MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

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MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

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Fed Pricing Reverses Initial Knee-Jerk Hawkish PPI Move

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Little net movement in Fed funds futures in the wake of the PPI data, with modest initial hawkish adjustments mostly pared, leaving contracts close to/at pre-data session highs.

  • Mixed outcomes for the sub-components feeding into PCE estimates/data likely explain the lack of meaningful post-data movement.
  • A full 25bp cut is fully discounted through the end of the Sep meeting, while ~61bp of cuts are priced through the Dec FOMC.
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Little net movement in Fed funds futures in the wake of the PPI data, with modest initial hawkish adjustments mostly pared, leaving contracts close to/at pre-data session highs.

  • Mixed outcomes for the sub-components feeding into PCE estimates/data likely explain the lack of meaningful post-data movement.
  • A full 25bp cut is fully discounted through the end of the Sep meeting, while ~61bp of cuts are priced through the Dec FOMC.