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On May 20, President Xi Jinping and Russian President Vladimir Putin jointly met with reporters at the Great Hall of the People in Beijing.Interest rate futures indicate that the Bank of England will raise interest rates by about 52 basis points by December, compared to about 60 basis points on Tuesday.On May 20, Chen Binhua, spokesperson for the Taiwan Affairs Office of the State Council, commented on the remarks made by Taiwan leader Lai Ching-te during his "May 20" speech and Q&A session regarding cross-strait relations. He stated that Lais speech was filled with lies and deception, hostility and confrontation, stubbornly adhering to the erroneous "Taiwan independence" stance, promoting the fallacies of so-called "sovereign independence" and "non-subordination," exaggerating the "mainland threat," escalating cross-strait confrontation, and deliberately seeking "independence through force" and "independence through foreign support," thus undermining peace and stability in the Taiwan Strait. This once again confirms that he is an out-and-out "disruptor of cross-strait peace" and a "creator of the Taiwan Strait crisis." While continuing to advocate "Taiwan independence" and manipulate "anti-China" sentiments, he hypocritically claims to promote cross-strait dialogue and exchanges, attempting to deceive the Taiwanese people and mislead international public opinion. These habitual tricks have been seen through by an increasing number of Taiwanese people, and his deceptive behavior and provocative actions will inevitably be met with resolute opposition from compatriots on both sides of the strait and the international community, and are doomed to failure.The Nikkei 225 index closed down 746.18 points, or 1.23%, at 59,804.41 on Wednesday, May 20.Jansson, Deputy Governor of the Swedish Central Bank: All monetary policymakers are thinking about how far-reaching the impact of supply disruptions following the Middle East wars will be.

The Devil Is In The Details: Gold Analysis - Federal Reserve Minutes

Larissa Barlow

Apr 07, 2022 10:33

Analyses of Federal Reserve Minutes 

While both the FOMC statement and Chairman Powell's press conference provide market participants with information about the FOMC's updated and revised monetary policy, it is the release of the minutes that provides investors with significantly greater clarity and understanding. The devil, as they say, is in the details.

 

The Federal Reserve issued the official minutes from its March FOMC meeting today, providing insight into the central bank's current plans to begin unwinding its balance sheet assets. Beginning in March 2020, the Federal Reserve will add around $4.6 trillion to its balance sheet by purchasing $120 billion monthly in mortgage-backed securities ($40 billion) and US Treasury securities ($80 billion), bringing their total to just over $9 trillion.

 

According to Federal Reserve Governor Lael Brainard, the Fed intends to employ a mix of interest rate rises and a quick run-off of the balance sheet to bring US monetary policy closer to neutral later this year.

 

However, the minutes released today imply that the Federal Reserve will unwind around $3 trillion over the next three years, reducing its $9 trillion balance sheet to $6 trillion. While the Fed appears to be indicating a quick runoff of its balance sheet, the reality is that the Federal Reserve's balance sheet will be nearly $2 trillion larger than it was prior to the epidemic.

 

"Participants continued their discussion on plans to reduce the size of the Federal Reserve's balance sheet in a manner consistent with the methodology outlined in the Committee's Principles for Reducing the Size of the Federal Reserve's Balance Sheet, announced following its January meeting."

 

Additionally, the minutes stated, "While no decision was made regarding the Committee's plan to reduce the Federal Reserve's balance sheet at this meeting, participants agreed that significant progress had been made on the plan and that the Committee was well positioned to begin the process of reducing the balance sheet's size as soon as after the conclusion of its upcoming May meeting."


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