This marks the second consecutive rate pause from the BoC, one that comes amid increasing affordability struggles and underwhelming economic performance.
"With clearer signs that monetary policy is moderating spending and relieving price pressures, Governing Council decided to hold the policy rate at 5% and to continue to normalize the Bank’s balance sheet," the bank said on Wednesday. Despite the pause, the BoC cautioned that Governing Council "is concerned that progress towards price stability is slow and inflationary risks have increased, and is prepared to raise the policy rate further if needed."
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