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美聯儲2019年的賬單已出爐 聯儲的收入從哪來?

http://finance.sina.com   2020年01月13日 15:54   北京同乐城国际线址網

  來源:市川田三丁目 

  Fed Pays $35 Billion to Banks, $6 Billion to Reverse-Repo Counterparties in Interest for 2019, Remits $55 billion to US Treasury

  by Wolf Richter 

  In addition to a lot of smaller activities, the Federal Reserve does two financially huge things: in 2019, it held about $4 trillion in interest-bearing assets, mostly Treasury securities and mortgage-backed securities (MBS); and it owed banks about $1.5 trillion in interest-bearing reserves. Among its other activities, are its reverse-repo activities, and the costs of its own operations. On Friday, the Fed reported its preliminary results for 2019, including how much it paid the banks ($35 billion), how much it paid the counterparties of its reverse repos ($6 billion), how much it remitted back to the US Treasury Department ($54.9 billion), and how much it paid in dividends.

  不算那些數不過來的小事,2019年聯儲乾的大事有兩件:一是持有了總額約爲4萬億美元的附息資產,其中絕大多數是美國國債和按揭質押債券,二是吸收了美國各家商業銀行上存的約1.5萬億美元的存款準備金(聯儲需要爲這些以存款形式存在的存款準備金支付利息)。其他方面的經營活動包括,逆回購和維持自身運營所需的花費。上週五,聯儲公佈了其2019年的初步運營報告,包括其付給各家商業銀行多少存款利息,在逆回購操作中向交易對手支付了多少利息,還給美國財政部多少錢(還了549億美元)以及支付了多少股息。

  The Revenues

  收入方面

  The Fed earned $102.8 billion in interest income from the Treasury securities and MBS it held in 2019. This was down 8.5% from the $112.3 billion it earned in 2018, in part because Quantitative Tightening, with extended into July, reduced the pile of interest-bearing assets on the Fed’s balance sheet. It also earned $444 million from “services.”

  聯儲在2019年裏因持有美國國債和按揭質押債券而從美國財政部手中得到1028億美元的利息收益,與2018年1123億美元的利息收入相比縮水了8.5%,部分原因是因爲實施了量化緊縮,一直持續到2019年7月,導致資產負債表上的附息資產總量出現減少。此外,聯儲還通過“提供服務”而獲得4.44億美元。

  The Expenses:

  開支方面

  What it paid the banks: The Fed paid its member banks (there are over 3,000 of them) interest due on required and excess reserves that banks have on deposit at the Fed. Those reserves on deposit at the Fed — liabilities on the Fed’s balance sheet — averaged about $1.5 trillion in 2019, but had been declining through September. Also, starting at the end of July, the Fed cut rates three times, including the rate it pays on reserves. So the interest the Fed paid the banks on these reserves fell 9.1% from a year earlier, to $35.0 billion.

  付給商業銀行的存款利息:聯儲爲加入聯邦儲備銀行體系的3000多家成員銀行向美聯儲上繳的法定存款準備金和超額存款準備金支付存款利息。這些在聯儲資產負債表的負債科目中體現出來的存款準備金在2019年的平均餘額約爲1.5萬億美元,但是自2019年9月起就一直在減少。此外,聯儲自2019年7月末開始連續降息三次,聯儲支付給存款準備金的利率水平也在調降之列。因此2019年聯儲向存款準備金支付的利息比2018年減少了9.1%,總額爲350億美元。

  Note that if banks had not deposited those funds at the Fed, they would have likely bought Treasury securities for at least part of it and would have earned about the same or a higher rate of interest from the US government. When banks sit on large amounts of reserves, they’re going to try to make money off them, one way or the other.

