Bank of Canada holds interest rate targets

Governor expresses fear of underlying inflation becoming stuck above 2% target

Bank of Canada
Photo: Shutterstock

The Bank of Canada held its targets for the overnight interest rate and deposit rates at 5% on March 6, and its target for the bank rate at 5.25%. It is the fifth time in a row that the central bank has maintained the target rates. 

Governor Tiff Macklem told a press conference that with no big economic surprises since January, the bank needed to give rates time to work. He said the current level was still appropriate for tackling inflation and that the bank was focusing on how long to hold rates

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