Bank of Canada governor has eye on NAFTA talks as he weighs when to raise rates

August 27, 2018

Bank of Canada governor Stephen Poloz says he still sees rate hikes ahead for Canada as the U.S. tightens its monetary policy, but a lot depends on economic data over the coming months and the outcome of NAFTA talks.

The U.S. Fed is expected to increase its interest rates in September, and may do so again in December, putting pressure on the Bank of Canada to follow. If rates go up in the U.S., the greenback soars and the loonie suffers...

Poloz, ... says he's wary of a number of factors in Canada that may mean he can't move in tandem with the U.S., including higher levels of debt here and Canada's reliance on trade...

Given that uncertainty, CIBC economist Avery Shenfeld says it's likely Poloz will wait to see whether a NAFTA deal is struck before raising rates in September.

Some observers believe the Bank of Canada will move in September, given rising inflation and strong economic numbers.

This has been excerpted from 24 August 2018 edition of CBC News.

Topic(s)

Trade Agreements

International Trade and Border Management

Information source

Canadian News Channel

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