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Chair Powell participates in the Federal Open Market Committee (FOMC) press conference on July 27, 2022.
FOMC meetings, calendars, statements, and minutes are available here: www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Chair Powell participates in the Federal Open Market Committee (FOMC) press conference on July 27, 2022.
FOMC meetings, calendars, statements, and minutes are available here: www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Chair Powell participates in the Federal Open Market Committee (FOMC) press conference on September 21, 2022.
FOMC meetings, calendars, statements, and minutes are available here: www.federalreserve.gov/monetarypolicy/fomccalendars.htm
War of 1812 reenactors at Fort McHenry National Monument and Historic Shrine.
Fort McHenry, in Baltimore, Maryland, is a coastal star-shaped fort best known for its role in the War of 1812, when it successfully defended Baltimore Harbor from an attack by the British navy in Chesapeake Bay September 13–14, 1814. It was during the bombardment of the fort that Francis Scott Key was inspired to write "The Star-Spangled Banner," the poem that would eventually be set to the tune of "To Anacreon in Heaven" and become the national anthem of the United States.
This image is excerpted from a U.S. GAO report:
www.gao.gov/products/GAO-17-243
FEDERAL RESERVE SYSTEM: Potential Implications of Modifying the Capital Surplus Account and Stock Ownership Requirement
Note: The Dodd-Frank Wall Street Reform and Consumer Protection Act eliminated the Office of Thrift Supervision and transferred its oversight responsibilities for federal savings and loans to the Office of the Comptroller of the Currency, for state-chartered savings and loans to the Federal Deposit Insurance Corporation, and for savings and loan holding companies to the Board of Governors of the Federal Reserve System.
Fort McHenry, in Baltimore, Maryland, is a coastal star-shaped fort best known for its role in the War of 1812, when it successfully defended Baltimore Harbor from an attack by the British navy in Chesapeake Bay September 13–14, 1814. It was during the bombardment of the fort that Francis Scott Key was inspired to write "The Star-Spangled Banner," the poem that would eventually be set to the tune of "To Anacreon in Heaven" and become the national anthem of the United States.
This image is excerpted from a U.S. GAO report:
www.gao.gov/products/GAO-17-243
FEDERAL RESERVE SYSTEM: Potential Implications of Modifying the Capital Surplus Account and Stock Ownership Requirement
This image is excerpted from a U.S. GAO report:
www.gao.gov/products/GAO-17-243
FEDERAL RESERVE SYSTEM: Potential Implications of Modifying the Capital Surplus Account and Stock Ownership Requirement
asiatimes.com/2022/11/chinas-gold-stockpiling-is-dollar-w...
China’s gold stockpiling is dollar warning sign
Beijing is quietly dumping dollars for gold as greenback strength looks increasingly illusionary
TOKYO — One of the worst-kept secrets in global central banking is the extent to which Chinese officials are swapping dollars for gold.
Governor Yi Gang’s team at the People’s Bank of China isn’t admitting as much. The PBOC doesn’t have to, though, given the clear policy trajectory Chinese leader Xi Jinping has pursued in recent years: internationalizing of the yuan as the top rival to the dollar.
Xi’s position hasn’t changed so much as other governments are catching on that trust is waning in the global reserve currency and an alternative to the dollar is badly needed.
Particularly as the US national debt zooms past $30 trillion, inflation is at 40-year highs, the Federal Reserve is pushing the biggest economy into recession and a band of firebrand Republicans threatens to play politics with Washington’s debt limit again.
Not surprisingly, central banks that once hoarded dollars are buying gold at the fastest clip on record. In the July-September quarter, central banks more than quadrupled gold purchases from a year earlier — adding nearly a net 400 tonnes to already sizable stockpiles.
These figures from the World Gold Council are no aberration. The year-to-date flurry of gold buying already well surpasses any 12-month period since 1967. This has traders guessing who the real whales are here.
Punters doing the math can confirm that about 90 tonnes worth of purchases can be traced to Turkey (31.2 tonnes), Uzbekistan (26.1 tonnes), India (17.5 tonnes) and other developing nations. The other 300 tonnes, it’s widely assumed, bear Chinese fingerprints.
Xi’s ambitions to increase the yuan’s use in trade and finance would get a huge boost if Beijing made it fully convertible. Ditto for giving the PBOC independence from Communist Party meddling.
