Stephen Poloz – Benefits Canada.com

Macklem says central bankers must speak simply or risk losing public trust

mschmit — Fri, 28 Aug 2020 05:32:06 +0000

The head of the Bank of Canada made an international pitch to his fellow central bankers on Thursday to forge closer ties with average citizens to manage economic expectations through the pandemic, or risk losing public trust and face an existential crisis. Speaking remotely at an annual gathering usually hosted in Jackson Hole, Wyo., governor […]

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Bank of Canada keeps key rate target on hold, expects return to growth in Q3

mschmit — Thu, 04 Jun 2020 04:18:45 +0000

The economy appears to have avoided a worst-case scenario due to the coronavirus pandemic, the Bank of Canada said Wednesday as it kept its key interest rate steady at its lower bound. The bank left its target for the overnight rate unchanged at 0.25 per cent, which it has said is as low as it […]

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Bank of Canada report warns of business, household debt from coronavirus

mschmit — Fri, 15 May 2020 04:12:55 +0000

Financial markets are showing signs of concern about how well companies can weather the coronavirus economic crisis, the Bank of Canada said in a report outlining issues the pandemic is having on business and household debt. The central bank has spent the last two months making a flurry of policy decisions that include slashing the […]

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Morneau names Tiff Macklem new Bank of Canada governor

mschmit — Fri, 01 May 2020 09:41:02 +0000

Tiff Macklem, a former second-in-command at the Bank of Canada, is returning to the central bank to take over the top job at a moment that he says cries out for bold, unprecedented responses to the economic crisis fuelled by the coronavirus. And he suggested that once the current crisis passes, a key focus for […]

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Bank of Canada would have cut rates on oil shock alone, Poloz tells MPs

mschmit — Fri, 17 Apr 2020 04:21:06 +0000

The governor of the Bank of Canada says the central bank would have likely slashed its key interest rate in response to plunging oil prices, if that alone had been the only shock to the domestic economy. The cut might even have been to the current 0.25 per cent level it reached as the COVID-19 […]

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Bank of Canada keeps key interest rate target on hold at 0.25%

mschmit — Thu, 16 Apr 2020 04:12:40 +0000

The Bank of Canada is warning that the downturn tied to COVID-19 will be the worst on record and that the economic recovery will depend on the effectiveness of current measures to bring the pandemic under control. The pandemic has forced companies to close and workers to stay at home as much as possible in […]

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Bank of Canada cuts key interest rate target to 0.25%

mschmit — Fri, 27 Mar 2020 06:23:27 +0000

The Bank of Canada cut its key interest target by half a percentage point to 0.25 per cent in an unscheduled rate announcement Friday. The central bank said its decision to lower rates is aimed at cushioning the economic shocks from COVID-19 and a sharp drop in oil prices by easing the cost of borrowing. […]

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Bank of Canada holds interest rate as it takes stock of trade war impacts

mschmit — Wed, 04 Sep 2019 08:00:55 +0000

The Bank of Canada is holding steady on interest rates as it gauges the extent of the damage that deepening trade conflicts have had on the domestic and global economies. The rate decision Wednesday, which was widely expected, kept the central bank’s overnight rate at 1.75 per cent and followed a solid second-quarter rebound for […]

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