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11 July 2018, 11:40 | Hattie Nash
The Bank of Canada is widely expected to raise its trend-setting interest rate today for the first time in six months.
The Bank of Canada's latest interest rate hike means higher borrowing costs for consumers with variable-rate mortgages, loans or lines of credit, but it is also good news for savers and future homeowners.
The rationale for USA rate hikes is simple, Rosenberg said, citing how recent US corporate tax cuts have been adding "gargantuan" fiscal stimulus to the US economy at a time of strong employment.
Poloz also signaled he was comfortable with how financial markets were interpreting the central bank's message, noting the hike was "highly anticipated". Meanwhile, oil prices have risen.
The Canadian Dollar is sharply appreciating vs. its American neighbor on Wednesday, dragging USD/CAD to fresh lows in sub-1.3100 levels. The possibility of more trade protectionism is the most important threat to global prospects. Temporary factors are causing volatility in quarterly growth rates: the Bank projects a pick-up to 2.8 per cent in the second quarter and a moderation to 1.5 per cent in the third. Meanwhile, exports are being buoyed by strong global demand and higher commodity prices. Overall, the Bank still expects average growth of close to 2 per cent over 2018-2020. The economy's growth projection for this year remains at 2%, the bank said. The Bank estimates that underlying wage growth is running at about 2.3 per cent, slower than would be expected in a labour market with no slack.
The bank raised the rate even as it predicts larger impacts from the widening trade uncertainty, particularly after the United States imposed steel and aluminum tariffs on Canada and Ottawa's retaliatory measures.
Governor Stephen Poloz said trade tensions were the biggest issue on the table.
"This U.S. dollar move offsets, and even more so, the somewhat hawkish BoC hike", said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in NY.
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