Federal Reserve balance sheet발음듣기
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Federal Reserve balance sheet
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I think you'll find this video exciting because until now, we've just been talking about the Federal reserve in the abstract and I was drawing little boxes to represent balance sheets,발음듣기
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but this is the actual Federal reserve balance sheet and I took a date that was before all of this silliness started happening in the banking sector just so we could kind of see what a Federal reserve balance would've looked like in a normal environment.발음듣기
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And then we can actually, in future videos, compare what they've done since then and then we can get a better insight into all of the different machinations that the Federal reserve has done to kind of try to keep banks liquid and solvent and to keep everything going.발음듣기
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And we can debate whether they've been good or bad or they're just keeping banks in kind of zombie mode.발음듣기
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So before all the craziness happened, although a little bit started - this is before the Feds started taking really aggressive action to provide liquidity for the markets.발음듣기
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So if I were to draw the assets - the sum of all the assets over here is $871 billion, and we know that the liabilities plus equity better add up to $871 billion.발음듣기
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Let's see. What's the total liabilities? Total liabilities is $839 billion - so give or take $840.발음듣기
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Assets minus liabilities. What you have minus what you owe is what you're left with for the owners.발음듣기
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And of course, owners of the Federal reserve, you kind of have to take with a grain of salt.발음듣기
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So big picture, so far it's kind of meeting up with how we've envisioned a Federal reserve balance sheet,발음듣기
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but let's dig a little deeper and see if we can find interesting things and things we've talked about.발음듣기
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I don't know what special drawing rights certificate account is, but it's very small relative to the big pie, right?발음듣기
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Actually, I think this $11 billion is actual gold because I don't see it anywhere else on their assets.발음듣기
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So I think if you combine roughly - I don't know what this thing here is, but if you combine this and this,발음듣기
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that it's holding roughly $12 billion worth of gold, which really isn't a lot of gold when you consider the total size of its balance sheet.발음듣기
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So just to explain, a treasury bill - and I've done videos on this - this is essentially a loan to the government for a year or less.발음듣기
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And then inflation index bonds - I'll do a whole video on that in the future, but these are essentially treasuries that are indexed to inflation so you can kind of hedge out a little bit of your inflation risk.발음듣기
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But, needless to say, the big picture is that $780 billion of the Fed's assets are treasuries, loans to the Federal government.발음듣기
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And that's consistent with everything we've gone over so far and that account for everything up to here.발음듣기
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And then what's interesting - what we just talked about - repurchase agreements, $30 billion.발음듣기
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And I don't know 100%, but I'm guessing that these are - someone came to the discount window and essentially borrowed $30 billion from the Fed - and it's not just someone.발음듣기
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It's probably multiple people came and borrowed $30 billion from the Fed - and they gave treasuries as collateral,발음듣기
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but as we know, just the way repurchase agreements work, they actually kind of sold the treasuries to the Fed and the Fed agreed to buy it later, but it's essentially collateral.발음듣기
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So these repurchase agreements - they're included in these securities because they're not just agreements, right?발음듣기
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They actually are - they're probably treasuries or they might be other types of highly rated securities,발음듣기
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and we'll learn in future videos that the Fed has lowered its standards over the last year in terms of what type of collateral or what type of securities it's willing to trade in these repurchase agreements, but in the situation it looks like about $30 billion.발음듣기
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And you can also - you get a clue of what repurchase agreements are because here, they say securities held outright, right?발음듣기
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So there's no repurchase agreement. There's not some contract where they say they're going to sell this to someone else at another price.발음듣기
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So the bulk is treasuries, a little bit of repurchase agreements, and then there's other assets.발음듣기
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I mean, they have 12 banks around the country and I'm sure they have a bunch of other things.발음듣기
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The big thing is that the Federal reserve's assets are predominantly U.S. treasuries - at least, they're predominantly treasuries right now.발음듣기
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Because the Federal reserve bank printed these notes and then used them as currency and so they're liabilities now because someone can come back another time and say,발음듣기
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hey, give me back the value of these things and that's a bit of an abstract concept, but roughly $700 something of this are notes outstanding.발음듣기
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And then there's some reverse repurchase agreements, which essentially - see for some reason, the Federal reserve used repurchase agreements to borrow from someone else.발음듣기
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Has $22 billion of deposits. So these are actually deposits that banks are keeping with the Federal reserve.발음듣기
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Depository institutions have $17 billion - and actually, that's how the Federal reserve traditionally has paid its expenses.발음듣기
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These could be deposits from member banks, but the Federal reserve does not pay interest in these deposits.발음듣기
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They don't pay interest on these deposits and then they can take these deposits and by treasuries or other securities and get interest on them.발음듣기
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So they're essentially getting free interest and that's what they used actually to fund their operations.발음듣기
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Any excess after funding their operations goes back to the U.S. Treasury so it's not like Ben Bernanke can fly around or drive a Bentley or something.발음듣기
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So the bulk of it is money that had been printed and that's a liability of the Federal reserve now.발음듣기
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Anyway, I thought that would be pretty neat to see that you can actually look at what the Federal reserve's balance sheet is right now.발음듣기
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