The Globe and Mail reports in its Monday, April 13, edition that this week's Monetary Policy Report (MPR) will contain perhaps the Bank of Canada's most important projections in years. The Globe's David Parkinson writes that it has been three months since the BOC stunned markets with a quarter-percentage-point cut in its key interest rate, accompanied by a quarterly MPR that drastically reduced the bank's economic growth expectations for the first half of the year. The fact that the bank felt the damage from the oil shock was potentially severe enough to warrant the first rate cut in nearly six years was a harsh pill indeed. Mr. Parkinson says the financial markets almost immediately girded for a second cut. That belief, however, has eroded in the intervening months. As of the end of last week, the bond market was pricing in only about a 10-per-cent chance of a cut in the April rate decision, due this Wednesday morning. Traders, however, still predict another cut is likely in the second half of the year. That view, however, will hinge on the bank's new economic projections for 2015, which will be released in the quarterly MPR on Wednesday at the same time as the rate decision.