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Macklem: Some Tiny Little Green Shoots In Last Couple CPI Prints

CANADA
  • Ahead of CPI for October on Wednesday, BoC Gov Macklem noted in media Q&A that he sees “some tiny little green shoots” in the last couple CPI numbers as 3-month rates of core inflation came down.
  • However, they’re still too high at 4% and “we know those month-to-month numbers are very volatile so we’re looking to see further, more sustained declines”.
  • Rates guidance for the Dec 12 meeting was open – "could do another bigger than normal step or revert to a more normal 25bp steps".
  • Latest comments came after the early bond market early close, with 2YY -27bp, 5YY -29bp and 10YY -26bp after the US CPI downside surprise. USDCAD sits -1.1% on the day at 1.3373 as CAD underperforms other crosses due to its proximity to the US.
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  • Ahead of CPI for October on Wednesday, BoC Gov Macklem noted in media Q&A that he sees “some tiny little green shoots” in the last couple CPI numbers as 3-month rates of core inflation came down.
  • However, they’re still too high at 4% and “we know those month-to-month numbers are very volatile so we’re looking to see further, more sustained declines”.
  • Rates guidance for the Dec 12 meeting was open – "could do another bigger than normal step or revert to a more normal 25bp steps".
  • Latest comments came after the early bond market early close, with 2YY -27bp, 5YY -29bp and 10YY -26bp after the US CPI downside surprise. USDCAD sits -1.1% on the day at 1.3373 as CAD underperforms other crosses due to its proximity to the US.