The Bank of Canada delivered a hawkish hold as expected, but it was slightly more hawkish than I had expected going into it. The overnight rate was left at 5% as universally anticipated and so was ongoing quantitative tightening, while the verbiage retained a tightening bias that was anticipated. A statement comparison is offered in the appendix. The Monetary Policy Report including fresh forecasts is available here and the Governor’s opening remarks during his press conference are available here. On net, Canada's front-end is somewhat volatile today but is unchanged on the day compared to where things left off ... (full story)