OTTAWA — The Bank of Canada is expected to hold its key interest rate steady this week as inflation continues to slow, despite other data suggesting the…
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.
“Some of the strength that we see in GDP seems to be the unwinding of some supply disruptions, which is actually a good thing for inflation,” Charbonneau said. While this ongoing strength in the economy is not necessarily what the Bank of Canada wants to see, lower inflation is serving as good news. Given the rapid rise in prices largely occurred in the first half of 2022, Canada’s inflation rate is expected to fall significantly in 2023, with most economists forecasting it will to fall to about three per cent by mid-year.Article content
The effect of higher interest rates, which can take up to two years to be fully felt in the economy, is expected to continue broadening out in the economy and hamper growth.
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Bank of Canada expected to hold interest rate this weekThis likely decision comes as economy keeps some steam
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Bank of Canada expected to hold interest rate again as inflation cools - National | Globalnews.ca'When we combine all these things together, it certainly looks like the (central) bank is likely to hold rates steady for now,'' said BMO's chief economist.
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Bank of Canada expected to hold interest rates steady despite resilient economyThe bank has been in a holding pattern since early March, when it kept its benchmark lending rate stable at 4.5 per cent after eight consecutive increases
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