  值得注意的是,如果這些準備金存款沒有上繳給聯儲,商業銀行至少會將其中一部分用於買入美國國債,總收益率應等於或高於美國政府給的利率水平。當商業銀行坐擁大量的存款準備金,總想找個辦法以錢生錢。

  What the Fed paid its reverse-repo counterparties: The Fed paid $6.0 billion in interest to its counterparties on securities it sold under reverse repurchase agreements (the opposite of repos). Reverse repo balances are liabilities on the Fed’s balance sheet. The Fed has been doing reverse repos for a long time. Balances started surging in 2014, peaking at over $500 billion. Then in 2017, balances started declining. In 2019, they averaged around $270 billion.

  逆回購項下支付給交易對手的利息:2019年,聯儲在逆回購交易項下向交易對手支付了60億美元的利息。在聯儲的資產負債表上未到期的逆回購交易餘額體現在負債方。聯儲做逆回購的歷史已經很長了,逆回購交易的餘額在2014年開始暴漲,峯值超過了5000億美元。這之後,逆回購交易的餘額開始在2017年出現縮水,2019年的餘額平均爲2700億美元左右。

  The Fed’s own operating expenses amounted to $4.5 billion.

  聯儲自身運營的花費:爲45億美元。

  Other expenses: The Fed also incurred expenses of $837 million related to producing, issuing, and retiring currency; $814 million for Board of Governors expenditures; and $519 million to fund the operations of the Consumer Financial Protection Bureau.

  其他開支:聯儲還有8.37億美元的花費與製造、發行和回收貨幣有關,聯儲理事會的開支爲8.14億美元,消費者金融保護局的運營經費爲5.19億美元。

  Net income and where it went:

  淨收益及明細

  After it was all said and done (income minus expenses), the Fed had an estimated net income of $55.5 billion in 2019. Final data will be published in its audited annual report.

  把所有收支金額彙總即收入減去支出後,聯儲統計出來的2019年淨收益爲555億美元,數據將發佈在其經審計的2019年年度報告中。

  Every year, the Fed remits nearly all of its net income to the US Treasury department. For 2019, it remits $54.9 billion. This is down from a remittance of $65.3 billion for 2018 (chart vie the Federal Reserve):

  聯儲每年會將其幾乎全部淨收益移交給美國財政部,2019年的移交額爲549億美元,低於2018年的653億美元。

  The circularity: The US Treasury borrows money to fund the US deficit. This borrowing takes the form of selling Treasury securities. The Fed buys and holds a chunk of this debt, and like others gets paid interest on this debt. After it funds its operations and pays interest to the banks and counterparties, the Fed then pays the US government back what’s left over.

  聯儲的收入從哪來?利潤到哪去?美國財政部要借錢彌補預算赤字,借錢是通過發行國債的方式進行的。聯儲購買並持有了相當一大部分新發的美國國債,並像其他持有人一樣也得到國債利息收入。在滿足自身運營的資金需要並向商業銀行和逆回購的交易對手支付融資利息後,營業收入中剩餘的部分被聯儲返還給了美國政府。

  Dividends to its member banks. The 12 regional Federal Reserve Banks are private companies whose shares are owned by the financial institutions in their districts. The Fed pays dividends to the shareholders of the 12 regional FRBs. These dividend payments are determined by federal statute. For 2019, the Fed paid $714 million in dividends to these financial institutions.

  向成員銀行支付股息:美國聯邦儲備銀行體系是由12家區域性聯儲分行組成,從法律上講每家分行都是私有企業,其股份由所在地區的商業銀行等金融機構持有。聯儲向12家區域分行的股東支付股息,股息的發放是以聯邦法令爲依據的。2019年,聯儲向各家股東支付了總額爲7.14億美元的股息。

  Though $714 million in dividend payments sounds like a lot, but compared to the $35 billion the Fed paid the banks in interest, it’s practically a rounding error. Anything denominated in millions is a rounding error at the Fed where the big things are denominated in trillions. That’s the times we live in.

  儘管7.14億美元的股息聽上去不少,但與聯儲向商業銀行支付的350億美元利息相比,就像是在四捨五入的時候算錯了零頭。對於動不動就以多少萬億美元來算賬的美聯儲來說,任何以百萬美元表示的數字都算是零頭。時下就是如此。

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