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June 21 – According to the Ministry of Emergency Management, Guizhou, Hubei, Hunan, and Anhui provinces face a high risk of flooding and disasters due to heavy rains over the next three days. Strengthened precautions are needed against flash floods, geological disasters, small and medium-sized river floods, and urban waterlogging that may be triggered by continuous heavy rainfall. On June 21, the State Flood Control and Drought Relief Headquarters Office and the Ministry of Emergency Management organized a joint consultation meeting with the China Meteorological Administration, the Ministry of Water Resources, the Ministry of Natural Resources, the Ministry of Housing and Urban-Rural Development, the Ministry of Transport, and other departments to assess recent rainfall trends and the flood situation, and to plan and deploy flood prevention work in key areas. The meeting emphasized the need to strengthen the linkage between monitoring, forecasting, and early warning response; to increase the frequency of monitoring, provide rolling forecasts, and issue early warnings; to move the work focus forward; to promptly activate and adjust emergency responses; and to take decisive and rigid measures such as shutdowns and control measures as needed.A spokesperson for the Qatari Ministry of Foreign Affairs stated that a technical and expert group has been established to discuss the terms of the final agreement between the United States and Iran, and a follow-up group has been formed to implement the memorandum of understanding until the final agreement is reached.According to Irans Tasnim News Agency, sources close to the negotiating team said that the Strait of Hormuz will not reopen as long as the ceasefire agreement in Lebanon is not observed and the exemption for Iranian oil sales is not approved.June 21st - Xiaomi Auto has launched a new car purchase incentive program. On June 20th, several frontline sales personnel at Xiaomi Auto revealed that their stores recently introduced an employee discount policy, allowing ordinary consumers to enjoy a 10,000 yuan discount when purchasing certain in-stock vehicles through internal employee channels. "Currently, the SU7 Pro, YU7 Long Range, Pro, and Max versions are all available, but youll need to find a source." For example, a brand-new YU7 Long Range version shown on the official app, after selecting options such as a zero-gravity drivers seat and gold-plated paint, has a final price of 260,500 yuan. However, purchasing through their internal channels will only cost 250,500 yuan, a 10,000 yuan discount.June 21 - According to the website of the China Maritime Safety Administration, the Ningbo Maritime Safety Administration issued a navigation warning that live-fire exercises will be conducted in parts of the East China Sea from 6:00 AM to 2:00 AM daily from June 22 to 24. Entry is prohibited.

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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