Financial markets and forecasters are betting on another jumbo interest rate cut from the Bank of Canada this week.
Statistics Canada’s latest job report tilted expectations in favour of a larger cut.
The Friday report revealed the unemployment rate jumped to 6.8 per cent in November, up from 6.5 per cent a month earlier, as more people looked for work.
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A half-percentage point interest rate reduction would bring the central bank’s key interest rate to 3.25 per cent.
The Bank of Canada reduced its key interest rate by half a percentage point in October in response to inflation returning to target, but signalled the size of the next rate decision would be data-dependent.
Canada’s inflation rate was two per cent in October.
This report by The Canadian Press was first published Dec. 9, 2024.
