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Analysts on CAD CPI [2/2]

CANADA
  • National: "A more negative point in this morning's report was the increase in the services category. While this was mainly driven by a jump in the price of shelter, annual inflation in the services excluding shelter category also increased as it went from 1.5% in September to 2.3% Y/Y. Overall, although the rise in services prices in this morning's report is not what the Bank would have liked to see, the overall trend in price pressures remains downward as signs of an economic slowdown persist.”
  • RBC: “Not only were the readings themselves lower among many components, the scope of inflation has also continued to narrow.” “We continue to expect the BoC is done with rate hikes, and for them to cautiously pivot to cuts over the latter half of 2024.”
  • TD: Even more notable progress in the 3m annualized core inflation should add “to the Bank's conviction that policy is tight enough to bring inflation all the way back to target. That could help set up a change in tone from the BoC early next year, but the Bank will still need to see more evidence of easing inflation pressures. This report shifts the balance of risks around the front-end of the CAD curve, as it opens the door to an earlier than expected tone change. This supports owning the front-end on dips, and 2s10s steepeners outright and versus the US. We still see enough asymmetry to sell CAD 10s versus USTs.”
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