Economists weigh in on May CPI uptick, consider July rate cut potential
BNN Bloomberg
Following the latest inflation data, economists weighed in on what the uptick in inflation means for the Canadian economy amidst hopes for another interest rate cut by the Bank of Canada next month.
On Tuesday, Statistics Canada released the latest consumer price index (CPI) data revealing a 2.9 per cent jump in May compared to last year. While some economists claim the recent data will tighten measures of risk management, others believe the central bank is still on course for rate cuts next month.
Robert Kavcic, senior economist at BMO Capital Markets, says the recent numbers could prompt the central bank to be on high alert with policy decisions.
During an interview with BNN Bloomberg on Tuesday, Kavcic pointed out that the Bank of Canada had been looking at positive inflation numbers over recent months.
Gold seen as overbought as Iran tensions ease, with falling oil prices lifting stocks and shifting investor sentiment toward risk assets.
Stock markets in Canada and the U.S. rallied after President Donald Trump said the United States has talked with Iran about a possible end to the war.
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Berkshire Hathaway, the conglomerate built by Warren Buffett, is buying a 2.49 per cent stake in Japanese insurer Tokio Marine Holdings for about US$1.8 billion as part of a new strategic partnership, deepening its financial commitment to Japan.
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Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
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Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.