MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

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Japan Tokyo Jul Core CPI +2.2% Y/Y

MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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

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Goldman Sachs On CPI/Monetary Policy

BRAZIL
  • The impact of declining fuel prices and lower-than-expected prints in food consumption was more than offset by the significantly higher-than-expected print in industrial goods (1.19% vs. 0.11% in Nov) and higher prints in several CPI groups whose prices normalized following the Nov Black Friday price discounts/promotions
  • All in, the underlying inflation dynamics are still challenging given still disseminated pressures on core and services inflation against a backdrop of a tightening labor market, the expectation of a deterioration of the macro and micro policy mix and a sizeable fiscal expansion in 2023 (possibly even beyond 2023) and renewed upward drift of 2023-24 inflation expectations.
  • Furthermore, inflation may prove inertial/sticky given intensifying backward looking price and wage setting mechanisms (with resetting wage contracts incorporating cost-of-living adjustments).
  • In Goldman Sach’s assessment, the challenging current conditions warrant a conservative calibration of monetary policy for a reasonable period of time.
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