Bank of Canada Governor Tiff Macklem will provide an update on Wednesday morning on the bank’s decision to hold the interest rate steady at five per cent.
Economists had widely expected the central bank to maintain its key interest rate despite signs inflation is cooling. Canada’s inflation rate dropped to 2.9 per cent in January as price pressures eased across the economy.
The Bank of Canada has signalled it wants to see sustained declines in inflation before pivoting to rate cuts.
Forecasters expect the central bank to begin lowering interest rates around the middle of the year. The slowdown in the Canadian economy is expected to pave the way to lower interest rates by putting downward pressure on price growth.
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