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Goldman Sees 75bp BOC Hike

CANADA
  • Goldman note that employment increased by more than expected in May, the unemployment rate surprisingly ticked down and sequential wage growth both accelerated and beat expectations.
  • Coupled with a sanguine BoC view on the housing market moderation at yesterday’s FSR, Goldman now forecast a 75bp hike in July (vs 50bp previously) followed by two 50bp hikes in Sep and Oct (previously saw a 25bp in Oct).
  • They revise their terminal rate up 25bps to 3.5% to be reached in Dec (from 3.25% in Jan’23).
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