Calls growing for a Bank of Canada interest rate cut next week as oil’s spiral deepens

Financial Post

A growing number of economists are now forecasting the Bank of Canada will move to cut interest rates as soon as next week, as oil prices continue their relentless downward spiral and data suggest the weakness in the energy sector is spreading to other areas of the Canadian economy.

Governor Stephen Poloz and his team will meet on Jan. 20 to make their latest rate announcement. Since their last meeting on Dec. 2, oil prices have fallen from US$40 a barrel to below US$30 a barrel. 

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Michael James

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