Bank of Montreal: Canada's economy grows slowly, rumors of significant interest rate cuts by the central bank may temporarily subside

ChainCatcher news, Montreal Bank Chief Economist Douglas Porter stated that the Canadian economy is moving forward at full speed, albeit struggling to maintain balance, but still experiencing slow growth. The latest GDP data should dampen discussions about the Bank of Canada significantly lagging behind the yield curve and quell rumors that it might make a substantial rate cut of 50 basis points next time.

Data shows that Canada's annualized growth rate in the second quarter was slightly above 2%, higher than the Bank of Canada's latest estimate of 1.5%. However, this figure is still only slightly above 1% compared to last year, indicating that economic weakness is still intensifying considering the expected population growth.