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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.0947 MON VS 7.0949

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Mixed Comments From Richmond Fed's Barkin

FED
  • Speaking on CNBC, Barkin (’24 voter) again held back from explicitly revealing a preferred rate path whilst watching data with a lot of time before the Sept FOMC. Consistent with other Fed members he wants to see a sustained period of inflation under control but also included some less hawkish elements.
  • 2Y Tsy yields are up just 0.5bps since Barkin headlines started hitting at 1004ET with the move of the day coming just prior to that from a stronger than expected U.Mich survey.
  • Bloomberg headlines:

*BARKIN: WANTS TO SEE SHORT-TERM RATES IN RESTRICTIVE TERRITORY, STILL MORE TO COME TO GET [THERE] (from likely need to see restrictive on Jul 12)

*BARKIN: WANTS TO SEE PERIOD OF SUSTAINED INFLATION CONTROL
*BARKIN: WANTS REAL RATES IN POSITIVE TERRITORY ACROSS CURVE

Less hawkish tinges:

*BARKIN: TIGHT LABOR MARKET DOESN'T HAVE TO CAUSE INFLATION

*BARKIN:DEMAND DEFINITELY SOFTENING, ESP FOR LOW-INCOME CONSUMER

*BARKIN: MUST BELIEVE BAL-SHEET SHRINKING HAS TIGHTENING EFFECT

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