Financial News: Bank Of Canada Leaves Rates Unchanged As Inflation

Bank Of Canada Leaves Rates Unchanged As Inflation Remains 'Too High'

04/10/2024 - 10:24:00 (RTTNews)

(RTTNews) - The Bank of Canada announced its widely expected decision to once again leave interest rates unchanged on Wednesday, saying inflation is still "too high."

The Canadian central bank held its target for the overnight rate at 5.0 percent, with the bank rate at 5.25 percent and the deposit rate at 5.0 percent.

The accompanying statement said inflation is still "too high" but noted consumer price inflation and core inflation have eased further in recent months.

The Bank of Canada said its Governing Council will be looking for evidence the downward momentum for inflation is sustained.

"Governing Council is particularly watching the evolution of core inflation, and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour," the bank said.

The Bank of Canada said it expects consumer price inflation to be close to 3.0 percent during the first half of this year, move below 2.5 percent in the second half and reach its 2.0 percent inflation target in 2025.

Meanwhile, the Canadian central bank upwardly revised its forecast for global GDP growth to 2.75 percent in 2024 and about 3.0 percent in 2025 and 2026.

Canadian GDP is forecast to grow by 1.5 percent in 2024, 2.2 percent in 2025 and 1.9 percent in 2026, the Bank of Canada said.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Thirty-Year Bond Auction Attracts Average Demand (03 hr(s), 07 min(s), 38 sec(s) ago)
(RTTNews) - The Treasury Department announced the results of this month's auction of $25 billi ...Full Story»

U.S. Weekly Jobless Claims Climb To Highest Level Since August (07 hr(s), 55 min(s), 38 sec(s) ago)
(RTTNews) - First-time claims for U.S. unemployment benefits rose by much more than expected in th ...Full Story»

Bank Of England Moves Closer To Rate Cut (08 hr(s), 12 min(s), 38 sec(s) ago)
(RTTNews) - The Bank of England left its key policy rate unchanged for the sixth consecutive meeti ...Full Story»

Mexican Inflation Rises To 4.65% (08 hr(s), 33 min(s), 38 sec(s) ago)
(RTTNews) - Mexico's consumer price inflation accelerated somewhat in April to the highest lev ...Full Story»

U.S. Weekly Jobless Claims Climb To 231,000 (09 hr(s), 01 min(s), 38 sec(s) ago)
(RTTNews) - First-time claims for U.S. unemployment benefits rose by much more than expected in th ...Full Story»

Ireland Inflation Eases To 33-Month Low; Industrial Output Recovers Sharply (09 hr(s), 52 min(s), 38 sec(s) ago)
(RTTNews) - Ireland's consumer price inflation moderated to the lowest level in more than two- ...Full Story»

Bank Of England Holds Rate For Sixth Straight Time (10 hr(s), 22 min(s), 38 sec(s) ago)
(RTTNews) - The Bank of England maintained its key policy rate for the sixth consecutive meeting o ...Full Story»

Malaysia Central Bank Holds Key Rate (10 hr(s), 38 min(s), 38 sec(s) ago)
(RTTNews) - Malaysia's central bank left its benchmark rate unchanged as widely expected on Th ...Full Story»