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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,214,877,959
Close 2014-04-16 C$ 65.15
Market Cap C$ 79,149,299,029
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Globe says Big Six banks see Poloz keep options open

2014-04-17 06:47 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Globe and Mail reports in its Thursday edition that Bank of Canada Governor Stephen Poloz is grappling with the stresses of a hobbled export economy and low inflation. The Globe's Barrie McKenna writes that the central bank Wednesday held to its neutral stance on the direction of future rate moves, even as it concedes inflation is perking up and the United States recovery is gathering steam. The Globe says Mr. Poloz's message is clear. Canada's rates are not moving any time soon because the bank still sees too many economic risks, including low inflation, sputtering exports, a shaky housing market and a raft of global uncertainties from Ukraine to China. Mr. Poloz says, "So bottom line, we are neutral at this stage, but we cannot rule out anything." Mr. Poloz says a rate cut "can't be taken off the table," an eventuality that most economists say is unlikely. Keeping rate cuts as a possibility is a way for Mr. Poloz to make sure Canada does not get ahead of the U.S. as central banks gradually ease off their stimulus measures, suggests CIBC World Markets economist Avery Shenfeld of CIBC World Markets. He says, "The bank is trying to avoid changing its neutral stance for as long as possible."

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