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"Because of the nervousness we're seeing in all markets, basically even if it's a bank lending to another bank, they're demanding higher rates because of concerns about the credit worthiness of their counterparts," Porter said in an interview.
Prime Minister Stephen Harper reiterated Friday that while the global economy is in "deep trouble," the Canadian economy remains fundamentally sound.
"We have seen commentators around the world and respected figures here emphasize the strong foundation of the Canadian economy . . ." Harper said in Calgary while campaigning for the Oct. 14 election.
He said co ordinated rate cuts are rare, and the last time this happened was after the Sept. 11, 2001 terror attacks.
economy moves deeper into recession and the Canadian economy is at a standstill, with minimal growth in recent Nike Roshe Run Red Mens
"The benefit there is that besides giving a little bit of a boost to investor confidence and potentially starting to fix some of these problems we're seeing in the credit markets is that if everyone cut rates at the same time it wouldn't really have any currency implications," said Porter. dollar, but if every central bank cut rates then there really wouldn't be a currency implication."
Weakening consumer confidence and cooling housing and labour markets are combining with a volatile worldwide financial sector and strains in credit conditions to create an increasingly welcoming environment for interest rate cuts, said BMO economist Douglas Porter.
"Canada's position as a place of relative calm amid the storm surging in global financial markets is being tested," BMO Capital Markets economist Michael Gregory wrote in a note to clients Friday. economy and the Wall Street financial crisis have also weighed heavily on the stock market for months with a 420 point plunge Friday and a 6.1 per cent drop this week.
Another 150 employees at a sawmill in Thunder Bay, Ont., will also see their hours of work cut, but no layoffs at the Ontario plant are planned.
Interest rate cuts could be on their way as economy slows
The Bank of Canada meets in October and could cut rates a quarter point to stimulate growth.
Porter predicted that Canadians could see rates cut by a quarter to a half percentage point affecting some mortgages, consumer loans and lines of credit to offset higher short term rates in the money markets. Federal Reserve cutting rates in Roshe Run Men Black And Red a co ordinated fashion.
Interest rate cuts are often used to stimulate the economy in times of market turmoil. Lower interest rates encourage borrowing, which in turn increases consumer spending and corporate investment, boosting the economy.
Statistics Canada also released longer term data showing manufacturing employment fell by 241,000 workers Nike Roshe Run Purple And Green
between 2002 and 2007. At the same time, manufacturing's share of total employment in the economy dropped to 12 per cent from 15 per cent.
That wiped out about $75 billion of the value of stocks listed on Canada's dominant exchange. housing Nike Roshe Run Roses
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