MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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View Change: Credit Suisse: Now expect two hikes in 2022 (up from one)

BOE
  • “A slowdown in growth can weigh on labour demand, but if labour participation remains weak as we expect, a material rise in unemployment can be avoided. As a result, we expect two more 25bps hikes in 2022 in June and August (compared with one more hike in August before ), such that rates reach 1.5% by the end of 2022 (compared with 1.25% before).”
  • “Our call for a June hike is a close call and key would be to see how the economy reacts to the real income shock.”
  • “The BoE is forecasting growth to slump in Q4 2022. So we expect the BoE to pause after August 2022 to review if its very weak forecasts come to pass.”
  • “We think the risks of inflation getting embedded in a tight labour market and higher inflation for longer means that the BoE ultimately needs to carry on with its hiking cycle. We expect three more hikes in 2023 and rates at 2.25% by end 2023.”
  • “We expect gilt sales to start in Q4 2022 at around £4-5bn a month.”
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