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On January 20th, it was reported that the United Nations Development Programme (UNDP) announced on January 19th that it will relocate nearly 400 positions from its New York headquarters to Europe. Approximately three-quarters of these positions will move to Bonn, Germany, while the remainder will relocate to Madrid, Spain. The UNDP stated that this adjustment is part of its institutional reforms aimed at adapting to the changing global financial and development environment, strengthening ties with host countries and partners, and enhancing its support for the worlds most vulnerable populations.On January 20th, British Foreign, Commonwealth and Development Secretary Yvette Cooper announced that the UK will double its troop presence in the Norwegian Arctic. Briefing the House of Commons on Greenland and broader Arctic security, Cooper stated that the UK will increase its Royal Marines in the region from 1,000 to 2,000 within three years. She also confirmed that the UK will participate in a series of exercises in the North Atlantic throughout 2026. "On Greenland, on tariffs, and on broader Arctic security, we are clear, principled, and unwavering in our commitment to protecting British interests," she concluded.Market news: The extremist group "Islamic State" claims responsibility for the attack on a Chinese restaurant in an Afghan hotel.On January 20th, Ukrainian President Volodymyr Zelenskyy stated on Monday that as the country prepares for a new wave of large-scale attacks from Russia, the Ukrainian Armed Forces are introducing a new dimension to their air defense system, forming small combat units to intercept drones in order to reform the existing air defense system. Earlier this month, a wave of attacks launched by Russia caused power and heat outages in thousands of apartment buildings, particularly in the capital Kyiv, and Ukraine is still dealing with the effects. Zelenskyy has repeatedly called for strengthened air defense capabilities, including increased assistance from Ukraines Western allies. In a video address that evening, Zelenskyy stated, "The Air Force will adopt new methods of air defense operations, involving mobile fire teams, drone interception, and other short-range air defense equipment." "The entire system will be revolutionized." Zelenskyy announced the appointment of Pavlo Yelizarov as the new Deputy Commander of the Air Force, responsible for overseeing and developing this innovation.Market news: Ukrainian President Zelenskyy announced the launch of a new air defense system.

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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