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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI EUROPEAN MARKETS ANALYSIS: ECB Expected To Cut Rates Later
MNI EUROPEAN OPEN: A$ & Local Yields Surge Following Jobs Data
MNI: BOC Sees Strong Rebound, Keeps QE Taper and Rate Guidance
The Bank of Canada on Wednesday signaled it may keep tapering QE and predicted a strong economic rebound that could present conditions for a rate increase in the second half of next year, while holding its 0.25% rate and CAD3 billion of weekly asset purchases.
"With vaccinations proceeding at a faster pace, and provincial containment restrictions on an easing path over the summer, the Canadian economy is expected to rebound strongly, led by consumer spending," the Ottawa-based central bank said in a statement.
"Decisions regarding adjustments to the pace of net bond purchases will be guided by Governing Council's ongoing assessment of the strength and durability of the recovery," policy makers said, a phrase that echoed the April decision when purchases were slimmed from at least CAD4 billion.
Policy makers also reiterated the inflation jump to around 3% is temporary and will slow following the summer.
The statement was on the more hawkish side, given that in recent weeks the economy shifted from surprising gains to disappointments including a fall in April GDP and job losses. The statement also refrained from noting the Canadian dollar's strength that could become a drag on exports and investment, or great danger of overheating during the housing market boom.
The decision to hold the rate and QE was universally expected by economists in an MNI survey.
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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.