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On July 25, Kim Yong-beom, Chief of Staff for Policy at the South Korean Presidential Office, stated that South Korean conglomerates have reached agreements with global technology giants, including Nvidia (NVDA.O), to undertake a series of collaborative projects worth a total of $950 billion. Kim explained that these projects include a long-term agreement under which SK Group will supply high-performance semiconductors worth $750 billion to global technology companies, including Nvidia.According to Yonhap News Agency, SK Group will supply $750 billion worth of chips to US technology companies, including Nvidia.On July 25th, Cheng Hehong, Chief Counsel and Director of the Legal Affairs Department of the China Securities Regulatory Commission (CSRC), pointed out at a seminar on cutting-edge practical issues in the trial of securities and futures crimes that my countrys capital market criminal rule of law construction has achieved remarkable results and played an important role. The high-quality development of the capital market cannot be separated from the protection of criminal legislation and the judiciary. He stressed the need to deeply understand the characteristics of securities and futures crimes, including their large number of participants, high level of professionalism, high degree of concealment, frequent cross-market linkages, prominent new types of crimes, and the intertwining of administrative and criminal attributes. He further emphasized the need to increase the punishment for securities and futures crimes, improve market operation mechanisms, strengthen daily supervision and enforcement, intensify the crackdown on serious securities and futures crimes, deepen the connection and coordination between administrative enforcement and criminal justice, promote the improvement of criminal legal systems adapted to the characteristics of the capital market, and deepen professional research on the overall characteristics of securities and futures crimes, jointly consolidating the legal foundation for the high-quality development of the capital market.July 25th - Oxford University announced on the 24th that the worlds first clinical trial of its candidate vaccine against the Bundibugyo Ebola virus has completed the vaccination of the first volunteer. This also marks the first time the candidate vaccine ChAdOx1 BDBV has been administered to humans.On July 25th, the State Administration for Market Regulation (SAMR) imposed administrative penalties on Trip.com Group Co., Ltd. for abusing its dominant market position and engaging in monopolistic practices, with fines and confiscations totaling 5.179 billion yuan. This serves as a warning to all platform companies that whether its a simple and direct "choose one of two" approach or a more complex and hidden "technology + ecosystem + behavior" composite monopoly, none can escape the sword of anti-monopoly. Regulatory authorities will not allow any form of abuse of market dominance to exclude or restrict competition. The Trip.com monopoly case is another significant landmark case in the normalized anti-monopoly supervision of the platform economy. It is the first case of a new type of monopolistic behavior and a typical example of in-depth rectification of "involutionary" competition, promoting win-win development for platform companies and operators/workers within the platform. It is of great significance for promoting the innovation and healthy development of my countrys platform economy and high-quality economic and social development.

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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