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August 24th - According to sources familiar with the matter, the Canadian government believes the possibility of resuming negotiations with US President Trump before the midterm elections is extremely slim, as trade talks have broken down. The source stated that Canadian Prime Minister Carney indicated he would prepare a domestic aid package to help businesses affected by US tariffs. Sources say these measures are designed to help businesses weather the remainder of Trumps term if necessary. However, while the Carney government sees no immediate signs of restarting negotiations, some sources warn that the situation remains dynamic, and the US has not ruled out renegotiating. The sudden breakdown of negotiations has forced Carney to prepare for a potentially long winter. Carney reportedly told reporters, "We will support affected businesses for as long as possible, in other words, even beyond the end of this US administrations term. We have established various mechanisms, and all details will be released within the next few days."On August 24th, it was reported that the U.S. Postal Service issued new rules for mail-in ballots on August 23rd local time. The rules require states to submit lists of voters who have applied for mail-in ballots and to affix unique barcodes containing names and addresses to both mailed and returned ballot envelopes for verification and tracking. The U.S. Postal Service stated that the collected data will be managed separately from state voter rosters and will aid in the enforcement of federal law. Due to a court injunction, the new rules will not take effect immediately and will only be implemented after the injunction is lifted. This years midterm elections are crucial for the battle for control of the House and Senate. Regarding mail-in ballots, the Supreme Court rejected a Republican appeal in June, allowing some local governments in the U.S. to still count ballots postmarked no later than Election Day but delivered later.The Nikkei 225 index opened down 153.79 points, or 0.23%, at 65,862.57 on Monday, August 24.On August 24th, according to foreign media reports, ExxonMobil stated in a statement that a fire in the laundry room of a floating vessel off the coast of Guyana forced the company to temporarily suspend operations at the facility. The statement said the fire on the Liza Unity floating production storage and offloading (FPSO) unit was quickly extinguished. An ExxonMobil Guyana spokesperson said that crude oil unloading operations were affected due to the temporary shutdown. The Liza oil field is key to Guyanas transformation into a major crude oil producer, and the Liza Unity FPSO is responsible for producing approximately 250,000 barrels of crude oil per day of the more than 900,000 barrels per day in the Stabrok block.According to Al Jazeera: Israeli airstrikes near a hospital in Gaza have injured several people.

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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