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Canada's finance minister says 'soft landing' not guaranteed as rates rise

Friday, June 17, 2022

OTTAWA (Reuters) - Canadian Finance Minister Chrystia Freeland expressed confidence on Thursday in the Bank of Canada's ability to rein in surging inflation and keep price gains from becoming entrenched, but said there was no guarantee the economy would avoid a recession.

"The Bank has begun the work of bringing inflation back within target, and it has the tools and the expertise it needs to keep inflation from becoming entrenched," Freeland told a business audience in Toronto.

"A soft landing is not guaranteed," she added, referring to a situation in which a hot economy slows but does not enter a recession. Freeland said Canada's economy was well-placed for that scenario.

Inflation is running hot around the world, as booming demand has led to supply constraints, and commodity prices have surged due to Russia's invasion of Ukraine. Canada's inflation rate hit 6.8% on an annualized basis in April and is set to go higher before easing later this year.

To curb price increases, the Bank of Canada raised its benchmark interest rate by half a percentage point to 1.5% this month, the second consecutive hike of that magnitude, and said it was ready to act "more forcefully" if needed.

Money markets see a 70% chance that the Bank of Canada will match a 75-basis-point rate hike unveiled by the Federal Reserve on Wednesday when the Canadian central bank announces its next policy decision in July.

Freeland, who outlined C$8.9 billion ($6.90 billion) of previously announced spending in her speech, said Prime Minister Justin Trudeau's Liberal government remains focused on lowering the country's debt-to-GDP ratio and reducing deficits.

"Our pandemic debt must - and will - be paid down," she said.

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27-06-2022 21:00:27 (UTC+7)

EUR/USD

1.0585

+0.0031 (+0.29%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (3)

EUR/USD

1.0585

+0.0031 (+0.29%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (3)

GBP/USD

1.2286

+0.0024 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

USD/JPY

135.12

-0.06 (-0.04%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (1)

AUD/USD

0.6934

-0.0014 (-0.19%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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Sell (8)

USD/CAD

1.2906

+0.0013 (+0.10%)

Summary

Buy

Moving Avg:

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EUR/JPY

143.01

+0.35 (+0.25%)

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Sell

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EUR/CHF

1.0138

+0.0029 (+0.29%)

Summary

Neutral

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Gold Futures

1,829.25

-1.05 (-0.06%)

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Silver Futures

21.348

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Moving Avg:

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Copper Futures

3.7535

+0.0090 (+0.24%)

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Crude Oil WTI Futures

106.77

-0.85 (-0.79%)

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Brent Oil Futures

108.60

-0.50 (-0.46%)

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Natural Gas Futures

6.149

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US Coffee C Futures

220.80

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Euro Stoxx 50

3,532.15

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Neutral

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S&P 500

3,900.30

-11.44 (-0.29%)

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DAX

13,160.45

+42.32 (+0.32%)

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Neutral

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FTSE 100

7,240.40

+31.59 (+0.44%)

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Neutral

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Hang Seng

22,229.52

+510.46 (+2.35%)

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US Small Cap 2000

1,761.40

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8,194.98

-49.12 (-0.60%)

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42.727

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58.95

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180.82

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Adidas AG

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 EUR/USD1.0585↑ Buy
 GBP/USD1.2286Neutral
 USD/JPY135.12Neutral
 AUD/USD0.6934↑ Sell
 USD/CAD1.2906Buy
 EUR/JPY143.01Sell
 EUR/CHF1.0138Neutral
 Gold1,829.25↑ Sell
 Silver21.348Buy
 Copper3.7535↑ Sell
 Crude Oil WTI106.77↑ Sell
 Brent Oil108.60↑ Sell
 Natural Gas6.149↑ Sell
 US Coffee C220.80↑ Sell
 Euro Stoxx 503,532.15Neutral
 S&P 5003,900.30↑ Buy
 DAX13,160.45Neutral
 FTSE 1007,240.40Neutral
 Hang Seng22,229.52↑ Sell
 Small Cap 20001,761.40↑ Buy
 IBEX 358,194.98Neutral
 BASF42.727↑ Sell
 Bayer58.95↑ Buy
 Allianz180.82↑ Sell
 Adidas172.50↑ Sell
 Lufthansa5.997↑ Sell
 Siemens AG103.74↑ Sell
 Deutsche Bank AG8.801↑ Sell
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Cập nhật 27-06-2022 21:00:30
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$1,828.77-2.19-0.12%
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Sản phẩmVùng 1Vùng 2
RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
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WTI$105.70-0.27-0.26%
Brent$108.56-0.51-0.48%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.080,0023.390,00
EUR23.932,6125.273,13
GBP27.815,2929.001,83
JPY167,64177,48
KRW15,5718,97
Cập nhật lúc 18:53:21 27/06/2022
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