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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.
CANADA
- A bit more than meets the eye to the CPI report but one of accelerating underlying inflationary pressures.
- Most analysts had been looking for a 2nd 50bp hike in June beforehand and this only helps reinforce that, and we wouldn't be surprised if rate calls further out are revised higher, especially after Gov Macklem is now set to speak tomorrow.
- M/M inflation for ex food & energy increased to a pandemic joint high of 0.6% M/M SA whilst the measure that strips out the eight most volatile measures plus indirect taxes jumped to a new high of 0.9% M/M SA.
- The headline of 6.7% Y/Y left average Q1 CPI inflation 0.2pts higher than the BoC’s 5.6% projection from just last week, and already brings into question whether it can hit the 5.8% forecast for Q2.
- The average of the three cores increased 0.3pts to 3.8% Y/Y, the highest since Mar-1991.
- StatCan also moves a step closer to adding used car prices to the basket which could further increase inflation depending on how it’s done – more details to follow May 18.
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.
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