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More interest rate cuts are likely, says central bank governor(Canadian Press (delayed) Via Thomson Dialog NewsEdge) TORONTO _ The governor of the Bank of Canada says there will likely be more interest rate cuts in the not-too-distant future. Almost six weeks ago, the central bank slashed its benchmark rate by half-a-percentage point, putting it at 3.5 per cent. Bank of Canada governor Mark Carney says additional cuts are likely as the central bank tries to pump more life into the economy. He warns the tightening of credit that's slowing down the economy ``is not over.'' Carney made his remarks in Washington, where he wrapped up talks with his counterparts and finance ministers from the other G7 nations. The main topic at the two-day meeting was the American economic slump that has been caused by the U.S. subprime mortgage meltdown. The next scheduled setting of the central bank's benchmark rate is April 22. (Toronto Star) Copyright ? 2008 The Canadian Press |