The company hired to find a replacement for departing Bank of Canada Governor Mark Carney is looking for a star external candidate, even as consensus builds around Senior Deputy Governor Tiff Macklem as the front-runner for the job.
Toronto-Dominion Bank, Canada’s second-largest lender, reduced its forecast for the nation’s economic growth this year and next to reflect a U.S. economy that had a deeper recession than previously reported, according to Craig Alexander, the bank’s chief economist.
Mark Carney will offer his last major economic forecast as Bank of Canada Governor today while probably keeping interest rates where they’ve been since September 2010 and signaling his replacement will also have little need to act.
The Canadian housing agency’s vulnerability to mortgage defaults has soared nine-fold in 20 years, approaching levels reached by Fannie Mae and Freddie Mac in the U.S. at the height of the housing boom. Canada Mortgage & Housing Corp. says its finances are secure unless the country plunges into deep recession for several years.
Bank of Canada Governor Stephen Poloz surprised investors by dropping language about the need for future interest rate increases, a move that’s leading to investor speculation about possible rate cuts.