Bank Of Canada Keeps Interest Rates Steady

In the latest Bank of Canada interest rate announcement, the overnight lending rate has been kept at 1 per cent, where it has remained since September of 2010.

“In its assessment of the overall economy, the Bank recognized that recent economic growth was slightly stronger than it expected and inflation was a bit higher than it anticipated,” said the Canadian Real Estate Association’s Bank of Canada interest rate update. “On their own, these two factors are likely to result in increased financial market speculation about interest rates rising sooner than previously expected.

“However, the Bank also cautioned that it continues to expect that inflation will stay well below the midpoint of its target range for inflation between one and three per cent over the rest of 2014. This means it remains in no rush to increase interest rates.”

The next scheduled rate announcement is April 16th, 2014.

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