The Bank of Canada will end 2019 as one of the only central banks that navigated the trade wars without cutting interest rates this year.
Governor Stephen Poloz and his inner circle of deputies on Dec. 4 left the bench mark unchanged at 1.75 per cent, citing recent data showing the third quarter was stronger than expected. It was the ninth consecutive meeting at which the central bank opted to stay the course, a remarkable streak considering what’s happening elsewhere. The past 12 months have brought dozens of interest-rate cuts by some 40 central banks in response to the weakest global outlook since the Great Recession a decade ago. The waves of monetary stimulus have receded lately, but a palpable sense of worry remains.
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