MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Pricing Still Questions FOMC Median, With Mester Further To Upside

STIR FUTURES
  • Fed Funds implied hikes have cooled in recent hours to 67bps for the Nov 2 FOMC whilst rates for meetings further out also roll over but continue a recovery on the day at 4.22% for Dec'22, 4.50% terminal for Mar'23 and 4.25% for Dec'23.
  • Cleveland Fed's Mester ('22 voter) elaborates from her earlier CNBC appearance that she sees a rates a "little bit above" than the median rate path, i.e. most likely one of the six dots pencilling in 4.75-5% for 2023 vs the median 4.6%.
  • Bloomberg headlines:

*MESTER: SEES INFLATION AS MORE PERSISTENT THAN MEDIAN IN SEP

*MESTER: `HAVE TO MAKE SURE WE DO ENOUGH' TO CONTROL INFLATION

*MESTER: RISKS ARE CHANGING AS WE GET THE FUNDS RATE UP

*MESTER SAYS RECESSION WON'T STOP FED FROM RAISING RATES

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