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SaltWire's Atlantic regional weather forecast for October 20, 2023 | SaltWireBENGALURU - The Bank of Canada is probably done raising interest rates and will hold them at 5.00% for at least six months, according to a Reuters poll of economists that found a majority expecting a reduction in the second quarter of 2024 as the economy slows.
In the meantime Canada's job market remains tight, with explosive payrolls growth in September, which has left BoC Governor Tiff Macklem confident that while the economy is slowing, it is not headed for a serious recession. "The Bank of Canada's rate decision next week is going to be a hawkish hold," said Randall Bartlett, senior director of Canadian economics at Desjardins.
With inflation still running at nearly double the BoC's 2.0% target and not expected to fall that low until at least 2025, the central bank does not yet have leeway for policy easing. The most recent BoC business outlook survey showed the weakest conditions since the COVID-19 pandemic, underscoring worries the economy could be headed for trouble in coming months.
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