Is the Bank of Canada Slashing Interest Rates?
It is more likely than not that the Bank of Canada holds the interest rate at 1.75% on Wednesday, but there’s a growing chorus that believes it will decrease the rate before the end of the year.
“If we were only looking at domestic factors, we might think that the Bank would soon start to consider further rate hikes,” said Capital Economics’ Stephen Brown. “Economic growth is on track to outperform the Bank’s forecasts in the second quarter and core inflation has risen in recent months. But outside of Canada, trade tensions have grown, there are signs that U.S. GDP growth is slowing, and the Fed has signalled that it will soon cut rates. We suspect that the next move will be a cut.”
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