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Update on CANADA ECONOMICS: CIBC's Avery Shenfeld With Week Ahead Market Call

· 02/05/2021 10:24

03:21 PM EST, 02/05/2021 (MT Newswires) -- In Canada, CIBC's Avery Shenfeld noted in his 'The Week Ahead' note of Friday, it will be a light week for economic news ahead. Tim Lane on Wednesday has a chance to give the Bank of Canada's take on the numbers that have rolled out since the January MPR, although Shenfeld noted that the Bank was already calling for a Q1 GDP decline, and won't be too shocked by the drop in employment in January. Otherwise, expect news on Covid and vaccines to dominate the headlines, he added.

In the US, although it sees a bit more firmness in the CPI this month, CIBC said the 12-month core rate is still enough below 2% to keep the Fed's dovish message intact. The data calendar is otherwise quite bare, so attention will fall on Powell's remarks, as well as on the progress towards passage of the stimulus bill, it added.

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