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August 13th - The price adjustment window for refined oil products will reopen at 24:00 on August 14th (this Saturday at midnight). According to industry information from Longzhong Information, due to the downward fluctuation of international crude oil prices during the cycle, the domestic refined oil price will decrease by approximately 0.15 yuan/liter, marking the fifth price reduction this year. Based on a 70-liter fuel tank, private car owners will save about 11 yuan when filling up.The Reserve Bank of New Zealand surveyed that the average two-year inflation expectation for New Zealand in the third quarter was 2.34%.A survey by the Reserve Bank of New Zealand indicates that the average one-year inflation expectation in New Zealand for the third quarter is 2.6%.According to Mongolian media reports on August 13th, the Mongolian Emergency Command Center for Enhancing Fuel Supply and Security held a routine meeting on August 12th. The Minister of Industry and Mineral Resources emergency trip this week has yielded initial results. In August, Mongolia will import 50,000 tons of AI-92 gasoline from Russia, purchase an additional 15,000 tons of Euro 5 standard fuel, and agree to import an additional 25,000 tons of AI-92 gasoline and 5,000 tons of aviation fuel. A contract has also been signed with China to purchase 3,000 tons of aviation kerosene; the first batch of 1,000 tons has been received, and the remaining 2,000 tons will arrive soon. Simultaneously, a contract has been signed with South Korea to purchase Euro 5 standard fuel. This fully meets Mongolias August consumption needs and reserves. As of the time of this report, Mongolian mine production is stable, short- and medium-term shipments are good, fuel availability has increased to 30 days, and short-term freight rates have increased slightly by 80-85 yuan/ton.On August 13th, Reserve Bank of Australia Assistant Governor Kent stated that Australian monetary policy is currently tightening, with the three consecutive interest rate hikes earlier this year now having a dampening effect on the economy, further amplified by the strengthening Australian dollar. He said, "Evidence suggests that Australian monetary policy is somewhat tightening, and the tightening measures implemented earlier this year are taking effect. Borrowing costs have risen, mortgage repayments have increased, conditions in the mature residential market have weakened, and the Australian dollar has appreciated year-to-date." He added that aggregate demand growth appears to be slowing, which is what policymakers want to see and is necessary to push inflation back to the target level.

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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