Daily digest market movers: BoC moves on rates, meets market expectations
- BoC cut its main reference rate by 25 basis points to 4.75% from 5.0%.
- During the BoC’s Monetary Policy Statement, BoC Governor Tiff Macklem noted that the BoC’s policy decisions on future rate cuts will be considered one meeting at a time.
- US ISM Services PMI rebounds to nine-month high of 53.8 in May, above forecast of 50.8 and recovering from April’s 16-month low of 49.4.
- US ADP Employment Change in May came in lower than expected, printing at 152K in May and missing the 173K forecast. The previous month was also revised slightly lower to 188K from 192K.
- Interest rate market bets of a November Federal Reserve rate cut have risen to 80%.
- BoC's Macklem: Confidence on inflation returning to 2.0% remains in place
- Macklem speech: It is looking like a soft landing for the economy
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