In today’s announcement, the Bank of Canada decided to maintain its target rate at 5%. The September inflation report revealed a rate of 3.8%, which is currently decreasing. It is expected that Canada will soon declare a brief recession, prompting the Bank to adopt a cautious “wait and see” strategy. The global economy is experiencing a slowdown, and in Canada, there are signs that earlier interest rate hikes are impacting economic activity.
Mark your calendars for the next announcement on December 6th.