MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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BBVA on Peru Inflation and BCRP

PERU
  • The Consumer Price Index of Lima registered a variation of 0.78% M/m in December. This is mainly a result of higher household fuel prices and the seasonal increase in the price of meat and transportation.
  • In Y/y terms, inflation increased again reaching 6.4% in December (November: 5.7%). Inflation excluding food and energy, a trend measure of price changes, has maintained an ascending trajectory and went from 2.9% in November to 3.2% in December.
  • BBVA expect inflation to remain at high levels in the following months, slightly above 6.5%, and above the target range of the Central Bank during the rest of the year, closing around 3.4%.
  • This forecast considers that the increase in wholesale prices will continue to be passed on to consumers and that unanchored inflation expectations will generate some inertia in headline inflation.
  • In this context, the Central Bank will probably continue to tighten the monetary policy stance in the following months, orienting it towards a higher neutral level, in the short term by making adjustments in the policy rate of a magnitude similar to the that was observed in the last months of 2021 (50bp).
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