BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

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

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MARKET INSIGHT
  • The key event of the day will be the ECB meeting. While consensus expects no material change in policy at the April ECB meeting, the MNI Markets team believe that it is a close call and that markets should be prepared for a hawkish surprise. Inflation has accelerated rapidly since the last meeting and waiting until September or later before starting to unwind negative rates feels like an exceptionally long time given the magnitude of recent inflation surprises and upside risks to energy prices. If the GC does decide to hold fire in April this would merely up the ante on the June meeting, but could also mean that the ECB is left playing catch up should wage demands start to reflect higher spot inflation. For the full MNI ECB Preview click here.
  • Markets currently price 15bp for July, 28bp by September, 41bp by October and 74bp by the December ECB meeting (so almost fully pricing three 25bp hikes by year-end). Year-end pricing was below 60bp a week ago and only moved above 50bp towards the end of March.
  • Elsewhere we also have US retail sales, weekly claims and Michigan confidence numbers with the Fed's Williams, Mester and Harker all due to speak.
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