Respondents to the survey said that the economy is showing signs of a turnaround following the slow first half of the year. Although they expect GDP to be only around 1.3 per cent for the whole year, they believe that there is no reason for the Bank of Canada to make a further rate cut.
Persistently low oil prices, and the speed and size of interest rate rises by the Fed are among the unknown factors that could affect that view in the coming months.
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A survey of economists by Reuters found that there is little expectation that the Bank of Canada will make a further cut in interest rates following its recent reduction to 0.5 per cent.