In the interim, though, US officials are doing Xi’s work for him as Washington takes for granted the dollar’s “exorbitant privilege,” as 1960s French Finance Minister Valéry Giscard d’Estaing put it.
One can connect dots back decades, but the last four presidents all share in the blame. George W Bush, president from 2001 to 2009, blew Washington’s budget surplus on a giant tax cut for the wealthy. Then he launched a costly and credibility-slamming war on terror.
Next, Barack Obama (2009-2017) failed to treat the underlying causes of the Lehman Brothers crisis, tending to the symptoms instead. It was on his watch that Republicans played around with the government’s debt ceiling. In 2011, S&P Global Ratings yanked away Washington’s AAA credit rating.
Donald Trump’s arrival in 2017 saw another budget-busting tax cut, one that dwarfed Bush’s. Trump’s China trade war, meanwhile, undermined trust in US leadership. His browbeating of Fed chairman Jerome Powell into cutting rates was followed by one of the world’s most incompetent Covid-19 responses, resulting in an unthinkable one million-plus deaths.
Joe Biden’s arrival in 2021 saw a fresh explosion of government spending. It added to an already chronic public debt challenge and pumped money into an economy already running hot amid supply chain turmoil. Biden hasn’t worked fast enough to increase productivity to take the onus off the Fed to curb inflation.
Fast forward 671 days and dollar selling is picking up speed. To some extent, this reflects investors betting that the days of the Fed’s hiking of rates in 75 basis-point intervals are over. Yet the warning signs from central banks racing to buy gold are hard to ignore.
The yellow metal is shining at the moment thanks to its nature of not being “another nation’s liability,” says Nikos Kavalis, managing director at precious metals consultancy Metals Focus. “We think overall central banks will remain net buyers” for the foreseeable future.
Some of this rationale reflects the difficult public debt calculus now dawning on global markets. Economist Emre Tiftik at the Institute of International Finance notes that the global debt-to-GDP ratio — near 343% — is now 20 percentage points lower than its peak in Q1 2021, “helped by strong growth and flattered by inflation.”
However, he says, “the emerging market debt-to-GDP ratio continues to rise, notably in the financial sector.”
Tiftik explains that global debt issuance adjusted for inflation is now at multi-year lows. Yet “as governments look to support growth and meet higher funding needs, 2023 should see more sovereign issuance” at a moment when currency depreciation is “creating additional headwinds for borrowers, including in mature markets with US dollar liabilities.”
Bottom line, Tiftik says, the “global sovereign interest bill is set to increase rapidly,” notably for sub-Saharan Africa but also in EM Europe and Asia. This explains some of why demand for gold is surging.
Whether central banks’ gold buying continues remains anyone’s guess. Economist Gregory Daco at EY Parthenon notes that it appears the Powell Fed “recalibrated monetary policy at the November FOMC meeting by adopting a new ‘speed versus destination’ paradigm – indicating an intention to reach a higher terminal fed funds rate while doing so at a slower pace.”
Daco adds that “central banks’ determination in tightening monetary policy aggressively along with the lagged effects of monetary policy on the economy increases the odds of an overtightening.”
US Fed Board of Governors member Christopher Waller said last week, “we’re not softening. Quit paying attention to the pace and start paying attention to where the endpoint is going to be. Until we get inflation down, that endpoint is still a way out there.”
In the interim, Beijing had been dumping US debt. Between the end of February and the end of September, China sold at least $121 billion of US Treasuries. That selling intensified around the time Vladimir Putin’s Russia invaded Ukraine.
Since July, China’s imports of gold from Russia have increased sharply. That month alone, China’s gold transactions surged to roughly 50 times the year-earlier level.
Granted, Beijing has been pruning its dollar holdings on and off since 2018, when Trump launched his trade war. At mid-year, China’s Treasuries stockpile was the lowest since 2010.
That was a year after then-Chinese premier Wen Jiabao said Beijing was “concerned about the safety of our assets” and urged Washington “to honor its words, stay a credible nation and ensure the safety of Chinese assets.”
Two years later, in 2011, S&P confirmed Wen’s darkest fears when it downgraded US government debt. That was in response to Republican lawmakers refusing to raise Washington’s statutory borrowing limit, risking default.
Now, as Republicans prepare to hold power in the House, there is chatter about holding the debt ceiling hostage again. This burn-it-all-down tactic would make it hard for Biden’s government to pay its bills. Fallout from a resulting default could dwarf the 2008 global crisis.
