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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
- Consensus sees headline CPI slowing notably to 3.1% Y/Y in October owing to large energy-focused base effects, back to just above the BoC’s upper end of the 1-3% target range.
- The BoC’s preferred core CPI measures are seen slowing 0.15pps to 3.6% Y/Y, which could importantly be consistent with a three-month annualized rate breaking below the 3.5-4% range.
- The Bank has been waiting to break through this level for some time and has grown more impatient, although a significant softening in its growth outlook has provided a partly offsetting factor.
- Additional hikes are near enough fully priced out and it would likely take a considerable upside surprise to change this, especially ahead of an unusually event two weeks coming ahead of the BoC’s Dec 6 decision. We suspect the reaction will instead be borne out in the magnitude and timing of 2024 rate cuts.
- See our full preview here including views from 10 sellside analysts: https://roar-assets-auto.rbl.ms/files/58129/CanadaCPIPrevNov2023.pdf
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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