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The BOC meeting tomorrow is going to be special. Not because we’re forecasting a major change in policy, but because it’s the first to be presided over by the new Governor Tiff Macklem.
Analysts are going to be keen to interpret his new style to see if there are any changes in the bank’s outlook under new leadership.
Taking on a new job in the middle of a pandemic is an extra challenging proposition. And it’s not unusual for a new central bank governor to be unaccustomed to expressing views in a way that doesn’t unnecessarily rile up the markets.
At the moment, expectations are for the BOC to stay the course at this meeting. Therefore, any volatility we might see will likely come from Governor Macklem’s commentary.
What We Are Looking For
The consensus is unanimous that the BOC will keep rates at the record low of 0.25% for the third time. We can also expect it to maintain the asset purchases rate.
Expectations are also for the statement to recommit ...
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