The bank just releasing its latest interest rate decision and the bank saying that the key rate will stay at 5% it is the highest it’s been in 22 years nonetheless it stays at 5% what many economists had expected CTV Scott Hurst is standing by with more Scott uh many
Experts thought it was going to stay tight or hold tight some were thinking we could see an increase nonetheless the Bank of Canada keeping things where they are today keeping things where they are some economists are saying this might not be it but a lot were predicting that
This is where it would stay maybe a slight exale for Canadians but not quite relief from high interest rates but at least not going up at this time so the October rate now at 5% and we can even take it back a few steps and show you
How we got to this point as the Bank of Canada has been on an aggressive rate hike path for the last year and a half basically since March 2022 before that it was0 25% and you can see how many increases there have been over the past
Year and a half to get to this point now we’re in October 2023 and they’re still trying to Tamp down inflation still trying to get it to that 2% range as we heard from the consumer price index report last week is that uh there was a slight decrease in
Inflation a slight decline in inflation from 4% to 3.8% in overall inflation so it is on its way down Marcia but the Bank of Canada is still holding the rate not going down of course but not going up right now this is where many economists many analysts predicted it would stay
Today holding at 5% most believe interest rates are already sufficiently high to restore price stability and return inflation to the bank of Canada’s 2% Target but the Bank of Canada has said itself in previous announcements it has not ruled out the possibility of more rate hikes to bring down inflation
The Bank of Canada has decided to hold the country’s key interest rate. Scott Hurst breaks down the decision.
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The big bank will have no chose but to raise the rate. It's only a matter of time.
When they do, this country will explode.
5% is incompetent by both the bank and the government. If the conservatives were in power this rate would be 2%
Starving Canadians who can't afford housing feel so much better now. Thank you Liberals and the B.O.C.