The Bank of Canada will make its latest interest rate announcement Wednesday and update its outlook for the economy.The central bank’s key interest rate has been at 0.25 per cent since March when it was dropped in response to the economic fallout from COVID-19.
Bank of Canada tracking supply, consumer demand for next economic outlook Governor Tiff Macklem has seemingly ruled out any further drops, adding that the central bank doesn’t plan to raise the rate until well into an economic recovery.In his first speech as governor late last month, Macklem said the central bank expects to see growth in the third quarter of this year as restrictions ease, but warned of a “prolonged and bumpy” course to recovery.The bank will outline what Macklem.