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Fed's 50bp rate cut and G7 statement.........>

CANADA
CANADA: Fed's 50bp rate cut and G7 statement pressure BOC for a 50bp reduction
in decision at 10am Wednesday. 
-Majority of Canada's major commercial lenders had already predicted a 25bp cut
-Laurentian Bank now "Looking for at least a 25bps overnight rate target cut
within the next 24 hours" and "in order to match the Fed's move, a 50bps cut to
the overnight rate target appears more likely than a 25bps reduction."
-Action Economics now sees 50bps cut.
-CIBC's Avery Shenfeld: Rate cut now "no brainer" and 50bps more likely than
25bps.
-Finance Minister Bill Morneau tweet after G7 call: "We have reaffirmed our
readiness to take action as necessary to aid in the response and support the
economy. I'm continuing to monitor the issue closely."
-Fed rate moving further below BOC's could drive up CAD.

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