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Update: 2025-10-29
Description
The Bank of Canada cuts interest rates for the second time in a row, signaling concern about Canada's economy. The central bank expects slow growth, with GDP projected to grow by 1.2% in 2025, 2026, and 2027. The slowdown is attributed to trade tensions, particularly new US tariffs. Recent data shows a 1.6% economic contraction in Q2, with sectors like autos, steel, aluminum, and lumber hit hard. Unemployment is at 7.1%, and while inflation is under control, the Bank of Canada is prepared to lower rates further if needed. The central bank acknowledges the limitations of monetary policy in the face of deteriorating trade relationships.
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