MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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’s Jefferson & Harker Signal June Pause

FED

Fed comments on Wednesday clearly advocated for a pause at the June 14 meeting to give the central bank time to assess the economic impact of its cumulative tightening to date and effect of recent banking turmoil. FOMC member Jefferson, who has been nominated to take over as vice chair, said that staying on hold in June would give the Fed some time. This Friday’s payroll report will be a key input and if it prints very strong could derail intentions to pause in June.

  • “Skipping a rate hike at a coming meeting would allow the committee to see more data before making decisions about the extent of additional policy firming,” Jefferson said.
  • Jefferson’s view was reiterated by Philadelphia Fed’s Harker (current FOMC member). He also suggested that the FOMC could hike every second meeting if needed to contain inflation.
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