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On January 5th, Sanxia New Materials announced that it plans to acquire a 40% stake in Sanxia New Materials Lingang New Materials (Yichang) Co., Ltd. from Yichang State-owned Capital Investment Holding Group Co., Ltd., for a transaction amount of RMB 0. This transaction constitutes a related-party transaction but does not constitute a major asset restructuring. The company has held a special meeting of independent directors and the board of directors to review and approve the transaction, which does not need to be submitted to the shareholders meeting for review. In the past 12 months, the company has not conducted any related-party transactions with the same related party, and the cumulative transaction amount with different related parties is RMB 156,000.The Bank of Englands consumer credit figures for November were £2.077 billion, below the expected £1.1 billion and the previous figure revised from £1.119 billion to £1.713 billion.The Bank of Englands mortgage lending in November was £4.49 billion, below the expected £4.5 billion and the previous figure revised from £4.273 billion to £4.156 billion.The Bank of England approved 64,530 mortgage loans in November, below the expected 64,400 and the previous figure revised from 65,018 to 65,010.Sunny Optical Technology (02382.HK): In order to promote the rapid development of the Company’s automotive-related optical business, the Company is considering spinning off its spin-off business and listing it independently on the Main Board of the Hong Kong Stock Exchange.

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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