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ING Now Sees March Hike, Keeps At Least 4 In 2022

CANADA
  • ING had been expecting a 25bp hike today and now sees a hike in March instead.
  • The BoC acknowledged overall “economic slack [is] now absorbed” and that “the labour market has tightened significantly”.
  • ING sticks with its call for at least 4 hikes in 2022 with risks skewed towards more as they see inflation being stickier than the BoC expects “given supply chain strains and labour market shortages are showing little sign of easing”.
  • They see USDCAD staying on a downtrend for the rest of the year to hit 1.22 in 4Q22 “assuming oil prices remain resilient and the global risk sentiment picture stabilises after the recent jitters”.
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