Canadian Rate Cuts Will Take Months to Help Consumers, Scotiabank Says

-- While expectations for lower borrowing costs are building, it will take as long as three quarters for interest-rate cuts “to really bear fruit” for bank customers, according to a Bank of Nova Scotia executive.Catering to the Ultra-Rich Is a Booming Business in Australia

In the near term, that should help borrowers catch up on overdue payments on car loans and credit cards, but it will take longer, “depending on the customer, for it to really bear fruit,” he said. Bank of Nova Scotia delivered earnings and revenue surprises of 1.75% and 0.84%, respectively, for the quarter ended April 2024. Do the numbers hold clues to what lies ahead for the stock?Scotiabank beats profit estimates on wealth management, capital market strength

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Canadian Rate Cuts Will Take Months to Help Consumers, Scotiabank SaysWhile expectations for lower borrowing costs are building, it will take as long as three quarters for interest-rate cuts “to really bear fruit” for bank customers, according to a Bank of Nova Scotia executive.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Majority of aspiring Canadian homeowners awaiting rate cuts before buying, survey showsBank of Montreal says 72% of respondents hoping to buy a home will wait until borrowing costs fall – an increase of four per cent compared with last year
Source: globeandmail - 🏆 5. / 92 Read more »