Reported 4 months ago
The Canadian economy expanded at a slower rate of 1.7% in the first quarter, missing the 2.2% forecast and raising expectations for an interest rate cut by the Bank of Canada. April GDP likely saw a 0.3% increase after stalling in March, prompting financial markets to increase bets for a June 5 rate cut to almost 83%. Analysts predict a 25-basis-point cut, as per the last major data released ahead of the Bank of Canada's interest rate announcement on June 5. The economy's struggle to grow may lead to a rate cut either in June or July, impacted by falling wage inflation and almost steady easing of consumer prices.
Source: YAHOO