MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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BMO: Above Consensus But PPI Beat Could Limit Reaction

US OUTLOOK/OPINION
  • BMO note that expectations for headline CPI are toggling around a non-descript headline rise of 0.3% M/M, which would clip the annual inflation rate to roughly 7.3% Y/Y.
  • The risk is for a slightly meatier core result of 0.4% M/M, only shaving the annual pace a tick to 6.2% Y/Y.
  • Given a mild high-side surprise on the PPI, markets would likely readily digest this outcome, and move on to the Fed the next day, but the past two years have certainly taught us to never take the CPI for granted.
  • With beats the norm since early 2021, it would be an important development if the U.S. managed a second consecutive low-end result. Suffice it to say, we doubt that will be the case, especially for core.
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