over his office didn’t pan out. But now that we know he did, in fact, lower the Bank of Canada’s benchmark lending rate for the second-consecutive time, we can review its implications accordingly.Canada’s largest grocery, Loblaw Cos. Ltd., and its parent company George Weston Ltd., have agreed to pay $500-million to settle several class-action lawsuits over their role in an alleged scheme to fix bread prices in Canada from 2001 to 2015, Susan Krashinsky RobertsonRogers Communications Inc.
And the price increases of bread and other items in Statistics Canada’s “basket of goods” have accelerated for two consecutive months, climbing at an annual pace of 2.1 per cent in June after rising 1.5 per cent in May. If analysts agreed on one thing yesterday, it was what kind of bird best represents the central bank’s vibes. From my inbox:Not that we aren’t accustomed to reading about doves and hawks in economic coverage. But yesterday’s unusually large flock got us wondering how and when “hawkish” and “dovish” entered the macro vernacular – and why we don’t use, say, “barracudan” or “jellyfishy” to describe an aggressive monetary posture versus those who are comfy with lower interest rates.
We are fairly certain “hawkish” is a carryover from “war hawk” in the sixties. That makes sense, we suppose: A word justand spreads around the world before you can say coo. But I’m not going to stop trying to make jellyfishy a thing. E-mail me with your suggestions and/or history lessons:The U.S. Federal Reserve’s Open Market Committee will meet on July 30 and 31. The Fed rate decision will be announced at the end of the FOMC meeting.
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