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Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. In April, we maintained our policy interest rate at 5% and published a revised outlook for the Canadian economy. We had three key messages. First, monetary policy is working. Total consumer price index (CPI) and core inflation have eased further in recent months, and we expect inflation to continue to move closer to the 2% target this year. Second, growth in the economy looks to be picking up. We expect GDP growth to be solid this year and to strengthen further in 2025. Third, as we consider how much longer to hold the policy rate at the current level, we’re looking for evidence that the recent further easing in underlying inflation will be sustained. Before taking your questions, let me take a moment to discuss recent economic data and the outlook for growth and inflation. In Canada, growth stalled in the second half of last year and the economy moved into excess supply. The labour market also cooled from very overheated levels. With employment growing more slowly than the working-age population, the unemployment rate has risen gradually over the last year to 6.1% in March. There are also some signs that wage pressures are beginning post: BOC'S GOV. MACKLEM: IF WE CUT INTEREST RATES AND THAT WEAKENS THE C$, THAT IS SOMETHING YOU TAKE INTO ACCOUNT WITH HOW MUCH YOU NEED TO REDUCE INTEREST RATES.
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Patrick Gruhn, the former head of FTX Europe, has paid nearly $1.5 million, “the largest sum ever spent at auction on a piece of Titanic memorabilia,” for a gold pocket watch recovered from the body of the Titanic’s richest passenger, The Wall Street Journal reported. The watch belonged to American property magnate John Jacob Astor IV, who was returning ...
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Gold markets rallied significantly during the early hours on Wednesday, as we have recaptured the $2300 level. This is a level that I think is going to continue to be crucial for the market, and the fact that we have bounced back a bit is a good sign. However, Wednesday of course features the FOMC announcement, and therefore we will have a lot of noise to ...
Date | 11:35am | Impact | Detail | Actual | Forecast | Previous | Graph | ||
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11:35am | Actual | ||||||||
Thu May 2 | |||||||||
Thu May 2 | 3:15am | SP Manufacturing PMI | 52.2 | 51.3 | 51.4 | ||||
3:30am | SZ Manufacturing PMI | 41.4 | 45.5 | 45.2 | |||||
3:45am | IT Manufacturing PMI | 47.3 | 50.3 | 50.4 | |||||
3:55am | GE Final Manufacturing PMI | 42.5 | 42.2 | 42.2 | |||||
4:00am | UK LME Copper Inventories | -2100 | 1250 | ||||||
7:30am | BZ Current Account | -4.58B | -3.23B | -4.51B | |||||
8:30am | CA Trade Balance | -2.3B | 1.1B | 0.5B | |||||
US Unemployment Claims | 208K | 212K | 208K | ||||||
US Trade Balance | -69.4B | -69.5B | -69.5B | ||||||
8:45am | CA BOC Gov Macklem Speaks | ||||||||
10:00am | US Factory Orders m/m | 1.6% | 1.6% | 1.2% | |||||
Fri May 3 | |||||||||
Fri May 3 | 2:45am | FR Industrial Production m/m | 0.3% | 0.2% | |||||
4:00am | UK LME Copper Inventories | -2100 | |||||||
4:30am | UK Final Services PMI | 54.9 | 54.9 | ||||||
8:00am | BZ Industrial Production m/m | 1.2% | -0.3% | ||||||
MX Gross Fixed Investment y/y | 12.5% | 15.3% | |||||||
8:30am | US Average Hourly Earnings m/m | 0.3% | 0.3% | ||||||
US Non-Farm Employment Change | 238K | 303K | |||||||
US Unemployment Rate | 3.8% | 3.8% | |||||||
9:45am | US Final Services PMI | 50.9 | 50.9 | ||||||
10:00am | US ISM Services PMI | 52.0 | 51.4 |