据央行官网，为保持银行体系流动性充裕，2026年1月23日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展9000亿元MLF操作，期 限为1年期。 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan MLF operation on January 23, 2026, to maintain ample liquidity in the banking system [1] Group 1 - The operation will utilize a fixed quantity and interest rate bidding method with multiple price levels [1] - The term of the MLF operation will be for one year [1]

The U.S. Supreme Court heard arguments on Wednesday over President Donald Trump's attempt to fire Federal Reserve Governor Lisa Cook. Here are some takeaways from the arguments in the case, a crucial test for the central bank's independence. ...

Mario Centeno, former Bank of Portugal governor discusses monetary policy, rates and his candidacy for ECB vice president position. He says that as Europe has entered a phase of structural uncertainty, "EU institutions will increasingly be called upon to act as a stabilizing actor" and that a ''voice of consensus'' is his well-known trademark he will be to the ECB if elected vice president. He speaks with Tom McKenzie and Anna Edwards. ...

Core Viewpoint - The European Central Bank (ECB) needs to be vigilant due to the U.S. administration's criticism of the Federal Reserve, which introduces new risks to the economic outlook [1] Group 1 - ECB policymaker Martins Kazaks highlighted the potential impact of U.S. political actions on global economic stability [1]

文/刘佳 1月14日央行公告称，为保持银行体系流动性充裕，2026年1月15日，中国人民银行将以固定数量、利率 招标、多重价位中标方式开展9000亿元买断式逆回购操作，期限为6个月（181天）。 数据显示，因1月有6000亿元6个月期买断式逆回购到期，央行明日开展9000亿元买断式逆回购操作，意 味着当月6个月期买断式逆回购加量续作，加量规模3000亿元，为6个月期买断式逆回购连续第五个月加 量续作，加量规模较上月增加1000亿元，符合预期。 在此之前，央行已于1月8日开展11000亿元3个月期买断式逆回购，结合当月11000亿元到期量，1月3个 月期买断式逆回购为等量续作。综合看，1月两个期限品种的买断式逆回购合计加量续作3000亿元，加 量规模较上月增加1000亿元，为央行连续第8个月通过买断式逆回购向市场注入中期流动性。 此外，1月还有2000亿元MLF到期，业内人士分析，央行也可能等量或小幅加量续作。 不过，王青分析，受稳增长政策发力显效及外需韧性较强等带动，2025年12月官方制造业PMI指数大幅 回升至扩张区间，短期内逆周期调节政策加码需求或有所下降，加之1月央行仍在通过买断式逆回购向 市场注入中 ...

Core Viewpoint - The article discusses the moderate inflation data in the U.S. for December, highlighting a significant rise in food prices and stable prices for goods related to tariffs, while also noting a rebound in rent and core inflation in the service sector. The analysis suggests that the Federal Reserve is unlikely to lower interest rates in January due to the current inflation trends and labor market conditions [2][6]. Inflation Data Summary - The U.S. Consumer Price Index (CPI) rose by 2.7% year-on-year in December, aligning with market expectations, while the core CPI increased by 2.6%, falling short of expectations [2]. - Food prices saw a notable seasonally adjusted month-on-month increase of 0.7%, the highest since 2022, driven by rising prices in dairy products (+0.9%), fruits and vegetables (+0.5%), and other household foods (+1.6%) [3]. - Energy prices increased by 0.3% month-on-month, with natural gas prices rising by 4.4%, while gasoline and fuel prices decreased by 0.5% and 1.5%, respectively [3]. Impact of Tariffs and Cost Management - The impact of Trump's tariffs on inflation has been milder than previously feared, as supply chains and retailers absorbed some costs. This has hindered the downward transmission of durable goods prices, making it difficult to pass on costs to consumers [4]. - There is a concern that companies that have previously absorbed costs without raising prices may eventually increase prices, contributing to inflationary pressures [4]. Rent and Housing Market Insights - Rent prices have rebounded, with the Owner's Equivalent Rent (OER) and primary residential rent increasing from 0.1% to 0.3% month-on-month, indicating a return to normal levels [4][10]. - Despite a cooling labor market and reduced rental demand due to immigration policies, rent inflation is expected to remain moderate, with no signs of a significant downturn in rental prices [4]. Service Sector Inflation Trends - Non-rent core service inflation (supercore) rebounded, with a month-on-month increase from 0% to 0.3%, indicating a recovery in service activities following the government reopening [5]. - Prices related to travel, such as airfare (+5.2%) and hotel accommodations (+3.5%), showed strong increases, while communication services experienced significant price drops, particularly in wireless services due to competitive pricing strategies among major carriers [5]. Federal Reserve's Interest Rate Outlook - The moderate inflation data is insufficient for the Federal Reserve to consider another rate cut in January, especially after three rate cuts in 2025 that brought the policy rate close to neutral levels [6]. - The labor market, while cooling, has not deteriorated significantly enough to warrant a rate cut, and there are concerns about the perception of political interference if the Fed were to lower rates prematurely [6].

Core Viewpoint - The statement from the European Central Bank and other institutions highlights the serious concern regarding the threat to the Federal Reserve's independence [1] Group 1 - The action taken is described as unprecedented, indicating a significant shift in the approach of central banks towards maintaining independence [1]

Core Viewpoint - The Justice Department has threatened the Federal Reserve with a criminal indictment over Fed Chair Jerome Powell's testimony regarding building renovations, marking a significant escalation in the administration's attempts to exert control over the independent institution [1]. Group 1: Federal Reserve's Independence - The independence of the U.S. Federal Reserve is crucial as it wields extensive power over the economy, influencing borrowing costs and economic growth through interest rate adjustments [5]. - Economists favor independent central banks because they can take unpopular measures, such as raising interest rates to combat inflation, without political pressure [6]. - The importance of an independent Fed was solidified after the inflation spike of the 1970s and 1980s, where political pressure led to detrimental economic consequences [7]. Group 2: Political Pressure and Reactions - President Trump has repeatedly criticized Powell for not cutting short-term interest rates and has threatened to fire him, reflecting ongoing tensions between the administration and the Fed [2]. - Trump has accused Powell of mismanaging a $2.5 billion building renovation project, which Powell described as a "pretext" to undermine the Fed's independence [3]. - There is a growing concern among some lawmakers, such as Senator Thom Tillis, regarding the administration's efforts to diminish the Fed's independence [4].

人民财讯1月7日电，香港金融管理局1月7日公布，香港于2025年12月底的官方外汇储备资产为4279亿美 元（2025年11月底为4294亿美元），相当于香港流通货币5倍多，或港元货币供应M3约38%。 转自：证券时报 ...