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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.
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Free AccessMNI: PBOC Net Injects CNY14.2 Bln via OMO Friday
MNI: BOJ Tankan: Key Sentiment Rises, Solid Capex Plans
MNI ASIA OPEN: Weak 30Y Reopen, ECB Forward Guidance Weighing
Chair Powell Asked On Whether There Is No Soft Landing
- A: The SEP has what I would characterize as a relatively modest increase in the unemployment rate. We see the current situation as outside of historical experience in a number of ways. Job openings are incredibly high vs the number of job seekers. It's plausible that openings could come down. They need to without as much of an increase in unemp as has happened in earlier historical episodes.
- Also expectations have been well-anchored. There's no basis for complacency there, but that should make it easier to restore price stability.
- Part of the inflation is caused by a series of supply shocks: pandemic, reopening, Russia-Ukraine, have all contributed.
- If those things start to get better - and we do see some evidence of that - commodity prices look like they may have peaked, supply chain disruptions are beginning to resolve.
- Restoring price stability while achieving a relatively modest increase in unemployment and a soft landing would be very challenging. And we don't know. No one knows whether this process will lead to a recession or if so, how significant that recession would be. That's going to depend on how quickly wage and price inflation pressures come down.
- The chances of a soft landing are likely to diminish if policy needs to be more restrictive or for longer. We're committed to getting inflation down to 2% because a failure to restore price stability would mean far greater pain later on.
To read the full story
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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.