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Market Commentary

While some are disappointed in the Bank for only cutting by 225 basis points, there is room for further cuts as the press release was a very sober document. The Bank does not believe that Canada will enter a recession but that the US is already in one.

In other news, the 3 month LIBOR rate fell another 23 basis ponts and so the TED spread conitinues its orderly descent.

Keep an eye out for prime rate moves by the banks.

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