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After a five-month pause, the BoC raised its overnight rate in June, saying monetary policy was not sufficiently restrictive. "If new information suggests we need to do more, we are prepared to increase our policy rate further," BoC Governor Tiff Macklem told reporters after the decision. The BoC's overnight target rate was last at 5.00% in March and April of 2001. Twenty of 24 economists surveyed by Reuters had expected the central bank to lift rates by a quarter of a percentage point. Money markets had seen a more than a 70% chance of a rate hike before the announcement.

Persons: Derek Holt, Andrew Kelvin, Steve Scherer, Ismail Shakil, Fergal Smith, Divya Rajogopal, Nivedita Balu, Paul Simao, Mark Porter Organizations: OTTAWA, Bank of Canada, Wednesday, BoC, Scotiabank, Reuters, TD Securities, Thomson Locations: Canada, Toronto

But beneath those positive signals, the two-day visit to Beijing from US Secretary of State Antony Blinken highlighted another reality: a wide and dangerous gulf between the two powers. The timing of the visit, which followed two close encounters between Chinese and American armed forces in Asia in recent weeks, underscored the urgency of talking. In the same vein, the United States needs to respect China and must not hurt China’s legitimate rights and interests,” he said. We don’t want to look up to the United States, at the very least we should look at each other at eye level,” he said. Baby stepsIn the lead-up to and during Blinken’s visit, China made clear who it thinks is responsible for the problems in the relationship.

Persons: Antony Blinken, –, Xi Jinping, Blinken, Xi, ”, “, Bonnie Glaser, China …, Nancy Pelosi’s, Yang Tao, ” Yang, Li Shangfu, Shen Dingli, Wang Yi, Joe Biden, ” Blinken, Dexter, Roberts Organizations: Hong Kong CNN, Washington, China, China’s Communist Party, German Marshall Fund of, United, Pacific, Military, US, Chinese Defense, Minister of Defense, Beijing, Economic Cooperation, Atlantic Council Locations: Hong Kong, China, Beijing, Asia, ”, United States, Washington, Taiwan, American, South China, America, Shanghai, “ China, Bali, “

☆ ‘The Ultimatum: Queer Love’ Is a TV Rarity With Familiar Drama
▼ + stars: | 2023-06-07 | by ( Trish Bendix | ) www.nytimes.com time to read: +1 min

The finale of Netflix’s latest dating show hit, “The Ultimatum: Queer Love,” arrived on Wednesday after weeks of partner swapping that amounted to a milestone in romantic reality television: The first of the genre’s marriage contests that focused exclusively on queer couples. Like its predecessor, “The Ultimatum: Marry or Move On,” from last year, “The Ultimatum: Queer Love,” which premiered in May, follows couples who don’t agree about their future together (one wants to get engaged; the other is not ready). So they agree to split up and live with new partners for a few weeks in front of the cameras. After meeting, dating and committing to a “trial wife,” the original couples reunite to live together as married, also for a few weeks. Then, after eight episodes worth of soul-searching, they must decide whether to get engaged, end the relationship or leave with their “trial wife” — the “ultimatum” of the title.

Persons: ”, Mildred Woody, Vanessa Papa, Papa, Lexi Goldberg, Rae Cheung, Sutton, Xander Boger Organizations: ”

☆ Marjorie Taylor Greene slams Steve Bannon after he calls for primary challenge, saying she's 'done' with him in fiery texts to Matt Gaetz
▼ + stars: | 2023-06-05 | by ( Jake Swearingen | ) www.businessinsider.com time to read: +2 min

Rep. Marjorie Taylor Greene, the controversial House Republican from Georgia, blasted Steve Bannon and other far-right figures in a series of messages to Rep. Matt Gaetz, according to texts obtained by The Daily Beast. "Steve and I aren't patching things up," Greene texted to Gaetz, per the Daily Beast. "She took a job from me when she publicly accused me of being crazy," Loomer said to The Daily Beast. She told Gaetz her town hall got "standing ovations" and that "Steve, Loomer, and anyone else coming after me won't beat me." When reached for comment, Rep. Gaetz said, "I fully support Marjorie Taylor Greene's re-election and am eager to campaign alongside her.

