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Bank of Canada Keeps Interest Rates Steady Amidst Slower Economy

Posted by Maryann Jones on December 8th, 2023

Bank of Canada Keeps Interest Rates Steady Amidst Slower Economy

The Bank of Canada has decided to maintain its current interest rates, signalling its commitment to the ongoing policy of quantitative tightening. The target for the overnight rate remains at 5%, with the Bank Rate at 5.25%, and the deposit rate at 5%. This decision comes against the backdrop of a global economy experiencing a slowdown, with inflation showing signs of easing.

In the United States, economic growth has been stronger than expected, primarily due to robust consumer spending. However, it is anticipated that this growth will weaken in the coming months as the impact of previous interest rate increases filters through the economy. In the Eurozone, economic growth has also slowed…

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