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Bank of Canada Hints at Higher Rates
JEREMY TOROBIN OTTAWA— Globe and Mail Update Published Tuesday, Apr. 17, 2012 9:02AM EDT Last updated Tuesday, Apr. 17, 2012 10:02AM EDT
The Bank of Canada left its main interest rate untouched at 1 per cent Tuesday, while painting a brighter economic outlook and hinting for the first time since last summer that it is beginning to look for an opportunity to raise borrowing costs.
The decision to stand pat for a 13th consecutive meeting was expected. But after weeks of sunnier rhetoric from Governor Mark Carney amid a strengthening domestic recovery, Bay Street analysts had been debating how far he would go in trying to reshape expectations that he may be on hold until late next year.
The statement on Tuesday’s decision was vague about timing, saying only that it may become necessary to increase rates, but that this would depend on “domestic and global economic developments.” However, just by saying so, Mr. Carney is clearly starting to lay the ground work for rate hikes if the Canadian economy and the global backdrop continue to improve. Significantly, he boosted his 2012 growth forecast for Canada by four tenths of a percentage point, to 2.4 per cent. And though he cut his 2013 forecast by the same amount, to ... more

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