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  • Frank Tian

Canada Rate Decision - September

Updated: Sep 26, 2022

🇨🇦 Canada Rate Decision Today


As the market expected, BoC hiked the rate by another 75 bps,

in an effort to bring down inflation further.


🟦 This brings the cumulative rate hike this year to 300 bps.

🟦 July inflation down to 7.6% Y/Y vs. 8.1% in June.

🟦 July average hourly wages: +5.2% Y/Y.


The strong employment market offers the cushion for a higher rate. The unemployment rate is still below the pre-pandemic level.


🟩 June # of job vacancies remains above 1.0 M

🟩 July jobs dropped slightly: -31, 000 or -0.2% M/M

🟩 July unemployment rate unchanged at 4.9% (vs. 5.7% in Feb 2020)


Consumer confidence slowly rebounds from the bottom.


🟧 Sept consumer confidence (Bloomberg-Nanos): +1.0 points M/M to 47.66


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