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  • Canada’s Fossil-Fuelled Pensions June 22, 2018
    The British Columbia Investment Management Corporation is?the steward of BC’s public pensions, but bankrolls companies?whose current business models exceed the climate change targets agreed to in the Paris Agreement to which Canada is a signatory. The pensions of over 500,000 British Columbians and assets worth $135 billion are managed by the Corporation—-one of Canada's largest […]
    Canadian Centre for Policy Alternatives
  • Imagine a Winnipeg...2018 Alternative Municipal Budget June 18, 2018
    Climate change; stagnant global economic growth; political polarization; growing inequality.? Our city finds itself dealing with all these issues, and more at once. The 2018 Alternative Municipal Budget (AMB) is a community response that shows how the city can deal with all these issues and balance the budget.
    Canadian Centre for Policy Alternatives
  • Why would a boom town need charity? Inequities in Saskatchewan’s oil boom and bust May 23, 2018
    When we think of a “boomtown,” we often imagine a formerly sleepy rural town suddenly awash in wealth and economic expansion. It might surprise some to learn that for many municipalities in oil-producing regions in Saskatchewan, the costs of servicing the oil boom can outweigh the benefits. A Prairie Patchwork: Reliance on Oil Industry Philanthropy […]
    Canadian Centre for Policy Alternatives
  • CCPA's National Office has moved! May 11, 2018
    ? The week of May 1st, the Canadian Centre for Policy Alternatives' National Office moved to 141 Laurier Ave W, Suite 1000, Ottawa ON, K1P 5J2. Please note that our phone, fax and general e-mail will remain the same: Telephone: 613-563-1341 | Fax: 613-233-1458 | Email:?ccpa@policyalternatives.ca ?
    Canadian Centre for Policy Alternatives
  • What are Canada’s energy options in a carbon-constrained world? May 1, 2018
    Canada faces some very difficult choices in maintaining energy security while meeting emissions reduction targets.? A new?study by veteran earth scientist David Hughes—published through the Corporate Mapping Project, the Canadian Centre for Policy Alternatives and the Parkland Institute—is a comprehensive assessment of Canada’s energy systems in light of the need to maintain energy security and […]
    Canadian Centre for Policy Alternatives
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The Progressive Economics Forum

CPI Deflates Case for Rate Hike

Todaya€?s report that the national inflation rate fell to 1.2% in May deflates calls for higher interest rates to reduce inflation. The central banka€?s core rate was 1.8%, also below the 2% target.

The other argument for an interest-rate hike was to moderate mortgage lending and the housing market. However, the federal governmenta€?s move to reign in mortgage lending through the Canada Mortgage and Housing Corporation removes the pressure for the Bank of Canada to do so through monetary policy.

An important reason to keep interest rates low is to avoid upward pressure on the Canadian dollar, which remains near parity despite recent market turmoil. The OECDa€?s measure of purchasing power parity suggests that the exchange rate should be around 80 US cents. An overvalued currency hurts Canadian exports and threatens our economic recovery.

UPDATE (June 23): Quoted in the Regina Leader-Post and Saskatoon StarPhoenix

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