Mises Wire
Author:
Alex J. Pollock
Paul H. Kupiec
Online Publish Date:
[ Reprinted with permission of the authors. ] The year 2023 is shaping up to be a challenging one for the Federal Reserve System. The Fed is on track to post its first annual operating loss since 1915. Per our estimates, the loss will be large, perhaps $100 billion or more, and this cash loss does not count the unrealized mark-to-market losses