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No “Poloz Put?” Ignore BoC Warning At Your Peril
No “Poloz Put?” Ignore BoC Warning At Your Peril Governor Stephen Poloz’s warning last week that the Bank of Canada wouldn’t backstop fluctuating stock markets drew little attention. “Is there a Poloz Put?” the central bank head asked rhetorically. “No.” At first glance, the fact that only one BNN Bloomberg producer and a few smaller […]
BoC: 8% Of Canadian Households Owe More Than 20% Of The $2.1 Trillion In Debt
BoC: 8% Of Canadian Households Owe More Than 20% Of The $2.1 Trillion In Debt Canadian real estate debt hit a new high, and the news gets worse as they explain it further. The Bank of Canada (BoC) updated household debt numbers for March. In a speech this week, BoC’s Governor Stephen Poloz also gave […]
Poloz to Queen’s University debt slaves: don’t worry about the “poverty effect”
Poloz to Queen’s University debt slaves: don’t worry about the “poverty effect” Kingston – Bank of Canada Governor Stephen Poloz got a warm welcome following a key policy presentation at his alma mater last week “These are exciting times,” Poloz told a large crowd at Queen’s University . “Students here will shape the future. I […]
Stephen Poloz Right To Be Worried
Stephen Poloz Right To Be Worried Bank of Canada governor Stephen Poloz cited numerous worries plaguing the economy during his speech to Toronto’s financial elites yesterday at the prestigious Canadian Club. However, the title of Poloz’s presentation, “Three things keeping me awake at night” seemed odd, given positive recent Canadian employment, GDP and other data. […]
The Inconvenient Truth of Consumer Debt
The Inconvenient Truth of Consumer Debt It’s acceptable to build infinitely high levels of household debt — as long as rates never rise. Ready for a rainy day?Photographer: Anoek De Groot/AFP/Getty Images Oh, but for the days the hawks had a hero in Sydney. Against the backdrop of a de facto currency war, the Reserve […]
The Toronto Housing Market Is About To Collapse By This Measure
The Toronto Housing Market Is About To Collapse By This Measure With the collapse of Home Capital Group focusing the world’s attention on the Canadian real estate market, nowhere is the subprime debt time bomb more likely to go off than Toronto, which as we recently noted “has gone nuts.” Even Bank of Canada Governor […]
The Bank of Canada Should “Cease and Desist”
The Bank of Canada Should “Cease and Desist” “Beneath the symbol We’ll all assemble Oh how we’ll fly Oh how we’ll tremble” — Captain Beefheart, “Ice Cream for Crow” If interest rates are the symbol beneath of which we all assemble, then there are some bad times ahead. But Canada’s “leading economists,” say interest rates […]
Bank of Canada keeps benchmark interest rate at 0.5%
Bank of Canada keeps benchmark interest rate at 0.5% Central bank’s rate has impact on rates offered by commercial banks for loans and savings accounts The Bank of Canada, lead by governor Stephen Poloz, kept its benchmark lending rate at 0.5 per cent on Wednesday. (Adrian Wyld/Canadian Press) Canada’s central bank stood pat today, electing […]
Negative Interest Rates Already in Fed’s Official Scenario
Negative Interest Rates Already in Fed’s Official Scenario But forget QE-4. The Germans, with Teutonic precision, call them “Punishment Interest.” Negative interest rates are spreading from the ECB’s negative deposit rate across the bond market and to some savings accounts in the Eurozone. The idea is to enrich existing bond holders and flog savers until […]
More Central Bank Trouble in Canada
More Central Bank Trouble in Canada Yesterday, the Governor of the Bank of Canada Stephen Poloz surprised many by not lowering the target for the overnight rate to 0.25% from 0.50%. The central bank cut this rate twice last year in an attempt to stimulate the economy. During the past nine months the TSX index […]
Canada’s “Other” Problem: Record High Household Debt
Canada’s “Other” Problem: Record High Household Debt Earlier today, the Bank of Canada surprised some market participants by failing to cut rates. True, the loonie was plunging and another rate cut might very well have accelerated the decline, further eroding the purchasing power of Canadians who are already struggling to keep up with the inexorable rise […]
Canada Rebels against the Destruction of the Loonie
Canada Rebels against the Destruction of the Loonie The fear of “currency instability.” “Without precedent” — that’s what National Bank of Canada’s chief economist Stéfane Marion called the wholesale destruction of the loonie. The Canadian dollar is in a tailspin. Rarely has it tumbled so far so fast, and against so many currencies. The steepness of […]
Canada’s job recovery will reflect growing divergence between resource and export sectors: Don Pittis
Canada’s job recovery will reflect growing divergence between resource and export sectors: Don Pittis Bank of Canada governor Stephen Poloz says rebuilding Canadian economy might be a 5-year healing process Bank of Canada governor Stephen Poloz says the country is on track for slow job growth. But also expect a growing divergence between a weakening […]
Stephen Poloz discusses impact of opposing U.S., Canadian monetary policies
Stephen Poloz discusses impact of opposing U.S., Canadian monetary policies Central bank will ‘continue to run an independent monetary policy, anchored by our inflation target of 2%’ Stephen Poloz cut the Bank of Canada’s benchmark interest rate twice last year. The Bank of Canada sent a strong signal today that it is content to allow […]
Bank of Canada says housing, debt threaten financial system
Bank of Canada says housing, debt threaten financial system Central bank releases financial system review that focuses on small group of highly indebted people Bank of Canada governor Stephen Poloz told a news conference on Tuesday that the bank is watching a small group of Canadian households that are highly indebted. (CBC) Household indebtedness and […]