Fiscal profligacy, meanwhile, would leave Biden’s Treasury Secretary Janet Yellen little latitude if another Covid variant emerges and slams the economy. The resulting slowdown at a time of elevated inflation could spell doom for corporate profits and US stock prices.
This dynamic would unfold at a moment when the yuan is coming into its own. The latest figures from the Bank for International Settlements rank the yuan as the world’s fifth-most traded currency. China’s currency leapfrogged to fifth place from eighth in just three years.
The PBOC also is miles ahead of the Fed in creating a central bank digital currency. During the Beijing Olympics earlier this year, the e-yuan was used in limited fashion. It was a first for a major monetary authority, giving China a first-mover advantage in rewriting the future of money.
Yet Washington’s biggest fear now is that major monetary authorities will see a first-mover advantage to dump dollars. The way the US pulls off the magic trick of a massive and growing debt not causing yields to skyrocket is Asian savings. Along with Japan and China, Asia’s top 10 holders are sitting on about $3.5 trillion of US IOUs just as inflation surges the most in decades and political polarization deepens.
Fed policy turmoil also matters. Analysts at UBS write that “investors have had mixed feelings towards gold in 2022, in part due to the crosscurrents of rising real rates and a strong dollar (bearish gold) versus high inflation and elevated macro uncertainty (bullish gold).” They expect the Fed to begin cutting rates in 2023 from 5.0% to 3.25%, driving gold up to 1,900 an ounce from about $1,740 now.
China’s assumed gold hoarding comes at the dollar’s expense, suggesting the momentum for the yuan’s use as a reserve currency is accelerating. Of course, China’s economic stumble this year bears watching. Xi’s growth-killing “zero Covid” lockdowns pushed GDP growth to the slowest pace in 30 years. That’s added pressure on a cratering property market.
As even China bull Ray Dalio, founder of hedge fund Bridgewater Associates, notes, there’s great “confusion” over whether Xi is easing up on his draconian Covid lockdowns — or doubling down.
As economist Tyran Kam at Fitch Ratings notes, “we expect the government to take further steps to stabilize the sector. However, policies aimed at supporting home demand will remain measured and selective, as the government avoids policies that could lead to home-price reflation.
“The direction of the ‘zero-Covid’ policy and timely delivery of pre-sold homes are also key factors to homebuyers’ sentiment. Effective implementation of recently announced measures to support private developers is also important for liquidity.”
Yet the longer-term trajectory for global currency markets remains dollar-negative as China and other top Treasuries-holding powers switch into an asset John Maynard Keynes once dismissed as a “barbaric relic.” That relic is now flashing red alert for dollar bulls.
Follow William Pesek on Twitter at @WilliamPesek
This image is excerpted from a U.S. GAO report:
www.gao.gov/products/GAO-17-117
FEDERAL RESERVE: Observations on Regulation D and the Use of Reserve Requirements
Note: Data needed to calculate the effective reserve ratio were not available for all depository institutions before 2004.
Central bank communications have evolved substantially since Sir Montagu Norman, the governor of the Bank of England from 1921-1944, reportedly took as his personal motto, “Never explain, never excuse.” More recently, in the U.S., the Federal Reserve has expanded its communications to include a statement after every meeting of the Federal Open Market Committee (FOMC), quarterly press conferences by the chair, and quarterly projections of the economy and the path of interest rates by each member of the FOMC.
Other central banks have done much the same, believing that monetary policy is more effective when the public and financial markets understand the central bank’s thinking and that openness is essential to preserving central bank independence in democratic societies. Yet the Fed is often criticized for being unclear and opaque, and there is no doubt that the Fed’s audiences are often confused.
On November 30, the Hutchins Center on Fiscal and Monetary Policy and the Center for Financial Economics at Johns Hopkins examined the purpose and quality of Fed communications from the perspectives of academics, former Fed officials, Wall Street Fed watchers, and those in the press who cover the Fed. What is and what should be the goal of Fed communications? What does it do well? Not so well?
