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’s Macklem Says He Is ‘Not Even Thinking’ of Cutting Rates
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…
Nearly One-Quarter of Canadians Say They’re ‘Completely Out of Money’ Amid Inflation and Rising Costs: Poll
Canadians are feeling the pinch in their wallets with nearly one-quarter of them saying they are completely tapped out, according to a new poll. Conducted by Ipsos on behalf of Global News, the poll suggests there is a growing proportion of Canadians (22 percent) who say they are “completely out of money” and there is…
Unemployment Will Rise as Economy Slows ‘Significantly’ This Year, Economists Warn Liberal Cabinet
Unemployment rates will rise significantly in the case of an economic slowdown in Canada this year, say economists advising the Liberal cabinet this week, who also say the likelihood of such a slowdown in 2023 is high. “We can expect the economy to slow significantly. We can expect that the unemployment rate will rise both…
Bank of Canada Expects January’s Interest Rate Increase to Be the Last of Hiking Cycle
OTTAWA—The Bank of Canada raised its key interest rate by a quarter of a percentage point (25 basis points) to 4.5 percent on Jan. 25, and indicated that it expects that its rate-hiking cycle is complete, barring any significant future economic surprises. “If economic developments evolve broadly in line with the MPR [monetary policy report]…
Feds Will Keep Budget Promises Despite Economic Uncertainty, Says Minister
The federal government will keep policy promises made in their most recent budget despite growing economic uncertainty, says Tourism Minister and Associate Finance Minister Randy Boissonnault. He also noted that Ottawa will be taking another “deep dive” look into the country’s economic outlook this year. Boissonnault spoke to reporters on Jan. 24 from Hamilton, Ont., where he…
Fiscal Room Tightening as Economy Teeters, Associate Finance Minister Says
Canada’s associate finance minister says it’s going to be a “turbulent” year for the economy, but Randy Boissonault insists the government still has some spending room for big priorities including a new health-care deal with the provinces. Boissonnault was speaking before the cabinet meets on the second of a three-day cabinet retreat in Hamilton, Ont….
Bank of Canada, Federal Reserve Should Focus on Vital Main Mission
Commentary It is a relief that the U.S. Federal Reserve Board is not veering off into climate theology or other mission-irrelevant distractions. While recent comments of the Fed’s chair, Jerome Powell, were unequivocal, comments from the Bank of Canada have not been as definitive. Amelioration of real or perceived non-economic matters, such as largely social…
Ottawa Underestimating Recession Likelihood, Planned Spending on Policy Goals: Former BoC Governor
The federal government is underestimating the amount of money it will have to spend to achieve its Budget 2022 policy objectives, along with the likelihood of a recession occurring in 2023, says former Bank of Canada (BoC) Governor David Dodge. “The extent of additional spending (or tax credits) required to implement the government’s promises as…
A Quarter of Canadians Think Prices Will Eventually Fall. Here’s Why That’s Unlikely
What goes up doesn’t necessarily come down. That’s contrary to the sentiment of a surprisingly large proportion of respondents to the Bank of Canada’s quarterly consumer expectations survey, released last week. According to the survey, more than a quarter of Canadians believe that current decades-high prices will drop five years from now. “What goes up…
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