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MNI BoC Review, Sep'22: Maintaining Optionality

  • The Bank hiked 75bps as expected to an above-neutral 3.25%, signalling further rate hikes ahead but also assessing how much higher they have to go as the effects of tightening feed through.
  • Some analysts pushed near-term, and therefore terminal, rate expectations higher on the back of this but the clear growing data dependency now that in restrictive territory takes over.
  • Local onus is on Senior Dep Gov Rogers speaking later today, whilst after that there are still two sets of CPI and labour market reports as well as two further BoC speeches, including from Governor Macklem, prior to the October BoC decision and its fresh round of forecasts.


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