The Federal Reserve (Fed) experienced an unprecedented shift in its financial performance, with its net income plummeting from 58.84 billion U.S. dollars in 2022 to negative 114.3 billion U.S. dollars in 2023 - an exceptionally sharp decrease. This negative net income in 2023 marked the lowest point in the observed period. 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 2023. This drastic decline in net income occurred because of the rapidly rising interest rates in 2023.

Graph and download economic data for Federal Receipts as Percent of Gross Domestic Product (FYFRGDA188S) from 1929 to 2024 about receipts, federal, GDP, and USA.

The Federal Reserve's net interest income on securities acquired through open market operations totaled 174.53 billion U.S. dollars in 2023, marking an increase of approximately four billion U.S. dollars compared to the previous year. This was the highest interest income reported during the observed period. The net interest income of FDIC-insured commercial banks also reached a peak in 2023.

With over 91 billion U.S. dollars, the Federal Reserve Bank of New York reported the highest net interest income of the Federal Reserve (Fed) in 2023. It was followed by San Francisco and Richmond, with 22.72 and 11.69 billion U.S. dollars. The total net interest income of the Fed amounted to roughly 174.5 billion U.S. dollars at the end of the year.

Graph and download economic data for Current Sales or Revenues; Percent of Respondents Reporting No Change for Federal Reserve District 3: Philadelphia (SRBNNC156MNFRBPHI) from Mar 2011 to Mar 2025 about FRB PHI District, revenue, percent, sales, services, and USA.

The Federal Reserve's balance sheet has undergone significant changes since 2007, reflecting its response to major economic crises. From a modest 0.9 trillion U.S. dollars at the end of 2007, it ballooned to approximately 6.76 trillion U.S. dollars by March 2025. This dramatic expansion, particularly during the 2008 financial crisis and the COVID-19 pandemic - both of which resulted in negative annual GDP growth in the U.S. - showcases the Fed's crucial role in stabilizing the economy through expansionary monetary policies. Impact on inflation and interest rates The Fed's expansionary measures, while aimed at stimulating economic growth, have had notable effects on inflation and interest rates. Following the quantitative easing in 2020, inflation in the United States reached eight percent in 2022, the highest since 1991. However, by November 2024, inflation had declined to 2.7 percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at 5.33 percent in August 2023, before the first rate cut since September 2021 occurred in September 2024. Financial implications for the Federal Reserve The expansion of the Fed's balance sheet and subsequent interest rate hikes have had significant financial implications. In 2023, the Fed reported a negative net income of 114.3 billion U.S. dollars, a stark contrast to the 58.84 billion U.S. dollars profit in 2022. This unprecedented shift was primarily due to rapidly rising interest rates, which caused the Fed's interest expenses to soar to over 281 billion U.S. dollars in 2023. Despite this, the Fed's net interest income on securities acquired through open market operations reached a record high of 174.53 billion U.S. dollars in the same year.

Graph and download economic data for Current Sales or Revenues; Diffusion Index for Federal Reserve District 3: Philadelphia (SRBNDIF066MSFRBPHI) from Mar 2011 to Mar 2025 about FRB PHI District, diffusion, revenue, sales, services, indexes, and USA.

The Consolidated Reports of Condition and Income (Federal Financial Institutions Examination Council (FFIEC) Call Reports; FFIEC 031, FFIEC 041, FFIEC 051) collect basic financial data of commercial banks in the form of a balance sheet, an income statement, and supporting schedules. This information is collected on a quarterly basis. This report is a primary source of financial data used for the supervision and regulation of banks, and is used as an editing benchmark for many other reports.

