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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BOC Review - June 2024: Easing Underway, Meeting-By-Meeting Approach
- The Bank of Canada decided to cut the overnight policy rate by 25bps to 4.75%. The decision was in line with the majority of surveyed estimates, however, a minority had been forecasting an unchanged decision. The bank also decided to continue its policy of balance sheet normalisation.
- The statement noted there is continued evidence that underlying inflation is easing and that policy “no longer needs to be as restrictive”. Regarding policy going forward, Governor Macklem suggested “it is reasonable to expect further cuts” to the policy rate if inflation allows, while emphasising that the Governing Council will take decisions on policy one meeting at a time.
- Analysts remain divided over whether the BoC will cut again in July. Easing estimates for the remainder of 2024 appear to range from between 50-100bps.
- The full review with analyst views is here: https://roar-assets-auto.rbl.ms/files/64653/BOCReviewJun2024.pdf
To read the full story
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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.