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According to Iranian state media, a petrochemical plant in Tabriz, a city in northwestern Iran, was attacked.1. Ukrainian Armed Forces: Russian troops lost approximately 1,360 soldiers yesterday. 2. RIA Novosti: Russia claims to have captured the village of Kivsharivka in Kharkiv Oblast, Ukraine. 3. Russia warns South Korea that it will retaliate if it provides lethal weapons to Ukraine. 4. Kremlin spokesman Dmitry Peskov: Russian-American relations have fallen to a historic low in recent years; Russia is willing to develop relations with the US. 5. Ukrainian President Volodymyr Zelensky: Following the Ukrainian attack, oil refineries in Leningrad Oblast, Russia, are operating at only 40% capacity. 6. Governor of Leningrad Oblast: A fire broke out at the Baltic port of Ust-Luga, Russia, caused by a Ukrainian drone attack; the fire is now under control.March 30th - According to the New York Times, a knowledgeable U.S. official revealed that the U.S. Coast Guard has allowed a Russian oil tanker fully loaded with crude oil to proceed to Cuba, providing Cuba with a much-needed energy supply. This comes months after the Trump administration implemented an effective oil blockade. According to marine data provider Ocean Traffic, the Russian-owned tanker, carrying approximately 730,000 barrels of oil, was less than 15 miles from Cuban territorial waters on Sunday afternoon. Sailing at 12 knots, the ship was expected to enter Cuban waters Sunday evening. The tanker is expected to arrive at the Cuban port of Matanzas on Tuesday.According to the New York Times: The United States will allow Russian oil tankers to travel to Cuba.March 30 - According to the New York Times, the arrival of 2,500 Marines and another 2,500 Navy personnel brings the total number of U.S. troops in the Middle East to over 50,000, about 10,000 more than usual. While the specific missions of the Marines from the 31st Naval Expeditionary Unit are currently unclear, U.S. officials have indicated that Trump is considering a larger offensive, such as an attempt to seize an island or other land, as part of his efforts to open the Strait of Hormuz.

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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