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[Correction] BoC Survey On Over-Tightening Monetary Policy

CANADA
[Correcting OIS levels in final bullet]
  • The BoC has published the highlights of its Financial System Survey before the full release on Thursday after which Gov Macklem speaks.
  • Conducted between Feb22-Mar18 (early in the Russian invasion of Ukraine), the responses are stale but noted the highest confidence in resilience of the Canadian financial system since the first FSS in Spring 2018.
  • Separately, 61% of respondents saw a more negative impact from the BoC surprising by over-tightening monetary policy than being too passive and having to do more later to rebalance the economy. Since then, BoC-dated OIS for the Dec meeting has increased from an average 1.83% through the survey period to 3.21% today.
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