Boston Federal Reserve's Newly Appointed President & Turkey's 5,000 tons Gold Savings

Introduction

A warm welcome to all our viewers to our news highlights. Today's article provides highlights to the recent appointment of the first Black American president in the Boston Federal Reserve & Turkey's attempt at converting under-the-mattress gold into Turkish Lira savings.

Federal Reserve

The Federal Reserve Bank of Boston appoints Susan M. Collins as the next president.
Collins, an economist and administrator at the University of Michigan, will be the first Black person appointed of the Boston Fed. She is the second Black American to be selected as one of the twelve Federal, regional banks.
Cleveland Federal Reserve President Loretta Mester indicates that the central bank will be prepared to hike rates at any meeting. Mester favours the aggressive approach that the Fed may take in reducing its balance sheet.
Mester indicates that a March hike is likely to occur but does not expect a rate rise by more than 25 basis points. She believes that the central bank should adopt a new approach in dealing with inflation compared to its historical measures that took place pre-covid.

Gold

Gold Fields, one of the largest producers of gold, has announced that in 2021, its gold production is expected to be 2,340 Kilo Ounces. It is a 5% increase in output from its previous year of 2,236 Kilo Ounces.
Gold and Silver futures prices received gains and hit a two week high on Wednesday.
Traders are awaiting the Thursday Consumer Price Index report, which expects to increase from 7% to 7.2%. The improvements this week will invite speculators to long the market.
Turkey aims to attract nearly 5,000 tons of under mattress gold into the financial system. The gold brought into the system's estimated value will be between $250 - $350 billion.
The Turkish has long believed in the tradition of holding gold to safeguard wealth and store it at home. The scheme attempts to encourage Turkish Lira savings as part of Nureddin Nebati, Treasury and Finance Minister's plans to create dynamic production capacity, strong growth performance, healthy public finance, firm banking sector, and low debt.