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Canadian Rate Cuts Will Take Months to Help Consumers, Scotiabank Says

Posted on AllSides May 28th, 2024
From The Left

While expectations for lower borrowing costs are building, it will take as long as three quarters for interest-rate cuts “to really bear fruit” for bank customers, according to a Bank of Nova Scotia executive. “There’s some talk about rate decreases in June and July,” Scotiabank Chief Risk Officer Phil Thomas said Tuesday on the lender’s fiscal second-quarter earnings call, referring to moves by the Bank of Canada. “I’m of the opinion that even with those decreases in June and July, it’ll take a few quarters — maybe one, two, three...

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