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Bank of Nova Scotia
Symbol C : BNS
Shares Issued 1,227,027,624
Close 2018-12-24 C$ 66.84
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Globe says BMO, rivals hear rate hikes on hold for now

2018-12-24 07:05 ET - In the News

See In the News (C-BMO) Bank of Montreal

The Globe and Mail reports in its Saturday edition that with inflation indicators stabilizing near the Bank of Canada's target, the economy growing solidly and unemployment at 40-plus-year lows, the bank had the all-clear to raise interest rates three times during the year. The Globe's David Parkinson and Barry McKenna write that it got there in spite of a steady barrage of uncertainties throughout the year: North American trade negotiations, steel and aluminum tariffs, United States tax cuts, Brexit, and oil-pipeline delays all complicated the BOC's job. Only two months ago, Governor Stephen Poloz talked cheerily about how the economy was back. He laid out a plan to normalize the bank's key interest rate, getting it back up to a neutral range -- somewhere between 2.5 per cent and 3.5 per cent, by the bank's estimation -- where monetary policy is neither driving growth higher, nor slowing it down. A fall in the price of Canadian crude oil caused Mr. Poloz to rethink his economic narrative in the BOC's early December interest-rate announcement. The BOC has replaced some of its bolder rhetoric with a sharp note of caution heading into 2019. The economic outlook is suddenly uncertain. Rate hikes are on hold for now.

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