A Dovish Powell Takes Pressure Off Canadian Mortgage Rates

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It's increasingly looking like Canada's first rate cut is teed up for June 5 or July 24. But borrowers would be a lot more confident of that if it weren't for the U.S. timetable being pushed back.

Based on the latest Fed powwow on Wednesday, the key stars-and-stripes interest rate is likely to remain at its 23-year peak of 5.50%—at least through the summer.

On a positive note, the Fed did reassure us that further U.S. rate hikes are off the table for now. Despite bubbly growth, employment and inflation south of the border, Fed Chair Powell chose to relieve markets with a dovish spiel—one that can be summarized in these two quotes:

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