Bank of Canada holds rates steady

bankofcanada

The Bank of Canada today (July 17) maintained its benchmark overnight rate at 1%, highlighting external threats to the economy but said these were offset by domestic factors supporting moderate growth.

The central bank said global growth prospects had weakened since the monetary policy report in April, saying that "developments in Europe point to a renewed contraction". China and other emerging economies represented a further cause for concern. "The deceleration in growth has been greater than a

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