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 Preview: Time to stop private purchases?

RIKSBANK
  • With the ECB moving to a less dovish setting, and the next Riksbank meeting not for another 11 weeks, we think the decision will be made at this meeting to reduce reinvestments in Q2, with the pace of purchases of govvies and munis remaining unchanged to the Q1 pace of GBP12bln/quarter but covered (and potentially corporate) bond purchases either being slowed or stopped for Q2.
  • The MNI Markets team would expect a rate hike to be signalled by Q2-24, with some small probability of a hike late in 2023.
  • In terms of market reaction, the decision on whether to continue the Q1 pace of reinvestments or to end covered / corporate purchases would have a significant impact on spreads.
  • If our view of the repo rate path (a hike by mid-2024) is realized this would likely see SEK depreciate.
  • For the full MNI preview including summaries of 11 sellside analyst views click here.
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