Chief market strategist predicts 50 bps rate cut ahead of ‘painful period' next year [BNN Bloomberg (Canada)]
MACQUARIE GROUP LTD S/ADR (MQBKY)
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Source: BNN Bloomberg
On Tuesday, Bloomberg News reported that economists and markets are expecting the Bank of Canada to cut its key policy rate by half a percentage point to 3.75 per cent during its rate announcement Wednesday. Jim Thorne, chief market strategist at Wellington-Altus Private Wealth, said in an interview with BNN Bloomberg Monday that he also expects a 50-basis point cut, adding that a 75-basis point cut would “freak people out.” He also noted that the majority of gross domestic product (GDP) growth in the second quarter was from government spending. “So they (the Bank of Canada) are below target and…the natural rate of interest is about 2.75 (per cent). They should be below 2.75 right now. Whether they go 75 (basis points), 50 or 25, we're not going to feel the effect of those rate cuts until April of 2026,” Thorne said. He added that he thinks the Bank of Canada is late in its efforts to bring down borrowing costs amid a broad contraction in the private sector. Thorne said he is
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