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Search resuls for: "Julie Gordon Ismail Shakil"


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☆ Canadian firms see recession coming as inflation expectations stay high
  + stars: | 2022-10-17 | by ( Julie Gordon Ismail Shakil | Julie Gordon | Ismail Shakil | ) www.reuters.com   time to read: +3 min
OTTAWA, Oct 17 (Reuters) - Business sentiment has softened in Canada and most firms now think a recession is likely, a Bank of Canada survey showed on Monday, but inflation expectations remain high, leaving the central bank little choice but to continue raising rates. The bank's Business Outlook Survey showed 77% of firms see price growth staying above 3% for the next two years. A separate survey showed near-term consumer inflation expectations at record highs, though longer term expectations have eased, providing some relief. "Still-high expectations for inflation will keep the Bank of Canada in rate hike mode," said Andrew Grantham, senior economist at CIBC Capital Markets, in a note. That is cause for concern for the central bank as it seeks to avoid a wage-price spiral, analysts said.
☆ Bank of Canada must hike rates to tame inflation -BoC Governor
  + stars: | 2022-09-26 | by ( Julie Gordon Ismail Shakil | Julie Gordon | Ismail Shakil | ) www.reuters.com   time to read: +2 min
Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. REUTERS/Blair Gable/File PhotoOTTAWA, Sept 26 (Reuters) - Inflation is too high in Canada, so the Bank of Canada needs to increase interest rates to slow spending and give the economy time to catch up, Governor Tiff Macklem said on Monday in a video posted by the central bank on Twitter. "Inflation is too high," Macklem said in a video tagged #AskTheBoC, echoing remarks made earlier this month after the central bank hiked its policy rate by 75-basis points to 3.25%. Register now for FREE unlimited access to Reuters.com RegisterThe Bank of Canada, like many of its global peers, is rapidly increasing interest rates in response to inflation running at levels not seen in decades. The central bank has lifted rates by 300 basis points in just six months as it looks to wrangle inflation back to the 2% target.
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