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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA
- The BoC’s market participant survey for Q3 shows the median analyst (of 28 responses) look for the first cut from the Bank in April, with 25bps to 4.75% on its way to 4% by end-2024. Full release here.
- It’s a shift out from the Q2 survey which had a first cut to 4.75% in March and 3.5% by end-2024.
- Note though that the publication of these surveys continues to be unfortunately lagged, reducing their relevance with today’s Q3 survey collected Sept 20-28 and the Q2 survey June 8-19.
- Since the end of the Q3 sample period, we have seen two softer than expected monthly GDP prints, one strong and then one weak labour report and one softer than expected CPI report. Coincidentally, the combination currently leaves the market back at a similar path to those Q3 analyst estimates: essentially pricing in no more hikes and 82bp of cuts in 2024 on a 3-mth CORRA Z3/Z4 basis.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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