A majority of economists, 24 of 34, polled between Aug. 24-30 expect the BoC to keep its policy rate at the current level of 5% or higher until at least the end of March 2024
. The median shows 50 basis points worth of cuts by the end of June next year, in line with expectations for the U.S. Federal Reserve.
Trudeau has waded into a sensitive monetary policy debate and past comments on interest rates by his government and other provincial politicians have raised questions about the independence of the central bank. Earlier in the month, Finance Minister Chrystia Freeland defended the BoC's independence after her comments that the central bank's decision to hold the interest rate steady"is welcome relief for Canadians" raised concerns to the contrary.The Conservative Party Leader, Pierre Poilievre, has blamed the Trudeau government's massive spending during the pandemic for the inflation and the affordability crisis.
“People are mad at governments because things aren’t going all that well and people are worried. So, yeah, it’s a tough time,” Trudeau told the paper.
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