BoC gives us a Fed preview/Sentiment/Commentary still doesn't sound like a 4.5% GDP growth pace

As a likely preview for the Fed next week and the ECB today, here is the reasoning on why the Bank of Canada did nothing yesterday with rates, leaving them at 5% as expected where they too are acknowledging the tightening the market has done recently, "The global economy is slowing and growth is forecast to moderate further as past increases in policy rates and the recent surge in global bond yields weigh on demand."

They did however still leave themselves room to raise again so as not to tell the market that they are done. "Governing Council is concerned that progress towards price stability is slow and inflationary risks have increased, and is prepared to raise the policy rate further if needed."

The 'professional' investor remained much more bullish than retail this past week. Investors Intelligence said Bulls slipped 1.4 pts but still is holding the 5 handle at exactly 50. Bears did tick up 2.1 pts to 24.3 but the former is still twice the latter. AAII today said Bulls fell 4.8 pts to 29.3, down for a 2nd week to a 4 week low. Bears jumped 8.6 pts to 43.2, the highest since early May. The CNN Fear/Greed index closed at 29, still in the 'Fear' camp and vs 28 one week ago. Bottom line, 'professional' sentiment still seems to be a measure of what they think about big cap tech as they of course drive the big indices while retail is reflecting the general macro nervousness we're all feeling. 

Q3 might print 4.5% today but outside of leisure and travel, the commentary below continues to sound like the current pace is softer.