The US Federal Reserve reported on January 13 that the country’s 12 reserve banks provided $76 billion in net profits to the US Treasury in 2022. Most of the reserve banks ceased remittances in September, however, after recording a net loss across the system.

According to preliminary financial statements, the Federal Reserve System recorded $58.4 billion in net profits last year. This figure is down from $107.9 billion in 2021. In a statement, the Fed said this was “primarily driven by