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The Federal Reserve's unrealized losses on bond holdings narrowed to less than $850 billion last year.
ME News report: On Monday, April 15 (UTC+8), at the New York Federal Reserve local time, the New York Fed said that the Federal Reserve’s unrealized losses on its large bond holdings narrowed compared with 2024 last year. The book loss for 2025 was $844.2 billion, while it was $1.06 trillion for 2024.
The figure was disclosed when the System Open Market Account (SOMA) annual report was released. The account covers the Federal Reserve’s substantial holdings of cash, bonds, and other assets.
The Federal Reserve’s unrealized losses on its bond holdings are mainly accounting in nature. In the view of the Federal Reserve and many observers, such book losses do not affect the Federal Reserve’s operations because there are no plans to sell the held U.S. Treasuries and mortgage-backed securities. As long as they are held to maturity, they will not result in actual losses relative to the purchase price.
However, some believe that these book losses reflect a negative track record in the Federal Reserve’s use of its balance sheet as a tool for market stabilization and stimulus, and they argue that, in theory, these losses could turn into real problems in the future.
(Source: Jin10)