The central bank has raised rates at a record pace over the past year to tame inflation that hit a four\u002Ddecade high of 8.1% in June.
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The central bank has raised rates at a record pace over the past year to tame inflation that hit a four-decade high of 8.1% in June.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
“We expect the Bank of Canada to maintain its ‘pause’ through to the end of this year,” Parliamentary Budget Officer Yves Giroux said in a report. “With CPI inflation on track to return to its 2% target, we then expect the Bank to start lowering its policy rate early next year.”While money markets still expect that the central bank will keep its benchmark rate unchanged at next week’s policy announcement, they are pricing in additional tightening later in the year..
“Following a stronger-than-expected performance in the second half of last year, we project the Canadian economy to effectively stagnate over the course of this year,” Giroux said. Economic data have been mixed since the central bank signaled the pause, with a blowout jobs report in January showing continued labor market tightness, while inflation and GDP data have been more muted.
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