OTTAWA—The Bank of Canada raised its overnight rate target by a quarter percentage point (25 basis points) to 5 percent on July 12 in response to more persistent excess demand in the economy and slowing downward momentum with inflation. “Canada’s economy has been stronger than expected,” the BoC said in a statement. The central bank…
Bank of Canada Raises Key Interest Rate to 5 Percent
July 12, 2023
admin
Bank of CanadaBusiness & MarketsCanadaeconomic policieseconomyinflationinterest ratesTiff MacklemWorld
0 Comment
48% of Canadians Have Lost Sleep This Year Due to Financial Stress: Poll
With interest rates on the rise and record-high inflation rates persisting, nearly half of Canadians say they have lost sleep due to financial stress this year, according to a new poll. “For the sixth year [in a row], Canadians say money is their top source of stress, with elevated inflation, higher gas prices and cost…
Lessons From the 1980s Can Help US Weather Current Rising Mortgage Rates
Commentary The Bank of Canada, as well as other central banks of Western nations, continues to raise interest rates. This program began in the summer of 2021 after it became apparent that the unprecedented expansion of the money supply due to the lockdowns has manifested in, at one point, almost double-digit inflation. The United States…
Bank of Canada Expected to Raise Rates Next Week, Despite Rise in Unemployment Rate
The Canadian labour market is showing some signs of softening as the unemployment rate rises and wage growth slows, but with another solid job gain last month, forecasters are still expecting a rate hike next week. Statistics Canada reported Friday the economy added 60,000 jobs in June, driven by gains in full-time work. But as…
Signs of Wage Growth Cooling Encouraging Amid Inflation Fight: Economists
Early signs of wage growth slowing are an indicator the Bank of Canada’s fight against inflation is slowly gaining ground, economists said, but it’s too soon to tell whether Canadians will regain the purchasing power they lost amid sustained price growth. “If wage growth is going to cool, then we better see inflation come down…
What Could Be in Store for Canadian Home Prices
June 28, 2023
admin
Bank of CanadaBusiness & MarketsCanadaeconomyGlobal Real EstatehousingOSFIpersonal financereal estateWorld
0 Comment
Canada’s housing market has good reason to be rising despite 4.5 percentage points of Bank of Canada interest rate hikes since March last year. But policy-makers are taking steps to contain risks stemming from the housing market and analysts expect prices to start dropping. “I’m pretty sure the Bank of Canada is not happy seeing…
No Evidence Retailers and Grocers Have Inflated Prices, Says Bank of Canada
Despite accusations of price gouging from some parliamentarians, there is no evidence that retailers, grocers, and wholesalers have increased their prices to take advantage of inflated supply-chain costs, says the Bank of Canada. “The cumulative growth of markups of consumer-oriented firms was close to zero between 2020 and 2022,” wrote the Bank of Canada (BoC)…
Canadians Opting for Shorter Mortgage Terms as They Hope for Declining Interest Rates
With mortgage rates at their highest level in more than a decade, home owners and prospective buyers tend to focus on getting the best rate. While shopping around, however, experts say borrowers shouldn’t forget about term length. Samantha Brookes, founder and CEO of Mortgages of Canada, says that before the Bank of Canada started raising…
Poilievre Calls on Trudeau to Cancel Summer Vacation to Work on Budget Bill
June 8, 2023
admin
Bank of CanadabudgetCanadaChrystia FreelandConservativesFillibusterIMFLiberalsmortgagePierre PoilievreWorld
0 Comment
A day after leading a four-hour filibuster to delay a vote on the Liberal government’s 2023 budget bill, Conservative Leader Pierre Poilievre called for Prime Minister Justin Trudeau to cancel his summer vacation in order to work on rewriting the legislation. “I’m calling on [Trudeau] to do the honourable thing. To put aside his pride and…
Freeland Touts Strength of Canadian Economy Following Latest Interest Rate Hike
June 7, 2023
admin
Bank of CanadaCanadaChrystia FreelandConservativesCOVID-19inflationinterest ratesPierre PollievreRussiaWorld
0 Comment
Amid another rate hike by the Bank of Canada, Finance Minister Chrystia Freeland attempted to alleviate Canadians’ financial concerns by highlighting the country’s economic recovery since COVID-19 began. “I absolutely understand the concerns Canadians have with mortgages today, and I understand the concerns Canadians have with inflation,” Freeland told reporters in Ottawa on June 7. “What…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`