OTTAWA, July 15 - Canadian businesses expect interest rates to come down by upto 100 basis points over the next year but their investment spending remains below average owing to a weak demand outlook, the Bank of Canada said on Monday in its second-quarter survey.
"Business sentiment remained relatively flat in the second quarter of 2024," the survey said, adding that it was weighed down by elevated interest rates, weak demand and ongoing high costs. "Firms mentioned red tape and regulations as slowing their plans, and taxes, predominantly the carbon tax, as increasing their costs," it said.Financial markets see a 73% chance of another 25 basis point cut at the bank's July 24 interest rate announcement.
"Most consumers continue to report spending cuts, and pessimism about future economic condition persists," it said.Judge tosses Trump documents case, ruling prosecutor unlawfully appointed The FBI identified the shooter as a 20-year-old from Bethel Park, Pennsylvania. His employer says he passed a background check for his job.The former president explained how his speech this week will be "a lot different" after he survived an assassination attempt.