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On June 2nd, the China Automobile Dealers Association released its latest "Automobile Consumption Index": the index for May 2026 was 81.0, a slight increase from the previous month, indicating that the automobile market is expected to maintain a relatively stable operating trend in June. The associations analysis shows that the June automobile market exhibited a structural differentiation pattern of "cooling demand, declining customer traffic, and strong sales." The fading of holiday benefits and the impact of high temperatures led to a decline in both new demand and offline customer traffic, resulting in a slowdown in overall market activity compared to the concentrated surge in May. However, increased mid-year promotional efforts by dealers and the concentrated fulfillment of previously intended orders continued to drive increased terminal sales. Overall sales are expected to continue their steady upward trend in June.June 2nd - WeRide and Uber announced plans to launch Spains first commercial Robotaxi pilot service in Madrid. This marks the first collaboration between WeRide and Uber in the European market. The commercial Robotaxi service will officially launch later this year. Local users will be able to hail a WeRide Robotaxi with a single click through the Uber app. In the future, as key operational metrics are achieved, WeRide, AVOMO, and Uber have committed to deploying hundreds more Robotaxis and expanding the commercialization of fully driverless Robotaxi services to cover the core urban area of Madrid.June 2nd - SK Group Chairman Chey Tae-won stated on June 2nd that SK Hynix plans to double its wafer production capacity within five years. He indicated that the bottleneck in memory chip production capacity may persist until 2030.JPMorgan Chase raised its price target for HP (HPQ.N) from $37 to $68.Bank of England mortgage lending in April was £4.368 billion, below the expected £5.3 billion and the previous figure revised from £6.152 billion to £6.833 billion.

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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