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Bitcoin's big break
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Bitcoin is rocketing higher, topping $35,000 for the first time since May 2022. It’s up 20% over the past five days.Bitcoin is rocketing higher, topping $35,000 for the first time ...
Awidely-awaited High Court trial to determine a computer scientist's claim to be the inventor of the bitcoin digital currency will hear evidence of forgery and fraudulent ...
The Bank of Canada is widely expected to leave its key overnight rate on hold when it announces its decision on Wednesday, mainly because of a slowdown in economic growth but also ...
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The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for September 2023: tables Sales ...
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The global economy is slowing and growth is forecast to moderate further as past increases in policy rates and the recent surge in global bond yields weigh on demand. The Bank projects global GDP growth of 2.9% this year, 2.3% in 2024 and 2.6% in 2025. While this global growth outlook is little changed from the July Monetary Policy Report (MPR), the composition has shifted, with the US economy proving stronger and economic activity in China weaker than expected. Growth in the euro area has slowed further. Inflation has been easing in most economies, as supply bottlenecks resolve and weaker demand relieves price pressures. However, with underlying inflation persisting, central banks continue to be vigilant. Oil prices are higher than was assumed in July, and the war in Israel and Gaza is a new source of geopolitical uncertainty. post: BOC: WE ARE PREPARED TO RAISE POLICY RATE FURTHER IF NEEDED. post: BOC sees "clearer signs that monetary policy is moderating spending and relieving price pressures" post: BoC: -Bank's preferred measures of core inflation show little downward momentum; BoC wants to see downward momentum in core inflation -There is growing evidence in Canada that past rate hikes are dampening economic activity and relieving price pressures
The objective of Canada’s monetary policy is to promote the economic and fi nancial well-being of Canadians. Canada’s experience with infl ation targeting since 1991 has shown that the best way that monetary policy can achieve this goal is by maintaining a low and stable infl ation environment. Doing so fosters confi dence in the value of money and contributes to sustained economic growth, a strong and inclusive labour market and improved living standards. • In 2021, the Government of Canada and the Bank of Canada renewed the fl exible infl ation-targeting strategy of the monetary policy framework for a further fi ve-year period, ending December 31, 2026.1 The infl ation target was renewed at the 2% midpoint of the 1%–3% control range, with infl ation measured as the 12-month rate of change in the consumer price index (CPI). The Government and the Bank agreed that the best contribution monetary policy can make to the economic and fi nancial well-being of Canadians is to continue to focus on price stability. The Government and the Bank also agreed that monetary policy should continue to support maximum sustainable employment, recognizing that maximum sustainable employment is not directly measurable and is determined la post: BOC: INFLATION PROJECTED TO REMAIN PERSISTENTLY HIGH UNTIL MID-2024, IN PART DUE TO UPWARD PRESSURE FROM ENERGY AND SHELTER PRICES. post: BOC: WE NOW EXPECT INFLATION TO RETURN TO 2% TARGET BY END-2025; IN JULY WE HAD THOUGHT MID-2025. post: BoC: -We now expect inflation to return to 2% target by end-2025; in July we had thought mid-2025 -The economy is projected to move into modest excess supply in Q4 2023, and excess supply increases through most of 2024
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- Posted: Oct 25, 2023 9:45am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 255