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Reserve Bank of Australia Governor Bullock will appear at a hearing in ten minutes; Japans August core CPI annual rate will be released in ten minutes.South Koreas Ministry of Finance announced that the fuel tax exemption policy will be extended for two months, until the end of November.September 18th - According to officials from both the Yemeni government forces and the Houthi rebels on the 17th, fierce fighting broke out between the two sides near the Bab el-Mandeb Strait in the past 24 hours, vying for high ground overlooking this important Middle Eastern shipping lane. An anonymous Yemeni government official stated that since the 16th, intense fighting has continued in the Kahbub mountains and surrounding high ground in Lahj province, southern Yemen, with the Houthis launching a new offensive against government defensive positions. The official said, "The fighting has continued since last night. The Houthis are trying to seize the high ground, while government forces are holding their positions." At least 19 government soldiers have been killed and 15 wounded; the wounded have been taken to a military hospital in the southern Yemeni port city of Aden. A Houthi official, also requesting anonymity, confirmed that the fighting between the Houthis and government forces near the Bab el-Mandeb Strait remains deadlocked, with several high points changing hands repeatedly, and neither side achieving a decisive breakthrough. At least 25 Houthi fighters have been killed, and several others have been wounded.On September 18, the UN General Assembly adopted a resolution on arrangements for the participation of the State of Palestine in the 81st session of the General Assembly. Against the backdrop of the United States refusing to issue visas to Palestinian President Mahmoud Abbas and some Palestinian officials, the General Assembly decided to allow the Palestinian side to participate in relevant UN meetings via video conference or pre-recorded speeches. The draft resolution received 152 votes in favor, 3 against, and 4 abstentions; China voted in favor. According to the resolution, the General Assembly regretted the United States refusal to issue or revoke visas to representatives of the State of Palestine before the 81st session of the General Assembly and urged the immediate reversal of such decisions. The resolution stated that representatives of the State of Palestine should be able to participate in relevant meetings held in person at the UN headquarters in New York.September 18 - The State Council Information Office will hold a press conference on the theme of "Starting the 15th Five-Year Plan" at 10:00 a.m. on Friday, September 18. Chen Shaowang, spokesperson and vice minister of the Ministry of Housing and Urban-Rural Development, will introduce the relevant situation of promoting high-quality development of housing and urban-rural construction during the 15th Five-Year Plan period and answer questions from reporters.

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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