Bank of Canada governor Tiff Macklem speaks virtually to the media in Ottawa, Ontario, Canada, July 13 2022. Picture: DAVID KWAAI/BLOOMBERG
The BOC was not the only G10 central bank in action on Wednesday, with the Reserve Bank of New Zealand hiking by 50 basis points.The Federal Reserve vaulted to the top hawk spot on June 15, raising the target federal funds rate by three quarters of a percentage point to a 1.5%-1.75% range. Given that it sees UK inflation heading above 11%, it might well have to fulfil its promise to act “forcefully” if needed.Norway, the first big developed economy to kick off a rate-hiking cycle last year, raised rates by 50 bps on June 23 to 1.25%, its largest single hike since 2002.
Recent franc weakness has contributed to driving Swiss inflation towards 14-year highs and SNB governor Thomas Jordan said he no longer sees the franc as highly valued. That has opened the door to bets on more rate hikes; a 100 bps move is now priced for September.That leaves the Japan as the holdout dove.
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