Bank of Canada's jumbo rate cut signals flexible approach amid economic uncertainty [Wealth Professional (Canada)]
Bank Of Montreal (BMO)
Last bank of montreal earnings: 2/25 06:00 am
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Source: Wealth Professional
Governor Tiff Macklem recently elaborated on the Bank of Canada's decision to implement a substantial interest rate cut, as reported by BNN Bloomberg Speaking at an event in Toronto hosted by The Logic, Macklem stated that a larger-than-usual rate cut aligns with the Bank's previous aggressive rate hikes intended to manage price pressures. He dismissed the idea that significant rate reductions are solely for emergencies or economic downturns, explaining, “It makes sense to take some bigger-than-normal steps when you've taken some really big steps on the way up.” Since March 2022, the Bank of Canada increased the overnight rate from 0.25 percent to 5 percent within 18 months. Now, as it eases policy, the Bank aims to determine the “neutral rate” — the borrowing cost level that neither stimulates nor restricts the economy. Macklem acknowledged that finding this neutral rate presents challenges. Although estimates place it between 2.25 and 3.25 percent, he noted that the ideal
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