The Bank of Canada cannot afford to be complacent if it wants to keep inflation in check over its 18-24 month time horizon ... Look for the overnight rate to peak at 4 percent.
More Quotes from Marc Levesque:
Aside from a few small snippets, Mr. Dodge could have transmitted exactly the same message by stating that 'nothing of substance has changed since the (Monetary Policy Report) Update', and leaving it at that.Marc Levesque
They said nothing's changed in their view of the economy so markets focused on the word 'modest' to mean they'll be less aggressive.
Marc Levesque
You should see Canada's 10-year bonds rally in the second half of this year. I don't see a big appetite on the part of the Bank of Canada to hike interest rates as the economy slows. There is no compelling reason to go beyond 4 percent.
Marc Levesque
There's little market reaction I think for two things. First, the strength was anticipated to some extent. Second, the market is very tightly focused on what the Bank of Canada is doing this afternoon.
Marc Levesque
Most importantly, the Bank of Canada is not giving the impression that it has much of an appetite for further rate hikes beyond the 4 percent level.
Marc Levesque
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