<?xml version="1.0" encoding="UTF-8"?>
<data>
<terms url="https://www.bankofcanada.ca/terms/"></terms>
<groupDetail>
    <label>Chart 2: Dealers adjust the tone of their commentaries after Bank of Canada policy announcements</label>
    <description><![CDATA[Difference in tone score, Bank press releases and dealer commentaries

Each dot represents a policy announcement between September 2020 and December 2025. Dealer tone is averaged across dealers before and after each announcement. The more positive the value, the more hawkish the tone; the more negative the value, the more dovish the tone. Quadrant 1 shows a hawkish shift in dealers’ tone when the Bank’s tone is more hawkish than dealers’ pre-announcement tone. Quadrant 2 shows a hawkish shift in dealers’ tone when the Bank’s tone is more dovish than dealers’ pre-announcement tone. Quadrant 3 shows a dovish shift when the Bank’s tone is more dovish than dealers’ pre-announcement tone. Quadrant 4 shows a dovish shift when the Bank’s tone is more hawkish than dealers’ pre-announcement tone.

Bank of Canada and Bank of Canada calculations]]></description>
    <link></link>
</groupDetail>
<seriesDetail>
<series id="SABA_WANG20260330_C2_S1">
<label>Change in dealer tone before and after announcement</label>
<description>Change in dealer tone before and after announcement</description>
<dimension key="k" name="Category"/>
</series>
<series id="SABA_WANG20260330_C2_S2">
<label>Difference in tone of Bank press release and pre-announcement dealer commentaries</label>
<description>Difference in tone of Bank press release and pre-announcement dealer commentaries</description>
<dimension key="k" name="Category"/>
</series>
<series id="SABA_WANG20260330_C2_S3">
<label>Linear trend</label>
<description>Linear trend</description>
<dimension key="k" name="Category"/>
</series>
</seriesDetail>
<observations>
<o k="1"><v s="SABA_WANG20260330_C2_S1">-0.27</v><v s="SABA_WANG20260330_C2_S2">-0.04</v><v s="SABA_WANG20260330_C2_S3">-0.1319</v></o>
<o k="2"><v s="SABA_WANG20260330_C2_S1">-0.26</v><v s="SABA_WANG20260330_C2_S2">-0.15</v></o>
<o k="3"><v s="SABA_WANG20260330_C2_S1">-0.21</v><v s="SABA_WANG20260330_C2_S2">-0.20</v></o>
<o k="4"><v s="SABA_WANG20260330_C2_S1">-0.20</v><v s="SABA_WANG20260330_C2_S2">-0.35</v></o>
<o k="5"><v s="SABA_WANG20260330_C2_S1">-0.17</v><v s="SABA_WANG20260330_C2_S2">-0.10</v></o>
<o k="6"><v s="SABA_WANG20260330_C2_S1">-0.17</v><v s="SABA_WANG20260330_C2_S2">-0.21</v></o>
<o k="7"><v s="SABA_WANG20260330_C2_S1">-0.16</v><v s="SABA_WANG20260330_C2_S2">0.00</v></o>
<o k="8"><v s="SABA_WANG20260330_C2_S1">-0.13</v><v s="SABA_WANG20260330_C2_S2">0.08</v></o>
<o k="9"><v s="SABA_WANG20260330_C2_S1">-0.11</v><v s="SABA_WANG20260330_C2_S2">0.07</v></o>
<o k="10"><v s="SABA_WANG20260330_C2_S1">-0.11</v><v s="SABA_WANG20260330_C2_S2">-0.03</v></o>
<o k="11"><v s="SABA_WANG20260330_C2_S1">-0.11</v><v s="SABA_WANG20260330_C2_S2">0.08</v></o>
<o k="12"><v s="SABA_WANG20260330_C2_S1">-0.10</v><v s="SABA_WANG20260330_C2_S2">0.00</v></o>
