CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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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What to watch (2/2)

MARKET INSIGHT
  • The BOE on Thursday is expected to keep rates on hold this week. There has been a sharp change in both market and analyst views following the emergence of the Omicron variant. Moves have been exacerbated firstly by Saunders' comments - after voting for a hike in November, he seemed less than convinced he would repeat the move in December with the uncertainty of Omicron. Second, with the government bringing into force its Covid-19 Plan B. Markets are now pricing around a 20% probability of a December hike while on our first read of BOE previews, 4/20 analysts look for a December hike (13 of these analysts had looked for a December hike following the November meeting).
  • Note that this morning we are seeing the pound underperform and the short sterling strip move higher after the UK raised its Covid-19 Alert Level from Level 3 to Level 4 and the press speculated about further restrictions to be brought in.
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