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Federal Reserve Chair Jerome Powell testifies to the Senate Banking Committee in Washington, DC.

Jasper Colt-USA TODAY via Reuters

Central bankers forecast clouds, with a chance of rate cuts

The millions of homeowners who have seen their mortgage payments double in recent years would no doubt concur with Mark Twain in his assessment of bankers – as the type of people who lend you an umbrella when the sun is shining and want it back as soon as it starts to rain.

Hopes for a break in the monetary policy clouds were frustrated this week as two North American central bankers said that interest rate cuts remain some way off.

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Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario.

REUTERS/Blair Gable

Know when to hold ‘em

On Wednesday, the Bank of Canada held its key rate unchanged at 5% – the third time it has done so since July. It noted that the global economy is slowing, along with inflation, but the softening numbers weren’t enough for it to lower rates. It also noted the rise in shelter inflation – rents and high mortgage costs due to elevated interest rates.
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