Bank of Canada maintains interest rate at 1.75%
The Bank of Canada is confused. And when it’s confused, it stops what it’s doing until it figures things out. Canada’s central bank left its benchmark interest rate unchanged at 1.75 per cent on March 6 and signalled that policy has entered an extended period of stasis.
Read the Official Bank Of Canada Statement here
Stephen Poloz, the governor, and his deputies on the Governing Council expected slower global economic growth, but the slowdown has been “more pronounced and widespread” than forecast in January, the central bank said in its latest statement.
Similarly, they assumed Canada’s economy would stumble, but the fall in the fourth quarter was “sharper and more broadly based” than they predicted, the statement said.
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Bank of Canada holds rate as longer, deeper slowdown than forecast grips economy