20:47:20 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,205,377,799
Close 2016-10-20 C$ 70.98
Market Cap C$ 85,557,716,173
Recent Sedar Documents

Globe says CIBC, rivals hear BOC give mixed messages

2016-10-21 06:26 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Globe and Mail reports in its Friday, Oct. 21, edition that something was lost in translation this week when Bank of Canada Governor Stephen Poloz held the bank's key interest rate unchanged at 0.5 per cent for a 10th straight period. The Globe's Barrie McKenna and David Parkinson write that the BOC delivered a generally downbeat statement and economic forecast that accompanied Wednesday's rate decision -- yet the loonie and yields on government bonds spiked unexpectedly. The markets fixated on a change in one sentence -- that the bank's inflation outlook is now "roughly balanced," rather than "tilted somewhat to the downside," as it judged in its September statement. Those few words mistakenly signalled to some that the bank had upgraded its inflation view. After the BOC announcement, however, Mr. Poloz told reporters that he and his top deputies "actively discussed" a possible rate cut. To a lot of people, the rate announcement suggested one thing, and then Mr. Poloz abruptly changed the channel. Laurentian Bank economist Sebastien Lavoie said, "In terms of communications, it was not the best day that the central bank has had." The BOC's messaging methods has frazzled some market players.

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