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On September 5th, according to Irans SNN news agency, an Iranian oil tanker near Kharg Island was attacked by a missile. No casualties have been reported so far. Earlier, another Iranian media outlet, Fars News, reported an explosion near Kharg Island, but no smoke or fire was seen in the Gulf, and the cause of the explosion remains unclear. Kharg Island is crucial to Irans oil industry, accounting for 90% of Irans crude oil exports. Trump had previously threatened to seize the territory.According to Irans SNN news agency, an Iranian oil tanker near Kharg Island was attacked by a missile, but there are no reports of casualties so far.September 5 - According to Irans Fars News Agency, an explosion was heard near Kharg Island, Iran, but the cause is still unclear.September 5th - Many countries worldwide are accelerating the adjustment of their gold reserve storage strategies to reduce reliance on the single custody system in Europe and the United States. Since 2013, many countries have successively initiated the repatriation of their overseas gold reserves. The World Gold Councils 2026 Central Bank Gold Reserve Survey shows that in the past 12 months, 19% of central banks have increased the proportion of their domestic gold reserves or diversified their reserve locations, compared to only 7% a year ago. The number of central banks storing their reserves in New York and London vaults continues to decrease.On September 5th, a conference on the authorized operation of national satellite navigation and positioning reference station network service data, jointly hosted by the Ministry of Natural Resources and the National Data Administration, was held in Beijing. At the conference, it was announced that the national satellite navigation and positioning reference station network service data has been officially authorized for operation. This marks the first time at the national level that public data in the field of spatiotemporal information infrastructure has been authorized for operation. This will transform the reference station networks public data from a public resource whose value has not yet been fully realized into data assets that can be compliantly circulated and used, signifying a new stage in the market-oriented operation of BeiDou high-precision spatiotemporal data elements.

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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