Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers are expected to testify before the Senate banking committee this evening. Last week, the central bank raised interest rates for the sixth consecutive time this year. The Bank of Canada hiked its key interest rate by half a percentage point on Wednesday and…
Macklem, Rogers to Appear Before Senate Banking Committee Tuesday Evening
Canadian Economy Grew 0.1% in August, Continuing on Path of Modest Growth
The Canadian economy edged slightly higher in August and initial estimates pointed to growth continued in September as worries of an impending recession grow. Statistics Canada said Friday real growth domestic product gained 0.1 percent in August, topping its initial estimate that suggested no growth for the month. In its initial estimate for September, the…
Bank of Canada Slows Pace of Rate Hikes Amid Recession Fears, Raising Questions on Fed’s Next Move
The Bank of Canada (BoC) has decided to slow its pace of rate hikes amid fears of a major global recession. BoC Governor Tiff Macklem announced on Oct. 26, that the central bank would raise benchmark interest rates by 50 basis points to 3.75 percent on to combat inflation, for the smallest increase since June. This…
Bank of Canada’s Half-Point Hike Viewed as Signalling the End of Rising Rates Is in Sight
News Analysis OTTAWA—The Bank of Canada gave a modest surprise on Oct. 26 by raising its overnight rate target by only 50 basis points (half a percentage point)—instead of 75 basis points—to 3.75 percent. Such a move could indicate the end is in sight for one of the most aggressive rate-hiking cycles the BoC has…
Bank of Canada Raises Key Interest Rate to 3.75 Percent, Downgrades Growth Forecast
OTTAWA—The Bank of Canada increased its key interest rate by 50 basis points (half a percentage point) to 3.75 percent on October 26, maintaining that inflation is still too high. The BoC has now raised its overnight rate target by 3.5 percentage points since March and the October rate hike marks the sixth consecutive time…
Freeland Stresses Bank of Canada’s Independence After Singh Criticizes Rate Hikes
As another interest rate hike looms, Finance Minister Chrystia Freeland is emphasizing the Bank of Canada’s independence after criticism from federal NDP Leader Jagmeet Singh. Singh sent a letter to Prime Minister Justin Trudeau Friday warning that another rate hike will have a “serious impact on families” as fears of a recession grow. The central…
Canada’s Inflation Rate Drops Slightly in September Even as Food Costs Climb
Canada’s annual inflation rate dropped slightly to 6.9 percent in September but the cost of groceries continues to climb. In its latest consumer price index report, Statistics Canada said the slight deceleration from 7.0 percent inflation in August is mostly attributed to lower gas prices, which fell by 7.4 percent in September. In a note,…
Most Consumers and Businesses Expect Recession; Views on Inflation Diverge: BoC
New surveys from the Bank of Canada show most consumers and businesses expect Canada to enter a recession, though their views on inflation in the short run are diverging. The third-quarter business outlook and consumer expectations surveys, released Monday, showed consumers have become more pessimistic about inflation in the short run, while business expectations for…
Strong US Dollar Wreaks Havoc in Financial Markets, and on Loonie
September 28, 2022
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News Analysis The U.S. dollar is at 20-year highs—rising by almost 5 percent in September alone and over 19 percent year-to-date. This latest bout of greenback strength is creating chaos for other currencies, including the typically stable Canadian dollar, and primarily reflects financial markets adjusting for the greater likelihood of a recession, according to a…
Canada Headed Toward a Recession, Says Former Central Bank Governor
A former Bank of Canada governor says Canada is headed for recession, while criticizing the central bank’s messaging on inflation during testimony before a Senate committee on Sept. 22. David Dodge, who retired from the post in 2008, told the banking committee that economic growth will go down to zero and “unemployment is going to…
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