As expected, Bank of Canada holds interest rate steady at 5%

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As expected, Bank of Canada holds interest rate steady at 5%

The Bank of Canada has decided to keep its benchmark interest rate at five percent, signaling that it may be nearing the end of its hiking cycle. The bank's rate influences rates on loans and savings accounts for Canadians. The Canadian economy has shown signs of cooling, leading economists to believe that the bank will start to cut its rate in 2024. The bank noted that the economy has "stalled" and is no longer in excess demand, but it remains prepared to raise rates further if necessary. Economists believe that the bank's threat to raise rates is aimed at preventing market reactions assuming cuts are coming.

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