MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

MNI: BANXICO HOLDS INTERBANK RATE STEADY AT 11.00%

MNI BRIEF: Fed's Bowman Says Policy Appears To Be Restrictive

Q1 final GDP due at 7:00BST

MNI BRIEF: Japan June Tokyo Core CPI Rises 2.1% Vs. May 1.9%

Japan May Ind. Output 2.8% M/M; Shipments +3.5% M/M

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Clarida's Comments Echo Powell Dovishness

FED

Fed Vice Chair Clarida's comments at the US Chamber of Commerce today didn't wade much into current monetary policy, but where it did, he showed little daylight between his outlook and Chair Powell's.

  • For instance, Clarida concurred that an increase in demand in 2021 would not generate sustained price pressure, which was almost exactly what Powell said Tuesday on the inflation outlook.
  • Clarida took a little more leeway in commenting on fiscal policy (Powell basically would not be drawn out at all on opinions on the current stimulus bill in his 2-day testimony), saying that fiscal support should accelerate the pace of progress toward the Fed's dual mandate goals.
  • He also echoed Powell in saying that current market pricing was consistent with strong economic growth expectations.
  • All-in-all, the Fed leadership (incl Brainard) has delivered the same consistent message this week: tightening policy is a long way off.
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