MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

EZ/UK T-Bill Calendar: Belgium Nov 7, 2024 Short TC Due Tuesday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Tuesday

BoE Data Watch

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

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Fed Rate Path Little Changed Ahead Of Potential Vice Chair Jefferson Speaking

STIR FUTURES
  • Fed Funds implied rates have firmed marginally for the June FOMC but don’t change the current implication that last week’s hike marked the peak for the cycle (with just +1bps for June).
  • Meetings further out drift lower back nearer overnight lows, with a cumulative 24bp of cuts seen for Sep (-0.5bp), 47bp of cuts for Nov (-1bp) and 71bp of cuts to 4.37% for Dec (-2.5bp).
  • Jefferson speaks 0830ET in moderated Q&A (no text), a current Board member and Biden’s pick for the vacant Vice Chair role. Of note as previous comments have been relatively limited. From Mar 27: “Mon pol affects the economy and inflation with long, variable, and highly uncertain lags, and we are still learning about the full effect of our tightening thus far.”… “There are components of inflation that have turned out to be quite persistent — for example, services excluding housing.”
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