- There is some underlying volatility in inflation, don't want to focus too much on one month.
- Since April, the likelihood of the BOC's 'severe' scenario has come down
- Remarks about need for possible future cuts isn't forward guidance
- Rogers: CAD strength has had some effect on inflation
- Rogers: We hope to be able to get back to issuing a single central scenario in July
- Rogers: Markets appear to be optimistic
- Forest fires are having an economic impact
USD/CAD has just broken down to the lowest since October. There was no strong dovish message here and the implied odds of a July cut are at 40%.
