It's hard to imagine central banks not making a profit on liquidity injection. As long as they have a semi-accurate pulse on real asset values, as a lender of

It's hard to imagine central banks not making a profit on liquidity injection. As long as they have a semi-accurate pulse on real asset values, as a lender of last resort they have the sole ability to buy assets at distressed values. Nobody else has the ability to take a bath as the market implodes and simply create new capital to buy things at less-than-face-value. You'd only expect things to go really bad if the Fed mispredicted actual values.