Canada’s Interest Rates Not Going Anywhere Soon

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Canada’s interest rate has stayed put at 1% for around 3 years. It’s likely and widely accepted that it will stay that way until late 2014.

Wednesday will be a big day in Canadian news. At 10:00am EST the Bank of Canada will release the interest rate announcement. At 10:30amEST they will release their monetary policy report, followed by a press conference at 11:15am. These are potentially market-moving events.

“On the nuts and bolts of the decision – keeping the target rate at 1 per cent and maintaining the ‘eventual’ hiking bias – we are unlikely to see any differences,” said Mark Chandler, head of fixed-income strategy at RBC. (Globe and Mail)

Bank of Canada Governor Stephen Poloz seemed to excuse his inactivity in June when he told reporters it’s time to “let Mother Nature do her usual job” concerning Canada’s economy.

Canadian news Wednesday will be competing for attention with U.S. Building Permits and Federal Reserve Chairman Bernanke speaking before the House Financial Services Committee, in Washington.

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