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On January 29, Premier Li Qiang and British Prime Minister Keith Starmer jointly attended the closing ceremony of the China-UK Business Council meeting at the Great Hall of the People in Beijing and delivered speeches. More than 110 representatives from Chinese and British enterprises and institutions attended. Li Qiang stated that China and the UK are important economic and trade partners with broad common interests. As long as both sides adhere to mutual respect, move in the same direction, eliminate interference, and cooperate openly, they can achieve win-win results and create common prosperity through mutual benefit. Currently, unilateralism and protectionism are on the rise, and geopolitical conflicts are intensifying, severely impacting the world economy and business development. Against this backdrop, China and the UK should continue to uphold the "ice-breaking spirit" and strengthen cooperation ties. This is not only a rational choice for both countries to cope with risks and promote common development, but also a due responsibility for China and the UK as major powers to work together to solve global problems.January 29th - Canadas trade deficit widened more than expected, driven by increased volatility in gold exports and declines in both imports and exports of motor vehicles and parts. Statistics Canada reported on Thursday that the countrys trade deficit reached C$2.2 billion in November. Economists had previously predicted a deficit of C$690 million. The agency stated that total exports fell 2.8% in November, with exports of metal and non-metallic mineral products experiencing the largest drop at 24.4%. This was primarily dragged down by a 36% decline in exports of unwrought gold, silver, platinum, and their alloys. The report noted that gold has been the main driver of volatility in Canadian exports in recent months. In November, Canadian exports of unwrought gold to the UK, the US, and Hong Kong all declined sharply.The U.S. trade deficit widened by the largest margin since 1992.The final reading of U.S. nonfarm unit labor costs for the third quarter was -1.9%, compared to an expected -1.90% and a previous reading of -1.90%.The number of Americans filing for unemployment benefits for the week ending January 24 was 209,000, compared with an expected 205,000 and a revised 210,000 for the previous week.

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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