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According to Nikkei Asia: European Central Bank Chief Economist Lane said there is no need to correct market speculation about a June rate hike.On May 26, the State Council Information Office held a regular policy briefing to introduce the "Implementation Opinions on Promoting the Provision of Basic Public Services in Places of Residence" and answer questions from reporters. Zhang Lixin, Director of the Planning and Finance Department of the Ministry of Human Resources and Social Security, stated that regarding employment assistance, eligible permanent residents will be promptly identified as having employment difficulties in accordance with regulations. Targeted job assistance will be provided to zero-employment households to ensure that zero-employment households are dynamically cleared.According to Irans Tasnim News Agency, Iran executed one person for alleged intelligence cooperation with Israel.On May 26th, the State Administration for Market Regulation and the Standardization Administration of China approved and released the mandatory national standards "Safety Requirements for Photovoltaic Modules" and "Requirements for Nameplate Marking of Photovoltaic Modules," which will take effect on June 1, 2027. It is understood that these two standards were proposed and are under the jurisdiction of the Ministry of Industry and Information Technology. "Safety Requirements for Photovoltaic Modules" specifies the electrical safety, mechanical safety, fire safety, and hazardous substance restrictions for photovoltaic modules, and describes the corresponding test methods. Regarding fire prevention, the standard not only clarifies the fire resistance rating and combustion performance of photovoltaic modules, but also sets mandatory indicators for the flame retardancy of component materials, aiming to comprehensively reduce the fire risk of photovoltaic modules. "Requirements for Nameplate Marking of Photovoltaic Modules" specifies the maximum permissible tolerance and verification judgment values for electrical performance parameters on the module nameplate, clarifies measurement methods, stipulates traceability requirements for measurement values, and ensures traceability of measurement results to prevent the phenomenon of "falsely labeled" power ratings.On May 26th, at the Alipay AI Payment Ecosystem Conference, Ant Group CEO Han Xinyi stated, "The essence of commerce remains unchanged in the AI era, but the new role of intelligent agents is reshaping everything." He believes that in the era of the intelligent agent economy, the essence of commerce and the ultimate purpose of AI to serve people remain unchanged. The difference is that the payment is executed by AI agents instead of humans, the continuity of service is guaranteed by computing power scheduling, and seamless payment is supported.

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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