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Analysts Push Back First BoC Cut By A Meeting To June

CANADA
  • Released yesterday, Bloomberg’s updated monthly analyst survey showed the median respondent seeing rate cuts starting one meeting later, i.e. in June rather than April 2024.
  • The survey was taken through Sep 19-22, catching the BoC’s hawkish-leaning hold from Sep 6 and possibly some responses after the FOMC’s hawkish dot plot on Sep 20.
  • See the table for individual analyst results. JPM and GS continue to stand out at the hawkish end, the only two below looking for a 25bp hike to 5.25% on Oct 25.

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