Bank of Canada holds rates steady amid political pressure

Regional heads send letter to governor Macklem calling for an end to rate hikes

Bank of Canada headquarters’ atrium
Bank of Canada

The Bank of Canada held its key interest rate at 5% today (September 6), but said it is prepared to raise rates in the future.

“The Canadian economy has entered a period of weaker growth, which is needed to relieve price pressures,” said the central bank.

Wildfires, weaker consumer growth and a decline in housing activity has contributed to the slowdown in growth. “Household credit growth slowed as the impact of higher rates restrained spending among a wider range of borrowers,” it said in a

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