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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BoC's Macklem On Inflation Data

CANADA
  • Front-end GoCs have sold off 1.5bps to 3.325% on BoC Gov. Macklem’s article in the National Post, which didn’t really build on past comments, back closer to a peak of 3.33% seen a couple hours after the strong core CPI prints for July for a +12bp rise on the day. The bear flattening remains in place with 10YY +8bps.
  • “The good news is that it looks like inflation may have peaked.”
  • “The bad news is that inflation will likely remain too high for some time” [but we note that that’s still consistent with prior BoC forecasts of headline averaging 8% through Q3 and 7.5% in Q4].
  • “Even if inflation came down a little in July, prices for more than half of the goods and services that make up the CPI basket are rising faster than five per cent.”
  • “Tuesday's inflation number offers a bit of relief, but unfortunately, it will take some time before inflation is back to normal. We know our job is not done yet - it won't be done until inflation gets back to the two per cent target.”
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