00:32:22 EDT Fri 19 Apr 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,198,208,698
Close 2017-09-12 C$ 77.03
Market Cap C$ 92,298,016,007
Recent Sedar Documents

Globe says CIBC, rivals see BOC fire back at critics

2017-09-13 08:42 ET - In the News

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

The Globe and Mail reports in its Wednesday edition that the Bank of Canada is firing back at critics who accuse it of an "epic" communications failure for not prepping financial markets that another rate hike was coming earlier this month. The Globe's Barrie McKenna writes that the BOC's surprise move, however, may be less of a communications problem than a forecasting miscue. Even armed with the country's most sophisticated computer models and an army of economists, the BOC has largely missed the economy's 2017 turnaround. It has been playing catch-up for months. It is no wonder about half the market sentiment and the vast majority of economists surveyed by Bloomberg did not see the Sept. 6 rate hike coming. To be fair, most private-sector forecasters also underestimated just how fast the economy would shoot out of the gates this year. Governor Stephen Poloz was notably slow to acknowledge the rebound, even as evidence was mounting in recent months, including big job gains, surging housing activity and an uptick in exports and business investment. This, after all, was the pickup Mr. Poloz has been watching and waiting for since he took the helm of the bank in mid-2013

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