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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.
Most Canadian mortgages have a five-year term. Roughly C$300 billion worth of mortgages are up for renewal over the next year at much-higher rates, prompting economists to fret about the hit to growth. This prompted money markets to almost fully price in bets of a third consecutive rate cut in Canada next month, from just over 60% last week. Investors are pricing in two more rate cuts this year.
Economic growth was slower than population growth which has led to an excess supply in the economy and slack in the labor market, it said. This could lead to further weakness in the labor market and hurt consumption, putting downward pressure on growth and inflation.
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