Jul 13, 2016
BNN’s Daily Chase: Bank of Canada decision day, and bad haircuts
By Andrew Bell
“I actually didn't want him on the stage, 'cause his haircut at the time was so appalling.” - Bob Geldof, on fellow Irish rock singer Bono at Live Aid
On this day in 1985, the 16-hour worldwide rock concert Live Aid went live at Wembley Stadium in London. Officially opened by Prince Charles and Princess Diana, it raised more than US$120 million for the relief of famine in Africa. Inspired by Geldof, the concert featured stars such as Elton John, Madonna, Santana, Run DMC, Sade, Sting, Bryan Adams, the Beach Boys, Mick Jagger, David Bowie, Queen, Duran Duran, U2, the Who, Tom Petty, Neil Young and Eric Clapton.
Bank of Canada decision day
On deck today are the main acts in Canadian monetary policy, Bank of Canada Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins. They are struggling with the decision of whether or not to try juicing the economy with another interest rate cut – which would risk further inflating home prices.
The central bank announces its next move on rates at 10 a.m. ET and a news conference to mark its monetary policy report is set for 11:15 a.m. ET. Joining BNN in our live coverage is Scotiabank economist Derek Holt. He cautioned on June 30 that Poloz “is still talking an optimistic story” on the economy to keep a free hand on rates.
We’ll also hear from BMO Capital Market economist Sal Guatieri. BMO warned last week that “Canada’s job market is struggling to stay above the waterline, almost everywhere except British Columbia.”
Make sure to read BNN reporter Greg Bonnell’s analysis on how former Bank of Canada Governor Mark Carney laid the groundwork for Poloz’s household debt warnings.
Gotta keep it super-short this morning as we clear the decks for Mr. Poloz.
Oh and sorry, no Commodities show today because of the timing of the news conference.
Maybe this is an opportunity to slip out and get a proper haircut.
Every morning Commodities host Andrew Bell writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.