The Bank of Canada kept its benchmark interest rate unchanged at 1.75 per cent Wednesday, despite a few dark clouds appearing on Canada’s economic horizon.
The bank has raised its key rate five times since the summer of 2017 in an attempt to nudge the economy in the right direction. The bank last raised in October, before deciding to do nothing in December and then again today.
The bank’s rate impacts consumers by raising or lowering the rates that Canadian borrowers and savers get for lines of credit, savings accounts, and variable-rate mortgages.
Bank of Canada governor Stephen Poloz and deputy governor Carolyn Wilkins will explain the central bank’s decision at a press conference starting at 11:15 a.m. ET.
More to come