Bank of Canada Holds Interest Rate at 1.75% With Concerns Over Weaker Growth

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    Helmholtz Watson

    The Bank of Canada held its key lending…


    Helmholtz Watson

    BOC’s Poloz:opening statement

    Financial vulnerability concerns weighed against cut
    Overall excess capacity in the Canadian economy has increased, which will bring a degree of downward pressure on inflation
    We received a string of disappointing consumer readings
    BOC weighed risk that inflation could fall short of target against risk that lower rate path would lead to higher financial vulnerabilities
    Slow down in late 2019 might indicate greater passthrough from global weakness. If so, better signs from global growth should be positive
    Much of BOC deliberations focused on persistence of slowdown
    There are some downside indications on consumer but these aren’t our baseline
    Excess capacity is not uniformly balanced across country

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