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Free AccessMNI BOC Preview - September 2021: Steady Ahead Snap Election
MNI BOC Preview - September 2021: Steady Ahead Snap Election
The Bank of Canada will likely try to avoid creating any political talking points when it makes it's latest policy announcement this Wednesday, less than two weeks ahead of the snap federal election on September 20.
PM Justin Trudeau called the snap election last month on August 15 -- two years ahead of time -- in order to bolster support for his handling of Canada's Covid response.
Consensus: holding rates and forward guidance steady: no surprises, no tapering with asset purchases steady at C$2B pre week, but is expected to reiterate uncertainty regarding economic outlook following the unwelcome drop in Q2 GDP (-1.1% vs. +2.0% est) -- likely a result of the April-May Covid lock-down restrictions.
Tiff Macklem, Governor of the Bank of Canada, will hold a videoconference on Thursday at approximately 1200ET to present the the Bank's Economic Progress Report: QE and the reinvestment phase.
Next month's interest rate announcement on October 27 will include the Banks quarterly Monetary Policy Report (MPR).
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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.