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Bank of Nova Scotia
Symbol C : BNS
Shares Issued 1,222,387,572
Close 2019-05-24 C$ 70.60
Recent Sedar Documents

Globe says CIBC, rivals await BOC reports this week

2019-05-27 08:41 ET - In the News

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

The Globe and Mail reports in its Monday edition that the Bank of Canada is expected to hold rates steady at this week's policy announcement. The Globe's Michael Babad writes that the BOC is widely expected to hold its key overnight rate at 1.75 per cent when it releases its decision Wednesday. The bank is also expected to stick to its view, outlined in its April decision and monetary policy report, for steady rates for quite some time, with no signal as to whether the next move could be up or down. Citing a weak economic outlook, the BOC last month abandoned earlier talk of raising rates, a message that is likely to be reinforced this week. Bank of Montreal analyst Benjamin Reitzes says, "The usual reference to the forecast will likely note that things are evolving as anticipated in the April" report. The BOC raised its rate five times since mid-2017, before pausing late last year. Last month, it projected first quarter economic growth at an annual pace of just 0.3 per cent. Economic indicators, however, have turned stronger since then. The April employment report showed a massive gain of 107,000 jobs, while other reports showed a strong rebound in Canadian exports and healthy gains in housing starts.

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