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Macklem Opens Door To 75bp Hike, Desjardins Walk Through It

CANADA
  • When asked whether the BoC can move more than 50bp, Gov. Macklem said: “I've used the wording that we need to normalize monetary policy reasonably quickly, and we're prepared to be as forceful as needed, and I'm really going to let those words speak for themselves”.
  • We would caveat that though by adding that he said almost an identical answer when asked at the BoC presser if the market is correct to interpret moving forcefully as a 50bp hike.
  • Nevertheless, the comments plus the CPI beat on Wed, have seen Desjardins now call for a 75bp rate hike on Jun 1, in a particularly front-loaded call after which they expect 2x25bp hikes in Q3 after which the Bank pauses in Q4 at 2.25%, the low end of the 2-3% neutral estimate.
  • Next commentary set for Mon with Macklem and Senior Dep Gov Rogers appearing at the 2hr House finance committee.
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