Macklem's opening statement was pre-released, these are the highs of the Q&A with the media:Core inflation is easing as expectedOur growth forecast hasn't changed a great dealWe're going to be particularly focused on inflation and growth dataThere was a 'clear consensus' on cutting 50 bps todayUSD/CAD was trading at 1.3858 as the press conference began, up 40 pips. I believe that with rosy forecasts and no commitments to getting to neutral quicker, the BOC is falling further behind the curve despite a larger cut. The BOC should be at neutral now.OIS pricing for a December 50 bps cut is at just 7%.This is a 'sad' chart from National Bank. This article was written by Adam Butt
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