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On the morning of the 9th, General Secretary Xi Jinping visited the National Information Technology Innovation Park in Yizhuang, Beijing, to learn about the application innovation of information technology and Beijings efforts to accelerate the construction of an international science and technology innovation center. He also viewed a display of representative scientific and technological innovation achievements and had a cordial exchange with representatives of researchers and technology companies.February 9th - Following strong performances in all three major US stock indices last Friday, Hong Kong stocks opened higher and continued to rise throughout the day. The Hang Seng Index opened 422 points higher at 26,982, before narrowing its gains to 319 points, reaching a low of 26,879. It then rallied again, rising 514 points to a high of 27,074, once again breaching the 27,000 mark. At the close, the Hang Seng Index was up 1.17% in the morning session, while the Hang Seng Tech Index was up 1.02%. The total turnover of the Hang Seng Index market was HK$136.25 billion. On the sector front, optical communications, photovoltaic equipment, and wind power stocks led the gains, while mainland property stocks saw a surge, and semiconductor stocks continued their strong performance. New consumption concepts, telecommunications, home appliances, and oil stocks were weak. In terms of individual stocks, Innovent Biologics (01801.HK) rose nearly 6%, Pop Mart (09992.HK) rose over 5.7%, China Life (02628.HK), Longfor Group (00960.HK), Zijin Mining (02899.HK), and Hua Hong Semiconductor (01347.HK) rose over 5%, Kuaishou (01024.HK) fell over 4.2%, and China Telecom (00728.HK) and China Mobile (00941.HK) both fell over 1.5%.On February 9th, a new PR (Public Retrieval Request) for Qwen 3.5 to merge into Transformers appeared on the open-source project page of HuggingFace, the worlds largest AI open-source community. Industry insiders speculate that the release of Alibabas next-generation foundational model, Qwen 3.5, is imminent, sparking heated discussions in the global AI open-source community. Some commentators have described a "crazy February" led by large-scale Chinese models as imminent. Related information reveals that Qwen 3.5 adopts a new hybrid attention mechanism and is highly likely to be a natively capable VLM-like model for visual understanding. Developers have further discovered that Qwen 3.5 may open-source at least a 2B dense model and a 35B-A3B MoE model.Japanese Prime Minister Sanae Takaichi: The US-Japan alliance and friendship are built on deep trust and close, solid cooperation.Japanese Prime Minister Sanae Takaichi: The potential of our alliance is limitless.

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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