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BOC Rate Hike Still Justified | Brexit Appraisal Stalls Sterling Progress

Published October 22, 2018
  • The Bank of Canada is still expected to raise interest rates on Wednesday, despite inflation and retail sales data coming in weaker than expected. The BOC is predicting that inflation should move back down toward 2% by 2019 and will announce its next interest rate decision on Wednesday.
  • Prime Minister Theresa May will be speaking to British lawmakers in parliament today as she defends progress on negotiations to leave the European Union. May has stated she is willing to consider an extension of the transition period that ties the UK to European Union rules.
  • President Trump has promised a new tax cut for middle-income earners in a plan that would be introduced days ahead of the midterms. The remarks left GOP leaders in Congress baffled as there are no current plans to introduce a bill at short notice.
  • Saudi Arabia’s developing explanation of how journalist Jamal Khashoggi died continues to attract a combination of skepticism from around the world. Treasury Secretary Steve Mnuchin has stated the United States will continue its long-standing relationship with Saudi Arabia.