On the day we have some renewed hope and vigilance and sense of pride in our neighbours we also had a relatively significant reversal in our own backyard.

As many expected the bank of Canada dropped the trend setting bank rate but what was more surprising was how quickly the banks got on side by matching.  In fact BMO released a press statement only two minutes after the Bank of Canada announcement.

What to make of this?  Not sure but I would suggest that BMO is setting a bar for the rest of the industry lets see what they do.  What do you think?