MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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USD Spikes As Powell Suggests March Cut Unlikely

FED
  • Powell says doesn't think Fed will have confidence to cut by the March meeting
  • "Based on the meeting today, I would tell you that I don't think it is likely that the Committee will reach a level of confidence by the time of the March meeting to identify March at as the time to do that, but that is to be seen. When you ask me about 'In the near term', I am hearing that as March. I would say, it is probably not the most likely case, or what we would call the base case."
  • On whether a cut will be the start of a cutting cycle or a one-off:
    • "That will depend on the data... there are risks that would cause us to go slower, for example, stronger inflation...there are risks that could happen that would cause us to go faster or sooner, and that would be a weakening in the labor market or very persuasive, lower inflation. So we will just be reacting to the data. That is the only way we can really do this."
  • The USD has risen substantially on the back of this comment with USDJPY rising around a big figure to trade back above 147.00 from a 146.01 low just prior.
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