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What did we learn from the BoC?
In a sentence, not a great deal. This was expected to be a ‘holding meeting’ by the BoC and that was pretty much what it was. Rates kept at 0.25% and QE at $3 billion per week. The main headline bullet points reported were: Economic developments have been largely in line with the outlook from April’s monetary policy outlook. Commodity prices have risen further, notably oil, and the CAD has seen a further appreciation. The BoC is committed to keeping the interest rate at the effective lower bound (0.25%)until economic slack is absorbed and 2% inflation is achieved. The BoC see interest rate rises in the second ... (full story)