DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

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MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

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Powell On Market Pricing Pretty Close To Fed

FED
  • POWELL: BY AND LARGE, MARKETS HAVE BEEN WELL ALIGNED WITH FED - bbg
  • POWELL: WON'T BLESS ANY PARTICULAR SIGNAL FROM MARKETS - bbg
  • Two weeks ago the SEP showed “a policy rate between 3-3.5% and markets are broadly right in that space somewhere [FF futs implied rate of 3.47% for Dec’22 meeting] and then next year between 3.5-4% [3.23% for Dec’23]. Broadly speaking I think that’s working.”
  • The shape of the yield curve isn’t a top line worry for us right now. We understand our primary focus right now is inflation.
  • Elsewhere, *POWELL: US ECONOMY WELL POSITIONED TO HANDLE TIGHTER POLICY - bbg
  • *POWELL: US ECONOMY IS ACTUALLY IN PRETTY STRONG SHAPE - bbg
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