The Bank of Canada (BoC) is set to announce its Interest Rate Decision on Wednesday, October at 14:00 GMT and as we get closer to the release time, he
re are the expectations as forecast by the economists and researchers of nine major banks regarding the upcoming announcement. The BoC is expected to keep rates steady at 5% while leaving the door open to further hikes. Wednesday’s rate statement will be published alongside an updated Monetary Policy Report. ING Slower-than-expected inflation, a clouded growth outlook and higher bond yields mean the BoC is likely to overlook jobs tightness and keep rates on hold.
We expect the BoC to leave rates on hold while maintaining guidance that they ‘are prepared to increase the policy rate further if needed’. We look for the BoC to keep the overnight rate on hold at 5%. The statement will cite the ample evidence that economic growth has been curtailed by the rate hikes delivered thus far. We don’t share the Bank’s worry that inflation will prove sticky in the face of an evident economic slowdown, as it’s too soon in the move from a tight economy to one with slack to have expected to see a drop in price pressures tied to domestic demand.
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