OTTAWA—With its June 7 rate hike, the Bank of Canada pause lasted less than five months. In raising its overnight rate target by 25 basis points (0.25 percentage points) to 4.75 percent—the highest level since the spring of 2001—the BoC caught some market participants off-guard with the timing of the hike. In ending its pause,…
ANALYSIS: Bank of Canada Ends Rate Hike Pause, Omits Wording on Likely Next Moves
Bank of Canada Raises Rates Amid Shifting Economic Landscape
Commentary The Bank of Canada has elected to raise its policy rate to 4.75 percent. The market in the form of the yield curve had estimated a 40 percent to 45 percent chance that the Bank would raise the key rate. Economists had put the probability at only 20 percent. Yet again the market outperforms…
Bank of Canada Ends Pause, Hikes Key Rate to 4.75 Percent—Highest Since 2001
OTTAWA—The Bank of Canada’s pause on raising interest rates lasted just over four months. Canada’s central bank raised its overnight rate target to 4.75 percent with a 0.25 percentage point (25 basis points) rate hike on June 7, in the face of mounting evidence of an economy that’s still running too hot. The BoC cited…
Tories Filibustering Budget Bill to Prevent Future Mortgage Payment Crisis, Says Poilievre
The federal Conservatives have been delaying a committee vote on the Liberal government’s omnibus budget bill over the past month in a bid to help prevent a nationwide mortgage-payment crisis from occurring by 2025, says Conservative Party leader Pierre Poilievre. Poilievre said during a press conference in Ottawa on June 5 that he believes the federal…
ANALYSIS: ‘Slippery Slope’: Experts Warn About Pitfalls of Central Bank Digital Currencies
As the Bank of Canada seeks consultation from Canadians on its design of a potential central bank digital currency (CBDC), digital privacy experts are warning that the technology could be used by governments to track payments and freeze dissidents’ bank accounts. “CBDCs could be a nightmare for democracy, for civil liberties, and potentially all sorts…
Monthly Mortgage Payments Could Spike 20-40% Over Next 3 Years: Bank of Canada
While a large number of mortgage holders have seen their monthly payment rates jump over the past year due to rising interest rates, the Bank of Canada (BoC) says the impact could become greater and more far-reaching over the next three years as average mortgage payment rates could spike by up to 40 percent. The…
Banks’ Rising Funding Costs, Reduced Lending Are Top Concerns for Bank of Canada
May 18, 2023
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Bank of CanadaBusiness & MarketsCanadaeconomyfinancial system reviewGlobal Real Estatereal estateWorld
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OTTAWA—Bank of Canada analysis shows that while global banking stresses have been contained and the Canadian banks remain robust, the effects of much higher interest rates are exposing vulnerabilities in the banking sector. These can raise the cost of banks’ funding and thus make it harder for households and businesses to get loans, which could…
Statistics Canada Says the Annual Pace of Inflation Rose to 4.4 Percent in April
Statistics Canada said Tuesday the annual pace of inflation rose in April for the first time since it peaked in June last year. The agency said its consumer price index was up 4.4 percent compared with a year ago, up from a year-over-year increase of 4.3 percent in March. Statistics Canada said the first tick…
‘We Need to Get Ready’: Bank of Canada Launches Consultations on Central Bank Digital Currency
May 9, 2023
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Bank of CanadaCanadaCentral Bank Digital Currency (CBDC)cryptocurrecymoneyPierre PoilievreTiff MacklemWorld
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The Bank of Canada (BoC) has announced that it is exploring the possibility of issuing a Central Bank Digital Currency (CBDC), and is seeking consultation from the public on its design. “As Canada’s central bank, we want to make sure everyone can always take part in our country’s economy. That means being ready for whatever…
BoC Can Address Banking System Stress, Even as It Fights Inflation: Macklem
The Bank of Canada has shifted its messaging in recent months from the need to get inflation under control to bringing it back down to the two percent target. But recent turbulence is in the global banking sector is forcing the central bank to pivot and reassure Canadians that it’s ready to contend with any…
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