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MNI China Daily Summary: Monday, May 29
MNI: PBOC Net Injects CNY23 Bln Via OMOs Monday
MNI: PBOC Yuan Parity Lower At 7.0575 Monday; -4.91% Y/Y
House Republicans To Hold Leadership Elections Today
House Republicans will shortly hold elections for the next Speaker of the House, Majority Leader of the House, House Majority Whip, Conference Chair, National Republican Congressional Committee Chair, and Conference Secretary. (Assuming Republicans secure the House which is close to assured.)
- According to Punchbowl News, today’s vote is the “beginning of a seven-week grind by [House Minority Leader Kevin] McCarthy (R-CA)” but he will likely to scrape enough votes to take the Speaker’s gavel in January. Getting those votes will require concessions to the 43-member far-right Freedom Caucus.
- Freedom Caucus Rep. Andy Biggs (R-AZ) confirmed yesterday he will challenge McCarthy: “Yes, I’m going to be nominated tomorrow to the position of speaker of the House. It’s going to be tough... I think it’s about institutional direction and trajectory.”
- Punchbowl: “McCarthy is exceedingly motivated to become speaker. That means he’s willing to give up a lot. Conservatives understand that and they will use that to their advantage.”
- Senate Republicans hold their elections tomorrow. House Democrats will hold their leadership elections on November 30 with the question of House Speaker Nancy Pelosi's (D-CA) continuation as leader in the minority as yet unanswered.
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