MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Biden Signs Government Funding Continuing Resolution

US

The White House has confirmed in a statement that President Biden has signed into law the Continuing Resolution to fund the government through two new deadlines in March. With the CR in place, there is now roughly 40 days to draft and legislate all 12 spending bills for Fiscal Year 2024. The next steps:

  • 1: 302(b) numbers: Appropriations heads, Senator Patty Murray (D-WA) and Rep. Kay Granger (R-TX), must cut a deal on how to distribute the USD$1.59 trillion topline budget agreed by House Speaker Mike Johnson (R-LA) and Senate Majority Leader Chuck Schumer (D-NY).
  • 2: Horse trading in subcommittees to determine funding for each agency. Politico notes. “For several of the bills, that’s going to be a challenge, considering the vast differences between the [House and Senate] measures.”
  • 3: Amendments and policy riders: Conservatives will push to secure wins on “culture war” issues like reproductive rights and immigration. Johnson said this week that the GOP will score “meaningful policy wins” during this process.
  • 4: Voting. Eventually a decision will be made to bring the bills to the floor or face the prospect of another CR, likely through September, and triggering automatic spending cuts across all government agencies.
  • Politico notes if cuts are triggered, “there will be a $10 billion cut to the military’s budget and a $41 billion cut to domestic programs.”
  • More on how the dynamics of yesterday's vote in the House could elevate the risk of a government shutdown in today's edition of the MNI US Daily Brief.
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