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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.
Source: Bank of Canada
EXECUTIVE SUMMARY
- The BoC left the overnight rate unchanged at 5% as almost unanimously expected.
- The single page statement lent hawkish in that it reverted to explicit willingness to hike further if necessary, as was the case with its conditional pause earlier in the year before hiking in June and July (although some analysts were surprised by this considering it was dropped at those two meetings).
- It’s Governor Macklem’s turn to deliver the Economic Progress Report later on Thursday, but upcoming data releases should have more impact, starting with Friday’s labour force survey. There are two CPI and two labour reports plus quarterly business and consumer surveys before the Oct 25 decision.
- Continued data dependency sees the market pricing about 50/50 odds of a hike by year-end.
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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.
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