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Holding steady – for now: Poloz makes case for a rate cut Add to ...

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The Bank of Canada just came much closer to cutting interest rates than anyone would have dreamed before Wednesday’s rate announcement. Now, there’s nothing blocking the path to a rate cut early next year – including the housing-market dilemma that until recently formed an imposing obstacle.

The bank’s rate announcement and accompanying quarterly Monetary Policy Report made for bleak reading: Slashed economic growth forecasts, lowered inflation expectations, structural damage in the export sector that may have permanently impeded its progress, an anticipated hit to growth from Ottawa’s recent tightening of mortgage rules.

Bank of Canada leaves key interest rate unchanged (BNN Video)
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