MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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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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