MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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Mester: Not Ready To Say If Need Larger Hike Next Meeting

FED
  • Cleveland Fed’s Mester sees the latest CPI data as a ‘cautionary tale’ for policymakers with good price disinflation seeming to be slowing although notes we seen wages moderating a bit.
  • Following her earlier comment that she saw a ‘compelling’ case for a 50bp hike at the last meeting and continues to see inflation forecast risks to the upside, she sees the Fed needing to make decisions on hike size meeting by meeting but isn’t ready to say if the Fed needs a bigger hike at the next.
  • Whilst technically a ’24 voter, she’s potentially in line to vote in Chicago Fed Goolsbee’s position until a replacement is found if he is indeed made Vice Chair as the WSJ suggested could be the case yesterday.
  • Market pricing continues to hold a cumulative 49bp of hikes over the March and May meting after a 2.5bp boost on stronger data.
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