BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

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

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MNI POLITICAL RISK - Biden To Unveil His FY2025 Budget Today

US
  • At 12:00 ET 16:00 GMT today, President Biden will send his Fiscal Year 2025 budget request to Congress. It is expected to expand on a populist economic agenda which Biden laid out in his State of the Union Address on Thursday. The budget request has little chance of becoming law but will provide a blueprint for the agenda which will underpin Biden’s re-election campaign.
  • The headline proposal in Biden’s budget is a hike in corporation tax and a 25% minimum levy on billionaires which Biden argued in his SOTU would cut the deficit by USD$3 trillion over 10 years. The budget would also boost child tax credits and cut taxes for low- and middle-income families.
  • The personal relationship between President Biden and Israeli Prime Minister Benjamin Netanyahu is becoming increasingly strained as the White House struggles to reign in the Israeli leader whilst maintaining support the people of Israel.
  • The centrist political organisation, No Labels, voted internally on Friday to proceed with its 2024 third-party presidential bid, despite not having a high-profile candidate willing to lead the ticket.
  • Former President Donald Trump has emerged as a potential spoiler to legislation which would force the Chinese company ByteDance to sell the social media app TikTok.
  • Poll of the Day: Biden outperformed expectations at his SOTU but his approval rating on key issues remains unchanged.
Full article: US Daily Brief
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