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Bank of Canada raises policy rate 25 basis points, continues quantitative tightening
The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Global inflation is easing, with lower energy prices and a decline in goods price inflation. However, robust demand and tight labour markets are causing persistent inflationary pressures in services. Economic growth has been stronger than expected, especially in the United States, where consumer and business spending has been surprisingly resilient. After a surge in early 2023, China’s economic growth is softening, with ... (full story)
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️*BOC SEES CPI RETURNING TO TARGET 6 MONTHS LATER, IN MID-2025
— Cable FX Macro (@cablefxmacro) July 12, 2023
*BOC EXPECTS OUTPUT GAP TO CLOSE 9 MONTHS LATER, IN EARLY 2024
*CANADA GDP NOW SEEN AT 1.8% THIS YR, 1.2% IN 2024, 2.4% IN '25
*BOC CONCERNED PROGRESS TOWARD 2% INFLATION TARGET COULD STALL
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BOC: LABOR MARKET HAS EASED MILDLY, CONDITIONS REMAIN TIGHT.
— Breaking Market News (@financialjuice) July 12, 2023
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CANADA BOC INTEREST RATE DECISION ACTUAL: 5.00% VS 4.75% PREVIOUS; EST 5.00%
— First Squawk (@FirstSquawk) July 12, 2023
BANK OF CANADA RAISES O/N INTEREST RATE TO 5.00%, HIGHEST IN 22 YEARS
BOC: CANADA’S ECONOMY HAS BEEN STRONGER THAN EXPECTED, WITH MORE MOMENTUM IN DEMAND
BOC: GOVERNING COUNCIL REMAINS CONCERNED THAT…
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BoC Sees CPI Returning To Target 6 Months Later, In Mid-2025
— LiveSquawk (@LiveSquawk) July 12, 2023
- To Assess Data, Gives No Guidance On Future Path Of Rates
- Announcement Does Not Include Language From June Rate Decision Saying 'Monetary Policy Was Not Sufficiently Restrictive'
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