Published: Thu, January 18, 2018
Economy | By Shawn Conner

Bank of Canada raises interest rate again

Bank of Canada raises interest rate again

In getting there, however, it said the governing council will remain cautious when considering future hikes by assessing incoming data such as the economy's sensitivity to the higher borrowing rates.

The future of NAFTA, which U.S. President Donald Trump has threatened to terminate, was the most significant downside risk cited by the bank in an otherwise bullish report on the outlook for Canada's economic growth.

The bank said "some continued monetary policy accommodation will likely be needed" to keep the economy operating close to its full potential.

The federal court in Manhattan is home to a wide variety of private litigation accusing banks of conspiring to rig rate benchmarks, markets such as U.S. Treasuries, and prices for commodities such as gold and silver.

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The bank's benchmark rate is now at its highest level since 2009.

The Bank of Canada has raised its key interest rate for the third time since last summer and to its highest level since 2009.

The threat of greater protectionism remains the most significant risk to Canada's export-dependent economy, the bank said.

The bank said speculation the United States may pull out of the deal is already holding back business investment in Canada and it poses a threat to future exports. The immediate impact - already being felt - is a chill on business investment in Canada, as it's either deferred or simply made in the USA instead. While the move means borrowers can expect to pay more, savers can expect to earn more, too, on savings accounts and guaranteed investment certificates. Growth in advanced economies is projected to be stronger than in the Bank's October Monetary Policy Report(MPR). The Bank expects CPI inflation to fluctuate in the months ahead as various temporary factors (including gasoline and electricity prices) unwind.

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The central bank estimates the economy grew 3% previous year, and is expected to expand 2.2% in 2018. In this respect, capital investment, firm creation, labour force participation, and hours worked are all showing promising signs.

Poloz raised rates in July and September in response to a surprisingly strong economic run that began in late 2016.

Up until a couple of weeks ago, many forecasters still had doubts that Poloz would raise the rate Wednesday.

"Based on the economic environment alone, the case for higher interest rates in Canada is airtight", Scotiabank economists wrote in a January 12 research note. The next announcement is scheduled for March 7.

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Although Canadian's competitiveness would be affected, the bank is having their base-case point of view reasoned by the impact of the likely increase of the US economy that will increase demand which can aid Canada and the impact of Trump's move to have corporate taxes put to an end.

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