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Search resuls for: "Julie Gordon David Ljunggren"


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☆ Bank of Canada surprises with 50 bps hike, says slight recession possible
  + stars: | 2022-10-26 | by ( Julie Gordon David Ljunggren | Julie Gordon | David Ljunggren | ) www.reuters.com   time to read: +3 min
OTTAWA, Oct 26 (Reuters) - The Bank of Canada announced a smaller-than-expected interest rate hike on Wednesday and said it was getting closer to the point where rate hikes could end, as it forecast the economy could possibly slip into a slight recession. The central bank increased its policy rate by half a percentage point to 3.75%, coming up short on calls for another 75 basis points move. Macklem added that the central bank was still far from its goal of low, stable and predictable inflation at 2%, but was trying to balance the risks of under- and over-tightening. Inflation in Canada has slowed to 6.9% in September from a peak of 8.1% in June, but core measures remain broad-based and persistent. The central bank revised downward its inflation outlook a touch on lower commodity prices and easing supply chain disruptions.
☆ Bank of Canada says inflation still too high, but moving in right direction
  + stars: | 2022-09-20 | by ( Julie Gordon David Ljunggren | Julie Gordon | David Ljunggren | ) www.reuters.com   time to read: +3 min
OTTAWA, Sept 20 (Reuters) - Inflation in Canada remains "too high" but is headed in the right direction, a Bank of Canada official said on Tuesday, adding that the central bank will do whatever is needed to bring price increases back to target. While we're headed in the right direction, that's still too high," Beaudry said in prepared remarks provided ahead of the speech. While some have argued policymakers need to engineer a recession to avoid this, Beaudry said the bank is working to convince Canadians the current period of high inflation is temporary and it will tame surging prices. Still, economists said if consumer and business surveys due out next month show inflation has become more entrenched, the Bank of Canada may have to change its tune. The Bank of Canada has boosted its policy rate by 300-basis points in six months and earlier this month signaled it was not yet done.
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