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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Local Banks See BoC Undeterred By Jobs Report

CANADA
  • BMO: Some details were on the sluggish side, notably average hourly wage growth down a tenth to 3.3% Y/Y or half the rate of headline CPI inflation. Supply of new workers may be beginning to be the binding constraint on growth which won’t dissuade the BoC from their tightening path.
  • CIBC: A little weaker than expected but not enough to change the overall view of a very strong labour market. The BoC shouldn’t be deterred from another 50bp hike before reverting to 25bp moves.
  • The dip in wage growth from 3.7% to 3.4% Y/Y (permanent employees) could have been compositional, with wages biased higher in Apr’21 when renewed restrictions forced job losses in lower-paying service industries – this should drop out by Jun/Jul.
  • National: The report still depicts a strong labour market all over Canada compared to pre-pandemic levels - the BoC should get to neutral by summer (100bp hikes to 2-3% low end).
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