News Analysis OTTAWA—Now is the time when the full effect of the Bank of Canada’s earliest interest rate hikes in 2022 are starting to take effect. While Canada’s central bank was caught off guard by a surprisingly strong first quarter of economic growth, it expects much weaker albeit slightly positive growth for the rest of…
Bank of Canada Expects Canada to Avoid Recession, Some Economists Skeptical
Bank of Canada’s Macklem Says He Is ‘Not Even Thinking’ of Cutting Rates
Bank of Canada Governor Tiff Macklem on Wednesday said he was focused on whether interest rates would need to go higher and was not even considering a cut, pushing back against traders betting that the central bank will move lower as soon as October. Macklem made his remarks in an interview with Reuters after earlier…
Bank of Canada Announces Pause in Rate Increases Following 0.25-Point Hike
News Analysis OTTAWA—The Bank of Canada stated that it will take a pause from raising interest rates after its quarter-point (25 basis points) hike to 4.5 percent on Jan. 25. It was an unusual move that required considerable elaboration. Governor Tiff Macklem was quick to pour cold water on the subsequent emerging talk of rate…
Climate Poses Difficult Problem for Central Banks Given Long-Term Nature
News Analysis Central banks have their eye on climate change developments but are unequivocal in their understanding that it falls outside their mandate of ensuring stable prices. Nevertheless, central bankers strive to address the roles they think they must play and some of the thorny issues therein, such as independence from government and communications with…
Bank of Canada ‘Prepared to Act More Forcefully’ to Fight Inflation Amid Mounting Criticism
News Analysis OTTAWA—The Canadian economy is in the midst of a rapidly rising interest-rate environment. The Bank of Canada is faced with trying to put out an inferno of inflation amid a red-hot economy while being criticized for the current predicament. For the second straight meeting, on June 1, the BoC raised its policy interest…
Feds, Bank of Canada Agree to More Flexibility in Fighting Inflation
The renewal of the Bank of Canada’s mandate, stating that policy decisions will now also emphasize “maximum sustainable employment” while noting that this is “not directly measurable,” has brought out skeptics.
Inflation Tests Central Banks’ Resolve, Credibility
Central banks are under pressure to fight mounting inflation that’s looking less transitory than what they initially suggested.
Rising Canadian Dollar a Headwind for Economic Rebound
The Canadian dollar’s strength is acting as a headwind for the country’s economic recovery, but its rally isn’t happening in isolation, as broad U.S. dollar weakness has been a trend since last spring
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