Bank of Canada Governor Stephen Poloz issued a dovish statement regarding the Canadian economy yesterday, leaving interest rates at 0.5%; Poloz reiterated warnings about significant uncertainties in the Canadian economy
Canadian GDP showed a 0.3% growth month-on-month as forecasted, however, this growth will do little to quell Poloz’s worries around labour market weakness, struggling export competiveness and growing divergence from a strong US economy
US Unemployment Claims showed a better reading than forecasted (223k claims vs. an expected 243k); this fresh data continues to support the Fed’s view that the US is closing in on full employment
Fed Governor Lael Brainard commented yesterday that an improving global economy and strong US recovery will make it “appropriate soon” for the Federal Reserve to raise interest rates
Brainard joins many hawkish Fed officials who indicated this week that interest rates may rise as soon as March; futures traders are now pricing in around a 75% chance of rate hike in March, up from 25% earlier this week
Oil prices fell nearly 1.5% this morning as US crude stocks hit an all-time high while official data showed that Russia made no further cuts in February; US crude inventories increased by 1.5 million barrels to a record of 520.2 million barrels
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