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BOC: Consensus Looks for Cuts, But Sizeable Minority See Threat of Delay

BOC
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  • Of the analysts surveyed in MNI's Preview, the majority see a 25bps cut to 4.75% today, however a sizeable minority see easing being delayed to July - or later. Indeed, many who foresee a June cut also acknowledge that a delay is possible today, but the progress on inflation and slowing GDP outlook has proved sufficient to begin easing. 
  • Those that see a delayed start to the easing cycle eye hawkish Fed re-pricing, concerns around widening pressures of the US-CA rate differential and the still-booming local housing market.
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  • Of the analysts surveyed in MNI's Preview, the majority see a 25bps cut to 4.75% today, however a sizeable minority see easing being delayed to July - or later. Indeed, many who foresee a June cut also acknowledge that a delay is possible today, but the progress on inflation and slowing GDP outlook has proved sufficient to begin easing. 
  • Those that see a delayed start to the easing cycle eye hawkish Fed re-pricing, concerns around widening pressures of the US-CA rate differential and the still-booming local housing market.