Photo by Paul Morigi
The Fed Surprise And A Weaker Dollar Could Be Very Good For Gold
Tim Lacano article
Precious Metals Weekly Market Wrap
Gold and silver prices rose and then fell on news from the Federal Reserve last week and this process is likely to both continue and intensify now that the central bank has surprised markets by delaying the start of tapering its $85 billion per month money printing effort. After the Fed policy decision was announced on Wednesday, the gold price saw its biggest one-day move higher since June 2009, but most of those gains were given back on Friday when a central bank official suggested that tapering could come as soon as next month.
One consequence of the Fed's newly dovish outlook was a much weaker dollar and this could play a key role in how precious metals trade in the period ahead since these two assets often move in opposite directions. A government shut-down looms on October 1st and the debt ceiling must be raised just weeks later, so there is a possibility of a late-2011 style loss of confidence in Washington lawmakers that could lead to a loss of confidence in the U.S. currency. As was the case two years ago, this could roil financial markets in 2013, but boost precious metals.
After last week's big moves, the outlook for precious metals is more uncertain than it's been for many months and at least one prominent investment bank has cited the combination of a weak dollar and near-term U.S. debt concerns as possible catalysts for higher metal prices this fall. But, one aspect about this market now seems clear - volatility has returned.
For the week, spot gold declined just over two dollars, from $1,327.90 an ounce to $1,325.60, and silver dropped 2.1 percent, from $22.27 an ounce to $21.80. Gold is now down 20.9 percent for the year, some 31.1 percent below its record high of over $1,920 an ounce just over two years ago, and the silver price has fallen 28.2 percent in 2013, now 56.0 percent below its record high near $50 an ounce in early 2011.
The Federal Reserve said on Wednesday it would wait for more evidence of improvement in the U.S. economy before beginning to rein in its asset purchase program and, in the hours that followed, this sent the gold price up nearly $60 an ounce and silver jumped almost 10 percent. Some analysts noted that this move higher was largely short-covering rather than the much more bullish development of establishing new long positions, and this view was lent a good deal of credence when metal prices plunged two days later.
The move down on Friday was prompted by St. Louis Fed President James Bullard who said the central bank decision was a "close call" and that the Fed could begin to scale back its bond buying program in October if incoming data point to an improving economy. After gold and silver were little changed on Thursday while traders digested the surprise decision by the Fed, it seemed markets were looking for a catalyst to prompt a reversal and Bullard's comments filled the bill.
As shown below via StockCharts, after the prior week's big move down, the two outsized moves on Wednesday and Friday have ushered in a new period of heightened volatility following months of relative calm.
(click to enlarge)
While many see Fed tapering as a question of "not if, but when," what happened last week suddenly raised the possibility that the central bank won't be able to reduce its stimulus effort for some time to come.
Just talking about doing so over the last four months has been a key factor in the disappointing economic data (largely as a result of fast rising interest rates) and this makes the interaction between the Fed, financial markets, and the U.S. economy all the more unpredictable in the months to come. Suddenly, calls for the next Fed move to be an expansion of stimulus, rather than a reduction, seem more credible and this would be wildly bullish for precious metals.
Another bullish factor for gold and silver was the withdrawal of Larry Summers from the race for Fed Chairman. This leaves current Fed Vice Chair Janet Yellen, widely considered to be far more dovish than Summers, as the likely successor to Ben Bernanke when his term comes to an end in just four months.
But developments in Washington could be the most important driver for precious metals in the weeks ahead as House Republicans were determined to remove funding for "Obamacare" in a government funding bill on Friday, despite this bill having no chance of passing in the Senate. There are just six working days left before the government's spending authority runs out on October 1st and this could precipitate a government shutdown that would quickly erode confidence in the U.S. dollar.
Beyond that looms a fight over raising the debt ceiling in mid-October and, if past is precedent, a last-minute deal will be reached to avert this potential crisis as well, however, that is by no means guaranteed. Most analysts do not expect an outcome similar to the summer of 2011 when a debt ceiling standoff led to a threatened U.S. debt default causing the dollar and equity markets to plunge as the gold price soared. But it's worth remembering that most analysts didn't predict the events of two years ago either.
All of this has resulted in some investment banks suddenly turning bullish on gold again, notably Goldman Sachs, per this Business Insider report:
The FOMC unexpectedly decided not to taper the rate of its asset purchases, preferring to wait for further confirmation of improvement in the US economic outlook. This announcement, as well as Bernanke's press conference, was more dovish than most had expected, pushing gold prices to $1,365/toz. The decision, combined with the upcoming debt ceiling debate, leaves risks to gold prices as skewed to the upside in the near- term, in our view.
