Investors are ditching bets that the Bank of Canada will cut interest rates over...
TORONTO - Investors are ditching bets that the Bank of Canada will cut interest rates over the coming months as the domestic economy shows resilience and the federal election result adds to prospects of growth-boosting fiscal spending next year.
“The resulting higher spending and larger deficits may give a temporary lift to growth next year, but will also likely keep the Bank of Canada on hold for longer,” said Doug Porter, chief economist at BMO Capital Markets. The Bank of Canada has left its benchmark interest rate on hold this year as Canada added jobs at a robust pace and inflation stayed close to the central bank’s 2% target.
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