Just a few months ago economists were broadly ruling out another cut this summer, in fact the expectation of some was that the next change to interest rates would be an increase, perhaps in 2017.
However, oil prices have remained subdued; the Alberta wildfires devastated communities and businesses; the global economy shows weakness; equities and currencies are volatile; and then there’s Brexit.
Governor Stephen Poloz will certainly sound a dovish tone on the economy but could that also bring a rate cut? We’ll find out at 10am ET.
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It was a year ago that the Bank of Canada made its second cut in interest rates within 6 months following the surprise cut at the start of 2015. Before that rates had held steady for 5 years.