Net income fell by $11.7 billion from 2016 due primarily to an increase in the interest that the Fed banks pay on reserve balances held by banks and credit unions.
"I, for one, need to see more data", Minneapolis Federal Reserve Bank President Neel Kashkari said on Twitter, pushing back on the idea that inflation gains will convince Fed policymakers that inflation is on the upswing.
The Federal Reserve sent $80.2 billion to the Treasury Department in 2017, down from $91.5 billion in 2016. Dividend payments to Federal Reserve member banks totaled $784 million.
Those payments were offset by a $2.5 billion increase in interest payments the Fed received on its securities in portfolio because of higher interest rates.
The regional Fed banks had net operating expenses of $4.1 billion in 2017, and the Fed system also paid $724 million to produce and retire currency, $740 million to fund the Federal Reserve Board of Governors and $573 million for the operations of the Consumer Financial Protection Bureau.
The Fed's remittances to the Treasury peaked 97.7 billion dollars in 2015, but began to decline after the Fed raised interest rates in December 2015 for the first time since the financial crisis.
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