Canada's monetary barbers have trimmed another 25 bps off the top.
The Bank of Canada lowered its overnight rate to 4.25% today, sending four key messages in the process:
- "We need to increasingly guard against the risk that the economy is too weak and inflation falls too much."
- "There is little evidence of broad-based price pressures."
- "The slack in the labour market is expected to slow wage growth."
- "Shelter price inflation is still too high. It remains the biggest contributor to overall inflation."
Apart from point 4, it's mostly good tidings for borrowers. Odds are, by this time next year, Ottawa's financial stylists will have given our rate market a whole new look.
Cash flow improves
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