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Analyst Takes On The Modest Beat For Monthly GDP

CANADA
  • BMO: The economy carried slightly better momentum into the fall than we had expected, in part thanks to a solid grain crop. Still, we continue to expect economic momentum will slow closer to zero as we head into Q4.
  • CIBC: We will be revising our overall 2022 growth forecast a tad higher but it doesn’t alter our view that the economy will stall in the months ahead. With these latest growth figures only slightly below estimates of potential growth, we will need to see this further slowing of the economy to bring inflation back to target. Continue to see the BoC hiking a further 50bp before pausing.
  • RBC: The full impact of higher interest rates is yet to come. Slower growth momentum could see the BoC further tapering its rate-hiking cycle later this year. But that is also still contingent on inflation pressures showing further signs of easing.
  • TD: Today's data release was encouraging but the overarching narrative of a decelerating Canadian economy hasn't changed.
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