US Tsy’s FX Report Finds No Formal FX Manipulators, Adds to Monitoring List

WASHINGTON (MaceNews) – The U.S. Treasury Department, in its latest evaluation of whether other countries use foreign exchange as a means to boost its competitiveness in trade under criteria set by two different laws, gave China and every other country a pass, but added to its list of countries it closely monitors. The summary of […]

TEXT: BANK OF CANADA LEAVES KEY RATE UNCHANGED

NEW YORK (MaceNews) – The following is the text of Wednesday’s Bank of Canada rate policy decision: The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank is also continuing its quantitative […]

EXCERPTS: BOC’S MACKLEM: REOPENING SURGE TO GIVE WAY TO BUMPINESS

OTTAWA (MaceNews) – Bank of Canada Gov. Tiff Macklem Wednesday said the decision to hold the policy rate at the lower bound and maintain the pace of quantitative easing was based on the assessment that the current rebound of economy activity will give way to a “slower and bumpier recuperation phase.” The following are excerpts […]

BANK OF CANADA: BUSINESS, CONSUMER SENTIMENT PLUNGE ON COVID, OIL PRICE FALL

NEW YORK (MaceNews) – Canadian business and consumer sentiment dropped in response to the Covid-19 pandemic and the drop oil prices, the Bank of Canada reported Monday. The bank’s quarterly survey of businesses, conducted from mid-May to early-June, as government restrictions were starting to ease, found businesses in all regions and sectors “reported that weak […]

BANK OF CANADA’S MACKLEM: NOT CONSIDERING NEGATIVE INTEREST RATES; OUTLOOK UNCERTAIN

NEW YORK (MaceNews) -The Bank of Canada is not considering negative interest rates and now sees its asset purchase program having a stimulative effect, Bank of Canada Governor Tiff Macklem said Monday. Macklem, in remarks prepared for delivery during an online event, said the bank expects quick job gains as the economy reopens, but growth […]

BANK OF CANADA’S GRAVELLE: POLICY-MAKERS ‘HOPEFUL,’ WATCHING DATA AS ECONOMY REOPENS

NEW YORK (MaceNews) – Bank of Canada policy-makers are hopeful the pandemic’s economic impact has peaked, but admit there’s much uncertainty how the recovery will unfold, BOC Deputy Governor Toni Gravelle said Thursday. Gravelle, in remarks prepared for delivery during an online meeting, said the bank will be watching economic data closely to gauge the […]

BANK OF CANADA’S POLOZ: BETTER ECONOMIC OUTLOOK IS ACHIEVABLE

By Gloria Galloway OTTAWA (MaceNews) – The Bank of Canada is laying out two economic prospects for the country as it recovers from devastating effects of the global pandemic – one positive and one negative – but the bank’s governor says he is optimistic that the better-case scenario is achievable. In its Monetary Policy Report […]

CANADA GDP FLAT IN JULY, WITH GOODS-PRODUCING SECTOR WEAKENING

By Gordon Isfeld OTTAWA (MaceNews) – The Canadian economy stalled in July after a four-month growth spurt, as major sectors such as manufacturing, construction, and oil and gas showed signs of weakening. “Following four months of growth, real gross domestic product was essentially unchanged in July as a decline in goods-producing industries was offset by […]