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 MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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Bowman: Not Seeing What We Need To See In Inflation Data

FED
  • Gov. Bowman (voter) says we’re not seeing what we need to see in the inflation data and will need to continue rate hikes until we see more progress.
  • Other wires report her as saying we’re seeing a lot of inconsistent data on economic conditions and that your guess is as good as mine as to what happens next in the economy.
  • Relatively little reaction in Fed rate expectations but only after a solid further re-pricing after Bullard yesterday wouldn’t rule out supporting a 50bp hike at the next meeting.
  • Pertinent recent changes have been a combined 50bp of hikes over the next two meetings now fully priced (52bps) with the terminal sitting with 72bp of hikes to 5.31% with the July meeting (+4bp on the day).
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