Weekly Bottom Line July 24, 2007
Source: Lee Politano, Mortgage Specialist (780) 264-1749 TD Bank Financial Group
HIGHLIGHTS OF THE WEEK
- Ben Bernanke delivers his semi-annual testimony to Congress, explaining the Fed exit-strategy and stressing the importance of Federal Reserve independence.
- Bank of Canada (BoC) leaves overnight rate at 0.25% and reiterates its commitment, conditional on the inflation outlook, to stand pat until July 2010.
- BoC upgrades real GDP outlook for 2009-10, and forecasts that inflation will return to the 2% target one quarter earlier (Q2-2011) than forecast in April.
- Canadian wholesale (-0.3% M/M) and retail (+1.2% M/M) trade in May were significantly better than expected.
- U.S. existing home sales up for the third straight month in June (+3.6%), signalling a trough in housing is forming.
- British Columbia to present a new Budget on Sept. 1, 2009 and move to harmonize sales tax (HST) on July 1, 2010.
>>To view the full report click here<<
