How Canadians have cut back one year into interest rate hikes
BNN Bloomberg
It’s expected that the cumulative effects of rate increases will work their way deeper through the economy – and regular Canadians’ finances through their mortgages and other loan payments – this year.
The Vaughan, Ont., mom of two has since cut back on dining out and started scouring coupon apps to snag the best deals on food. She limits shopping to her strict grocery list and other necessities like clothes for her growing kids.
“I don't buy things that are not really a need for me,” Kwan told BNNBloomberg.ca in a telephone interview this month.
Like other Canadians, Kwan’s family finances have been squeezed by the Bank of Canada’s aggressive central interest rate hiking cycle, aimed at bringing down skyrocketing inflation that’s put widespread pressure on people's wallets.
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.
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.
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.
St. Patrick’s Day will test restaurant bar sales as Canadians drink less, with declining consumption and shifting habits weighing on industry revenues.
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.
Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.
Canada’s annual inflation rate slowed in February to 1.8 per cent, but many economists believe the new Statistics Canada data may be the dip before a spike driven by oil prices and the war in Iran.