MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

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

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

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MNI BRIEF: Bank of Korea Keeps Policy Rate At 3.50%

Activity data stronger-than-expected; little impact on near-term monpol

MNI: GERMANY JUNE FINAL HICP +2.5 % M/M, +0.2% Y/Y

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

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Voting Underway On GOP Energy Legislation HR1

US

The US House of Representatives is now voting on House Republican's flagship energy legislation HR1.

  • WaPo: “The sprawling 175-page package, known as the Lower Energy Costs Act, would slash some environmental regulations and reinstate suspended oil and gas leases. It also would repeal parts of the Democrats’ landmark climate law, the Inflation Reduction Act.”
  • The package is expected to pass the House with several Democrat lawmakers likely to vote in favour of the bill - notable as the past four HR1 bills (the title applied to the highest priority bill) have received entirely partisan votes.
  • The White House and Senate Democrats have made it clear that the package will go no further than the House with President Biden lining up a veto in the event that Senate Democrats approve the bill.
  • Senate Majority Leader Chuck Schumer (D-NY) said ahead of the vote: "HR1 is dead on arrival in the Senate, not because of politics, but because it's so ridiculous and has been drawn up by a bunch of pro oil senators of no regard for anything else. No Democrat has been consulted."
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