Robert Both, a macro strategist at TD Securities, notes that the Bank of Canada (BoC) will publish its Business Outlook Survey on Friday, June 28th amid an increasingly murky global backdrop.

• “If the consultation period mirrors that of the 2018 survey (May 3rd - June 5th) it would overlap with a sharp increase in US-China tensions and the start of the short-lived US-Mexico skirmish.
• With the April BOS showing a broad pullback in quantitative BOS measures, the developments over the last three months raise the question of whether the June survey will continue this trend and paint the picture for lower rates.”