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: The Chair Has Done A Good Job At Rallying The Committee

FED
  • Comments on QT: *BULLARD: FED'S TRYING TO USE QT TO PUT UPWARD PRESSURE ON RATES - bbg

*BULLARD: WE'LL KEEP A CLOSE EYE ON HOW QT IS PROCEEDING - bbg

*BULLARD SAYS `GLOBAL QT' SHOULD PUT UPWARD PRESSURE ON RATES – bbg, similar headlines to previous comments

  • Sceptical on recession probabilities: Most models have something to do with longer term rates vs very short term rates and those aren’t predicting recession at this point so probabilities probably aren’t that high. We’re in a pretty good shape to take action to get inflation under control.
  • Hiking pace: it’s not advisable to move too quickly or be too disruptive to markets (when asked about would he take rates to 3.5% instantly). He repeats from previous comments that moving at twice the pace of normal with 50bp hikes is a good pace for now.
  • Consensus on the committee/dissenting: the Chair does a good job in trying to chart out policy that everyone can get onboard with... a good job at rallying the committee.
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