MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% Y/Y

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Goolsbee: Inflation Staying Too High A Bigger Risk

FED

Highlights from Chicago Fed’s Goolsbee (’23 voter) appearing on CNBC, who so far hasn't repeated previous mention of the "good news" on inflation but rather with risks skewed to the upside.

  • Risk of inflation staying too high a bigger risk. Debate will soon shift to how long to hold rates high.
  • It "feels like" rates will have to stay higher for longer than markets had expected and Fed will have to "play by ear" whether rates need to move higher. Concern over inverted yield curve doesn't account for possible differences in the post-pandemic recovery.
  • We’ve got to get inflation back to 2% - we’re doing it.
  • Can’t change inflation target until the target is reached – it defeats the purpose of having a target if Fed were to undermine it and “give up”.
  • The current path is “unusual” for inflation to fall like it is without unemployment rising. Soft landing possible but still lots of risks.
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