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On August 17th, Goldman Sachs data showed that global bond issuance fell 16% year-on-year last week, but year-to-date issuance is still 9% higher than the same period last year. Investment-grade corporate bond issuance surged 60%, while high-yield bond issuance fell 41%, and leveraged loan issuance plummeted 88%. Financial sector bond issuance rose 38%, while structured finance issuance fell 64%. Meanwhile, ETF assets tracking the S&P and MSCI indices continued to grow strongly, rising 32% and 36% respectively.On August 17th, it was reported that Li Auto is exploring the development of its own cloud inference chip. The project is still in its early stages and may adopt a dataflow architecture similar to its onboard intelligent driving chip. Li Auto (02015.HK) responded, "We havent heard anything about this yet." Industry insiders believe that as intelligent driving models, in-vehicle intelligent agents, and multimodal interaction functions continue to evolve, the demand for cloud inference behind intelligent vehicles will continue to grow. Future competition among automakers in intelligent technology may not only depend on the computing power in their vehicles, but also on their ability to establish a cloud AI infrastructure that supports continuous model iteration, low-cost access, and large-scale delivery.Sources indicate that U.S. private equity firm General Atlantic has reportedly hired JPMorgan Chase to lead a new round of initial public offerings (IPOs). General Atlantic will also reportedly partner with Goldman Sachs and Morgan Stanley to advance the IPO, which could take place as early as this year.According to Interfax news agency, a Japanese special envoy will visit the Russian Foreign Ministry on Tuesday.U.S. House Speaker Boris Johnson: For 15 consecutive months, zero illegal immigrants have been allowed into our country. Thanks to Republican policies, America is safe and secure again, just as we promised.

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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