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BoC Minutes Don’t Move The Needle Ahead Of FOMC

CANADA
  • GoC yields have lifted ~0.5bps across the curve since the BoC minutes but that lags a 1bp lift for 2-10Y tenors for Tsys over the same period.
  • USDCAD also little unchanged post-decision, at 1.3412, with firm attention on the FOMC decision ahead.
  • Further talk on a bias to hike rates further: The Bank "considered the possibility that their decision could be misinterpreted as a sign that policy tightening had ended and that lower interest rates would follow"… "They agreed that they did not want to raise expectations of a near-term reduction in interest rates, given that they only considered keeping the policy rate where it is or raising it further."
  • Ultimately still data dependent:
  • *BOC: SUPPLY-DEMAND BALANCE KEY TO FUTURE CORE, TOTAL INFLATION - bbg
  • *BOC TO WATCH DYNAMICS OF CORE INFLATION, OUTLOOK FOR CPI - bbg
  • *BOC: EXCESS DEMAND DIMINISHING AS MONETARY POLICY TAKES HOLD - bbg
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