A flash estimate for the Canadian economy in June is showing signs of a slowdown, something a BMO economist is attributing to the Bank of Canada’s series of steep interest rate hikes.
A flash estimate for the Canadian economy in June is showing signs of a slowdown, something economists are attributing to the Bank of Canada’s series of steep interest rate hikes.
While the economy gained 0.3 per cent in May on a month-over-month basis, a lookahead to June revealed a 0.2 per cent contraction,“Maybe a little bit of softness starting to creep into the economy,” Robert Kavcic, senior economist at BMO Capital Markets, told BNN Bloomberg in a TV interview on Friday.
Jean-François Perrault, senior vice-president and chief economist at Scotiabank, also attributed the slowdown to the Bank of Canada’s rate-hiking cycle.“There’s no question that things are slowing, and of course likely slowing because of what the Bank of Canada has done — now we’re not seeing overwhelming evidence that things are slamming shut,” Perrault told BNN Bloomberg in a television interview on Friday.
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