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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MNI Fed Review - Sep 2023: Economy Too Strong For Comfort

FED

We've just published our review of the Fed's September meeting, including 27 sell-side analyst summaries.

  • The FOMC’s September meeting decision was a “hawkish hold”, with the communications making clear that “higher for longer” now means “longer” if not “higher” than the FOMC thought a few months ago.
  • The Fed’s shift was based on much stronger-than-expected economic growth in recent months, not renewed concerns about inflation per se, with Chair Powell calling a soft landing a “primary objective” though not necessarily his base case.
  • Markets took the message seriously, with 2024 rate cut expectations pulled back sharply.
  • However, the FOMC’s data-dependent approach still leaves upcoming decisions in the balance, with softening inflation opening the door to a rate hold through end-2023 versus the hike in the Dot Plot.
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