BoC is unanimously expected to hold rates – TDS

Analysts at TD Securities note that the Bank of Canada is unanimously expected to hold rates unchanged at 1.75% at the December meeting, leaving the focus on the tone of the statement.

Key Quotes

“We don't expect the Bank to say much given substantial uncertainty still clouds their outlook; we expect them to repeat that the outlook is evolving as expected while the last paragraph should maintain a heavy emphasis on data dependence.”

“There will not be an MPR or press conference, although the 10:00 ET policy statement will be followed by an Economic Progress Report on Thursday. At 8:30 we will receive nonfarm productivity for Q3, where consensus looks for another 0.2% q/q increase.”