1013 ET - CIBC Capital Markets chief economist Avery Shenfeld says he's sticking with his call for further cuts from the Bank of Canada until the policy rate reaches 2.25% by mid-2025. He says the half-point cut was justified given rising unemployment and growing uncertainty over US-Canada trade. He says BOC offers hints about a slowdown in the pace of rate cuts, given the promise to embrace a "gradual" approach to decision making. The policy rate, at 3.25%, is now at the top end of its estimated range--2.25% to 3.25%--for the neutral rate. BOC officials, Shenfeld adds, will "start to look for signs that they've done enough." (paul.vieira@wsj.com; @paulvieira)
(END) Dow Jones Newswires
December 11, 2024 10:13 ET (15:13 GMT)
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