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The Bank of Canada had a regularly scheduled policy meeting on Wednesday and left its overnight rate unchanged at 1.75% as expected. The overall tone of the bank’s statement was probably less dovish than anticipated. The BoC retained its view that the current degree of monetary policy stimulus is appropriate and has not tipped its hand at a possible cut in October. Future policy is still data dependent and subject to external developments including escalating trade conflicts that are weighing on global economic momentum. As of this morning, the implied probability of a cut at the October 30th meeting is about 20%.