OTTAWA — The Bank of Canada on Wednesday left its key overnight interest rate on hold at 4.50% as expected and raised its growth forecast for this year, while…
The Bank of Canada last month became the world’s first major central bank to pause its tightening campaign. Governor Tiff Macklem said he wanted to let the eight previous rate hikes sink in and would hold off on further increases as long as inflation came down as forecast.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“Demand is still exceeding supply and the labor market remains tight,” it said, adding that growth would stay weak through the rest of the year. It dropped language from January saying there was a chance for “a couple of quarters with slightly negative growth.” “There are some warning shots here” about possible tightening in the future, said Doug Porter, chief economist at BMO Capital Markets, citing the comments on demand outpacing supply and on the labor market. “On balance, I would still expect the bank to remain on hold for quite some time.”
The Canadian dollar steadied at 1.3465 per U.S. dollar after the rate decision, staying little changed on the day.
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