Goldman remains bearish over the long-term, expecting metal prices to decline at year-end and in 2014, but their expectation for improving economic data to "solidly confirm a reacceleration in U.S. growth and warranta less accommodative monetary policy stance" is much less convincing today than it was prior to last week's Fed meeting that was accompanied by sharply lower projections for U.S. growth from Fed economists.
JP Morgan opened a long position in gold after last week's developments as detailed here, however, ETF investors were unmoved.
Holdings for the popular SPDR Gold Shares ETF (GLD) rose by one tonne on Thursday and then fell by two tonnes on Friday in what was a clear sign of disinterest, that is, given how much the gold price moved up and then down late in the week. This follows relative stability in these holdings over the last two months, but it's worth noting that, per this Bloomberg report, overall gold funds saw their biggest inflows in 11 months for the week ending September 18th. Lastly, the iShares Silver Trust ETF (SLV) saw a hefty inflow of 105 tonnes on Friday as cost-sensitive buyers took advantage of lower prices.
The Fed's surprise decision not to act last week has injected a whole new set of uncertainties into precious metals markets and about the only thing that now seems more certain is that more volatility lies ahead.
www.wsj.com/articles/the-air-has-come-out-of-the-dollar-3...
The Air Has Come Out of the Dollar
Decadelong rally leaves U.S. currency as much as 15% overvalued, Goldman Sachs says
May 1, 2023 7:02 am
The U.S. economy no longer looks so exceptional. That is bad news for the dollar.
The greenback has fallen about 8.6% from a peak in September, as tracked by the WSJ Dollar Index, and is experiencing its worst start to the year since 2018.
www.msn.com/en-us/money/markets/economist-says-stock-mark...
Economist Says Stock Market Will Witness Largest Crash Since 1929 As U.S. Dollar Explodes
Macroeconomist Henrik Zeberg expects a massive blow-off top for equities in the coming months, saying recently that the stock market could likely head to one of the biggest crashes in history.
In a Twitter post on Saturday, Zeberg said that stocks are likely on their way up, while the dollar index (DXY) — which pits the USD against a basket of foreign currencies — is likely on its way down.
www.msn.com/en-us/money/markets/us-money-supply-is-doing-...
U.S. Money Supply Is Doing Something It Hasn't Done in 90 Years, and It May Signal a Big Move for Stocks
M2 money supply hasn't done this since 1933, and investors should take note
Though there are a couple of money supply measures, the two most investors and economists focus on are M1 and M2. M1 factors in the cash and coins currently in circulation, along with things like traveler's checks. It's easily accessible money that can be spent immediately. Meanwhile, M2 takes into account everything in M1, as well as savings accounts, money market funds, and certificates of deposit (CD) of less than $100,000. In other words, it's money people can get to, but it takes a little extra work.
This latter measure, M2, is where we're seeing something truly historic at the moment.
U.S. M2 money supply through March has fallen 4.1% on a year-over-year basis.
Declining money supply in combination with above-average inflation is generally bad news for the U.S. economy. If the cost for goods and services keeps climbing at an above-average pace, and there are fewer dollars and coins in circulation to pay for these goods and services, something typically breaks, leading to a period of deflation and an economic downturn.
This has only happened 4 previous times in last 150 years.
Each time a Depression with double-digit unemployment rates followed, 1870s, 1921, and the Great Depression and one panic (1893), along with correlative spikes in the U.S. unemployment rate. 😬
Looking beyond M2, there are a couple of clues that economic weakness may be brewing.
Perhaps the biggest "clue" can be found in the minutes of the Federal Open Market Committee's March meeting. The 12-member body that oversees our nation's monetary policy notes that a mild recession is baked into their outlook for later this year. It pretty much doesn't get more direct than that.
In addition to FOMC commentary, the Federal Reserve Bank of New York's recession probability indicator offers pretty compelling evidence that a recession may be coming.
The NY Fed's tool analyzes the spread (difference in yield) between the three-month and 10-year Treasury bond. When the yield curve inverts, it's sometimes an ominous sign for the economy and Wall Street. The current yield-curve inversion between the three-month and 10-year note is the largest since 1981. Not surprisingly, the NY Fed is forecasting a 57.77% chance of a recession over the next 12 months. That's the highest probability of a recession in more than four decades.
finance.yahoo.com/news/us-consumer-confidence-dips-lowest...
