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Jeremy Kronick, director of monetary and financial services research at the C.D. Howe Institute, joins BNN Bloomberg to discuss the Bank of Canada’s decision to hold its key interest rate at 5 per cent. He says the BoC would have noted signs of slower spending and softening in the job market, and adds the central bank’s restrictive policy will take some more time to work through the economy. He says there are already signs that Q3 GDP growth could be negative, but it’s tough to call a technical recession amidst a strong labour market.