binance left Huobi Global Coinmarketcap net_left Phương Thức Thanh Toán

Bank of Canada turns to interest rate guidance as it battles inflation

11 Tháng Năm 2022
Bank of Canada turns to interest rate guidance as it battles inflation © Reuters. FILE PHOTO: Bank of Canada Governor Tiff Macklem takes part in a news conference in Ottawa, Ontario, Canada April 13, 2022. REUTERS/Blair Gable

By Julie Gordon

OTTAWA (Reuters) - Faced with runaway inflation, Canada's central bank has taken the rare step of providing guidance on the path of interest rates, as it aims to keep expectations anchored while it unwinds stimulus in an overheating economy.

But economists say the strategy - a version of the "forward guidance" used during the COVID-19 pandemic - may not work as well as hoped, and the central bank should instead move more quickly to get rates into the neutral range and then pause.

"We need higher interest rates," has become the oft-uttered mantra of Bank of Canada officials, repeated - in some variation - in at least seven appearances in the last 10 weeks. Governor Tiff Macklem has also mused that the policy rate, now at 1%, could climb above 3%.

That openness on future policy - not employed in the 2017-2018 tightening cycle - is meant to cool demand even as rates remain stimulative.

"This is a more aggressive form of communicating that monetary policy accommodation needs to be removed. But the question is: Is it aggressive enough when inflation is at 6.7%?" said Royce Mendes, head of macro strategy at Desjardins Group.

"Just talking about it might not be enough, because the longer we leave monetary policy to stimulate the economy, the more likely it is that inflation expectations ... become unmoored."

Canada's inflation rate hit a 31-year high in March, testing the credibility of central bankers tasked with keeping price growth at the 2% midpoint of a 1%-3% range. The big risk is that the price rises will cause Canadians to lose faith in the target, with inflation drifting persistently higher.

The Bank of Canada said what it is doing is not "forward guidance," a monetary policy tool only used twice before and only in times of crisis. But it acknowledged the current policy is a departure from the usual practice of avoiding forward-looking statements on interest rates.

"Right now (the Bank of Canada's) Governing Council judges that it is important that Canadians understand that interest rates are on an upward path so that they can plan accordingly," said Paul Badertscher, director of media relations at the central bank.

'SOONER RATHER THAN LATER'

The Canadian central bank has raised its policy rate twice during the current tightening cycle. But at 1%, the rate is less than half the neutral rate - the level at which economic activity is neither stimulated nor constrained - and therefore still very stimulative to an already frothy economy.

So the Bank of Canada is being overt in saying higher rates are coming as a stop-gap measure to try to cool demand until it can move into the neutral range, which will take at least four more months at the current pace, economists said.

"If we don't keep inflation expectations well anchored, inflation will get stuck. It won't just come down," Macklem told a Senate committee late last month.

Markets, for their part, are listening. Another 50-basis-point increase is fully priced in for the June 1 interest rate decision, with money markets betting the policy rate will be around 3% by the end of this year.

Still, some economists say actions are stronger than words, and the central bank should hike its policy rate by 75 or even 100 basis points in its upcoming decisions, and then use guidance to signal a pause.

"I'd rather they get there sooner rather than later and on an even more expedited path," said Derek Holt, head of capital market economics at Scotiabank. "The economy's characteristics now say that you should already be at neutral, if not higher."

Để lại bình luận
Hot Auto Trade Bot ig right nyse right Neteller Phương Thức Thanh Toán
BROKERS ĐƯỢC CẤP PHÉP
rakuten_main right top net_home_top Ai VIF Binance _ main right top fbs_main right top tifia_main right top
25-05-2022 05:42:39 (UTC+7)

EUR/USD

1.0735

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (1)

EUR/USD

1.0735

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (1)

GBP/USD

1.2546

+0.0017 (+0.14%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

USD/JPY

126.86

+0.06 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (6)

AUD/USD

0.7118

+0.0015 (+0.22%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

USD/CAD

1.2816

-0.0001 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

EUR/JPY

136.18

+0.07 (+0.05%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (3)

Sell (3)

EUR/CHF

1.0313

+0.0006 (+0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (4)

Gold Futures

1,864.56

-0.52 (-0.03%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (2)

Silver Futures

22.096

-0.003 (-0.01%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (4)

Copper Futures

4.3172

+0.0039 (+0.09%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

Crude Oil WTI Futures

110.63

+0.35 (+0.32%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (2)

Brent Oil Futures

111.00

+0.22 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (4)

Natural Gas Futures

8.918

+0.026 (+0.29%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

US Coffee C Futures

213.83

-1.92 (-0.89%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Euro Stoxx 50

3,647.56

-60.83 (-1.64%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (3)

S&P 500

3,941.48

-32.27 (-0.81%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (2)

Sell (6)

DAX

13,919.75

-255.65 (-1.80%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

FTSE 100

7,484.35

-29.09 (-0.39%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (5)

Hang Seng

20,112.10

-357.96 (-1.75%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

1,768.22

-24.55 (-1.37%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

IBEX 35

8,631.20

+5.40 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

BASF SE NA O.N.

48.755

-0.980 (-1.97%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (2)

Bayer AG NA

63.29

-1.18 (-1.83%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

Allianz SE VNA O.N.

197.86

-1.52 (-0.76%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (4)

Adidas AG

171.20

-4.28 (-2.44%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (4)

Deutsche Lufthansa AG

6.496

-0.407 (-5.90%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Siemens AG Class N

114.20

-2.50 (-2.14%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

Deutsche Bank AG

10.084

+0.066 (+0.66%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

 EUR/USD1.0735↑ Buy
 GBP/USD1.2546↑ Buy
 USD/JPY126.86↑ Sell
 AUD/USD0.7118↑ Buy
 USD/CAD1.2816↑ Sell
 EUR/JPY136.18Sell
 EUR/CHF1.0313↑ Sell
 Gold1,864.56Neutral
 Silver22.096Neutral
 Copper4.3172Sell
 Crude Oil WTI110.63↑ Buy
 Brent Oil111.00Neutral
 Natural Gas8.918Sell
 US Coffee C213.83↑ Buy
 Euro Stoxx 503,647.56Neutral
 S&P 5003,941.48Neutral
 DAX13,919.75↑ Sell
 FTSE 1007,484.35Sell
 Hang Seng20,112.10↑ Buy
 Small Cap 20001,768.22↑ Buy
 IBEX 358,631.20↑ Buy
 BASF48.755↑ Buy
 Bayer63.29Neutral
 Allianz197.86Sell
 Adidas171.20Neutral
 Lufthansa6.496↑ Buy
 Siemens AG114.20↑ Buy
 Deutsche Bank AG10.084↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,900/ 6,990
(0/ 0) # 1,765
SJC HCM6,900/ 6,990
(0/ 0) # 1,764
SJC Hanoi6,900/ 6,992
(0/ 0) # 1,766
SJC Danang6,900/ 6,992
(0/ 0) # 1,766
SJC Nhatrang6,900/ 6,992
(0/ 0) # 1,766
SJC Cantho6,900/ 6,992
(0/ 0) # 1,766
Cập nhật 25-05-2022 05:42:42
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,866.36+12.590.68%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$110.62+0.380.34%
Brent$113.88+0.310.27%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.040,0023.350,00
EUR24.230,6125.587,89
GBP28.221,9329.425,91
JPY177,16187,56
KRW15,8619,33
Cập nhật lúc 18:54:49 24/05/2022
Xem bảng tỷ giá hối đoái
binance main right Fxpro Main Right aetos main right Phương Thức Thanh Toán