At the July monetary policy meeting, the Bank of Canada suggested there was little prospect of any near-term policy change. Officials highlighted the improvements to the domestic story we've seen since the weakness in 4Q18 and 1Q19 with the economy described as growing at potential. Today's 2Q GDP report underlined that strength with the economy growing by a very robust 3.7% annualised versus the 3% consensus figure. It is this decent domestic performance that has so far left the BoC reluctant to follow the crowd of other central banks signalling dovish intentions. We think that will change at the next policy meeting ... (full story)