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TORONTO, May 17 - The Bank of Canada would be willing to cut interest rates three times ahead of the Federal Reserve's first move before a declining currency threatens to endanger the inflation outlook, the median estimate of seven analysts in a straw poll showed.
The BoC's benchmark interest rate, at 5%, already sits 38 basis points below the midpoint of the range set by the Fed for its policy rate. Further widening in the differential could add to pressure on the loonie. The latest data shows inflation at an annual rate of 2.9% in March, down from an 8.1% peak in June 2022.
There is a limit to how far U.S. and Canadian interest rates can diverge, but"certainly we're not close to that limit," Bank of Canada Governor Tiff Macklem said earlier this month.
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