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On March 18th, E Fund Management Co., Ltd. issued an announcement stating that the secondary market trading price of its E Fund Crude Oil Securities Investment Fund (QDII) Class A RMB shares was significantly higher than its net asset value (NAV). On March 16th, the NAV per share was 1.6414 yuan, while as of March 18th, the closing price on the secondary market was 1.896 yuan. Investors are reminded to pay attention to the premium risk, and blindly buying at a high premium may result in losses. If the premium does not effectively decrease, the fund may apply for a temporary suspension of trading. This fund primarily invests in overseas crude oil ETFs, which carry high risk. Currently, it is operating normally, and there is no undisclosed material information.On March 18th, Harvest Crude Oil LOF issued an announcement stating that its secondary market trading price has recently exceeded its net asset value per unit, resulting in a significant premium. If the premium does not effectively decrease by March 19th, the fund reserves the right to take measures such as temporary trading halts during trading hours. The fund primarily invests in high-risk crude oil-related public funds, and subscriptions have been suspended since February 3rd. Currently, the fund is operating normally and there is no undisclosed material information. Investors are reminded to pay attention to the premium risk and invest prudently.Austrian Chancellor: Further measures are needed to address the impact of the situation in Iran on oil prices.March 18th - According to data released by the China Passenger Car Association (CPCA), from March 1st to 15th, the national passenger car market retail sales reached 561,000 units, a year-on-year decrease of 21% and a month-on-month increase of 2%. The cumulative retail sales since the beginning of the year reached 3.14 million units, a year-on-year decrease of 19%. From March 1st to 15th, the national new energy passenger car market retail sales reached 285,000 units, a year-on-year decrease of 28% and a month-on-month increase of 36%. The cumulative retail sales since the beginning of the year reached 1.345 million units, a year-on-year decrease of 26%.On March 18th, the China Automobile Dealers Association issued a statement saying that the Chinese auto market in 2025 will be complex and volatile. The government has introduced numerous policies to support and stabilize auto consumption, particularly the "two new" policies, which have effectively stimulated demand. However, on the distribution side, most auto dealers failed to meet their annual sales targets, price inversions persisted, losses in new car sales worsened, and the number of dealers experiencing losses increased while profitability narrowed. In 2025, more than half of the dealers failed to meet their annual sales targets, while only 44.3% met them. The sales target achievement rate was lower than in 2024. There was a significant difference in target achievement rates between domestic brands and luxury/imported brands and joint venture brands. Over 50% of dealers for luxury/imported brands and joint venture brands met their annual targets, while domestic brands generally had aggressive targets and the lowest target achievement rate.

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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