The Bank of Canada on Wednesday left its key overnight interest rate on hold at 4.50% as expected and raised its growth forecast for this year, while dropping language that had warned of a possible recession.
its tightening campaign. Governor Tiff Macklem said he wanted to let the eight previous rate hikes sink in and would hold off on further increases as long as inflation came down as forecast.agreed that the bank would hold its key overnight rate steady. Inflation has been edging down, reaching 5.2% in February after peaking at 8.1%, but is still far above the bank's 2.0% target.
"Governing Council discussed whether we've raised rates enough and we considered the likelihood that the policy rate may need to remain restrictive for longer to return inflation to the 2% target," he said. While acknowledging there were tighter credit conditions in the United States and Europe because of the recent banking failures, the BoC said the situation was improving.
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