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Bank of Canada Holds Rates Steady as Economy Shifts Into Weaker Period

Bank of Canada holds rates steady at 5% as economy weakens, remains concerned about inflation. Economists expect rate cuts in early 2024.

1 min read
  • Bank of Canada keeps interest rates steady at 5% as economy enters weaker phase.
  • Central bank remains concerned about persistent underlying inflationary pressures.
  • Bank of Canada prepared to raise rates again if conditions do not improve.
  • Economists expect Bank of Canada to begin cutting rates in early 2024.
  • Canada's per capita GDP has declined for four consecutive quarters.
Bank of Canada Holds Rates Steady as Economy Shifts Into Weaker Period
The Bank of Canada held its main interest rate steady at 5% after back-to-back rate rises in June and July, saying the economy has shifted into a weaker phase and labor-market pressures have eased.
WSJPaul Vieira

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