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What factors might influence Canada's decision to follow the US rate cut?
US Drops rates by 0.5%, to the range of 4.75%-5%.. Despite their inflation surpassing ours, this substantial rate cut may pave the way for a similar 0.5% reduction in Canada. With the US Federal Reserve's move providing a precedent, Canada could now have the space for more substantial rate cuts ahead? Will We've already cut by 0.75% (3 x 25bps). We are now at 4.25%, will we drop again?
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Brooklyn Hey : With yesterday's CPI report, employment numbers, coupled with this move by the Fed... Yes, it increases the chances of the BoC cutting by more than .25 fairly significantly.
DanDha : It's possible that the Fed cut will have an enough effect on Canada to motivate a big BoC rate cut as well, but BoC has already cut .75% in the last 3 months so in some sense Canada has been a leader here.
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But we're separate countries with separate currencies and separate—although intertwined—economies… so I wouldn't expect the Fed cut is going to directly influence the Bank of Canada rates.
RVLTN : Sadly Canada is the U.S. bia. They are not the only one but anyone being a Bia of the U.S. becomes a war criminal pariah by default. The opposite position is the way.
Current position is the way to the sea floor