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Snapshot Ahead Of BoC Minutes

CANADA
  • The BoC’s Summary of Deliberations from the Oct 25 decision will be released at 1330ET.
  • The meeting saw rates unchanged at 5% as heavily expected. The statement from had a mixed tone. Hawkish elements centred around higher inflation risks from a combination of increased energy prices but also ongoing persistence in core inflation. Dovish elements were firm acknowledgement of the weaker growth outlook as monetary policy more clearly moderates spending with demand and supply moving into balanced.
  • Front-end GoCs have resumed their modest pre-data underperformance of Tsys, with 2Y yields +1bp on the day vs 0bp for Tsys.
  • 3M CORRA futures currently trade almost unchanged on the day, with a rate path essentially with no further hiking before 79bp of cuts in 2024 on a Z3/Z4 basis.
  • USDCAD meanwhile sits close to its latest session high of 1.3815. The bull trigger remains at 1.3899 (Nov 1 high).

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