Did haste make waste at the Bank of Canada? One strong inflation report on its own doesn’t toss up in the air what may be the appropriate path going forward. Having said that, the combination of choosing to rush a cut in June against his prior guidance, Governor Macklem’s rather strident claim that the BoC is “not close to those limits” of how much the policy rate spread can undershoot the US, and his total indifference to CAD weakness seem to have been missteps given the clear signal that Canada is not out of the woods on inflation risk yet. Key is that the BoC’s preferred core inflation readings reaccelerated in ... (full story)