Global Markets: Macklem to set his course for Bank of Canada

Widely expected to freeze interest rate

By MarketsFarm

WINNIPEG, July 15 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Bank of Canada Governor Tiff Macklem is scheduled to make his first policy announcement on Wednesday since taking charge of the central bank on June 3. Later this morning, Macklem will speak about the bank’s rate setting and monetary policies. Analysts widely believe the governor will maintain his predecessor’s policy of quantative easing to keep borrowing costs as low as possible. Also, expectations are for Macklem to freeze the bank’s key interest rate at 0.25 per cent.

– China stated on Wednesday it will retaliate against the United States over the latter’s actions towards Hong Kong. On Tuesday, President Donald Trump signed an executive order in which the U.S. will treat Hong Kong as the same as mainland China, with no special privileges or special economic treatment. Trump took the move following China imposing a new and stricter security law on the one-time British colony. The executive order coincides with the Hong Kong Autonomy Act passed by the U.S. Congress in June.

– In the lead up to the U.S. fall elections, former Attorney General Jeff Sessions lost his bid to regain the Republican nomination for a Senate seat in Alabama on Tuesday evening. Sessions, who was the first senator to publicly back Trump in 2016, lost to former Auburn University football coach Tommy Tuberville, who has the president’s support. Tuberville will square off against Doug Jones, the Democratic incumbent. Elsewhere another Trump pick, Ronny Jackson the president’s former doctor, was selected to run for the Republicans in a Texas congressional seat.

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