(Bloomberg) -- The Bank of Canada’s No. 2 official said policymakers want to see more progress on core inflation, even with headline price pressures back to ...
-- The Bank of Canada’s No. 2 official said policymakers want to see more progress on core inflation, even with headline price pressures back to the central bank’s target.Senior Deputy Governor Carolyn Rogers, speaking at a Bloomberg New Voices event in Toronto, said that while cooling inflation is “welcome news” for Canadians, it’s not yet time to declare victory.
So far, it’s worked, with help from slower global growth, repaired supply chains and moderating energy prices. Canada’s inflation rate has fallen 6.1 percentage points since price pressures peaked at an 8.1% yearly pace in June 2022. That’s the fastest deceleration since the 1980s.Now, the central bank is increasingly concerned about undershooting the 2% target and risking a deeper economic slowdown, which has led to more of a focus on rising unemployment and a desire for more growth.
Traders in overnight swaps have also upped their bets for a larger-than-normal reduction at the central bank meeting next month. Swaps markets put the odds of a 50-basis point cut at over 50%. In its July monetary policy report, the Bank of Canada forecast inflation to slow to a 2.3% yearly pace in the third quarter. Policymakers have warned that so-called base effects — the impact of price changes that happened a year earlier — are likely to push inflation higher at the end of 2024.
DENVER — Hunter Goodman and Ezequiel Tovar hit home runs, Ryan Feltner pitched into the seventh inning for his first victory at Coors Field in two years, and the Colorado Rockies beat Arizona 8-2 on Tuesday night, dealing a setback to the Diamondbacks' playoff hopes.
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