BRIEF: Fiscal Commitments "Critical" - Eurogroup's Donohoe

MNI BRIEF: Fed's Kashkari: 1-2 Years Before Inflation Hits 2%

KASHKARI: WILL TAKE A YEAR OR TWO TO RESTORE 2% INFLATION

MNI China Daily Summary: Thursday, June 20

MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

CHINA PBOC CONDUCTS CNY20 BILLION VIA 7-DAY REVERSE REPOS THU

Homebuilding Set To Keep Softening As Pullback In Permits Continues

Employment Insurance -2.8% In April But +15% From Year Earlier

MNI: US Q1 CURRENT ACCOUNT GAP -$237.6B

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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What to watch

MARKET INSIGHT
  • Inflation remains the big buzzword in the markets and for central bankers, and so this morning's flash releases of French, Italian and Portuguese HICP will be closely monitored after the big upside surprises seen in Spanish and German prints yesterday (and the ensuing repricing of market ECB rate hike expectations that at one point saw 50bp almost fully priced by October (now back to 44bp at writing).
  • The biggest story overnight concerned a large potential release of oil from the US's SPR (Strategic Petroleum Reserve). This would incresae supply on the market and has caused Crude and WTI to fall by $4-5/bbl at the time of writing (off the overnight lows). Any further developments to this story will be closely watched, too.
  • We have already had the final UK print of Q4 GDP where consumption and investment were revised lower, but GDP revised higher due to a much smaller than expected current account deficit.
  • We also have a slew of US data: personal income / spending, PCE, weekly claims data and the MNI Chicago PMI.
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