Persons: Marjorie Taylor Greene, Steve Bannon, Matt Gaetz, Greene texted, Trump, Kevin McCarthy, Steve, Greene, McCarthy, Chip Roy, Lauren Boebert, Bannon, MAGA, Laura Loomer, Donald Trump, Loomer, Gaetz, Marjorie Taylor Greene's Organizations: Republican, Daily, Caucus, GOP Locations: Georgia, Gaetz

☆ Analysis: Strong economy puts Bank of Canada's 4-month rate hike pause in doubt
▼ + stars: | 2023-06-05 | by ( Steve Scherer | ) www.reuters.com time to read: +4 min

Inflation, which peaked at 8.1% last year, accelerated for the first time in 10 months in April to 4.4%, more than double the Bank of Canada's 2% target. The recent recovery in Canada's housing market is also putting pressure on prices, analysts say. "The Bank of Canada's penchant for surprising traders means that nothing can be ruled out," said Royce Mendes, head of macro strategy at Desjardins Group. Mendes said there could be more than one rate hike in the cards, and Canadians should "brace themselves for a further tightening in financial conditions this summer". "The latest round of data adds weight to our view that the Bank will need to conduct an insurance rate hike at either of its next two meetings," said Jay Zhao-Murray, FX analyst at Monex Canada.

Persons: Stephen Brown, Royce Mendes, Mendes, Macklem, Jay Zhao, Murray, Steve Scherer, Fergal Smith, Denny Thomas, Daniel Wallis Organizations: OTTAWA, Bank of Canada, BoC, Bank of Canada's, North, Capital Economics, Reuters, Federal Reserve, Desjardins Group, Monex Canada, Thomson Locations: North America, United States, States

A man appeared on a budgeting podcast to seek help and raise awareness for mental health issues. A man struggling with huge debts appeared on a budgeting podcast last week, saying he was an example of how ignoring mental health can lead to financial problems. "It's been a really, really bad situation I've been in for the past couple of years," Duncan said. "I wanted to be on here to specifically platform how not treating your mental health issues can lead to massive financial strain that I'm in," he said. "Guys, if you have anything with mental health that you need to deal with, anxiety, depression, bipolar disorder, trauma, PTSD, etc.

☆ BoC's Macklem says it's far too early to think about interest rate cuts
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, May 19 (Reuters) - Bank of Canada Governor Tiff Macklem reiterated on Friday it is far too early to be thinking about interest rate cuts, adding that he expects the consumer price index to decline to around 3% this summer and back to the bank's 2% inflation target around the end of 2024. Macklem told a seminar hosted by Brazil's central bank that the Canadian monetary authority has been using a pause in interest rate increases to assess whether policy has been tightened enough to get inflation back to 2%. Canada last hiked rates in January, holding its benchmark rate at 4.5% since then, despite saying it would be ready to hike again if inflation risks remain significantly above target. "So far, Canadians are proving resilient," the central bank governor said, pointing out that delinquencies on mortgages remain low. Reporting by Gabriel Araujo; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ BoC's Macklem says it's far too early to think about interest rates
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: 1 min

April's unexpected acceleration in inflation to 4.4% from 4.3% in March has some economists forecasting a hike later this year. "Inflation has come down. We expect it will continue to come down," Macklem said when asked about the inflation figures published this week. He did, however, acknowledge that April inflation "did come in stronger than we expected." "While most households are proving resilient to increases in debt-servicing costs, early signs of financial stress are emerging," particularly among recent home buyers, according to the so-called Financial System Review.

☆ Canada's annual inflation rate unexpectedly speeds up to 4.4% in April
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

OTTAWA, May 16 (Reuters) - Canada's annual inflation rate surprisingly ticked up to 4.4% in April, as higher shelter costs contributed to the first acceleration in the consumer price index in 10 months, Statistics Canada data showed on Tuesday. Analysts polled by Reuters had expected the annual inflation rate to edge down to 4.1% from 4.3% in March. Higher rent and mortgage interest costs contributed the most to the annual inflation rate in April, Statscan said. The higher interest rate environment may have contributed to rising rents in April by stimulating higher rental demand, the agency said. The month-over-month inflation rate was driven by gasoline prices, which posted the largest monthly increase since October, following an announcement from OPEC+ to cut oil output, Statscan said.

OTTAWA, May 16 (Reuters) - Canada's annual inflation rate rose in April for the first time in 10 months, data showed on Tuesday, adding pressure on the central bank to raise interest rates again after having paused its tightening campaign since January. Annual inflation unexpectedly rose to 4.4% in April, Statistics Canada said. Higher rent and mortgage interest costs contributed the most to the annual inflation rate in April, Statscan said. The higher interest rate environment may have contributed to rising rents by stimulating higher rental demand, the agency said. Excluding food and energy, prices rose 4.4% compared with a rise of 4.5% in March.

In 2017, with Mr. Connors’ help, Mr. Maichle started his own company, Precision Compliance Consulting. ‘Boss Man’Mr. Connors, Mr. Lewis and Mr. Maichle were all active in college conservative politics in Wisconsin about 15 years ago, when Mr. Connors was the leader of campus Republicans at Marquette University. Of that, about $102,000 went to Campaign Now, the firm started by Mr. Connors, and another $112,000 to companies where Mr. Connors, Mr. Maichle or Mr. Lewis was either the owner or a partner, tax records show. Most of the money — more than $4.4 million — went to fund-raising companies via tens of thousands of small payments. Most of the money — more than $4.4 million — went to fund-raising companies via tens of thousands of small payments.

