{"id":11222,"date":"2023-09-11T06:16:37","date_gmt":"2023-09-11T13:16:37","guid":{"rendered":"https:\/\/www.stevesaretsky.com\/?p=11222"},"modified":"2023-09-11T06:16:51","modified_gmt":"2023-09-11T13:16:51","slug":"it-tastes-awful-and-it-works","status":"publish","type":"post","link":"https:\/\/www.stevesaretsky.com\/2023\/09\/news\/it-tastes-awful-and-it-works\/","title":{"rendered":"It Tastes Awful, and it Works"},"content":{"rendered":"\n
Happy Monday Morning!<\/p>\n\n\n\n
The Bank of Canada moved to the sidelines once again, appeasing premiers in BC & Ontario who publicly pleaded with the BoC last week. It\u2019s no secret these two provinces have the most to lose, their coffers largely built on a highly levered housing market, but we\u2019ll get to that in a second.<\/p>\n\n\n\n
Here\u2019s the coles notes from Tiff Macklem post pause.<\/p>\n\n\n\n
\u201cMonetary policy is working to bring inflation down\u2014and we are encouraged by the progress we\u2019ve made so far. Consumer price index (CPI) inflation was 3.3% in July, roughly in line with what we expected in our July Monetary Policy Report<\/em>. Our 2% target is now in sight. But we are not there yet and we are concerned progress has slowed. Monetary policy still has work to do to restore price stability for Canadians, and we are committed to staying the course.\u201d<\/p>\n\n\n\n In other words likely no more hikes, but also no cuts. That\u2019s no bueno for Canadian households which are finally showing signs of buckling under mounting interest rates.<\/p>\n\n\n\n