FRB美联储资产负债表发展季度报告-quarterly_balance_sheet_developments_report_201603_28页_504kb

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

Core Content Overview

This report provides a detailed summary of the Federal Reserve's balance sheet developments and monetary policy tools as of February 24, 2016. It includes revisions to previous data and highlights key policy decisions and operational changes made by the Federal Reserve in the context of its statutory mandate to promote maximum employment and stable prices.

Main Points

1. Purpose of the Report

• The report aims to enhance transparency regarding the Federal Reserve's balance sheet, financial information, and monetary policy tools.
• It also outlines the Federal Reserve's compliance with the Dodd-Frank Act's transparency provisions.
• Financial information in this report has not been audited but is subject to annual audits.

2. Recent Developments

FOMC Raises Target Federal Funds Rate

• On December 16, 2015, the FOMC raised the target range for the federal funds rate to 1/4 to 1/2 percent, from 0 to 1/4 percent.
• The FOMC also continued its policy of reinvesting principal payments from agency debt and MBS into agency MBS and rolling over maturing Treasury securities at auction.

Implementation Steps

• The FOMC authorized the FRBNY to conduct open market operations, including overnight and term reverse repurchase agreements (RRPs), to maintain the target rate.
• The Board of Governors raised the interest rate on required and excess reserve balances to 0.50 percent and increased the discount rate (primary credit rate) by 1/4 percentage point to 1.00 percent.

FAST Act Amendments

• The Fixing America's Surface Transportation Act (FAST Act), enacted on December 4, 2015, changed the dividend rate for member banks with more than $10 billion in consolidated assets to the smaller of 6% or the high yield of the 10-year Treasury note.
• The FAST Act limited aggregate Reserve Bank surplus to $10 billion, resulting in a $19.3 billion remittance to the U.S. Treasury on December 28, 2015.

FRBNY Concludes Mortgage Operations Counterparty Pilot Program

• The FRBNY concluded the Mortgage Operations Counterparty Pilot Program on January 6, 2016.
• The program involved small broker-dealers acting as counterparties in secondary market outright operations of agency MBS.
• The intent was to explore ways to broaden the range of counterparties and assess the operational capacity of non-primary dealers.

Federal Reserve System Balance Sheet

• Total assets as of February 24, 2016: $4,490 billion.
• Securities held outright: $4,253 billion, with an increase of $13 billion from October 28, 2015.
• Total liabilities: $4,450 billion, up by $20 billion from October 28, 2015.
• Total capital: $40 billion, down by $19 billion from October 28, 2015.

Federal Reserve Notes in Circulation

• Increased to $1,385 billion as of February 24, 2016, up by $35 billion from the previous period.

Reverse Repurchase Agreements

• Total outstanding reverse repos: $287 billion.
• The rate for overnight reverse repos was set at 0.25%, with a limit of $2 trillion in available Treasury securities and a $30 billion per counterparty daily cap.

3. Monetary Policy Tools

Open Market Operations (OMOs)

• The Federal Reserve conducts both permanent and temporary OMOs.
• Permanent OMOs involve outright purchases or sales of securities to adjust the balance sheet and support monetary policy.
• Temporary OMOs include repos and reverse repos, used to manage short-term interest rates and reserve balances.

Discount Window Lending

• The Federal Reserve provides short-term liquidity to domestic banks and depository institutions through the discount window.
• It also has liquidity arrangements with foreign central banks to support global financial stability.

Liquidity Facilities

• The Federal Reserve has various liquidity facilities, including the Term Deposit Facility (TDF) and central bank liquidity swaps.
• These facilities are used to manage reserve balances and support the reduction of monetary accommodation when appropriate.

4. Permanent Open Market Operations (OMOs)

• Between October 28, 2015, and February 24, 2016, the 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, while MBS holdings increased due to the timing of principal paydowns and reinvestment.
• The composition of the SOMA is detailed in Table 2, showing the par values of different security types.

5. Temporary Open Market Operations and Reserve Management

• The FOMC authorized the FRBNY to conduct overnight and term reverse repos to maintain the federal funds rate in the target range.
• The overnight reverse repo rate was set at 0.25%, with a $2 trillion limit on Treasury securities and a $30 billion per counterparty daily cap.
• Term Deposit Facility (TDF) test operations were conducted in December 2015 and February 2016, offering seven-day floating rate deposits with an early withdrawal feature.

6. Expanded Counterparties for Reverse Repos

• The FRBNY expanded the pool of counterparties for reverse repos beyond primary dealers, starting in late 2009.
• This included money market funds, GSEs, and banks, with additional rounds of eligibility criteria released in August 2012 and November 2014.
• The FRBNY does not plan to expand the number of counterparties unless necessary for monetary policy implementation.

7. Reverse Repos with Foreign Official and International Accounts

• The Federal Reserve offers reverse repo facilities to foreign central banks and international account holders.
• These operations use SOMA securities as collateral and are conducted at market-based interest rates.
• They result in a decrease in reserve balances, similar to domestic reverse repos.

8. Term Deposit Facility (TDF)

• The TDF allows eligible institutions to hold interest-bearing term deposits with the Federal Reserve.
• The facility is used to manage reserve balances and support the reduction of monetary accommodation.
• Term deposits are awarded through competitive auctions, fixed-rate formats, or floating-rate formats.
• Since September 2014, the TDF includes an early withdrawal feature with a penalty.

Key Information

• The report includes errata to correct specific dates and figures, such as revising the target rate change from 2016 to 2015 in several sections.
• The SOMA balance sheet is updated weekly in the H.4.1 statistical release.
• The transaction-level information on open market operations is published quarterly with a two-year lag.
• The Federal Reserve continues to monitor and adjust its balance sheet and policy tools to support its dual mandate of maximum employment and price stability.