Canada removes forward guidance and maintains policy rate

Bank of Canada, Ottawa
Photo: Matthew Liteplo Photography

The Bank of Canada kept interest rates unchanged but removed its forward guidance today (January 26). The policy interest rate stands at 0.25%.  

Economic slack was absorbed “faster than expected” in late 2021, the central bank said. As such, it considers its previous commitment to “holding the policy interest rate… until economic slack is absorbed” fulfilled.

The central bank’s January report highlights that growth in the US and the euro area shows “strong momentum heading into 2022”. The

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