Category: Economic

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Economic

Bank of Canada announces appointment of Advisor in New York Office


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The Bank of Canada today announced the appointment of Sheryl King as Advisor to the Governor, representing the Bank in its New York Office, effective 5 July 2016.

Reporting to Deputy Governor Lynn Patterson, and working closely with the Consulate General of Canada in New York, Ms. King will promote and strengthen ties between the Bank of Canada and New York’s financial and economic communities, with an emphasis on financial market and financial stability developments. She will also serve as a member of the Bank’s Monetary Policy Review and Financial System Review committees.

“I am delighted to welcome Sheryl King back to the Bank and to our senior management team,” said Governor Stephen S. Poloz. “Her extensive background in US economic and financial market analysis, together with her well-established professional network in New York and beyond, will benefit the Bank greatly. We look forward to her thoughtful analysis and insightful perspective.”

A native of Montréal, Ms. King has more than 20 years of experience in macroeconomic strategy, financial markets and central banking. Since 2014, she has been Managing Director North America and Global Quantitative Research at Roubini Global Economics. From 2009 to 2012, Ms. King was Chief Economist and Strategist at Merrill Lynch Canada.

From 2004 to 2009, she was Assistant Chief US Economist at Merrill Lynch in New York.She has also worked as a US macro forecaster and as a bond and currency strategist at TD Bank. Earlier in her career, Ms. King spent eight years at the Bank of Canada, first as an economist and later as an analyst in the Bank’s Financial Markets Department. Ms. King holds a BA in economics from Concordia University and an MA in economics from Carleton University.

“I am honoured to be returning to the Bank in this unique role, and I look forward to advising the Governor on global market issues while contributing to the institution’s important monetary policy and financial stability work,” Ms. King said.



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Alberta Economic Ft Mac Health

Families with Autistic Children Evacuated From Fort McMurray Receive Support

Families evacuated from Fort McMurray who have autistic children are receiving much needed support in learning to cope with new and unfamiliar routines, thanks to the Edmonton Maier Centre. The Centre is offering resources 24/7 to families who have these children with very special needs. Around 180 families in the Fort McMurray area have an autistic child, and these children require predictability and strict routines in order to be comfortable. The recent wildfire and emergency evacuation has shattered the valued routines that these autistic children thrive on. According to Maier Centre executive director

Terri Duncan “The evacuation has really effected [the kids] in a really profound way. So much more so than typical kids. Their whole world is out of control, they don’t understand what is going on and they need to try and control things so their world is more predictable.” This can lead to a child acting out because they feel unable to cope, or regression due to the trauma and the changes in the normal daily routine.

Fort McMurray families who have autistic children can take advantage of a variety of resources and services at the Maier Centre. Respite services are offered so that parents can get some temporary relief and a break from the strenuous demands of caring for an autistic child. Cots are available, as well as cooked meals, and there are shower facilities that families can use as well. Centre staff member Peggy Duncan explained that “Many families left without sensory needs for their children and that’s a very important aspect of it to keep the kids calm. We’re equipped for whatever comes up. People have been super generous.”

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Economic

Bank of Canada maintains overnight rate target at 1/2 per cent


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The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

The global economy is evolving largely as the Bank projected in its April Monetary Policy Report (MPR). In the United States, despite weakness in the first quarter, a number of indicators, including employment, point to a return to solid growth in 2016. Financial conditions remain accommodative, with ongoing geopolitical factors contributing to fragile market sentiment. Oil prices are higher, in part because of short-term supply disruptions.

In Canada, the economy’s structural adjustment to the oil price shock continues, but is proving to be uneven. Growth in the first quarter of 2016 appears to be in line with the Bank’s April projection, although business investment and intentions remain disappointing. The second quarter will be much weaker than predicted because of the devastating Alberta wildfires. The Bank’s preliminary assessment is that fire-related destruction and the associated halt to oil production will cut about 1 1/4 percentage points off real GDP growth in the second quarter. The economy is expected to rebound in the third quarter, as oil production resumes and reconstruction begins. While the Canadian dollar has been fluctuating in response to shifting expectations of US monetary policy and higher oil prices, it is now close to the level assumed in April.

Inflation is roughly in line with the Bank’s expectations. Total CPI inflation has risen recently, largely due to movements in gasoline prices, but remains slightly below the 2 per cent target. Measures of core inflation remain close to 2 per cent, reflecting the offsetting influences of past exchange rate depreciation and excess capacity.

