MNI BRIEF: BOC Cut Good But Fiscal Aid Needed Too, FinMin Says

Canada's Finance Minister Francois-Philippe Champagne said the central bank's interest-rate cut on Wednesday helps the economy but more of a push is coming in the federal budget due Nov 4.

“What we’ve seen this morning is that rate going to 2.5%, I think that’s good news for Canada, it’s good news for consumers, it’s good news for anyone who has a mortgage,” Champagne said in response to a question from MNI after a Liberal Party caucus meeting. “We need to do more, that’s why you’ll see, like I said in the next federal budget, we’ll be ambitious in our investment and we’ll be rigorous in our expenses." (See MNI: Carney Deficits Are Bulwark Against Big Macklem BOC Cuts)