The Bank of Canada Governor struggled to offer any kind of guidance about policy going forward or even a framework for how to think about trade war policy.
Acting decisively sounded more like wishful thinking from a central bank leader who repeatedly longed for some clarity in the economy or on tariffs. That's a fanciful wish in Trump's world and he would be better off to highlight likely reaction functions.
A rare moment of honesty and straight-talking came when he talked about everyone was feeling the 'erratic, unpredictable course of US trade policy'.
For now, the market is pricing in another 50/50 decision at the June 4 meeting and 47 bps of easing by year end. USD/CAD is down 73 pips on the day and fell about 45 pips after the rate decision but that only makes the loonie a mid-performer today amidst broad USD weakness.
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