Bank of Canada holds interest rate at 1.75 per cent
Bank of Canada holds interest rate at 1.75 per cent
Bank Of Canada Leaves Key Interest Rate Unchanged
08 December, 2018, 23:30
Lower growth prospects are expected to reinforce Bank of Canada Governor Stephen Poloz's strategy of moving very gradually on increases to its overnight rate. The bank raised its rate to that level in October, the fifth time since the summer of 2017 that it made a decision to hike.
Bank economists say an unexpected dip in monthly gross domestic product figures in September and lower-than-expected oil prices so far in the fourth quarter have dampened growth expectations and placed in doubt forecasts for a January bank rate increase.
Core inflation running at the central bank's 2 percent target - and which indicates the economy is operating at close to capacity - is one key reason policy makers want to raise rates.
The bank also said recent data show that the economy has less momentum heading into the final quarter of 2018 related to factors such as a drop in business investment that the bank largely connects to trade uncertainty last summer.
Canada's central bank chief indicated during a news conference in Toronto on Thursday that he may not be able to do much to lift markets, which have slumped this week amid concerns that trade tensions between China and the US are far from resolved.
Weighing all of these developments, Governing Council continues to judge that the policy interest rate will need to rise into a neutral range to achieve the inflation target. Weaker oil prices and associated production cutbacks mean activity in the energy sector is set to be materially weaker than expected.
The persistence of the oil price shock, the evolution of business investment, and the Bank's assessment of the economy's capacity will also factor importantly into our decisions about the future stance of monetary policy.
"It is already clear that a painful adjustment is developing for Western Canada, and there will be a meaningful impact on the Canadian macroeconomy", Poloz said in an address to be delivered at a breakfast event hosted by CFA Toronto.
He said oil and gas production now makes up just 3.5 per cent of Canada's economy, compared with six per cent in 2014.
The bank added that it will be watching for positive developments such as signs the economy can still grow without stoking inflation.
Moving forward, the bank will scrutinize the results of its quarterly survey of business executives, to be published December 21, for clues on corporate sentiment.
In a news conference Thursday following his speech, Poloz was asked about the chances a rate cut could be needed to deal with the latest oil slump.
"I'm just not going to comment on that for now", he said.
The Philadelphia 76ers appear to be in a better position this time around to win for the first time in Toronto in six years. Unfortunately, this may have been overshadowed by another turnover-filled game for the Sixers .
I'm sorry but if you go to work and you're not happy with your wages, you'll probably change your job and look for a better deal. The last statement is in reference to the fact that the Wilder/Fury fight failed to meet the projected pay per view earnings.
Kelly's tenure working for Trump was pocked with controversies, and officials were often amazed at how he managed to survive. Ayers, Vice President Mike Pence's chief of staff, has emerged as the clear favorite to replace Kelly.
Hamid Issam, a member of the team of Iran-backed Huthi rebels in Sweden , dismissed Yamani's role in the talks altogether. UN-backed peace talks between the Yemeni government and Houthi rebels kicked off Thursday in Sweden .
According to YouTube's year-end analysis of Singapore's video trends, we seem to be really, really patriotic people. Making the rewind confusioning, by "Making them make the rewind." like, jt makes 2017 look good.
High Chinese retaliatory tariffs on US soybeans have caused the USA exports of soybeans to drop by as much as 97 percent . Soybeans & Liquified Natural Gas" that were put on hold as a result of the president's initial tariffs.
Cardi B appeared in court Friday after a summons was issued on October 1 for misdemeanor reckless endangerment and assault. The rapper was later spotted in Miami filming an upcoming video in Miami with the City Girls.
Detainees accused of involvement in mafia activities, extortion, illegal possession of weapons and other serious crimes. Both Falcone and Borsellino were murdered in 1992 on Riina's orders after verdicts were delivered.
Cohen talked with Trump about meeting Putin during campaign
Mueller's memo says Cohen has met with the special counsel's office in seven different sessions to provide valuable information. Federal prosecutors said Friday that Cohen deserves a substantial prison sentence despite his cooperation with investigators.
Tiger: Good preparation vital for Presidents Cup success
Are they going to cheer when their team does well and we don't make a putt? "I wanted to see if they've changed any of the holes". Only Hale Irwin has played the Presidents Cup as a captain when he performed dual roles for the U.S.in the inaugural 1994 event.
5-Star Center Vernon Carey Verbally Commits to Duke
Vernon Carey Jr , from University Prep, drives by a Gulliver Prep player during the Hoophall Miami Showcase in Miami past year . With Carey joining the fold, Duke's recruiting class is starting to take shape and now ranks No. 6 overall.
Diane Rwigara: Rwanda government critic acquitted
But it added: "We condemn all attempts by external actors to inappropriately influence judicial processes in Rwanda". Activists Diane Rwigara and her mother Adeline have been acquitted of all charges brought against them.
Liverpool - Premier League - 8 December 2018
The Reds made five changes to their starting XI following their 3-1 at Burnley at Turf Moor on Wednesday. Things got worse for Cook, who scored an own goal to make it 3-0 to Liverpool .
France braced for 'day of rage' protests
Foreign governments are watching developments closely in one of the world's most visited cities. Authorities deployed barricade-busting armored vehicles and 8,000 police in the capital alone.
Arsenal Players Warned After 'Hippy Crack' Video Emerges
Arsenal says the club will talk to the players who were recorded apparently inhaling nitrous oxide in a London nightclub. The North London club sit in fifth in the Premier League table, only behind fourth-placed Chelsea on goal difference.
Charlottesville car-rammer James Alex Fields jnr found guilty
President Trump drew wide-scale criticism when in the aftermath of Charlottesville, he said that there was "blame on both sides". Prior to attending the rally in Charlottesville, a text message sent from Fields to his mother included a picture of Hitler.
Lingard insists Man Utd squad good enough for top 4
Lucas Torreira is an example for Arsenal players due to his high level of physical condition , according to Unai Emery. Dalot's quick adaptation to life in Manchester has no doubt been aided by his near-flawless English.