David Dodge is not squeezing a facial blemish, he’s squeezing the Canadian economy by raising interest rates.
The blemished Governor of the Bank of Canada raised the central bank’s overnight lending rate one-quarter of a percentage point to 2.75 percent, judging that Hurricane Katrina will have only a ‘modest’ impact on the Canadian economy.
But my reading says Katrina’s “modest” impact may be a lesser worry than what is shaping up to be an already well entrenched drop in consumer confidence. I don’t doubt he knows about these figures, but it seems a strange reaction to dropping consumer confidence.
CONSUMER CONFIDENCE INDEX
July – August 2005
B.C. -7.8% (That’s MINUS 7.8)
Prairies -5.5%
Ontario -6.9%
Quebec -2.6%
Atlantic -4.1%
Photo credit to: Canadian Press PHOTO archive
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