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On August 11, the National Federation of Independent Business (NFIB) Small Business Optimism Index rose 2.4 points to 99.8 in July, the highest level since August 2025. Of the 10 sub-indices in the optimism index, 8 rose and 2 fell. Significant improvement in hiring plans contributed the most to the indexs rise. NFIB Chief Economist Bill Dunkelberg stated, "Small business optimism rose again in July, with a significant increase in business owners expecting to hire and improvements in capital expenditure plans. Despite current high uncertainty, the business environment is expected to continue to improve." Looking ahead, 20% of business owners plan to add jobs in the next three months, 14% consider inflation their biggest business challenge, and 25% plan to make capital expenditures in the next six months.The U.S. NFIB Small Business Confidence Index for July was 99.8, compared to 97.4 in July.Sony Group: Will form a joint venture with TSMC (TSM.N) to focus on image sensors. The joint venture is expected to begin mass production in 2029.Intel (INTC.O) shares fell 1% in pre-market trading after the company announced it would expand its share offering and determine pricing.On August 11, it was learned from the Tianjin Municipal Development and Reform Commission that the municipal-level special plan, "Tianjin Municipal Population High-Quality Development 15th Five-Year Plan," was recently issued. The plan specifies that, in terms of total population, the permanent resident population aims to reach 13.7 million by 2030, with a net increase of 700,000 registered residents; in terms of quality of life, the health literacy level of residents will rise to 46%, and the average life expectancy will reach 83.2 years; in terms of structure, the urbanization rate of the permanent resident population will remain stable at over 86%; in terms of peoples livelihood, the urban surveyed unemployment rate will be steadily controlled, the supply of inclusive childcare and nursing care beds will be significantly increased, and the quality of life for the masses will be comprehensively improved.

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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