Since March, the Bank of Canada has now raised its key interest rate by 400 basis points — a full four percentage points — making good on its vow to “front-load” its battle against inflation.
Indeed, financial markets on Wednesday read the central bank’s commentary to mean that its hiking of rates is nearly done. Maybe one more time in January. And that’s not all. The domestic-facing side of the Canadian economy is losing momentum, and consumption — also known as shopping — has dropped off. That’s not surprising given thewe shoppers are carrying these days — debt that has suddenly become far more expensive to carry.
In Ottawa, the Conservatives and NDP both wasted no time in heaping blame on the Liberals for Wednesday’s interest-rate hike, saying Justin Trudeau’s lack of anti-inflation action has led to uncomfortably high borrowing costs for consumers.While the central bank’s rate-hiking exercise will have ripple effects on Canadian households and businesses for many months to come, most of the inflation these days is due to global factors, recent number-crunching by Scotiabank shows.
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Bank of Canada governor makes interest rate announcement on Dec. 7TUESDAY, DEC. 6—THURSDAY, DEC. 8 Assembly of First Nations’ Special Chiefs Assembly—The Assembly of First Nations hosts a Special Chiefs Assembly from Dec. 6-8. This event will take place at the Westin Ottawa, 11 Colonel By Dr., Ottawa. Details: afn.ca. WEDNESDAY, DEC. 7 House Sitting—The House is sitting Dec. 5-Dec. 16 every weekday and will adjourn on Friday, Dec. 16. The House is scheduled to sit 26 weeks in 2023. It will resume sitting Monday, Jan. 30, 2023, and will sit for three straight weeks (Jan. 30-Feb. 17). It will break on Friday, Feb. 17, and will return on Monday, March 6. It will sit for one week and will adjourn on Friday, March 10. It will return on Monday, March 20, and will sit for two weeks (March 20-March 31). It will break again on Friday, March 31, for two weeks and will return on Monday, April 17, and will sit for five consecutive weeks (April 17-May 19). It will adjourn on Friday, May 19, for one week and will return again on Monday, May 29, and will sit for four consecutive weeks (May 29-June 23). It’s scheduled to adjourn for the summer on June 23, 2023. It will break for 12 weeks (June 23-Sept. 18) and will resume sitting on Monday, Sept. 18. It will sit for three weeks (Sept. 18-Oct. 6), and will adjourn on Friday, Oct. 6, for a week. It will resume sitting on Monday, Oct. 16, and will sit for four consecutive weeks (Oct. 16-Nov. 10). It will break for one week (Nov. 13-Nov. 17) and will resume sitting on Monday, Nov. 20, and will sit for for four weeks (Nov. 20-Dec. 15). Bank of Canada Announcement—The Bank of Canada will announce its decision on the target for the overnight rate on Wednesday, Dec. 7, at 10 a.m. EST. Details at bankofcanada.ca. Public Policy, Indigenous Relations and Reconciliation—The Public Affairs Association of Canada hosts a panel discussion, “Public Policy, Indigenous Relations and Reconciliation: A Path Forward.” Speaker, thought leader, and storyteller Chief Lee Crowchild and Alberta deputy minister of energy G 😩😩
Source: TheHillTimes - 🏆 11. / 79 Read more »
Poilievre appears in rare Commons scrumConservative Leader Pierre Poilievre joined press gallery reporters on Dec. 7 in a rare scrum on Parliament Hill. Standing at the microphone before Question Period, it was Poilievre’s (Carleton, Ont.) first back-and-forth with the press in the House of Commons’ foyer in nearly two months. The nearly nine-minute Q&A went smoother than his last appearance on Sept. 13, days after he became leader, when Global News’ David Akin took issue with Poilievre’s team’s plan to not take questions during the availability. Since that testy exchange—as was the case during the seven-month leadership race—Poilievre’s interactions with media have been minimal and mostly with local reporters over parliamentary journalists. Conservative Leader Pierre Poilievre spoke with reporters on Dec. 7 in the House of Commons’ foyer about a RCMP contract awarded to China-linked company that is now under review, as well as the Bank of Canada interest rate hikes. The Hill Times photograph by Andrew Meade Asked about the Bank of Canada raising the benchmark interest rate to 4.25 per cent, Poilievre called it an ‘another uppercut for Canadians.’ The Hill Times photograph by Andrew Meade Poilievre said the Bank of Canada interest rate hike is ‘all because of the inflationary deficits and spending of [Prime Minister] Justin Trudeau. Even the Bank of Canada governor has said if deficits were smaller, inflation and interest rates would be lower.’ The Hill Times photograph by Andrew Meade Poilievre blamed the Bank of Canada interest rate hike on Trudeau, saying the ‘average Canadian is paying the price for that’ and suffering as a result. The Hill Times photograph by Andrew Meade Poilevre spoke to reporters for nearly nine minutes ahead of Question Period on Dec. 7. The Hill Times photograph by Andrew Meade The Hill Times At least he lets the press gallery ask questions and he answers them. Unlike JustinTrudeau who, when he is NOT on vacation, does prepared talking points and if you ask a question … HE DOES NOT CARE. Trudeau gives Canada sound bytes NEVER answers.
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Bank of Canada Hikes Overnight Interest Rate Another 50-Basis-Points to 4.25%The Bank of Canada ended 2022 with one final hike, increasing its trend-setting interest rate to 4.25%, and hinting another may come in 2023.
Source: storeyspub - 🏆 16. / 74 Read more »
Posthaste: What the Bank of Canada hike will mean for mortgage borrowersIf the Bank of Canada raises its rate by 50 bps, prime rates are expected to rise to 6.45 per cent. Read more
Source: financialpost - 🏆 7. / 85 Read more »