Fed posts record $46 billion profit
The Federal Reserve said on Tuesday that it had made a record $46.1 billion in profit last year, a 45% annual increase.
The central bank published unaudited preliminary results showing a $14.4 billion increase in profits compared to 2008. The gain was largely due to higher earnings from securities holdings, which ballooned as a result of the Fed's asset purchases, the central bank said. The programme, which was implemented to cushion the shock of the financial meltdown, could see the Fed buy $1
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