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AUSSIE BONDS

Bid After Modest WPI Miss (Which Met RBA Exp.).

CHINA PRESS

Gov Bond Yields Seen Lower-Herald

AUSSIE BONDS

Mediocre ACGB May-32 Supply; Cover Declines

MNI BSP Preview - August 2022: Will It Be 25 Or 50?

Bangko Sentral ng Pilipinas will likely raise its key policy rate by 50bp this week in attempt to tackle above-target inflation and throw a lifeline to the struggling peso.

MARKET NEWS TOP STORIES

MNI STATE OF PLAY: Norges Bank To Hike, 50 bps On Table

Norges Bank set to hike its policy rate as inflation continues to rise, with the debate over 25 or 50bps.

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MNI BRIEF: Germany, Brussels Mull VAT Impact Of New Gas Levy

Berlin and Brussels look for ways to mitigate against VAT charge on new German gas levy.

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Political Risk

President Biden To Sign Inflation Reduction Act Into Law

US President Joe Biden is shortly due to sign the Inflation Reduction Act into law.

  • Livestream of the ceremony here: https://www.youtube.com/watch?v=BT-Ux0pjfeo
  • At remarks accompanying the signing Biden is expected to claim the bill, "will lower the cost of energy, prescription drugs, and other health care for American families, combat the climate crisis, reduce the deficit, and make the largest corporations pay their fair share of taxes."
  • The Inflation Reduction Act is a major legislative achievement of the Biden administration and a event will be held at the White House on Sept. 6 after lawmakers return from the summer Congressional recess.
  • The primary problem for the White House is striking upon an effective strategy to sell the legislation to the electorate when the positive effectives of the legislation will not manifest until long after the midterm elections in November. Biden will host a cabinet meeting on the implementation of the legislation in the coming days and then, according to White House Chief of Staff Ron Klain, members of Biden's cabinet will travel to 23 states over 35 trips this month to tout the legislation.
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US

Rep Demings With 4% Polling Lead Over Senator Rubio In Florida Senate Race

A poll released today has shown Democrat challenger in the Florida Senate race House Rep Val Demings (D-FL) with a 4% lead over high-profile Republican incumbent Senator Marco Rubio (R-FL).

  • The poll from the University of Florida represents a significant change from previous polling data showing Rubio with a strong lead in a seat which is considered to lean Republican.
  • Rubio is considered an influential figure within the right wing of the Republican party and currently sits as vice chair on the Senate Intelligence Committee.
  • The changing dynamics of the Florida Senate race is a firm signal that the political environment is improving for Democrats in the Senate. Democrats now have four credible opportunities to flip seats in November - Pennsylvania, Ohio, Wisconsin, and Florida.
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US

Sec Sen Guterres To Visit Ukraine On August 18

A spokesperson for United Nations Secretary-General Antonio Guterres has confirmed the UN chief will travel to Ukraine on Thursday and Friday.

  • Michelle Nichols of Reuters: "U.N. Secretary-General Antonio Guterres will meet with President Volodymyr Zelenskiy and Turkish President Tayyip Erdogan in Lviv, Ukraine on Thursday and visit Ukraine's Black Sea port of Odesa on Friday [...] SG will then visit the grain deal JCC in Istanbul."
  • Although, the secure operation of the UN and Turkish mediated grain corridor is the primary reason for the visit, Guterres is likely to press Kyiv on a solution to the deteriorating situation at the Zaporizhzhia nuclear facility.
  • Yesterday, Guterres held a call with Russian Minister of Defence Sergei Shoigu to discuss grain exports and security at Zaporizhzhia.
  • Guterres said in a statement this week: "I have appealed to all concerned to exercise common sense and reason and not to undertake any actions that might endanger the physical integrity, safety or security of the nuclear plant – the largest of its kind in Europe."
    • "Regrettably, instead of de-escalation, over the past several days there have been reports of further deeply worrying incidents that could, if they continue, lead to disaster."
    • "I urge the parties to provide the IAEA mission with immediate, secure and unfettered access to the site."
    • "We must be clear that any potential damage to Zaporizhzhia or any other nuclear facilities in Ukraine, or anywhere else, could lead to catastrophic consequences not only for the immediate vicinity, but for the region and beyond. This is wholly unacceptable."
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UN

Ex-BoE Goodhart On The Federal Reserve Rate Outlook

MNI discusses Fed rate outlook with ex-BOE member Charles Goodhart -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com

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