William Bergman of the Institute for New Economic Thinking published this working paper on 30 July. The original paper is very long but there's some short and more readable commentary from Yves Smith. It claims that the Federal Reserve has been losing on the order of $100B / yr through interest payments on bank reserves and been hiding these losses through accounting practices that are outside the norm or somehow untoward in some way I don't understand. It has something to do with things like...
