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Bank of Canada: We expect a cut this week
We have been pencilling in a 25bp BoC rate cut in early 2020 for some time now, but recent data had led to some doubts given robust job and wage figures while inflation was broadly in line with target. However, it is increasingly apparent that the coronavirus outbreak will be a major drag on both the global and Canadian economies in 2020. With G7 Finance ministers and Central Banks scheduled to hold a conference call to discuss their responses tomorrow, we confirm our view that the BoC will cut rates 25bp this week with a further 50bp of easing likely in subsequent months GDP growth had already slowed to just 0.3% ... (full story)
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