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Will Dodge chop rates?: Bank may act to avoid recession in manufacturing.

The America's Intelligence Wire

| October 08, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Financial Post)

Byline: Nuntawun Polkuamdee

With just a week to go before its next interest-rate announcement, the Bank of Canada has been hit with another bone-rattling surge in the Canadian dollar that some analysts say could take it to US80 cents in a year and leave a trail of destruction in its wake.

Should the central bank cut interest rates to slow the stampede?

Jeff Rubin, chief economist at CIBC World Markets, certainly thinks so.

One of the first to predict a revival in the loonie as investors charged to higher interest rates in Canada, Mr. Rubin did not ease up on the rhetoric yesterday.

"I think that you would find that if we went to an US80 cents currency [there would be] a very high chance of a manufacturing recession," Mr. Rubin said.

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