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BoC Sticks With Need To Pursue Locally Driven Policy

CANADA
The BoC wanting to follow its own path for monetary policy is similar to what Dep Gov Beadry said last month but Senior Dep Gov Rogers repeats is slightly more forthright here:
  • Rogers: "As global inflationary pressures continue to recede, each country will need to chart its own course to get back to price stability. Canada, like other countries, has unique circumstances that will affect the path of the economy and inflation." ... "Major economies around the world are highly interconnected—but while we’re always thinking globally, we have to act locally. We must tailor our policy to Canadian circumstances"
  • Beaudry (Feb 16): "The bottom line is that we shouldn’t be too concerned if Canada follows a slightly different path to normalization than our counterparts. What matters most is getting all the way there.”
Market reaction limited. 2Y GoCs only marginally extend an earlier rally (-5bps on the day) versus a much heavier 14bp rally in Treasuries. With yields of 4.24% vs 4.93% for Tsys, markets are already pricing in a notably different top of the hiking cycle for the BoC and Fed.
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