Bank of Canada holds policy rate again at 5%
Central bank suggesting rates will stay high as inflation remains strong
The Bank of Canada (BoC) kept its policy rate unchanged at 5% yesterday (October 25), while suggesting rates would remain high for some time to come. This is the second monetary policy meeting where the central bank left its rate steady.
Between February 2022 and July 2023, the central bank raised its policy rate from 0.25% to 5%, to combat inflation that peaked at 8.2% in June 2022.
In its statement, the rate-setting governing council projected a long battle to reach the central bank’s 2%
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