Another quibble, QT is when the Fed does not reinvest the principal of maturing assets. As far as I know, they are not selling any assets (unless they started selling MBS?). So they do not have to book the loss of value, but their expenses are now higher than their interest income

The Fed controls when they make a profit again, since they set the federal funds rate. When they lower that rate below a level that is straightforward to calculate, they will make a profit. It is incredibly easy for the Fed to earn a (long-term) profit since they issue the currency and earn seigniorage

This graph does not show all remittances. It shows the negative remittances that are held on the balance sheet as a liability, meaning that the Fed will pay back the government when they start making a profit again. Positive remittances are not held on balance sheet, they are paid to the Treasury immediately. The positive values in your graph is "capital", which is basically unrelated

This document shows Fed remittances over time, which have been substantial. See figure 2 https://www.stlouisfed.org/on-the-economy/2023/nov/fed-remittances-treasury-explaining-deferred-asset

It's funny

Da in charge 10 years later

Lol

"The views expressed in this paper are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York, the Board of Governors of the Federal Reserve, or the Federal Reserve System"

Vultures was fun, and based on the leaks, vultures 2 will be better

This was from earlier in the month. During the airstrike that killed 70 people or something

Possession is 9/10s of the law