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Does that mean the fed is earning ~$50billion in interest a day?

That seems good for our national budget unless I'm misinterpreting it.

Where are you getting that figure from? 0.05% is $500m.

It's also annualized, so it's $500m over the entire year.

And it's interest earned by the banks, not the Fed.

No, Fed is Paying ~$1.37 Million in interest a day