MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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MNI Preview: September: Upside risks to 75bp; reinvestments may end

RIKSBANK
  • We would be inclined to expect a 75bp rather than a 100bp hike for two related reasons: first the passthrough is faster in Sweden to households than in most other markets (due to the higher proportion of mortgages with shorter-term fixes). Second, the Swedish housing market is already looking more vulnerable than other property markets across the developed world.
  • With Floden already having said that he could have favoured an end to reinvestments in Q4 at the June meeting and Skingsley having left the Executive Board, we think there is a good chance that the Riksbank decides to stop bond reinvestments in Q4-22.
  • We have read through and summarized 14 sell side previews, with 12/14 looking for a 75bp hike (the remaining two look for a 100bp hike). While OIS markets price around a 60% probability of a 100bp hike (with 75bp fully priced).
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