MNI BRIEF: Fed's Kugler Sees Renewed Progress On Inflation

MNI BRIEF: IMF Cuts Japan 2024 GDP View To +0.7% Vs. Apr 0.9%

CANADA JUNE CPI +2.7% YOY VS FORECAST +2.8%, PRIOR +2.9%

MNI BRIEF: All Options Open Next Meeting - BCB Deputy Galipolo

MNI China Daily Summary: Tuesday, July 16

MNI: PBOC Net Injects CNY674 Bln Via OMO Tue; Rates Unchanged

EZ/UK Bond Supply Calendar: Greece, UK, Germany Due Wednesday

EZ/UK T-Bill Calendar: Portugal, EU Auction on Wednesday

MNI: US MAY BUSINESS INVENTORIES +0.5%; SALES +0.0%

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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MNI BOE Review: Hybrid Forward Guidance

BOE
  • The MPC voted to raise rates by 25bp to 0.50% and immediately end reinvestments of maturing gilts held under the APF, as expected.
  • However, unexpectedly four members hawkishly dissented, with Haskel, Mann, Ramsden and Saunders all voting for a 50bp hike.
  • We note that the forward guidance is now a hybrid of that seen in Aug/Sep/Dec with the Nov guidance, combining "coming months" with modest tightening".
  • MNI Markets team looks for further 25bp hikes in March and May, but we think the market has got a bit carried away with pricing for H2-22.
  • The full document includes summaries of 24 sell-side analyst reviews and their new forecast.
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