This likely decision comes as economy keeps some steam
So far this year, growth and job numbers are coming in stronger than expected, even as the Bank of Canada’s key interest rate sits at its highest level since 2007..After contracting slightly in December, real gross domestic product grew by 0.5 per cent in January. Statistics Canada’s preliminary estimate suggests the economy grew again in February by 0.3 per cent.
Meanwhile, businesses keep hiring. In March, the Canadian economy added 35,000 jobs, bringing the total number of jobs gained over the last six months to almost 350,000.Article content The month-over-month inflation data shows inflation is actually tracking much closer to the Bank of Canada’s inflation target of two per cent.
The Bank of Canada appears cautiously optimistic that its aggressive rate hikes between March 2022 and January 2023 — which saw its key interest rate rise from near zero to the highest it’s been since 2007 — will be forceful enough to quell inflation.
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