<o k="13"><v s="SABA_WANG20260330_C2_S1">-0.10</v><v s="SABA_WANG20260330_C2_S2">-0.13</v></o>
<o k="14"><v s="SABA_WANG20260330_C2_S1">-0.10</v><v s="SABA_WANG20260330_C2_S2">-0.05</v></o>
<o k="15"><v s="SABA_WANG20260330_C2_S1">-0.08</v><v s="SABA_WANG20260330_C2_S2">0.03</v></o>
<o k="16"><v s="SABA_WANG20260330_C2_S1">-0.07</v><v s="SABA_WANG20260330_C2_S2">0.00</v></o>
<o k="17"><v s="SABA_WANG20260330_C2_S1">-0.07</v><v s="SABA_WANG20260330_C2_S2">-0.24</v></o>
<o k="18"><v s="SABA_WANG20260330_C2_S1">-0.05</v><v s="SABA_WANG20260330_C2_S2">0.30</v></o>
<o k="19"><v s="SABA_WANG20260330_C2_S1">-0.05</v><v s="SABA_WANG20260330_C2_S2">-0.23</v></o>
<o k="20"><v s="SABA_WANG20260330_C2_S1">-0.03</v><v s="SABA_WANG20260330_C2_S2">0.18</v></o>
<o k="21"><v s="SABA_WANG20260330_C2_S1">-0.03</v><v s="SABA_WANG20260330_C2_S2">0.07</v></o>
<o k="22"><v s="SABA_WANG20260330_C2_S1">-0.02</v><v s="SABA_WANG20260330_C2_S2">0.07</v></o>
<o k="23"><v s="SABA_WANG20260330_C2_S1">-0.01</v><v s="SABA_WANG20260330_C2_S2">-0.03</v></o>
<o k="24"><v s="SABA_WANG20260330_C2_S1">0.00</v><v s="SABA_WANG20260330_C2_S2">-0.04</v></o>
<o k="25"><v s="SABA_WANG20260330_C2_S1">0.00</v><v s="SABA_WANG20260330_C2_S2">0.06</v></o>
<o k="26"><v s="SABA_WANG20260330_C2_S1">0.01</v><v s="SABA_WANG20260330_C2_S2">-0.04</v></o>
<o k="27"><v s="SABA_WANG20260330_C2_S1">0.01</v><v s="SABA_WANG20260330_C2_S2">-0.30</v></o>
<o k="28"><v s="SABA_WANG20260330_C2_S1">0.02</v><v s="SABA_WANG20260330_C2_S2">0.12</v></o>
<o k="29"><v s="SABA_WANG20260330_C2_S1">0.02</v><v s="SABA_WANG20260330_C2_S2">0.04</v></o>
<o k="30"><v s="SABA_WANG20260330_C2_S1">0.07</v><v s="SABA_WANG20260330_C2_S2">0.13</v></o>
<o k="31"><v s="SABA_WANG20260330_C2_S1">0.14</v><v s="SABA_WANG20260330_C2_S2">0.12</v></o>
<o k="32"><v s="SABA_WANG20260330_C2_S1">0.14</v><v s="SABA_WANG20260330_C2_S2">-0.06</v></o>
<o k="33"><v s="SABA_WANG20260330_C2_S1">0.15</v><v s="SABA_WANG20260330_C2_S2">0.09</v></o>
<o k="34"><v s="SABA_WANG20260330_C2_S1">0.15</v><v s="SABA_WANG20260330_C2_S2">0.13</v></o>
<o k="35"><v s="SABA_WANG20260330_C2_S1">0.17</v><v s="SABA_WANG20260330_C2_S2">-0.03</v></o>
<o k="36"><v s="SABA_WANG20260330_C2_S1">0.18</v><v s="SABA_WANG20260330_C2_S2">0.06</v></o>
<o k="37"><v s="SABA_WANG20260330_C2_S1">0.22</v><v s="SABA_WANG20260330_C2_S2">0.14</v></o>
<o k="38"><v s="SABA_WANG20260330_C2_S1">0.23</v><v s="SABA_WANG20260330_C2_S2">0.22</v></o>
<o k="39"><v s="SABA_WANG20260330_C2_S1">0.28</v><v s="SABA_WANG20260330_C2_S2">0.28</v></o>
<o k="40"><v s="SABA_WANG20260330_C2_S1">0.30</v><v s="SABA_WANG20260330_C2_S2">0.01</v></o>
<o k="41"><v s="SABA_WANG20260330_C2_S1">0.32</v><v s="SABA_WANG20260330_C2_S2">0.15</v></o>
<o k="42"><v s="SABA_WANG20260330_C2_S1">0.33</v><v s="SABA_WANG20260330_C2_S2">0.20</v></o>
<o k="43"><v s="SABA_WANG20260330_C2_S1">0.34</v><v s="SABA_WANG20260330_C2_S2">0.13</v><v s="SABA_WANG20260330_C2_S3">0.1806</v></o>
</observations>
</data>