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The Bank of Canada tempered its outlook for the 2019 Canadian economy, the current oil crisis in Western Canada is having a bigger impact than anticipated. The Ottawa-based central bank held its overnight benchmark rate at 1.75 percent, reiterating it expects to eventually remove all monetary stimulus from the economy. But its statement was more guarded than the last one in October and cited the possibility that recent negative economic developments may mean the economy isn’t running up as much against capacity constraints as previously thought.
Expect a lot more volatility in the coming days.
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