Bank of Canada expected to hold interest rate again as inflation cools
The Bank of Canada is expected to hold its key interest rate steady this week as inflation continues to slow, despite other data suggesting the economy is still running hot.
The central bank is set to announce its next interest rate decision on Wednesday. The announcement will be accompanied with updated economic projections for growth and inflation in its quarterly monetary policy report.
BMO chief economist Douglas Porter said although the economy is growing faster than anticipated, lower-than-expected inflation will convince the Bank of Canada to hold its key interest rate at 4.5 per cent. “When we combine all these things together, it certainly looks like the (central) bank is likely to hold rates steady for now,” Porter said.
Read more: Bank of Canada holds key interest rate, but what comes next? Here’s what they said For months, the economic data that the Bank of Canada relies on for its interest rate decisions has been sending mixed signals on the state of the economy.
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