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June 24 (CNBC) – The selection process for the new president of the Federal Reserve Bank of Atlanta is under close scrutiny as it enters its seventh month. The world hopes to see how new Fed Chair Warsh will reshape the Federal Open Market Committee (FOMC), which sets interest rate policy. The selection process has changed as Warsh has begun to exert personal influence within the Fed. According to two people familiar with the process, the Fed had already been looking for candidates for the Atlanta Fed presidency during the tenure of former Fed Chair Powell. However, the selection process was temporarily suspended to allow Warsh to lead the appointment. Both people requested anonymity as the search is ongoing. They said that Michael Faulkender, who served as a senior Treasury official under President Trump, was subsequently included in the shortlist for the Atlanta Fed presidency. It is unclear whether Faulkender is still a candidate.According to CNBC: With Warsh appointed as Federal Reserve Chairman, the selection process for the Atlanta Fed president has been restarted.Trump on Iran: Irans claims about IAEA inspections are false. Inspectors will arrive on site at the appropriate time.The Federal Reserve accepted a total of $6.484 billion from 10 counterparties in its fixed-rate reverse repurchase operations.On June 24th, Iranian President Pezechzian, who was visiting Pakistan on June 23rd, stated in an interview that the Iran-US memorandum of understanding did not include the issue of Iranian missiles, and that it would never be included in future negotiations. Pezechzian said, "If it werent for our missiles, Iran would have been razed to the ground by the US and Israel long ago, just like the Gaza Strip in Palestine. Iran will never negotiate our defense capabilities with anyone." Pakistani Prime Minister Shebaz Sharif stated that prohibiting Iran from possessing ballistic missiles while other countries possess them is a "double standard," which is unacceptable and illogical.

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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