Bank of Canada (BoC) Deputy Governor Sharon Kozicki said on Tuesday that interest rates need to remain high. She pointed out that they are concerned about the underlying inflation. She explained that core measures of inflation have eased, but the latest Consumer Price Index report indicates that inflationary pressures are still broad-based.
Tiff Macklem, Governor of the Bank of Canada mentioned on Thursday that monetary policy “may be sufficiently restrictive to restore price stability” but warned the Governing Council “is concerned about the persistence of underlying inflation.”
The Canadian economy unexpectedly contracted during the second quarter, as indicated by data released on Friday. Analysts at CIBC point out that the decline in consumption is likely to hinder any future interest rate hikes by the BoC.
The Bank of Canada (BoC) announced on Wednesday that it left the benchmark interest rate unchanged at 4.5% following the April policy meeting. This decision came in line with the market expectation.
The Bank of Canada (BoC) announced on Wednesday that it left the benchmark interest rate unchanged at 4.5% following the March policy meeting. This decision came in line with the market expectation. In its policy statement, the BoC reiterated that it expects to hold the key rate at its current level, conditional on the economy developing broadly in line with its forecasts.
The Bank of Canada (BoC) announced on Wednesday that it hiked its benchmark interest rate by 25 basis points to 4.5% following the January policy meeting. This decision came in line with the market expectation.
The Bank of Canada is the nation's central bank. Its principal role is "to promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. The Bank’s four main areas of responsibility are:
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Tiff Macklem was born in Montréal, Quebec, in 1961. He was appointed Governor of the Bank of Canada, effective 3 June 2020, for a seven-year term. He is the tenth governor of the Bank of Canada. As Governor, he is also Chairman of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both, the BIS Audit Committee and the Consultative Council for the Americas.
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.
