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Major News This Week : October 21, 2013

ByThe National Bank of Canada
Published 10/22/2013, 02:59 AM
Updated 05/14/2017, 06:45 AM

Canada’s Consumer Price Index for September was released on Friday. The monthly growth rate was slightly higher than expected: 0.2%, compared to a forecast of 0.1%. On an annual basis, inflation is nevertheless low, at 1.1%. After a wait that lasted weeks, Republicans and Democrats finally buried the hatchet and allowed U.S. government activities to return to normal. The U.S. Senate and Congress agreed to raise the debt ceiling until January 7, 2014 and fund the government until January 15, 2014. The agreement kicks the problem down the road and gives financial markets some respite from uncertainty. There was good news on Friday, when we learned that the Chinese economy had grown 7.8% in the third quarter. Have a good week!
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The Loonie

“Waste your money and you’re only out of money, but waste your time and you’ve lost a part of your life.” – Michael LeBoeuf

U.S. politicians have been treating us to quite a circus. The date of October 17 was a symbolic one; the actual default risk was for October 31, when $6 billion in interest payments were due to creditors and another $55 billion was payable on salaries. Consider the following analogy that highlights how two situations ended quite differently: remember how, on September 15, 2008, Lehman Brothers could no longer meet its obligations and had to file for bankruptcy protection. Within two months the Canadian dollar rose from 1.0330 to 1.3017 (the rate on October 28, 2008).

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