Economy—Bank of Canada on Interest Rates, Revised Economic Growth Forecast and Effect on Finance Minister Morneau’s Budget Forecast
Bank of Canada, Interest Rates and Growth
To the surprise of no one, the Bank of Canada announced yesterday morning that the overnight rate target would remain at 1.75%. This was basically forecast after Governor Poloz’s speech to the Baffin Regional Chamber of Commerce a couple of weeks ago. Economic growth has been slower than originally thought or predicted so rates stay low to provide stimulus.