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The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. Global economic growth continues to slow, with inflation easing gradually across most economies. While growth in the United States has been stronger than expected, it is anticipated to slow in 2024, with weakening consumer spending and business investment. In the euro area, the economy looks to be in a mild contraction. In China, low consumer confidence and policy uncertainty will likely restrain activity. Meanwhile, oil prices are …
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Bank Of Canada Holds Key Interest Rate At 5% For Fifth Straight Time
For the fifth time in a row, the Bank of Canada (BoC) opted to hold its policy interest rate at 5%. The hold was largely expected, with many economists predicting in the weeks leading up to Wednesday’s announcement that a rate cut was not yet on the table. Although inflation has come down significantly since its peak of 8.1% in June 2022, sitting at 3.4% last month, it has not stayed on a consistent month-after-month downward trend. Housing prices are one of the major factors standing in the way of disinflation, with high home prices continuing to hold steady, and in some markets, even grow. “The Council is still .
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