'Ugly' Trade Report Will Take Center Stage for Bank of Canada -- Market Talk

Dow Jones

2025/06/05

1002 ET - The impact from President Trump's hefty tariffs on Canadian imports will now take center stage for Bank of Canada rate-policy setting after an "ugly" April trade report, says Royce Mendes, economist at Desjardins Group. Mendes says the firm has immediately shaved its forecast for 2Q growth, to a range between 0% to 0.5% annualized from 0.5% to 1%. He notes the month-over-month drop in exports in volume, or price-adjusted, terms was the largest excluding the Covid-19 pandemic. Mendes was critical of BOC decision to hold rates this week, saying its rationale was on shaky ground. He expects three more quarter-point rate cuts in 2025. (Paul.Vieira@wsj.com, @paulvieira)

(END) Dow Jones Newswires

June 05, 2025 10:02 ET (14:02 GMT)

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