MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

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MNI China Daily Summary: Thursday, July 25

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

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MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

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

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VIEW CHANGE: Berenberg looks for 5.25% terminal rate

BOE
  • "We now expect three instead of two 25bp rate hikes by the BoE at its meetings tomorrow (22 June), 3 August and 21 September (new). The risk to our call is tilted towards more aggressive tightening, including a possibility that the BoE may opt for a 50bp move at one of its next two meetings."
  • "We now project the bank rate to be at 5.25% (was 5.0%) at the end of 2023 and 4.0% (was 3.5%) one year later."
  • "Due to the shift away from floating-rate mortgages towards fixed-interest products over the past decade, the pass-through of monetary policy to consumption via the housing market takes longer than in the past. But it will still happen, in our view. This highlights the risk that, if the BoE overreacts to near-term inflation surprises, it may set the stage for an inflation undershoot once the full effects of its prior policy decisions play out."
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