Here's where Canadians are living abroad: report
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
The Bank of Canada released a summary of its Governing Council meetings on Wednesday, providing the public and financial institutions with more insight into the central bank’s decision to raise its key interest rate on Jan. 25.
The Governing Council, made up of six members including Bank of Canada Governor Tiff Macklem and his deputies, met five times starting on Jan. 18, before their decision on Jan. 25 to raise the overnight rate by a quarter of a per cent to 4.5 per cent.
Discussions at these meetings did look at the possibility of pausing the rate at 4.25 per cent.
“The case for leaving the policy rate at 4.25 per cent was that developments with respect to both the economy and inflation were beginning to move in the right direction and that policy had been forceful and just needed more time to do its work,” reads the summary released on Wednesday.
Ultimately, the council’s consensus to raise the rate was due to a tight labour market and concern over stronger-than-expected economic growth in the third and fourth quarters of 2022. Despite this, there was also consensus to indicate a pause in the bank's hikes to measure the full effect of its forceful tightening.
Members of the council viewed the tight labour market as an indication the economy remains in excess demand, and project that rebalancing the labour market may take longer than usual as businesses continue to face labour shortages.
“Council concluded that wage momentum was plateauing in the range of 4 per cent to 5 per cent,” reads the summary. “Persistent wage growth in this range was not viewed as consistent with achieving the 2 per cent target.”
Domestically, the bank debated why consumption could be slower than it projected. The members of the council noted that many Canadian households may be renewing five-year terms on their mortgages, which means many consumers could be facing higher monthly mortgage payments, which dampens consumption.
Discussions around the international economy were focused mainly on the United States reaching its debt ceiling, and how negotiations in U.S. Congress around raising it could become “protracted and pose risks of financial volatility if an agreement were elusive.”
Other international factors the council considered included China and its rapid relaxation of COVID-19 policies, which could pose a risk of higher oil prices, if China’s demand outweighs what was initially expected. Overall, even with central banks tightening their policies worldwide, members of the council concluded global inflation had edged down from its peak and “the perceived risk of a deep recession had decreased.”
The central bank plans to continue these summaries of Governing Council meetings. The decision to release them was in response to recommendations made by the International Monetary Fund in its transparency review of the central bank.
“It will give some additional insight into our decision-making process,” Macklem said in an interview with CTV News on Jan. 25. “What were the key factors at play? What were the options on the table? And really, how did we drive to a consensus decision?”
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
The 2024 federal budget announced on April 16 included plans to introduce “halal mortgages” as a way to increase access to home ownership.
Polish President Andrzej Duda says while no decision has been made around whether Poland will host nuclear weapons as part of an expansion of the NATO alliance’s nuclear sharing program, his country is willing and prepared to do so.
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
Harvey Weinstein’s lawyer said Saturday that the onetime movie mogul has been hospitalized for a battery of tests after his return to New York City following an appeals court ruling nullifying his 2020 rape conviction.
It's one thing to say you like Taylor Swift and her music, but don't blame CNN's AJ Willingham's when she says she just 'doesn't get' the global phenomenon.
A number of LGBQT+2s groups in Central Alberta are pushing back against a request from the Red Deer South UCP constituency to reinstate MLA Jennifer Johnson into the UCP caucus.
Mookie Betts went 3 for 5, including a triple and an RBI single, as the Los Angeles Dodgers beat the Toronto Blue Jays 4-2 on Saturday.
As if a 4-0 Edmonton Oilers lead in Game 1 of their playoff series with the Los Angeles Kings wasn't good enough, what was announced at Rogers Place during the next TV timeout nearly blew the roof off the downtown arena.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”