The Bank of Canada decided Wednesday to hold its key interest rate steady at 4.5 per cent, but made it clear it’s still prepared to raise rates further depending on inflation.
The hold, which was widely expected by economists, comes after eight consecutive increases saw the key rate rise by 425 basis points since March of last year – one of the fastest rate tightening cycles in its history.
Canada’s annual inflation rate has cooled from highs of 8.1 per cent in mid-2022 to 5.9 per cent as of January, but the central bank says it's still too high.
As Anne Gaviola reports, the decision to press pause on interest rate hikes contrasts with what’s expected in the U.S. – and what happens across the border could impact prices in Canada.
For more info, please go to https://globalnews.ca/news/9535701/bank-of-canada-interest-rate-mar-2023/
Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews #inflation #economy #bankofcanada #interestrates