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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.
Source: Bank of Canada
EXECUTIVE SUMMARY
- The BoC hiked 25bps for a second meeting to 5% as mostly expected.
- Governor Macklem suggested a meeting-by-meeting approach ahead with an openness to hike again if necessary. It was against a backdrop of hawkish language in the statement and solid upward revisions to forecasts with a closing of the output gap kicked into 2024.
- A softer US CPI print landing 90 minutes before the decision dominated the market reaction on the day and dragged GoC yields lower with the loonie underperforming.
- Any renewed domestic data strength could well see a large sell-off considering, but with almost two months before the September decision. June CPI provides the first test, landing on Tuesday.
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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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