OTTAWA — The Bank of Canada on Wednesday left its key overnight rate on hold at 4.50% as expected, becoming the first major central bank to suspend its…
“Overall, the latest data remains in line with the Bank’s expectation that CPI inflation will come down to around 3% in the middle of the year,” the bank said in a statement.
The majority of the 32 economists surveyed by Reuters last week said the BoC would likely keep rates on hold through the end of this year, and all of them forecast the bank to stay on hold on Wednesday. In the statement, the bank acknowledged that fourth-quarter growth came in below its expectations, and dropped language saying the economy was in “excess demand,” words used twice when it announced the January rate hike.
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