By James Knightley, Chief International Economist
The Bank of Canada has left monetary policy unchanged, but the tone of the statement indicates heightened concern about the outlook for growth. Our December rate cut call had been looking very shaky, but today’s announcement suggests it is certainly on the table
No change, but a shift in tone
The Bank of Canada left its policy rate unchanged at 1.75% as widely expected, but there are clear hints of nervousness in the accompanying statement. It highlights the weakening global outlook with an acknowledgement that “Canada has not been