mackaycartoons

Graeme MacKay's Editorial Cartoon Archive

  • Archives
  • Kings & Queens
  • Prime Ministers
  • Sharing
  • Special Features
  • The Boutique
  • Who?
  • Presidents

Bank of Canada

Saturday May 2, 2020

May 9, 2020 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday May 2, 2020

Tiff Macklem to lead the Bank of Canada

Finance Minister Bill Morneau has appointed Tiff Macklem, the former senior deputy governor of the Bank of Canada, to take over the top job at the central bank as it navigates the uncertainty of a pandemic-driven recession.

February 11, 2009

Macklem is currently the dean of the Rotman School of Management in Toronto, but had spent decades with the Bank of Canada before starting that appointment. 

Macklem began his career at the bank in 1984. He was widely expected to win the contest for bank governor in 2013, but was beaten out by Stephen Poloz, who was then CEO of Export Development Canada.

Poloz’s term ends June 2. 

The transition to new leadership comes as millions of Canadians have signed up for government aid and companies big and small are relying on federally backed wage subsidies to weather the COVID-19 pandemic.

During Friday’s announcement, Morneau said he’s confident Macklem’s expertise in financial markets will help the central bank navigate an economic crisis never before seen in Canada.

Coronavirus cartoons

“The bank has to be humble about what it doesn’t know. There’s a lot we don’t know about this disease. There’s a lot that medical experts don’t know about this disease,” Macklem said during his unveiling in Ottawa.

“But the Bank of Canada has tremendous analytic economic financial capacity to analyze what’s going on in the economy, and the important role for the Bank of Canada is to provide Canadians with as much information as it can honestly provide as to what is happening and what the recovery could look like, recognizing that we’re probably going to have to look at more than one scenario.”

In the past months, Poloz and Morneau have appeared at several joint news conferences to show a co-ordinated approach on monetary and fiscal policy to deal with the economic fallout of the pandemic and global oil shocks.

Morneau has announced more than $250 billion in direct financial aid, credit support and tax deferrals to help offset the impact of the COVID-19 pandemic. (CBC) 

 

Posted in: Canada Tagged: 2020-15, Bank of Canada, Canada, cinema, Coronavirus, covid-19, Economy, film, horror, Incredible Shrinking Man, marquee, movie, pandemic, theatre, Tiff Macklem

Thursday January 18, 2018

January 17, 2018 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday January 18, 2018

Bank of Canada raises key interest rate to 1.25% despite NAFTA worries

The Bank of Canada raised its key lending rate by a quarter percentage point to 1.25 per cent Wednesday, the third time it has moved its benchmark rate from once-record lows last summer.

The bank’s rate has an impact on rates that Canadians get from retail banks for things like mortgages, savings accounts and GICs. The move means borrowers can expect to pay more, but savers can expect to earn more, too.

After the central bank moved in the morning, the Royal Bank of Canada and Toronto-Dominion Bank each hiked their prime lending rates by the same amount, 25 points, in the afternoon. The new rates of 3.45 per cent will be in effect as of Thursday, Jan. 18. Canada’s other big banks are expected to follow suit.

The Bank of Canada was widely expected to raise its key rate after economic data in recent months showed gross domestic product growing, the job market healthy and the cost of living ticking higher.

The bank’s benchmark rate is now at its highest level since 2009.

In the MPR, the bank nudged up its expectations for how the economy will perform this year and next. The bank now expects Canada’s economy to expand by 2.2 per cent this year and 1.6 per cent in 2019. Previously the bank was anticipating 2.1 and 1.5 per cent growth. 

But while broadly positive about the economy’s prospects, the bank cited “uncertainty about the future of NAFTA” as a reason for concern moving forward. (Source: CBC) 

 

Posted in: Uncategorized Tagged: backpack, Bank of Canada, Canada, debt, Finance, household, Interest rates, money

Wednesday July 12, 2017

July 11, 2017 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday July 12, 2017

Bank of Canada may hike interest rate for 1st time in 7 years

After almost a decade of warnings that never came to pass, it appears as though the Bank of Canada is ramping up to hike its benchmark interest rate — possibly as soon as next week.

