The NY Fed has started an interesting series on its “System Open Market Account” (SOMA), which is basically the Fed’s open market portfolio.
As the Fed notes:
Given increased interest in the Fed’s balance sheet and income, we’re writing a series of blog posts on the SOMA portfolio and the income it generates. The series authors will show how much this income has varied over time, describe the range of unrealized gains and losses that the portfolio has experienced as interest rates have changed, and present a counterfactual example to illustrate how the portfolio might have evolved had the Federal Open Market Committee (FOMC) not used the Fed’s balance sheet to pursue its statutory dual mandate in the face of the recent financial crisis and the ongoing, slow economic recovery. The authors will also discuss how this income is just one channel through which the Fed’s actions affect the overall fiscal position of the U.S. government.
Read it here: http://libertystreeteconomics.newyorkfed.org/2013/08/the-soma-portfolio-through-time.html