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Bank of Canada provides outlook on global financial situation

Published by Stephanie Brooks on June 05, 2012

In his announcement this morning on the interest rate remaining the same, Bank of Canada Governor Mark Carney noted global financial conditions have severely worsened.

His statement made reference to global economic growth weakening in recent weeks, leading to a sharp deterioration in international financial conditions. The risks surrounding the European crisis as well as slowing economic activity in emerging markets are contributing to reduced commodity prices and more modest global momentum.

“Although economic growth in Canada was slightly slower than expected in the first quarter, underlying economic momentum appears largely consistent with expectations,” reads the release.

Carney said the overnight rate will be held steady at one per cent.

To view the full release, click here

Found in: cmenews news

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