📝Soft Labour Market Data Shouldn't Deter The BoC From Another 50bps Hike: CIBC

Employment data were a little weaker than expected, but not by enough to change the overall view of a very strong labour market. As such, the Bank of Canada shouldn't be deterred from delivering another non-standard 50bp rate hike at its next meeting. However, signs of a slowing in growth, including the decline in hours worked today, will likely become more frequent and see rate hikes later in the year revert to the usual 25bp increments. Bond yields fell immediately after the data were released, but quickly returned to their prior levels as investors judged that the slight disappointment of today's figures likely didn’t change the course of Bank of Canada interest rate hikes. - CIBC Capital Markets