Bank of Canada gives no hint of next rate hike
OTTAWA (Reuters) – The Bank of Canada kept its main interest rate unchanged at 1 percent on Tuesday and gave no signal it plans to push it up soon, saying underlying inflationary pressures remain subdued.
It repeated the exact language on rates from its January decision in saying that while considerable monetary stimulus remained in place, “any further reduction in monetary policy stimulus would need to be carefully considered.”
The central bank said the global economic recovery was proceeding broadly in line with its January projection. It said the recovery in Canada was slightly faster than expected, but it remained sanguine about prices.
“While global inflationary pressures are rising, inflation in Canada has been consistent with the bank’s expectations. Underlying pressures affecting prices remain subdued, reflecting the considerable slack in the economy,” it stated.
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