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OTTAWA, Sept 4 - 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.
Canada's annual inflation rate cooled to a 40-month low of 2.5% in July, making it the seventh month in a row that consumer prices have stayed within the central bank's 1% to 3% target range, building the case for rate cuts. At his last rates decision announcement in July, BoC Governor Tiff Macklem hinted at making a shift in monetary policy to boosting the economy instead of suppressing inflation.
"When you dig in a little bit, you see this isn't quite good," Dawn Desjardins, chief economist at Deloitte Canada said of the GDP figures.
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