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Jan 27, 2025 5:56 PM - Connect Newsroom

Bank of Canada Poised to Cut Interest Rates Amid Economic Uncertainty

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Deputy Governor Toni Gravelle recently stated at an event in Toronto that the tariff dispute could significantly impact the economy and inflation, creating a challenging environment for the central bank.

The Bank of Canada is expected to lower interest rates this week as it braces for potential economic fallout from a trade war with the United States, which could trigger a recession and drive up consumer prices.

Deputy Governor Toni Gravelle recently stated at an event in Toronto that the tariff dispute could significantly impact the economy and inflation, creating a challenging environment for the central bank.

Analysts predict the Bank of Canada will prioritize economic growth, investment, and the risk of job losses in its rate decision on Wednesday. A further interest rate reduction of 0.25 percentage points is anticipated.

Despite market expectations, experts caution that the Governing Council, led by Governor Tiff Macklem, faces tough choices in determining the best course of action this week.

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