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 NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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Credit Suisse on Curve Positioning FOMC

FED
CS also sees a hawkish tone from the Fed as well telegraphed (see 0827ET FI bullet: Set-Up for Final FOMC for 2021) includes accelerated taper and higher shift in dot plot.
  • CS reiterates "that the significant increase in the ED put/call ratio and elevated implied vol around the policy path suggest the market is largely prepared for this tilt, even as the dot plot shows a terminal rate near 1% higher than implied by the market."
  • On Tsy curve, CS maintains a "3s10s flattening bias for the time being, with the path of least resistance remaining in its favor amid forward curve inversion and term premium compression."
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