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April 22 – The Third High-Level Meeting of the Global Forum on Shared Development Actions was held in Beijing. Wang Yi, Member of the Political Bureau of the CPC Central Committee and Director of the Office of the Central Foreign Affairs Commission, attended the opening ceremony and delivered a speech. Wang Yi emphasized that China is willing to work with all parties to leverage the implementation of global development initiatives as a platform to pool broad development resources, build a solid foundation for development, adhere to the path of peaceful development, create an open development environment, and continuously move towards the lofty goal of building a community with a shared future for mankind. China will take proactive measures, deepen cooperation, and always act as a promoter and contributor to global development, working with all parties to create a new landscape for global development through pragmatic actions.On April 22nd, Kuaishou (01024.HK) announced at its 618 Merchant Conference that its 618 promotion will launch in early May, divided into five phases: pre-sale period, opening day, themed days, category days, and closing day, lasting until mid-to-late June. During this promotion, the platform will utilize AI intelligent models to assist merchants in diagnosing operational issues and providing targeted business guidance.Kazakhstans Energy Minister: Kazakhstan does not intend to reduce oil production due to the suspension of exports to Germany.The yield on Japans 30-year government bonds rose 2.5 basis points to 3.580%.On April 22, the Ministry of Finance of the Peoples Republic of China issued RMB 15.5 billion of 2026 treasury bonds through a public tender to institutional investors in Hong Kong. The issuance was well-received, with an oversubscription rate of 4.6 times. The bonds included: RMB 5 billion in 2-year bonds with an interest rate of 1.32%; RMB 5 billion in 3-year bonds with an interest rate of 1.36%; RMB 4.5 billion in 5-year bonds with an interest rate of 1.50%; and RMB 1 billion in 15-year bonds with an interest rate of 2.08%.

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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