On Monday Statistics Canada reported the Canadian economy grew more than expected in August. Real GDP rose 0.3 per cent. Economists were expecting 0.2 per cent. I know, not exactly blowing past expectations, but better than expected is nicer than the alternative. But there are still a number of head winds that Canada is facing that make the third quarter results harder to predict.
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It was no surprise this morning when the Bank of Canada announced that they would maintain their Key Overnight Lending Rate at 1.0 percent. The Bank of Canada highlighted a number of reasons for keeping interest rates low.
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It’s a promise from Ben Bernanke. He will leave interest rates near 0 percent until at least 2013. For the first time ever, the head of the Federal Reserves admits the U.S. economic recovery has stalled and he will do anything to get it started again. The world order has changed dramatically in the last seven days. This is what’s happening.
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![My Thoughts: The US Debt Crisis and Canadian Mortgage Rates [Glass Half Full]](/images/default.jpg)
Last week I was asked to do an interview for CBC the National to talk about the US Debt Crisis and how it is affecting the Canadian economy. It’s a well-known fact that the Canadian economy is closely tied to …
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Have you seen how strong our Loonie is? Currently it’s trading at a multi-year high against the weakening U.S. greenback. One Canadian dollar gets you about $1.06 U.S. WOW! But, it also means more pain for Canadian businesses trying to sell goods and services outside of the country.
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