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OTTAWA, July 25 - The Bank of Canada is shifting its focus to boosting the economy rather than suppressing inflation, which raises prospects of further interest rate cuts in the coming months, analysts say.
A faster pace of rate cuts would provide relief for heavily indebted Canadian households. It could also increase pressure on the Canadian dollar , which weakened on Thursday to a three-month low of 1.3848 per U.S. dollar, or 72.21 U.S. cents. The slower GDP growth raises excess supply in the economy, cooling inflation, which was 2.7% in June. But too much slack in the economy could slow inflation more than the bank would like.
Macklem said on Wednesday the bank was not only looking at overall economic growth, but also at GDP per capita, which has fallen for four straight quarters.
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