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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.
MACRO ANALYSIS
- The Canadian Wage Phillips curve meanwhile offers less optimism when it comes to the monthly average hourly earnings data from labor force survey, where all employee wage growth was still running at a particularly elevated 5.4% Y/Y in June.
- However, the quarterly wage common measure offers a much more muted picture, tracking 3% Y/Y in Q2.
- By better tracking historical curves, it should give the BoC greater confidence to continue its cutting cycle which it started in June before a widely expected second cut next week.
- Of course, an improvement in Canada’s dire productivity trend (still -1% Y/Y in 1Q24) would give the Bank further conviction behind cuts, as it would help 3% wage growth be more compatible with the 2% inflation target mid-point.
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.
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