MNI China Daily Summary: Tuesday, March 21

MNI BRIEF: RBA Minutes Point To April Pause

MNI: PBOC Net Injects CNY153 Billion via OMOs Tuesday

ZEW Expectations Reflect Volatile Market Backdrop

Robust Start to Q1 EZ Construction

MNI: EUROZONE JAN CONSTRUCTION OUTPUT +3.9% M/M, +0.9% Y/Y

MNI: Freeland-Banks Well Capitalized, Budget To Focus Stimulus

MNI BRIEF: Joint European Funds Best Response To IRA-Gentiloni

MNI BRIEF: Fed, Treasury, FDIC-Big Banks Back First Republic

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1.30% Oct-27 Green Bobl

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Fed Rate Path Drifts Lower Ahead Of Powell

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  • Fed Funds implied hikes edge lower through the session, pricing a 31bp hike for the Feb 1 FOMC (-1bp), cumulative 50bp for March (-2bp) and 60bp to a terminal 4.94% in June (-1.5bp).
  • It’s despite appearances from ’24 voters Bostic and Daly warning about declaring victory on inflation prematurely, with data dependency seeing both acknowledge the February decision is likely between a 25bp or 50bp hike.
  • There is potential to hear more on the matter from Powell’s panel at 0900ET tomorrow, all with an eye on CPI on Thursday.
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  • Fed Funds implied hikes edge lower through the session, pricing a 31bp hike for the Feb 1 FOMC (-1bp), cumulative 50bp for March (-2bp) and 60bp to a terminal 4.94% in June (-1.5bp).
  • It’s despite appearances from ’24 voters Bostic and Daly warning about declaring victory on inflation prematurely, with data dependency seeing both acknowledge the February decision is likely between a 25bp or 50bp hike.
  • There is potential to hear more on the matter from Powell’s panel at 0900ET tomorrow, all with an eye on CPI on Thursday.