{"id":9631,"date":"2018-06-29T11:11:22","date_gmt":"2018-06-29T18:11:22","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9631"},"modified":"2018-06-29T10:33:56","modified_gmt":"2018-06-29T17:33:56","slug":"the-bank-of-canada-might-wait-on-another-interest-rate-hike","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/the-bank-of-canada-might-wait-on-another-interest-rate-hike\/","title":{"rendered":"The Bank of Canada Might Wait on Another Interest Rate Hike"},"content":{"rendered":"

There\u2019s been plenty of speculation about when the Bank of Canada (BoC) will decide to hike interest rates next. In a speech earlier this week, BoC Governor Stephen Poloz offered some clues.<\/p>\n

The Bank hiked the overnight rate 25 basis points to 1.25% in January, and is widely expected to do so again before the year is out. But a soft housing market could mean the Bank opts out of a July rate hike.<\/p>\n

In a speech in Victoria on Wednesday, Poloz discussed the Bank\u2019s thinking when it comes to raising rates in the current political climate.<\/p>\n

\u201cWith the Bank of Canada\u2019s next interest rate decision less than two weeks away, this was a closely watched speech,\u201d writes TD senior economist Brian DePratto, in a recent note. \u201cAs it turned out, Governor Poloz was a bit on the cagey side.\u201d<\/p>\n

Poloz didn\u2019t give much indication about whether the Bank would choose to hike rates in July, but DePratto says there is a clue to be found in the Governor\u2019s discussion of the role of uncertainty in monetary policy.<\/p>\n

\u201cUncertainty also plays a role, notably in terms of trade policy uncertainty and housing market developments,\u201d writes DePratto. \u201cThis uncertainty and resulting data dependence underscores Poloz\u2019s view that forward guidance in the current context would put the Bank\u2019s credibility at risk.\u201d<\/p>\n

In other words, the current uncertainty surrounding both the housing market and the Trump administration\u2019s trade policies could mean that the Bank decides to kick the rate hike can further down the road in July.<\/p>\n

\u201cThat current risks around trade and housing\/debt will factor into the Bank\u2019s decision-making is a given,\u201d writes DePratto. \u201cDevelopments since [the BoC\u2019s last speech] (which fell on the same day as the announcement of US steel and aluminum tariffs, and after the hawkish May statement) have certainly been less than encouraging.\u201d<\/p>\n

This is Why The Bank of Canada Might Wait on Another Interest Rate Hike<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s been plenty of speculation about when the Bank of Canada (BoC) will decide to hike interest rates next. In a speech earlier this week, BoC Governor Stephen Poloz offered … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-9631","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"\nThe Bank of Canada Might Wait on Another Interest Rate Hike • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/the-bank-of-canada-might-wait-on-another-interest-rate-hike\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Bank of Canada Might Wait on Another Interest Rate Hike • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"There\u2019s been plenty of speculation about when the Bank of Canada (BoC) will decide to hike interest rates next. 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