Bay Street still betting on July rate hike
Filed Under Main Content · Tagged: Bank Of Canada, Banks, Basis Points, Bet, Central Bank Governor, Charlottetown, Economists, Global Developments, Global Economy, Global Growth, Households, Interest Rate, Interest Rates, Mark Carney, Ottawa Citizen, Pace, Rate Hike, Stimulus, Temper, Uncertainties
Ottawa Citizen- Bay Street economists are betting the Bank of Canada will raise interest rates again in July even though the central bank governor reinforced Wednesday that more hikes are no sure bet as aggressive budget-cutting measures in Europe threaten the pace of global growth.
In a speech in Charlottetown, Mark Carney said “considerable uncertainties” remain in the global economy, and that the paring back of debt among households, banks and countries had “barely begun, and will … temper the pace” of global growth.
The central bank raised its key interest rate by 25 basis points on June 1, based on stronger-than-anticipated domestic growth. Prior to Wednesday’s speech, the betting among economists and traders was for Mr. Carney to increase rates again on July 20.
Mr. Carney, however, appeared to dampen expectations Wednesday, arguing any further removal of stimulus from the strongest Group of Seven economy over the next two years had to be balanced against global developments…
Bay Street still betting on July rate hike
Bank of Canada raises key interest rate to 0.5 per cent
Filed Under Main Content · Tagged: Backdrop, Bank Canada, Bank Interest, Bank Of Canada, Basis Points, Considerable Uncertainty, Domestic Developments, Domestic Economy, Economic Outlook, Europe, Global Recovery, Interest Rate, Rate Hikes, Unrest
Times Colonist- For the first time in nearly three years, the Bank of Canada on Tuesday hiked its key interest rate, by 25 basis points to 0.5 per cent, as the domestic economy rebounds strongly against the backdrop of an "uneven" global recovery.
However, it signaled in its accompanying statement there is "considerable uncertainty" in the economic outlook given fiscal and financial unrest in Europe. As a result, further rate hikes "have to be weighed carefully" against global and domestic developments…
Bank of Canada raises key interest rate to 0.5 per cent
EU crisis a boon to Canadian homeowners
Filed Under Main Content · Tagged: Banks, Basis Points, Boon, Canadian Homeowners, Economists, Europe, Financial Instability, Globe And Mail, Mortgage Rate, Mortgage Rates, Rate Hikes, Reprieve, Swift
The Globe and Mail- The financial instability in Europe is giving Canadian homeowners a slight reprieve from rising mortgage rates.
Banks began a series of swift mortgage rate hikes in early April, and both bankers and economists said that rates would continue to rise.
But in the last week a number of banks have cut their rates by between 10 and 15 basis points, effectively undoing the last in a series of three successive rate hikes…
EU crisis a boon to Canadian homeowners – The Globe and Mail
Royal Bank hikes mortgage rates again
Filed Under Main Content · Tagged: Bank Canada, Bank Mortgage, Bank Of Canada, Banks, Basis Points, Federal Reserve, Fixed Mortgage, Fixed Rate Mortgage, Homebuyers, Mortgage Rates, Mortgages, Post Canada, Rate Increases, Royal Bank Of Canada, Third Time
Financial Post- Royal Bank of Canada is leading the charge to higher mortgage rates, boosting the cost to new homebuyers for the third time in less than a month.
The country’s biggest bank said Monday it is lifting the rate on most mortgages by 15 basis points.
After hikes of 60 basis points and 25 basis points respectively, Monday’s hike brings the rate on Royal’s five-year closed fixed-rate mortgage to 6.25%.
When Royal hiked rates in late March and earlier this month, the other big banks followed suit soon after.
The banks say they are raising mortgage rates because their own cost of funding is going up ahead of expected rate increases from the Bank of Canada and U.S. Federal Reserve this summer…
