[ Reprinted with permission of the authors. ]
The year 2023 is shaping up to be a challenging one for the Federal Reserve System.
The Fed is on track to post its first annual operating loss since 1915. Per our estimates, the loss will be large, perhaps $100 billion or more, and this cash loss does not count the unrealized mark-to-market losses on the Fed’s massive securities portfolio. An operating loss of $100 billion would, if properly accounted for, leave the Fed with negative capital of $58 billion at year-end 2023.At current interest rates , the Fed’s operating losses will […]
Read the rest of this story here: mises.org
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