Bank of Canada holds key interest rate, but what comes next? Here’s what they said
The Bank of Canada decided to hold its key interest rate steady Wednesday but made clear it’s still prepared to raise rates further depending on how inflation and the economy progress.
The central bank’s policy rate remains at 4.5 per cent as of Wednesday. The hold, which was widely expected by economists, comes after eight consecutive increases saw the key rate rise by 425 basis points since March 2 of last year.
The central bank undertook one of the fastest rate tightening cycles in its history in hopes of tamping down rampant inflation.
Read more: PBO expects Bank of Canada done hiking rates, forecasts economic growth of 1% in 2023 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.
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