Local Community Advertising
All eyes will be on Victoria June 8.
That's when Bank of Canada deputy governor Paul Beaudry will unveil the central bank's Economic Progress Report at a Greater Victoria Chamber of Commerce luncheon in Carson Hall at the Victoria Conference Centre.
Beaudry's presentation will also be simulcast live across the country.
"This is a big deal for business," said Victoria chamber chairman Kris Wirk, who is also a chartered professional accountant with Dusanj+Wirk.
"There's huge anticipation ahead of the monthly rate announcement and updates such as the Economic Progress Report. To have the eyes of the national financial press focused on Victoria is a rare opportunity and something that our local businesses don't often have the chance to experience in-person."
To attend the luncheon in-person you have to register beforehand at www.victoriachamber.ca.
The cost is $125 for members of any chamber in the province and $157 for non-members.
It took two years of work for the Victoria chamber to land a speaker from the Bank of Canada.
Governor Tiff Macklem and deputy governor Beaudry are in high demand as keynote speakers at chamber, board of trade, business and community events all across Canada.
Because it's a considerable undertaking for Victoria to host an event of this calibre, the chamber has partnered with the Victoria Conference Centre, the City of Victoria, Odlum Brown Investments and Grant Thornton Accountants for support.
Beaudry's presentation in Victoria will be a day after the Bank of Canada makes its next interest rate announcement on June 7.
Canadians have become acutely aware of the Bank of Canada's interest rate announcements and how they affect our lives.
The nation's central bank's rate is trend-setting, meaning commercial banks soon follow suit by either holding interest rates steady, dropping them or jacking them up.
During the pandemic, interest rates were next to nothing as not to rock the boat when the economy was fragile and people weren't in a position to pay more to service and take on debt.
Then, as COVID faded, inflation ramped up and the Bank of Canada started to rapidly increase interest rates in an effort to tame rising costs.
The economy slowed and stabilized as a result and there may or may not be more small rate hikes.
"We don't know any of the specifics about what the report will say, of course, but we do know that the information will be significant to many of our businesses," said Wirk.
"It's an unprecedented time for the global economy and, I think, we're looking forward to some insight as well as the chance to be in a room full of ambitious businesspeople to share this experience."
So far, Beaudry's speech and the Economic Progress Report is only outlined to cover recent developments in the Canadian economy and the implications for monetary policy.
We won't know for sure what's in the report until he unveils it June 8 in Victoria.
His presentation will be followed by questions from the audience and media availability.
Local Community Advertising