Bank edging closer to neutral

We don't anticipate any major changes from the Bank of Canada at Governor Mark Carney's penultimate policy meeting next Wednesday (April 17th), but the Bank will be forced to admit in the accompanying Monetary Policy Report (MPR) that it has been hopelessly optimistic about the prospects for GDP growth this year. We still think the next move in rates from the current 1.00% is more likely to be down rather than up.

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