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June 20th - According to Russian media reports, starting September 1st, the Russian government will impose an 8% export tax on certain diamonds in an effort to protect its domestic diamond cutting and processing industry. The policy stipulates that the Russian government will levy an 8% export tax on uncut and partially cut diamonds weighing between 0.45 carats and 10.8 carats, as well as diamonds of special sizes exceeding 10.8 carats. However, this measure will not apply to member states of the Eurasian Economic Union.On June 20, the Consulate General of the Peoples Republic of China in Mandalay issued a statement saying that recently, several Chinese citizens were arrested by Myanmar police after entering Myanmar through Mandalay Airport for illegally traveling to areas prohibited or restricted to foreigners. Simultaneously, several Chinese citizens using entry and exit permits to enter northern Myanmar through relevant land border crossings were also arrested by Myanmar police for suspected illegal entry while en route to other inland areas. The Consulate General of the Peoples Republic of China in Mandalay reminds Chinese citizens traveling to Myanmar to fully understand Myanmars national conditions and laws and regulations, and not to travel to areas prohibited or restricted to foreigners. They should also strictly abide by the scope of use of their travel documents, especially those entering Myanmar through China-Myanmar border crossings with entry and exit permits, who are limited to activities in relevant border cities on the Myanmar side and should not cross the border into inland areas to avoid violating Myanmar law.According to Syrian state television, the Syrian Ministry of Defense stated that an attack by unidentified gunmen in northeastern Aleppo resulted in the deaths of two soldiers.On June 20th, Tencent customer service stated that WeChat Xiaowei (intelligent assistant) is a native AI assistant being tested on a small scale by the WeChat team and is currently still in the testing phase. The customer service representative stated that WeChat Xiaowei supports operating native WeChat functions via text or voice dialogue, such as adjusting settings, sending messages, and making phone calls. Xiaowei currently uses multiple AI models, including Tencents self-developed and high-quality open-source models. "Currently, WeChat Xiaoweis gray-scale testing covers multiple systems; please refer to the actual page display for specific participation eligibility," the customer service representative said.Israeli military officials: Following the attack, the military has launched strikes against Hezbollah targets in southern Lebanon.

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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