Fed's Recent Losses Won't Be Made Up for Years to Come -- Market Talk

Dow Jones01:50

1350 ET - The Federal Reserve system has been making losses over the past several years, but the system is now turning profitable again. As a result, it will use proceeds from its operations to pay itself back for past shortfalls before it resumes remitting profits to the Treasury. That will occur over an uneven timetable, Bill Nelson of the Bank Policy Institute writes. Each of the Fed's 12 reserve banks has its own accounting books, and must extinguish its own deferred loss before sending its profits to the Treasury. Some reserve banks--Atlanta, Dallas and St. Louis--have already paid themselves back for past losses and are again remitting profits. But other reserve banks will likely still have deferred losses on their books well into the 2030s, Nelson projects. (matt.grossman@wsj.com; @mattgrossman)

(END) Dow Jones Newswires

April 27, 2026 13:50 ET (17:50 GMT)

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Each of the Fed's 12 reserve banks has its own accounting books, and must extinguish its own deferred loss before sending its profits to the Treasury. Some reserve banks--Atlanta, Dallas and St. Louis--have already paid themselves back for past losses and are again remitting profits. But other reserve banks will likely still have deferred losses on their books well into the 2030s, Nelson projects. 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As a result, it will use proceeds from its operations to pay itself back for past shortfalls before it resumes remitting profits to the Treasury. That will occur over an uneven timetable, Bill Nelson of the Bank Policy Institute writes. Each of the Fed's 12 reserve banks has its own accounting books, and must extinguish its own deferred loss before sending its profits to the Treasury. Some reserve banks--Atlanta, Dallas and St. Louis--have already paid themselves back for past losses and are again remitting profits. But other reserve banks will likely still have deferred losses on their books well into the 2030s, Nelson projects. 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