More from BOC Schembri: Consumption much softer than expected in Q2

Author: Greg Michalowski | Category: Central Banks

BOC starts press conference

He adds:
  • Canada consumption much softer than expected in Q2
  • Consumption-income disparity is bit of a puzzle
  • Raised question about deflator with StatsCan
  • Policy rates sufficient to offset global risks
  • Current policy rate provides sufficient stimulus
  • Policy stance consistent with 2 year inflation target
  • If excess supply occurs, then rate cut possible
  • Iressure on inflation, then it would consider a cut.
  • Canada's inflation is very well anchored at 2%
  • Says as the trade conflict between US – China drags on, hard to see an immediate resolution
  • Suggests tensions could remain at elevated level past US presidential election

USDCAD remains below resistance on the hourly chart.
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