Canada’s leading banker says further interest rate cuts are coming because the economy is crumbling quickly.
The Bank of Canada governor suggests that the central bank will slash short-term interest rates again in December to try and boost economic activity.
Mark Carney says more monetary stimulus will be needed for an economy that may not achieve the slight growth previously predicted. He adds that while the risks to economic growth have increased, inflation has become less of a concern.
Carney stops short of saying Canada will fall into a recession, but he acknowledges that one is possible.