Experts predict the Bank of Canada will likely announce another major interest rate boost Wednesday as it tries to rein in runaway inflation. After keeping its key interest rate near zero since March 2020, the central bank unveiled a pair of rate hikes in March and April — the second was by half a percentage…
Bank of Canada Expected to Jack up Interest Rates as Inflation Persists
US Recession Fears Mount as Stocks Swoon, but What of Canada?
News Analysis Rapidly rising interest rates have economists, business leaders, and financial markets increasingly fearing a recession in the United States next year as stock markets plunge, while Canada’s economy is facing a similar dynamic but with greater vulnerability to its central bank, an economist says. “There are many recessions in the past that were…
Dan Albas Named Tory Finance Critic Following Incumbent Fast Stepping Down After Criticizing Poilievre
MP Dan Albas has been appointed as the Conservative Party’s finance critic after Ed Fast stepped down following his criticism of leadership candidate and fellow Tory MP Pierre Poilievre. “Dan and the entire Conservative team will continue to fight for common-sense solutions that provide relief to Canadians, leave more money in their pockets, and protects…
Bank of Canada Governor Tiff Macklem Says He Won’t ‘Rule Anything Out’ on Rates
On a day when the Federal Reserve spooked markets with its tough talk on interest rates, Bank of Canada governor Tiff Macklem says he won’t “rule anything out” when it comes to the central bank’s own interest rate path and taming Canada’s out-of-control inflation. Macklem spoke to reporters virtually Thursday from Washington, D.C. where he…
Bank of Canada Takes Toughest Tack Against Inflation in 2 Decades, Says More Rate Hikes Coming
News Analysis OTTAWA—With an outsized rate hike, the Bank of Canada sent a clear message on April 13 that it’s aiming to get inflation under control. Economists say they could see interest rates rising by at least another full percentage point by year-end, which poses its own risks and uncertainties for the economy. In two…
Bank of Canada Raises Interest Rate by 0.5%, Says More Increases Coming
OTTAWA—The Bank of Canada hiked its key interest rate by 50 basis points—half a percentage point—to 1 percent and announced an end to its government bond-buying program on April 13. Both actions were widely anticipated as the Canadian economy runs red hot. The BoC has not raised rates by 50 basis points in a single…
Canada Faces Perfect Inflation Storm
Commentary With prices soaring at the pumps and the checkout line, Canada’s inflation rate (measured by the Consumer Price Index) hit 5.1 percent in January, the highest rate since 1991. While the Bank of Canada raised its policy interest rate from 0.25 percent to 0.50 percent on March 2, the central bank may need to…
Carbon Tax Raises Inflation by Around Half a Point: Bank of Canada Governor
The federal government’s carbon tax is adding nearly half a percentage point to inflation, says Bank of Canada Governor Tiff Macklem. Macklem had testified before the House Finance Committee committee on March 3, where he was asked by Conservative MP Philip Lawrence what the impact of the carbon tax was on the rate of inflation. Macklem did…
Bank of Canada Hikes Key Interest Rate
OTTAWA—The Bank of Canada raised its key interest rate target for the first time since slashing its benchmark rate to its rock-bottom level at the start of the COVID-19 pandemic. The central bank increased its key rate by a quarter of a percentage point to 0.5 percent in a bid to help fight inflation which…
Bank of Canada Signals Readiness for Series of Rate Hikes
News Analysis The Bank of Canada gave markets a bit of a surprise when it didn’t raise its key rate on Jan. 26. It stated that the time for extraordinary COVID-19 support is over and multiple interest rate increases are coming. Bank of Canada governor Tiff Macklem said the central bank is taking a very…
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