MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

HICP Steady As Expected; CPI Ticks Lower As State Data Indicated

MNI: GERMANY JUL CPI +2.2% Y/Y

German CPI / HICP due for release at 13:00BST / 14:00CET

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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Kashkari – Don’t Think Anyone Has Taken Rate Increases Off The Table

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  • Kashkari (non-voter) in a panel discussion said that he doesn’t think anyone has taken rate increases off the table.
  • On that subject, recall this from the FOMC minutes published last week: "Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate."
  • Back to Kashkari, he says the Fed will do what we need to do if its surprised by the data, although he sees the odds of a hike as quite low.
  • The short-run neutral rate may have gone up temporarily.
  • He sees the best approach as holding rates for as long as necessary to gain clarity.
  • The US labor market has softened but remains tight.
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  • Kashkari (non-voter) in a panel discussion said that he doesn’t think anyone has taken rate increases off the table.
  • On that subject, recall this from the FOMC minutes published last week: "Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate."
  • Back to Kashkari, he says the Fed will do what we need to do if its surprised by the data, although he sees the odds of a hike as quite low.
  • The short-run neutral rate may have gone up temporarily.
  • He sees the best approach as holding rates for as long as necessary to gain clarity.
  • The US labor market has softened but remains tight.