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Stephen Poloz Considers Negative Interest Rates
Stephen Poloz Considers Negative Interest Rates Price controls on interest rates are the latest fad. A 100-year-trend that’s picked up steam in the last 15 years, where central banks have been confident enough to blatantly ignore the supply and demand for loans and keep rates as low as possible. How low can you go? For […]
Central bankers must have the courage to act before a crisis: Don Pittis
Central bankers must have the courage to act before a crisis: Don Pittis Are our bankers-in-chief always condemned to crisis management? Are central bankers always destined to be too late? This weekend, two of that august fraternity were strutting their stuff. Former U.S. Fed chairman Ben Bernanke was busy promoting his new book called The Courage to […]
On the economy, politicians debate, central bankers decide
On the economy, politicians debate, central bankers decide Bank of Canada pushing stimulus; Conservatives, NDP talking austerity. Go figure The idea that a prime minister is the “steward of the economy” is a convenient bit of fiction, co-created by politicians and the journalists who cover them. It was an explicit theme of last night’s leaders’ […]
Time Bomb under Canada’s Housing Bubble Makes a Loud Tick
Time Bomb under Canada’s Housing Bubble Makes a Loud Tick The Bank of Canada has been fretting about the ballooning debt of Canadian households. Last year, it repeatedly called it a risk to “financial stability,” perhaps in preparation for raising its benchmark interest rate. Then Canada’s economy tanked. In July, when the freaked-out Bank of Canada cut […]
Interest rate cuts a two-edged sword for Bank of Canada: Don Pittis
Interest rate cuts a two-edged sword for Bank of Canada: Don Pittis Another decrease could spur exports but would announce serious pessimism Conjure up an image of Bank of Canada governor Stephen Poloz in Hamlet pantaloons, hand to brow, declaiming to the middle distance: “To cut or not to cut?” A confusion of contradictory economic […]
QE is “Not on the Table,” says Joe Oliver
QE is “Not on the Table,” says Joe Oliver In a world where central banks are given free rein over the supply of money and credit, and where any examination of these secretive institutions is considered interference with their “independence,” Finance Minister Joe Oliver’s comments about QE have not gone unnoticed. The other week Oliver […]
Don’t Call it a Recession!
Don’t Call it a Recession! “But pretty soon the word “recession” also became too harsh for the delicate sensibilities of the American public. It now seems that we had our last recession in 1957–58. For since then, we have only had “downturns,” or, even better, “slowdowns,” or “sidewise movements.” So be of good cheer; from […]
Stephen Poloz’s Zen Moment
Stephen Poloz’s Zen Moment To cut or not to cut, that is the question. And fortunately for Bank of Canada Governor Stephen Poloz, it was a pretty easy question. A lagging US recovery, China’s downturn, lower oil prices and “bad weather” all contributed to this interest rate cut. “I wouldn’t describe it as a close […]
Bank of Canada Decides More Bubble-Blowing is Needed
Bank of Canada Decides More Bubble-Blowing is Needed You Can’t Keep the Printing Press Idle for too Long … We have recently portrayed Canada’s new central bank governor Stephen Poloz, to whom we have alternately referred to as a comedian and a delusional bubble blower. This may perhaps strike some readers as uncharitable; then again, central […]
Bank of Canada Sees Global Economy, Freaks Out, Cuts Rate, Warns of Financial Stability Risks, Loonie Plunges
Bank of Canada Sees Global Economy, Freaks Out, Cuts Rate, Warns of Financial Stability Risks, Loonie Plunges The Bank of Canada took a good look at the Canadian economy, saw it was sinking into the mire, glanced at the collapsed prices of commodities, particularly oil, saw how they were wreaking havoc in Canada, and then […]
USDCAD Surges To 6 Year Highs As Bank Of Canada Slashes GDP Forecasts, Unexpectedly Cuts Rates
USDCAD Surges To 6 Year Highs As Bank Of Canada Slashes GDP Forecasts, Unexpectedly Cuts Rates In what seems to have surprised FX trader, Bank of Canada has taken an ax to growth forecasts and rates… *BOC CUTS CANADA 2015 GDP FORECAST TO 1.1% FROM 1.9% *BANK OF CANADA CUTS 2Q GDP ESTIMATE TO -0.5% […]
Bank of Canada interest rate decision: To cut or not to cut?
Bank of Canada interest rate decision: To cut or not to cut? With interest rates at historic lows, could it possibly make sense to go even further? It came as a shock to just about everyone when Bank of Canada governor Stephen Poloz announced the central bank would lower its benchmark lending rate in January to 0.75 […]
Side-Effects Include: Household Debt
Side-Effects Include: Household Debt Bank of Canada Governor Stephen Poloz fancies himself a surgeon. He compares cutting interest rates to life-saving surgery for the economy. I consider it more like bloodletting, a terrible practice that is now widely accepted as pseudoscience. According to Canada’s central banker, if the interest rate cut resulted in an increase of […]
Is Canada Next?
Is Canada Next? “All of that negative news has kind of put a downer on consumer sentiment,” is how Jharonne Martis, director of consumer research at Thomson Reuters, explained the crummy consumer confidence reading on Friday. The Thomson Reuters/Ipsos Canada Primary Consumer Sentiment Index haddropped to 51.6, the lowest so far this year and well below […]
Should Stephen Poloz be more worried about the Canadian economy?
Should Stephen Poloz be more worried about the Canadian economy? Blandly reassuring, is Bank of Canada governor really ready if something bad happens? I hope Bank of Canada governor Stephen Poloz was putting on a brave face. Despite a warning that risks had increased, mostly due to the property market, the avuncular Poloz was blandly reassuring when he met with […]
