OTTAWA (Reuters) – Forecast modeling is not all it’s cracked up to be, Canada’s new central bank chief says. So he’s employing a new tool: talking to “real people.”
And the real people of most interest to Stephen Poloz are Canada’s corporate chiefs who, in his view, hold the key to a more robust economy.
LONDON/OTTAWA (Reuters) – To many in the City of London financial centre, incoming Bank of England governor Mark Carney looks and sounds like one of them.
His instincts for finance were shaped at the outset by 13 years working for Goldman Sachs – a contrast with his predecessor Mervyn King, an academic economist.
LONDON/OTTAWA, June 26 (Reuters) – To many in the City of
London financial centre, incoming Bank of England governor Mark
Carney looks and sounds like one of them.
His instincts for finance were shaped at the outset by 13
years working for Goldman Sachs – a contrast with his
predecessor Mervyn King, an academic economist.
OTTAWA, June 21 (Reuters) – A jump in natural gas prices
raised Canada’s annual rate of inflation to 0.7 percent in May
from a 3-1/2-year low of 0.4 percent, but the figure remained
well below the central bank’s target, confirming there is
little pressure to raise interest rates soon.
The weak numbers knocked the Canadian dollar to its lowest
level against the U.S. dollar since December 2011.
OTTAWA, June 13 (Reuters) – Canada’s housing market is
stabilizing after the heated conditions of the past several
years but progress will be slow, the Bank of Canada said on
Thursday as it also warned that record-high household debt
levels would persist through this year.
The bank added in a semi-annual report that the risks to the
economy posed by debt and the housing market remain unchanged at
“elevated”, even though the situation appears to have improved
over the past six months.
MONTREAL (Reuters) – Barclays PLC (BARC.L: Quote, Profile, Research, Stock Buzz) Chairman David Walker hit back on Monday against what he said has become the “political and media industry” of badmouthing banks and bankers, and insisted on banks’ vital role in a free-market economy.
“The persistence of hostility to banks and bankers, much more marked in Europe than elsewhere, is in my view seriously unhealthy,” he told the economic Conference of Montreal.
MONTREAL (Reuters) – Low inflation means the Federal Reserve can stick to an aggressive bond buying campaign if it decides that is warranted, even though the nation’s jobs market has perked up since the program was launched, a senior central banker said on Monday.
“Labor market conditions have improved since last summer, suggesting the Committee could slow the pace of purchases, but surprisingly low inflation readings may mean the Committee can maintain its aggressive program over a longer time frame,” said St. Louis Fed President James Bullard.
OTTAWA, June 7 (Reuters) – Canada’s economy churned out a
spectacular 95,000 jobs in May, the second-biggest gain in 37
years, according to an official report that raised hopes the
economy is gaining momentum, but was also taken with a grain of
The gain would be the equivalent of the far larger U.S.
economy creating nearly 900,000 jobs in one month, well above
the 175,000 workers hired there last month.
OTTAWA, June 7 (Reuters) – Canada’s economy created a
surprising 95,000 jobs in May, the biggest monthly gain in 11
years, and most were full-time positions and in the private
sector, Statistics Canada said on Friday in a report showing the
economy may be gaining momentum.
The stellar performance handily beat market expectations for
a 15,000 gain and came after just 12,500 jobs were generated in
OTTAWA, June 6 (Reuters) – The new governor of the Bank of
Canada, Stephen Poloz, said on Thursday that interest rates will
rise one day but stopped short of endorsing the explicit
rate-hike signal that his predecessor had maintained for more
than a year.
In his first public appearance since taking the reins at the
central bank at the beginning of this month, Poloz outlined the
successful policies of the Bank of Canada, which has won praise
for how it steered the nation’s economy through the global
economic crisis, including the benefits of a 2 percent inflation