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Free AccessCLARIFY:MNI POLICY:BOC's Patterson: More Time Needed>
-- Resending to add headline
By Courtney Tower
OTTAWA (MNI) - Following are the key points from a speech by Bank
of Canada Deputy Governor Lynn Patterson on Thursday, to the
Hamilton, Ontario, Chamber of Commerce, saying that more time is needed
for the Bank to change its present 1.75% policy interest rate.
- As the BOC had announced in its statement Wednesday maintaining
the overnight rate at 1.75%, and saying that the economic outlook
"continues to warrant a policy interest rate that is below its neutral
range (estimated by BOC at 2.5%-3.5%)," Patterson said a dip in the
economy had been expected but the first half of 2019 will show weaker
growth than anticipated. The BOC had expected the economy "was in for a
detour" but now that detour likely will last "longer than we had
expected."
- The BOC has been disappointed by the data on exports, business
investment, and consumption, although there is strength in the jobs
market and in rising worker wages, she said. She saw weaker growth for
the first half of this year, with a pickup in the economy "later in the
year." There was no suggestion as to when in the second half that pickup
would occur or how strong it might be.
- Patterson zeroed in particularly on consumer spending, which has
been tailing off from years of being a pillar of the economy. She noted
a continuing decline in 20018 and so far in 2019 in consumer spending,
because of various domestic uncertainties and the effects of higher
interest rates. There have been declines in growth of both mortgage and
consumer spending, she noted.
- Categories more sensitive to interest rates "are continuing to
soften," she said. But she repeated that the Bank needs more data in
order to determine the factors at play in reducing consumer spending.
- Patterson did note that most households are managing their
debt levels, according to data the Bank has studied.
--MNI Ottawa Bureau; yali.ndiaye@marketnews.com
[TOPICS: M$C$$$,MACDS$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.