MNI China Daily Summary: Monday, May 13

MNI BRIEF: Beijing Reveals 2024 Bond Issuance Plan

MNI BRIEF: BOJ Cuts Scale Of 5-10 Year JGB Buying By JPY50 Bln

RPT-MNI POLICY:BCB Dissenters Feared Reaction Function Misstep

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1030 Mon; -4.18% Y/Y

MNI UK Labour Market Preview - May 2024 Release

EZ/UK Bond Supply Calendar: EU, IT Syndis; NE, UK, DE Due Tuesday

EZ/UK T-Bill Calendar: Spain, Finland Auction on Tuesday

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Macro Since March FOMC - Labor: Strong Jobs Growth ... [1/3]

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The following posts are an excerpt from the MNI Fed Preview (full note here).
  • Nonfarm payrolls growth again surprised higher in March (303k vs cons 214k) but unlike February’s beat also saw a positive two-month revision even if it was back in January.
  • Chair Powell’s old estimate of 100k being a sustainable monthly pace of payrolls growth has long been dropped after strong immigration-led population growth, and indeed payrolls growth surprising almost 100k higher had less of an impact than might have been the case six months to a year ago.
  • Nevertheless, markets still sold off, aided by other aspects of the establishment survey being generally more hawkish than expected.
  • Average hourly wage growth nearly rounded to 0.4% M/M (0.347% vs cons 0.3), an important reading for a better sense of trend after two months of weather-induced volatility, and hours worked also surprised higher.
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The following posts are an excerpt from the MNI Fed Preview (full note here).
  • Nonfarm payrolls growth again surprised higher in March (303k vs cons 214k) but unlike February’s beat also saw a positive two-month revision even if it was back in January.
  • Chair Powell’s old estimate of 100k being a sustainable monthly pace of payrolls growth has long been dropped after strong immigration-led population growth, and indeed payrolls growth surprising almost 100k higher had less of an impact than might have been the case six months to a year ago.
  • Nevertheless, markets still sold off, aided by other aspects of the establishment survey being generally more hawkish than expected.
  • Average hourly wage growth nearly rounded to 0.4% M/M (0.347% vs cons 0.3), an important reading for a better sense of trend after two months of weather-induced volatility, and hours worked also surprised higher.