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On July 9th, the State Council issued the "15th Five-Year Plan for Carbon Peak Achievement." The plan aims to accelerate the low-carbon transformation of the transportation sector. It will further promote low-carbon energy use in transportation, continuously increase the number of new energy vehicles, accelerate the electrification of public sector vehicles, actively promote the electrification of construction sites, mines, ports, airports, logistics parks, and other operating vehicles and non-road mobile machinery, and phase out old transportation vehicles. It will support the large-scale application of new energy heavy-duty trucks, improve charging and battery swapping facilities, and green hydrogen, ammonia, and methanol refueling facilities. It will focus on building zero-carbon highway transportation corridors on national highways and ordinary national roads with high freight volumes, and accelerate the improvement of clean transportation levels. It will also develop electric, liquefied natural gas, biodiesel, and green methanol-powered ships. The plan will accelerate the adjustment and optimization of the transportation structure, continuously increase the proportion of bulk cargo transportation by rail and waterway, and the proportion of new energy vehicle transportation. It will further implement the strategy of prioritizing urban public transportation development and create a green urban travel system. By 2030, the plan aims to achieve a 30% share of new energy vehicles and a 25% share of new energy operating vehicles.Irans Ministry of Health: US airstrikes on Iran over the past two days have killed 14 people and injured 78, with 47 of the injured still hospitalized.China Association of Automobile Manufacturers (CAAM): FAW-Volkswagen and SAIC-Volkswagen sold a total of 143,812 passenger vehicles in the Chinese market in June.According to a Reuters survey, the renminbi is the only Asian currency to receive bullish bets in this round of surveys.According to Al Arabiya, Bahraini authorities have announced that the danger has passed.

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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