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BoC Minutes At Bottom Of The Hour

CANADA
  • The BoC’s Summary of Deliberations from the Apr 10 meeting are released at 1330ET.
  • The main takeaway from official communications at the time was that “We are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained. The further decline we’ve seen in core inflation is very recent. We need to be assured this is not just a temporary dip.”
  • The press conference mentioned a range of views within the Governing council and that will likely be a focus for today’s release, although a message of data dependency will likely win out.
  • When asked whether there was talk of cutting rates today, Gov. Macklem said “We did discuss it and there was a clear consensus to hold at 5%. We're a council of six different people so there is a diversity of views. You want that, it's healthy.”
  • A June cut at the next meeting in June was deemed “within the realm of possibilities”. … “If things evolve broadly in line with our published outlook, we will be becoming more confident that we’ve clearly on a path to 2% inflation and it will be appropriate to cut our interest rate.”
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