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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

Email: mortgageadvisor@rogers.com


1 November 2019

Chances for an interest rate cut in January are growing

As the Bank of Canada left its overnight unchanged this week (like many expected), now more than half of economists surveyed by Finder predict a cut in January.

“Our report shows that a rate cut is possible in December 2019 or at the beginning of 2020. A quarter of economists believe the BoC should have cut the rate on October 30. In addition to it, all of the respondents expect the next change to be a cut”, - noted William Eve from Finder Canada.

“Although it’s been postponed, a decline in December or January may be a good period for those who

have spent more than expected during the holiday season and now wants to pay down the debts faster”.

Economists believe the no change decision was made due to strong macroeconomic indicators and inflation level.

“As a rule, the central bank foreshadows the coming move, but it didn’t happen on September 4 or during the following announcements,” - Scotiabank deputy chief economist Brett House said.

“Since that moment, we’ve seen still solid macro data. Moreover, the average core inflation was 2.7% last month, while uncertainty and trade tensions haven’t increased.”

At the same time, about 58% of respondents predict a rate decline in January.

“In our opinion, the economic data will start weakening, and as the full results of monetary policy changes appear only after some time, it could be a good idea to make a few insurance cuts”, - Capital Economics senior Canada economist Stephen Brown noted.


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