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New York gold futures fell below $4,450 per ounce, down 0.43% on the day.Japanese Foreign Minister Toshimitsu Motegi: Strongly protests Russian President Vladimir Putins visit to the disputed islands.Abu Dhabi National Energy Company (TAQA): Oil and gas production declined in the first half of the year due to the planned decommissioning of its North Sea assets in the UK.On August 13th, Meituan (03690.HK) launched the first official version of its "stop meter at red lights" feature for delivery riders in Beijing, with road testing already underway in pilot areas. It is understood that in the first half of this year, Meituans delivery safety technology team conducted internal testing of the product on some roads in Beijing and built a prototype, providing a model for pilot implementation across the country. Currently, pilot road testing is being conducted on some roads in Chaoyang District, Tongzhou District, and the Economic and Technological Development Area of Beijing, which have already integrated traffic data. The time spent by Beijing delivery riders waiting at red lights will be gradually calculated separately and added to the delivery time. Meituan revealed that more than 20 other cities are also under evaluation, and the feature will be launched in cities that meet the requirements.On August 13th, it was reported that Zhenbao Technology, a listed company in Chinas semiconductor component sector, has invested in and will construct a semiconductor component R&D and production base in Optics Valley. The project has a total investment of 520 million yuan and a construction period of three years. The base will focus on three core product categories: silicon carbide components, high-purity silicon precision components, and aluminum nitride ceramic materials and related components. These are essential consumables for front-end manufacturing processes such as chip etching and thin-film deposition. Once operational, the base will rapidly expand the companys existing production capacity, providing convenient services to wafer manufacturing companies in Central China and shortening delivery cycles.

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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