Bank of Canada Expected to Cut Interest Rate
The Bank of Canada is expected to cut its interest rate this week due to trade uncertainty and a weak job market.
Economists forecast a 25 basis point cut in the policy rate on Wednesday, citing a weakening economy caused by trade uncertainty, weak business investment, and a deteriorating labor market.
“All of those things add up to a lot of overall weakness and likely more weakness to come, especially if layoffs continue in some of the big sectors that are affected by steel, aluminum and car tariffs,”
said Jeremy Kronick, vice-president of economic analysis at the C.D.
Policymakers are grappling with these challenges, leading to the anticipated interest rate cut.
Author's summary: Bank of Canada to cut interest rate due to economic weakness.
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