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CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

MNI: BANXICO HOLDS INTERBANK RATE STEADY AT 11.00%

MNI BRIEF: Fed's Bowman Says Policy Appears To Be Restrictive

1 and 3-Year Consumer Inflation Expectations Edge Down Slightly

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%

CORRECTION: France Flash HICP In-Line

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

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

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Minutes: Floden

RIKSBANK
  • "At the June meeting, I emphasised the option of reducing the repo rate if the development of inflation is weaker than in our forecast. A rate cut may still become relevant, although I think that it has now become easier to also see scenarios in which surprisingly high and persistent inflation means that the repo rate needs to be raised during the forecast period."
  • "I would like to stress that I consider the likelihood of a rate adjustment becoming justified in the first half of the forecast period to be low; it would require fairly major changes in the assessment of inflationary pressures to justify a lower or higher repo rate."
  • "At the June meeting... My view was that the repo rate may need to be raised in the second half of 2024 to ensure that inflation is not too high in the years beyond our forecast horizon. I nevertheless supported the assessment that an unchanged repo rate up until the end of the third quarter of 2024 seems to be appropriate monetary policy in combination with the rest of the economic forecast."
  • "My thoughts on this issue are approximately the same today as they were at the last meeting. The fact that inflation is higher in the near term has not affected our assessment of inflationary pressures in the longer term, and therefore has no direct impact on the assessment of which monetary policy will be appropriate in the main scenario towards the end of our forecast period. With the same hesitation as at the last meeting, I therefore support the assessment that the repo rate should be held unchanged at zero per cent until the end of the third quarter of 2024 if the economy develops in line with our forecast"
  • On QE: "If the reduced purchasing rate between the fourth quarter of this year and the first quarter of next year does not lead to major reactions on the financial markets, there may be scope to continue to reduce purchases without it leading to any significant tightening of the financial conditions."
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