Canada's rate market needed a win like this, and it got it. #Average core inflation# has delivered again. For the first time since the seemingly ancient days of mid-2021, it starts with a "2."
Today's welcomed report read as follows:
- Headline inflation: 2.9% y/y (est. 2.9%, prior 2.8%)
- Average core inflation: 2.95% (est. 3.1%, prior 3.15%)
This is what the Bank of Canada wanted last week when it said, "Governing Council is particularly watching the evolution of core inflation..." And believe us, the BoC hasn't just been watching core—they've been holding their collective breath, and now, they can partially exhale.
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