Canada: Q1 number now seems much stronger than expected - CIBC By MSalordFX Canada GDP Banks
Bank of Canada now has even more ammunition to justify a non-standard 50 bp interest rate hike at the next meeting, and likely the one thereafter.“After hitting the fast lane in February, advance data suggests growth eased to a steadier pace in March. The 1.1% gain in February was even larger than the consensus and advance estimate , and was followed by a steadier, but still solid, 0.5% gain in March. This puts Q1 as a whole on track for a 5.
“With another strong release in hand, the Bank has even more ammunition to justify a non-standard 50 bp interest rate hike at the next meeting, and likely the one thereafter. However, with growth likely to slow in the second half of the year and inflation poised to decelerate, we still think that the path higher for interestwon’t be as steep as financial markets are currently expecting, and we still see a peak of 2.5% reached in early 2023.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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