☆ Kemal Dervis, Who Eased Turkey’s Economic Crisis, Dies at 74
▼ + stars: | 2023-05-11 | by ( Neil Genzlinger | ) www.nytimes.com time to read: +1 min

Kemal Dervis, an economist who was instrumental in leading his native Turkey out of economic crisis early in this century, and who later became the first person to lead the United Nations Development Program from a country that had received developmental aid from the program, died on Sunday in Bethesda, Md. The Brookings Institution, where Mr. Dervis had been the director and vice president of the global economy and development program and was a nonresident distinguished fellow, confirmed his death. Turkey’s state-run Anadolu news agency said he died of an unspecified illness. Mr. Dervis had been working in various posts for the World Bank for two decades when, in early 2001, prices in Turkey began skyrocketing and the currency, the lira, plunged in value. The meltdown was fast-moving, and Mr. Dervis, at the time a vice president of the World Bank, was seen as a savior.

☆ Morning Bid: Oil price relapse
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +4 min

Although oil prices have not yet reversed all their gains from OPEC move, Brent is down more than 5% over the past week and the year-on-year deflation in oil prices is running at 24%. And there's also signs oil loading from Russia's western ports this month is rising to the highest since 2019 -= despite Moscow's pledge to cut output. Tesla (TSLA.O) shares dropped 2% after the electric-vehicle maker's sixth U.S. price cut this year. Helped by the oil price retreat, 2-year U.S. Treasury yields fell back almost 10 basis points to 4.19%. VIX and bear marketsShare price performance, earnings and sales for TeslaReuters GraphicsReuters GraphicsBy Mike Dolan, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ Higher US Fed rates 'not a major concern' for C$, BOC's Macklem says
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

OTTAWA, April 20 (Reuters) - The impact on the Canadian dollar from U.S. Federal Reserve raising interest rates more than the Bank of Canada is not a "major concern" because of a flexible exchange rate and the BOC's independent monetary policy, Governor Tiff Macklem said on Thursday. "That is not a major concern. We have an independent monetary policy, we have a flexible exchange rate," Macklem told a Canadian Senate panel, in response to a question about the impact of higher U.S. interest rates on the Canadian dollar. "For sure there'll be some fluctuations in the Canadian dollar .. but, by and large, the flexible exchange rate system works pretty well," he said. Reporting by Ismail Shakil and Steve Scherer in OttawaOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Government Workers Strike Over Pay to Offset Inflation
▼ + stars: | 2023-04-19 | by ( Paul Vieira | ) www.wsj.com time to read: 1 min

Bank of Canada Gov. Tiff Macklem told lawmakers this week that annual wage growth needs to slow from its current level. Photo: David Kawai/Bloomberg NewsOTTAWA—About 150,000 Canadian government workers went on strike early Wednesday, in a dispute over wage increases that could have implications on efforts by the country’s central bank to sharply slow inflation. The Public Service Alliance of Canada is seeking wage gains of 13.5% over a three-year period, or roughly 4.5% a year. Union leadership said this would help offset the sharp acceleration in inflation in Canada and the rest of the developed world since the initial wave of the Covid-19 pandemic, due to a combination of supply-chain constraints, stronger-than-expected consumer demand, and the war in Ukraine’s impact on commodity prices.

☆ Donald Trump Sides With Disney
▼ + stars: | 2023-04-19 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Review & Outlook: What started as a row over parental rights legislation has resulted in the Walt Disney Company losing special privileges in Florida—and serves as a wake-up call for other CEOs. Images: Reuters/AP/Miami Herald Composite: Mark KellyThe only thing Democrats enjoy watching more than Ron DeSantis ’s escalating tiff with Disney is the daily Donald Trump show. In Tuesday’s double feature, the former President sided with the woke Mickey Mouse to score points over the Florida Governor. “Disney’s next move will be the announcement that no more money will be invested in Florida because of the Governor,” Mr. Trump wrote on Truth Social. “In fact, they could even announce a slow withdrawal or sale of certain properties, or the whole thing.

☆ Morning Bid: Global pulse picks up, rates creep higher again
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanWith investors largely assuming recession ahead, an accelerating global economic pulse challenges the narrative and is seeing interest rates tick back higher again as the March banking wobble subsides. With March starts and permits numbers out later, there was also signs of a troughing in the U.S. housing market. Confidence among U.S. single-family homebuilders improved for a fourth straight month in April as a dearth of previously owned homes and falling mortgage rates boosted demand. Wall St futures were higher again on Tuesday, with European bourses and most Asia indices advancing too. With euro zone and UK rate expectations pushing higher too, the dollar slipped back again against the euro and sterling .

