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Desjardins Switch View From Rates On Hold

CANADA
  • With the u/e rate hovering near-record lows for five months, economic growth outperforming expectations and three-month annualized rates of core inflation stuck between 4% and 5%, Desjardins no longer think keeping rates at 4.5% will be enough to rein in excess inflationary pressures.
  • Partly based on lingering uncertainty on liquidity conditions evolving as the US govt replenishes the TGA, they're “leaning towards a rate hike in July assuming liquidity conditions don’t deteriorate too much”, although “certainly can’t rule out a move next week given the dataflow”.
  • “Furthermore, after coming off of the sidelines in either June or July, the door would be wide open to a subsequent increase”.
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