TEST, PLEASE IGNORE

MNI BRIEF: Sharp Cut To German Growth Outlook - Joint Forecast

BOE FPC SEES OVERALL RISK ENVIRONMENT 'CHALLENGING'

MNI BRIEF: President Xi Meets With U.S. Business Leaders

MNI DATA TABLE: MNI China Interbank Liquidity Index (Mar) - 3

MNI BRIEF: Improve Asian Financial Safety Net - PBOC Governor

Riksbank Data Watch

US EIA: CRUDE OIL STOCKS EX SPR +3.16M TO 448.2M MAR 22 WK

Mortgage Applications Tick Lower Again, Restrained By Higher Rates

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

National and Scotia Question CPI-Common

CANADA
  • National: “We recommend focusing on CPI-Trim and CPI-median, which have proved better at capturing underlying inflation trends. Encouragingly, our in-house replications of these measures are showing signs of slowdown, with 3-month annualised progressions dropping below 6-month gains.”
  • The worst is now behind us but the Bank should be encouraged to hike 75bp in Sept before pausing as further mon pol tightening could prove counterproductive with reduced global demand and a weakening housing market.
  • Scotia: Advise placing greater emphasis upon trimmed mean (5.4% y/y), weighted median CPI (5.0% y/y), and simpler measures. In M/M SAAR terms, CPI ex-food-and-energy was up 6.1% from 5.2%, CPI ex the 8 most volatile items held at 5% and CPIX slowed from 5.9 to 5%. Rates have cooled from their March peaks when reopening from Omicron restrictions, but are all vastly above the 2% target.
  • The data lends itself to a 75bps move on Sept 7 to being in very mildly restrictive territory given neutral estimates of 2–3%.
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets Bank of Canada Market News
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets Bank of Canada Market News

To read the full story

Close

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.