Coronavirus Goes Crazy in Italy | General financial discussion | Discussion forum

I didn't realize this website intended for discussions on Canadian high interest savings was for posting random non-financially related links about Coronavirus...

It's about time/good excuse for another batch of money printing, I've already seen media reports starting the drumbeat that world governments need to "intervene" NOW to prevent (God forbid!) a recession. This may ultimately affect savings interest rates, who knows how.

Vatox said

It has everything to do with the global economy. Italy was already in a perma-recession with a multi-trillion dollar debt. It has now essentially shutdown its economy. If you are looking for the trigger of the next financial crisis, it’s Italy. So when you wonder why your HISA ends up at zero interest, you will know why.  

Not purposely trying to stir the pot here, but you may have wanted to lead your initial post with this explanation. A screenshot with no financial context doesn't tell me anything.

It looks bad to me. I think Vatox is right about Italy.
Despite the many reassurances and advisories, it's clear that the virus is nowhere near controlled yet. The prevailing public health view that severe preventive measures should not be taken because we don't have a big problem "yet" doesn't make good sense to me and seems predicated more on the need to keep the economy churning than on preventing spread of virus. I realize they say they are trying to achieve "balance", but how can you call it that when the thing is clearly out of control? As far as I know, in every place where it has arisen, the numbers just keep growing.

Nobody knows how long it will last or how deep the damage.

I anticipate inflation in some things, but also reduced consumption in others, so overall CPI may not be seriously affected. You don't need much new stuff if you are quarantined or worried about going out and there are no events to go to anyways.

I don't foresee a rate spike, but there are always occasions when individual FIs have a need for more cash - if you can wait for them.

I was into Oaken store in TO Tuesday. Surprisingly un-busy in mid-afternoon.
I have a one-year at Hubert that matures Wednesday. Am hoping to renew it at 2.6 - pathetic rate, but I don't see anything better coming any time soon.

Thx.

butterflycharm, those are questions we'd all like to know the answers to, but it's all a guess as to how & when it all plays out. Seems like we're lurching from one thing to the other, for quite some years now. I do know that, yes, it's possible for banks to fail, it's happened and anything is possible.

The rates are now so low it's easier to manage my cash, I don't really care as much about where it's sitting. And I'm happy to move a wack of money to my local branch TD chequing account and let it sit there, the after tax cost is minimal, and somehow I feel better having it quickly available in the next few weeks or months. I guess.