editor’s note: WTF??? when are these criminals going to be audited? why are their unfettered access to OUR WEALTH continuing?? DO NOT CONSENT.
Authored by Mike Shedlock via MishTalk,
The Fed upped the interest it pays on Excess Reserves to 1.95% today. This is free money (taxpayer funded) to banks.
The Fed bumped up the interest it pays on excess reserves today to 1.95%. Currently, excess reserves sit at $1.894 trillion.
The math is simple enough. At the current rate, the Fed will hand over approximately $36.93 billion of taxpayer money to banks.
That assumes the status quo, but things will change.
- The Fed is shrinking its balance sheet slowly. That reduces excess reserves the Fed pays interest rates on.
- When the Fed hikes interest rates, it also increases the interest it pays on excess reserves.
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