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Core Viewpoint - The Federal Reserve reported an operational loss of $77.6 billion for 2024, marking the second consecutive year of significant losses, primarily due to aggressive interest rate hikes from 2022 to 2023 [2][4]. Financial Performance - The Federal Reserve's operational loss for 2024 is $77.6 billion (approximately 56 billion RMB), following a loss of $114.5 billion in 2023 [4]. - The losses are attributed to the Fed's economic support during the pandemic and subsequent rate hikes that raised the benchmark interest rate from near zero to a range of 5.25% to 5.5% [4]. - As of the end of 2024, the Fed holds $6.8 trillion in securities with a weighted average yield of 2.6%, while paying an interest rate of 4.4% on $3.4 trillion in reserves [4]. Impact on Monetary Policy - The operational losses do not affect the Fed's ability to conduct monetary policy, as profit generation is not its primary goal [5][6]. - The Fed operates as a self-funding entity, covering its expenses through securities income and remitting any surplus to the U.S. Treasury [5]. Future Profitability Outlook - The Fed's return to profitability depends on lowering the benchmark interest rate below the average yield of its securities [8]. - Predictions indicate that if short-term rates remain above 4%, the Fed will continue to incur losses; however, if rates decrease, profitability may be achievable [8]. - Market expectations suggest a potential rate cut of 50 to 75 basis points within the year [8]. Economic Context - Concerns regarding tariffs and their impact on prices and economic growth have been raised, with Fed officials acknowledging the need to assess the broader economic situation [9].