Canadian CPI cements a Bank of Canada rate cut next week

The Bank of Canada meets on July 24 and economists are increasingly sure of a rate cut. That's also reflected in interest rate derivatives which are now showing a 93% probability of a cut.CPI decelerated to 2.7% from 2.9% with core numbers also slowing. The numbers show that the prior month's upside surprise in inflation was just a blip in a broader trend of disinflation as demand in the economy remains under pressure, according to CIBC.They note that a big disinflationary tailwind is coming via housing and that rent slowed to +0.4% m/m and edged lower to 8.8% y/y."As population growth slows with the government restrictions tied to NPRs, and more people move into the homeownership market as

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