MNI BRIEF: Japan Jan Tokyo CPI Rises 4.3%; Highest Since 1981

MNI BRIEF: Frugals Block EU Feb Summit Call For Joint Funding

MNI BRIEF: BOC Rate-Cut Talk Is Premature, Macklem Says

JAPAN JAN TOKYO CPI ENERGY COSTS +26.0% Y/Y; DEC +26.0%

MNI JAPAN JAN TOKYO CORE CPI +4.3% Y/Y; DEC REV +3.9%

MNI: FED BALANCE SHEET TOTAL ASSETS -$18B TO $8.471T

(RPT)MNI INTERVIEW: BOC In One And Done Zone - Chamber

Rpt- MNI INTERVIEW: BOC Losses May Dent Inflation Fight- Tombe

MNI BRIEF: EU Sees Statement After UK-EU Talks This Afternoon

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Post-CPI Commentary From Fed and Other Officials

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  • Daly (’24 voter): Time is now to step down on rate hike pace but pausing is not a subject of discussion. Jobs growth stronger than we need it to be and US inflation data ‘good news’ but ‘far from a victory’. Need to see positive traction on getting to 2% inflation, not prepared to make mistake of higher inflation expectations.
  • Logan (’23): Oct CPI data a welcome relief but a long way to go, may soon be appropriate to slow rate increase pace. Process of cooling off economy is just getting started, must focus on promptly restoring price stability.
  • Harker (’23): Favours a possible pause in rate hikes when the Funds rate hits around 4.5%, noting that policy lags may not be as long as previously thought and that he’s hearing more signs of a slowing economy from local contacts [pre-prepared remarks].

  • Atlanta Fed economist Meyer: An unexpectedly softer U.S. CPI report for October paints a rosier picture of moderating inflation than is likely the case. Roughly 60% of the CPI basket is still rising at rates above 5%, and alternative measures of underlying inflation remain "very elevated, reflecting broad-based price pressure," he said. “This is a better report than we’ve seen over the past several months, but only slightly. The topline numbers are overstating the improvement in underlying inflation”.
  • Yellen: Cautions against overreacting to report; housing/rent component to fuel inflation well into 2023.
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  • Daly (’24 voter): Time is now to step down on rate hike pace but pausing is not a subject of discussion. Jobs growth stronger than we need it to be and US inflation data ‘good news’ but ‘far from a victory’. Need to see positive traction on getting to 2% inflation, not prepared to make mistake of higher inflation expectations.
  • Logan (’23): Oct CPI data a welcome relief but a long way to go, may soon be appropriate to slow rate increase pace. Process of cooling off economy is just getting started, must focus on promptly restoring price stability.
  • Harker (’23): Favours a possible pause in rate hikes when the Funds rate hits around 4.5%, noting that policy lags may not be as long as previously thought and that he’s hearing more signs of a slowing economy from local contacts [pre-prepared remarks].

  • Atlanta Fed economist Meyer: An unexpectedly softer U.S. CPI report for October paints a rosier picture of moderating inflation than is likely the case. Roughly 60% of the CPI basket is still rising at rates above 5%, and alternative measures of underlying inflation remain "very elevated, reflecting broad-based price pressure," he said. “This is a better report than we’ve seen over the past several months, but only slightly. The topline numbers are overstating the improvement in underlying inflation”.
  • Yellen: Cautions against overreacting to report; housing/rent component to fuel inflation well into 2023.