“With clearer signs that monetary policy is moderating spending and relieving price pressures, governing council decided to hold the policy rate at five per cent,” the Bank of Canada said in a news release on Wednesday.
The Bank of Canada was widely expected to hold its key rate steady again as economic data suggests high interest rates are having their intended cooling effect on the economy. In addition to the signs of slowing growth, inflation resumed its decline in September, with the annual rate falling to 3.8 per cent.
The central bank expects real gross domestic product to grow 1.2 per cent in 2023, down from 1.8 per cent in its previous forecast.
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