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EMERGING MARKETS: Bostic Nods to Potential September Cut, Iron Ore Sinks

EMERGING MARKETS
  • US: A top Federal Reserve official has said he is “open” to an interest rate cut in September as he warned that the US central bank can’t “afford to be late” to ease monetary policy amid signs of cooling in the labour market. Atlanta Fed president Raphael Bostic, a voting member of the central bank’s rate-setting committee, told the Financial Times that as price pressures eased officials also needed to be conscious of their mandate of maintaining full employment. Previously, Bostic’s stance had been that he’ll likely be ready to cut “by the end of the year”.
  • China: MNI (Beijing) - The People’s Bank of China has delayed the monthly operation of its medium-term lending facility, further downplaying its role as a key policy rate. The PBOC will conduct the operation on Aug 26, while a total of CNY401 billion of one-year MLF will mature this month, according to a statement on the central bank’s website on Thursday. The Bank typically conducts its MLF exercise on the 15th of each month as long as it is a trading day.
  • US: Republican nominee Donald Trump cast doubt on the economy as the most important election issue, one in which he has a significant voter trust advantage over his rival, Kamala Harris, who is planning to make a speech about consumer prices later this week.
  • Iron Ore: Iron ore hit the lowest level since 2022 on concern that global supply is running ahead of demand, with China’s steelmakers mired in a crisis and cutting output just as major miners boost exports. Futures sank for a fourth day in Singapore, falling below $94 a ton, as data from China showed mills reduced steel production to about 83 million tons last month, 9% lower than a year earlier.
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