Bank of Canada holds key interest rate at 5%

By Jenna Benchetrit
CBC News
April 10, 2024
Category: Finance & Economics
Region: Canada

The Bank of Canada has held its key interest rate at 5 per cent for the sixth consecutive time since July. The central bank said that, while inflation is still too high, its preferred core inflation measure has eased up in recent months. It will be looking for evidence that this momentum is sustained before moving on rate cuts. Most economists expect the first rate cut to happen during the bank’s next meeting on June 5. Governor Tiff Macklem and deputy governor Carolyn Rogers will hold a news conference at 10:30 a.m. ET explaining the latest announcement.

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