Daily digest market movers: Canadian Dollar climbs, Greenback slides on CB-heavy Wednesday
- BoC Governor Tiff Macklem:
- Most likely won’t achieve 2% inflation this year.
- Shelter price inflation weighs on BoC decisions.
- Overwhelming consensus within BoC that rates need to stay at 5%.
- Looking for consistency across all inflation indicators.
- BoC's Tiff Macklem: The governing council unanimously agreed to maintain rates at 5%
- Federal Reserve Chair Jerome Powell:
- There is no reason to think the economy is in or faces significant near-term risk of recession.
- Fed sees ongoing solid growth, should continue moving forward.
- Would like to have more confidence on inflation. Fed has some confidence but needs more.
- Jerome Powell Speech: Fed Chair doesn't see elevated risk of recession
- According to Canadian money markets, there is less than 25% odds of a BoC rate cut in April, down from over 40% before Tiff Macklem’s appearance on Wednesday.
- The US ADP Employment Change came in below expectations, printing at 140K for February versus the forecast of 150K, while the previous print saw a revision up to 111K from 107K.
- Canada’s seasonally-adjusted Ivey Purchasing Managers Index (PMI) eased to 53.9 in February versus the previous month’s 56.5
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