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Toronto-Dominion Bank
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Close 2020-01-22 C$ 74.14
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Globe says Scotiabank, rivals see BOC hold rates steady

2020-01-23 08:06 ET - In the News

See In the News (C-BNS) Bank of Nova Scotia

The Globe and Mail reports in its Thursday, Jan. 23, edition that Bank of Canada Governor Stephen Poloz said weaker economic growth in the fourth quarter is spilling into the early part of 2020 and signalled a possible interest rate cut should that weakness continue. The Globe's Bill Curry writes that as expected, the BOC kept its key policy rate at 1.75 per cent, where it has been for the past 16 months. That decision is based on the view that the current soft patch in the economy is largely driven by temporary factors, such as an early winter on the Prairies and last year's railway strike. The recent easing of global trade tensions is expected to support stronger growth as the year progresses. If that turnaround does not materialize, Mr. Poloz said the BOC will consider a rate cut. Mr. Poloz said: "I'm not saying that the door's not open to an interest rate cut. Obviously it is. It is open. But it hinges on how the data evolve from here." The odds of a rate cut at its next announcement in March rose on Wednesday to 24.1 per cent, and the chances of a cut by June jumped to 57.7 per cent, said Bloomberg after the bank's announcement. Economists described the BOC's statements as more dovish than expected.

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