Economy

BUSINESS REPORT: Bank of Canada leaves rates untouched

BUSINESS REPORT: Bank of Canada leaves rates untouched

The Canadian dollar turned lower after the Bank of Canada's decision to leave interest rates unchanged, which was in line with expectations. In the United States, growth in the third quarter was stronger than forecast but is still expected to moderate in the months ahead. "Growth has firmed in other advanced economies.", the central said in a statement.

It also said the global outlook continues to face considerable uncertainty mostly because of geopolitical- and trade-related factors.

Pointing to "very strong" employment growth, improving wages and robust consumer spending, the central bank left the official overnight rate at 1 percent but said it will likely add to its July and September rate hikes. Canada's economic growth has outpaced any other G7 country in 2017, growing well over 3 per cent in the first half of the year. "They will be minding NAFTA progress (or otherwise), any early impacts from the OSFI rule change at the start of 2018, and how Q4 growth, wages and prices shape up", writes Porter in a statement.

More news: Advanced Micro Devices, Inc. (NASDAQ:AMD)

Inflation has been slightly higher than anticipated and will continue to be boosted in the short term by temporary factors, particularly gasoline prices. Revisions to past quarterly national accounts have resulted in a higher level of Gross Domestic Product (GDP). "It was noted that higher rates would possibly be needed over time, but the Governing Council would be 'cautious, guided by incoming data", indicating towards the key areas of the Bank's focus in recent quarters, stated TD Economics. The central bank continues to see "ongoing -albeit diminishing - slack in the labor market", while noting that employment continues to grow along with participation rates.

The next announcement of the overnight rate target will be made on Jan 17, 2018. The next full update of the Bank's outlook for the economy and inflation, including risks to the projection, will be published at that time.


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