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BMO and TD Both See BoC Surveys As Remaining Consistent with On Hold

CANADA
  • BMO: The BoC’s business and consumer surveys both point to a softer economic backdrop in the wake of a historically aggressive monetary tightening cycle. The BOS reinforces our call for the Bank to remain on hold at next week’s meeting.
  • TD: Today's releases should encourage the BoC to remain on hold next week. Granted, GDP growth, employment data, and consumer spending have surged recently. But, if consumers and businesses adjust their behavior in preparation of a slowdown, it becomes a self-fulfilling prophecy. This implies that the string of positive surprises won't last much longer.
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