@Moon @Hoss @EvilSandmich @Turdicus This is nothing but central banker accounting games

> If the Fed booked a loss in a given year, it would have no profits to remit to the Treasury. Under the Fed’s accounting rules, it would then accumulate a “deferred asset” equal to its cumulative losses. Once the Fed returned to profitability, it would retain profits to pay down the deferred asset. Only once the deferred asset had been reduced to zero – that is, once the Fed had retained earnings offsetting its earlier losses – would the Fed resume remitting profits to the Treasury. (For details, see Carpenter et al (2015)).

https://www.brookings.edu/articles/what-if-the-federal-reserve-books-losses-because-of-its-quantitative-easing/