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MNI BoC Review, Apr-22: Forceful Ahead

EXECUTIVE SUMMARY

  • The Bank delivered the 50bp hike and start to QT as widely expected but surprised with an upward revision to its neutral rate range to 2-3%.
  • Inflation concerns were again prominent as the economy moves into excess demand, longer-term inflation was revised higher and Governor Macklem indicated a desire to perhaps forcefully move back towards neutral, not ruling out going above neutral if needed.
  • Market reaction was mild yet there has been a number of upward revisions to analyst rate calls, driving a wide range of views.
  • There is broad universal consensus of another 50bp hike at the Jun 1 meeting with circa 45bps priced.

PLEASE FIND ATTACHED THE FULL DOCUMENT HERE:

BOCReviewApr2022.pdf

Central Bank ReviewHomepageBoC - Review Bank of Canada Market NewsCentral Bank ReportsMarkets
Central Bank ReviewHomepageBoC - Review Bank of Canada Market NewsCentral Bank ReportsMarkets

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