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> Balance Sheet Developments Quarterly Report, Contents, May 2014
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Quarterly Report on Federal Reserve
Balance Sheet Developments
May 2014 (441 KB PDF)
| Abbreviations | Overview | Monetary Policy Tools |
Overview
Recent Developments
The Overview section of this report highlights recent developments in the operations of the Federal Reserve's monetary policy tools and presents data describing changes in the assets, liabilities, and total capital of the Federal Reserve System as of March 31, 2014.
FOMC Slows Pace of Additional Asset Purchases
- On April 30, 2014, the Federal Open Market Committee (FOMC) announced that in light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions since the inception of the current asset purchase program, the Committee decided to make a further measured reduction in the pace of its asset purchases. Beginning in May, the Committee will add to its holdings of agency mortgage-backed securities (MBS) at a pace of $20 billion per month rather than $25 billion per month and will add to its holdings of longer-term Treasury securities at a pace of $25 billion per month rather than $30 billion per month. Additional information is available at www.federalreserve.gov/newsevents/press/monetary/20140430a.htm.
Federal Reserve Board Publishes Annual Financial Statements
- On May 23, 2014, the Federal Reserve Board published the "Federal Reserve Banks Combined Quarterly Financial Report" for the first quarter of 2014, which includes summary information on the combined financial position and results of operations of the 12 Reserve Banks and several consolidated variable interest entities (VIEs). All financial information included in the report is unaudited. The report is available on the Federal Reserve Board's website at www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm#quarterly.
Federal Reserve Announces Series of Expanded Term Deposit Facility (TDF) Test Operations
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On May 9, 2014, the Federal Reserve announced that it would conduct a series of eight seven-day TDF operations beginning the week of May 19, 2014. The Federal Reserve currently anticipates that over the first four operations, the maximum award amount will be increased gradually to an amount not to exceed $10 billion; the interest rate paid on these initial four operations will be maintained at 26 basis points. Over the subsequent four operations, the Federal Reserve expects to increase the interest rate paid in small steps to a level not to exceed 30 basis points. Additional information about term deposits and recent operations is available through the TDF Resource Center at www.frbservices.org/centralbank/term_deposit_facility.html.
Federal Reserve System Selected Assets, Liabilities, and Total Capital
Table 1 reports selected assets and liabilities and total capital of the Federal Reserve System and presents the change in these components over selected intervals. The Federal Reserve publishes its complete balance sheet each week in the H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Consolidated Statement of Condition of Reserve Banks," available at www.federalreserve.gov/releases/h41/.
Figure 1 displays the levels of selected Federal Reserve assets and liabilities, securities holdings, and credit extended through liquidity facilities since April 2010.
Table 1. Assets, liabilities, and capital of the Federal Reserve System
Billions of dollars
| Item |
Current April 30, 2014 |
Change from February 26, 2014 |
Change from April 24, 2013 |
|---|---|---|---|
| Total assets | 4,296 | +136 | +977 |
| Selected assets | |||
| Securities held outright | 4,027 | +127 | +983 |
| U.S. Treasury securities 1 | 2,350 | +72 | +514 |
| Federal agency debt securities1 | 45 | -6 | -27 |
| Mortgage-backed securities 2 | 1,632 | +62 | +496 |
| Memo: Overnight securities lending 3 | 12 | +1 | -10 |
| Memo: Net commitments to purchase mortgage-backed securities 4 | 50 | +3 | -28 |
| Unamortized premiums on securities held outright 5 | 210 | +* | +14 |
| Unamortized discounts on securities held outright5 | -18 | -2 | -16 |
| Lending to depository institutions 6 | * | +* | -* |
| Central bank liquidity swaps 7 | * | -* | -7 |
| Lending through the Term Asset-Backed Securities Loan Facility (TALF) 8 | * | -* | -* |
| Net portfolio holdings of TALF LLC 9 | * | -* | -* |
| Support for specific institutions 10 | 2 | +* | +* |
| Net portfolio holdings of Maiden Lane LLC10 | 2 | +* | +* |
| Net portfolio holdings of Maiden Lane II LLC10 | * | -* | -* |
| Net portfolio holdings of Maiden Lane III LLC10 | * | -* | -* |
| Foreign currency denominated assets 11 | 24 | +* | +1 |
| Total liabilities | 4,240 | +136 | +976 |
| Selected liabilities | |||
| Federal Reserve notes in circulation | 1,229 | +21 | +91 |
| Reverse repurchase agreements 12 | 325 | +93 | +235 |
| Foreign official and international accounts12 | 117 | +15 | +27 |
| Others12 | 208 | +78 | +208 |
| Term deposits held by depository institutions | 0 | 0 | 0 |
| Other deposits held by depository institutions | 2,514 | -96 | +765 |
| U.S. Treasury, general account | 148 | +128 | -19 |
| Other deposits 13 | 8 | -4 | -90 |
| Total capital | 56 | +* | +1 |
Note: Unaudited. Components may not sum to totals because of rounding.
* Less than $500 million.
1. Face value. Return to table
2. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. Return to table
3. Securities loans under the overnight facility are off-balance-sheet transactions. These loans are shown here as a memo item to indicate the portion of securities held outright that have been lent through this program. Return to table
4. Current face value. Includes commitments associated with outright purchases, dollar rolls, and coupon swaps. Return to table
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an effective-interest basis. Return to table
6. Total of primary, secondary, and seasonal credit. Return to table
7. Dollar value of the foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. Return to table
8. Book value. Return to table
9. As of April 30, 2014, TALF LLC had purchased no assets from the Federal Reserve Bank of New York. Return to table
10. Fair value, reflecting values as of March 31, 2014. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Fair values are updated quarterly. Return to table
11. Revalued daily at current foreign currency exchange rates. Return to table
12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. Return to table
13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities. Return to table
* Less than $500 million.
1. Face value. Return to table
2. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. Return to table
3. Securities loans under the overnight facility are off-balance-sheet transactions. These loans are shown here as a memo item to indicate the portion of securities held outright that have been lent through this program. Return to table
4. Current face value. Includes commitments associated with outright purchases, dollar rolls, and coupon swaps. Return to table
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an effective-interest basis. Return to table
6. Total of primary, secondary, and seasonal credit. Return to table
7. Dollar value of the foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. Return to table
8. Book value. Return to table
9. As of April 30, 2014, TALF LLC had purchased no assets from the Federal Reserve Bank of New York. Return to table
10. Fair value, reflecting values as of March 31, 2014. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Fair values are updated quarterly. Return to table
11. Revalued daily at current foreign currency exchange rates. Return to table
12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. Return to table
13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities. Return to table
Last update:
December 23, 2016