MNI BRIEF: Fed's Goolsbee Sees Jobs Risk From Tight Policy

MNI BRIEF: Investors Saw BOC Cutting to 3% By Q3 2025

MNI: BLS: NET PAYROLLS REVISIONS FOR JUNE, MAY -29,000

MNI China Daily Summary: Friday, August 2

MNI China Press Digest Aug 2: Hukou, Property, State Grid

MNI: PBOC Sets Yuan Parity Higher At 7.1376 Fri; -0.90% Y/Y

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 482; GAS RIGS 98

EZ/UK Bond Supply Calendar: BoE APF Operation on Monday

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

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

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

BOC Repeats That Interest-Rate Debate Has Shifted To How Long To Hold

BOC
  • "We decided to hold our policy rate at 5%, which is the level we think is needed to take the remaining steam out of inflation. What will be needed from monetary policy going forward will depend on the evolution of growth and inflation."
  • The speech did not include language around an interest-rate hike. 
  • "With continued evidence that monetary policy is working, Governing Council’s discussion about future policy is shifting from whether monetary policy is restrictive enough to how long to maintain the current restrictive stance."
  • BoC still expects growth to remain weak in the near term before picking up in the middle of 2024 despite surprisingly strong flash 2023 Q4 GDP results.
  • "The resulting push and pull on inflation means the path back to 2% inflation is likely to be slow and risks remain."
  • Macklem emphasized that housing prices and productivity are structural problems impacting inflationary pressures, but are out of the easy reach of monetary policy.  
  • "Inflation has come down around the world. It has not been easy..., but inflation targets are now in sight, and the year ahead should bring further progress."
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.