MNI China Daily Summary: Wednesday, Aug 28

MNI DATA TABLE: MNI China Interbank Liquidity Index (Aug) - 3

MNI DATA TABLE: MNI China Interbank Liquidity Index (Aug) - 2

MNI: PBOC Net Injects CNY19.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1216 Weds; +2.31% Y/Y

CHINA PBOC CONDUCTS CNY277.3 BILLION VIA 7-DAY REVERSE REPOS WEDS

EZ/UK Bond Supply Calendar: Slov Samurai Synd; IT, FI Thursday

US EIA: CRUDE OIL STOCKS EX SPR -0.85M TO 425.2M AUG 23 WK

US MBA: REFIS -0.1% SA; PURCH INDEX +1% SA THRU AUG 23 WK

UK: Week Ahead

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STIR: FOMC March Hike Closer To Fully Priced In

STIR
  • Fed Funds futures are ending the week pricing in 21.5bps of hikes at the Mar meeting (+5.5bps on the week) and 84bps come the end of the Dec meeting (+10bps).
  • It spiked after the payrolls report indicated further tightening in the labour market to almost 23bps for Mar and briefly 90bps for Dec. It then pulled back on broader risk-off retracement and partially with SF Fed’s Daly (non-voter) calling for balance sheet adjustment after one or two gradual hikes.
  • The data focus next week is undoubtedly CPI on Wed, with retail sales and U.Mich consumer inflation expectations on Fri secondary.
  • Biden could announce his Fed Board picks (if he doesn’t later today), the Senate hears Powell’s and Brainard’s nominations and the Dallas Fed holds a town-hall on progress in finding a new president.
  • Of the 2022/23 voters speaking, we have Mester (2022), George (2022) and Bullard (2022) all on Tue, and then after CPI, Evans (2023) on Thu and Williams (permanent) on Fri.
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