MNI China Daily Summary: Monday, May 6

MNI: China CFETS Yuan Index Up 0.03% In Week of Apr 30

MNI: PBOC Net Drains CNY8 Bln Via OMO Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0994 Mon; -4.33% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.0994 MON VS 7.1063

PPI ex-energy remains at -1.3%Y/Y in March

MNI: EUROZONE MAR PPI -0.4% M/M, -7.8% Y/Y

Services PMIs improve more in core than periphery vs March

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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### POV: Maybe the markets are too...>

US TSYS/STOCKS
US TSYS/STOCKS: ### POV: Maybe the markets are too complacent about eventual Fed
rate hikes? The bond and stock market behavior suggests it may be overconfident
that the Fed won't be able to actually keep its expected December 25-bps U.S.
rate hike, after most likely announcing the Q/E balance sheet taper program in
Sept. FOMC, then starting to do it in October. 
- The market is "very disbelieving," said MUFG's John Herrmann. But he estimates
the US economy will drove 2% in 2017, "maybe even 2.2% next year, then 1.8%-1.9%
in 2019," while "the unemployment rate could decline 60-70 bps from where we are
now," at 4.3%, "to 3.5%, 3.6% by 2019%" after hitting 3.8%-3.9% by end-2018.
"The idea that the Fed is only going to hike once next year is a crazy idea," he
added. "Even if the Fed does not believe in the Phillips curve, we should have
the Fed Funds rate at its neutral level, which is 1.5%-1.7%" compared to current
FFR range of 1.0%-1.25%, he added. 
- Herrmann adds in next "5-6 weeks," mkts are "still not out of the woods" yet
amid potential turmoil in Washington DC, and need to deal with politics, tax
reform, Tsy debt limit and new 2018 fiscal yr budget (fiscal yr starts Oct. 1).

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