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TD CEO Clark: Chances of BoC cutting rates reduced

Tags: TD Bank

As Ed Clark enters his final year as CEO of Toronto-Dominion Bank, he's certainly not biting his tongue.

Earlier this month, during a conference in Toronto, he told banking CEO's, they should be worried about Canada's strong housing market.

This goes against the views of many of his peers, who are mostly satisfied that the data shows they have nothing to worry about, but Clark does not expect smooth sailing until he steps down on Nov. 1.

Fears about weakness in China and the beginning of the end of QE have led to market weakness in the Western World and a currency rout in emerging markets.

The Canadian dollar has also been taking a beating, which is a actually a positive for a bank like TD, which generates almost a quarter of its earnings in U.S. dollars due to its presence in the United States.

Clark believes the chances of the Bank of Canada cutting rates have been reduced because the loonie has come off. Here is Howard Green’s interview with Ed Clark, CEO of TD Bank.

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