So Tuesday's bout of post-pandemic euphoria in Chinese markets has cooled today, perhaps a recognition of just how long it will likely take to materially raise vaccination rates there.
But neither have markets given back yesterday's gains, so there's clearly an expectation Beijing is now set on opening up which has to be positive for the global economy and supply chains over time. So the message will likely be:"Hold your horses on rate cuts people." The labour market is drum tight and inflation of 7.7 per cent is not 2 per cent. The terminal rate will have to be higher than first thought to be sufficiently restrictive and stay there for longer.
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