Abid Hassan - IG Wealth Management

Bank of Canada has left its key interest rate unchanged at 5% today.

Bank of Canada holds its key interest rate at 5 per cent, as Canadian economy slows The Bank of Canada held its overnight rate at 5 per cent on Wednesday, as Canada's economy continues to slow and indications that supply and demand are now approaching balance.

The Bank of Canada left key lending rate unchanged today at 4.50% after eight consecutive rate increases raising the overnight target rate by 425 bps since March 2022.

The Bank said it will “continue to assess economic developments and the impact of past interest rate increases, and is prepared to increase the policy rate further if needed to return inflation to the 2% target.”

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.

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