Bank of Canada's Macklem says job not done despite cooler inflation
BNN Bloomberg
The Bank of Canada has more work to do in taming stubborn price pressures despite signs headline inflation may have peaked, Governor Tiff Macklem said.
Macklem delivered the hawkish message in a newspaper opinion piece Tuesday afternoon, hours after Statistics Canada reported that consumer price gains slowed to a 7.6 per cent yearly pace in July on a steep drop in gasoline prices.
Details of the release showed underlying price pressures still building and rippling persistently throughout the economy, which increased market bets of another outsized interest-rate hike from Macklem and his officials next month.
“Tuesday’s inflation number offers a bit of relief, but unfortunately, it will take some time before inflation is back to normal,” the central banker said in the National Post. “We know our job is not done yet -- it won’t be done until inflation gets back to the 2 per cent target.”
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
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A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
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Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022.
Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.
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New York Stock Exchange-parent Intercontinental Exchange said on Tuesday it has launched a product to bring greater transparency to the private credit market, an asset class beleaguered by heightened investor concerns.