Bank of Canada on hold as growth proves weaker than expected

Bank of Canada, Ottawa
Bank of Canada, Ottawa
Photo: Matthew Liteplo Photography

The Bank of Canada kept its main monetary policy tools on hold today (September 8), noting a disappointing growth figure in the second quarter.

The central bank kept its target for the overnight rate at 0.25%, which it judges to be the effective lower bound. It is continuing quantitative easing at a rate of C$2 billion (US$1.6 billion) a week.

Canadian GDP contracted about 1% in the second quarter, weaker than the bank’s forecasts. The BoC said the contraction was largely driven by a drop in

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