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Analysts On Today's GDP Report [1/2]

CANADA
  • BMO: The ‘cleanliness’ of recent GDP data has been compromised but “the bigger picture is that Canada is really struggling to grow right now”. Real GDP is little changed over the past six months despite the population is exploding at a 3% per-year run rate. “The BoC still has their eyes on stubborn core inflation and firm wage growth, but struggling growth argues for them to remain on hold and lean on the tightening that has already been put in place.”
  • CIBC: “Weak GDP readings may not necessarily translate into lower inflationary pressures in the near-term” as recent swings in monthly GDP are mainly driven by supply side disruptions. However, clearly weakening retail sales means “there should be enough evidence that domestic demand is responding to higher interest rates to prevent a further interest rate hike from the BoC this year”.
  • Desjardins: “While inflationary pressures remain sticky above the BoC’s target range, the slowing in the economy should give central bankers confidence that they’re medicine is slowly working.” With price pressures expected to dissipate further, Desjardins “continue to expect that the BoC will remain on the sidelines for the rest of this year.”
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