There are some weak spots in the report and that's what the market is responding to.
More Quotes from Eric Lascelles:
(The survey) certainly continues to suggest that the Bank of Canada need not be concerned about inflationary pressures arising from manufacturers.Eric Lascelles
This ... suggests that the bank is well aware that the six consecutive hikes ... have a cumulative impact that has not yet been fully felt.
Eric Lascelles
Today's report poured some further cold water on the outlook for the Canadian manufacturing sector, not that it needed any cooling off to begin with.
Eric Lascelles
The intent of that, in my view, is to say they are very cautious about looking forward. A rate hike should not be expected in the same vein that one was expected for today.
Eric Lascelles
We did have a weak University of Michigan confidence index ... but on the flip side, you had the producer price index, which came in a little strong.
Eric Lascelles
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