MNI BRIEF: Policy Move Eyed If Inflation Meets 2% - BOJ's Ueda

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

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1059 TUES VS 7.1043

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BofA: Many On The FOMC Are Getting Restless

FED

BofA saw a more hawkish tone from the Fed at the June meeting, mostly from the FOMC as a whole but also with Powell offering an upbeat assessment of the economy with small steps toward the exit.

  • "While Fed officials are talking about 'transitory' inflation, some clearly believe in greater persistence, which was reflected in upside risks to the PCE outlook in the SEP. Many on the Committee are getting restless, which shows that Powell will likely face dissents given that he leans on the more dovish side."• The FOMC moved a step closer to tapering: BofA notes that substantial further progress is now "a ways" away vs "some time".
  • Powell acknowledged the risk that inflation could be more persistent; also noted that the labor force might be impaired for longer, which per BofA "changes the thresholds with regards to normalizing the employment-to-population ratio and also allows the Fed to consider greater upward pressure on wages".
  • Future action: September taper announcement most likely, with tapering beginning at turn of the year.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.