Bank of Canada ‘remains independent’ amid political comments: Macklem – National
Bank of Canada governor Tiff Macklem reaffirmed the central bank’s independence on Thursday in response to politicians weighing in on the institution’s interest rate decisions over the past week. “I am confident that the Bank of Canada remains independent,” Macklem said to reporters in Calgary. “We have a clear mandate. Canadians expect us to control […]
Higher interest rates are ‘painful’ but ‘worth it’: Bank of Canada’s Macklem
The head of the Bank of Canada says the central bank’s two per cent inflation target is “now in sight” but cautions that persistent price pressures might require additional interest rate hikes. Tiff Macklem made his remarks to the Calgary Chamber of Commerce on Thursday, one day after the central bank opted to hold its […]
Indigo’s president and CEO have both left the retailer – National
Almost a year since he took on the top job, Indigo Books & Music Inc.’s chief executive is moving on. The Toronto-based books and home goods retailer announced Thursday that Peter Ruis has resigned, adding the board “thanks him for his contributions to the company and wishes him well as he moves on to new […]
Young Canadians want to save for retirement despite high cost of living: survey
Despite the high cost of living making it harder to set aside money after expenses, a recent survey indicates Gen Z and millennial Canadians still want to start saving for retirement. And even with the Bank of Canada’s most recent announcement on Sept. 6 stating it was holding its key interest rate steady at 5.0 […]
Bank of Canada faces political pressure to hold rates. But will it matter?
Two premiers have sent letters to Bank of Canada governor Tiff Macklem urging the central bank to halt interest rate hikes ahead of its next rate decision Wednesday. Ontario Premier Doug Ford sent a letter on Sunday saying families and businesses cannot afford the “crushing impact of further rate hikes,” echoing a letter British Columbia […]
S&P/TSX composite posts loss Tuesday ahead of rate decision, U.S. markets also lower
TORONTO _ Canada’s main stock index moved lower as investors await an interest rate decision from the Bank of Canada Wednesday, while U.S. stock markets also posted losses. The S&P/TSX composite index was down 131.60 points at 20,413.76. Energy stocks and battery metals moved higher, while telecom, utilities and base metals led market weakness. The […]
‘Unpredictable’ Bank of Canada looms over fall housing market. Here’s why – National
Canada’s housing market could face a chill this fall as prospective buyers and sellers wait to see where the Bank of Canada’s interest rate path will head, according to new polling released Tuesday. Re/Max Canada said in a report that based on current market conditions, home prices are expected to remain flat nationally from August […]
Could a Toronto Blue Jays playoff bid be a home run for the economy?
This year, September in Canada means two things: pressure ramping up on the Toronto Blue Jays as they chase an elusive wild card spot for a berth in the MLB postseason; and economists crunching numbers to revise their forecasts of how steep a decline the economy could soon face. Canada’s economy has stalled, according to […]
Mortgage stress looms over Canada’s big banks. What they — and consumers — can do – National
Canadian consumers are facing mounting financial pressure amid higher interest rates, and it’s something Canada’s biggest lenders are bracing for. But there are steps that borrowers — and the banks themselves — can take to soften the blow. The latest bank earnings showed risks of a slowing economy are weighing on the country’s largest financial […]