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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 is unanimously expected to hold its policy rate at 5% for a fifth meeting running.
- The median analyst recently saw a first cut in June whilst OIS has a cumulative 20bp priced for June with a July move fully priced instead.
- Guidance is expected to be little changed ahead of a potentially more impactful April meeting just five weeks away, and we instead focus on the latest discussion on underlying inflation. Data will no doubt continue to set the tone.
- Plans to discuss slowing the pace of QT are expected to get short thrift at this meeting’s communications, with Dep Gov Gravelle’s speech on March 21 more closely watched.
- A reminder that the new format for BoC decisions sees announcements 15mins earlier at 0945ET with every decision now followed by a press conference at 1030ET. The simultaneous publication of the rate decision and press conference opening statements should again be watched, after January saw the main change to guidance shifted to the latter.
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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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