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Bank of Canada Stays on Hold | Powell Inches Towards Rate Cuts

Published July 11, 2019

  • Bank of Canada officials were keen to indicate heightened anxieties regarding increasing global trade tensions. This comes despite the central bank leaving interest rates unchanged for a sixth straight decision and showing little willingness to consider easing policy. On Wednesday, policy makers reiterated the current policy rate, 1.75%, as the most appropriate course of action at this point.
  • Federal Reserve Chair Jerome Powell took his central bank closer to cutting interest rates this month, citing risks from the trade war with China and saying June’s strong US jobs report hadn’t affected the outlook. Fed officials hinted towards lower rates at their June meeting with “uncertainties around trade tensions and concerns about the strength of the global economy continu[ing] to weigh” on the US outlook.
  • Members of the United Kingdom’s parliament provided a sharp rebuke to the country’s next prime minister in a dramatic result stating that a no-deal Brexit will be off the table. MPs narrowly passed a measure aimed at stopping the UK’s future leader from forcing the country out of the European Union without an agreement.