Bank of Canada holds interest rate steady at 1.75%, citing trade tensions

July 10, 2019

The Bank of Canada is leaving its key interest rate unchanged in an announcement that balances domestic economic improvements with an expanding global slowdown caused by trade conflicts.

The decision Wednesday kept the interest rate at 1.75 per cent for a sixth-straight meeting, as Canada rebounds from a weak stretch that nearly brought the economy to a halt in late 2018 and early 2019.

Poloz and the governing council appeared to be in no rush to change the rate, even as they noted policy-makers in the U.S. and Europe have signalled they may introduce cuts to respond to weakened global economic activity.

"Recent data show the Canadian economy is returning to potential growth," the Bank of Canada said in a statement.

"However, the outlook is clouded by persistent trade tensions. Taken together, the degree of accommodation being provided by the current policy interest rate remains appropriate."...

This was excerpted from the 10 July 2019 edition of CBC News.

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

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