Ah, I see. I thought you were trying to say the Fed directly paid interest to the Treasury. And, wow, I did not know the IORB rate had gotten so high. https:/

Ah, I see. I thought you were trying to say the Fed directly paid interest to the Treasury. And, wow, I did not know the IORB rate had gotten so high. https://fred.stlouisfed.org/series/BOGMBBM https://fred.stlouisfed.org/series/BOGMBBM I think you are correct. With $3+ trillion in reserve balances, which aren't really expected to go down too much, the reserve interest payments are going to eat up a ton of the Fed's income.