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According to the National Bureau of Statistics, the output of flat glass in April was 72.83 million weight boxes, a year-on-year decrease of 7.9%, and the output of flat glass from January to April was 296.39 million weight boxes, a year-on-year decrease of 5.8%.According to the National Bureau of Statistics, cement production in April was 145.71 million tons, a year-on-year decrease of 10.8%, and cement production from January to April was 443.28 million tons, a year-on-year decrease of 8.6%.According to the National Bureau of Statistics, sulfuric acid (100% purity) production in April was 8.95 million tons, a year-on-year decrease of 2.2%. From January to April, sulfuric acid (100% purity) production was 37.08 million tons, a year-on-year increase of 2.6%.On May 18th, the National Bureau of Statistics released data on the national economic performance for January-April. The average urban surveyed unemployment rate nationwide was 5.3% for the period. In April, the national urban surveyed unemployment rate was 5.2%, a decrease of 0.2 percentage points from the previous month. The surveyed unemployment rate for local registered labor force was 5.3%; the surveyed unemployment rate for migrant workers was 5.0%, including a 5.0% rate for migrant agricultural workers. The urban surveyed unemployment rate in 31 major cities was 5.2%, a decrease of 0.1 percentage points from the previous month. The average weekly working hours for employees in enterprises nationwide was 48.0 hours.On May 18th, it was reported that from January to April, the sales area of newly built commercial housing reached 252.58 million square meters, a year-on-year decrease of 10.2%, with the decline narrowing by 0.2 percentage points compared to January-March; among which, the sales area of residential housing decreased by 12.2%. The sales value of newly built commercial housing reached 2.3 trillion yuan, a decrease of 14.6%, with the decline narrowing by 2.1 percentage points; among which, the sales value of residential housing decreased by 15.7%. At the end of April, the unsold area of commercial housing was 778.01 million square meters, a year-on-year decrease of 0.5%. Among which, the area unsold for less than 3 years was 579.03 million square meters, a decrease of 2.6%. From January to April, the funds available to real estate development enterprises totaled 2.6697 trillion yuan, a year-on-year decrease of 18.4%. Among which, domestic loans amounted to 419.9 billion yuan, a decrease of 25.9%; self-raised funds amounted to 983.8 billion yuan, a decrease of 10.5%; deposits and advance payments amounted to 797.5 billion yuan, a decrease of 17.6%; and personal mortgage loans amounted to 308.7 billion yuan, a decrease of 31.7%.

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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