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While awaiting a ruling on the tariff case, the U.S. Supreme Court announced that it would release its opinion on February 20.February 13 – The U.S. Federal Trade Commission (FTC) is accelerating its review of Microsoft (MSFT.O) as part of an ongoing investigation into whether it illegally monopolizes a large share of the corporate computing market through cloud software and artificial intelligence products, including Copilot. Sources familiar with the matter said the agency has issued civil suits to Microsoft’s competitors in the business software and cloud computing markets in recent weeks. These suits include a series of inquiries about Microsoft’s licensing and other business practices. At least six companies have received such suits. Through these subpoenas, the FTC is seeking evidence that Microsoft makes it more difficult for customers to use products such as Windows and Office on competitors’ cloud services. Some sources said the agency is also requesting information about Microsoft bundling artificial intelligence, security, and identity software into products such as Windows and Office.February 13 - According to the Philippine Institute of Volcanology and Seismology, a 5.8-magnitude earthquake struck the southern waters of the Philippines at approximately 10:57 p.m. local time on February 13, with a depth of 10 kilometers. The earthquake is not expected to cause damage, but aftershocks are anticipated.The U.S. Federal Trade Commission (FTC) has intensified its investigation into Microsoft (MSFT.O), seeking evidence from competitors on cloud and artificial intelligence issues.February 13 - According to court documents, the U.S. federal government has filed a new lawsuit against Harvard University, seeking access to documents related to its admissions process. The government accuses Harvard of failing to cooperate with a federal investigation and is demanding documents related to its admissions process. The government claims the requested documents are crucial to verifying whether Harvards admissions procedures comply with federal regulations.

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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