MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BOC Debate Shifting From Whether To Hike To How Long To Hold

BOC
  • "Governing Council’s discussion of monetary policy is shifting from whether our policy rate is restrictive enough to restore price stability, to how long it needs to stay at the current level," Macklem says in his press conference statement. 
  • The Bank moved language around a potential interest-rate hike from the Interest-Rate Announcement to Governor Macklem's opening statement. 
  • "If new developments push inflation higher, we may still need to raise rates," Macklem says in opening statement. The Bank kept its policy rate at +5%. 
  • The Bank remains concerned about the lack of sustained declines in core CPI. 
  • BOC 2024 inflation outlook revised down to +2.8% from +3% as oil price expectations decrease, the average inflation rate forecast for 2025 remains slightly above target at +2.2%. 
  • While labour market conditions are easing, wage growth remains elevated between +4-5% while productivity growth stalls. 
  • The Bank says the economy has moved to moderate excess supply with the output gap predicted to be between -0.25% and -1.25%. 
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.