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MNI BoC Review, Jun'23: BoC Resumes Hikes As Data Wins Out

MNI: BOC's Macklem Ties Low-Rate Pledge to Tackling Inequality
MNI: BOC's Macklem Ties Low-Rate Pledge to Tackling Inequality

EXECUTIVE SUMMARY

  • The BoC hiked 25bps to 4.75% in a decision that markets saw as 50/50 and only a minority of analysts, including MNI, called for.
  • Language was particularly hawkish, with a focus on excess demand persistence and a risk that inflation could become “stuck materially” above target after minimal progress in monthly run rates.
  • It saw markets and analysts alike lean towards a follow-up hike in July, with 2Y GoC yields surging to fresh highs since 2007 and extending an already strong approach to the meeting. CAD impact was limited though, as flagged beforehand after the apparent recent trimming of net shorts.
  • Dep Gov Beaudry updates with the Economic Progress Report later today, after there are five data-packed weeks that will determine whether yesterday’s decision was fine-tuning or a resumption of hikes.

PLEASE FIND THE FULL REPORT HERE:

BOCReviewJun2023.pdf

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

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