Derek Holt News
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Canada’s annual inflation rate fell in April to its slowest in more than three years, taking it below the central bank’s target band and adding to evidence of growing slack in the world’s 11th largest economy.
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Canada’s gross domestic product grew for a second month in February led by gains at potash miners and factories, putting the economy on track for its fastest quarterly growth since 2011.
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Bank of Canada Governor Mark Carney kept unchanged both his policy interest rate and his bias to tighten, even as he chopped his growth forecast for 2013 and said economic slack will persist for more than two years.
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Investors who bought C$3 billion ($2.87 billion) worth of Canadian two-year bonds this week overpaid because the Bank of Canada may raise interest rates faster than is reflected in the yield.
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Bank of Canada Governor Mark Carney may signal this week he’d rather raise interest rates gradually starting in June instead of waiting until July and moving in larger increments, economists said.
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Canadian Finance Minister Jim Flaherty is making progress in his effort to cool Toronto’s overheated condo market with tougher mortgage lending rules.
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Canadian Finance Minister Jim Flaherty said he will tighten mortgage terms as the Group of Seven country with the soundest government finances tries to avert a household debt crisis.
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Bank of Canada Governor Mark Carney said his policy interest rate is likely to be unchanged for some time after inflation slowed more than projected, while reiterating his eventual next move will probably be an increase.
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Canada’s inflation rate fell in January to its lowest since 2009 and retail sales plunged in December, adding to evidence the country’s economy is struggling to accelerate from its slowest pace since the 2009 recession.
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Canada’s economic growth is at risk of falling behind the U.S. next year for the first time since 2006 as exports slow and spending by companies and consumers cools.
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