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The Hang Seng Index closed up 44.9 points, or 0.17%, at 26,629.96 on Thursday, January 22; the Hang Seng Tech Index closed up 16.14 points, or 0.28%, at 5,762.44; the H-share Index closed down 8.65 points, or 0.09%, at 9,114.3; and the Red Chip Index closed up 19.98 points, or 0.48%, at 4,223.84.January 22nd - Hong Kong stocks fluctuated today, with the Hang Seng Index closing up 0.17% at 26,629.96 points. The Hang Seng Tech Index closed up 0.28% at 5,762.44 points. The total turnover of the Hang Seng Index market was HK$234.86 billion. On the sector front, mainland insurance stocks declined across the board, gold stocks retreated, chip stocks opened higher but closed lower, oil and gas stocks rose and then fell back, commercial aerospace concepts rebounded, and gas and department store sectors rose. In terms of individual stocks, the news of share buybacks boosted Pop Mart (09992.HK) by nearly 6%, while Baidu (09888.HK) and Li Auto (02015.HK) rose by 4.1%. GigaDevice (03986.HK) fell by 8.25%, Country Garden (02007.HK) fell by 6.9%, New China Life Insurance (01336.HK) fell by 4.8%, and Summit Resources (01815.HK) and Horizon Robotics (09660.HK) fell by more than 4%.European auto stocks rose, with BMW, Porsche AG, and Mercedes-Benz shares increasing by 2.4% to 3.7%.Hong Kong stocks closed higher, with the Hang Seng Index up 0.17% and the Tech Index up 0.28%. Pop Mart (09992.HK) rose nearly 6%, while Baidu (09888.HK) and Li Auto (02015.HK) rose 4.1%.Novo Nordisks European shares rose 3%.

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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