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[Firebot]

These same bozos were calling inflation transitory last year at this same time and kept rates at historical lows to help an election

Our BoC has completely failed in its duty and playing catchup, and clearly losing the battle.

[chemgear]

Originally Posted by bizaro86

I guess they really are planning to fight inflation by causing a recession.

Think of how the all financial pain will help cut back on spending, travelling, consumption. It'll all help with carbon emissions.



/s

[Fuzz]

Originally Posted by Firebot

These same bozos were calling inflation transitory last year at this same time and kept rates at historical lows to help an election

Our BoC has completely failed in its duty and playing catchup, and clearly losing the battle.

That's a pretty serious allegation. You have evidence for that?


As to your other points, why is every other country also facing the same issues, yet you see it as a BOC created issue?

[Firebot]

The push to a 'surprise' full percentage point likely occurred as a result of the 9.1% CPI reported in the US this morning. Canada's June numbers are likely expected to be similar and inflation is only picking up steam.

A forced deep recession is inevitable

[CaptainCrunch]

Most of the food manufacturers are sending out letters to grocery stores warning about a spike in food costs.



for example Dairy is going to bump even more.


Just saw it on the news this morning.


And yeah, we're heading into a recession fast, and it looks like the housing bubble has burst.

[GGG]

Originally Posted by Firebot

The push to a 'surprise' full percentage point likely occurred as a result of the 9.1% CPI reported in the US this morning. Canada's June numbers are likely expected to be similar and inflation is only picking up steam.

A forced deep recession is inevitable

What portion of inflation is due to energy price right now?

I think that is the key question whether it levels off next year and how deep of recession is required.

Essentially if March 2023 inflation is still above 5% over March 2022 then we are in trouble. The current inflation number is essentially baked in for the next year.

[Firebot]

Originally Posted by Fuzz

That's a pretty serious allegation. You have evidence for that?

really? The BoC basically hid under a rock on their September update.

https://www.bloomberg.com/news/artic...decision-guide

Wednesday’s statement-only decision comes amid the final two weeks of an election battle between Prime Minister Justin Trudeau and Conservative Leader Erin O’Toole. Canada’s recovery from the Covid-19 crisis and risings costs of living are key issues ahead of the Sept. 20 vote, which polls suggest could go either way.

“In an effort to remain apolitical, expect the Bank to soft-peddle the weakness in growth, and emphasize that there’s plenty of uncertainty,” Benjamin Reitzes, Canadian rates and macro strategist at a Bank of Montreal, said in a report to investors. Any talking up of weak output and hot inflation data “runs the risk of being pulled into the election campaign,” he added.

As to your other points, why is every other country also facing the same issues, yet you see it as a BOC created issue?

Inflation may be a global issue, but the results on the economy are local and we let our housing market run wild and kept the floodgates of free money open for way longer than it was warranted.

The US's recent poor policies doesn't absolve the BoC in its duty to protect the Canadian economy and has made extremely hazardous statements in the past 2 years.

https://www.bnnbloomberg.ca/interest...klem-1.1465901

“Our message to Canadians is that interest rates are very low and they’re going to be there for a long time,” Macklem said at a press conference Wednesday.

“If you’ve got a mortgage of if you’re considering making a major purchase, or you’re a business and you’re considering making an investment, you can be confident rates will be low for a long time,” Macklem said.

Suckers.

[Firebot]

Originally Posted by GGG

What portion of inflation is due to energy price right now?

I think that is the key question whether it levels off next year and how deep of recession is required.

Essentially if March 2023 inflation is still above 5% over March 2022 then we are in trouble. The current inflation number is essentially baked in for the next year.

US's Month over month went up by 1.5%, despite energy prices going down.

The numbers are pointing to runaway inflation.

Note that by this time last year inflation YoY was already high at 5.4%. This is 9.1% on top of last year's 5.4%

https://www.cnbc.com/2021/07/13/cons...-estimate.html

[Fuzz]

Originally Posted by Firebot

really? The BoC basically hid under a rock on their September update.

https://www.bloomberg.com/news/artic...decision-guide

Inflation may be a global issue, but the results on the economy are local and we let our housing market run wild and kept the floodgates of free money open for way longer than it was warranted.

The US's recent poor policies doesn't absolve the BoC in its duty to protect the Canadian economy and has made extremely hazardous statements in the past 2 years.

https://www.bnnbloomberg.ca/interest...klem-1.1465901

Suckers.

