Zakiya has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
Recent data releases have been encouraging on the interest rate front, and economists with CIBC, RBC , and BMO are optimistic that we will see a quarter-point cut from the Bank of Canada tomorrow.You blink, and another interest rate decision is not even 24 hours away, begging the question of whether the Bank of Canada will makethe start of a trend by bringing the policy rate to a more palatable level, or leave it be at 4.75% until their next meeting in September.
The second key element is “considerable progress has been made on inflation in the past year” and the fact that “conditions are in place for that to continue,” Shenfeld says. “While they might not single it out, mortgage interest costs now represent the lion’s share of the gap to the 2% target, and rate cuts will bring that component of the CPI down sharply.
Fan and Freestone also reference the BoC’s Q2 Business Outlook Survey, the takeaway of which is that inflation and wage growth are on track for continued moderation.of economic events, TD Economist Leslie Preston also speaks to June’s inflation print, noting that it marks the slowest pace in over three years. “This reading cemented market bets for a quarter-point interest rate cut next week” she says. “We agree that is the most likely outcome.
Holt also draws attention to the fact that “over about the past three decades, the BoC has followed up the first cut of a cycle with another cut at the next meeting five out of six times,” with the only exception being in 2015, which is “when Governor Poloz cut in January in response to a drop in oil prices, skipped, then cut again for a small total of 50 basis points.”
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