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Derby’s Take: Aggressive Rate Increase Path Could Threaten Fed Profits, Report Warns
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A top economist at J.P. Morgan says keeping the Federal Reserve’s books in the black could motivate the central bank to start an earlier and faster runoff of its balance sheet.
Michael Feroli in a note to J.P. Morgan clients on Tuesday wrote that the status of Fed profits is politically fraught, because of the money the central bank makes for the federal government. As a self-funded government agency, the Fed collects interest on bonds it owns—it buys securities with money it creates out of thin air—and charges fees for services...
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