Bank of Canada holds rates steady for fourth consecutive decision

Bank-of-Canada-HQ
Bank of Canada/Flickr

The Bank of Canada (BoC) maintained its monetary stance on January 24 by keeping the overnight and deposit rates at 5% and the bank rate at 5.25%.

“There was a clear consensus to hold at the current policy rate,” said governor Tiff Macklem. “Our deliberations are shifting from whether we’ve done enough to how long we hold. But there’s a clear consensus: it’s premature to discuss reducing our policy rate.”

It is the fourth consecutive time the BoC has opted to hold interest rates. The bank

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