Bank of Canada raises interest rates to 4.5% and plans to hold

8 days ago BNN Bloomberg

The Bank of Canada raised interest rates for an eighth consecutive and potentially final time, saying it expects to move to the sidelines and weigh the impact of its rapid tightening. While the quarter percentage point hike matched expectations of markets and economists, most analysts didn’t see the central bank explicitly declaring a potential end point. Canadian government bond yields fell as investors digested the central bank’s indication it will hold rates while assessing how the economy evolves. “If economic developments evolve broadly in line with the MPR outlook, Governing Council expects to hold the policy rate at its current level,” the bank said in the rate statement. Global supply chain conditions and lower energy prices are also reasons the central bank sees inflation coming down “significantly” this year.
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