Canada’s economy grew at a slower pace in the first quarter of the year than economists and the Bank of Canada expected, increasing the possibility that the central bank will cut its benchmark interest rate next week.
The data comes days before the Bank of Canada is set to make an interest rate announcement that could see the central bank cut rates for the first time since early in the COVID-19 pandemic. Money markets increased bets for a rate cut in June, from 66 per cent before the data was released to almost 80 per cent,
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