Dominion Lending Centres Chief Economist Dr. Sherry Cooper Cautiously Optimistic After Bank of Canada’s April Rate Policy Announcement

April 15th 2015

Vancouver, BC – Following today’s Bank of Canada’s announcement that it will hold overnight rates steady at 0.75%, Dominion Lending Centres’ Chief Economist, Dr. Sherry Cooper, says the outlook is unclear for the Canadian economy and the prospects for a potential rebound in the second half of 2015 are still uncertain.

The Canadian economy has experienced a substantial slowdown in recent months due to drops in the price of oil, and Dr. Cooper expects that any changes to the nation’s economic performance will likely be a result of an improvement in non-energy sectors emanating from the weakness in the Canadian dollar.

“While March employment in Canada improved substantially, business investment remains disappointing,” added Dr. Cooper. “The Bank of Canada has suggested that we will see a transition towards positive growth in exports and capital spending by non-energy producers—both boosted by the depreciating Canadian dollar, but in the near-term, incoming data will likely confirm continued weakness in the manufacturing sector, particularly in autos, and only modest growth in retail sales.”

Dr. Cooper reiterated her confidence in the Bank of Canada’s monetary policy strategyfor 2015, despite the current weakened status of the Canadian economy: “I am cautiously optimistic that the Bank has got it right, but I continue to believe that the risks are on the downside for the economy and inflation.  My forecast for Canadian growth this year is 1.5 percent–below the Bank’s 1.9 percent forecast. Much hinges on the U.S. economy.”

For more information visit www.dominionlending.ca

About Dominion Lending Centres: Dominion Lending Centres is Canada’s #1 national mortgage company with more than 2,300 Mortgage Professionals spanning the country. Launched in January 2006, DLC quickly grew to fund more than $14 billion in mortgage volume in 2013 – the largest origination volume of any Canadian brokerage. DLC continues to be recognized by PROFIT Magazine as one of Canada’s Fastest-Growing Companies – making the PROFIT HOT 50 list of Emerging Growth Companies (2009 & 2010), PROFIT 200 (2012) and PROFIT 500 (2013 & 2014). DLC and our agents are recognized annually at the CMP Canadian Mortgage Awards – the Oscars of the Canadian mortgage brokering landscape.

About Dr. Sherry Cooper: Dr. Sherry Cooper took the position of Chief Economist, for Dominion Lending Centres in early 2014. Prior to joining DLC, Dr. Cooper was the Chief Economist with one of Canada’s largest financial institutions and is well versed in the mortgage sector. Dr. Cooper has an M.A. and Ph.D. in Economics from the University of Pittsburgh. She began her career at the United States Federal Reserve Board in Washington, D.C. where she worked very closely with then-Chairman, Paul Volcker, a relationship she maintains today. After five years at the Federal Reserve, she joined the Federal National Mortgage Association as Director of Financial Economics.

Article Source: Dave Teixeira Director, Public Relations & Communications