The FOMC intends to implement a balance sheet normalization program The size of the federal reserve 's balance sheet has begun to decrease WeekI Trillions of dollars 5.0 Assets Other assets gency debt and mortgage-backed securities holdings Treasury securities held outright Federal Reserve notes in circulation Deposits of depository institutions Liabilities and capital Capital and other liabiliti 11111111111111111111111111111111111111 5.0 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 NOTE: Credit and liquidity facilities"consists of primary, secondary, and seasonal credit; term auction credit; central bank liquidity swaps; support for Maiden Lane, Bear Stearns, and AIG; and other credit facilities, including the Primary Dealer Credit Facility, the Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Commercial Paper Funding Facility, and the Term Asset- Backed Securities Loan Facility. " Other assets" includes unamortized premiums and discounts on securities held outright. "Capital and other liabilities"includes reverse repurchase agreements, the U. S. Treasury General Account, and the U.S. Treasury Supplementary Financing Account. The data extend through July 4, 2018. SOURCE: Federal Reserve Board, Statistical Release H 4.1, " Factors Affecting Reserve Balances", FED(Monetary Policy Report July 2018, pp42) Federal reserve assets and liabilities
16 The FOMC intends to implement a balance sheet normalization program NOTE: “Credit and liquidity facilities” consists of primary, secondary, and seasonal credit; term auction credit; central bank liquidity swaps; support for Maiden Lane, Bear Stearns, and AIG; and other credit facilities, including the Primary Dealer Credit Facility, the AssetBacked Commercial Paper Money Market Mutual Fund Liquidity Facility, the Commercial Paper Funding Facility, and the Term AssetBacked Securities Loan Facility. “Other assets” includes unamortized premiums and discounts on securities held outright. “Capital and other liabilities” includes reverse repurchase agreements, the U.S. Treasury General Account, and the U.S. Treasury Supplementary Financing Account. The data extend through July 4, 2018. SOURCE: Federal Reserve Board, Statistical Release H.4.1, “Factors Affecting Reserve Balances” ; FED(Monetary Policy Report July 2018, pp42). Federal Reserve assets and liabilities • The size of the Federal Reserve’s balance sheet has begun to decrease
Federal reserve balance sheet (2007;unit:0.1 billion dollars美元) 资产 负债 政府证券:联邦政府和机构 8213流通中的联邦储备银行券 7762 证券以及银行承兑汇票 银行存款(存款准备金) 330 贴现贷款 22财政部存款 51 黄金和SDR凭证账户 132外国和其他存款 219 铸币 10递延的可供使用的现金项目 4 托收中的现金项目 32其他联邦储备负债和资本项目 397 其他联邦储备资产 394 8803总计 8803 资料来源: Federal Reserve Bulletin(2007)
17 Federal Reserve balance sheet （2007; unit：0.1 billion dollars美元）
Federal reserve banks combined statements of condition As of December 31, 2015 and December 31, 2014(in millions) ASSETS Gold certificates 1037511.037 Special drawing rights certificates 5.200 1,890 1.873 Loans Note 4 115 145 System Open Market Account Treasury securities, net(of which $18, 960 and $11, 144 is lent as of December 31, 2015 and 2014, res pectively) 2.580,676 Government-sponsored enterprise debt securities, net (of which $146 and $633 is lent as of December 31, 2015 and 2014, res pectively Federal agency and govemment-sponsored enterprise mortgage-backed securities, net 1,800.449 1,789083 Foreign currency denominated vestments, net 19.567 20.900 Central bank liquidity swaps 1,528 Accrued interest receivable 25.418 25.644 Other assets 14 Investments held by consolidated variable nterest entities(of which $1, 778 and S1,808 is measured at fair value as of December 31, 2015 and 2014, respectively) Note 6 Bank premises and equipment, net Note 7 Items in process of collection 210 86 Deferred asset-remittances to the Treasury Other assets 1063 910 Total assets 4484765 4497.774
18 Federal Reserve Banks Combined Statements of Condition As of December 31, 2015 and December 31, 2014(in millions)
Federal reserve Banks Combined statements of condition As of December 31, 2015 and December 31, 2014(in millions) 2015 LIABILITIES AND CAPITAL Federal Reserve notes outstanding. net s1,379,55151,298725 System Open Market Account: Securties sold under agreements to repurchase 712401 509837 Other labilities Liabilities of consolidated variable nterest entities(of which $21 and S41 is measured at fair value as of December 31, 2015 and 2014, respectively) Note 6 Deposit Depository institutions 1,977,166 2377,996 Treasury, general account 333447 223.452 Other deposit 36,532 25.560 Interest payable to depository institutions Accrued benefit costs Notes 9 and 10 3.089 Deferred credit items Accrued remittances to the Treasury Other liabilties Total labilities Capital paid-in 29,508 28572 Suiphs(including accumulated other comprehensive loss ofs, 802 and $4, 168 at December 31 015 and 2014, respectively) 10000 28 Total capital 714 Total habilities and capital 4.484.765 4.497.774
19 Federal Reserve Banks Combined Statements of Condition As of December 31, 2015 and December 31, 2014(in millions)
Federal reserve banks combined statements of condition As of December 31, 2016 and September 30, 2017(in millions) September 30, 2017 December 31,2016 Gold certificates $11,037 $11,037 Special drawing rights certificates 5,200 5200 Coin 1,866 1,873 Note 1 System Open Market Account Note 2 Treasury securities, net (of which $27, 138 and $25, 195 is lent as of September 30, 2017, and December 31, 2016 respectively) 2,559,838 2.567.422 Government-sponsored enterprise debt securities, net (of which $O and $44 is lent as of September 30, 2017, and December 31, 2016, respectively) 16,648 Federal agency and government-sponsored enterprise mortgage-backed securities, net 1,21,363 1795,003 Foreign currency denominated investments, net 21,112 19,442 Central bank liquidity swaps 3.620 5,563 Accrued interest receivable 23,632 other asset Investments held by consolidated variable interest entity (of which $1, 733 and $1. 742 is measured at fair value as of September 30, 2017, and December 31, 2016, respectively) Note 3 1,733 1,742 Bank premises and equipment, net 2,552 2.564 Items in process of collection 118 Other assets 1.056 Total assets s4460308 4453,337
20 Federal Reserve Banks Combined Statements of Condition As of December 31, 2016 and September 30, 2017(in millions)