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Money On first day of Tiff Macklem's term, Bank of Canada to make rate announcement

12:03  03 june  2020
12:03  03 june  2020 Source:   msn.com

Tempted by low mortgage rates? Consider fees, penalties for refinancing first

  Tempted by low mortgage rates? Consider fees, penalties for refinancing first Amid plunging interest rates in the wake of the economic devastation wrought by the COVID-19 pandemic, many homeowners have felt tempted to break their mortgages in order to lock in a better rate and save big money. However, those looking to refinance need to understand that there's more than just the interest rate to take into account when switching mortgages. "Refinance activity has ticked up since (the coronavirus)," said James Laird,However, those looking to refinance need to understand that there's more than just the interest rate to take into account when switching mortgages.

Tiff Macklem (born 1961) is the former Senior Deputy Governor and the current Dean of the Rotman School of Management. He is now the Governor-Designate of the Bank of Canada and will take over

OTTAWA -- Tiff Macklem , a former second-in-command at the Bank of Canada , is returning to the central bank to take over the top job at a moment that he says cries out for bold, unprecedented responses to the economic crisis fuelled by COVID-19. And he suggested that once the current storm

a close up of a stone building © Provided by The Canadian Press

OTTAWA — The Bank of Canada is expected to keep its key interest rate unchanged this morning on the first day of governor Tiff Macklem's tenure.

Economists expect the central bank will maintain its target for the overnight rate at 0.25 per cent, which former governor Stephen Poloz has repeatedly said is as low as it can go.

Poloz and the bank's governing council would have met over the past few days and finalized the rate decision last night.

Macklem likely would have been part of the meetings, but it's unlikely that the language of the rate announcement will fully capture his views.

Instead of focusing on the rate itself, experts say they will be paying close attention to the language used in the rate announcement about the expected path for the economy in the coming weeks and months.

Economic reports continue this week with Statistics Canada's look at the May jobs market scheduled for release Friday.

This report by The Canadian Press was first published June 3, 2020.

The Canadian Press

Enbridge notches 'first-class appointment' and win for energy sector with Stephen Poloz .
North America’s largest pipeline company, Enbridge Inc., notched a major win Thursday with a board appointment of Stephen Poloz, who had left his job as the Bank of Canada governor on Tuesday. “I think Steve brings a very unique skill set and insight,” Enbridge president and CEO Al Monaco said in a Thursday interview with the Financial Post, after the company announced Poloz would join the Calgary-based company’s board of directors. Poloz, who “I think Steve brings a very unique skill set and insight,” Enbridge president and CEO Al Monaco said in a Thursday interview with the Financial Post, after the company announced Poloz would join the Calgary-based company’s board of directors.

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