Bank of Canada governor raises possibility of faster pace of rate cuts

Mars Finance News, as growth concerns intensify, the Governor of the Bank of Canada raised the possibility of accelerating the pace of interest rate cuts. Suggesting that if economic growth disappoints, policymakers may turn to a sharp 50 basis point rate cut. The G7 country's economy grew at an annualized rate of 2.1% in the second quarter, but there are growing concerns that falling oil prices, rising unemployment and falling immigration levels may bring Canada close to stagnation. Rate setters are increasingly worried about Canada's labor market and the possibility of a shock to the economy from falling crude oil prices. (Jinshi)