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EconoFACTS: BoC Policy Announcement and MPR — Trade Worries Darken the Outlook
The Bank of Canada held rates steady at 1.75% today, as fully expected. While the bar to move rates remains quite high, there's clearly more caution than in the prior statement from late May. The policy statement was littered with references to trade tensions (five separate mentions for those counting), with the Bank highlighting that as the "biggest downside risk to the global and Canadian outlooks." Accordingly, there were material revisions to the outlook, with global growth prospects cut for 2019 (3% from 3.2%) and 2020 (3.2% from 3.3%). Those downgrades were driven mostly by emerging markets and non-G3 economies. In fact, the U.S. GDP projection for 2019 was upgraded two ticks to 2.5%, while 2020 was flat at 1.7%, both a tick above our call.
Disponible en anglais seulement.
Benjamin Reitzes travaille à la Banque de Montréal depuis plus d’une dizaine d’années. Il est chargé des prévisions m…
VOIR LE PROFIL
The Bank of Canada held rates steady at 1.75% today, as fully expected. While the bar to move rates remains quite high, there's clearly more caution than in the prior statement from late May. The policy statement was littered with references to trade tensions (five separate mentions for those counting), with the Bank highlighting that as the "biggest downside risk to the global and Canadian outlooks." Accordingly, there were material revisions to the outlook, with global growth prospects cut for 2019 (3% from 3.2%) and 2020 (3.2% from 3.3%). Those downgrades were driven mostly by emerging markets and non-G3 economies. In fact, the U.S. GDP projection for 2019 was upgraded two ticks to 2.5%, while 2020 was flat at 1.7%, both a tick above our call.
Disponible en anglais seulement.
Benjamin Reitzes travaille à la Banque de Montréal depuis plus d’une dizaine d’années. Il est chargé des prévisions m…
VOIR LE PROFIL