Income (Loss) before Income Taxes and Extraordinary Items and Other Adjustments for Commercial Banks Geographically Located in Federal Reserve District 3: Philadelphia (DISCONTINUED) was 1904035.00000 Thous. of $ in July of 2020, according to the United States Federal Reserve. Historically, Income (Loss) before Income Taxes and Extraordinary Items and Other Adjustments for Commercial Banks Geographically Located in Federal Reserve District 3: Philadelphia (DISCONTINUED) reached a record high of 25188440.00000 in October of 2011 and a record low of -25078566.00000 in October of 2009. Trading Economics provides the current actual value, an historical data chart and related indicators for Income (Loss) before Income Taxes and Extraordinary Items and Other Adjustments for Commercial Banks Geographically Located in Federal Reserve District 3: Philadelphia (DISCONTINUED) - last updated from the United States Federal Reserve on March of 2025.

United States - Sources of Revenue: Investment and Property Income for Scientific Research and Development Services, Establishments Exempt from Federal Income Tax Employer Firms was 3395.00000 Mil. of $ in January of 2021, according to the United States Federal Reserve. Historically, United States - Sources of Revenue: Investment and Property Income for Scientific Research and Development Services, Establishments Exempt from Federal Income Tax Employer Firms reached a record high of 3395.00000 in January of 2021 and a record low of 1093.00000 in January of 2020. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Sources of Revenue: Investment and Property Income for Scientific Research and Development Services, Establishments Exempt from Federal Income Tax Employer Firms - last updated from the United States Federal Reserve on March of 2025.

United States - Revenue from Governments for Legal Services, Establishments Subject to Federal Income Tax was 0.70000 % Chg. in April of 2018, according to the United States Federal Reserve. Historically, United States - Revenue from Governments for Legal Services, Establishments Subject to Federal Income Tax reached a record high of 35.00000 in July of 2017 and a record low of -21.50000 in January of 2017. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Revenue from Governments for Legal Services, Establishments Subject to Federal Income Tax - last updated from the United States Federal Reserve on March of 2025.

Graph and download economic data for Total Revenue for Accommodation, Establishments Subject to Federal Income Tax (REV721TAXABL144QNSA) from Q3 2012 to Q4 2024 about accommodation, revenue, establishments, tax, federal, services, income, and USA.

Graph and download economic data for Income (Loss) before Income Taxes and Extraordinary Items and Other Adjustments for Commercial Banks Geographically Located in Federal Reserve District 12: San Francisco (DISCONTINUED) (D12IBTEIOA) from Q1 1984 to Q3 2020 about FRB SF District, gains/losses, adjusted, tax, commercial, banks, depository institutions, income, and USA.

Graph and download economic data for Federal Government; Taxes Receivable from Corporate Income Taxes; Asset, Transactions (DISCONTINUED)" (BOGZ1FA313078035A) from 1946 to 2023 about receivables, transactions, federal, assets, income, and USA.

Graph and download economic data for Corporations: Interest received, IRS: Interest received by organizations not filing corporation income tax returns: Federal Reserve banks (B2658C1A027NBEA) from 1946 to 2021 about return, tax, corporate, banks, interest, depository institutions, income, GDP, and USA.

Graph and download economic data for Federal Government Current Receipts (FGRECPT) from Q1 1947 to Q3 2024 about receipts, federal, government, GDP, and USA.

Graph and download economic data for Federal government current tax receipts: Taxes on production and imports: Customs duties (B235RC1Q027SBEA) from Q1 1959 to Q4 2024 about receipts, imports, tax, federal, production, government, GDP, and USA.

Graph and download economic data for Taxes on corporate income: Domestic industries: Federal Reserve banks (B3153C0A144NBEA) from 1987 to 2000 about tax, domestic, corporate, banks, depository institutions, income, industry, GDP, and USA.

Graph and download economic data for Federal government current tax receipts (W006RC1Q027SBEA) from Q1 1947 to Q3 2024 about receipts, tax, federal, government, GDP, and USA.

Graph and download economic data for State and local government current tax receipts (W070RC1Q027SBEA) from Q1 1947 to Q4 2024 about state & local, receipts, tax, government, GDP, and USA.