on March 21, local time, the Federal Reserve released an audited financial report showing that the Fed's operating loss for the full year of 2024 reached $77.6 billion (approximately 560 billion yuan), marking a huge loss for the second consecutive year. Analysts believe that the main reason for the Fed's huge loss is the aggressive rate hikes from 2022 to 2023. The timing of the Fed's return to profitability depends on its subsequent rate-cutting path. Forecasts from the New York Fed indicate that if short-term interest rates remain above 4%, the Fed will continue to incur losses this year; if rates continue to decline, the Fed may achieve profitability.