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BoC Minutes At Bottom Of The Hour

CANADA
  • The BoC’s Summary Of Deliberations from the Dec 6 meeting lands at the bottom of the hour.
  • The Dec single page statement didn’t drop its explicit hiking bias but that did little for already large cut expectations at the time. There was acknowledge of the softening in economic and labour data although the latest drop in the shorter-term trend core inflation was ignored.
  • BoC commentary since that decision saw Dep Gov Gravelle the day after the decision say that there isn’t enough evidence that inflation is cooling toward target. Gov Macklem followed up saying inflation pressures will ease as growth slows but they can’t rule out bumps along the way.
  • Since then, yesterday’s Canadian CPI proved to be one of those bumps, at least compared to consensus.
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