due to bond maturities.
  • Mortgage-backed securities (MBS) decreased by $16 billion, primarily due to principal paydowns and reinvestment timing.
  • Reverse repurchase agreements (RRPs) totaled $31.4 billion as of April 27, 2016.
  • Term deposits held by depository institutions were $0 billion.
  • Other deposits held by depository institutions were $2,353 billion, down by $73 billion from February 24, 2016.
• Monetary Policy Tools: The Federal Reserve uses open market operations (OMOs), discount window lending, and liquidity arrangements with foreign central banks to manage monetary policy and liquidity in the financial system.

Monetary Policy Tools

Permanent Open Market Operations (OMOs)

• Purpose: To support long-term monetary policy goals, including maintaining stable prices and maximum employment.
• Recent Developments:
  • The System Open Market Account (SOMA) maintained stable Treasury security holdings due to the FOMC's policy of rolling over maturing securities.
  • Agency debt holdings declined due to bond maturities.
  • MBS holdings decreased due to timing differences in principal paydowns and reinvestment.
• Function: Permanent OMOs are used to reinvest principal payments from agency debt and MBS into agency MBS and to roll over maturing Treasury securities.

Temporary Open Market Operations and Other Reserve Management Tools

• Types of Operations: Include repurchase agreements (repos) and reverse repos.
• Recent Developments:
  • As of April 27, 2016, outstanding RRPs were $31.4 billion.
  • The Federal Reserve conducted a Term Deposit Facility (TDF) offering on May 19, 2016, with floating rate deposits and an early withdrawal feature.
• Functions:
  • Repos increase bank reserves and are used to manage short-term interest rates.
  • Reverse repos decrease bank reserves and are used to manage money market rates.
  • TDF is used to manage reserve balances and support monetary policy implementation.

Discount Window Lending

• Recent Developments:
  • Discount window credit outstanding was $0.1 billion as of April 27, 2016.
  • Collateral pledged by borrowing institutions was $0.5 billion.
• Types of Credit:
  • Primary credit: Available to depository institutions in sound financial condition, at 50 basis points above the federal funds target rate.
  • Secondary credit: Available to institutions that do not qualify for primary credit, at a higher rate.
  • Seasonal credit: Provides short-term funds to smaller institutions with seasonal swings in loans and deposits.
• Monitoring Process: The Federal Reserve uses a four-step process to monitor the financial condition of borrowers, identify higher-risk institutions, communicate relevant information, and mitigate risks.

Liquidity Arrangements with Foreign Central Banks

• The Federal Reserve offers liquidity through reverse repos to foreign official and international account holders, using SOMA securities as collateral.
• These operations are separate from monetary policy operations but still affect reserve balances.

Key Information

• The report includes data on the composition of the SOMA, with a focus on U.S. Treasury and agency securities, as well as MBS.
• The Federal Reserve has expanded its counterparty list for reverse repos, including money market funds, banks, and GSEs.
• Transaction-level data for OMOs and discount window lending is published quarterly, with a two-year lag.
• The TDF is a tool for managing reserve balances and is used to support the reduction of monetary accommodation when appropriate.
• The Securities Lending Program is used to address market pressures for specific Treasury securities and has been expanded to include GSE debt securities since 2009.

Summary of Tables

• Table 1: Summary of selected assets, liabilities, and capital of the Federal Reserve System as of April 27, 2016.
• Table 2: Composition of SOMA securities holdings, including U.S. Treasury and agency securities.
• Table 3: Daily average borrowing by different types of depository institutions.
• Table 4: Concentration of discount window credit outstanding by borrower rank.
• Table 5: Lendable value of collateral pledged by depository institutions.

Conclusion

This report provides a detailed account of the Federal Reserve's balance sheet changes and the use of various monetary policy tools. It highlights the importance of transparency and the mechanisms in place to manage liquidity and interest rates in the financial system. The data and tools described are crucial for understanding the Fed's role in maintaining economic stability and financial market integrity.