Next narrative please

 Brainard’s last three speeches contained the word patience 7 times, then 4, and now zero times (most recent speech June 1). Unlike Kaplan, Brainard matters.

Today the Fed says: ready to take profit on some ETF longs.

June FOMC is getting a wee bit interesting, Smithers. pic.twitter.com/attXn9TLkg— ʎllǝuuop ʇuǝɹq (@donnelly_brent) June 2, 2021 

"it may be time to at least think about thinking about tapering"

"we will remove accommodation carefully and methodically as the economy continues to strengthen... Our goal here is to be boring."

The Federal Reserve will soon begin selling off the corporate bonds and exchange-traded funds it amassed last year through an emergency-lending vehicle set up to contain the Covid-19 pandemic’s economic fallout.

After expanding in April, overseas demand shrank as the measure for new export business slipped into contractionary territory.

Surveyed enterprises blamed the dip on the adverse effects of the pandemic overseas

Now the focus is on China Evergrande Group, the mainland’s most indebted real estate developer.

Beijing’s financial regulators — scarred by the Baoshang bankruptcy — are looking into alleged related-party transactions between Evergrande and Hong Kong-listed Shengjing Bank Co., according to WeNews, a premium service of Caixin, the influential Chinese financial news outlet.

Shengjing, based in the northeast Liaoning province, counts Evergrande as its largest shareholder. Through opaque dealings, the bank bought a lot of the developer’s bonds, which other investors stayed away from, Caixin reported.

Shengjing reportedly has 130 billion to 150 billion yuan ($23.5 billion) total exposure to Evergrande.

That’s a huge amount for a commercial bank in a provincial city.

With just 79 billion yuan in Tier-1 capital, liquidity issues at Evergrande could have wiped out Shengjing’s entire equity buffer, resulting in a possible bankruptcy or state-led bailout.

Owning a bank can be useful for a developer whose leverage ratios have crossed Beijing’s regulatory “three red lines,”

Beijing may shrug if Hong Kong’s stock market periodically suffers from small-cap flash crashes. That’s just local business. But when capital market operations offshore start to affect the health of China’s own banks, be assured that China will care. 

Xiao was carted off from his Four Seasons Hotel residence in Hong Kong in 2017 and taken to the mainland where he is believed to be detained.

Lai was executed early this year.

If Beijing feels a deeper cleansing is required in Hong Kong, who knows what liberties now enjoyed by the financial industry will be at risk.

Senator Tom Cotton, an Arkansas Republican, said in a statement on Wednesday that “it’s imperative the U.S. government continue to expand this list of Chinese military companies - these firms shouldn’t have access to U.S. technology and capital markets. We are arming and funding our leading competitor.”

The Biden administration is set to keep a large number of previously listed entities and Treasury’s Office of Foreign Assets Control will add new entities as part of the order, one of the people said. Treasury would consult the State and Defense departments in the listing process.

Some factors suggest caution to chase USDCNH lower at current level.

Firstly state media, even those who do not usually comment on RMB, warned that RMB will exhibit two-way volatility and one sided RMB appreciation cannot be sustained.

Secondly, PBoC frequent commentary and policy adjustment showed they are really determined to curb further near term quick YUAN appreciation.

Lastly, Chinese firms overseas dividend season Jun–Aug may result in strong demand for USDCNY.

Today’s Shanghai Securities news article says in 2018 and 2019, CNY depreciated 6.4% and 3.4% respectively in 2018 and 2019 from early Jun to end of Aug.