Canada’s housing market continues to display strong regional divergences, reinforced by the complex adjustment underway in the economy. In this context, household vulnerabilities have moved higher. Meanwhile, the risks to the Bank’s inflation projection remain roughly balanced. Therefore, the Bank’s Governing Council judges that the current stance of monetary policy is still appropriate, and the target for the overnight rate remains at 1/2 per cent.

Information note

The next scheduled date for announcing the overnight rate target is 13 July 2016. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR at that time. 



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Alberta Economic Ft Mac Health

What can Returning Fort McMurray Residents Expect After Wildfire Damage?

Fort McMurray residents who plan on returning home as soon as possible need to have realistic expectations about the extent of the wildfire and be prepared for the possible lack of services and amenities when they first come back. The government has issued some guidelines for the evacuees so that they know what they should bring back with them and they are not caught unaware once they return. When Fort McMurray residents come back they should make sure to bring prescription refills with them as many pharmacies may not be operating at first and the drugs needed may not be available in Fort McMurray initially. Residents are also advised to bring a supply of water and a sufficient amount of non perishable food with them as well. Electricity is back on to many areas but refrigerators and freezers may be damaged or unusable.

Fort McMurray residents are also advised to bring other things so that they are prepared and they can start the wildfire damage recovery process. Hand soap or sanitizer should be kept on hand, and these products should be at least 60% alcohol based. A camera is also recommended so that any damage can be documented with photos for an insurance claim or investigation. Long sleeved shirts, long pants, and boots may be required as well. Flashlights and batteries should be available in case electricity is not available or extensive damage has been sustained. A boil water advisory will be in effect until further notice, probably at least until the end of June. Some Fort McMurray residents are advised to stay away for the time being, and these include anyone in the late stages of pregnancy, those who have respiratory problems, and anyone receiving dialysis or cancer treatment. The hospital was damaged and only basic services may be offered to residents at first as a result.

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Economic Ft Mac Health

Staggered Return of Fort McMurray Evacuees Announced

A staggered return for evacuees of Fort McMurray, First Nation groups in the area, and Anzac has been announced, but the return dates are still subject to change and depend on many factors including safety conditions and the weather. Premier Rachel Notley recently announced the timeline for residents who wish to return to Fort McMurray, and there have been guidelines issued to those who will return so that they understand exactly what they can expect once they get back home. As of right now the wildfire threat is no longer valid, but there are other conditions that must also be met in order for the return timeline to be accurate. Critical infrastructure restoration must be completed, and hazardous areas in Wood Buffalo must be properly secured before residents can start the return home.

The timeline for the staggered return of Fort McMurray residents is designed to ensure a smooth and orderly return for those who wish to come back as soon as possible. Most of Fort McMurray, as well as all of the Fort McMurray First Nation and Anzac, have had electricity restored. Another factor in the return timeline is the municipal government, which must return before the evacuees can come back. According to Notley “This re-entry plan is voluntary. We anticipate that many people will not return as early as June 1 and we will support them in that decision. Remember that many hazards remain in Fort McMurray. We need to address all of them before it is safe for residents to return.” The staggered return timeline should be completed by June 15.

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Alberta Breaking News Canada Economic Ft Mac

Wildfire Recovery Could Take Years for Fort McMurray Community

After the recent devastating wildfire recovery could take years for the Fort McMurray community, but few expect divisions in this area. As a community the Fort McMurray area has always come together in times of crisis, helping out those in need and thinking of the community as a whole instead of the needs and desires of each individual in the community. Few doubt that the people who live and work in the area will rise up to the challenge and start the wildfire recovery efforts but the scope and scale of the devastation will take time to fix. Some neighborhoods saw a complete loss of most of the residences, and the fire was random. Some homes were completely destroyed while others look almost untouched by the disaster. Insurance claims have been filed but even this process takes time, and right now many who were evacuated are relying on charities and the kindness of others just to get by.

Even a best case scenario for wildfire recovery in the Fort McMurray community will involve months of struggle and hard effort as residents start to clean up and many are forced to rebuild from scratch. Energy companies were forced to shut down oilsand camps and evacuate workers, and these camps are not back to operation just yet. This means a loss for the companies in the area as well, but the oil giants may be able to absorb this financial blow much easier than many of the residents who may have to rely on the proceeds from insurance claims in order to rebuild and start again.