Evening Update: Canada’s inflation rate fell to 2.9% in January. Now what?

News Snapshot:

Good evening, let’s start with today’s top stories: Canada’s annual inflation rate fell to 2.9 per cent last month, not only much lower than Bay Street estimates, but marking a return to the Bank of Canada’s target range. So what next? The Bank still needs to see more than one positive month of inflation data to consider cutting interest rates. However, economists at several of Canada’s largest financial institutions reiterated their expectations that the central bank will announce the first of several rate cuts at its June meeting. After today’s CPI report, traders ramped up their bets that the BoC...