☆ Bank of Canada discussed raising rates at latest policy meeting -governor
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

April 14 (Reuters) - The governing council of the Bank of Canada discussed raising interest rates at its policy meeting earlier this week before deciding to leave them on hold, the central bank's governor, Tiff Macklem, said on Friday. Asked whether any council members were in favor of hiking rates at the meeting, Macklem said: "When I say that we've discussed whether we've done enough, that does imply that one of the things we discussed is whether we need to raise rates." On Wednesday, the Canadian central bank kept its benchmark interest rate at 4.50%, as expected, but struck a hawkish tone, playing down market expectations for a rate cut this year as the risk of a recession diminished. Macklem reiterated on Friday that interest rates may need to stay "higher for longer" to get inflation back to the central bank's 2% target. The central bank estimates the neutral interest rate -- one that neither stimulates nor constrains the economy -- to be a range between 2% and 3%.

April 13 (Reuters) - The banking stress in the United States and Europe has had a limited impact on Canada's financial system so far, Bank of Canada Governor Tiff Macklem said on Thursday, adding though that there was a need to actively monitor risks to the system. "You're seeing a little bit of spillover to Canada, but honestly, it's really been quite muted," Macklem said when asked about how the country's financial system had been affected. Macklem spoke at the International Monetary Fund in Washington where he is attending an annual meeting. The failures of U.S. lenders Silicon Valley Bank and Signature Bank, followed by Credit Suisse's rescue, are prompting central bankers to closely monitor the potential for banking stress to trigger a credit crunch. On Wednesday the Bank of Canada (BoC) held its key overnight rate steady at 4.50%.

☆ Marketmind: Dollar skids, China revs
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +4 min

The dollar's DXY index - the Swiss franc hit its strongest level in more than two years. Taking in all the information, futures markets still show a near 75% chance of another quarter point rate rise to the 5.0-5.25% range in May, but more than 60 basis points of cuts from there to yearend. Two-year Treasury yields were stuck at 4%, with producer price inflation and weekly jobless up next on Thursday's data calendar. European markets were further pepped by reports the European Central Bank was minded to downsize its rate hikes to a quarter point in May after six successive half point moves. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Bank of Canada says rates may have to remain restrictive for longer
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

OTTAWA, April 12 (Reuters) - Interest rates in Canada may have to stay restrictive for longer to ensure inflation declines to the Bank of Canada's 2% target, Governor Tiff Macklem said on Wednesday. Macklem, speaking after the bank announced that it was holding its key rate at 4.50%, said the central bank's governing council had discussed whether rates had been raised enough. Macklem said that while the bank was encouraged inflation was dropping, the job of monetary policy was not done. "We considered the likelihood that the policy rate may need to remain restrictive for longer to return inflation to the 2% target," he said. (Reporting by David Ljunggren, editing by Steve Scherer)((Reuters Ottawa bureau, david.ljunggren@tr.com))Keywords: CANADA CENBANK/MACKLEMOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Canada seen holding on rates amid cooling inflation, financial turmoil
▼ + stars: | 2023-04-12 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

[1/2] Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. Last month the Bank of Canada became the world's first major central bank to pause its tightening campaign, leaving its benchmark rate at 4.50%. However, bank failures in the United States and Europe have put central bankers on guard against a widespread credit crunch. All 33 economists polled by Reuters agree that the Bank of Canada (BoC) will hold its key overnight rate steady. "Hiking in this environment would put markets on high alert," said Jay Zhao-Murray, FX Market Analyst at Monex Canada, in a note.

☆ Top Bank of Canada officials speak after rate decision
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

MACKLEM ON POTENTIAL FOR NEGATIVE QUARTERS FOR GROWTH"We're forecasting small positives. When you're forecasting small positives you can't rule out that there's going to be a couple quarters of small negatives. MACKLEM ON NEEDING A PERIOD OF WEAK GROWTH"I would remind you that we actually need a period of weak growth. We're expecting pretty weak growth for the rest of the year, something a little less than 1%." MACKLEM ON NOT FORECASTING A MAJOR CONTRACTION"We're not forecasting a major contraction.

[1/2] Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. The Bank of Canada (BoC) last month became the world's first major central bank to pause its tightening campaign. All 33 economists polled by Reuters agreed that the bank would hold its key overnight rate steady. At the same time, the BoC raised its growth forecast for this year to 1.4% from 1.0% in January. The bank cut its 2024 growth forecast to 1.3% from 1.8% in January, and said the economy would expand by 2.5% in 2025.

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