MNI BRIEF: Fed's Kugler Sees Renewed Progress On Inflation

MNI BRIEF: IMF Cuts Japan 2024 GDP View To +0.7% Vs. Apr 0.9%

CANADA JUNE CPI +2.7% YOY VS FORECAST +2.8%, PRIOR +2.9%

MNI BRIEF: All Options Open Next Meeting - BCB Deputy Galipolo

MNI China Daily Summary: Tuesday, July 16

MNI: PBOC Net Injects CNY674 Bln Via OMO Tue; Rates Unchanged

EZ/UK Bond Supply Calendar: Greece, UK, Germany Due Wednesday

EZ/UK T-Bill Calendar: Portugal, EU Auction on Wednesday

MNI: US MAY BUSINESS INVENTORIES +0.5%; SALES +0.0%

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Williams: Restoring Price Stability Of Paramount Importance - Reuters

FED
  • Reuters reports NY Fed’s Williams saying restoring price stability is of “paramount importance”.
  • Combined with Barkin's earlier comments, there has been only limited reaction for Fed rate expectations, still showing 17-18bps priced for the July FOMC whilst the Dec’23 implied rate has lifted 1bps to 5.24% but only back to late Fri levels.
  • Barkin (‘24 voter) told the WSJ’s Timiraos: “There are just a lot of embedded pandemic-era forces that are working against this tightening,” … “I didn’t fully anticipate how much the move in interest rates would convince people not to put their houses on the market.” More here.
  • The paramount importance echoes Bostic ('24 voter) last week telling MNI he wants rates on hold until end 2024. More on that here.
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