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RBC See Another 25bp Cut Tomorrow But Risks Of Less Easing Bias

CANADA
  • RBC write that “Softer inflation in Canada in June provided a small relief after an upside surprise in May, and set the BoC up for another 25-basis point interest rate cut on Wednesday to build on its first cut in June.”
  • “Similar to the June meeting, we think the central bank will highlight a weakening economic backdrop and broadly easing underlying inflation without providing additional guidance on the timing of future rate cuts.”
  • “Risks are that there will be less easing bias, given the slightly choppier progress in recent consumer price index readings.”
  • “The BoC’s preferred measures of “core” inflation have been edging higher on a three-month annualized basis since April, but a streak of lower prints earlier this year means the six-month annualized readings have still been trending lower.”
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