Ahead of their decision to cut rates last month, Bank of Canada governors fretted that consumer spending in 2025 and 2026 could be significantly weaker than ...
OTTAWA, Aug 7 - Ahead of their decision to cut rates last month, Bank of Canada governors fretted that consumer spending in 2025 and 2026 could be significantly weaker than expected, minutes of the meeting released on Wednesday showed.
A dismal job report last week from the U.S. reignited worries of Canada's biggest trading partner slipping into a recession, which knocked shares and pulled down bond yields to multi-month lows. The bank said lower borrowing costs could boost consumer expenditure, "but many households will still face significant debt-servicing costs" which could dampen a rebound in consumer spending for the next couple of years.
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