You said "to help an election" but the statements you posted were clearly to remain apolitical and not muddy up the election. Your quote does not support your claim.

[Slava]

Originally Posted by Firebot

These same bozos were calling inflation transitory last year at this same time and kept rates at historical lows to help an election

Our BoC has completely failed in its duty and playing catchup, and clearly losing the battle.

How long is transitory? Inflation has been a concern for say 7-8 months (generously). If we hit 2023 and inflation has come back to say 4%, does that mean it was transitory?

Also, let's not kid ourselves. Energy was a major contributor and we can see that will be declining in the coming months. It doesn't mean we're out of the woods, but these figures are lagging.

[opendoor]

Originally Posted by Firebot

US's Month over month went up by 1.5%, despite energy prices going down.

It went up 0.9%. And oil prices certainly didn't go down in June; I'm not sure where you're getting that from. Monthly average price:

Apr: $101.78
May: $109.55
June: $114.84

The monthly average for July is down about 10% so far though and will likely drop even lower (the current price is about 15% below June's average).

[Firebot]

Originally Posted by Fuzz

You said "to help an election" but the statements you posted were clearly to remain apolitical and not muddy up the election. Your quote does not support your claim.

Who is set to benefit from hiding inflation prediction and it's impacts on the economy in an election?

Being hush on inflation and not acting on it when things are going south directly helps the incumbent.

[burn_this_city]

Originally Posted by Firebot

Who is set to benefit from hiding inflation prediction and it's impacts on the economy in an election?

Being hush on inflation and not acting on it when things are going south directly helps the incumbent.

This stuff is nonsense, every central bank was saying the same thing. Why is conservatism steeped in everything is a conspiracy these days?

[PepsiFree]

Originally Posted by Firebot

Who is set to benefit from hiding inflation prediction and it's impacts on the economy in an election?

Being hush on inflation and not acting on it when things are going south directly helps the incumbent.

Why would the BOC care about helping one political party over another? Just trying to track the logic of your theory here.

[You Need a Thneed]

So glad I got my mortgage renewal done a couple months ago.

[Firebot]

Originally Posted by burn_this_city

This stuff is nonsense, every central bank was saying the same thing. Why is conservatism steeped in everything is a conspiracy these days?

2 wrongs don't make a right...whataboutism doesn't exonerate the BoC I am afraid. No one is singing US's laurels here as far as I can tell.

Our housing problem is a purely Canadian problem and it was left to run wild. Inflation may have been poorly predicted, but the impacts of policies will hit Canadians harder.

[Slava]

Originally Posted by Firebot

2 wrongs don't make a right...whataboutism doesn't exonerate the BoC I am afraid. No one is singing US's laurels here as far as I can tell.

Our housing problem is a purely Canadian problem and it was left to run wild. Inflation may have been poorly predicted, but the impacts of policies will hit Canadians harder.

Every developed economy is dealing with inflation though. It's not like some countries pursued an amazing strategy and avoided this. In fact, the one country that doesn't have an inflation issue today is China...and I'm sure you're not clamoring for Covid lockdowns to make that happen here!

[Firebot]

Originally Posted by PepsiFree

Why would the BOC care about helping one political party over another? Just trying to track the logic of your theory here.

By letting elections dictate how they typically would act, they were not doing their duty. They were more concerned about not ruffling feathers, then do their job...

Elections shouldn't matter, yet it did.

[BlackArcher101]

Originally Posted by Firebot

By letting elections dictate how they typically would act, they were not doing their duty. They were more concerned about not ruffling feathers, then do their job...

Elections shouldn't matter, yet it did.

And yet no proof, just timing. Blame them and say they were late to react which is obvious, but to say they did it to help Trudeau win? What?

It's funny how when conservatives aren't in power, nearly every agency is supposedly against them and working for the other side. But yet when they are in power, all is fine but nothing changed....

[Fuzz]

Originally Posted by BlackArcher101

And yet no proof, just timing. Blame them and say they were late to react which is obvious, but to say they did it to help Trudeau win? What?

It's funny how when conservatives aren't in power, nearly every agency is supposedly against them and working for the other side. But yet when they are in power, all is fine but nothing changed....

If the BoC had come out and said something truethful about the economy but also happened to be favourable to the Liberals to the campaign, you can bet Firebot would be shouting from the highest roof tops about election interference and that they should stay silent during an election, to prevent even the appearance of potential influence.