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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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Executive Summary:
- The Bank of Canada kept rates and policy unchanged, alongside expectations.
- Forward guidance was maintained, with the BoC still seeing slack as fully absorbed by H2 2022.
- July's meeting and accompanying Monetary Policy Report now seen as 'live' and an opportunity for the Bank to trim weekly asset purchases to C$2bln from C$3bln.
Inline with the Bank's forward guidance, the BoC kept policy unchanged in June, with the board still seeing the Canadian economy as having "considerable excess capacity", therefore justifying "extraordinary monetary policy support". The decision was infitting with sell-side expectations, and did little to deter markets from expecting the QE programme to be wound down by the end of the year, and for the first post-pandemic rate hike to follow in the second half of 2022.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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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