The Fed published its annual audited balance sheet for last year.

According to a statement from the bank, the Fed's total expenses in 2023 exceeded its earnings by $114.3 billion.

Thus, the bank recorded its largest operating loss ever.

Interest expense on depository institutions' reserve balances rose to $176.8 billion last year, while interest expense on repo operations totaled $104.3 billion.

The bank's interest income from its asset portfolio fell to $163.8 billion in 2023, down $6.2 billion from a year earlier.