Bank of Canada holds rates steady amid political pressure

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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