More Interest Rate Cut Likely

April 3, 2008

Financial Post reported on April 02, 2008 on possible more interest rate cut due to the marked slowdown in the U.S. economy and slower global economic growth:

More interest rates cuts may be necessary to buffer Canada from the impact of the U.S. economic slowdown, according to the senior deputy governor of the Bank of Canada.

The Bank of Canada’s next interest rate decision will be made at its April 22 meeting.

“The most immediate challenge facing the global economy is the marked slowdown in the U.S. economy. Mr. Jenkins added that “it’s important to note that some slowing in global economic growth was necessary.

“Recent healthy economic numbers for January and robust job gains appear to have done nothing to boost the Bank of Canada’s confidence, and we remain comfortable in our call for several more consecutive 50-basis-point eases from the bank.”

Click here to read the full report.

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