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March 19th - According to Counterpoint Researchs "Foldable Smartphone Market Forecast" report, global foldable smartphone shipments are projected to grow by 20% in 2026, supported by factors such as Apples anticipated entry into the market, the continued premiumization of the smartphone market, and increased OEM participation. With Apple preparing to launch its first foldable iPhone, the foldable smartphone market will enter a new phase of competition in 2026. As the foldable market evolves, the competitive landscape is expected to change rapidly. Apples entry will be a key inflection point. Counterpoint Research predicts that Apple will achieve a 28% market share in 2026, closing in on Samsungs leading position.Goldman Sachs raised its target price for China Literature (00772.HK) from HK$44.90 to HK$45.50.On March 19th, Olivier Dassier, Head of Investment Decision Research for Asia Pacific at SimCorp, stated that central banks operate by taking no risks. Therefore, when faced with external shocks like the Liberation Day tariffs, the COVID-19 pandemic, or similar events, they tend to temporarily back off, pause their actions, and say, "We need data." We saw the Federal Reserve take this hedging measure last night, and the Bank of Japan is clearly doing the same. This year, once things calm down, the Bank of Japan may continue to raise interest rates. However, the market is not responding positively to its bond-buying operations that limit long-term bond yields. The yen has been penalized because the Bank of Japan has limited long-term bond yields. The divergences at Federal Reserve meetings, Bank of Japan meetings, and European Central Bank meetings are much greater than before. This precisely reflects a lack of confidence in the data.On March 19, AstraZeneca announced plans to establish a commercial cell therapy manufacturing and supply base and innovation center in Shanghai. On the same day, the company signed a multi-party cooperation memorandum of understanding with the Shanghai Science and Technology Commission and leading UK research and financial institutions. AstraZeneca will build a dedicated commercial cell therapy manufacturing and supply base in the Lingang New Area of the Shanghai Free Trade Zone for the commercial production and supply of autologous CAR-T cell therapies in China and other Asian markets. This includes AZD0120, a BCMA/CD19 dual-target CAR-T cell therapy developed using Gracell Biotechs FasTCAR rapid production platform.Japans final January inventory growth rate was -0.8%, compared to 0.1% in the previous month.

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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