The Bank of Canada announced today that it is maintaining the benchmark rate. While Covid's third wave slowed growth, our progress in fighting the virus points to strong economic growth
No Change in Bank of Canada Rate - March 10, 2021
Dated: March 10 2021
The Bank of Canada announced today that it is maintaining the benchmark rate, noting that our recovery is better than anticipated but that economic slack and uncertainty remain, particularly given the rise of more transmissible variants of COVID-19. The Bank has determined that the recovery continues to require extraordinary monetary policy support, and they will continue with quantitative easy until the recovery is well underway. The Bank did not comment on when they believe the economy will have recovered enough to raise rates.
The next rate-setting day is April 21st, 2021.
Source: Invis Financial
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