Bank Of Canada Interest Rate Meeting

The Bank of Canada's Interest Rate Policy

Recent Developments

On April 10, 2024, the Bank of Canada (BOC) announced its 2023 schedule for its policy interest rate. Subsequently, on July 6, 2023, Reuters reported that the BOC raised its interest rates by a quarter-point for the second consecutive meeting. The most recent development was a 50-basis-point hike, which brought overnight lending rates to 1.50%.

Upcoming Decisions

The BOC hinted at the possibility of cutting interest rates in the near future as inflation shows signs of cooling. However, at its fifth consecutive meeting held on April 26, 2023, the BOC chose to hold its policy rate steady, acknowledging progress made on inflation control.

Outlook

The BOC's interest rate policy is closely monitored by businesses and consumers alike, as it has a significant impact on borrowing costs and economic growth. The recent interest rate hikes aim to curb inflation, while maintaining a balanced approach to economic stability. As inflation shows signs of easing, the BOC is expected to consider more accommodative policies, including potential interest rate cuts in the future.