Measuring how financial sector economists respond to the tone of Bank of Canada communications Change in policy interest rate (left scale) Change in policy interest rate (left scale) Tone of press release (right scale) Tone of press release (right scale) Change in dealer tone before and after announcement Change in dealer tone before and after announcement Difference in tone of Bank press release and pre-announcement dealer commentaries Difference in tone of Bank press release and pre-announcement dealer commentaries Linear trend Linear trend -25-0.45 00.17 250.45 250.75 250.73 00.22 00.27 00.18 00.40 250.53 250.36 00.00 -25-0.27 -25-0.08 00.08 00.08 -25-0.44 -25-0.29 -250.00 00.13 00.25 250.73 250.55 0-0.08 00.00 00.00 00.10 00.11 00.30 250.18 250.38 250.20 250.15 250.50 250.47 250.43 00.11 00.07 00.15 00.14 00.20 00.21 00.35 00.50 250.47 00.12 00.16 -25-0.06 -25-0.24 -500.07 -50-0.11 00.00 00.21 00.05 -50-0.38 -25-0.24 -75-0.53 -50-0.37 -50-0.38 -25-0.26 0-0.08 0-0.11 00.08 00.06 00.00 00.10 00.21 00.10 250.22 250.00 250.23 0-0.29 00.00 00.00 00.06 00.04 00.14 00.08 0-0.22 0-0.32 00.06 00.04 00.11 00.21 0-0.06 0-0.09 00.13 0-0.05 00.05 0-0.17 0-0.11 0-0.18 0-0.06 0-0.10 0-0.06 0-0.21 00.05 0-0.10 0-0.06 0-0.07 0-0.06 0-0.05 00.06 00.00 0-0.11 -25-0.21 0-0.24 0-0.05 0-0.06 -25-0.24 0-0.12 0-0.13 00.00 00.00 0-0.09 0-0.08 00.00 00.00 0-0.11 0-0.09 00.13 0-0.05 00.08 00.00 0-0.06 250.19 250.41 00.17 00.15 250.32 00.05 00.24 00.29 250.25 00.22 250.08 0-0.09 0-0.04 0-0.32 0-0.12 00.06 0-0.04 00.09 0-0.08 00.00 0-0.04 -50-0.04 -50-0.30 -500.00 0-0.11 0-0.16 0-0.28 0-0.15 0-0.09 0-0.05 0-0.15 00.07 00.08 00.03 00.03 0-0.13 00.04 00.07 00.46 250.40 500.47 500.61 1000.43 750.57 500.27 500.47 250.10 00.11 00.03 250.44 250.41 00.28 00.00 0-0.13 0-0.04 00.04 0-0.13 -25-0.28 -25-0.19 -25-0.22 -50-0.31 -50-0.31 -25-0.11 -250.03 0-0.08 0-0.03 0-0.07 -25-0.07 -25-0.08 00.04 -0.27-0.04-0.1319 -0.26-0.15 -0.21-0.20 -0.20-0.35 -0.17-0.10 -0.17-0.21 -0.160.00 -0.130.08 -0.110.07 -0.11-0.03 -0.110.08 -0.100.00 -0.10-0.13 -0.10-0.05 -0.080.03 -0.070.00 -0.07-0.24 -0.050.30 -0.05-0.23 -0.030.18 -0.030.07 -0.020.07 -0.01-0.03 0.00-0.04 0.000.06 0.01-0.04 0.01-0.30 0.020.12 0.020.04 0.070.13 0.140.12 0.14-0.06 0.150.09 0.150.13 0.17-0.03 0.180.06 0.220.14 0.230.22 0.280.28 0.300.01 0.320.15 0.330.20 0.340.130.1806