Posthaste: The Bank of Canada should watch this 'hurdle' to rate cuts like a hawk [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
The Bank of Canada ‘s June 5 interest rate call is looming ever closer, presenting the tantalizing possibility of a first interest rate cut in just over four years. But there are still hurdles to clear before the central bank can pull the trigger, one Big Six bank economist is arguing. Article content After blockbuster April jobs numbers left markets second-guessing the wisdom of calls for a June rate trim, many Bay Street number crunchers turned their attention to Canada's May 21 consumer price index (CPI) report, describing it as key to the next rate decision. Article content Bank of Montreal's chief economist Douglas Porter called the back-pedalling on a June cut “kneejerk,” in a note last Friday, though he did acknowledge the surprise addition of 90,000 new jobs “will give the bank some pause.” However, he said he is wary of placing too much importance on one “lone” CPI report, and argues that U.S. inflation lurks as a “hurdle” for the Bank of Canada and rate cuts. U.
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