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July 17th - In the first half of 2026, railway construction progressed efficiently and effectively. The national railway system completed 363.2 billion yuan in fixed asset investment, a year-on-year increase of 2.1%, with a cumulative total of 355.2 kilometers of new lines put into operation, achieving a good start to the 15th Five-Year Plan. Going forward, the China State Railway Group will thoroughly implement the deployment requirements of the CPC Central Committee and the State Council on improving the modern comprehensive transportation system, fully implement the key railway construction tasks identified in the National 15th Five-Year Plan Outline, accelerate the preliminary work of key projects, scientifically optimize the construction organization of projects under construction, improve the quality and efficiency of railway investment, ensure the completion of the annual construction tasks, and contribute to high-quality economic and social development.As of 09:30 Beijing time, WTI crude oil futures fell 0.08%, while US natural gas futures rose 1.26%.The Peoples Bank of China (PBOC) announced today that it conducted 450.5 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 450.5 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.The China Earthquake Networks Center officially measured a 3.9-magnitude earthquake at 09:08 on July 17 in Haixi Prefecture, Qinghai Province (37.81 degrees north latitude, 95.57 degrees east longitude), with a focal depth of 10 kilometers.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.2 occurred at 09:08 on July 17 near the Haixi Prefecture of Qinghai Province (37.82 degrees north latitude, 95.47 degrees east longitude). The final result is subject to the official rapid report.

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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