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RBC Joins The 50bp Hike Party

CANADA
  • Recently at the dovish end of consensus, RBC now also call for a 50bp hike in April, noting Dep Gov Kozicki saying last week that the Bank is prepared to act forcefully whilst downplaying risks to the household sector.
  • They continue to be less hawkish than other recent view changes, which include at least two 50bp hikes in April and June, reverting to a series of 25bp hikes from June onwards until rates hit 2% where they then stay.
  • This is tied to RBC’s Fed call change from today as well, which sees more aggressive back-to-back 50bp increases and then 25bps per meeting to 2.25-2.5%
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  • Recently at the dovish end of consensus, RBC now also call for a 50bp hike in April, noting Dep Gov Kozicki saying last week that the Bank is prepared to act forcefully whilst downplaying risks to the household sector.
  • They continue to be less hawkish than other recent view changes, which include at least two 50bp hikes in April and June, reverting to a series of 25bp hikes from June onwards until rates hit 2% where they then stay.
  • This is tied to RBC’s Fed call change from today as well, which sees more aggressive back-to-back 50bp increases and then 25bps per meeting to 2.25-2.5%