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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Holding The Post-FOMC Focus On June Start To Cuts

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  • Fed Funds implied rates for near-term meetings have lifted a little off post-FOMC lows but are still concentrated towards a first cut in June.
  • There is little sign of near-term spillover from the surprise 25bp SNB cut, although it perhaps weighs further out with the Dec’24 implied rate back near post-FOMC lows.
  • Cumulative cuts from 5.33% effective: 3.5bp May, 20.5bp Jun, 32.5bp Jul, 53bp Sep and 85bp Dec. June priced as much as 22bp of cuts overnight.
  • Note that VC for Supervision Barr speaks today to students on “A View from the Fed” but it falls within the blackout period and so shouldn’t be policy relevant.
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  • Fed Funds implied rates for near-term meetings have lifted a little off post-FOMC lows but are still concentrated towards a first cut in June.
  • There is little sign of near-term spillover from the surprise 25bp SNB cut, although it perhaps weighs further out with the Dec’24 implied rate back near post-FOMC lows.
  • Cumulative cuts from 5.33% effective: 3.5bp May, 20.5bp Jun, 32.5bp Jul, 53bp Sep and 85bp Dec. June priced as much as 22bp of cuts overnight.
  • Note that VC for Supervision Barr speaks today to students on “A View from the Fed” but it falls within the blackout period and so shouldn’t be policy relevant.