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Flash: Last episode of the Carney Show - Nomura

FXstreet.com (Barcelona) - Nomura economist, Charles St-Arnaud notes that the Bank of Canada (BoC) holds its next policy meeting on 29 May.

He sees that this will be the last monetary policy meeting for Mark Carney before he moves to the UK to head the Bank of England. At the 17 April meeting the BoC left its policy rate at 1.00% and reiterated its forward guidance that “the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required”. St-Arnaud writes, “We believe that the BoC will leave rates at 1.00% this week and keep its forward guidance such that the policy rate will remain on hold for some time. We believe that it makes little sense for the outgoing Governor to change monetary policy at its last meeting. It is better to leave any change in policy to the incoming Governor, Stephen Poloz, so that he can make his mark.”

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