Quote:
Originally Posted by Street Pharmacist
I could understand the "ethics" argument if there was more to it than "You could lower process but you won't because you love profit". Granted I haven't read too much more into it, but why should they lower rates? If the answer is because they can, that's a very poor argument. You could make less and save your company some money, so what don't you do it?
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The BoC takes monetary policy action such as the recent change to the overnight rate to help influence positive change to the economy. Banks are just somewhat important in the grand scheme, and while they're not legally obliged to do so mirror the BoC's changes, it's assumed there's almost an unwritten agreement.