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Macklem Pushes Back On Openness To 75bp Hike

CANADA
  • Having kept open the option of a 75bp hike when asked at a media roundtable last week, Gov Macklem has now pushed back on it a touch more clearly.
  • A 50bp hike is deemed as unusual – but one he explicitly expects to do at the June 1 meeting – but whilst he doesn’t want to rule anything out, he viewed a 75bp hike as “very unusual”.
  • With OIS pricing anywhere between 55-60bps prior to the committee, USDCAD continues to drift higher, now up +0.5% at 1.2776 (+0.1% since the committee).
  • With the next BoC meeting not until Jun 1, we still get the labour and CPI print for April before then.
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