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May 1 – Brazils state-owned oil and gas company, Petrobras, reported record oil and gas production in the first quarter, with its refineries operating near full capacity. This underscores Brazils growing importance in the global energy market amid the impact of the Iran-Iraq conflict. Petrobras stated that oil and gas production increased by 16% year-on-year, reaching 3.23 million barrels of oil equivalent per day. Its refinery capacity utilization rate reached its highest monthly level since 2014 in March, currently standing at 95%, reducing the need for fuel imports. The increased production and refining capacity of Petrobras will help the country cope with the economic impact of the conflict in the Middle East. The companys management has been working with the government to control rising fuel prices and ensure stable supply.May 1st - Despite Apple (AAPL.O) stating it expects continued chip supply constraints, its quarterly revenue guidance exceeded expectations, driving its stock price up in after-hours trading. Apples CFO stated that the company expects third-quarter revenue to grow 14% to 17% year-over-year, higher than Wall Streets expectation of 9.5%. Apple is no longer committed to bringing its net cash (cash minus debt) to zero. Apple set this goal in 2018, but at the end of its first fiscal quarter in January of this year, its net cash was still $54 billion.May 1st - Apple (AAPL.O) CEO Tim Cook stated that demand for the companys new entry-level MacBook Neo laptop is extremely strong, and its pricing is lower than some analysts expectations. "The customer response to the Mac Neo has been extremely enthusiastic," Cook said in a conference call with analysts. Cook said the company was optimistic about the products prospects before its release but underestimated the level of enthusiasm it would generate, leading to supply constraints. Cook said the model helped Apple set a record for the number of new customers for its MacBook product line in the second fiscal quarter.Apple (AAPL.O) CFO: The company is applying for tariff refunds "through normal procedures" and will reinvest any recovered amounts in its advanced manufacturing projects in the United States.On May 1st, according to the Wall Street Journal, MetaPlatforms CEO Mark Zuckerberg provided new details about the companys aggressive AI plans and addressed the markets negative reaction to its first-quarter results at a company-wide meeting on Thursday. Zuckerberg attributed the 8% drop in Metas stock price to investor concerns about upward revisions to its expected capital expenditures and the companys forecast of slower growth in the second quarter. Zuckerberg said that Metas advertising business experienced a "trajectory shift" after the US-Iran conflict in late February. He said, "If oil prices rise, then consumers will spend more money on oil and gasoline, and less on non-essential items, which are typically targeted for advertising." Zuckerberg attributed the companys planned layoffs next month to the need to invest more in data centers and other AI infrastructure. He said, "The company basically has two cost centers. One is computing and infrastructure, and the other is people. If we invest more in one area to serve our community, it means we have less capital to allocate to the other area. So it means we really need to scale back the company a bit."

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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