MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1307 Weds; +2.41% Y/Y

CHINA PBOC CONDUCTS CNY258 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1307 WEDS VS 7.1325

China Repo Rates Rise On Tuesday

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

August Exports On Solid Footing,  Country Detail Shows Double Digit Y/Y Pace

MNI: JAPAN JULY EXPORTS +10.3% Y/Y; JUNE +5.4%

MNI: UK MAY-JUL MEDIAN PAY AWARDS +4.5% :Brightmine

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

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Danske: Now Expects 5 Hikes In 2022, Earlier QT Start

FED

Danske now expects 5 Fed hikes in 2022 vs its previous expectation for 4, in light of the January FOMC outcome.

  • Those hikes: March, May, June, September, and December, with risks tilted toward more (every meeting is “live”). Danske still sees 4 hikes in 2023.
  • Danske also pulled forward QT timing: to start in June (vs Sept previously).
  • While the statement was expected, “Powell sounded more hawkish than expected emphasising the risks that inflation stays elevated, not ruling out 50bp rate hikes and indicating that every meeting is “live” (among other things).”
  • Danske compared this hawkish shift to the “emerging market central banks playbook” wherein Hungary, Poland, Czech have tightened more expected.
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