BREAKING NEWS: For the first time in a year, the Bank of Canada has left its overnight target rate unchanged, keeping it at 4.50%.
This is the Bank’s first rate hold of this rate-hike cycle, which began in March 2022. The move was expected by markets.
The Bank indicated “Governing Council will continue to assess economic developments and the impact of past interest rate increases, and is prepared to increase the policy rate further if needed to return inflation to the 2% target. The Bank remains resolute in its commitment to restoring price stability for Canadians.”
Officials from the Bank of Canada have indicated that its future rate decisions will be driven by economic data.
The next announcement will take place April 12.