BoC holds the overnight rate at 4.5%
The Bank of Canada (BoC) has lived up to an earlier announcement it will hold its overnight rate to 4.5%. The announcement makes the BoC the first of the world's major lenders to suspend rate increases. The federal agency may still raise its marker if inflationary trends persist.?
Stock futures rose this morning in anticipation of the announcement.
Overall, the labour market remains tight. The rate of employment growth has been high,while unemployment “remains near historic lows.”.Although productivity is down over 2022, wages are climbing at rates of 4% to 5%.
The BoC will announced its latest overnight rate target April 12.