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① Iran 1. Iranian Presidential Palace: Internet access will not be permanently restricted. 2. Iranian Vice President denies oil spill at Kharg Island oil facility. 3. Iranian Foreign Minister Araghchi arrives in India to attend the BRICS Foreign Ministers Meeting. 4. Iranian Navy Admiral Siari: The US defeat in the Iran war will go down in history. 5. Iranian Foreign Minister: Anyone who colludes with Israel and attempts to create division will be held accountable. 6. Iranian Foreign Minister: Kuwait illegally attacked an Iranian vessel and detained four Iranian citizens in the Persian Gulf. Demands immediate release of the Iranian citizens. ② Israel 1. Israeli military says offensive operations continue in the Gaza Strip. 2. Israeli military says it struck 40 Hezbollah targets in Lebanon in the past day. 3. Israel Defense Forces leader: The Israel Defense Forces are ready to resume combat if necessary. 4. US media: During the Iranian bombing campaign, the head of the Israeli intelligence agency Mossad visited the UAE to coordinate operations. 5. The Israeli Prime Ministers Office issued a statement claiming that Netanyahu secretly visited the UAE during the Iran war; the UAE denies this. ③ Strait of Hormuz 1. Greek Prime Minister: Disruptions to navigation in the Strait of Hormuz are disrupting global energy markets. 2. South Korean Defense Minister: Will assess phased participation in escort operations in the Strait of Hormuz. 3. Iranian military spokesperson: Control of the Strait of Hormuz will bring us economic benefits equivalent to twice our oil revenue. 4. Iranian Vice President Reza Aref: Irans rights over the Strait of Hormuz are established, and there is no need for further discussion. 5. US Central Command: The US military has forced 67 merchant ships to change course, rendered 4 ships incapacitated, and allowed 15 humanitarian aid ships to pass through the Strait of Hormuz. ④ Ceasefire Negotiations 1. Iran says the US demands are unacceptable. 2. Vance: US-Iran negotiations are making progress. Currently focusing on diplomatic channels. ⑤ Other Situations 1. Israeli military says offensive operations are still underway in the Gaza Strip. 2. Kuwait accuses Iran of "armed infiltration" of Bubiyan Island; Iran says patrol boats suffered "navigational malfunctions." 3. Iranian media: Iranian opposition camps north of Erbil, Iraq, were attacked by drones. 4. Sources say Saudi warplanes attacked Iranian-backed militia strongholds in Iraq during the war. 5. Gaza Peace Committee Senior Representative Mladenov: A 15-point plan on Hamass transition in Gaza has been drafted. 6. The UN Under-Secretary-General was questioned and detained for 45 minutes at an Israeli airport; the UN responded that Israel attributed the incident to human error.Musk: SpaceX requires that Starlink not have those annoying portal pages. Starlink WiFi must be usable effortlessly every time, just like connecting to the internet at home.The Saudi Defense Minister met with British National Security Advisor Jonathan Powell. They reviewed relevant issues of Saudi-British cooperation and discussed coordinated efforts to address regional challenges and de-escalate tensions.On May 14th, European Central Bank President Christine Lagarde stated that EU leaders must demonstrate courage and strengthen the EUs institutional foundations. In her speech, Lagarde emphasized the work done by her predecessor, Mario Draghi, in enhancing European competitiveness. She called on European leaders to implement Draghis recommendations and "break free from complacency." Lagarde and other ECB officials have repeatedly urged European governments to strengthen Europes economic and political foundations and enhance its autonomy. Last year, she stated that delaying measures to boost growth and allowing prosperity to continue to slip away was not only disappointing but also "irresponsible." Earlier this year, the ECB Governing Council called for "urgent collective action" to strengthen Europe, emphasizing the need to establish a savings and investment union, advance a digital euro, deepen the single market, introduce policies to promote innovation, and simplify legislation.Fitch Ratings expects BP (BP.N) to reach the lower end of its $14 billion to $18 billion net debt target range by the end of 2026. The Iran war has had a limited impact on BPs operations, but its credit profile is expected to be positively affected by rising oil and gas prices.

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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