July 16, 2015

On July 12, Canada’s central bank will announce its latest decision on where to place its trend-setting interest rate, which has an impact on the rates that Canadian borrowers and savers get for their bank accounts, mortgages and other products.

Eight times a year, the bank’s board of governors meets to assess the latest economic indicators and decide whether Canada’s economy needs a shot in the arm from a rate cut, or a pump of the brakes by way of a hike.

And for the first time in 54 such meetings, it’s looking like the latter is in order.

It’s not like there haven’t been warning signs. By the time Stephen Poloz was named to replace Mark Carney atop the bank in 2013, the central bank had already been on the sidelines for more than two years, its benchmark interest rate set at one per cent.

May 13, 2010

But even as the bank kept loans cheap coming out of the financial crisis, the messaging from the top came early and often that Canadians should be forewarned — rates have to go up eventually.

As far back as 2014 Poloz warned Canadians that rates would rise “soon” — before oil’s plunge in 2015 caused the bank to lose its nerve. Instead, the central bank moved in the opposite direction, cutting rates twice that year to bring its rate to 0.5 per cent, where it currently sits.

At the time, those hikes were described as a temporary measure to help a Canadian economy that had been waylaid by an oil price that lost more than 70 per cent of its value in a matter of months. But in recent weeks the bank has started leaving clear signals that despite oil still being in the $40-per-barrel range, those temporary conditions are over and it’s time for a return to normalcy. (Source: CBC News) 

 

SaveSave

Posted in: Canada Tagged: Bank of Canada, borrowing, Canada, credit, debt, drunk, Grim reaper, Interest rates, mortgage, spending

Wednesday February 11, 2009

February 11, 2009 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday February 11, 2009

Carney maintains his rosy outlook

Even as the economic horizon darkens, the man who controls the levers behind Canada’s performance is still predicting the economy will pick itself up off the floor starting later this year and stage a strong rebound in 2010.

Nearly alone among respected forecasters, Bank of Canada Governor Mark Carney has said the combined efforts of Canada, the United States and other industrial nations to counteract the global recession will begin to turn things around here by late summer.

Asked yesterday by an opposition MP if the central bank was not out “on something of an optimistic limb” in its predictions, Carney told the Commons finance committee: “We don’t do optimism, we don’t do pessimism.

“We do realism at the Bank of Canada. We don’t do spin.”

Carney, 43, a former Goldman Sachs executive and finance department whiz kid, expressed full confidence in the bank’s number crunching.

It’s based on hundreds of interviews with business people, bank loans surveys and 21 economic forecasting models, he said.

Still, Carney tempered his relatively upbeat outlook by cautioning that all forecasts are “subject to an unusually high degree of uncertainty” now because of the speed and worldwide reach of the current economic downturn. (Source: Toronto Star) 

 

Posted in: Canada Tagged: Bank of Canada, Canada, carnival, carny, Economy, Mark Carney, recession, ride

Social Media Connections

Link to our Facebook Page
Link to our Flickr Page
Link to our Pinterest Page
Link to our Twitter Page
Link to our Website Page
  • HOME
  • Sharing
  • The Boutique
  • The Hamilton Spectator
  • Artizans Syndicate
  • Association of Canadian Cartoonists
  • Wes Tyrell
  • Martin Rowson
  • Guy Bado’s Blog
  • You Might be From Hamilton if…
  • Intellectual Property Thief Donkeys
  • National Newswatch
  • Reporters Without Borders Global Ranking

Brand New Designs!

Your one-stop-MacKay-shop…

T-shirts, hoodies, clocks, duvet covers, mugs, stickers, notebooks, smart phone cases and scarfs

Follow me on Twitter

My Tweets
Follow Graeme's board My Own Cartoon Favourites on Pinterest.

Archives

Copyright © 2016 mackaycartoons.net

Powered by Wordpess and Alpha.