OTTAWA—The Bank of Canada upped its trendsetting interest rate by 100 basis points—a full percentage point—to 2.5 percent on July 13 in its ongoing battle to lower runaway consumer price inflation. The increase marks the biggest one-time increase in the rate since 1998. “The Governing Council decided to front-load the path to higher interest rates,”…
Bank of Canada Raises Key Interest Rate to 2.5%, Biggest Hike Since 1998
Bank of Canada Surveys Suggest Business and Consumer Inflation Expectations Up
A pair of new reports from the Bank of Canada point to rising inflation expectations by Canadian businesses and consumers. In its business outlook survey released Monday, the central bank said businesses’ expectations for near-term inflation have increased, and firms expect inflation to be high for longer than they did in the previous survey. “Many…
Inflation Has 72% of Canadian Parents Worried About Feeding Their Families: Poll
A survey on how Canadians are coping with rising inflation found that a vast majority of them, especially those with kids, are worried about putting food on the table. Conducted by Ipsos on behalf of Global News, the survey finds that 72 percent of Canadian parents are worried about their ability to feed their families,…
Canada’s Fiscal Policy-Makers Are ‘Doing Nothing of Significance’ to Slow Inflation: Scotiabank
Reining in government spending could help the Bank of Canada fight surging inflation, lower interest rates, and shift the burden of adjustment away from the private sector and split it more equitably between the public and private sectors, says the Scotiabank. In the report released June 19, Scotiabank’s chief economist Jean-François Perrault and modelling director Réne Lalonde…
Bank of Canada Likely to Mirror 0.75% Fed Hike Next Month: Economists
The Federal Reserve raising its key interest rate by three-quarters of a percentage point—its largest hike since 1994—increases the odds of the Bank of Canada following suit next month, economists say. The U.S. bank authority announced the Wednesday move will shift the country’s benchmark rate to a range between 1.5 percent and 1.75 percent as…
Actions to Ease Cost-of-Living Crisis Make Bank of Canada’s Job Harder, Say Analysts
June 15, 2022
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News Analysis As Canadians struggle with record gas prices and rising food costs, the Liberal government is under pressure from the Conservatives and NDP to ease the cost-of-living crisis. But analysts say neither of those parties’ proposals nor the government’s actions are anything other than stop-gap measures, which don’t deal with the underlying problems. They…
Bank of Canada: Some Canadians Could See Mortgage Payments Jump by 45% in 2025-26 as Rates Rise
OTTAWA—Some Canadians who took out mortgages in 2020-21 could see their monthly payments jump by as much as 45% in 2025-26, given rising rates, according to a Bank of Canada scenario released on Thursday. Elevated levels of inflation – which is currently at a 31-year-high – could also mean that households allocate more of their…
Some Canadians Could See Mortgage Payments Jump by 45% in 2025-26 as Rates Rise, Bank of Canada Says
OTTAWA—Some Canadians who took out mortgages in 2020-21 could see their monthly payments jump by as much as 45% in 2025-26, given rising rates, according to a Bank of Canada scenario released on Thursday. Elevated levels of inflation – which is currently at a 31-year-high – could also mean that households allocate more of their…
Bank of Canada Says Household Debt and Home Prices Key Risks for Financial System
The Bank of Canada said vulnerabilities from high household debt and elevated housing prices have increased and pose key risks to the Canadian financial system. In its latest financial system review, the central bank said Thursday the twin factors have increased the downside risk to economic growth as rising rates meant to counter inflation increase…
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…
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