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Higher rates needed to slow housing market demand -Bank of Canada

Thứ Tư, 4 tháng 5, 2022

By Julie Gordon and David Ljunggren

OTTAWA (Reuters) -Home price growth in Canada is "unsustainably strong" and higher interest rates are needed to moderate demand, a senior Bank of Canada official said on Tuesday, while also noting the inflationary risks of the country's overheating economy.

Senior Deputy Governor Carolyn Rogers (NYSE:ROG), answering audience questions following her first speech since joining the governing council, said the central bank does expect home price growth to moderate "a bit" as interest rates go up.

"We need higher rates to moderate demand, including demand in the housing market," she said. "Housing price growth is unsustainably strong in Canada."

The Bank of Canada made a rare 50-basis-point (bps) increase to 1% last month in its policy rate and made clear the rate will need to go higher. Money markets have fully priced in another 50 bps move on June 1, with a 15% chance of a larger hike.

Housing sales and prices, meanwhile, have started to cool from peak levels, though activity varies across the country and housing type.

Rogers spoke to a women's business group in Toronto on central bank independence and credibility, a key issue with Canada's inflation rate at a 31-year high of 6.7%, more than three times the central bank's 2% target.

In her speech, Rogers pointed to global supply chain bottlenecks and high commodity prices as the main drivers pushing Canada's inflation rate "close to 7%," but noted strong domestic demand risked further boosting price growth.

A leading figure in Canada's opposition Conservatives has said the bank's policy actions in the pandemic, namely its government bond-buying program, have fueled runaway inflation.

"With the Canadian economy starting to overheat, we can't let demand get too far ahead of supply or we risk adding further to inflation," she said.

She acknowledged interest rates remain low, reiterating they need to go higher and that the central bank is "committed to getting inflation back to target."

The Canadian dollar was trading 0.2% higher at 1.2850 to the greenback, or 77.82 U.S. cents, as the greenback dipped against a basket of major currencies.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

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Moving Avg:

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Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

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Moving Avg:

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GBP/USD

1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

+0.12 (+0.07%)

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Neutral

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USD/CAD

1.3780

+0.0003 (+0.03%)

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168.32

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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Cập nhật 01-05-2024 10:45:19
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ↀ Giá vàng thế giới
$2,285.72-47.5-2.04%
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.44025.940
RON 95-III24.91025.400
E5 RON 92-II23.91024.380
DO 0.05S20.71021.120
DO 0,001S-V21.32021.740
Dầu hỏa 2-K20.68021.090
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WTI$80.83+3.390.04%
Brent$85.50+3.860.05%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD25.088,0025.458,00
EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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