Today’s reading on gross domestic product hasn’t settled the debate in money markets and among economists as to whether the Bank of Canada will cut its trend-setting interest rate by 25 or 50 basis points next month.
The U.S. also released inflation data simultaneously that showed easing price pressures in the world’s largest economy, boosting the chances of an outsized interest rate cut at the Federal Reserve’s November meeting. That’s also providing the Bank of Canada with the room to cut its policy rate further without heightened risks of weakening the Canadian currency.
Preliminary data for August, however, showed GDP was essentially unchanged. That forecast puts the economy on track for 1% annualized growth in the third quarter if GDP remains unchanged in September. The Bank of Canada had predicted a 2.8% growth rate for the third quarter in July.
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