MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

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

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

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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US March Hike Expectations Take A Step Back

STIR
  • Latest Fedspeak has taken the edge off market pricing, with Fed Funds futures pulling back to seeing a 7.5% probability of a 50bp hike in March from above 20% earlier today.
  • There is currently just under 29bps priced for March and 120bps for 2022 (125bps earlier).
  • Bostic (non-voter, hawk) surprised by changing weekend comments that a 50bp hike or back-to-back hikes could be appropriate to saying 50bp is not his preferred policy action and that he sees three hikes through the year.
  • Daly (non-voter, dove) earlier said she’s not comfortable with high inflation and sees rate increases as early as March but they have to be gradual and not disruptive... with 4 hikes in 2022 "quite a bit of tightening" but still quite a bit of accommodation left in the system.
  • George (2022 voter, hawk) noted more forceful balance sheet shrinking could allow the Fed to hike less aggressively, which she said could help avoid financial imbalances.
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