The lagging loonie may mean interest rates will stay higher for longer. Find out more.
fell to a two-year low below 73 U.S. cents at the end of September. Though it has clawed its way back above the 73-cent mark in recent days, the drop from the 77-cent range in which it was trading earlier last month may add to the country’s
Tal added that given the unusual dynamics of the current downturn, the central bank “might need to keepAdvertisement 3In a normal economic downturn, rising interest rates would slow down the consumer.
The loonie was already proving troublesome for the central bank. In July, Bank of Canada governor Tiff Macklemthat because the country wasn’t seeing commodity-linked appreciation in the loonie that it expected, the bank would have to do more of the heavy lifting through interest rates. Now, with oil falling and hawkish U.S. Federal Reserve policy leading many to predict U.S. rates will ultimately rise higher than those in Canada, the loonie is actually falling, putting more pressure on interest rate policy here.
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