Bank of Canada Swings & Misses- January 2022 Announcement

Bank of Canada whiffs on a 2-foot tap-in.

 

First of all, the position the Governor of the Bank of Canada faces is a 'no win' scenario, and no one will be happy with the decision.

 

I do have some great empathy for the 'rock and a hard place the Governor faces

 

BUT... 

 

I feel they missed a substantial step in the right direction that most everyone agrees is needed.  This month's announcement left me; disappointed, and I feel they missed an opportunity.  Bank of Canada demonstrated their forward-looking guidance is meaningless and all talk, no real action.

 

Summary:

• Inflation will continue and accelerate
• All talk, signalling and sabre-rattling
• Other tools will be required to curb the enthusiasm/inflation (Real Estate taxes, increased down payments, changes to source of down payments, amortizations, and stress tests)
• Bigger jumps ahead (instead of small gradual steps)

 

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