MNI BRIEF: BOJ: H’hold 5-Yr Inflation At 5% On Higher Prices

MNI BRIEF: China Steel Export Growth Slows In June

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1315 Fri; -1.12% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1315 FRI VS 7.1339

MNI: SPAIN JUN HICP +0.4% M/M, +3.6% Y/Y

MNI: FRANCE JUN HICP +0.2% M/M, +2.5% Y/Y

Lower-than-expected June Inflation Strengthens Case For August Cut

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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Punchbowl: GOP To Propose Raising Debt Limit By $1.5T Or Until March 31

US

Punchbowl News has reported that House Republicans are preparing to propose raising the federal debt limit by USD1.5 trillion or until March 31, 2024, "whichever comes first, according to multiple sources familiar with the emerging GOP bill."

  • House Speaker Kevin McCarthy (R-CA) told Punchbowl a short time ago that he plans to release the final text of the GOP debt limit bill today and bring the legislation to the floor of the House of Representatives next week.
  • A short-term debt ceiling hike may be designed to allow more time for negotiation if April tax receipts, released at 16:00 ET 21:00 BST today, undershoot expectations.
  • McCarthy will be hoping that passing a debt ceiling bill will be enough to force President Biden to the negotiating table but McCarthy can only stand to lose 4 Republican votes so passage of the bill is not guaranteed despite reports that McCarthy has packed the bill with legislation designed to appease the conservative bloc of his caucus.
  • Any Republican legislation will certainly be stonewalled in the Democrat-controlled Senate.
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