The Bank of Canada met our expectations for it to lean against any sentiment it was moving toward easing policy in the near-term. Advice to pay nearer term contracts continues to pay off for institutional clients and we remain comfortable with a call for the first cut to be delivered only by the September meeting and a lot has to go right to even get to that. The broad takeaways include basically ruling out easing in April while setting a high bar to act any time soon thereafter alongside a more explicit warning on the Spring housing market and the current government Budget season. I was surprised by the explicit ... (full story)