Central Bank Holds Steady at 1%
Today, The Bank of Canada announced that it is maintaining its target for the overnight rate at 1 percent. Citing uncertainty around the global economic outlook and deteriorating conditions in global financial markets, amongst a host of other reasons, the Bank has decided to maintain the target for the overnight rate. Said the Bank’s Press Release: “With the target interest rate near historic lows and the financial system functioning well, there is considerable monetary policy stimulus in Canada. The Bank will continue to monitor carefully economic and financial developments in the Canadian and global economies, together with the evolution of risks, and set monetary policy consistent with achieving the 2 per cent inflation target over the medium term.” Read the release here.