Well, that was a bit of an odd one. At the end of it all through US CPI, the BoC and FOMC minutes, it’s clear that the hawks are in charge. Everything about the overall suite of communications (here, here, and here plus the presser) went roughly in line with our expectations until Governor Macklem said that a cut in June was possible and until it became clear that the BoC was playing games with one key made-up number. And yet markets still ignored him, though rightly so in my opinion. Markets had a tough time believing his remark. June cut pricing was reduced by about 7bps once the dust settled after US CPI and the ... (full story)