• Tammy Andreakos

Interest rates unchanged by BOC

Updated: Nov 18, 2019

Today the Bank of Canada kept its key interest rate unchanged, positioning Canada as somewhat of an oddity compared to other country's economic policies which have already engaged economic responses to an overall weakening of the global economy.

So why no interest rate drop?

The BOC admitted that they are aware of other country policy-makers around the globe taking steps to try to cushion the blow from the overall weakening world economy.

Since the last BOC update in July, the bank said more than 35 central banks in advanced and emerging economies have already or are planning to ease monetary policies to address the fading economic growth and soft inflation pictures in their respective countries.

However, The bank also stated that the domestic economy has also been resilient in many areas as wages and housing activity has actually expanded in most markets. Over the short term horizon the bank predicts inflation to stay close to its ideal target of 2%, which usually means that overall interest rates will remain unchanged.

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