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 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.
Quebec must take advantage of low interest rates to reduce its debt burden at a time when global investors are driving up borrowing costs for other indebted governments, Canada’s top bank economists said.
Bank of Canada Governor Mark Carney will extend the longest interest-rate pause since the 1950s amid signs of deepening strains in Europe and the U.S. while still saying his next move will be an increase, economists said.
Canadian Finance Minister Jim Flaherty and most of his provincial counterparts agreed to look at boosting contributions and benefits for the country’s national public pension system and to increase the role of financial institutions in running pension plans.
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.