"2023 Preliminary Financial Report: Federal Reserve Banks' Income and Expenses Revealed"

The Federal Reserve Board released preliminary financial information for the Federal Reserve Banks' income and expenses in 2023, revealing that the sum total of expenses exceeded estimated earnings by $114.3 billion. Interest income on securities decreased, while total interest expense increased significantly. The Reserve Banks also incurred operating expenses and were assessed costs related to producing currency and funding the operations of the Consumer Financial Protection Bureau. Net income from emergency credit facilities established in response to the COVID-19 pandemic was $0.1 billion, and statutory dividends totaled $1.5 billion. The Reserve Banks increased the deferred asset by $116.4 billion, resulting in a cumulative deferred asset at year-end of $133.0 billion, as required by the Federal Reserve Act.