MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI: US MBA: MARKET COMPOSITE -2.6% SA THRU JUN 28 WK

US MBA: REFIS -2% SA; PURCH INDEX -3% SA THRU JUNE 28 WK

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

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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Fed Chairman Powell

FED
Questions posed to Powell hitting all the high notes -- also talking about independence of Federal Reserve, difference of fiscal and monetary policy and the limitations of the Fed.
  • "It is critical to understand that monetary policy is not able to provide targeted benefits to particular groups or individuals. It is a fiscal policy that needs to decide what benefits to provide to particular groups and how to pay for it, fiscal policy, in other words, government policy on taxation.:
  • "Fiscal policy, it is ultimately much more powerful and it lies appropriately in the hands of elected officials, not in the fed's hands. So I think we -- the debates over the last year, particularly in 2020, it was very important to keep stressing that differential because people see the fed doing things and we obviously have powerful tools but people were less kind of familiar with the limits of those tools and the limits of our authorities."
  • "I think it is very important for us to stick to our existing authorities. We have a grant of independence, meaning that we make our decisions and we're created by Congress, we're a creature of Congress and of statute."
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