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July 2nd - Two sources familiar with the matter revealed that Japan is gradually reducing its practice of issuing early warnings of intervention risks, instead taking more targeted actions to combat speculators and increase the cost of shorting the yen. The sources stated that, unlike previous cautious verbal warnings before intervention, the Ministry of Finance may suddenly intervene to clear speculative yen positions. Officials are also avoiding mentioning any specific "bottom line" exchange rate levels that might trigger intervention. This shift reflects a more aggressive strategy from the Ministry of Finance, using silence as a policy tool to make the market unpredictable. The sources indicated that this increases the risk of sudden intervention, and the driving factor for this intervention may be the accumulation of speculative short yen positions, rather than the yen exchange rate breaking through a publicly recognized threshold. Two other sources said that this move by the Ministry of Finance, along with the Bank of Japans continued hawkish rhetoric, indicates that both sides are taking coordinated action to curb yen shorting.The yield on Japans 30-year government bonds rose 4.5 basis points to 4.000%, the highest level since May 22.Nvidia: Will partner with AI Cloud to deploy large-scale, multi-tenant AI factories using a revenue-sharing and credit-support model.July 2nd - Recently, the China Meteorological Administration, in conjunction with the National Development and Reform Commission, issued the "National Meteorological Development 15th Five-Year Plan". The plan clarifies that by 2030, significant breakthroughs will be achieved in key meteorological technologies; artificial intelligence will be deeply integrated into the meteorological field; the monitoring, forecasting, and early warning capabilities for extreme weather will be significantly improved; major progress will be made in Earth system forecasting and the construction of Earth system data platforms; meteorological data elements will become an important driving force for economic and social development; and the ability to coordinate development and ensure meteorological safety will be comprehensively enhanced. my countrys overall meteorological strength and international influence will be greatly enhanced, with meteorological science and technology, monitoring, and forecasting capabilities reaching world-class levels; meteorological services will achieve world-leading status; and China will become an important force in global meteorological governance.Market sources say Japan is gradually reducing its practice of issuing early warnings and interventions to focus instead on cracking down on speculators. The timing of interventions is not targeted at the yens level, but rather aimed at preventing excessive depreciation.

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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