GDP report will be the last major piece of domestic data before the Bank of Canada makes its next policy decision on Sept. 6
Canada’s second-quarter GDP report, due on Friday, is likely to show a sharp slowdown in economic growth, a Reuters poll of economists showed, which could lead the Bank of Canada to pause its interest rate hikes despite recent hotter inflation data.
The BoC raised its benchmark rate to a 22-year high of 5% in July. The central bank has said it would study economic data closely before determining whether it raises interest rates further. “If there are clear signs the economy is slowing, that will likely give the BoC comfort it can hold the line at 5% for now and see more data,” said Benjamin Reitzes, Canadian rates & macro strategist at BMO Capital Markets.
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