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Bank of Canada’s Stephen Poloz reinforces perception rates are on hold

Bank of Canada Governor Stephen Poloz indicated he’s all but abandoned any bias for higher interest rates, saying officials are simply focused on keeping policy aligned with current economic conditions.Asked at a press briefing Saturday in Washington whether he’s done with hiking, Poloz said: “That’s a very data dependent question.” He also dismissed the idea…



American manufacturing is in danger of entering a mild recession this year

American manufacturing is in danger of entering a mild recession this year

Jeff J Mitchell/Getty US industrial production fell 0.6% in January, compared with expectations for a slight increase.  Manufacturing activity showed particular weakness, dragged down by falling motor vehicle output. The sector is expected to continue to decline, economists say, potentially entering a mild recession this year. A measure of factory output unexpectedly fell at the…


Trudeau’s housing strategy is vintage Harper — it was a bad idea then, and it’s a bad idea now

Trudeau’s housing strategy is vintage Harper — it was a bad idea then, and it’s a bad idea now

Justin Trudeau wants his fans (and leftish voters) to think he’s nothing like Stephen Harper. Stylistically, that’s true. And the current prime minister is as nonchalant about deficits as his predecessor was obsessed by them. But if you think about it, their headline economic policies aren’t so different. Team Trudeau’s favourite sop to the middle…


Stocks tumble on growth and trade-tension pessimism

Stocks tumble on growth and trade-tension pessimism

Stocks fell the most in almost three weeks as rising pessimism that trade tensions with China will persist helped send technology and multinational companies tumbling. Treasuries climbed, oil fell and the yen strengthened.Chipmakers plunged more than 3 per cent, with every member of the Philadelphia Semiconductor Index in the red. Caterpillar and DowDuPont led declines…


Ken Rogoff warns China slowdown could be its ‘Minsky moment’

Ken Rogoff warns China slowdown could be its ‘Minsky moment’

This refers to the financial instability hypothesis of Hyman Minsky. It is when a seemingly unstoppable debt bubble collapses under its own weight in a cascade of falling asset and property prices. The authorities can cushion the crash, but they cannot escape the brutal mechanics of reversion.Prof Rogoff is co-author of a magisterial history of…