Eric Lascelles
Eric Lascelles
bank canada certainly left tag
We certainly do think there are another two (rate hikes) left in the Bank of Canada before they tag out.
bank beyond canada canadian closely continued employment huge increase interest labor number rates shows sit strength supports whether
There is huge strength in employment ? It shows continued strength in the labor market, which supports the Canadian dollar. The Bank of Canada may look closely at this number and sit up and think about whether they should increase interest rates further. There is probability they may go beyond 4 percent.
bank closely favorite quite sit
We've been told before that this is the Bank of Canada's favorite measure. So, the Bank of Canada, without question, is going to sit up quite closely and look at this release.
aware bank cumulative fully hikes impact six
This ... suggests that the bank is well aware that the six consecutive hikes ... have a cumulative impact that has not yet been fully felt.
bank canada excuse further halt next percent provide reports twin
Today's twin reports provide a further excuse for the Bank of Canada to halt at 4.0 percent after next week's hike.
arising bank canada certainly concerned continues pressures suggest
(The survey) certainly continues to suggest that the Bank of Canada need not be concerned about inflationary pressures arising from manufacturers.
anyway bank beyond canada hand inflation less market move moves surprise
Inflation isn't out of hand anyway in Canada. The market may think the Bank of Canada will move less aggressively. It will be a surprise if the bank moves beyond 4 percent.
bank beyond canada closely number sit whether
The Bank of Canada may look closely at this number and sit up and think whether they should go further. There is a probability they may go beyond 4 percent.
bank canada cause differ likely peak percent
I don't think this is going to cause the Bank of Canada to differ in its ways. We still think 4 percent (overnight rate) is the likely peak for them.
grim largely line report
This report was largely in line with expectations. It was a grim report.
argue canadian cent conditions dollar facing fairly far people perhaps reflective somewhere suspect true type valued
Most people would argue the Canadian dollar is fairly valued somewhere in the 80-85 U.S. cent range, and we're not far from that. So I suspect the conditions manufacturers are facing right now are perhaps more reflective of the true long-term type of conditions they should expect.
action certainly monetary picture policy supportive underlying
Basically, it's the same underlying picture and certainly supportive of the monetary policy action they've been undertaking.
came confidence flip michigan price producer university weak
We did have a weak University of Michigan confidence index ... but on the flip side, you had the producer price index, which came in a little strong.
dollar obvious seem
It does look like a U.S. dollar story. There doesn't seem to be any obvious fundamental story.