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Macro and Prices
The week ahead is packed with several central bank meetings and important high-frequency economic data. The week begins off with China's April PMI over the weekend. The world's second-largest economy is being hit by the lockdowns as part of the policy response to the outbreak of Covid. However, the economic impact seems somewhat milder than when the pandemic first arose in Q1 20, and the economy shrank by 10.3% quarter-over-quarter. Still, more stimulus measures from Beijing and the PBOC seem likely. The Reserve Bank of Australia meets on May 3. The market's perception of the likelihood of a hike increased markedly ... (full story)