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- The Bank of Canada maintained its key overnight rate at 5% on Wednesday, as expected, and stated that it intends to continue reducing its balance sheet while warning about upside risks to inflation. The Bank Rate remained at 5.25% and the deposit rate at 5%.
The Bank of Canada painted a largely positive picture of economic conditions in the country and around the world but said that risks remain. The BoC also revised its forecast for global GDP growth up to 2.75% in 2024 and around 3% in 2025 and 2026. “Inflation continues to slow across most advanced economies, although progress will likely be bumpy,” they said. “Inflation rates are projected to reach central bank targets in 2025.”
They added that Governing Council is “particularly watching the evolution of core inflation, and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour.”
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