The Bank of Canada reveals Wednesday morning whether it will continue to hold the line on interest rates.Investors seem to agree, with trading on the overnight swaps market indicating less than a 10 per cent chance of a change.
At the same time as its 10 a.m. rate announcement, the Bank will also unveil its latest Monetary Policy Report, a detailed look at national and global economic trends followed by an 11 a.m. press conference with bank governor Tiff Macklem. Last March, the bank began an aggressive rate-hike campaign in a bid to drive down inflation, pushing the overnight rate to 4.5 per cent from 0.25 per cent. came with a statement from Macklem that it was pausing hikes — at least for the moment.
The theory is that by making it more expensive to borrow money, consumers — and businesses — will spend less, which will drive prices down.While that’s substantially lower than the 8.1 per cent it peaked at last June, it’s still above the bank’s target of two per cent.
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