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BULLET: CANADA BOC: BOC leaves o/n rate target at 1.75%, as..>

CANADA BOC: BOC leaves o/n rate target at 1.75%, as expected. Pol 
statement more dovish than expected. Drops wording 'will need to rise 
over time' regarding pol rate. Now says outlook continues to warrant pol 
rate below neutral range. Adds 'increased uncertainty' about timing of 
future rate hikes. It will take time to gauge persistence of 
below-potentl gwth. Closely watching household spendg,oil mkts,globl 
trade pol. It appears Cdn econ to be weaker than expected in 1H 2019. 
Core infl remains close to 2%. CPI to be below 2% most 2019, reflecting 
temp factors such as lower energy prices, wider output gap. 4Q growth 
slowdown sharper,more broad based than expected. Global econ slowdown 
also more pronounced,widespread than fcast. Trade tensions, uncertainty 
weigh heavily on globl confidence and econ activity. US-China trade 
talks, China pol stimulus improved mkt sentiment, contributed to firmer 
commod prices.

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