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Press Conference: Monetary Policy Report – July 2023
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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 post at 10:05am: BOC: INFLATION TO AVERAGE 3.7% IN 2023 (VS 3.5% IN APRIL), 2.5% IN 2024 (VS 2.3%), 2.1% IN 2025.
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Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s policy announcement and the Bank of Canada’s Monetary Policy Report (MPR). Today, we raised our policy interest rate by 25 basis points to 5%. We are also continuing our policy of quantitative tightening. This decision reflects two broad considerations. First, monetary policy is working, but underlying inflationary pressures are proving more stubborn. We have made considerable progress in the fight against inflation. Consumer price index (CPI) inflation has fallen from a peak of 8.1% last summer to 3.4% in May. But even as headline inflation has come down largely as we forecast, underlying inflationary pressures are proving more persistent than we expected. Higher interest rates are needed to slow the growth of demand in the economy and relieve price pressures. Second, we are trying to balance the risks of under- and over-tightening monetary policy. If we don’t do enough now, we will likely have to do even more later. If we do too much, we risk making economic conditions unnecessarily painful for everybody. post at 11:00am: *BoC’s Macklem: BoC is Prepared to Hike Again if Needed *BoC’s Macklem: BoC Discussed Holding Rates and Awaiting More Data *BoC’s Macklem: BoC to Assess Rates on Decision-By-Decision Basis *BoC’s Macklem: BoC Decided Cost of Delay Exceeded Benefit of Waiting post at 11:17am: *BoC’s Macklem: ‘We Think We’re Close’ to End of Tightening Cycle post at 11:18am: *Macklem Reiterates It’s Too Early to Be Talking About Rate Cuts
The Bank of Canada raised interest rates for a second straight meeting, pushing back the timeline for inflation’s return to target while revising growth upward. Policymakers led ...
post at 12:12pm: US National Economic Council Director Brainard: Latest Data Suggests US Economy Is Solid, Inflation Is Down - Labour Market Is In Much Better Balance Than Just 6 Months Ago
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- Posted: Jul 12, 2023 11:00am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,333
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