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CANADA: BoC Decision Ahead, Third Cut Expected With Guidance Watched

CANADA
CanadaNorth AmericaBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • The BoC decision comes into focus at 0945ET, with a third consecutive 25bp cut more than fully priced and widely expected by analysts.
  • The 27-28bp of cuts for today’s decision has been the case for some time but cumulative cuts for the three meetings left this year have built from roughly 77-78bp to closer to 83-84bps on risk off moves seen this week.
  • That opens some risk that the Bank leans on a steady approach to rate cuts, although we expect continued data dependence and with Friday’s jobs report holding a lot of sway here.
  • Preview: https://media.marketnews.com/BOC_Preview_Sep2024_931b755129.pdf
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  • The BoC decision comes into focus at 0945ET, with a third consecutive 25bp cut more than fully priced and widely expected by analysts.
  • The 27-28bp of cuts for today’s decision has been the case for some time but cumulative cuts for the three meetings left this year have built from roughly 77-78bp to closer to 83-84bps on risk off moves seen this week.
  • That opens some risk that the Bank leans on a steady approach to rate cuts, although we expect continued data dependence and with Friday’s jobs report holding a lot of sway here.
  • Preview: https://media.marketnews.com/BOC_Preview_Sep2024_931b755129.pdf