MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS

MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

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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JPMorgan Continue To Expect Easing Cycle To Start In June 2023

BRAZIL
  • The conditions needed for a change in BCB’s posture remain distant. Therefore, the overall message should be of continuity of the policy rate at 13.75% for a prolonged period. BCB seems to be aiming at avoiding signals that would prematurely ease financial conditions, thus JPMorgan don’t anticipate meaningful changes to the communication.
  • They expect two things to be different from the last meeting. First, the decision to keep rates on hold will likely be a consensus among COPOM members whereas the last decision was split. Second, as happened last year, BCB should now assign equal weights to its forecasts for 2023 and 2024, instead of giving a larger weight to next year. They don’t expect meaningful changes to the characterization of the domestic and global scenarios.
  • JPM continue expecting the easing cycle to start in June next year—a date that was even explicitly mentioned by Governor Campos recently.
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