MNI: PBOC Sets Yuan Parity Higher At 7.1201 Mon; -1.20% Y/Y

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1201 MON VS 7.1196

MNI BRIEF: China Hopes EU To Ease Frictions Via Negotiations

MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1196 Fri; -1.41% Y/Y

MNI: BAKER HUGHES US RIG COUNT 588; OIL RIGS 485; GAS RIGS 98

EZ/UK Bond Supply Calendar: EU Auction, BoE APF Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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Potential Fed Vacancy Picks [2/2]

FED
  • The second upcoming vacancy is when Richard Clarida’s term ends Jan 31, 2022. Lael Brainard will take over as Vice Chair, conditional on Senate confirmation, leaving a regular Board position open.
  • This is in addition to the longstanding vacancy as the seventh member of the Board.
  • Contenders have included Lisa Cook, a Michigan State University economist (supposedly supported by Sen. Brown) and William Spriggs, Chief Economist to the AFL-CIO, according to White House staff earlier this year.
  • Spriggs should be seen as a particularly dovish addition having criticized the FOMC’s more hawkish pivot on Wed.
  • However, barring some really radical picks, we would fade any market reaction, particularly in the shorter-end of the curve, as monetary policy is unlikely to change after the widely hawkish and coordinated FOMC tilt whilst inflation is such a hot topic (and one individual is only 1 of 12 votes).
  • A larger impact is likely political and what appointment compromises must be made elsewhere to appease the GOP in a 50/50 Senate, depending on who Biden wants as his picks.
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