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MNI BOC Preview - July 2021: Optimism To Spur Third Tapering

MNI BOC July 2021 Preview: Optimism To Spur Third Tapering

MNI BOC Preview - July 2021: Optimism To Spur Third Tapering

Executive Summary

  • The Bank of Canada is widely expected to keep its target rate on hold at 0.25% -- the eleventh consecutive policy announcement Wednesday at 1000ET. Sell-side analysts widely anticipate a CAD1B decline in asset purchases to CAD2B/week.
  • Continued fiscal support, swift vaccination and careful approach to reopening has helped economic rebound, but there's still enough slack in the economy to warrant a gradual approach to normalization.
  • Wary of casting a hawkish shadow on markets, the Bank is widely expected to remain at the current lower bound of 0.25 until mid- to second half of 2022.

Monetary Policy Report webcast at 11:00 (ET). Tiff Macklem, Governor of the Bank of Canada, will hold a teleconference to discuss the Bank's base-case projection for inflation and growth in the Canadian economy, and its assessment of risks.

Click to view full preview: MNI BOC Preview - July 2021

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