TD Securities’ Global Strategy Team highlights that markets will scrutinize the Bank of Canada’s Summary of Deliberations for more detail on April’s decision and two‑sided guidance. They expect discussion of geopolitical risks, higher Oil prices, and upgraded growth forecasts, as well as insight into Governing Council unanimity on potential rate cuts or consecutive increases.

Deliberations to clarify two sided risks

"Markets will look to the Bank of Canada's Summary of Deliberations for further insight around the April policy decision and the two-sided risks cited in the Bank's guidance."

"We look for the minutes to delve further into the Bank's assessment of geopolitical risks and the impact of higher crude oil prices for Canada."

"We will also look to the minutes for any more details behind the upward revisions to the Bank's growth outlook, including the role of higher oil prices."

"Lastly, the minutes should also give us a better sense of whether Governing Council was unanimous in support of the two-sided guidance in the April MPR, or whether there were any diverging views around the potential for cuts or "consecutive increases" to the policy rate."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)