The Bank of Canada is likely to join the U.S. Federal Reserve with an interest rate cut this year to deal with the fallout from rising trade tensions, according to trading in the swaps market.
Traders are increasing their bets on a rate cut even as economic data signal the economy is showing signs of pulling out of a first-quarter slowdown. The median consensus of analysts expect that the benchmark rate will remain unchanged this year at 1.75 per cent. Federal Reserve Chairman Jerome Powell signaled Tuesday an openness to cut interest rates if necessary, pledging to keep a close watch on fallout from a deepening set of disputes between the U.S. and its largest trading partners. Investors have aggressively increased bets the Fed will cut interest rates this year after Trump widened ongoing trade tensions with the new Mexico threat.
Of course they will. Western economies are in trouble and the only way to keep the bubbles floating are to lower rates.
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