Central Bank losses don't matter

 I don't agree with the following opinion, but I don't have time to write a rebuttal.

Read: http://bilbo.economicoutlook.net/blog/?p=51243

Central banks are racking up losses due to their own policies. But those losses are meaningless. What is more important is the massive income transfers that the central banks are now making to commercial banks (and indirectly their shareholders) through the returns they are paying on excess reserves. And further, the massive income losses the central banks are inflicting on low-income mortgage holders as a consequence of the rate hikes. They should immediately go back to a state of zero support rates on excess reserves and stop hike rates.

I do agree with the last sentence.