MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Powell's Initial Comments Lean Slightly Dovish

FED

Powell says that the last inflation reading (ie May), and the one before it (ie April) "to a lesser extent", do suggest that "we are getting back on a disinflationary path"...we want to be more confident that inflation is headed sustainably to 2% before loosening policy. "What we would like to see is more data like we've been seeing recently".

  • On a 12-month basis, 2.6% PCE in May represents "really significant progress" on inflation. But "we have the ability to take our time and get it right".
  • Asked about a cut in September, Powell laughs, saying he's not going to give any specific dates, reminding that there are risks of going too soon or too late.
The initial read on Powell is very slightly dovish if only because asked, point blank, whether the Fed was eyeing a cut in September, he didn't dismiss it out of hand. And in discussing the data, he has emphasized significant progress in inflation. But you have to squint pretty hard to get an unambiguously dovish take here: it's doubtful that he is intentionally changing the messaging in any way from the June FOMC meeting.
Metals bulletHomepagemarkets-real-timeCreditCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals bulletHomepagemarkets-real-timeCreditCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.