The Bank of Canada is widely expected to trim its key overnight rate by another 25 basis points on Wednesday, economists said, as rising unemployment and...
Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers take part in a news conference in OttawaOTTAWA - The Bank of Canada is widely expected to trim its key overnight rate by another 25 basis points on Wednesday, economists said, as rising unemployment and uninspiring economic growth give it no reason to diverge from its rate cutting cycle.
"The battle isn't fully won yet, but their focus can now afford to shift somewhat towards supporting growth," said David Doyle, managing director and head of economics at Macquarie Group.All 28 economists in a Reuters poll earlier this week predicted the BoC would reduce its key rate again by 25 bps, with around 70% seeing further reductions in October and December.Canada has diverged from the U.S.
However, she said the economy was still not in a dire position that could warrant a jumbo 50 basis point cut. Brian May, the British guitarist of Queen, revealed Wednesday that he’d suffered a stroke that had caused him to lose control of one of his arms.The 77-year-old musician detailed his medical emergency in a video on his website about the “health hiccup.” “The good news is that I can play guitar after the events of the last few days,” he said, wiggling the fingers on his left hand to the camera.
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