The Fed’s Capital Goes Negative
Recalling the famous line of Everett Dirksen — about how a billion here and a billion there starts to add up to real money — we are talking about serious losses.
The Federal Reserve’s new report of its balance sheet shows that in the approximately six months ended March 29 it has racked up a remarkable $44 billion of cumulative operating losses. That exceeds its capital of $42 billion, so the capital of the Federal Reserve System has gone negative to the tune of $2 billion — just in time for April Fools’ Day.
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