Bank of Canada's Rogers: Need to see more evidence to fully assess if rates high enough

After decisions when the Bank of Canada Bank of Canada The Bank of Canada (BOC) is the central bank of Canada. It was created in 1934 and is responsible for implementing monetary policy in the country, issuing currency, and promoting a safe and stable financial system.The Bank's main role is to "promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. This includes maintaining the stability of the financial system, promoting a sound and efficient financial system, and fostering monetary conditions that will preser The Bank of Canada (BOC) is the central bank of Canada. It was created in 1934 and is responsible for implementing monetary policy in the country, issuing currency, and promoting a safe and stable financial system.The Bank's main role is to "promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. This includes maintaining the stability of the financial system, promoting a sound and efficient financial system, and fostering monetary conditions that will preser Read this Term doesn't hold a press conference, it trots out one of the top deputies a day later to clarify any market misconceptions about the statement, and to tweak the message if needed.

• Given inflation is still well-above target, BOC still more worried about upside risk
• Will need to see more evidence to fully asses whether mon pol is restrictive enough to return inflation to 2%
• Near-term US and European outlooks for growth and inflation are higher than we expected, which could point to more inflationary pressure in Canada
• If economy develops as forecast, we shouldn't need to raise rates further
• Looking through data since January, we found a mixed picture overall but broadly inline with our outlook
• Global and domestic factors combined to drive inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term up and both will need to retreat further to get us back down to 2%

I take these comments as a tad hawkish compared to the statement but the main message is that the baseline is not for the BOC to hike. Given that that market is pricing in a 26% chance of a hike at the April meeting, I'd say there are risks of disappointment. On the margins, that's CAD bearish but right now the global risk trade is the dominant driver.