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The SOMA Portfolio through Time

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Abstract

The System Open Market Account (SOMA) is a portfolio held by the Federal Reserve to support monetary policy implementation and reflects assets and liabilities (domestic, and some foreign) acquired through open market operations. The SOMA has attracted greater attention in recent years as, with the federal funds rate near its lower bound, the size and composition of the domestic portfolio has been used as an active monetary policy instrument. Earnings on the SOMA portfolio represent a significant amount of the Fed?s income and, given the substantial increase in the size of the portfolio and shift in its composition, income has increased notably, with remittances to the Treasury totaling $88.4 billion in 2012.

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  • Meryam Bukhari & Alyssa Cambron & Michael J. Fleming & Jonathan McCarthy & Julie Remache, 2013. "The SOMA Portfolio through Time," Liberty Street Economics 20130812, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86883
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    JEL classification:

    • H00 - Public Economics - - General - - - General

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