Bank of Canada Governor Tiff Macklem at a news conference after announcing an interest rate decision in Ottawa on April 12.The Bank of Canada is widely expected to hold the line on interest rates this week after inflation fell unexpectedly in September while economic growth continues to flounder.had been ticking higher over the summer, and Canada’s top central bankers were sending hawkish signals that more tightening might be needed to get rising prices under control.
“The latest CPI data for September also looked decidedly better, with slower growth in the BoC’s preferred ‘core’ measures breaking a string of upside surprises.” Mr. Macklem told reporters two weeks ago that higher bond yields don’t necessarily preclude further rate hikes by the Bank of Canada. But other central bankers, including top officials at the U.S. Federal Reserve, have argued in recent weeks that higher long-term rates may be a proxy for more central bank moves.
Economists have been surprised by how resilient the Canadian economy has been to the interest-rate shocks over the past year and a half. However, the evidence is increasingly clear that higher borrowing and debt-service costs are taking a toll.contracted slightly in the second quarter and appears to have flatlined through the summer.
The Bank of Canada will publish a new economic forecast alongside its rate decision on Wednesday. Mr. Macklem said two weeks ago that the bank was “not going to be forecasting a serious
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