Bank of Canada holds rates steady

Macklem says it’s clear the stance of policy is restricting inflationary pressures

Tiff Macklem
Photo: Bank of Canada

The Bank of Canada held interest rates unchanged in its monetary policy decision on December 6. The target for the overnight rate and the deposit rate both sit at 5%. The bank rate is 5.25%. 

This marks the third consecutive time the BoC has opted to hold interest rates. 

“Higher interest rates are clearly restraining spending,” said the central bank. “Data and indicators for the fourth quarter suggest the economy is no longer in excess demand.”

The economic slowdown is broadly reducing

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