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US pumps record high into govt coffers

Jan 10 2013 18:10 Reuters
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Washington - The Federal Reserve pumped a record $88.9bn into the US Treasury last year, the spoils of big profits made on its vast holdings of securities, the US central bank said on Thursday.

The Fed said the money was earned primarily from interest payments on the securities in its multi-trillion dollar portfolio of US government debt and bonds related to the housing industry.

Each year, the central bank sends its earnings, minus operating costs and other expenses, to the Treasury.

The 2012 figure eclipsed the prior record of $79.3bn deposited into government coffers in 2010.

The Fed estimated its net income for last year at $91 billion.

 

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