MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

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

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Wide Range Of Analyst Rate Cut Expectations

CANADA
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  • The Bloomberg analyst survey, collected through Jan 19-24 and so possibly not fully reflecting BoC guidance from Jan 24, nevertheless offers an interesting dispersion of rate cut views over the next two years.
  • The median view is for 100bp of cuts this year, starting in June (both as priced).
  • UBS meanwhile stood out as the most dovish, looking for 250bps of cuts in 2024 alone, whilst JPM were at the other end with just 50bps before 100bps in 2025.
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  • The Bloomberg analyst survey, collected through Jan 19-24 and so possibly not fully reflecting BoC guidance from Jan 24, nevertheless offers an interesting dispersion of rate cut views over the next two years.
  • The median view is for 100bp of cuts this year, starting in June (both as priced).
  • UBS meanwhile stood out as the most dovish, looking for 250bps of cuts in 2024 alone, whilst JPM were at the other end with just 50bps before 100bps in 2025.