MNI EM China Daily Summary: Monday, March 25

MNI BRIEF: China Expands Austrian Pork Import Scope

MNI BRIEF: China To Boost Consumption With Lower Mortgage Rate

MNI: PBOC Injects Net CNY40 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC INJECTS CNY50 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.0996 Mon; -5.53% Y/Y

New Home Sales Steady, As Market Continues To Loosen

MNI: US FEB NEW HOME SALES -0.3% TO 0.662M SAAR

Week Ahead

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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MNI US CPI Preview: Core Inflation Seen Easing, Just A Bit

EXECUTIVE SUMMARY

  • Consensus has headline CPI inflation rising +1.1% M/M in June after an equally rampant +1.0% M/M as energy accelerated even further on a large rise in gasoline as well electricity price increases.
  • Core inflation is seen dipping to a ‘large’ +0.5% M/M (av. 0.54% M/M) after surprisingly accelerating from 0.57% to 0.63% in May for the strongest since Jun’21.
  • The report comes with a 75bp hike on Jul 27 seen as locked in and would likely require a very large surprise to change this. However, as in the approach to last week’s strong payrolls, large market moves have opened sizeable two-sided risk to expectations for both the Sep FOMC and meetings further out.

PLEASE FIND THE FULL NOTE HERE:

USCPIPrevJul2022.pdf

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