MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

MNI: US JUL PHILADELPHIA FED NONMFG INDEX -19.1

EZ/UK T-Bill Calendar: 3/6-Month RATB Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

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

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Powell Reiterates FOMC Will Look At Totality Of The Data

FED
  • Q: If growth were to surprise to the upside next year, would it still be possible to cut rates?
    • A: We'll look at the totality of the data... it's ultimately all about the outlook and the balance of risks as well.* [Above-trend growth] is only a problem insofar as it makes it difficult for us to achieve our goals. If it keeps the labor market very strong, it probably will place upward pressure on inflation, meaning need to keep rates higher for longer or ultimately would need to hike again.
  • Q: How do you look at the labor market now?
    • A: A lot of things show better balance: job growth strong but more sustainable given population growth and participation...claims are low... business surveys show labor shortages significantly alleviated... wages are still running a bit above what would be consistent with 2% inflation - they've been gradually cooling off but at around 4% that's still a bit above. The unemployment rate is very very low. But overall the development of the labor market has been very positive.
  • Q: Public opinion shows discord about economic conditions, how do you explain this disconnect with your forecasts?
    • A: People are still living with high prices, and that's something that people don't like. What will happen, real wages are now positive as inflation comes down, and that might help improve the mood of the people.
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