MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

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

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

VIEW CHANGE: Deutsche Bank looks for first cut in June rather than May

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Fed Funds Still Torn On 25bp Or 50bp For May

STIR FUTURES
  • Fed Funds futures imply a further 158bps of hikes in 2022, i.e. 6.3 hikes over the six meetings, close to where they were as Powell wrapped up the conference after fluctuating overnight but with a recent dip on the Kremlin denying major progress has been made in talks.
  • Despite the hawkish dot plot surprise, the FOMC decision has seen a slight dip in expectations for immediate meetings with 36bp of tightening in May and a cumulative 70bps for June.
  • The latter implies a 17% chance of 50bp over the two meetings, 55% chance of 75bp and 28% chance of 100bp.
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