-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: Canadian Economy Grows At The Fastest Pace In A Year
Canada's economy grew at the fastest pace in a year in January with gains across almost every industry and a flash estimate showed further growth in February, continuing a resilient trend that's kept the central bank from reducing the highest borrowing costs in decades.
Gross domestic product grew 0.6% in January, faster than the market consensus of 0.4%, and Statistics Canada's flash estimate showed a 0.4% gain in February. The agency said February's gain also appeared broad-based across natural resources, manufacturing and finance. Those increases lay a foundation for expansion above the Bank of Canada's forecast for first-quarter growth at a 0.5% annualized pace.
Output climbed across 18 of 20 industries in January, broader than the expected boost from the end of a public-sector strike in Quebec. Some of the other strength was also linked to one-off factors such as a 3.2% gain at utilities amid below-average temperatures in western Canada. Auto production grew 4.9% following four straight declines, as some firms re-started assembly lines after retooling work.
Even with the Bank counting on its 10 rate increases to open up slack in the economy retail sales rose a fifth straight month in January and were up 2.2% from a year earlier. Real estate and rental and leasing grew for the third consecutive month, led by the Toronto area. Construction did feel the pinch of higher lending rates, and was down 0.5% on the month and 3.5% from a year ago.
Bank Governor Tiff Macklem held interest rates at the highest since 2001 at 5% earlier this month, saying he doesn’t want to inflict more pain than needed but he must make sure inflation returns consistently to target. The outlook has a few quirks including record immigration that may boost the economy’s potential output while also putting some pressure on already painful housing costs, which has forced the government in recent weeks to restrict new arrivals to the country.
The Bank has said inflation won't return to target until next year and while the last inflation report showed headline prices holding within its 1% to 3% target band core prices remain above that range. Investors predict the first rate cut in June meaning the Bank could signal something at its meeting next month.
Another report Thursday showed payroll employment climbed 0.2% in January and 1.2% from a year ago, while wage gains remained elevated at a 3.9% 12-month pace.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.