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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

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30 October 2019

Bank of Canada keeps its overnight rate unchanged

Today, the central bank left its key lending rate at 1.75%, just as many experts expected.

At the same time, the Governor Stephen Poloz noted that Canada hasn’t been unaffected by the consequences of a global economic slowdown.

According to Poloz, the worsening global situation is the main issue for Canada’s economy.

The Bank’s written statement says the outlook for the global economy has weakened again compared to July report.

"The continuing trade conflicts and uncertainty are slowing the growth of business investment, trade and global economy," - the Bank of Canada said.

That’s why it predicts slower economic growth for the second half of this year. The BoC expects 1.5% growth in 2019, 1.7% - next year, and 1.8% - in 2021.

Among other positive signs solid employment and wage growth are named, although with certain differences depending on the region, especially when it comes to resource-dependent provinces where the economy and employment are still struggling.

In addition to it, the central bank also pointed to growing housing activity in most regions.

The bank's governing council says keeping the current level of interest rates is appropriate, but it admits the national economy will be tested strongly by the growing trade conflicts.

"Rate cuts are certainly a possibility," - noted Brian DePratto, senior economist for TD Economics. "After the pre-election silence period, the BoC came back with a cautious view on the situation”.

"In case the Bank’s statement points to further declines in investment and exports, and strong tests for the economy, it’s safe to say the rate cuts may happen”.

According to Josh Nye, senior economist for RBC Economics, the dovish statement increased the chances for a rate cut in Q1 2020.

The next rate meeting will be on December 4.







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