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August 1st - According to Sputnik News Agency, a Moscow source stated that Russia is ready to negotiate with Ukraine. He said, "Russian officials have repeatedly stated that we have always been open to negotiations. It is the Ukrainian side that has interrupted (the negotiations) and even personally prohibited them." The source also stated that Moscow has never rejected constructive proposals regarding the form of contact with Ukraine.August 1st - According to Shenzhen TV News, Shenzhens real estate market continued its active momentum from the first half of the year since July. A total of 8,324 new and existing homes were sold in July, a year-on-year increase of 13.8%. In July alone, 3,529 new homes were sold, a year-on-year increase of 32.7%. "Good housing" projects have continued to sell well this year, with an average sell-through rate of around 70% on the opening day, indicating high market activity. In July, 4,795 existing homes were sold, a year-on-year increase of 3%, accounting for approximately 60% of total new home sales.On August 1st, the Ministry of Natural Resources, the National Forestry and Grassland Administration, the China Coast Guard, and the Hainan Provincial Peoples Government jointly issued the "Management Measures for Huangyan Island National Nature Reserve." According to the measures, my country will establish a daily patrol system in the Huangyan Island National Nature Reserve to promptly investigate and punish various illegal activities. Officials from the Department of International Cooperation (Department of Marine Rights) of the Ministry of Natural Resources and the Department of Nature Reserve Management of the National Forestry and Grassland Administration stated on August 1st that the South China Sea Bureau of the Ministry of Natural Resources will assume the management responsibilities for the Huangyan Island National Nature Reserve, including daily protection and management, resource surveys and monitoring, and ecological protection and restoration. Given the reserves unique geographical location and complex and diverse ecosystem structure, the Coast Guard should work with the management agency to establish a daily patrol system, appropriately allocate patrol personnel and equipment, and promptly investigate and punish various illegal activities that damage the natural resources and ecological environment of the reserve. Related illegal activities will be investigated and prosecuted in accordance with the provisions of the Ecological Environment Code, the Law on the Administration of Marine Area Use, the Law on the Protection of Islands, the Wildlife Protection Law, the Coast Guard Law, and the Regulations on Nature Reserves.SAIC-GM-Wulings global sales reached 120,050 units in July, with 72,695 new energy vehicles sold.Jihu Auto: 23,517 vehicles were delivered in July, up 150.45% year-on-year, with cumulative deliveries exceeding 100,000 vehicles from January to July.

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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