MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Powell Acknowledges Easing Inflation, Remains Above Target

FED
  • Inflation has eased over the past year but remains above our target. The lower inflation readings over the past several months are welcome, but we need to see further evidence to be confident that inflation is moving down sustainably toward target.
  • Powell closes the opening remarks by reminding that the FOMC still reserves the right to hike again, borrowing from the language of his last speech before this meeting:
    • While we believe that the policy rate is likely at or near its peak, the committee has surprised in many ways since the pandemic, and ongoing inflation progress is not assured. We are prepared to tighten policy further if appropriate, committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation sustainably down to 2% over time and to keeping policy restrictive until we're confident that inflation is on a path to that objective.
    • In the Dot Plot, Powell notes that while participants don't view it as appropriate to hike further, neither do they want to take the possibility off the table.
    • "In light of the uncertainties and risks and how far we have come, the Committee is proceeding carefully. We will continue to make our decisions meeting by meeting, based on totality of the incoming data and their implications for the outlook for economic activity and inflation, as well as the balance of risks."
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