Fed says surging interest costs cut what it handed back to Treasury in 2022

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By Michael S. Derby NEW YORK (Reuters) -The Federal Reserve said Friday that it handed back substantially less money to the Treasury last year than it did the year before, amid rising interest expenses tied to its work to lower inflation. The Fed said in a statement its net income last year stood at a preliminary $58.4 billion, compared to 2021’s $107.9 billion. The Fed noted that in September of last year it began recording what’s called a deferred asset that tallies up the loss, which stood at $18.8 billion at the end of the year. The Fed said it transferred $76 billion in weekly earnings to…

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