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- The Bank of Canada has again decided to keep their key overnight lending rate unchanged. This, despite the fact that inflation (CPI) has moved closer to the 2% target. The Bank's key rate directly influences the Prime rate which is the index rate used for floating/variable rate lending. There continues to be no reason for variable rate mortgage holders to have concern, at least for the foreseeable future. The last time that the Prime rate of interest changed was September 2010. Core… Read More
- This week the Government of Canada issued it's first 50 year bond at an interest rate of 2.96%! It sold $1.5 billion at double the minimum target. If this isn't an indication of low stable interest rates for an extended period of time then we can't think of anything else that is. This was a rare issuance, but likely a sign of more to come. Large insurance and pension funds likely feasted on the issue because it takes care of… Read More
- When the BoC says: “The global economy is evolving largely as anticipated”, it really means: There isn’t a whole lot that has changed since the last time we said something and rates are not changing! In summary: the Canadian economy is beginning to show signs of slowing down, while the U.S. economy is showing some really good signs of recovery. The U.S. will not be in a position to raise central bank rates for more than a year, likely much… Read More