MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

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

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (1/2)

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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MARKET INSIGHT
  • There is little doubt that the highlight of today's session will be the FOMC decision (due 19:00BST / 20:00CET) and Chair Powell's press conference (beginning 19:30BST / 20:30CET). Markets are pricing in around 78bp for today's meeting and the sell-side economist consensus is also firm around 75bp and so the key immediate question is the FOMC’s thinking on the magnitude of the next hike. With this in mind, there is likely to be more focus on the state and Powell's presser than the decision itself. A reduction in the size of hikes is likely starting in September, especially given weakening economic data and the ongoing moderation in inflation expectations. But for now the FOMC is likely to be non-committal, apart from saying it anticipates ongoing hikes are appropriate. For the full MNI Fed Preview see here.
  • In terms of data today, the morning session sees the focus on confidence data across the Eurozone after the disappointing German consumer confidence hit we have already seen. These data may affect sentiment somewhat but are unlikely to immediately move markets on release.
  • More importantly we will receive US durable goods orders as well as trade, inventory and pending home sales data.
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