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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Bullard Sees Fed Cutting In 1H24, Before Inflation Hits 2%

FED
  • Former St Louis Fed’s Bullard tells the WSJ he expects the Fed to begin cutting rates before inflation hits 2%, and that cuts could come as soon as March.
  • He predicts that core PCE inflation will slow to around 2% before October, vs 2.6% Y/Y recorded in Nov’23.
  • "They don't want to get into the second half of 2024, and inflation's already at 2% and you still haven't moved the policy, right? That would be too late."
  • If inflation is somewhere between 2% and 2.5% "and you still haven't moved the policy rate, then you might have to move very aggressively, with 50 basis points at a meeting or something, and that would be a difficult thing."
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