Bank of Canada to stay put for now, but 2020 rate cut in play: Reuters poll

The Bank of Canada will hold interest rates at 1.75% on Wednesday, according to ...

BENGALURU - The Bank of Canada will hold interest rates at 1.75% on Wednesday, according to most economists polled by Reuters, although a significant minority expects at least one rate cut by year-end.

Those prospects have flipped back and forth in monthly polls since October as optimism around the Canadian economy has see-sawed. While more economists expect a 2020 rate cut than in January, there were even more in December.“The labour market is starting to slow down, consumer spending is definitely not there, business investment is clearly disappointing and exports outside energy are not rising in any significant way,” said Benjamin Tal, deputy chief economist at CIBC Capital Markets.

Canada’s economic growth likely ground to a near-halt in the final three months of 2019 - 0.3% - according to a separate Reuters poll. It is forecast to recover only modestly to an annualized 1.6% rate in the current quarter.[ECILT/CA] Four of the five biggest Canadian banks are expecting the BoC to cut rates at least once by end-2020.

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