FT: As growth concerns grow, Bank of Canada governor raises possibility of faster pace of rate cuts

As growth concerns mount, Bank of Canada Governor Tiff Macklem has raised the prospect of a faster pace of rate cuts, suggesting policymakers could turn to a sharper 50 basis point cut if growth disappoints. The Group of Seven (G7) economies grew at an annualized rate of 2.1% in the second quarter, but there are growing concerns that lower oil prices, rising unemployment and falling immigration levels could push Canada closer to stagnation. Macklem said rate setters are increasingly concerned about Canada's labour market and the potential for a hit to the economy from lower crude prices. (FT)