Unlikely that central banks will cut rates this year: Mark Carney

If you're hoping to see cuts to interest rates this year it is unlikely to happen, former Bank of Canada governor Mark Carney said in an exclusive interview with BNN Bloomberg.

"This is not 2008. It's about rebalancing aggregate supply and demand (in North American and European economies)," he said.     He noted that it’s likely economies will slow to flat growth, which would ultimately lead to a relatively shallow recession.    “The recession obsession, if you will, is overplayed,” Carney said.