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Financial 15 Split Corp T.FTN

Alternate Symbol(s):  FNNCF | T.FTN.PR.A

Financial 15 Split Corp. is a mutual fund, which invests in a portfolio consisting of over 15 financial services companies. The Company offers two types of shares, such as Preferred Shares and Class A Shares. Its investment objectives with respect to Preferred Shares are to provide holders of Preferred Shares with cumulative preferential monthly cash dividends in an amount of over 6.75% annually and to pay the holders of the Preferred Shares approximately $10 per Preferred Share on or about the termination date. Its investment objectives with respect to Class A Shares are to provide holders of Class A Shares with regular monthly cash distributions and to permit holders to participate in all growth in the net asset value of the Company over $15 per unit, by paying holders on or about the termination date such amounts as remain in the Company after paying over $10 per Preferred Share. The Company’s investment manager is Quadravest Capital Management Inc.


TSX:FTN - Post by User

Post by mousermanon Jan 24, 2024 11:21am
107 Views
Post# 35843000

CAD drops vs USD as BOC holds rates

CAD drops vs USD as BOC holds rates

Bank of Canada Leaves Rates Unchanged, Frets About Core Inflation’s ‘Persistence’

OTTAWA — The Bank of Canada kept its main interest rate unchanged at 5% on Wednesday, and said senior officials are focused on how long the rate needs to stay at its current level to wrestle down stubbornly high inflation.

Bank of Canada Gov. Tiff Macklem said the central bank has not ruled out further policy rate increases should new developments, such as a widening conflict in the Middle East, push inflation higher. However, he said based on ample evidence of weakness among consumers and businesses, deliberations among senior officials ahead of Wednesday’s rate decision shifted “from whether monetary policy is restrictive enough to how long to maintain the current restrictive stance.”

In a statement outlining its rationale, the Bank of Canada said it expects inflation to remain close to 3% over the first half of 2024 before slowing gradually and reaching 2% in 2025. The central bank sets rate policy to achieve and maintain 2% inflation. The central bank said measures of core inflation, which strip out volatile items like food and energy, “are not showing sustained declines.”

Macklem, in prepared remarks he was set to deliver at a press conference later Wednesday morning, said senior officials are “concerned about the persistence in underlying inflation. We want to see inflationary pressures continue to ease and clear downward momentum in underlying inflation.”

Even though the Bank of Canada played down the prospect of more interest-rate increases, the central bank’s messaging Wednesday indicates it is prepared to wait before triggering rate cuts given elevated levels of inflation and annual wage growth. The latter is running at 4% to 5%, and the central bank has said the current pace, given the country’s moribund productivity record, would pose a stiff headwind in the quest to slow inflation to 2%.

Fixed-income traders started late last year to place bets on rate cuts starting in early 2024, leading to a drop in bond yields and, in turn, rates on consumer loans, such as mortgages. The Bank of Canada said standard mortgage rates in Canada have dropped by 0.65 percentage points since mid-October, and housing data indicate a subsequent pickup in existing-home sales.


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