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Hawkish Tilt To BoC Statement

CANADA
  • Summary guidance on its own gives analysts at both the hawkish and (relatively) dovish end of the spectrum to hang onto, but other areas of statement more hawkish especially re inflation expectations.
  • Guidance: "Given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further. Quantitative tightening is complementing increases in the policy rate. As the effects of tighter monetary policy work through the economy, we will be assessing how much higher interest rates need to go to return inflation to target."
  • "The Canadian economy continues to operate in excess demand and labour markets remain tight."
  • "Surveys suggest that short-term inflation expectations remain high. The longer this continues, the greater the risk that elevated inflation becomes entrenched."
  • "The Bank continues to expect the economy to moderate in the second half of this year, as global demand weakens and tighter monetary policy here in Canada begins to bring demand more in line with supply."
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