MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

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CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

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Eyeing Powell's Take Today On Financial Conditions Tightening

FED

Wires are reporting comments by Goldman ex-CEO Blankfein equating the deflationary shock from the ongoing banking crisis to 50bp in Fed hikes.

  • Going into the FOMC today, the widespread prevailing wisdom is that the deterioration of the banking sector outlook will tighten conditions on the order of a half-point Fed funds hike, though we have seen estimates up to 150bp via tighter lending standards and deteriorating financial conditions (Apollo's Torsten Slok).
  • One of the key questions for the Powell press conference is how he and the Committee see current financial conditions in general post-SVB collapse.
  • Powell will inevitably be asked today in one form or another, perhaps by way of asking whether it impacted on the FOMC's Dot Plotted view of the terminal rate this year.
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