CIBC on the Bank of Canada: Maintains a completely neutral stance on interest rates

Adam was all over the Bank of Canada during the Americas session today:

• USD/CAD up after the BOC hawks stay in their nests, but what should we believe from the statement?
• BOC’s Poloz: Higher inflation not coming from economic changes
• “Serial disappointment” the theme at the Bank of Canada
• The irony of the Bank of Canada’s caution on growth
• Bank of Canada clearly shifts to neutral but signals longer period before rate hike

Here’s a small piece from CIBC on the BOC decision:

• Says “the Bank of Canada continues to downplay the recent run-up in headline and core CPI measures, and places more emphasis on getting growth going after what it calls a period of ‘serial disappointment’ in the global environment”
• “as a result, it maintains a completely neutral stance on when it might change interest rates, and in which direction”
• The growth outlook “still hinges on getting exports and capital spending going, and the former is then linked in part to a weaker Canadian dollar, a clear sign that the Bank will lean against any further C$ appreciation”
• “The Bank has pushed back the timing of a zero output gap until mid-2016″