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On June 13th, Iranian Foreign Ministry spokesman Baghae stated on the 12th local time that Iran and the United States have reached understandings on most issues, and Iran is currently finalizing the text of the memorandum of understanding. Therefore, Iranian Foreign Minister Araghchis earlier statement that "the two sides are very close to reaching an understanding" is accurate and noteworthy. Meetings of relevant decision-making bodies are underway, and this is an ongoing process. To achieve a final and decisive result, consensus must be reached between decision-making bodies and relevant departments. Baghae also stated that various speculations regarding the content of the agreement text have not yet been confirmed. While specific details of the diplomatic process are not suitable for public discussion at this time, this does not mean the public has no right to know.The U.S. State Department plans to work with Congress to provide $50 million in funding to the Coalition for Epidemic Preparedness Innovations (CEPI). This funding will support research and development efforts to combat medical countermeasures against the Bundibugyo strain of Ebola virus.On June 13, U.S. Energy Secretary Frank Wright stated on Friday that U.S. refiners can still absorb more Venezuelan crude oil. Wright said that Venezuela currently ships about half of its total daily exports of 1.2 million barrels to the United States, and this proportion is likely to rise in the coming months. Wright also stated that Iran is currently not exporting any oil or refined products. During the Middle East conflict, the United States has actively filled the gap in oil exports.Adobe (ADBE.O) shares fell 10%, hitting their lowest level since 2018.A senior U.S. government official said Iran’s civilian nuclear facilities are acceptable.

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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