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 Bank of Canada Rate Change - June 9, 2021
Dated: June 9 2021
The Bank of Canada announced today that it is maintaining the benchmark rate. With government restrictions easing and vaccinations ramping up, the Bank anticipates the economy will rebound strongly. While housing activity may moderate, it is expected to stay elevated. The Bank noted that unemployment continues to be well below our pre-pandemic levels, and there continues to be uncertainty around new variants.
While the outlook is positive, the Bank has determined that the recovery continues to require extraordinary monetary policy support, and they will continue to do so until slack in the economy is absorbed and the 2% inflation target is sustainably achieved, which they continue to anticipate will be in the second half of 2022.
The next rate-setting day is September 8th, 2021.
Source: Invis Financial
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