23:19:21 EST Sat 16 Nov 2019
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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,222,387,572
Close 2019-05-29 C$ 69.85
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Globe says CIBC, rivals see BOC hold steady on rates

2019-05-30 07:15 ET - In the News

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

The Globe and Mail reports in its Thursday edition that the Bank of Canada says a run of good economic news has bolstered its conviction that the country is pulling out of its recent swoon. The Globe's Barrie McKenna writes that the BOC kept its key interest rate unchanged on Wednesday at 1.75 per cent and gave no indication that it is poised to resume hiking it any time soon. The bank laid out a good-news, bad-news narrative to justify its decision to stand pat. The economy is improving on the home front, but escalating trade tensions are weighing on future prospects, Governor Stephen Poloz and BOC colleagues said in a statement accompanying the announcement. "Recent data have reinforced [the bank's] view that the slowdown in late 2018 and early 2019 was temporary, although global trade risks have increased. In this context, the degree of accommodation being provided by the current policy interest rate remains appropriate." It marks the fifth consecutive time the BOC has kept its key rate unchanged after a series of rate hikes in 2017 and 2018. Once again, the BOC made no mention of trying to get its key rate back to "neutral." The bank's estimate of neutral is 2.25 per cent to 3.25 per cent.

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