A CIBC poll suggest that Canadians are not likely to increase borrowing if the Bank of Canada drops interest rates.
The poll by Angus-Reid was conducted in early July, surveyed just over 1,500. Results say 93 percent of respondents would likely not borrow, whereas seven percent said they would consider it if rates came down.
Speculation is that the Bank of Canada may move to lower interest rates on Wednesday. The idea is to stimulate the economy believed to be in a “technical recession” due to consecutive quarters of negative growth, by reducing the trend-setting rate.