MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

CHINA PBOC CONDUCTS CNY20 BILLION VIA 7-DAY REVERSE REPOS THU

MNI: PBOC Sets Yuan Parity Higher At 7.1192 Thu; -1.93% Y/Y

MNI BRIEF: China’s June Loan Prime Rate Unchanged

CHINA SETS YUAN CENTRAL PARITY AT 7.1192 THU VS 7.1159

MNI: BRAZIL'S COPOM UNANIMOUSLY HOLDS SELIC RATE AT 10.50%

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BOC Review, Apr'23: Another Pause To Buy A Two Month Breather

Source: Bank of Canada

EXECUTIVE SUMMARY

  • The BoC held the overnight rate at 4.5% as unanimously expected for the second meeting running.
  • The suite of communications leant slightly hawkish, including Governor Macklem saying rate cuts later in the year doesn’t look like the most likely scenario, but market pricing was little moved after recent solid trimming of cut expectations as banking stresses stabilised.
  • Analysts mostly left their base case for rates on hold through 2023. Some saw added risk of further hikes but a couple note openness to cuts towards year-end.
  • As opposed to the five-week gap since the last meeting, the eight weeks to Jun 7 allows plenty of data for the BoC to assess. In the near-term, Gov Macklem speaks at the IMF today at 0900ET before CPI Apr 18.

PLEASE FIND THE FULL REPORT HERE:

BOCReviewApr2023.pdf


Central Bank ReviewHomepageBoC - ReviewCentral Bank ReportsMarkets Bank of Canada Market News

To read the full story

Close

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.