MNI China Press Digest July 15: Consumption, Exports, FDI

MNI: PBOC Conducts CNY100 Bln Via 1Y MLF; Rates Unchanged

CHINA PBOC CONDUCTS CNY129 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1313 Mon; -1.35% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1313 MON VS 7.1315

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

Q2 GDP Below Expectations, Consumer Side Still Appears Soft

CHINA JUN INDUSTRIAL OUTPUT +5.3% Y/Y VS MEDIAN +5.0% Y/Y: NBS

CHINA Q2 2024 REAL GDP +4.7% Y/Y VS MEDIAN +5.0% Y/Y: NBS

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 Is Aware Of The Risk Of Waiting Too Long Before Easing

FED
  • Q: If the economy looks like it's falling into recession, jobless rate rises, how would you think of that in terms of rate cuts?
    • A: That's not something we're hoping to see. We're hoping to see a continuation of what we've seen.
    • We'd look at the totality of the data - certainly the labor data would be important in that. Certainly, if there were the beginning of a recession or something like that, it would weigh heavily in that decision [whether to cut].
  • Q: How will you decide when to cut rates - and ensure you're not behind the curve?
    • A: We're aware of the risk we would hang on too long - we're very focused on not making that mistake. And we've come back into a better balance between the risk of overdoing it and the risk of underdoing it. We're back at the point where both sides of the dual mandate are more in balance, so I think we'll be very much keeping that in mind as we make policy.
  • Q: How sticky is core inflation?
    • A: We've seen real progress in core inflation. Famously the service sector is thought to be stickier, but we've seen reasonable progress in non-housing services. All three categories of core are now contributing - goods, housing, non-housing services.
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