BRIEF: ECB's Panetta-Time To Start Thinking Of NGEU Successor

MNI China Daily Summary: Wednesday, Aug 21

MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1307 Weds; +2.41% Y/Y

CHINA PBOC CONDUCTS CNY258 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1307 WEDS VS 7.1325

MNI: CANADA JUL INDUSTRIAL PRICES +0.0% MOM; EX-ENERGY -0.2%

US MBA: REFIS -15% SA; PURCH INDEX -5% SA THRU AUG 16 WK

MNI: US MBA: MARKET COMPOSITE -10.1% SA THRU AUG 16 WK

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

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Q&A Begins, Powell Says to Be Guided by Data

FED

Q: Are hikes at consecutive meetings on the table, is every meeting live? Would the Fed consider front-loading some of its hikes?

  • A: "Not possible to predict with much confidence exactly what path for our policy rate is going to prove appropriate. And so at this time we haven't made any decisions about the path of policy...two-sided risks now"
  • "We're going to be guided by the data and the evolving outlook."" We know that the economy is in a very different place than it was when we began raising rates in 2015... these differences are likely to have important implications for the appropriate pace of policy adjustments. Beyond that, we haven't made any decisions."
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