The Federal Reserve (Fed) experienced an unprecedented shift in its financial performance, with its net income plummeting from ***** billion U.S. dollars in 2022 to negative ***** billion U.S. dollars in 2023 - an exceptionally sharp decrease. This negative net income in 2023 marked the lowest point in the observed period. In 2024, the net loss of the Fed increased but remained exceptionally low at negative **** billion U.S. dollars. As the majority of the Fed's net income is typically remitted to the U.S. Treasury, these earnings remittances also saw a significant decline in 2024. This drastic decline in net income occurred because of the rapidly rising interest rates in 2023.

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Between 2013 and 2024, the Federal Reserve's earnings remittances to the United States Department of the Treasury experienced significant fluctuations. The remittances reached their highest point in 2015, at 117.1 billion euros. However, in 2023, these remittances took an unprecedented turn, amounting to approximately minus 116 billion U.S. dollars - a dramatic decrease compared to previous years. The unusual situation of negative earnings remittances typically occurs during periods of rapidly rising interest rates. As the Fed increases interest rates to combat inflation, it pays higher interest on reserves held by commercial banks. Simultaneously, the value of its bond holdings may decrease, potentially leading to unrealized losses. When these costs surpass the Fed's income from its assets, it results in negative earnings, effectively creating a deferred asset rather than making a payment to the Treasury. In 2024, earnings remittances remained negative, but increased to minus 79.1 billion U.S. dollars.

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