D U R I N G 2 0 2 2A Report Prepared for the Federal Open Market Committee by the Markets Group of the Federal Reserve Bank of New YorkA P R I L2 0 2 3MARKET OPERATIONSO P E NCONTENTSO P E N M A R K E T O P E R A T I O N S D U R I N G 2 0 2 2OverviewAppendixesOperational Flexibility & ResiliencySelected Balance Sheet DevelopmentsCounterpartiesIndex of Charts & TablesContentsOpen Market OperationsFederal Reserve Framework for Monetary Policy ImplementationEndnotesThis report, presented to the Federal Open Market Committee by Roberto Perli, Manager of the System Open Market Account, describes open market operations of the Federal Reserve System for the calendar year 2022. Christian Cabanilla, Shafat Alam, Aidan Brown, Kathryn Chen, Dayna Goodwin, Radhika Mithal, Linsey Molloy, and Julie Remache were primarily responsible for preparation of the report. Overview .......................................................... 1Key Developments in 2022 ............................................1A Guide to This Report ...................................................2The Federal Reserve’s Framework for Monetary Policy Implementation .........................5Open Market Operations .................................7Money Market Developments and Related Policy Measures .....7Reverse Repurchase Agreements ........................................7Repurchase Agreements ..................................................9Central Bank Liquidity Swaps .......................................... 10Treasury Securities Operations ......................................... 10Agency MBS Operations ............................................... 14Securities Lending ........................................................ 17Foreign Reserves Management ........................................ 18Selected Balance Sheet Developments ...............19Selected Assets ........................................................... 19SOMA Domestic Securities Holdings ............................ 19Portfolio Size and Composition ............................... 19Portfolio Risk Metrics ............................................ 24SOMA Repurchase Agreements .................................. 24Central Bank Liquidity Swaps ..................................... 24SOMA Foreign Currency–Denominated Holdings ............ 24Primary Credit Program ............................................. 25Emergency Credit and Liquidity Facilities ....................... 26Selected Liabilities........................................................ 27Reserve Balances .................................................... 29Federal Reserve Notes ............................................. 29Reverse Repurchase Agreements .................................. 30Deposits .................................................................... 31Financial Results .......................................................... 32SOMA Net Income ................................................. 32Federal Reserve Remittances ...................................... 32SOMA Unreali...
