MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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STIR: Modest Hawkish Adjustment In Fed Pricing After PPI

STIR
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The combination of hawkish leaning PCE components within the PPI reading (compared with the CPI readthrough, confirming our thoughts from yesterday), coupled with the lower-than-expected weekly jobless claims readings, counters the knee-jerk dovish move that followed the softer-than-expected headline PPI data.

  • Fed Funds pricing little changed to 2bp less dovish vs. pre-data levels, with 7.5bp of cuts priced through May, 22.5bp showing through June, 33bp through July, 50bp through Sep and 68bp through Dec.
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The combination of hawkish leaning PCE components within the PPI reading (compared with the CPI readthrough, confirming our thoughts from yesterday), coupled with the lower-than-expected weekly jobless claims readings, counters the knee-jerk dovish move that followed the softer-than-expected headline PPI data.

  • Fed Funds pricing little changed to 2bp less dovish vs. pre-data levels, with 7.5bp of cuts priced through May, 22.5bp showing through June, 33bp through July, 50bp through Sep and 68bp through Dec.