US Consumer Confidence Dips to Lowest Since July as Outlook Dims
(Bloomberg) -- US consumer confidence dropped this month to the lowest since July on more pessimistic views about the economic outlook, even as current conditions improved.
The Conference Board’s index decreased in April to 101.3 from 104 in March, data out Tuesday showed. The median forecast in a Bloomberg survey of economists called for a reading of 104.
A measure of expectations — which reflects consumers’ six-month outlook — fell to 68.1, also the lowest since July. However, the group’s gauge of current conditions advanced to 151.1.
“Consumers became more pessimistic about the outlook for both business conditions and labor markets,” said Ataman Ozyildirim, senior director of economics at the Conference Board.
“While consumers’ relatively favorable assessment of the current business environment improved somewhat in April, their expectations fell and remain below the level which often signals a recession looming in the short term.”
The figures suggest consumers are turning sour on the economy amid expectations that the labor market will soon begin to soften. Layoffs are swirling and companies are posting fewer job openings, and those trends will accelerate in the event of a recession.
While more consumers said jobs were “plentiful” in April and fewer reported that jobs were hard to get, their expectations for six months from now deteriorated. Only 12.5% expect more jobs to be available in the coming months, the lowest in nearly seven years.
The difference between the current “plentiful” and “hard-to-get” measures — a metric watched closely by economists to gauge the tightness of the labor market — ticked up after a sizable drop in March.
Moreover, inflation is still widespread and running well above the Federal Reserve’s target. And financial stress from several bank failures is making it harder for consumers to get loans, which could depress spending and sentiment further.
“Respondents like what they are currently seeing and think that their own finances will be OK but have a generalized concern that the broader economy may weaken,” Stephen Stanley, chief US economist at Santander US Capital Markets LLC, said in a note. “That seems better than if they were seeing actual negative developments or were worried about their own finances.”
What Bloomberg Economics Says...
“April’s drop in consumer confidence could be an initial response to a tighter supply of credit, a consequence of recent banking turmoil that’s adding to economic headwinds.”
— Eliza Winger, economist
Buying plans for cars, homes and major appliances all fell. Fewer consumers reported intentions to take a vacation in the next six months.
A separate report Tuesday showed sales of new US homes increased in March to the highest level in a year, suggesting an easing in mortgage rates is helping the housing market find some footing.
The median inflation rate seen over the next 12 months edged lower, according to the Conference Board. Data out Friday is anticipated to show the Fed’s preferred core inflation metrics continued to rise at a solid clip last month.
This painting depicts the Battle of Baltimore, September 13-14, 1814. With 1,000 dedicated American defenders manning the guns of Fort McHenry, and knowing that it would be folly to approach closer before the fort was reduced, the British fleet halts just out of range of Fort McHenry's cannons. Then their bomb ketches and rocket ships began to barrage the fort with rockets, bombs and incendiaries. It was the sight of the American flag still flying at the end of this unsuccessful attack that prompted Francis Scott Key to write the words to The Star Spangled Banner.
Chair Powell answers reporters' questions at the FOMC press conference on July 30, 2025. www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Tree planting at Fawkner being conducted by Friends of Merri Creek. 82 people turned up and registered. Lots of hands to do the planting, and then we enjoyed a halal barbecue and a talk by Shaun from snakehandler.com.au on what snakes you might encounter, tips on first aid and some general common sense. Beautiful weather with broken clouds, then sunshine. It was an excellent turnout with lots of families and kids.
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Tree planting at Fawkner being conducted by Friends of Merri Creek. 82 people turned up and registered. Lots of hands to do the planting, and then we enjoyed a halal barbecue and a talk by Shaun from snakehandler.com.au on what snakes you might encounter, tips on first aid and some general common sense. Beautiful weather with broken clouds, then sunshine. It was an excellent turnout with lots of families and kids.
Chair Powell answers reporters' questions at the FOMC press conference on January 29, 2025. www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Tree planting at Fawkner being conducted by Friends of Merri Creek. 82 people turned up and registered. Lots of hands to do the planting, and then we enjoyed a halal barbecue and a talk by Shaun from snakehandler.com.au on what snakes you might encounter, tips on first aid and some general common sense. Beautiful weather with broken clouds, then sunshine. It was an excellent turnout with lots of families and kids.