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July 20th - Morgan Stanley strategists stated in a report that the UK political risk premium has declined as Andy Burnham is set to become the new British Prime Minister on Monday. The strategists noted that geopolitical concerns continue to weigh on UK government bonds, but these concerns are easing. They expect UK bond yields to fall if tensions in the Middle East ease.British Prime Minister Keir Starmer formally resigned during a meeting with King Charles.British Prime Minister Keir Starmer went to Buckingham Palace to formally resign as Prime Minister of the United Kingdom.On July 20th, the Ministry of Commerce held a national teleconference on July 17th to advance the mid-year work of the consumer goods trade-in program. The meeting summarized the progress and achievements of the policy implementation in the first half of the year and deployed key tasks for the next stage. The meeting emphasized that all regions and relevant departments should further enhance their political awareness, establish and practice a correct view of performance, and implement the consumer goods trade-in policy meticulously and effectively with a persistent and dedicated approach. They should further intensify their efforts, strengthen inter-departmental coordination, widely publicize the policy, and expand its coverage. They should also continuously enrich offline consumption scenarios, optimize the subsidy review and disbursement process, facilitate public participation in and enjoyment of the policy, and enhance the publics sense of gain.British Prime Minister Starmer: I will soon have an audience with the King of England to present my resignation.

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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