For the first time in a year, the Bank of Canada chose not to raise interest rates, announcing that it will hold its policy rate at 4.5%. bankofcanada | realestate realestatenews interestrates ratehikes economy finance
For the first time in a year, the Bank of Canada chose not to raise interest rates, announcing on Wednesday that it will hold its policy rate at 4.5%.
“At its January decision, the Governing Council indicated that it expected to hold the policy interest rate at its current level, conditional on economic developments evolving broadly in line with the MPR outlook,” the bank said in its announcement. “Based on its assessment of recent data, Governing Council decided to maintain the policy rate at 4.5%. Quantitative tightening is complementing this restrictive stance.
The bank confirmed the possibility of further increases in its Wednesday announcement, saying “Governing Council will continue to assess economic developments and the impact of past interest rate increases, and is prepared to increase the policy rate further if needed to return inflation to the 2% target. The Bank remains resolute in its commitment to restoring price stability for Canadians.”
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