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The central bank captures the net negative income situation in an accounting measure called a deferred asset, which as of Nov. 22 stood at $120.4 billion.

Joseph Wang, chief investment officer at Monetary Macro, said the Fed numbers may be a little stale in light of recent market events “so it looks like Fed will have negative income a bit longer than initially projected.”

But that doesn't mean that the losses will stop mounting, as the current level of short-term rates will drive up the net negative income for quite some time.

Free-market economist Milton Friedman proposed in 1962 the “negative income tax,” a version of the basic-income idea, as a replacement for public social welfare programs.

The New York Fed report also offered projections of the net negative income situation the institution faces as part of its efforts to raise rates.