MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

Weak May Releases Raise Further Recovery Into Question

EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

US NFIB JUN SMALL BUSINESS INDEX 91.5

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Powell Says A Rate Pause Was Considered Ahead Of Meeting

FED
  • Powell: We considered a pause in the days ahead of the meeting.
  • Powell says the 25bp hike was supported by a "very strong consensus".* The data has come in stronger than expected.
  • In fact a couple of weeks ago it looked like we'd need to raise rates more than we expected in December (5.1% median, recall).
  • We assess that the events of the last two weeks are likely to result in some tightening of credit conditions.. such a tightening in financial conditions would work in the same direction as rate tightening. You can think of it as being the equivalent of a rate hike, or perhaps more than that. Of course, it's not possible to make that assessment today with any precision whatsoever.
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