MNI: FED’S POWELL: TIME HAS COME FOR POLICY TO ADJUST

MNI China Daily Summary: Friday, Aug 23

MNI: PBOC Net Injects CNY241.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Fri; +2.17% Y/Y

CHINA PBOC CONDUCTS CNY379.3 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 FRI VS 7.1228

MNI: US JUL NEW HOME SALES +10.6% TO 0.739M SAAR

EZ/UK Bond Supply Calendar: EFSF RfP Sent, EU-Bonds Due Monday

MNI: CANADIAN JUN RETAIL SALES -0.3%; SALES EX-AUTOS/PARTS +0.3%

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

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Lagarde: We're Trying To Have As Much Optionality As We Can

ECB

Q: Is this announcement a statement that you are dropping ‘gradual normalisation’ in preference for a ‘whatever it takes’ approach to undesirably high inflation?

  • A: The GC will maintain optionality, data dependence, gradualism, and flexibilty in the conduct of monetary policy. There will be circumstances where one of these four may be more important than the other. We are trying to have as much optionality as we can.

Q: On tackling fragmentation, would the new instruments only be designed and launched once the existing instruments have been fully utilised?

  • A: Within our mandate, we are committed to preventing fragmentation risks. We know how to design and how to deploy instruments as necessary.
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