MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

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

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Lagarde: Have To Look At Wage Dynamics From Multiple Angles

ECB
Q: What wage data are you looking at specifically?
  • A: Looking very closely at link between profit unit and cost per unit. Often said that wage indicators are backward looking e.g. Compensation per employee is from Oct.
  • Have internal wage metrics e.g. Wage tracker (Lane) - receive that on an almost constant basis.
  • Also Indeed, which gathers all the vacancies on the Internet and informs on the tightness of the labour market which determines the position of strength in wage negotiations for one party or the other. Seeing stabilisation and on Indeed seeing reduction in positions advertised.
  • Requires that we look from multiple angles - being forward looking is not easy for wages.
Q: There are more staff projections in June - so then makes sense for a cut dependent on the inflation outlook at that point? .
  • A: Are data dependent - make decisions one meeting at a time. Have today confirmed inflation outlook. Info received has shown medium-term inflation outlook is broadly in line with view from Dec. Look at underlying inflation - are seeing decline apart from domestic inflation.
  • Look at monpol transmission. Also look at inflation expectations. And look at latest inflation numbers - Dec was 0.5ppt north of Nov. Was largely caused by base effects and largely from Germany. Disinflation process is at work.
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.