Posted AT 11:54 AM EDT on 19/01/05
CIBC sees rate cut ahead
The Bank of Canada will likely have to cut interest rates this year to offset the impact of a soaring loonie and steer the economy clear of a 1990s-style recession, CIBC World Markets economists said Wednesday.
In its latest economic update, CIBC said it now expects the Canadian economy to grow at a below-potential 2.6-per-cent this year as the rising dollar hits the export sector.
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