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EMERGING MARKETS: Global News: February 12

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • US (MNI) – Consensus sees core CPI inflation accelerating to a seasonally adjusted 0.3% m/m in January after 0.225% m/m in December. Headline is expected at 0.32% m/m, owing to a sequential slowing in energy prices vs stronger food prices amidst a serious bird flu outbreak. There's a good chance core CPI ‘surprises’ a tenth higher with 3.2% y/y due to rounding, whilst headline CPI is widely expected to print 2.9% y/y.
  • US (MNI) – Jake Sherman at Punchbowl reports that House Speaker Mike Johnson's budget resolution could target $1.5tn in spending cuts. Sherman notes on X that the yet-to-be-finalised resolution could cover $4.5tn for tax cuts, $300bn increase in mandatory spending, and assumes 2.8% in economic growth. Johnson intends to mark up the resolution in the House Budget Committee on Thursday and is targeting the last week of February for a full House vote.
  • JAPAN (BBG) – BoJ Governor Kazuo Ueda says that the size of interest rate hikes will depend on the economy, inflation and financial conditions at the time. BoJ’s rate hike to 0.5% last month from 0.25% was appropriate, Ueda said in response to questions in parliament. Risks aren’t zero that price increases in fresh and other foods are impacting sentiment and price expectations among households.
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  • US (MNI) – Consensus sees core CPI inflation accelerating to a seasonally adjusted 0.3% m/m in January after 0.225% m/m in December. Headline is expected at 0.32% m/m, owing to a sequential slowing in energy prices vs stronger food prices amidst a serious bird flu outbreak. There's a good chance core CPI ‘surprises’ a tenth higher with 3.2% y/y due to rounding, whilst headline CPI is widely expected to print 2.9% y/y.
  • US (MNI) – Jake Sherman at Punchbowl reports that House Speaker Mike Johnson's budget resolution could target $1.5tn in spending cuts. Sherman notes on X that the yet-to-be-finalised resolution could cover $4.5tn for tax cuts, $300bn increase in mandatory spending, and assumes 2.8% in economic growth. Johnson intends to mark up the resolution in the House Budget Committee on Thursday and is targeting the last week of February for a full House vote.
  • JAPAN (BBG) – BoJ Governor Kazuo Ueda says that the size of interest rate hikes will depend on the economy, inflation and financial conditions at the time. BoJ’s rate hike to 0.5% last month from 0.25% was appropriate, Ueda said in response to questions in parliament. Risks aren’t zero that price increases in fresh and other foods are impacting sentiment and price expectations among households.