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Italian oil company Eni: is cooperating with Venezuela and other authorities on energy “revival”.Iceland held a referendum on August 29th to vote on whether to restart negotiations to join the European Union. Iceland has a population of approximately 400,000. The referendum began at 9:00 AM local time on the 29th. Voters simply chose "yes" or "no." Casting a "yes" vote signifies agreement to authorize the government to restart EU accession negotiations. Counting will begin after voting closes at 10:00 PM that day. Iceland applied to join the EU and initiated related negotiations in 2009. In 2013, a Eurosceptic government came to power and suspended negotiations. Some analysts believe that if Iceland ultimately joins the EU, it could have a demonstration effect on other non-EU countries in Europe.On August 29, local time, the State Emergency Service of Ukraine issued an update stating that the Kyiv region, following an attack in the early hours of the morning, was again subjected to Russian military strikes. Multiple logistics infrastructure sites within the region were hit, triggering large-scale fires. Local rescue forces are currently engaged in firefighting and post-disaster recovery efforts. Russia has not yet responded to the attacks.On August 29, Zhu Zhongming, Deputy Secretary of the Shanghai Municipal Committee and Secretary of the Party Group of the Shanghai Municipal Government, chaired a meeting of the Party Group of the Municipal Government. The meeting emphasized the need to consolidate the positive economic trend, expand consumption and investment, stabilize foreign trade and foreign investment, and accelerate the construction of a modern industrial system. It stressed the importance of focusing on the important mission of building the "Five Centers" (center, center, and international exchange) and continuously strengthening the "Four Major Functions." The meeting called for deepening high-level reform and opening up, strengthening the guiding role of major national strategic tasks, and comprehensively and vigorously promoting pioneering reforms and leading opening up. It also stressed the need to steadily improve the level of peoples livelihood, adhering to the principle of reserving the best resources for the people and serving the people with high-quality services, ensuring that citizens sense of gain, happiness, and security continues to increase. Finally, the meeting emphasized the need to pay more attention to coordinating development and security, strengthening the investigation and rectification of various risks and hidden dangers, and making every effort to protect the lives and property of citizens.August 29th - At 11:20 AM local time today (August 29th), Nigers national television broadcast a statement from the Niger Ministry of Defense stating that the situation was under control and urging the public to resume normal life. From early this morning (August 29th), the Niger capital, Niamey, experienced a night of intense gun battles. According to sources, the conflict was a mutiny orchestrated by young officers within the Niger Armed Forces. The rebel forces converged on Niamey from both Tillabéri and Doso, launching multiple attacks and targeting key facilities such as the presidential palace, Diori Hamani International Airport, and Nigers national television station, causing a temporary interruption of broadcasting by Nigers national television station.

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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